Company shorts - 01 Dec. 11 German commercial bank HSH Nordbank, specialized in shipping finance, has posted a €224 million loss for the nine months of 2011, after making a special payment of €500 million to its main shareholders, as requested by the European Commission. Mediterranean Shipping Company (MSC) and cargo-handling operator Terminaux de Normandie (TN) are to provide funding for a new container terminal at the French port of Le Havre. The new €160 million investment with an annual capacity of four million teu will be open to traffic by 2013. Belfast Harbour in Northern Ireland has awarded a US$77.5 million contract to Farrans (Construction) to build an offshore wind installation and pre-assembly terminal. The Sri Lanka Ports Authority has secured about US$1 billion investment, in addition to $800 million approved by the government for a new port in Hambantota. The outlook for shipping and port traffic looks grim after almost four years of declining import volumes at the Republic of Ireland's ports, reported by the Irish Maritime Development Office. Credit ratings agency Moody's could downgrade the debt ratings for the Japanese companies Nippon Yusen Kaisha and Mitsui OSK Lines, following a decline in their recent results. Sources: Lloyd's List; International Freighting Weekly; 01 December 2011 |
World trade slowdown in 2012 Global trade is set to grow by 4.8 per cent in 2012, and then to pick up by 7.1 per cent in 2013, according to the latest forecast issued by the Organisation for Economic Co-operation and Development (OECD). The euro area sovereign debt crisis has spread out to several countries and OECD says they will face stagnation next year, but OECD countries could see a 1.6 per cent growth in 2012, slowing from 1.9 per cent this year. Meanwhile, emerging economies are expected to expand at a moderate pace, with China's economy predicted to grow 8.5 per cent in 2012 and 9.5 per cent the following year. Source: Lloyd's List; 30 November 2011 |
Zim seeks solutions for losses Israeli container line Zim Integrated Shipping Services is to be restructured for the second time in two years after posting a US$66 million third-quarter loss. Weak rates and higher bunker prices have damaged the company's revenue which dropped eight per cent to $973 million from $1.1 billion in the third quarter of 2010, although volumes have increased by 8.3 per cent to 646,000 teu. Ofer Group, the main shareholder of Zim with more than 99 per cent shares, is prepared to inject $100 million into the troubled carrier. Zim is also seeking partners for a possible merger in order to compete with major carriers. Source: International Freighting Weekly; 30 November 2011 |
Shipping lines reconsider box business Malaysia's shipping line MISC is to exit the container market in the near future after reporting a US$789 million loss in the last three years. MISC plans to sell 16 containerships that it owns and to return 14 chartered-in vessels to their owners or sub-lease them. Last year, it pulled out of the Asia-Europe routes. MISC, in which the Malaysian state-owned oil company Petronas is a majority shareholder, says it wants to focus on energy transport. Chile's giant Compañía Sud Americana de Vapores (CSAV) has rejected rumors that it planned to dispose of its container business. CSAV said it was looking for strategic partners, but decided to split the port and terminal operation business, currently operated by its subsidiary Sudamericana Agencias Aéreas y Marítimas, from the cargo shipping. Source: Lloyd's List; 30 November 2011 |
Services cut and rate restoration on Asia-Europe trades Danish shipping giant Maersk Line and China's Orient Overseas (International) Ltd (OOIL) have unveiled capacity withdrawals from their Asia to Europe services. Both lines have blamed euro crisis and low demand for the deteriorating trades. Maersk Line is to merge some of its services and create feeder services, whilst OOIL has reduced its Asia-Europe capacity by 20 per cent. Other carriers, such as French line CMA CGM and South Korea's Hanjin Shipping, have announced surcharges for routes to Europe. Last week, freight rates for Asia services to Europe have hit new lows on both the Shanghai Containerised Freight Index and World Container Index Source: Lloyd's List; 30 November 2011 |
Friday, December 2, 2011
ITF newsletter on the economic crisis
Thursday, December 1, 2011
Man jailed for preying on young girls
Summary of story from BBCNews
A former male nurse who pretended to be a teenage lesbian to prey on 49 young girls on social networking sites is to be monitored for life.
Barry McCluskey, 39, from King’s Park, Glasgow, admitted targeting the girls – aged 10 to 15 – between 2007 and 2010.
He also blackmailed some victims, who were contacted via Bebo and an instant messaging service.
Judge Rita Rae QC imposed a lifelong restriction order and jailed McCluskey for six years and eight months.
McCluskey preyed on young girls from the family home he shared with his wife and two children.
He pleaded guilty to 49 offences during a previous hearing at the High Court in Glasgow in February.
Police began to look into McCluskey’s behaviour in February last year after a complaint from the mother of a 13-year-old girl.
It was found she had been forced to carry out sex acts via a web cam.
McCluskey, who is now separated from his wife, also recorded schoolgirls as they shopped at an Asda store in the city’s Toryglen area and women getting changed at a leisure centre.
The court was told almost 10,000 indecent images of children were found on his computers.
Temporary judge Rita Rae QC told McCluskey he was seen as a “high-risk offender” and that he met the criteria for an order for lifelong restriction.
She said: “Very cleverly, you manipulated and tricked your way into the homes, bedrooms and minds of the children that you specifically targeted.
“I trust that this case will act as a warning to all parents whose children have unlimited access to computers.”
Female doctors to outnumber male colleagues by 2017
Women doctors are set to outnumber their male counterparts by 2017, and already dominate fields such as general practice, paediatrics and palliative care.
Maham Khan, from Imperial College, London, says more women doctors could lead to safer practice, as women are less likely than men to be investigated for failures in performance or to face disciplinary charges.
However, other experts warn that the “progressive feminisation” of medicine carries “dangers”.
A 2009 report by the Royal College of Physicians warned that patient care may be threatened by the changing gender balance of the profession.
It said that women doctors were more likely to work part time and take career breaks to have families, and therefore competition for less flexible, female-friendly disciplines would be reduced.
Professor Jane Dacre, medical school director of University College London, says that women are under-represented at the top of the profession because they are “not investing in the time and effort it takes to get the top jobs”.
Her words appear to echo those of Dame Carol Black, former president of the Royal College of Physicians, who said in 2004 that growing numbers of women doctors could reduce the influence of the medical profession at the highest level.
She said that the problem was not that women had a lower capacity to perform, but rather that they may be less willing than men to give up their evenings to such things as committee meetings and networking.
Women doctors still face a wage gap and are “struggling in the chauvinistic disciplines of cardiology and surgery”.
SCIENTIFIC GAMES’ GAMING DIVISION BOLSTERS ITS SENIOR MANAGEMENT TEAM WITH TWO NEW APPOINTMENTS
 Scientific Games Corporation (Nasdaq: SGMS) is pleased to announce two new senior appointments to its Gaming division, which includes The Global Draw, Barcrest and Games Media. John Parsonage joins as Group Director, Product Management and Michael Koch takes on the role of Technology Managing Director.John Parsonage has been appointed to a new role within the division that has been created to optimize customer service and better meet the demands of the rapidly evolving gaming industry.  John Parsonage Group Director Product Management With over 10 years of experience within the gaming industry, having been the Head of Gaming at Sky Betting & Gaming and the European Casino Manager at Sportingbet, Parsonage has an extensive background in product management and innovation. Michael Koch joins as Technology Managing Director and will be responsible for all aspects of the strategic relationship between Scientific Games and Videobet, a division of Playtech Limited, which currently supplies technology to The Global Draw.  Michael Koch Technology Managing Director Ian Timmis, CEO of Scientific Games' Gaming Division commented, "I am delighted that both John and Michael are joining us at this exciting time of change and opportunity. Both are extremely well regarded in the industry and bring with them a combined wealth of knowledge, experience and expert skill set that will be extremely beneficial to us. "John and Michael will play a key role in helping us expand globally. We are committed to providing first-class service and value for our customers through our superior content, operating excellence and leading platform, and it's imperative to have the best team in place for our continued success." About Scientific Games: Scientific Games Corporation is a global leader in providing customized, end-to-end gaming solutions to lottery and gaming organizations worldwide. Scientific Games’ integrated array of products and services includes instant lottery games, lottery gaming systems, terminals and services, and internet applications, as well as server-based interactive gaming machines and associated gaming control systems. For more information, please visit our website at www.scientificgames.com. About The Global Draw: The Global Draw, a wholly owned subsidiary of Scientific Games, supplies server-based gaming machines to over 5,600 betting shops in Britain. The Global Draw also operates betting and gaming products in Northern Ireland, mainland Europe, Latin America and the Caribbean.   |
NEW HANDS ROLL THE DICE AT NOTTINGHAM CASINO Mark Hands has joined Alea on Upper Parliament Street and will now take control of the day-to-day running of the state-of-the-art casino and venue complex.  Mark Hands new Venue Director Alea Nottingham His experience includes working at The Village Hotel in Nottingham, General Manager at The Grand (Thistle) Hotel in Bristol and more recently overseeing the £25 million redevelopment of the award-winning, DoubleTree by Hilton, Cadbury House hotel, house and health club in North Somerset as Group General Manager Commenting on his appointment Mark said: "The Alea Casino complex is like no other, not only in Nottingham but arguably across the East Midlands and has gained a considerable reputation within the entertainment and leisure sector. "It is totally unique in that no other venue can match the level of facilities available including the state-of-the-art casino, bars and restaurant. The numerous events held here have proved very popular and it has also become an excellent choice of venue for conferences. "I'll be looking to build upon its past success and reputation providing an exciting venue for the city of Nottingham." Corey Plummer Operations Director for London Clubs International added: "I'm delighted that Mark has joined us at Alea. He has an excellent track record and his ambition and drive will ensure the casino maintains the high standards our customers now expect." Opened in 2007 following an investment of £15 million Alea is operated by London Clubs International (LCI), a company with 40 years of casino experience and whose American parent company, Harrah's owns the world-famous Caesars Palace in Las Vegas. For further information please visit http://aleacasinos.com/alea/nottingham/home/  |
NEWave Signs First Agreement for myCompliance Suite in Washington State LAS VEGAS (November 29, 2011) – Leading software supplier to the casino gaming industry NEWave has won another highly competitive RFP, and will now be making the first installation of its myCompliance™ suite in Washington state. The casino is an existing NEWave client, and has chosen to expand that relationship by installing the Suite later this month."There is no greater compliment than when a client expands their relationship with us, and we are thrilled with the trust the tribal casino has shown in NEWave and in our myCompliance Suite," said NEWave COO Tom Bechtel. "The myCompliance Suite will enable the casino to stop worrying about filling out compliance forms and do what they do best – serve their customers." NEWave's myCompliance Suite protects a casino's bottom line from costly fines and takes cumbersome compliance issues and obligations and streamlines them into automated processes. Specifically, the myCompliance Suite completes, files, and archives all federal, state and locally mandated forms for money laundering, suspicious activity and taxes. Additionally, myCompliance products validate identification documents, verify tax identification numbers, and provide alerts for OFAC and other watch lists. For more information on myCompliance and NEWave's other award-winning solutions, call NEWave at (702) 891-0132 or visit www.mynewave.com. About NEWave NEWave and its more than 230 clients are creating award-winning, innovative solutions together. Founded in 1993, NEWave has more than 200 years of combined professional experience in the gaming and hospitality industry; indentifying, developing and deploying tools and strategies required to successfully manage information technology projects and organizations. In addition, NEWave leads the industry in the development and implementation of gaming and hospitality software applications and services that provide complete solutions for auditing functions, regulatory compliance and casino cage operations. For more information, please visit www.mynewave.com. |
Enter the Gold Challenge!
  Those taking part can choose from three challenges (5 Sport Challenge, Family Activity Challenge and the 2012km Challenge). By joining the challenges, schools can also win a chance to run 100m in the Olympic Stadium watched by friends, family and a cheering crowd of 20,000! Find out more on the official site. |
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