Category Archives: Offshore

If you want to know who really controls Hornbeck Offshore Services, Inc. (NYSE:HOS), then youll have to look at the makeup of its share registry. Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. I quite like to see at least a little bit of insider ownership. As Charlie Munger said Show me the incentive and I will show you the outcome.

With a market capitalization of US$14m, Hornbeck Offshore Services is a small cap stock, so it might not be well known by many institutional investors. Our analysis of the ownership of the company, below, shows that institutions own shares in the company. Lets take a closer look to see what the different types of shareholder can tell us about HOS.

View our latest analysis for Hornbeck Offshore Services

Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.

We can see that Hornbeck Offshore Services does have institutional investors; and they hold 29% of the stock. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Hornbeck Offshore Services, (below). Of course, keep in mind that there are other factors to consider, too.

Our data indicates that hedge funds own 28% of Hornbeck Offshore Services. That catches my attention because hedge funds sometimes try to influence management, or bring about changes that will create near term value for shareholders. There is some analyst coverage of the stock, but it could still become more well known, with time.

The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our most recent data indicates that insiders own some shares in Hornbeck Offshore Services, Inc.. In their own names, insiders own US$1.2m worth of stock in the US$14m company. This shows at least some alignment, but I usually like to see larger insider holdings. You can click here to see if those insiders have been buying or selling.

The general public holds a 30% stake in HOS. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

Our data indicates that Private Companies hold 5.4%, of the companys shares. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.

Its always worth thinking about the different groups who own shares in a company. But to understand Hornbeck Offshore Services better, we need to consider many other factors.

Many find it useful to take an in depth look at how a company has performed in the past. You can access this detailed graph of past earnings, revenue and cash flow.

But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

Here is the original post:

Could The Hornbeck Offshore Services, Inc. (NYSE:HOS) Ownership Structure Tell Us Something Useful? - Simply Wall St

New Delhi: India-focussed offshore funds and ETFs witnessed a net outflow of USD 1.4 billion (over Rs 9,900 crore) in July-September period of this year, making it the sixth consecutive quarter of withdrawal, a report has said.

India-focussed offshore funds and exchange traded funds (ETFs) are a subset of the overall foreign portfolio investor (FPI) flows.

Of the total outflows during the quarter under review, USD 1 billion was from India-focussed offshore funds, while USD 321 million was from India-focussed offshore ETFs, Morningstar Offshore Fund Spy report said.

In the previous quarter, the net outflow from offshore funds and ETFs was USD 941 million. Over the last one year period ended September 2019, the category has witnessed net outflows of USD 5.2 billion, it added.

India-focussed offshore funds and ETFs registered outflows for the sixth consecutive quarter.

During June 2018 quarter, the net outflow was pegged at USD 2,218.48 million, while it was USD 1,840.46 million in September 2018 quarter, USD 1,459.90 million in December 2018 quarter, USD 1,407.92 million in March 2019 quarter and USD 941.49 million in June 2019 quarter.

"Consistent net outflows dented the asset base of India-focussed offshore funds and ETFs. During the quarter, their assets fell to USD 49.1 billion from USD 52.9 billion recorded in the previous quarter," the report said.

As per the report, all three segments -- large-cap, mid-cap and small-cap -- performed negatively during the quarter ended September.

The S&P BSE Sensex was down 1.85 per cent in September quarter, while S&P BSE Midcap and S&P BSE Smallcap indices were down 4.76 per cent and 7.50 per cent, respectively.

The value of investment into Indian equities in foreign funds fell to an estimated USD 179 billion during the quarter ended September 2019 against USD 189 billion recorded in the previous quarter.

All three categories -- global, emerging market and Asia/Asia-Pacific -- of regionally diversified equity funds and ETFs turned out to be net sellers of Indian equities for the quarter under review, it said.

Continue reading here:

India-focussed offshore funds, ETFs see withdrawal of $1.4 billion in July-Sept - Economic Times

Offshore staff

LONDON Oil & Gas UK (OGUK) has responded to a new windfall tax proposed by the opposition Labour Party ahead of Britains election next month.

In its manifesto, Labour has pledged to raise more than 11 billion ($14.17 billion) via a tax on oil and gas companies, with the money used partly to retrain 37,000 personnel in the industry for new roles in clean energy.

Deirdre Michie, chief executive of OGUK, said: Our industry supports over 270,000 highly skilled, well-paid jobs the length and breadth of the UK and delivers 24 billion [$30.9 billion] of value to the UK economy. The recently published, independent report from the Committee on Climate Change confirms that oil and gas will remain an important part of the UKs energy mix for decades to come.

Any increase in tax rates affecting our UK activities will drive investors away and damage the competitiveness of the UKs offshore oil and gas industry. This tax has the potential to affect security of energy supply for the UK and increase our reliance on imports, effectively passing the buck for production emissions to other countries. Neither do imports sustain UK jobs or the supply chain companies whose expertise we need to enable the energy transition.

Michie pointed out that the UK oil and gas sector has been one of the first to step forward in response to the government target of net zero with a clear plan, Roadmap 2035 a blueprint for net zero, to reduce our own emissions and help to develop the technology essential to enable the UK to achieve net zero.

Our industrys expertise and investment is needed as part of the solution, she added. We look forward to working with the next government, whoever wins, and will play our part with others in society.

11/22/2019

See the original post here:

UK opposition pledges oil and gas windfall tax - Offshore Oil and Gas Magazine

The June half of 2018 is of added interest given it coincided with escalating revenue hurdles that were ultimately struck in full, and triggered the issue of lucrative, in-the-money performance shares.

The ASX also asked what kind of homework iSignthis did on the four previously undisclosed customers, given ASIC's identification of FCorp and Nona as possible scam operators and unlicensed in Australia.

The corporate watchdog has published warnings on its website that Nona Marketing, also known as FTO Capital could potentially be involved in a "scam". ASIC published a similar warning about FCorp, also known as RI Markets.

The ASX also sought information about Corp Destination, which was only registered as an Australian company in March 2018.

Corp Destination, according to its agreement with iSignthis, is a "quasi cash merchant" to international based customers of two online trading websites linked to contracts for difference, binary options and foreign exchange services.

The company has two named directors according to ASIC filings: one is a 70-year-old corporate lawyer with an Order of Australia, Norbert Schweizer, the other is 43-year-old Constantin Bordeanu, whose registered address is in Bucharest, Romania.

Mr Schweizer, who is based in Sydney, was travelling interstate, and could not be reached for comment according to his office. He did not respond to a separate email inquiry at the time of publication.

As relations between the exchange and iSignthis turn icy, the ASX reminded iSignthis of its obligations under the listing rules, and the penalties for non-compliance. Last week iSignthis fumed at the exchange operator, describing its intervention as "unprecedented".

Shares of iSignthis have been suspended since October 2 amid concurrent enquiries by the ASX and ASIC.

The ASX asserts that the four aforementioned customers accounted for 2,159,666 of revenue in the June 2018 half, none of which were previously identified to the market by name "despite them accounting for more than half of ISXs revenue at the time".

iSignthis "did not release the key terms of these customer agreements because at the time it entered into each agreement the significance of the contract to the company was not known", it replied, disputing the ASX's interpretation of materiality.

Corp Destination was the source of 526,525 in revenue in the June 2018 quarter, and no revenue in the December 2018 half.

FCorp in the course of two separate agreements provided 2141 of revenue in the June quarter and 3737 in the December half; and subsequently 478,500 of revenue in the June quarter and none in the December half.

Nona added 252,500 of revenue in the month of April 2018, none in June, and none in the December half. Finally, IMMO Servis delivered 900,000 of revenue in the June quarter and none in the December half.

"The ASX appears to be concerned with the status of FCorp and Nona in Australia. However, ISX has not done business with these two customers in Australia. ISX was contracted to provide services to those customers in other jurisdictions, not in Australia," iSignthis responded.

More:

ASX wrests answers from iSignthis on offshore links - The Australian Financial Review

Refresh for latest: Disneys Maleficent: Mistress Of Evil came within, but on the low end, of pre-weekend industry projections with $117M at the international box office. Counting the disappointing domestic opening of $36M, the global debut is $153M.

Heading into the launch session, the industry was seeing a $115M-$125M overseas start for the Angelina Jolie sequel. The result is above the originals 2014 opening of $109M in like-for-like markets and at todays rates just a roughly 7% bump.

The film did see upswings in weekend play and with good audience scores plus, theres nothing in the way in the coming weeks, apart from local product, until Disneys own Frozen II in November. Disneys President Theatrical Distribution, Franchise Management and Business & Audience Insights, Cathleen Taff tells Deadline the film, which saw pik-up on Saturday and Sunday, seems to be connecting with fans and we are looking to have word of mouth propel a good run.

But there are some problem areas here. In Japan, a mixture of factors worked against the picture this weekend. First and foremost is Joker which provided villainous competition, jumping 36% from last session to become the No. 2 DC movie ever in the market at $25.3M.

Japan was the top overseas hub for Maleficent, and in 2014 took over No. 1 from Disneys own Frozen which had held the spot for 16 weeks at the time. This weekend, Joker gave the evil mistress a run for her money. Other factors in Japan this frame include lingering effects from last weekends devastating typhoon, and todays Rugby World Cup quarter final which was played this evening local time with the home team in contention.

While China was a tangled web this weekend with local title The Captain and Japanese entry One Piece: Stampede making a run, and Gemini Man having a longer lead-time to market, Maleficent did come in No. 1 at $22.4M. Thats 15% above the original, but a finish just on par with that film is portended. Maleficent 2 has a 6.2 on reviews aggregator Douban, though a better 9.1 on Maoyan. China was No. 2 on Maleficent The First.

As we noted in our global preview, the first Maleficent finaled at $517M abroad, although translated to today that would be about $380M given currency swings in the intervening period. (That movie also had benefited from counter programming agains the soccer World Cup.)

Maleficent did scrum strong in Russia with $10.7M for the second highest ever Disney Live Action opening, behind only The Lion King. Largely across Europe (outside Italy among majors), Mistress Of Evil was No. 2 behind Joker.

Looking more closely at Joker, the Warner Bros/Village Roadshow/Bron Studios origins story just will not stop laughing. The drop overseas this weekend was 37% for another $77.8M. The offshore cume is now $490.3M for $737.5M global. Todd Phillips zeitgeist-grabbing movie is headed to the $900M zone and all the more remarkably, without China.

Joker is now the 4th highest grossing DC film ever overseas and the biggest DC pic in 17 markets including Italy, Spain, Russia, Argentina and Mexico. Other moves on the chart include being the 3rd highest grossing DC film in Europe and Asia, and the 4th best in Latin America.

In key markets, the drops were less than 50% including that 36% increase in Japan. The UK currently leads at $50M.

As for Gemini Man, the Will Smith-starrer bowed at No. 2 in China with $21M. Chinese company Fosun has rights there and had extra lead time to market the picture which has a 7.1 on Douban and an 8 on Maoyan. The full international cume after three weekends is $82.2M.

Sonys Zombieland: Double Tap was new overseas this weekend with $5.3M in 17 early markets to track 41% ahead of the original at current exchange rates in like-for-likes.

Breakdowns on the titles above and more are being updated below.

MORE

More:

Maleficent: Mistress Of Evil Conjures $117M Offshore Bow While Joker Jabs At $500M Overseas & Lands $738M WW So Far International Box Office -...

0

Talking the Tropics With Mike: Nestor remnants move offshore

Oct. 20, 2019 - The "BureshBottom Line":Always be prepared!.....First Alert Hurricane Survival Guide...City of Jacksonville Preparedness Guide...Georgia Hurricane Guide.

STAY INFORMED: Get the * FREE *First Alert Weather app

FREE NEWS UPDATES, ALERTS: Action News Jax app for Apple| For Android

WATCH "Surviving the Storm"

READ the First Alert Hurricane Center "Survival Guide"

RECAP "Hurricane Dorian: A True Tropical Beast"

Nestor became post-tropical upon approach to the Florida Panhandle Saturday & is nowoffshore of the Carolina's moving east/northeast before turning more eastward over the W. Atlantic. No significant re-generation is anticipated.

Atlantic dust:

2019 names..... "Olga"isnext on the Atlantic list(names are picked at random... repeat every 6 years... historic storms are retired (Florence & Michael last year) & Dorian is almost certain to be next:

East Atlantic:

Mid & upper level wind shear (enemy of tropical cyclones) analysis (CIMMS). The red lines indicate strong shear of which there is plenty across the Atlantic at the moment:

The Atlantic Basin:

Water vapor imagery (dark blue indicates dry air):

Deep oceanic heat content is extreme over the NW Caribbean:

Sea surface temp. anomalies show a warm Gulf of Mexico, Central & Northwest Atlantic while the "Main Development Region" (MDR) remain cooler than avg. A pocket of cool water temps. has expanded over the SW Atlantic including the Bahamas:

While parts of the Atlanticarecooler than avg., it's important to realize the water is still warm enough to support tropical systems....

SE U.S. surface map:

Surface analysis centered on the tropical Atlantic:

Surface analysis of the Gulf:

Caribbean:

Global tropicalactivity:

2019 Cox Media Group.

See more here:

Talking the Tropics With Mike: Nestor remnants move offshore - ActionNewsJax.com

Although offshore wind power projects have been operating in Europe since the early 1990's, the U.S. has been slow to embrace the idea of massive turbines in its oceans. The situation has changed rapidly over the past few years, however, and states like Massachusetts, Virginia, and New York have put sizable mandates in place to speed up construction of the projects.

Avangrid (NYSE:AGR), Dominion Energy (NYSE:D), and Equinor (NYSE:EQNR) are companies that have been partnering with states to build offshore wind farms and operate them for decades, potentially lining up a new revenue source. The companies will be among the first to own offshore wind farms in the US if the projects proceed as planned. The extent of the profit margin for the projects remain uncertain, however, as the all-in costs to build offshore wind projects remain higher than their land-based counterparts.

Image source: Getty Images.

Avangrid is an electric and gas utility and renewables developer with $32 billion in assets and operations in 24 U.S. states. The company has shown an enthusiasm for growing its renewables presence on a big scale and last year was part of the consortium known as Vineyard Wind that won a contract with the Massachusetts Department of Public Utilities.

The company is partnered with Copenhagen Infrastructure Partners to build an 800 MW offshore wind project in two 400 MW phases that will earn revenue from the state for a period of 20 years. Despite the infancy of the market, securing the contract in Massachusetts enabled the company to get a foothold in the US and potentially rack up a portfolio of contracts in future bidding. Vineyard Wind is also bidding for a second project in Massachusetts and a project in Connecticut and is pursuing projects in North Carolina, New York, and California, according to a June Offshore Wind Day presentation from Avangrid.

The timing will also make it possible for Avangid and its partner to reap the benefits of at least a portion of a prized 30% offshore wind investment tax credit (ITC) which will begin being phased out at the end of this year. Avangrid Chief Executive Officer James P. Torgerson said on the company's Q2 earnings conference call he expects the Vineyard Wind project in Massachusetts to be able to capture 24% of the ITC as it makes its US$2.8bn investment.

Dominion Energy (D) is a gas, electric, and renewable energy company that has made a strong commitment to offshore wind development despite its massive portfolio of other assets, including more than 2.6 GW of clean energy in 10 states. The company operates in 18 states and serves nearly 7.5 million utility customers.

Dominion is also developing a small pilot project in Virginia that it said will inform its development of large-scale commercial wind. Dominion is looking to install a total of 2.6 GW of wind turbines in its leased area and plans to use the output to serve its own customers.

Norway's Equinor is a petroleum and wind energy company with operations in 36 countries. The company owns four offshore wind farms in the United Kingdom and Germany and built the world's first floating offshore wind farm off the coast of Scotland in 2017.

In July, Equinor won the bid to develop the Empire Wind project in offshore New York, an 816 MW wind farm. Commercial terms for Empire Wind are being discussed and Equinor expects to ultimately negotiate a long-term contract with the New York State Energy Research and Development Authority (NYSERDA).

Equinor said on its website it sees the U.S. as a "key emerging market for offshore wind, with huge potential along both the east and west coasts, from Massachusetts to California and Hawaii." However, when an analyst on the company's Q2 conference call asked what internal rate of return the company was expecting from the Empire project Chief Financial Officer Lars Bacher said it is "too early in the stage of that development to say something about the returns."

AGR data by YCharts

Avangrid, Dominion, and Equinor are taking part in solid state-supported initiatives to build offshore wind power and they are all in a position to take care of a generous investment tax credit. But in light of the companies' significant overall asset holdings and cost issues associated with these projects it is too soon to tell if offshore wind will boost profits in a meaningful way. A longer-term investor would be wise to keep an eye on these three companies as US offshore wind projects begin operating and generating revenue over the next few years.

Read more:

3 Companies Banking on U.S. Offshore Wind - Motley Fool

By using an offshore bank, residents gain access to the highly personalised world of banking, often at a surprisingly low entry point Image Credit: Shutterstock

With its promise of security and lucrative offers from global banking institutions, offshore banking is on the rise in the UAE.

By using an offshore bank, residents gain access to the highly personalised world of banking, often at a surprisingly low entry point. If you have a global lifestyle, and are looking for a safe, accessible way to grow, protect and preserve your wealth, then offshore banking could be the right solution for you.

Picking the right bank in the right location is important. Knowing that your money is in a politically stable environment with a strong and robust economy, as you lay the financial foundations for your future generations, will give you peace of mind.

With Citibank, you have access to personalised solutions to meet your financial goals. In addition to the spectrum of wealth management services it offers, Citibank also offers a host of exclusive experiences tailored to suit your lifestyle.

Here are 7 reasons why you need this global wealth management banking account:

1. Bespoke Service

Experience a whole new world of personal banking in Singapore with Citibank International Personal Bank (IPB). A single dedicated Relationship Manager based in the UAE is available to assist with your financial needs, allowing you to enjoy customised solutions tailored to your specific banking and financial planning needs.

2. Banking at your fingertips

Access online trading platforms that offer an array of features with focus on wealth management products such as online mutual funds, brokerage, and FX services on major global markets outside of the Gulf region with real time quotes and performance charts. Manage all your accounts across countries on a single platform. Also, allocate and monitor how your investments perform as well as rebalance your portfolio with the help of the Total Wealth Advisor tool in real time.

3. Fee-free fund transfers

Enjoy the convenience of global banking with instant and fee-free global funds transfers between your Citibank accounts.

4. Market insights at your fingertips

Stay updated on key global market developments with a wealth of insights like comprehensive market research reports and in-depth thematic articles from analysts across the globe, so you can make better-informed decisions on the go.

5. Lifestyle benefits

Banking with Citigold is more than just premium banking benefits. Tee off in style with complimentary access to some of the UAEs most prestigious golf clubs and enjoy VIP shopping experiences with the worlds finest brands.

6. Ride in style

Relive the glamour of Dubai in class and style by riding in your own complimentary limousine when you visit the bank in Dubai.

7. Luxury lounges

Travel the world in comfort as a global traveler. Wherever you are, Citis global network helps take care of all your banking needs, and you can enjoy the same Citigold privileges and exclusive services that you do at home.

Also, leverage Citis partnership with MasterCard and get access to exclusive Mastercard Privileges, such as Mastercard Airport Experiences provided by LoungeKey.

The advantages of having a global wealth management banking account are many, and the idea of seamless service and a superb banking experience place the Citi client a cut above the rest.

Quick Facts

A single dedicated Relationship Manager based in the UAE for your banking and wealth management needs.

View all your Citi accounts across borders on one platform.

Holistic and personalised financial solutions that are fully customised to your needs, goals and finances.

Manage allocations of investments and monitor their performance in real-time.

Global funds transfers within Citi are instant and fee-free.

Receive updates on the latest market developments on the go with Citi Wealth Insights.

Fee-free cash withdrawals at Citi ATMs within and outside the UAE and access to Citigold Centres worldwide.

Misplaced your wallet and need emergency cash? Visit any Citigold Centre worldwide and withdraw up to $10,000 instantly from your account.

Call Citis 24-Hour Citigold Priority Hotline anytime, anywhere in the world for immediate assistance, available in your home language.

For more information on Citibanks offshore banking facilities, click here

This content comes from Reach by Gulf News, which is the branded content team of GN Media.

Read more from the original source:

7 reasons to get an offshore account with Citibank UAE | Banking - Gulf News

BLOCK ISLAND, R.I. The winds are blowing fair for Americas wind power industry, making it one of the fastest-growing U.S. energy sources.

Land-based turbines are rising by the thousands across America, from the remote Texas plains to farm towns of Iowa. And the U.S. wind boom now is expanding offshore, with big corporations planning $70 billion in investment for the countrys first utility-scale offshore wind farms.

We have been blessed to have it, says Polly McMahon, a 13th-generation resident of Block Island, where a pioneering offshore wind farm replaced the islands dirty and erratic diesel-fired power plant in 2016. I hope other people are blessed too.

But theres an issue. And its a big one. President Donald Trump hates wind turbines.

Hes called them disgusting and ugly and stupid, denouncing them in hundreds of anti-wind tweets and public comments dating back more than a decade, when he tried and failed to block a wind farm near his Scottish golf course.

And those turbine blades. They say the noise causes cancer, Trump told a Republican crowd last spring, in a claim immediately rejected by the American Cancer Society.

Now, wind industry leaders and supporters fear that the federal government, under Trump, may be pulling back from what had been years of encouragement for climate-friendly wind.

The Interior Department surprised and alarmed wind industry supporters in August, when the agency unexpectedly announced it was withholding approval for the countrys first utility-scale offshore wind project, a $2.8 billion complex of 84 giant turbines. Slated for building 15 miles (24 kilometers) off Marthas Vineyard, Vineyard Wind has a brisk 2022 target for starting operations. Its Danish-Spanish partners already have contracts to supply Massachusetts electric utilities.

Investors backing more than a dozen other big wind farms are lined up to follow Vineyard Wind with offshore wind projects of their own. Shells renewable-energy offshoot is among the businesses ponying up for federal leases, at bids of more than $100 million, for offshore wind farm sites.

The Interior Department cited the surge in corporate interest for offshore wind projects in saying it wanted more study before moving forward. It directed Vineyard Wind to research the overall impact of the East Coasts planned wind boom.

Interior Department spokesman Nicholas Goodwin said offshore energy remains an important component in the Trump administrations energy strategy. But the strategy includes ensuring activities are safe and environmentally responsible, Goodwin said in a statement.

Wind power now provides a third or more of the electricity generated in some Southwest and Midwest states. And New York, New Jersey and other Eastern states already are joining Massachusetts in planning for wind-generated electricity.

Along with the U.S. shale oil boom, the rise in wind and solar is helping cushion oil supply shocks like the recent attack on Saudi oil facilities.

But the Interior Departments pause on the Vineyard Wind project sent a chill through many of the backers of the offshore wind boom. Critics contrast it with the Republican administrations moves to open up offshore and Arctic areas to oil and gas development, despite strong environmental concerns.

That I think is sort of a new bar, for the federal government to require developers to assess the impact of not just their projects but everyones, said Stephanie McClellan, a researcher and director of the Special Initiative on Offshore Wind at the University of Delaware. That worries everybody.

Thomas Brostrom, head of U.S. operations for Denmarks global offshore wind giant Orsted and operator of the pioneering Block Island wind farm, said that the last three, four years have seen unbelievable, explosive growth, much more than we could have really hoped for, in the U.S., compared to Europes already established wind power industry.

Given all the projects in development, we hope that this is a speed bump, and certainly not a roadblock, Brostrom said.

Wind power and the public perception of it have changed since Americas first proposed big offshore wind project, Cape Wind off Cape Cod, died an agonizing 16-year death. Koch and Kennedy families alike, along with other coastal residents, reviled Cape Wind as a potential bird-killing eyesore in their ocean views.

But technological advances since then mean wind turbines can rise much farther offshore, mostly out of sight, and produce energy more efficiently and competitively. Climate change and the damage it will do these same coastal communities also has many looking at wind differently now.

Federal fisheries officials have been among the main bloc calling for more study, saying they need to know more about the impacts on ocean life. Some fishing groups still fear their nets will tangle in the massive turbines, although Vineyard Winds offer to pay millions of dollars to offset any harm to commercial fishing won the support of others. At least one Cape Cod town council also withheld support.

A rally for Vineyard Wind after the Interior Department announced its pause drew local Chamber of Commerce leaders and many other prominent locals. Massachusetts Republican governor, Charlie Baker, has been traveling to Washington and calling Interior Secretary David Bernhardt to try to win his support.

At Cape Cod Community College in West Barnstable, instructor Chris Powickis Offshore Wind 101 classes and workshop have drawn nuclear and marina workers, engineers, young people and others. People are hoping wind will provide the kind of good-paying professions and trades they need to afford to stay here, Powicki says.

Cape Cod has always been at the end of the energy supply line, or at least ever since we lost our dominance with the whale oil industry after the 19th century, the community college instructor said. So this is an opportunity for Cape Cod to generate its own energy.

On land, the wind boom already is well established. By next year, 9% of the countrys electricity is expected to come from wind power, according to the U.S. Energy Information Administration. The wind industry already claims 114,000 jobs, more than twice the number of jobs remaining in U.S. coal mining, which is losing out in competition against cleaner, cheaper energy sources despite the Trump administrations backing of coal.

The Trump animosity to wind power has gone beyond words in some states, especially in Ohio. A Trump campaign official was active this summer in winning a state ratepayer subsidy for coal and nuclear that also led to cutting state incentives for wind and solar.

But despite the steady gales of condemnation from the countrys wind-hater in chief, wind is booming most strongly in states that voted for Trump.

Then-Texas Gov. Rick Perry, now Trumps energy secretary, pushed his state to one of the current top four wind power states, along with Oklahoma, Kansas and Iowa.

In Iowa, home to nearly 4,700 turbines that provided a third of the states electricity last year, winds popularity is such that Republican Sen. Chuck Grassley had a drone film him as he sat, grinning, atop one of the countrys biggest wind turbines.

Grassley had no patience for Trumps April claim that wind turbines like Iowas beloved ones could cause cancer.

Idiotic, Grassley said then.

On the East Coast, many developers and supporters of offshore wind politely demur when asked about Trumps wind-hating tweets and comments.

But not on Block Island.

Were very fortunate that we got it. Very fortunate. Its helped us, McMahon, the retiree on Block Island, said of wind energy. And dont worry about the president. Hes not a nice man.

More:

Presidents windmill hatred is a worry for booming industry - FOX61 Hartford

Almost three-quarters of companies who have been given major government contracts have operations based in tax havens, according to a new report.

Value Added, published on Sunday by the thinktank Demos, reveals that 25 of the governments 34 strategic suppliers organisations that receive 100m or more in revenue from the government operate in offshore centres.

According to estimates, they account for about a fifth of total central government procurement spend. Of these, 19 had operations in jurisdictions included on the EUs blacklist or greylist of countries that are considered to be non-compliant with EU international standards for good tax behaviour, according to the report.

The Labour MP and former chair of the public accounts committee, Margaret Hodge, said it was perverse that the government continues to pay significant sums of taxpayer money to big corporations that practise tax avoidance on an alarming scale.

There are claims that aggressive use of tax havens can distort competition.

The Labour peer, Lord Haskel, added: For too long large international tech companies have failed to pay their fair share of tax while being rewarded with government contracts, leaving British companies at a competitive disadvantage.

The Demos report states: Large multinational companies, for example, continue to squeeze their tax contributions ever lower: the OECD estimates that US$100$240bn (78bn-186bn) is lost globally in revenue each year from base erosion and profit shifting by multinational companies.

Public procurement is the best opportunity the government has to demonstrate what a good British business looks like

Procurement is the UK governments largest expenditure, valued at 284bn. Of the 25 organisations with links to tax havens, 20 benefited from contracts worth a combined 41bn awarded between 2011 and 2017.

Government procurement could be an incredible force for good in the UK, beyond the public sector and in the economy more broadly, said Rose Lasko-Skinner, researcher at Demos and co-author of Value Added.

Public procurement is pretty much the best opportunity the government has to demonstrate what a good British business looks like, and this purchasing power should not be underestimated, added Lasko-Skinner.

The government has taken steps to improve the way it manages contracts with key suppliers.

The report states that earlier this year, in response to the collapse of public-sector contractor Carillion and to fundamentally flawed probation contracts being brought back in-house, the Cabinet Office published the Outsourcing Playbook. Its aim was to improve and strengthen the way government procures, and thereby reduce the risk of similar mishaps in the future.

Demos said that there was a need for new measures including minimum standards for public procurement to include criteria relating to a bidders exchequer contribution.

The thinktank has also called for the National Audit Office to conduct an annual report on central government procurement transparency.

This would include a league table ranking of departments, with the bottom three departments compelled to make a statement to parliament.

View post:

UK government pays millions to firms that use tax havens - The Guardian