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FBI Investigating $300 Million Whitefish Deal

first_imgFBI Investigating $300 Million Whitefish Deal FacebookTwitterLinkedInEmailPrint分享Wall Street Journal:Agents from the FBI’s San Juan field office are looking into circumstances surrounding the deal that the public power monopoly known as Prepa signed with Whitefish Energy Holdings LLC, according to the people familiar with the matter.Puerto Rico Gov. Ricardo Rosselló canceled the contract Sunday, saying it had become a distraction from the U.S. territory’s efforts to restore the devastated grid. Only 30% of the island’s power customers have had electricity restored.The Federal Emergency Management Agency, multiple congressional committees and local auditors also have raised concerns and begun requesting documents about the deal.Whitefish, a startup firm based in the remote hometown of Interior Secretary Ryan Zinke, had roughly 350 subcontracted workers and 2,500 tons of heavy equipment on the ground for restoring electrical lines destroyed in the Category-4 hurricane. But the firm’s small size and limited track record, as well as the terms of the contract, ignited concerns around Puerto Rico’s management of the flow of federal disaster-relief dollars to the island.More ($): FBI Is Probing Puerto Rico Power Contractlast_img read more

Stock-market recovery helps lift funding levels at KLM pension funds

first_imgThe results took the year-to-date returns for the three assets classes to 9.3%, 4.8% and 4.6%, respectively.The scheme’s interest hedge resulted in 4 percentage points of return over the past three quarters.Meanwhile, the €8.1bn pension fund for KLM ground crews returned 3.1% in the third quarter and 10.2% over the first nine months of the year.Its funding rose by 0.7 percentage point to 102.4% as of the end of September.Although its official policy coverage – the twelve-month average of its funding, and the criterion for rights cuts and indexation – dropped just below the required minimum level of 104.2%, the board of the Algemeen Pensioenfonds KLM said it saw no reason for a review of its asset allocation or de-risking measures.It pointed out that it only recently abandoned its tactical asset allocation while at the same time deciding to slightly reduce its emerging-market equity allocation.Lastly, the €8.3bn Pensioenfonds Vliegend Personeel KLM reported a quarterly return of 2.6% and a year-to-date result of 7.1%.While the pilot pension fund’s coverage improved over the third quarter, its policy funding fell by 2.1 percentage points to 115.5%, 8.3 percentage points short of its required financial buffer.The airline and VNV, a union for pilots, are locked in a legal dispute over whether the employer is obligated to plug this funding shortfall.The Pensioenfonds Vliegend Personeel KLM is also preparing a lawsuit against KLM after the airline cancelled the contract as a result of the same dispute. KLM’s three largest pension funds said they have benefited from improving equity markets, stabilising oil prices and “nearly stable” interest rates over the third quarter.All three schemes – whose assets are managed by Blue Sky Group – reported rising coverage ratios on the back of quarterly returns as high as 3.5%.The €2.9bn pension fund for cabin staff posted the best quarterly result, adding that its year-to-date return stood at 10.8% as of the end of September.The Pensioenfonds KLM Cabinepersoneel’s fixed income holdings returned 1.7% over the period, while equities returned 4.8% and real estate 1.6%.last_img read more

UAE grants visa on arrival for Indians with UK and EU residency visa

first_imgThe UAE Cabinet has given a go-ahead for visa on arrival for Indian passport holders with United Kingdom and European Union residency visa.This move comes after Indians with valid American visa and Green card were given UAE visa on arrival from May 1 of this year. The decision to have a simplified visa process is to advance the UAE-India relations in economic, politics and trade, according to officials. This also puts forward UAE’s vision to be the leading country in attracting global tourism.The UAE-India trade has grown to around $60 billion (Dh220 billion) per annum. This makes India the second largest trading partner of the UAE. Last year, the country’s exports to India totaled $27 billion (Dh99 billion) while Indian exports to UAE were at $33 billion (Dh121 billion).India invests about $70 billion (Dh257 billion) in the UAE through 45,000 companies. The UAE, on the other hand, is investing $10 billion (Dh36 billion) in the Indian sectors of energy, metallurgical industry, services, technology and construction. The UAE companies that invest and operate in India are the Abu Dhabi Investment Authority (ADIA), the Abu Dhabi National Energy Company (ADNEC), Emaar, and Dubai Ports World (DPP). Dubai Ports World has operations at six major ports in India.According to the last year’s statistics, the number of Indian tourists to the UAE touched 1.6 million while 50,000 UAE tourists visited India. With 1,000 flights per week, 143 flights operate a day between the two countries.Bilateral ties between India and the UAE got a boost when Indian Prime Minister Narendra Modi visited the country in 2015. This was the first visit by an Indian Prime Minister to the Gulf nation in 34 years. This was reciprocated by UAE with the visit of Abu Dhabi Crown Prince Shaikh Mohammad Bin Zayed Al Nahyan to New Delhi in February 2016.Shaikh Mohammad was also the chief guest at India’s Republic Day ceremony this year. This led to the signing of 14 wide-ranging agreements, including a strategic comprehensive partnership and deals on defence and maritime cooperation. Related ItemsDubai Abu Dhabi IndiaIndia UAE tradeIndia-UAE relationsIndian travel UAELittle IndiaUAE India visa on arrivallast_img read more