Gangsters in paradise?
Driving home from a day with family in Pensacola last Saturday, I enjoyed a beautiful lightning show. While watching, I listened to a station playing jazz and world music. One song in particular caught my hear.
The island rhythm made me want to dance. I pictured the beach at night with lots of food, smiles on every face and an intense limbo competition under way.
But, the backbeat to the song was ominous and menacing.
As I drove on, I reached the source of the beautiful lightning show. As the rain beat down on me and I strained to see the road, I had an epiphany. Like the beauty of the lightning from a distance, Aruba seems like paradise, too beautiful for flaws.
© 2005 The Mississippi Press.
Decision on BWIA’s future in 2 weeks
A DECISION on the future of national airline BWIA is expected in two weeks, Trade Minister Ken Valley said yesterday.
The Cabinet-appointed Lok Jack committee set up to determine the future of the airline about four months ago will submit its proposals by this time, Valley said at yesterday’s post-Cabinet press conference at Whitehall.
In April, Cabinet decided to pump some $22.9 million into BWIA and also agreed to temporarily discontinue flights to Cuba, Costa Rica, Dominican Republic, Curacao, Ireland, Manchester and Belfast.
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Successes are hard-won in island’s unceasing war on traffickers
CATANO, Puerto Rico – (KRT) – Machine-gun-wielding SWAT team members sweep into the Coqui I public-housing project, blurry shadows in the dark night.
Police cruisers block the exits of the walled complex. A helicopter beats low overhead, throwing a white searchlight beam over three-story concrete buildings.
Two troopers brush past a barefoot woman in a nightshirt, a baby in her arms, and climb the stairs to a third-floor unit. They emerge a few minutes later escorting a heavy man in a T-shirt, shorts and flip-flops. His hands are cuffed behind his back.
Citco changes hands
The Citco Group, which administers $250 billion of hedge fund assets globally and serves as custodian to $140 billion of hedge fund assets, has announced a new ownership structure.
The previous majority owner, the Sandoz Family Foundation, has sold a controlling stake in the firm to a group of investors including the Smeets Family Trust, Citco managers and “friends of the firm”, as a spokesman puts it. The Sandoz family, which made a substantial investment into the firm in 1995, will remain a minority owner and keep a seat on the board.
CEO Christopher Smeets will continue in his role heading the company, and expressed pleasure that the firm remains independent.
Silverpoint Capital led the debt financing for the transaction, while Morgan Stanley served as advisor to the Smeets Family Trust and Goldman Sachs International advised the Sandoz family.
The Sandoz Family Trust was established in 1964 by the sculptor and painter Marcel Edouard Sandoz, the son of the founder of pharmaceutical company SA Sandoz of Basel (now Novartis).
Citco got its start 60 years ago in Curacao and now provides corporate trust and administration in 27 European, Caribbean, Australasian and Indian Ocean districts. It was founded by the predecessor of the Smeets Family Trust.
Source: FinanceAsia
Princess launches largest ever Caribbean fleet in 2006-07
Eight Princess ships will be sailing through the sunny Caribbean during the 2006-07 season, giving passengers more choice than ever with a selection of 11 itineraries including southern Caribbean cruises aboard the new Crown Princess and an inaugural season of sailings from the new homeport of New Orleans.
The cruises will range from seven to 14 days, aboard some of the youngest and biggest ships in the region. Crown Princes , which will sail on her first full program of southern Caribbean cruises from San Juan, and Golden Princess, which will inaugurate Princess’ first sailings from a new homeport in New Orleans, will be joined by Caribbean Princess in the eastern Caribbean, Star Princess in the western Caribbean and Grand Princess sailing the western Caribbean from Galveston. Sun Princess and Sea Princess will offer longer voyages sailing the length and breadth of the eastern and southern Caribbean, with Sun Princess offering 10-day cruises and Sea Princess returning for a second season of 14-day journeys. And Coral Princess will join the Caribbean fleet for a special holiday sailing in the eastern Caribbean.
Seven-night Caribbean cruises in 2006 are available from AUD$879 per person.
“This deployment represents our largest Caribbean fleet to date,” said Jan Swartz, senior vice president of customer service and sales for Princess in the US. “With four different homeports, three choices in cruise length, and a plethora of itineraries that cover the region, we offer Caribbean cruising options to fit just about any preference. Plus, we offer the newest seven-day fleet in the industry (at just under four years old on average) with innovative ships built specifically for Caribbean cruising and loaded with our trademark balconies – the perfect way to enjoy the islands.”
Princess’ 2006-07 Caribbean season features:
Crown Princess – The newest addition to the Caribbean fleet, Crown Princess will be based in San Juan for alternating Saturday departures on seven-day cruises to the Southern Caribbean. The ship offers 13 sailings on a Classic Southern Caribbean itinerary featuring calls at Barbados, St. Lucia, Antigua, St. Maarten and St. Thomas. The Southern Caribbean Explorer route meanwhile includes 13 departures with visits to St. Thomas, St. Kitts, Grenada, Bonaire and Aruba. In addition, following her previously announced summer season in “The Big Apple,” Crown Princess will start her fall run with an eight-day repositioning cruise from New York to San Juan on October 27, 2006 including stops at St. Thomas, Antigua, Dominica and St. Kitts. The ship’s Caribbean season runs through April 28, 2007.
Caribbean Princess – The ship offers her third season sailing Princess’ classic eastern Caribbean itinerary roundtrip from Ft. Lauderdale. The vessel shifts to Sunday departures for 27 sailings of an itinerary that travels to St. Thomas, St. Maarten and Princess Cays. Sailings run between October 29, 2006 and April 29, 2007. Caribbean Princess will also offer a complete summer season in 2006 with alternating eastern and western Caribbean cruises. The May 6 to October 21, 2006 season features both 12 eastern Caribbean sailings and 13 western Caribbean sailings to Princess Cays, Ocho Rios (or Montego Bay), Grand Cayman and Cozumel.
Golden Princess – A new homeport for Princess, New Orleans, will be the base for Golden Princess’ western Caribbean itinerary. The ship will offer three sailings on an itinerary that travels to Montego Bay, Grand Cayman and Cozumel. Golden Princess sails on December 16, 23 and 30, 2006.
Grand Princess – Grand Princess returns to her Galveston homeport to sail on a series of seven-day western Caribbean cruises. The 2,600-passenger vessel departs on Saturdays on a new itinerary that calls in Costa Maya, Roatan (Honduras), Belize and Cozumel. The ship offers 24 sailings on this itinerary between November 18, 2006 and April 28, 2007.
Star Princess – Star Princess will again offer a series of seven-day western Caribbean itineraries, departing from Ft. Lauderdale on Saturdays. The ship will offer 25 sailings between November 11, 2006 and April 28, 2007, featuring calls at Ocho Rios, Grand Cayman, Cozumel and Princess Cays.
Sun Princess – Sun Princess will offer alternating 10-day sailings roundtrip from Ft. Lauderdale – one to the southern Caribbean and the other to the eastern Caribbean. The southern Caribbean Medley itinerary is offered on 10 sailings and includes calls at Curaçao, Isla Margarita, Barbados, Dominica, St. Thomas and Princess Cays. The eastern Caribbean Voyager itinerary is featured on nine sailings and offers calls at Antigua, St. Lucia, Grenada, Martinique, St. Thomas and Princess Cays. Sun Princess’ Caribbean season runs between October 11, 2006 and April 9, 2007.
Sea Princess РSea Princess again offers an intriguing a series of 14-day Caribbean adventures, featuring two alternating itineraries sailing roundtrip from Ft. Lauderdale. The ship will offer six sailings on the Grand Caribbean Adventurer with calls at Princess Cays, Tortola, St. Maarten, St. Kitts, St. Lucia, Barbados, St. Vincent, Trinidad, Bonaire and Aruba. Six sailings of the Grand Caribbean Islander itinerary feature calls at Princess Cays, Tortola, Antigua, Dominica, Martinique, Barbados, Grenada, Isla Margarita, Cura̤ao and Montego Bay. Sea Princess sails between November 11, 2006 and April 14, 2007.
Coral Princess – Coral Princess will join the Caribbean fleet for a special holiday eastern Caribbean sailing on December 22, 2006. This seven-day escape features visits to St. Thomas, St. Maarten and Princess’ own Princess Keys.
Regardless of which itinerary passengers choose, they will enjoy some of the most amenity-filled vessels in the Princess fleet, with such distinctive features as the line’s signature Personal Choice Dining, Lotus Spa, extensive children and teen centers, wedding chapels, internet centers, and an extensive array of entertainment options and venues, all in an intimately designed, personalised environment. Crown Princess and her sister ship, Caribbean Princess , both sailing year-round in the Caribbean, sport such features as a poolside “Movies Under the Star” movie screen, a Caribbean-themed alternative restaurant, and nearly 900 cabins with balconies — more than on any other cruise ships sailing year-round in the Caribbean.
Source: Princess Cruises
Oliver L. Campbell: PDVSA�s internationalization policy has been largely vindicated
Filed under: Business and Economy, Government & Politics, Oil Industry
VHeadline.com oil industry commentarist Oliver Campbell writes: The Venezuelan government has described �internationalisation� as a great mistake which has only produced losses for the country. The word refers to PDVSA�s purchase (or lease) of assets abroad which started in the early 1980s … just a few years after nationalization. These downstream investments were made in refineries in Germany in partnership with Veba Oil, in Sweden, Belgium and the United Kingdom in partnership with Fortnum, in mainland USA (CITGO), and the Virgin Islands (HOVENSA) in partnership with Amerada Hess. The Curacao refinery was leased from the Curacao government for a number of years.
The acquisition of refinery capacity was a defensive strategy designed to protect the sales of heavy crude oil at a time when these crudes could only be sold by giving large discounts on light oil prices. It was envisaged the refineries would process Venezuela�s predominantly heavy crude oils and assure an outlet for a substantial volume.
The developments of these investments can be summarized as follows:
a) Ruhr Oil. The initial investment was made in 1983 and the netback deal was moderately successful in the early years, particularly when the DM was strong against the US$. However, the German refineries were never modified to take a heavy crude input, and a swap arrangement was made with the Russians … they delivered light oil to the German refineries and PDVSA delivered heavy oil to Cuba.
This went fine until the Russians terminated sales to Cuba. Thereafter, PDVSA has purchased light crude oil, which gives a much better product yield, in the Rotterdam spot market. Also the latter�s closeness to Germany greatly reduces the freight cost. Since then, the deal has not been a money maker, but the fact is the investment has been overtaken by events since CITGO can now process all the heavy oil PDVSA chooses to sell it. The investment is thus redundant and the government have been trying to sell it for at least three years. They stated some time ago that Alfa was an interested buyer, but we have heard no more about that since.
b) Nyn�s Petroleum. The investment in the two refineries in Sweden and two small refineries in the UK was made in 1986. It has been reasonably successful and provided an outlet for the sale of the heavy Boscan crude. From this it produces naphthenic lubricants which are sold world-wide and it also sells asphalt for road paving throughout Europe.
The company is of no strategic interest, and it was thought PDVSA would sell it, probably to its partner Fortum. However, to our surprise, we now learn PDVSA and Nyn�s are considering the formation of a joint venture in China.
c) CITGO Petroleum. Investment in various refineries in the USA commenced in 1986. The government has said CITGO only made profits because PDVSA sold them oil at below market (spot) prices. They have considered selling some or all of its refineries. In particular they said the Lemont refinery in Illinois should be sold, even though it is making a good return, for the sole reason that it purchases its oil from the Canadians rather than PDVSA.
However, CITGO at present is making substantial profits for PDVSA because a) under the pricing formula, PDVSA sells them oil at some $5 a barrel above spot prices, b) CITGO is exploiting the amazing differential between heavy and light oil crude prices (an average of $17 per barrel in the 1st quarter 2005), and c) gasoline prices at the pump in the USA are at the highest levels on record.
d) Hovensa. Investment in the refinery in the Virgin Islands was made in 1998. Little has been said about this investment in the Virgin Islands except to stress that all investments abroad are being analyzed to determine if they should be retained.
e) Curacao refinery. This refinery was leased from the Curacao government in 1986. It had formed part of Shell�s refinery system together with the Cardon refinery on the Paraguana Peninsula in Venezuela. The refinery was built in 1914, though since updated, and declared obsolete in 1982. The emissions produce a health hazard to those living in Willemstad and there has been pressure to shut it down. The Venezuelan oil minister has recently announced its continued lease is under study. However, the refinery employs over 1,000 people in Curacao and the decision, I believe, will have more to do with politics than economics.
It is intriguing how circumstances have changed and �internationalization� … particularly the CITGO investment, now shows considerable benefits. It seems the government is having second thoughts about disposing of both Nyn�s and CITGO.
CITGO paid dividends of US$400 million in 2004 and should pay at least the same in 2005. President Chavez has announced that oil sales to CITGO will finance social programs in the Venezuelan Agrarian Corporation, the Agricultural Supply & Services Corporation and the Mercal chain of food stores … the latter subsidizes food prices by up to 40% on normal supermarket prices.
Source: VHeadline.com Venezuela
Digicel says US$300-m loan will fund expansion
Digicel Group has secured US$300 million by way of a corporate bond raised through Citigroup and J.P. Morgan, the telecommunications company announced last week.
Digicel Closes $300M Offering
KINGSTON, Jamaica — Digicel Group, the fastest growing wireless telecommunications company in the Caribbean, has today concluded raising US $300 million in capital through a corporate bond offering as part of its continued growth strategy. The bond financing was raised through investment banks Citigroup and J.P. Morgan and was priced at a coupon of 9.25% with an oversubscription of more than ten times.
The new financing will be employed to rapidly expand services in Trinidad & Tobago, to repay mezzanine and shareholder loans, and to fund the recently acquired Cingular Wireless assets in the Caribbean and Bermuda pending regulatory approval. Over the past two weeks, Chairman Denis O’Brien and Group CEO Colm Delves presented to institutional investors in major international financial markets where investors continue to endorse Digicel’s current business success and vision to build a wireless network that stretches across the entire Caribbean region.
The Caribbean based company has achieved significant milestones over the past six months in its mission to create a seamless Pan-Caribbean network that has enormous benefits for the entire Caribbean region. In 2005 so far, Digicel has increased its reach across the region to fifteen countries with the acquisition of Curaçao Telecom, the awarding of GSM licenses in Trinidad & Tobago and Haiti and most recently its agreement to acquire Cingular Wireless’ Caribbean and Bermuda network of operations, which is subject to regulatory approval.
According to Digicel Chairman, Denis O’Brien “We are greatly encouraged by the response we have seen from this funding initiative. We are now in an even more strategic position to move into our next expansion phase. The syndicated funding, which Citicorp and JP Morgan led involves major investing institutions across the globe and it signals the exciting opportunities which exist for Digicel in an increasing number of rapidly developing markets”.
Digicel Group
Royal Resorts Selects Dell to Centralize IT Infrastructure; Company Standardizes on Dell Servers, Storage, Desktops to Increase Efficiency and Customer Service
MEXICO CITY–(BUSINESS WIRE)–July 26, 2005–Dell (NASDAQ:DELL) was selected by Royal Resorts, a vacation club ownership resort, as its technology partner to centralize its global IT operations and implement the latest technologies to provide faster, more reliable service to its members.
Royal Resorts has implemented Dell PowerEdge servers, a Dell/EMC storage area network (SAN), PowerVault network attached storage (NAS) and Tape Library products, OptiPlex desktops and services as part of this initiative, to achieve better flexibility and security capabilities from standardized technology.
The data centralization project was driven from the need to consolidate and centralize the IT infrastructure that supports its resorts throughout Mexico and the Caribbean. By updating its systems and selecting Dell as its corporate standard, Royal Resorts built a more efficient and secure network.
Following a comprehensive analysis of technology providers, Royal Resorts selected Dell based on its previous experience, the company’s quality of service and best-value proposition:
“To be competitive in the hospitality industry, we must deploy technology that enables us to differentiate and constantly improve our level of service, while remaining cost-competitive — from tracking members’ vacation ownership contracts and reservations to maintaining precise accounting information,” said Ed Klein, CIO, Royal Resorts. “Standardizing on Dell products has enabled us to improve the speed and accuracy of maintaining the information required to provide the greatest level of service to our members and guests. In addition, this partnership has helped us make dramatic improvements to our data integration, business intelligence and back-office systems.”
Royal Resorts has implemented Dell PowerEdge 1850, 2850 and 6650 servers running Microsoft Server 2003, a 2.3 terabyte Dell/EMC CX300 SAN, Power Vault 775 and 132T OptiPlex GX280 desktops, and UltraSharp LCD monitors to for an end-to-end standards-based infrastructure.
To reduce costs through improved management and increase productivity through ease of use, Royal Resorts implemented Active Directory on the enterprise systems as well as Microsoft Exchange 2003, an updated Microsoft Cluster SQL database platform and a Veritas Backup solution. The Dell-based network allows Royal Resorts to quickly process business transactions, maintain accounting and tax data, and ultimately, to provide better service to its more than 60,000 members.
In addition to standardizing on Dell products, the company selected several Dell services, including Professional Services and Gold Support. Royal Resorts and Dell Professional Services worked together to design a scalable and robust architecture that included detailed design documentation, a comprehensive validation strategy and a mature deployment plan. Dell Professional Services successfully managed the entire server and network implementation and migration, in addition to training the IT staff. Royal Resorts also selected Dell Gold Support to provide 24×7 technical assistance for all of its servers and desktops.
“Standards-based technology is being deployed more and more for business-critical enterprise platforms in leading companies like Royal Resorts,” said Jose Luis Garcia, Dell Mexico general manager. “These customers recognize that standardized technologies enable them to be cost and performance competitive for their customers, and Dell is committed to delivering the highest-quality systems and services to meet these business goals.”
About Royal Resorts
Founded in 1975 in Cancun, Royal Resorts is a pioneer in Mexican tourism and the international vacation ownership industry. The company has grown with Cancun, the country’s first and most successful master-planned destination. It opened its first resort in 1978 and now has five beachfront resorts with five-star ratings. Furthermore, Royal Resorts is one of the city’s three largest employers and has a workforce currently standing at 2,408 employees.
Royal Resorts recently expanded its resort operations to the area south of Cancun known as the Riviera Maya. Construction work is underway at The Royal Haciendas Resort in Moxche Beach & Golf Village and the first 55 vacation villas will be ready for occupation in the summer of 2006.
The company also manages El Castellano Hotel in Merida, Yucatan, Mexico, The Sea Aquarium Resort on the island of Curacao, and the Pelican Resort Club on St. Maarten, Netherlands Antilles.
Royal Resorts has over 75,000 members from 51 countries and independent surveys report a 98 percent member satisfaction rate, one of the highest ratings received in the vacation ownership industry worldwide. It has received numerous accolades including the coveted Five Star Award, given by Interval International (www.intervalworld.com) every year since the award’s inception in 1984.
About Dell
Dell Inc. (NASDAQ:DELL) is a trusted and diversified information-technology supplier and partner, and sells a comprehensive portfolio of products and services directly to customers worldwide. Dell, recognized by Fortune magazine as America’s most admired company and No. 3 globally, designs, builds and delivers innovative, tailored systems that provide customers with exceptional value. Company revenue for the past four quarters was $51.1 billion. For more information about Dell and its products and services, visit www.dell.com.
Dell is a trademark of Dell Inc.
Dell disclaims any proprietary interest in the marks and names of others.