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The Associated Press Posted: Mar 12, 2014 1:40 PM ET Last Updated: Mar 12, 2014 1:40 PM ET
European Union finance ministers failed once again Tuesday to agree on a sweeping new policy to fight tax evasion because of resistance from Luxembourg, a tiny country that long has prospered from a secretive banking culture.
EU Taxation Commissioner Algirdas Semeta said their failure was disappointing because, if approved, the legislation proposing an EU-wide automatic exchange of data on bank deposits would allow governments to "identify and chase up tax evaders."
Luxembourg, a duchy of barely 500,000 people, was able to shelve the legislation for the 28-nation bloc and its 500 million citizens because the decision required unanimous approval at Tuesday's meeting in Brussels.
Luxembourg Finance Minister Pierre Gramegna said he could not vote in favour and pushed the decision to a summit of EU government leaders next week.
Luxembourg has insisted for years it would support the proposed law only if non-EU banking hubs within Europe, particularly Switzerland, also sign up.
But as the EU's negotiations with Switzerland, Liechtenstein and three other nations on signing the agreement have made progress, Luxembourg has responded with new reasons for opposition, chiefly the risk that banks outside Europe would draw deposits away if the continent's banking rules are tightened too much.
German Finance Minister Wolfgang Schaeuble said he was confident that Luxembourg would drop its opposition at next week's summit.
"We've been working on this for such a long time, whether we agree today or in four weeks, that doesn't kill me either," he said.
EU officials say tax fraud and companies' aggressive cross-border tax avoidance schemes cost the bloc's governments an estimated 1 trillion euros ($1.4 trillion) a year, money needed in an age of sluggish growth and high debt across Europe.
The finance ministers did achieve some progress Tuesday. They drafted compromise proposals designed to break a deadlock between EU governments and the European Parliament on how to set up an agency that could restructure or shut down failing banks, the EU's so-called "single resolution mechanism."
The agency is intended to help stabilize the financial system and reduce the risk that taxpayers would have to fund future bank bailouts. Greek Finance Minister Yannis Stournaras said the new proposals sought to address lawmakers' criticisms. He and other finance ministers declined to provide details.
The proposals are to be presented at negotiations with lawmakers Wednesday in Strasbourg, France.
To avoid significant delays in setting up the agency, an agreement between the EU's governments and European Parliament leaders must be reached by the end of March. That would leave time for the legislation to be voted on before the Parliament dissolves for May elections.
Lawmakers have complained that the EU's original proposals gave national governments and regulators too much influence over the rescue authority's decisions, leaving room to play politics and give advantage to their domestic banks.
The new bank-rescue fund would be financed by a levy on banks that would raise 55 billion euros ($75 billion) over 10 years by 2026. However before the fund would be tapped, a failing bank's creditors, including holders of large deposits, would be forced to take losses.
Mar 12, 2014 4:41 PM ET Mar 12, 2014 4:34 PM ET Mar 12, 2014 4:15 PM ET Mar 12, 2014 4:34 PM ET Mar 12, 2014 4:41 PM ETThe data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
The Associated Press Posted: Mar 12, 2014 1:40 PM ET Last Updated: Mar 12, 2014 1:40 PM ET
European Union finance ministers failed once again Tuesday to agree on a sweeping new policy to fight tax evasion because of resistance from Luxembourg, a tiny country that long has prospered from a secretive banking culture.
EU Taxation Commissioner Algirdas Semeta said their failure was disappointing because, if approved, the legislation proposing an EU-wide automatic exchange of data on bank deposits would allow governments to "identify and chase up tax evaders."
Luxembourg, a duchy of barely 500,000 people, was able to shelve the legislation for the 28-nation bloc and its 500 million citizens because the decision required unanimous approval at Tuesday's meeting in Brussels.
Luxembourg Finance Minister Pierre Gramegna said he could not vote in favour and pushed the decision to a summit of EU government leaders next week.
Luxembourg has insisted for years it would support the proposed law only if non-EU banking hubs within Europe, particularly Switzerland, also sign up.
But as the EU's negotiations with Switzerland, Liechtenstein and three other nations on signing the agreement have made progress, Luxembourg has responded with new reasons for opposition, chiefly the risk that banks outside Europe would draw deposits away if the continent's banking rules are tightened too much.
German Finance Minister Wolfgang Schaeuble said he was confident that Luxembourg would drop its opposition at next week's summit.
"We've been working on this for such a long time, whether we agree today or in four weeks, that doesn't kill me either," he said.
EU officials say tax fraud and companies' aggressive cross-border tax avoidance schemes cost the bloc's governments an estimated 1 trillion euros ($1.4 trillion) a year, money needed in an age of sluggish growth and high debt across Europe.
The finance ministers did achieve some progress Tuesday. They drafted compromise proposals designed to break a deadlock between EU governments and the European Parliament on how to set up an agency that could restructure or shut down failing banks, the EU's so-called "single resolution mechanism."
The agency is intended to help stabilize the financial system and reduce the risk that taxpayers would have to fund future bank bailouts. Greek Finance Minister Yannis Stournaras said the new proposals sought to address lawmakers' criticisms. He and other finance ministers declined to provide details.
The proposals are to be presented at negotiations with lawmakers Wednesday in Strasbourg, France.
To avoid significant delays in setting up the agency, an agreement between the EU's governments and European Parliament leaders must be reached by the end of March. That would leave time for the legislation to be voted on before the Parliament dissolves for May elections.
Lawmakers have complained that the EU's original proposals gave national governments and regulators too much influence over the rescue authority's decisions, leaving room to play politics and give advantage to their domestic banks.
The new bank-rescue fund would be financed by a levy on banks that would raise 55 billion euros ($75 billion) over 10 years by 2026. However before the fund would be tapped, a failing bank's creditors, including holders of large deposits, would be forced to take losses.
Mar 12, 2014 4:41 PM ET Mar 12, 2014 4:34 PM ET Mar 12, 2014 4:15 PM ET Mar 12, 2014 4:34 PM ET Mar 12, 2014 4:41 PM ETThe data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
The Associated Press Posted: Oct 25, 2013 3:24 PM ET Last Updated: Oct 25, 2013 3:24 PM ET
Nearly a month into the dysfunctional rollout of the U.S. government's new health insurance website, Obama administration officials said Friday they have identified dozens of problems that need fixing and tapped a private company to take the lead in solving them.
Jeffrey Zients, a management consultant brought in by the White House to assess the extent of problems with the HealthCare.gov site, told reporters his review found issues across the entire system, which is made up of layers of components interacting in real time with consumers, government agencies and insurance company computers.
It will take a lot of work, but "HealthCare.gov is fixable," said Zients. The vast majority of the issues will be resolved by the end of November, he said, and there will be many fewer errors. He stopped short of saying the problems will go away completely.
The administration also said it is promoting one of the website contractors, Quality Software Systems Inc., to take on the role of "general contractor" shepherding the fixes. QSSI was responsible for two components of the website, a major linchpin that works relatively well, and an accounts registration feature that froze and caused many of the initial problems.
HealthCare.gov was supposed to be the online portal for uninsured Americans to get coverage under President Barack Obama's health care law. Touted as the equivalent of Amazon.com for health insurance, it became a huge bottleneck immediately upon launch Oct. 1. The flop turned into an embarrassment for Obama and will likely end up as a case study of how government technology programs can go awry.
The briefing from Zients came a day after executives of QSSI and the other major contractor, CGI Federal, a subsidiary of Montreal-based CGI Group, told Congress that the government didn't fully test the system and ordered up last-minute changes that contributed to clogging the system. Next week, Health and Human Services Secretary Kathleen Sebelius is scheduled to testify.
Zients gave some new details about the extent of the problems, but administration officials are still refusing to release any numbers on how many people have successfully enrolled. Although 700,000 have applied for coverage through the new online markets, it's believed only a fraction of that number actually managed to sign up. Prior to the website going live, an administration estimate projected nearly 500,000 people would sign up in October alone.
The marketplaces are the gateway to obtaining health insurance under the new health care law, which requires most Americans to have coverage by Jan. 1. Middle-class people who don't have insurance on the job can purchase a private plan with new tax credits to make the premiums more affordable. Low-income people will be steered to an expanded version of Medicaid in states that agree to extend the safety net program.
The federal government is running the insurance markets or taking the lead in 36 states. The rest were set up by states themselves.
Zeints said almost daily fixes are already having an impact. For example, over 90 per cent of users can now complete one of the first steps, creating an account.
But the application process, which involves submitting and verifying personal information and income details, remains "volatile," he said. At one point, as few as one-third of users were getting through that part.
Zients said there are two big categories of problems. Performance issues involve the speed and reliability of the website. Functional issues are bugs that keep the software from working as intended. He said the government has a "punch list" of needed fixes that add up to dozens in each broad category.
Near the top of the list: insurers are getting enrolments with incomplete, incorrect or duplicate information.
Until now, officials at the federal government's Centers for Medicare and Medicaid Services have taken the lead operational role on HealthCare.gov. The federal agency operate a successful e-commerce site for Medicare coverage, but it appears to have gotten in over its head when it comes to Obama's law. QSSI will now be responsible for the execution.
The company is a subsidiary of UnitedHealth Group, the nation's largest health insurer. It built a component of the website that's called the federal data hub and appears to be working relatively well. The hub is a conduit for verifying consumers' personal information.
An executive of the parent company, Andrew Slavitt, told Congress this week that QSSI had concerns about the federal website and relayed those to the government. Officials said the company's new role as "general contractor" will be an expansion of its current contract.
The historic Davie Shipyard in Lévis, Que., broke out the champagne Friday for the Cecon Pride, the first ship fully built in the yard in years.
The Cecon Pride is the first in a series of three large offshore construction vessels being built for Norwegian offshore installation contractor Cecon ASA. The ship, the largest built in Canada in 20 years according to the company, floated in dry dock Oct. 19 ahead of its naming ceremony Friday.
"This is a great day for Davie. There are only a handful of shipyards across the globe, mainly in Europe, capable of building a vessel to this specification and with this level of technology," said Davie CEO Alan Bowen.
"Our high quality vessel construction capabilities and low cost base means we are the only North American shipbuilder competing internationally, exporting vessels to European shipowners; something Davie has done for over a century."
It was the 717th ship built at the yard. The 130-metre vessel soon will begin sea trials prior to final delivery to the client in February 2014.
"It's used for multi-purpose applications. From pipe laying to subsea construction, to deep sea well intervention, it's really about deep sea,” said Alex Vicefield, chairman of the shipyard.
The Davie shipyard in Levis, Que., is shown in November 2012 after being taken over by Zafiro Marine. The shipyard will launch the Cecon Pride today. (Jacques Boissinot/Canadian Press)Since being bought by Zafiro Marine of Britain last year, the Davie Shipyard has recalled 500 workers. The potential for offshore oil and gas development and the ships to support construction, means more opportunities.
Up until the new owners took over, Davie spent years in troubled waters. Since being sold by Canada Steamship in 1976, it has been in and out of bankruptcy.
In 2010, it was under creditor protection. Davie had ended operations, putting nearly 1,600 people out of work.
There was hope in 2011 when a consortium involving SNC-Lavalin, Upper Lakes Groups Inc. and South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering took on restructuring of the yard in order to bid on ships being built for the Canadian Coast Guard and Canadian Forces.
In the end, the federal government did not choose Davie Shipyard to build any ships and the joint venture fell apart, leaving Upper Lakes as the sole owner.
Zafiro Marine, which manages and operates a fleet of specialized offshore vessels involved in topside and subsea construction, took over in November 2012.
While work on new Canadian warships went to the Irving Shipyards in Halifax and Seaspan in Vancouver, Davie is considering bidding on smaller government contracts.
"It's very difficult to ignore Davie in this situation. As I said, Davie is a significantly larger shipyard with a much higher capacity than the other shipyards," Vicefield said.
SOURCE: Deep Well Oil & Gas, Inc.
EDMONTON, ALBERTA--(Marketwired - Aug 27, 2013) - Deep Well Oil & Gas, Inc. (und seine Tochtergesellschaften Northern Alberta Oil Ltd. und Deep Well Oil & Gas, Inc. - "Deep Well" oder das "Unternehmen")(OTCQB: DWOG) teilt mit, dass die Energieregulierungsstelle Alberta Energy Regulator ("AER", das ehemalige Energy Resources Conservation Board bzw. ERCB) einen von dem Unternehmen bei AER eingereichten Erschließungsantrag unter Einsatz der horizontalen zyklischen Dampfstimulation ("HCSS") genehmigt hat. Dabei geht es um das geplante Aufbereitungsprojekt auf der einen Hälfte einer Liegenschaft, die an der Kreuzung 10-92-13W5 in der Nähe von Sawn Lake (Alberta) gelegen ist. Diese Genehmigung bezieht sich auf eine Liegenschaft, die sich derzeit zu 90% im Besitz von Deep Well befindet. MP West Canada SAS, eine hundertprozentige Tochter der Saint-Aubin Energy (die zu einem Drittel Maurel et Prom und zu zwei Dritteln MPI, zwei in Paris an der Börse gelisteten Unternehmen gehört), hat die Option, zusätzlich zu dem bisher bekannt gegebenen SAGD-Projekt mit bis zu 45% aktiver Beteiligung an diesem HCSS-Projekt zu partizipieren, indem sie sich verpflichtet, zusätzliche 110.000.000 US-Dollar an Finanzierung zu leisten.
Im September 2009 hatte Deep Well bei der AER einen Antrag auf die gewerbliche Aufbereitung von Bitumen gestellt, um eine unserer Quellen für eine potenzielle Erschließung mittels der zyklischen Dampfstimulation ("CSS") an einer unserer vertikalen Quellen einzuschätzen. Im Oktober 2010 wurde dieser Antrag durch die AER genehmigt. Im Februar 2012 reichte Deep Well bei der AER einen Änderungsantrag zu dem vorher genehmigten CSS-Antrag ein mit dem Ziel, ein HCSS-Aufbereitungsverfahren statt des vertikalen CSS an der Quelle einzusetzen.
Die Änderung des Produktionsplans von Deep Well entstand aus der Lagerstättenmodellierung durch DeGoyler und MacNaughton Canada ("D&M"). Diese Modelle zeigten die Ergebnisse einer thermischen Aufbereitung mithilfe des horizontalen CSS-Verfahrens mit optimierten Aufbereitungsfaktoren für bestimmte Bereiche der Deep Well-Lagerstätte.
Diese AER-Genehmigung für das von Deep Well geplante thermische Aufbereitungsprojekt in der Nähe von Sawn Lake auf einem halben Abschnitt der Liegenschaft an der Kreuzung 10-92-13W5 ist die Genehmigung, die noch fehlte, bevor ernsthafte Arbeiten in Angriff genommen werden konnten.
Diese Pressemitteilung enthält zukunftsgerichtete Aussagen, u.a. solche zu beabsichtigten Tätigkeiten und Terminen für die Produktion im Sawn-Lake-Gebiet. Die Wörter oder Fügungen "würde", "soll", "wird erlauben", "beabsichtigen", "wird wahrscheinlich dazu führen", "erwartet", "wird weiterhin", "wird beabsichtigt", "potenziell", "Aufbereitung", "aufbereitbar", "Aufbereitungsfähigkeit", "Schätzung", "Prognose", "Projekt" oder ähnliche Ausdrücke sind dazu bestimmt, zukunftsgerichtete Aussagen anzuzeigen. Die tatsächlichen Ergebnisse können wesentlich von den Ergebnissen abweichen, die in dem von der Gesellschaft geplanten Geschäft im Zusammenhang mit Erdöl und Gas prognostiziert und in dieser Pressemitteilung beschrieben werden. Das Geschäft der Gesellschaft und die Umsetzung der in dieser Pressenotiz angegebenen Ergebnisse unterliegen verschiedenen Risiken, die in den vom Unternehmen bei der SEC eingereichten Unterlagen diskutiert werden. Die Einreichungen des Unternehmens können im Edgar-System der SEC eingesehen werden auf www.sec.gov. Die in diesem Dokument aufgestellten Aussagen beziehen sich auf das Datum dieser Pressemitteilung und man darf sich nicht auf zu einem späteren Zeitpunkt verlassen. Das Unternehmen weist die Leser darauf hin, sich nicht in unzulässiger Weise auf derartige Aussagen zu verlassen. Sofern nicht anderweitig gesetzlich vorgeschrieben, verpflichten wir uns nicht und lehnen ausdrücklich jede Haftung zur Verpflichtung ab, in die Zukunft gerichtete Aussagen um Vorkommnisse, Entwicklungen, unvorhergesehene Ereignisse oder Umstände nach dem Datum einer solchen Aussage zu aktualisieren.
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