Puerto Rico Debt Struggle Ties Back to Its Stunted Energy Economy

first_imgPuerto Rico Debt Struggle Ties Back to Its Stunted Energy Economy FacebookTwitterLinkedInEmailPrint分享Llewellyn Hinkes-Jones for Bloomberg BNA:Sen. Orrin Hatch (R-Utah) demanded that Puerto Rico provide detailed financial statements by March 1 before the Senate Finance Committee, which he chairs, puts together a debt-restructuring mechanism for the island.Puerto Rico is in talks with creditors over the country’s distressed debt.A major source of the country’s debt problems comes from the Puerto Rico Electric Power Authority (PREPA), the island’s sole energy provider, which owes about $9 billion to bondholders and other creditors. The utility is dependent on imported oil to generate electricity, for which it sometimes pays on the order of $100 per barrel, even as global oil prices have collapsed to a level below $30 a barrel.In a 2012 presentation, PREPA proposed a switch to liquefied natural gas (LNG), which would lead to $500 million to $1 billion in savings a year and avoid fines under the U.S. Mercury and Air Toxics Standards.But those calculations were based on the construction of the Via Verde gas pipeline and the Aguirre offshore terminal, neither of which has been completed. The Via Verde project was abandoned in 2012 over environmental concerns. The Aguirre project was initially approved by the Federal Energy Regulatory Commission in July 2015, but is under appeal following a request for additional details by the National Oceanic and Atmospheric Administration.In a 2015 report, the Institute for Energy Economics and Financial Analysis (IEEFA) sharply criticized the commonwealth’s sole focus on LNG, which it described as transitioning from one fossil fuel to another, even though the island is “blessed with abundant wind and solar energy.”The IEEFA report notes that any savings from a switch to LNG could easily be wiped out by a spike in LNG prices. According to IEEFA Director of Finance Tom Sanzillo, for the switch to make sense “essentially, LNG prices can’t be much higher than what they are right now, which is around $2-$3/Mcf.” One Mcf equals 1,000 cubic feet.“The island could easily be focusing more on solar, wind, and energy efficiency,” Sanzillo said. “All of which would bring more jobs and fuel the local economy, whereas LNG would only bring a handful.”Puerto Rico offers no incentives for energy efficiency. In 2011, only 1 percent of its electricity came from renewable sources.Full article: Hatch Demands Audited Financials From Puerto Ricolast_img read more

Cross-party MPs call for gambling overhaul in new report

first_img Related Articles BGC lauds success of whistle to whistle ban August 21, 2020 StumbleUpon Share Share Submit BGC calls for updates to ‘outdated’ payment regulations August 21, 2020 EPIC and Whysup ‘continue to make real change’ with partnership renewal August 19, 2020 The All Party Parliamentary Group for Gambling Related Harm (GRH APPG) has called for a blanket ban on gambling advertisements as well as an overhaul of the UK Gambling Commission (UKGC) as part of its final report into online gambling harms.Following a year-long inquiry, the 50-strong group of MPs – which has emphasised it is ‘not anti-gambling or prohibitionist’ – have made 30 recommendations to improve the procedures in place to tackle problem gambling.The Group’s report is based on information collected from 10 public evidence sessions, closed sessions, submissions from a wide range of stakeholders and meetings with the Gambling Commission and gambling ministers.Among the recommendations, the GRH APPG has suggested that a new Gambling Act is introduced which is ‘fit for the digital age’. UK licensed operators should support research, education, prevention and treatment through a new ‘smart levy’, while establishing a Gambling Ombudsman would support consumer redress.Publishing independent research undertaken by Survation, the GRH APPG underlined that its drastic measures carry public support, with regards to limits on gambling stakes and deposits, reducing gambling marketing exposure to under-18s and banning all offshore ‘tax-avoiding’ operators that have secured UKGC licences.Carolyn Harris MP, Chair of the All Party Parliamentary Group for Gambling Related Harm, said: “This multi-million pound industry has destroyed people’s lives. They resist change at every turn and claim to be reforming themselves but put forward limited changes.“Their primary motive is profit. During the Covid pandemic they said they would end TV and radio advertising but just ended up replacing ads with ads – that none of us want to see. They have shown time and again that they will not effectively self-regulate. We cannot ignore this any longer. Urgent change is needed to stop this industry riding roughshod over people’s lives.”Speaking at the recent SBC Digital Summit, Harris said that she was on a mission to ‘end the predatory aspects of the industry and its severe impacts on society’s vulnerable’.On the panel, Harris stated that she has a ‘long list’ of things to tackle, but her three main social concerns related to VIP programmes (including bonus incentives), lack of forced interventions by operators and affordability checks – all of which are also included among the GRH APPG’s recommendations.Pointing to its new research, the GRH APPG said that a ‘net 82%’ of the UK public agree that there should be a limit on online gambling deposits, a figure that is ‘almost identical’ in support of wagering limits on single bets.In its call for a blanket advertising ban, the parliamentary group underlined that 82% of people surveyed believe that under-18 audiences should have no exposure to gambling advertising.Further insights saw the GRH APPG highlight the lack of public confidence in the UK gambling industry in which 37% of people surveyed believed that gambling firms cannot be trusted.The Rt. Hon. Sir Iain Duncan Smith, Vice-Chair of the Gambling Related Harm All Party Parliamentary Group, said: “We cannot continue with the current lack of regulation for the online industry. We have an industry that is profiteering from vulnerable people gambling more than they can afford.“The industry’s ill-named ‘VIP Rooms’ and their inducements have become a cynical tool to incentivise problem gamblers to gamble until they are spiralling into addiction and despair.“We urgently need the industry to adopt safer standards and for our failing regulatory structure to be overhauled”In its findings, the GRH APPG claimed that the UKGC ‘is struggling to keep pace with the fast growing industry’ and is ‘behind that of many other countries’. Citing the recent pandemic as an example, the GRH APPG has called for a new Ombudsman which can deliver ‘greater protections to customers across all verticals.Ronnie Cowan MP, Vice Chair of the Gambling Related Harm All Party Parliamentary Group, added: “Every day I speak to people whose lives have been destroyed by gambling addiction while the online gambling industry grows exponentially. This Government must not sit back and watch the unfettered growth of an industry that extracts money from people across the UK to line their own pockets.“We are bombarded by gambling across all mediums and our sports are in hoc to an industry which seeks to profit from them. Young men, women and families are being destroyed by online gambling.“Our Gambling Commission is not fit for purpose, we urgently need an ombudsman and the Government must do its job, it must not pander to the multi-million pound might of the online industry, it must put people and our communities first.”Commenting on the report by the APPG on Gambling Related Harm, a Betting and Gaming Council spokesperson said: “Over 20 million adults enjoy gambling occasionally, whether that’s on the National Lottery, bingo, sports or gaming, including online, and the overwhelming majority of them do so safely.“Both the Regulator and the Government have both made it clear that there is in fact no evidence that problem gambling has increased, but as an industry we have to keep doing more to help those people for whom gambling does become a problem.“Since the BGC was formed as the standards body last year, we have driven a number of significant changes across the industry – from advertising restrictions, encouraging deposit limits, monitoring play and spend so we can intervene to prevent customers getting into difficulties, closing online accounts, introducing strict new ID and age verifications, implementing the ban on credit cards and massively increasing funding for research, education and treatment.“We are committed to making even more changes and to driving up safer gambling standards further, and we look forward to working with the Government on their forthcoming Review.Of course there will always be people who are anti-gambling and prohibitionists who are not interested in the fact the regulated industry supports over 100,000 jobs and pays over £3 billion in tax.“But we have to avoid measures that could drive people away from gambling safely with online companies who operate in what is rightly already a heavily regulated market, to instead gambling online with unregulated, offshore, black market, illegal operators that don’t conform to any standards or safeguards to protect problem gamblers and the most vulnerable.”last_img read more


first_imgSJP and her family.HOLLYWOOD couple Sarah Jessica Parker and Matthew Broderick have been granted planning permission to extend their Donegal cottage.As revealed by Donegal Daily earlier this year, the couple had submitted plans to extend their Kilcar home and convert outhouses there.Now the county council has approved the plans subject to an upgrade in their waste-water system. The couple, son James, and daughters Tabitha and Marion are regular visitors to their holiday home in Kilcar.Last year SJP said Donegal “really feels like home” and said the family wanted to spend more time here.   SARAH JESSICA AND MATTHEW GET HOLIDAY HOME EXTENSION APPROVED was last modified: December 2nd, 2015 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:councilkilcarmatthew brodericksarah jessica parkerlast_img read more

Yaya Toure’s agent teases London medical, rules out Palace and West Ham

first_img possible standings Every current Premier League club’s best kit from the past decade England’s most successful clubs of the past decade, according to trophies won Toure is looking for a new club after leaving City at the end of the season Toure, a three-time Premier League winner with City, has made it clear he has no plans to retire.Now he is close to joining a new club, Seluk has teased on Twitter.He posted: “Toure has passed a medical in London. Yaya is close to signing a new contract.” How the Premier League table could change after the Boxing Day fixtures huge blow Yaya Toure’s agent, Dimitry Seluk, says the midfielder has completed a medical in London.The 35-year-old is a free agent having ended his eight-year spell at Manchester City at the end of last season. smart causal 1 silverware REVEALED Boxing Day fixtures: All nine Premier League games live on talkSPORT no dice Tottenham v Brighton LIVE: talkSPORT commentary and team news for Boxing Day opener center_img 🔥🔥🔥 Toure @YayaToure has passed a medical in London. Yaya is close to signing a new contract.— Dimitry Seluk (@dmitriseluk) August 28, 2018Toure has been linked with West Ham, who are managed by his former Manchester City boss Manuel Pellegrini.But Seluk ruled out the prospect of the Ivory Coast star linking up with Pellegrini at the London Stadium in another Twitter post, and took a pop at the Hammers in the process.“It’s not West Ham, 100%,” wrote Seluk. “Yaya is a champion. The last place is not for him.”West Ham are currently rooted to the bottom of the Premier League table having lost all three of their opening games under Pellegrini. REVEALED gameday It’s not Crystal Palace, 100%. Roy Hodgson said he doesn’t know when his players’ birthdays are (https://t.co/lE2HLA4Yo9)Can Yaya go there? 😂😂😂 https://t.co/eDGeI0EvFf— Dimitry Seluk (@dmitriseluk) August 28, 2018In 2014, Seluk accused City of not showing Toure sufficient respect by failing to celebrate his 31st birthday appropriately. Oxlade-Chamberlain suffers another setback as Klopp confirms serious injury Which teams do the best on Boxing Day in the Premier League era? Son ban confirmed as Tottenham fail with appeal to overturn red card Where Ancelotti ranks with every Premier League boss for trophies won Premier League Team of the Season so far, including Liverpool and Leicester stars gameday cracker shining Seluk also went on to rule out Crystal Palace as a destination for his client.Referencing a story in which Palace boss Roy Hodgson said he doesn’t care when his players’ birthdays are, Seluk said: “It’s not Crystal Palace, 100%. Roy Hodgson said he doesn’t know when his players’ birthdays are.” Latest Premier League Newslast_img read more