Auctions: barometer swings back to private investors

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Bedfont Scientific establishes NoxBOX subsidiary

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DOJ probe finds ‘serious antitrust problems’ with Halliburton – Baker Hughes merger

first_imgBaer presented another problem of the proposed deal. Namely, Halliburton’s proposed remedy would require the Justice Department and the court to devote substantial resources over many years to supervise the remedy in an attempt to see that it works.“Halliburton’s proposed remedy is so complicated and convoluted that it would require unprecedented resources to oversee it. Halliburton’s purported “fix” would turn the Antitrust Division into an energy sector regulator, rather than a law enforcement agency. That is not our job. Nor is it an appropriate burden to impose on a federal district court judge,” Baer said.In conclusion, Attorney General Loretta E. Lynch, said: “Simply put, the parties’ merger puts competition at risk in too many markets. It’s not fixable and it should be enjoined.” To remind, the oilfield services duo informed on Wednesday its plans to “vigorously contest the U.S. Department of Justice’s (DOJ) effort to block their pending merger”. According to their mutual statement, the companies believe “that the DOJ has reached the wrong conclusion in its assessment of the transaction and that its action is counterproductive, especially in the context of the challenges the U.S. and global energy industry are currently experiencing”.Offshore Energy Today Staff Halliburton & Baker Hughes drive market innovation The duo ‘vigorously contests’ Following the U.S. Department of Justice’s lawsuit seeking to block the proposed merger between the world’s second and third biggest oilfield services provider, Halliburton and Baker Hughes, the department has said that its investigation has revealed serious antitrust problems with the proposed deal.The DOJ alleged that the transaction threatens to eliminate important head-to-head competition in markets for 23 products or services used for on- and off-shore oil exploration and production in the United States, raise prices and reduce innovation in the oilfield services industry.At a press call announcing the DOJ’s decision to block Halliburton’s acquisition of Baker Hughes, Assistant Attorney General Bill Baer said that over 90 percent of Baker Hughes’ revenues come from markets where it competes with Halliburton.“But I have never seen one [merger] that poses so many antitrust problems in so many markets.”“It is not surprising, therefore, that our investigation revealed serious antitrust problems in numerous markets representing billions of dollars of revenue,” Baer said.After stating that the DOJ’s investigation had found 23 product and service markets where the merger would cause a substantial lessening of competition, the Assistant Attorney General explained that in many of these markets, the merger would leave the industry with just two dominant suppliers.According to the Assistant Attorney General, “In eight of the markets alleged in the complaint, the post-merger Halliburton and Schlumberger would have over 90 percent of U.S. sales. In nine other markets, two firms would have a combined share above 70 percent. And in two of the markets – offshore stimulation vessels and offshore liner hanger systems – the merged Halliburton alone would have a share above 80 percent.”Baer noted: “I have seen a lot of problematic mergers in my time. But I have never seen one that poses so many antitrust problems in so many markets.” Baer also noted that the problem with this merger goes beyond these share numbers as Halliburton and Baker Hughes, as well as Schlumberger, the world’s largest oilfield services provider, drive innovation in these markets and are often the only suppliers qualified to bid on the most challenging projects.“Competition in the oilfield services industry is critical to our economy. Competition leads to safer ways to extract oil and gas, to more efficient methods for drilling and it keeps down the cost of producing a barrel of oil,” Baer said.He added it was important to note that these companies compete with each other internationally, and that this merger was the subject of investigations about its effects on competition in multiple jurisdictions, including Europe, Australia, Mexico and Brazil. In Europe, the merger has hit a stumbling block several times failing to provide all the necessary information the European Commission needs to move forward with its decision-making.“They are keeping the infrastructure essential to making each firm successful and just selling off some pieces.”Regarding Halliburton’s move to sell of some assets to satisfy the terms of the merger, Baer stated that Halliburton mostly would keep the more successful product lines and sell assets related to the less successful product lines to some third party: “They are keeping the infrastructure essential to making each firm successful and just selling off some pieces. It is like selling part of a building while removing the heating system, the electrical wiring and some of the foundation.”Further, the department claims that, at the end of the day, Halliburton’s purported settlement would eliminate a formidable rival – Baker Hughes – and replace it with a smaller, weaker rival that is not the equivalent of Baker Hughes today. Turning Antitrust Division into energy sector regulatorlast_img read more

Fix costs to save the planet, says Jackson

first_imgLord Justice Jackson has recommended a fixed costs regime to ensure the government fulfils its duty in environmental judicial review cases. The Ministry of Justice launched a consultation last year to ask how to comply with the UK’s international obligations as part of the UN Aarhus Convention. The multilateral agreement requires parties to guarantee access to justice and ensure the public can challenge decisions. In his response to the consultation, Jackson, the government’s architect of civil litigation reform, says that protective costs orders devised by the courts will generate hard-fought satellite litigation and drive up costs. Instead, he backed the government’s plans to limit a claimant’s recoverable costs to £30,000 and those of a defendant to £5,000. Jackson stated this new regime should be developed and located in part 45 of the costs rules. The costs regime should apply to claimants that are both individuals and companies, although the court should have discretion to disapply it if the claimant’s resources mean they can afford the costs of the action. Jackson’s response says his proposals would ensure a ‘copper-bottomed compliance’ with the requirements of Aarhus, while still being fair to both parties. He adds that his preferred solution was a system of one-way costs shifting, but accepts the government’s wish to wait until qualified one-way costs shifting (QOCS) has been tried in personal injury and clinical negligence cases before being extended. He says both claimants and defendants criticised his support for QOCS and notes that ‘the experience of being shot at equally from both sides’ confirmed he had struck the right balance. The government is expected to publish its response to the consultation in the spring.last_img read more

Considering Louis Khan

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Sarens set to unveil biggest crane

first_imgThe SGC 250 will be deployed for the Hinkley Point nuclear power project on behalf of Bouygues Travaux Publics and Laing O’Rourke Construction’s joint venture. The four-year contract awarded to Sarens, valued in excess of GBP20 million (USD27 million), involves the construction of a nuclear power plant at Hinkley Point in the UK.The crane will be moved from Ghent to a nearby laydown yard before being transported to the project site. An estimated 280 trucks will be required to deliver the entire SGC 250.Once installed, the SGC 250 will be able to travel between three different locations without the need for disassembly or reassembly, thanks to 6 km of rail onsite.At the project site, 52 tower cranes will be in operation during the day. To avoid disruption, Sarens says the crane may need to utilise anti-collision systems, which will enable the crane to perform lifts at night.The SGC 250 will be used to lift pre-fabricated concrete elements, steel structures, and reactor equipment, ranging from 50 tonnes to 1,150 tonnes, at an outreach of up to 165 m.  www.sarens.comlast_img read more

Sports Minister pledges better welfare, exposure for athletes

first_imgThe Minister of Youths and Sports Development, Sunday Dare, has pledged to ensure better welfare and exposure for budding athletes in a bid to further develop athletics in the country.The minister made the pledge on Saturday in Akure at the All-Comers Track and Field Competition held at the Federal University of Technology Akure (FUTA).The News Agency of Nigeria (NAN) reports that the competition was organised by the Olamide George-led board of the Athletics Federation of Nigeria (AFN).The minister noted that the competition would go a long way in improving the game of track and field in the country.“With this competition, only the best will respresent Nigeria,’’ Dare, who was represented at the event by his Special Adviser on Media, John-Joshua Akanji, said.He however pointed out that the welfare of athletes was paramount to the Federal Government.The minister commended the George-led board for taking as a priority the welfare of athletes, especially in provision of accomodation for all competitors at the event.“This event is very exciting, very interesting, and this is a new dawn for athletics in Nigeria, especially as the interest is in the welfare of the athletes.“I thank the Olamide George-led board for a job well done.“I mean it with all sense of responsibility, without flattery, that this is the first time in a long while that competitors at an athletics event were accommodated and I believe this is a very good event.’’The minister noted that the competition meant the sports family was reawakening what used to be the tradition when there was a National Sports Festival (NSF) in an Olympic year .“This is an All-Comers affair, a situation where athletes that may be or would not have been given an opportunity can cause upset, create some excitement and before you know it, they are up there,” he said.Speaking at the event, George thanked the minister for keying into the roadmap of the federation ahead of the Tokyo Olympic Games.He said the AFN under his leadership was running an open door policy.“The athletes believe in all the processes that will lead to the selection of athletes who will represent the country at the Olympics.’’Speaking also, the Commissioner for Youths Development and Sports in Ondo State, Dotun Owanikin, said he was happy with the choice of the state for the competition.Owanikin said the state government would take a lot of positives from the event ahead of the upcoming NSF, revealing that the state’s athletes had been in camp ahead of the festival.NAN reports that the second leg of the All-Comers event will hold in Ado-Ekiti in two weeks time.last_img read more

Listen to AM 930 WEOL for 3 Matchups For Week 6 HS Football Tonight – Links to Games HERE!

first_imgHard to believe we are over the halfway mark of the high school football season already, and we march on to week six of the high school football season!AM 930 WEOL has three great games for you this week in our Cleveland Gridiron Clashes and our Tri-C Medina County Match-Up!!!Listen to the games at the links below – and listen as well as various NEO Sports Insiders staff will be doing reports from area games at halftime and during the WEOL High School Football Post Game Scoreboard Show!Game One is a matchup between the Tigers of Cleveland Heights and the Lorain Titans. The Tigers are off to a tough start in 2017, coming in at 1-4 to this contest.The Titans of Lorain are having another solid season under coach Dave McFarland, as they will enter Friday’s game at 4-1, coming off a win over a team from Canada, Football North, last week 42-21.Click HERE to Listen to Cleveland Heights and LorainClick the Next Page for the second of the three games on WEOL Tonight! Pages: 1 2 3 Related TopicsBuckeyeHigh School FootballWellingtonWEOL NEO HS Stafflast_img read more

Appeal of Medicaid Expansion Lawsuit Unclear

first_imgOrtiz says he believes the Governor’s decision was wise and would not support an appeal if it comes down to a vote. Rep. Ortiz (I-Ketchikan): “I think the studies that have come out show that it’s done a lot of what it’s supposed to do in terms of when we accepted Medicaid expansion. I think the statistics show that it’s saving the state money and it’s getting more people access to insurance so to appeal, I don’t see why you’d do that. And that doesn’t even take into account the extra resources it would take to do the appeal and go through the court process and are those resources that we have or are those resources that we could use in other places better, I kind of think so.” Nikiski’s Speaker of the House Mike Chenault is among the legislators who have led the charge against the governor’s move. FacebookTwitterEmailPrintFriendly分享General discussion among lawmakers has been put on hold regarding the possibility of an appeal to the Alaska Supreme Court about Governor Bill Walker’s decision to expand Medicaid without legislative consent. Ketchikan Representative Dan Ortiz is a member of the House Minority and says not all legislators support the lawsuit against the governor. Rep. Chenault(R-District 29): “This is not about stopping Medicaid expansion, what this is about is the process, not only the process that the governor used to enact the Medicaid expansion but more the legislative appropriation authority that the legislature has to appropriate money.” It is unclear if an appeal will be sought after the March 2 Alaska Superior Court ruling.last_img read more

Semi Radradra rules out rugby league return

first_imgRugby Union Semi Radradra has emphatically ruled out a return to rugby league, saying the NRL is now behind him. The cross-code superstar’s playing future has been the subject of plenty of speculation following his stellar performances for Fiji at the recent Rugby World Cup in Japan. South Sydney were heavily linked to the powerhouse winger, while Canterbury and Parramatta both recently said they’d be interested in signing him should he return to the NRL. But in an interview with French newspaper Sud Ouest, Radradra said his NRL career was “over”. “I know there are a lot of rumours going on and talking about a return to (rugby league), but a return to (rugby league) is not an option for me,” Radradra said. “I already proved myself in (rugby league) … the NRL is behind me, it’s over. I already proved that I was one of the best Fijians in this league. “Playing (rugby union) pleases me, I love it more and more. I’m in a different environment … I still have a lot to learn and things to prove.” Radradra is nearing the end of his contract with French rugby outfit Bordeaux and has been linked with a move to English club Bristol. When asked what his next move in rugby union would be, Radradra replied: “Nobody knows. “This is the last year of my contract with Bordeaux, my agent is looking after the rest. He will look at the bet offers and we will see. I’m only focused on rugby. “I like this Bordeaux team, I found a family here. This club gave me a great opportunity, and helped me discover my talent and allowed me to become the player I am today. “But in the end, it’s a story of business. I must also consider my family. I will look at the best options available to me, and I will make my choice.”last_img read more