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Thursday, April 14, 2016
Four Companies Agree to Stop Falsely Promoting “100% Natural” products
Wednesday, April 13, 2016
Why Are All These Superyachts Catching on Fire? (BW)
From St. Thomas to Abu Dhabi, tens of millions in luxury yachts have recently gone up in flames.
It started with a puff of smoke, seeping slowly into the clear and sunny St. Thomas air on a mid-March afternoon. “I went into a meeting, and when I came out, it was very on fire,” recalled Ryan Nichols, who witnessed Positive Energy, a reportedly $2.5 million yacht, go up in flames.
The now-ironically named yacht was hauled off to sea to avoid damaging other vessels, which was the case when two multimillion-dollar yachts caught fire in the Abu Dhabi Marina Yacht Club in early March, taking six boats with them. Two months earlier, a fire damaged two superyachts at a marina in Marmaris, Turkey, and another superyacht, the 95-foot Queen Anna, burned in Fethiye, Turkey.
“Almost always, when a boat catches fire and it's in a marina, and there are numerous boats downwind from it, the fire spreads pretty rapidly,” explained Al Golden, president of the Grasonville, Md.-based International Marine Insurance Services, which insures around 14,000 boats. Cynthia Sailor from the Florida Yacht Brokers Association put it more bluntly: “One cow kicking over a candle, and the whole city goes up.”
The string of yacht fires raises the question: Is there something about these multimillion-dollar investments that makes them susceptible to fire?
The short answer: No, not really, well, probably not. Experts consulted by Bloomberg agreed that despite the vessels' length and height, the size of the boats aren't to blame. This appears to be a conflagration of coincidence.
It's the older and smaller boats that are typically more at risk, says Joe F. Foggia, a yacht sales broker at Northrop & Johnson in Fort Lauderdale, Fla. “As wires get older and they chafe on the metal structure, any of that kind of stuff can create a fire.” Much as in land-bound houses, electrical fires are most commonly to blame on yachts, from faulty connections to docks, wiring damage from salt water, and amateur captains trying to make repairs while out at sea. Issues in the fuel system and galley fires are also concerns.
If anything, extravagant superyachts (commonly defined as longer than 78 feet) are built to higher standards and tend to be packed to the brim with the latest in flame-resistant construction technology, including automatic steel doors to seal off the ignited area and widespread smoke detecting and fire suppression systems. They must meet rigorous requirements set by international classification societies and appease insurers who are risking multimillion-dollar policies.
What they do need more of, though, is upkeep.
Constant Maintenance
“Typically, however the boat is classed, with whatever regulatory society, you have to do an annual [inspection] with them,” Foggia said. The ship’s crew, which can run several engineers deep on a superyacht, also has to maintain certificates to prove they can keep the vessel seaworthy.
This doesn't come cheap: The U.S. Superyacht Association estimated the annual cost for operating a 180-foot yacht to be $4.75 million, or roughly an annual expense of about 10 percent of the yacht’s original cost. More space means more equipment, which means more crew, not just while the boat is in use, but also year round. In addition, every 10 years yachts require significant maintenance, according to Richard Merhige, the president of Advanced Mechanical Enterprises, a certified marine engineering firm based in Fort Lauderdale. If a superyacht is not maintained at an expert level, the sheer size and complexity of the vessel lends itself to more problems that can pose a danger the longer they are ignored.
“We once had to do an emergency repair on a yacht—it had a commitment with guests coming for a charter in Tahiti,” Merhige recalled. “We had to fly our technician halfway around the world. It was quite a logistical challenge. There are a lot of areas that are not as well equipped as Fort Lauderdale.”
A Fire in Antarctica
Another potential challenge: location. With a newer, younger wave of ultra-high-net-worth owners setting course for more unusual, remote locations—think Antarctica, notAntigua—insurance can become a challenge. Superyacht owners who don’t disclose their locations in advance could find themselves footing the bill if something goes wrong in a destination not secured in their insurance contract. (Same as if you brought your car to Mexico or Canada, for instance.)
If a yacht valued at $10 million is based in Fort Lauderdale and travels regularly around the Caribbean, Nancy Sprigg, yacht department manager of the Gowrie Group, estimates the insurance would be $75,000 to $100,000 annually, though it “could be higher, depending on where they go and how many crew they have.” If the yacht suffers a total loss at a previously approved location, the insurance firm typically foots the bill. “But on a partial loss, the deductible is usually a percent of the hull value,” Sprigg said. That’s $100,000 for the $10 million yacht.
Yacht brokers widely agreed that most yacht owners, including superyacht owners, typically purchase extensive insurance packages, including coverage on everything from vicious waves to total destruction by a giant squid. While not as rare as squid attacks, fires also aren’t the bulk of Sprigg’s concern.
“There are years we don’t have any fire claims,” she said of the Gowrie Group, where she’s dealt with around 25 such claims over the past 40 years. Collisions are the most frequent issue. “When it comes to fire, arson is an exclusion. If there is a fire on a boat, they have to do their due diligence and find out the cause of origin. It has to be investigated by the fire marshal.” That means investigators, surveyors, repairmen, marina owners, and local authorities, depending on the circumstances.
“I’ve seen a fire that occurred because of a construction worker nailing down planking on a dock,” Joe Lobley, a Maine-based marine surveyor, recalled. “One of the nails went through and hit a wire. There’s a lot of variables there.”
As for arson, superyacht owners aren’t likely suspects.
“Its highly unlikely that somebody would torch it just to get the insurance money,” Sailor said. “I’m sure crazier things have happened, but its not as easy as that.”
Tuesday, April 12, 2016
After Worst Year Ever, PC Sales Off to Another Bad Start in 2016

Global shipments of personal computers, once a major backbone of both consumer and corporate IT spending, started the new year with another decline in the first quarter, according to data from the research firm Gartner, out today.
Vendors like Lenovo, HP Inc. and Dell shipped a combined 64.8 million units in the period ended March 31, down from 71.7 million in the same period a year ago. HP saw the worst decline, as its unit sales fell 9 percent, followed by Lenovo — the world’s market leader — whose shipments fell by more than 7 percent. Shipments by privately held Dell fell the least, by only 0.4 percent. Apple and Asus both increased their shipments, by 1.5 percent and 1 percent, respectively.
HP also had a rough time in the U.S. market, where its shipments fell to 3.1 million units, or 17 percent, from the same period in 2015. Dell overtook HP in the U.S. with a 26 percent share of the market, and grew its shipments by 3 percent. Lenovo was third, and grew its shipments by more than 14 percent. Shipments of Apple’s Mac declined slightly, Gartner said. Overall shipments in the U.S. market declined by more than 6 percent, to 13.1 million, from more than 14 million last year.
The latest decline comes on the heels of the biggest year-on-year decline in the history of the PC industry, as annual unit shipments fell below 300 million for the first time since 2008. The decline is also occurring despite a multi-million dollar joint marketing campaign by PC vendors and Microsoft.
Update: Figures from IDC, another research firm, are out today too, and they show a similar drop — but with some differences likely due to its figures’ inclusion of Chromebooks. (Gartner doesn’t consider a Chromebook to be a PC.)
IDC counted a smaller 60.6 million PC shipments worldwide, but that amounted to higher decline of 11.5 percent from nearly 68 million in the first quarter of 2015. IDC put Apple in fourth place globally ahead of Asus, while Gartner ranked them the other way around.
In the U.S. market IDC observed the same resurgence by Dell in overtaking HP. It also credited Apple with boosting its shipments of Macs by more than 5 percent. We’ll get a clearer picture after Apple and HP report quarterly sales in the coming weeks.
Monday, April 11, 2016
El profeta es un transmisor (Ricardo Tribin)
E N U
N M I O P I N I O N
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Friday, April 8, 2016
Majority of Millennials Have 'No Idea' When Student Loans Will Be Paid Off
More than a third of millennials say they wouldn't have attended college at all had they known the extent of the costs in advance.
The path to freedom from student debt is a long, winding, and arduous one with no end in sight for millennials. A new survey conducted online in February by research agency TNS on behalf of Citizens Bank found 59 percent of those polled have "no idea" when they will be able to pay back their student debt.
The survey found millennials, defined as those between the ages of 18 and 35, have an average student debt of $41,286.60. That's significantly higher than the national average amount of debt for college graduates, which the Department of Education determined is $29,400. Not every millennial knew how much debt he or she carries: 15 percent of those polled by TNS said they weren't sure what their student loan balance was, and more than a third didn't know what the interest rate is on this debt.
Those polled also had a limited understanding of the intricacies of their student debt. Almost half said they "don't understand" how privatized student loans work, and 44 percent said they don't entirely grasp the difference between federal and private student loans. About a third had never even heard of student debt refinancing.
The millennials who are paying down their burdensome debt are cutting down on eating out, entertainment, and vacations to do so, the survey found. Eight percent said they don't plan to pay back the debt at all, while another 8 percent hope to defer the loan payments by going back to school.
The majority of millennials said they regret taking out as many loans as they did, but a third took it a step further, saying they wouldn't have attended college at all had they known the extent of the costs in advance.
Tuesday, April 5, 2016
STATE ATTORNEY'S OFFICE NEWSLETTER
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Monday, April 4, 2016
Ten Legislators in Miami Earned an "A"...Legislative Report Card
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Ten Legislators
in Miami Earned an "A"
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Today, the Florida Chamber
released actual grades earned by all 160 members of the Florida Legislature
on the Florida Chamber’s
2016 Legislative Report Card and announced legislators who earned
Distinguished Advocate Awards in your region. The Florida Chamber’s Distinguished Advocate award recognizes lawmakers who fought tirelessly for the passage of pro-business legislation – no matter how difficult – and furthered the Florida Chamber’s goals of securing Florida’s future through job creation and economic development. The 14 members of the Florida Legislature honored with a 2016 Florida Chamber Distinguished Advocate award include:
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Take
Action Now |
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View the full report card
at www.LegislativeReportCard.com. |
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