Category Archives: News

Experts Gathering in Geneva for Shipping and Finance Conference

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Sophocles N. ZoullasThe First Annual Marine Money Geneva Forum is a not-to-miss conference bringing together the shipping industry’s key experts to speak on the interface of international shipping and finance.

Included among the expert presenters are Sophocles N. Zoullas, CEO and Chairman of Eagle Bulk Shipping; John Su, CEO of Erasmus Shipinvest; and Minas Sorotos, CEO of Miralco Resources AG; all of whom are speaking on the subject of trading houses and shipping.

As a part of the panel Sophocles Zoullas will discuss recent news and developments on trading houses and shipping. Mr. Zoullas will also talk about trends for the future of chartering and hedging strategies.

Other issues that will be dealt with during the forum are:

•    Assessing Market Prospects and Risks with Dr. Arlie Sterling, President of Marsoft Inc.
•    Commodity and Trade Finance: a panel discussion which will focus on traders that finance other traders; the effect of Basel II; and shadow banking and regulation
•    The Perils of Being a Shipowner with Michael Stockwell, Commercial Manager at Titan Salvage LLC

This is only a small sampling of what attendees will be exposed to in terms of content and expertise. Marine Money International organizes the shipping industry’s most respected and well-attended conferences and forums throughout the world. Whether it is Oslo, Singapore, or Athens, Marine Money International chooses the locations so that “where ship owning and the formation of capital for shipping is taking place, our forums provide the best educational and networking opportunities available in the industry.”

The First Annual Forum is scheduled to take place on Thursday, June 27, 2013, at The President Wilson Hotel in Geneva, Switzerland, from 8:30am until 16:25 when the closing remarks will take place.

Paul Soros, 87 Dies in New York City Home

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Paul Soros

Paul Soros, philanthropist and shipping leader, died on Saturday at the age of 87 in his New York City home, announced his son, Jeffrey Soros.

Soros, who is the older brother of famed billionaire George, was in ailing health. He was being treated for Parkinson’s disease, cancer, renal failure and diabetes when he passed away.

“Through his engineering innovations, philanthropy and personal relationships, he profoundly impacted many lives,” said his son. “He was loved dearly and will be sorely missed.”

Soros was born in Hungary in 1926, studied mechanical engineering in Budapest, and defected from his home country in 1948 when it was under the rule of the communist regime. Eventually Soros ended up in the United States.

Soros Associates was founded in 1956 and soon became a well-respected engineering and shipping company. Paul’s company forged several new practices that changed the bulk shipping industry. He also built new ports and offshore terminals in many countries.

Soros wrote dozens of articles on technical subjects as well as holding patents in material handling and offshore technology. Later on in his life Paul worked together with his younger brother George and invested in mining and industrial companies.

Apple Facing Off with Justice Department Over Price Fixing of eBooks

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Conspiring to Raise Prices? Lawsuit Opens Today
Conspiring to Raise Prices? Lawsuit Opens Today

Today Apple Inc is going to trial over accusations being made by state and federal authorities that they conspired with book publishers to increase the cost of eBooks to consumers.

The US Justice Department is taking the famously popular producer of iPads and iPhones to court in a case that observers say will scrutinize how Internet businesses interact with their suppliers of content.

“This case will effectively set the rules for Internet commerce,” said David Balto, a former policy director for the U.S. Federal Trade Commission.

The lawsuit was first filed against Apple along with five of the country’s six largest book publishers back in April, 2012. The suit alleges that they conspired to raise eBook prices in order to halt Amazon’s grip on book pricing.

Apple is on its own for the trial since all five publishers settled out of court by agreeing to halt their prohibitions on wholesale discounts in addition to paying together $164 million in damages for the benefit of consumers. The five publishers are: Pearson Plc’s Penguin Group, News Corp’s HarperCollins Publishers Inc, CBS Corp’s Simon & Schuster Inc, Hachette Book Group Inc and Macmillan.

The Justice Department is not pursuing monetary damages from Apple, but rather wants Apple to be forced to stop similar practices in the future. Apple is worried that if they are found guilty as charged they will then face separate trials by state attorneys general in which they will indeed by liable for monetary damages through class action lawsuits.
Apple’s chances of coming through the trial unscathed could be small, based on a comment made by the presiding judge at the last hearing before the trial.

“I believe that the government will be able to show at trial direct evidence that Apple knowingly participated in and facilitated a conspiracy to raise prices of e-books,” said U.S. District Judge Denise Cote on May 23. The judge will hear the case without a jury.
With the judge’s opinion before the trial apparently against Apple, why then isn’t the giant computer company settling out of court?

Chief Executive Tim Cook said in an interview with All Things Digital that Apple was “not going to sign something that says we did something we didn’t do.”

IRS Apologizes for Singling Out Right-Wing Groups

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Caught Picking on Right-Wing Groups
Caught Picking on Right-Wing Groups

Proving once again that even paranoids can have enemies, the Internal Revenue Service of the United States was caught, and has already apologized for, singling out right-wing groups for extra scrutiny of their tax-exempt status during the 2012 election.

Lois Lerner, the head of the IRS section that overseas tax-exempt organizations, admitted that groups using the words “tea party” or “patriot” on their applications for tax-exempt status were flagged for extra careful checking. In a few instances the groups were asked for their list of financial supporters which is an actual violation of IRS policy most of the time.

“That was wrong. That was absolutely incorrect, it was insensitive and it was inappropriate. That’s not how we go about selecting cases for further review,” Lerner said at a conference sponsored by the American Bar Association. “The IRS would like to apologize for that,” she added.

Judge Denies $20 Million Severance Package for AA Chief

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CEO of AMR Thomas Horton
CEO of AMR Thomas Horton

In the wake of the March 27th approval of the merger of AMR with US Airways, the same judge dismissed a proposed severance package of $19.9 million for AMR Chief Executive Officer Thomas Horton.

Judge Sean Lane of the US Bankruptcy court in Manhattan released his decision last Thursday to disallow the large severance package after approval of last month’s $11 billion merger between American Airline’s parent company and US Airways, explaining that the payoff was against federal bankruptcy law.

Lane made the suggestion that Horton’s severance pay be better addressed during the discussion of AMR’s reorganization plan. This plan has not yet been submitted, and will need the approval of creditors.

Tracy Hope Davis, trustee of the US Department of Justice and monitor of the bankruptcy proceedings was equally against Horton’s large payout.

“It’s American Airlines’ current intention to address Mr. Horton’s compensation arrangement in the plan of reorganization,” said Mike Trevino, a spokesman for American.