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THE Isle of Man Aircraft Registry has announced the appointment of Gary Raby to the role of Chief Surveyor. Working with Director of Civil Aviation, Hartley Elder, Gary will be responsible for ensuring that Isle of Man registered aircraft conform to international standards including airworthiness, certification and maintenance. He has 25 years of aviation experience, initially with the Royal Electrical and Mechanical Engineers, followed by Manx Airlines (British Airways CitiExpress/BA Connect) where he progressed to Engineering Manager, responsible for a base maintenance facility for six years. Gary is currently employed in the Aircraft Registry as an Airworthiness Surveyor; he was recruited into the Department in October 2009 and has since undergone intense training coupled with the practical application of Aviation Safety Oversight, Aviation Regulation, Continued Airworthiness and Continuing Airworthiness Management. The Isle of Man Aircraft Registry has been highly successful in attracting business since starting operations on 1st May 2007 and has registered a total of 456 aircraft in its four and three quarter years since the launch. Isle of Man Department Member for Economic Development, Alex Downie, OBE, MLC said: We are very pleased to be able to promote from within our existing Isle of Man Aircraft team. Gary has developed his skills in line with the growth of the register which is now the seventh largest in the world. I wish him every success in his new role. Commenting on his new position Gary Raby said: The transition from Licensed Aircraft Engineer to Airworthiness Surveyor involved a major change in my perspective of the aviation profession, however the change was assisted by the dedicated professionals within the Registry who aided my training in a clear and precise way. I am grateful for the help that they have given me and will ensure that in my role of Chief Surveyor this practice of rigorous professional development within the Aircraft Registry will continue. Gary went on to say: My appointment as the Chief Surveyor of this globally respected Aircraft Register is the highlight of my career in aviation so far. In particular, I am looking forward to applying the management experience that I have gained from other areas of aviation to confirm and consolidate the Isle of Man's position as the premier Aircraft Register of private & corporate aircraft. -ENDS-

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Manx Telecom Ltd 2012

Manx Telecom Ltd, Isle of Man Business Park, Cooil Road, Braddan, Isle of Man IM99 1HX Registered in the Isle of Man Reg no.5629V Vat Reg no GB 003-2919-12

Continued here:
Isle of Man Aircraft Registry Appoints New Chief Surveyor

SAO PAULO--(BUSINESS WIRE)--

Fitch Ratings expects to assign the following rating to the proposed issuance of notes by Schahin II Finance Company (SPV) Ltd. (the Issuer), a company setup in the Cayman Islands (Cayman):

--USD730 million senior secured notes, 'BBB-(EXP)'; Outlook Stable.

Fitch's expected rating addresses the likelihood of timely payment of interest on a semi-annual basis and the ultimate payment of principal by legal final maturity in September 2023. This expected rating does not incorporate Fitch's full legal analysis as this process is currently ongoing.

The notes are backed by the flows related to the charter agreement signed with Petroleo Brasileiro S.A. (Petrobras) for the use of the dynamically positioned ultradeepwater drillship called 'Sertao' for the term of 10 years. Schahin Petroleo e Gas S.A. (Schahin P&G), oil and gas arm of Brazilian-based Schahin Group (Schahin), is the operator of the drillship and primary sponsor of the transaction. The Sertao vessel is the seventh oil rig expected to become online within Schahin's fleet. The proceeds of the issuance will in large part be used to refinance a loan taken to pay the Samsung Heavy Industries Shipyard for construction of the vessel.

Deutsche Bank Trust Company Americas, as indenture trustee on behalf of the noteholders, will be assigned a collateral package that includes a pledge of the shares of Dleif Drilling LLC (Dleif), owner of the vessel, as well as a mortgage on the rig.

Fitch considered the following factors in its credit analysis: the strategic importance of the Brazilian oil and gas industry, Petrobras' role as off-taker to the charter agreement (Petrobras Issuer Default Rating [IDR] 'BBB'), the quality of Schahin P&G as sponsor of the transaction and operator of the rig, overall leverage and liquidity, and the structural protections in place, among other factors.

Asset quality analysis considered the strategic importance of the local oil and gas industry to the Federal Government of Brazil and Petrobras' investment plans. The industry is considered of extreme importance for the economic growth of the country and should provide a stable credit environment for companies operating in this segment. These consequently mitigate potential decreases to the market value of the Brazilian-operated vessels.

Construction of the vessel is complete. Sertao left the Samsung shipyard in Geoje, South Korea on Feb. 26, 2012. Samsung is a leading shipyard in the construction and development of drillships. The Sertao rig, and its sister rig Cerrado, are the 2nd and 3rd drillships of the 10,000E Design to be delivered by Samsung to be operated by Schahin (the Cerrado rig is being financed through another facility. Excess cash flows, or residual flows, of that facility have been assigned to the Issuer). The Vitoria drillship (not part of this transaction), also of the 10,000E Design, has been operating since March 2011, and shows adequate uptime levels. Schahin shows high historical uptime performance on its rig portfolio. Nonetheless, its non-investment grade credit profile may affect its ability to service and maintain the vessel as well as support the transaction financially if needed.

On a net debt basis, Fitch's adjusted valuation of the drillship indicates an initial loan-to-value (LTV) of 66% and an average LTV of 41.7% throughout the transaction's life. Cash flows from the Sertao agreements are expected to generate debt service coverage ratios (DSCRs) of 1.28 times (x) under a 95% base case uptime assumption. Reserves in the amount equivalent to USD70.8 million will be funded at closing, of which approximately USD23 million seek to mitigate acceptance and performance ramp-up risks and are released upon satisfactory uptime performance.

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Fitch Expects to Rate Schahin II Finance Company (SPV) Ltd. Notes 'BBB-(EXP)'; Outlook Stable

SANTA FE, N.M. (AP) A new state law will offer a tax break to encourage businesses to hire veterans who recently left the military and New Mexico also will give an advantage to veteran-owned businesses bidding on government contracts.

Gov. Susana Martinez signed the measures on Wednesday, as she met a deadline for acting on bills that passed the Legislature during its 30-day session.

Businesses can receive a $1,000 tax credit for hiring veterans within two years of their discharge from the military, which the governor says will help personnel returning from Iraq and Afghanistan. The tax incentive will be available starting this year and end in 2016.

"Our men and women in uniform make tremendous sacrifices to protect our safety and freedom," Martinez said in a statement. "It is unacceptable that these heroes might come home from Iraq and Afghanistan only to stand in the unemployment line.

Starting in July, businesses owned by veterans in New Mexico will receive a bidding preference on state and local government contracts. House Speaker Ben Lujan, D-Santa Fe, sponsored the proposal. The governor said it will "boost job growth in New Mexico's veteran community."

Also signed was a bill to require legislators to contribute more into their pensions, boosting it from $500 a year to $600 a year. The governor said in a statement that the contributions by legislators "are woefully inadequate in comparison to the taxpayer-funded benefits they generate."

"Given the generosity of these legislative pensions, and the significant expansion of these benefits throughout the years, I believe that voters should have the chance to weigh in on this important issue and evaluate the appropriateness of these pension benefits," Martinez said.

Martinez vetoed several proposals, including ones to:

Create three additional judgeships in Bernalillo and Sandoval counties. The governor said lawmakers didn't fully finance the positions, but Arthur Pepin, director of the Administrative Office of the Courts, disagreed. He said there was enough money in the bill and a state budget measure to pay for the judges and support staff during half of the next fiscal year. The judgeships wouldn't be created until January 2013, which meant that they initially needed money for only six months of the budget year.

Allow counties to increase the salaries of their elected officials by as much as 15 percent. The measure would have raised the cap in state law on salaries of county officials, including sheriff, treasurer and assessor. However, it would be up to county commissioners to decide whether to provide a pay increase. The governor objected to the potential increase in taxpayer spending, saying government finances remain uncertain.

Originally posted here:
Governor approves tax break for hiring veterans

A City law firm is warning of an "increasingly aggressive" approach by HMRC to investigations into high-earner contracts, including those awarded to expats in the banking sector

New rules concerning so-called "disguised remuneration" have been introduced to prevent people avoiding tax on income by having money paid into Employee Benefit Trusts (EBTs). Law firms now fear that public sentiment towards high-earners is encouraging tax inspectors to take an aggressive stance against disguised remuneration, even on legitimate contract structures.

"Many expats will have benefitted from Employee Benefit Trusts, or other income tax planning arrangements, and assumed that they have no risk of a personal liability. However, in some cases employees will not be insulated from HMRC enquiries and claims, so will be at risk," said Damian Bloom, tax partner at law firm Berwin Leighton Paisner (BLP).

The recent investigation into Glasgow Rangers shows that HMRC is taking a much tougher line on the use of Employee Benefit Trusts to pay high earners, a practice that is in widespread use among banks and hedge funds in particular.

BLP believes that nearly 300 similar investigations are currently underway across a broad range of sectors, not just limited to the sporting world. Tax inspectors are using new powers of investigation to crawl through structures set up years ago and accepted at the time as legitimate tax planning.

Rangers used EBTs to pay players' wages into offshore trusts in order to avoid national insurance. HMRC is claiming that because the EBT was written into employees contracts, it is not discretionary and found the club owed 43 million in tax, forcing the club into administration. The potential penalties for banks and funds could be significantly higher.

"There has also been a worrying shift in attitude by HMRC in a number of civil investigations it is using language normally reserved for criminals, which is symptomatic of its increasingly aggressive approach," said Neal Todd, another tax partner at BLP.

The firm is currently working on a case defending a banking client against a charge of disguised remuneration. The outcome of that case will determine whether or not other firms employing expats are at risk of similar sanctions.

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Tax warning to expats in banking sector

The Senate adopted an amendment to a larger highway transportation bill on Thursday aimed at cracking down on foreign tax havens.

Carl Levin

The amendment would allow the Treasury Department to take a range of measures against foreign governments and financial institutions that significantly impede U.S. tax enforcement. The amendment was offered by Senators Carl Levin, D-Mich., Kent Conrad, D-N.H., and Sheldon Whitehouse, D-R.I. The provisions had been part of legislation that Levin has been pushing for since 2007, most recently as part of his CUT Loopholes Act (see Senators Introduce Bill to Cut Tax Loopholes). The provisions would not be as broad as those in the larger bill, but they have raised concerns in the financial services industry.

I have fought against offshore tax havens for years, and I am glad the Senate has taken a strong step in the fight against foreign governments and offshore banks that help privileged individuals and corporations dodge taxes while the rest of Americans have to shoulder the extra tax burden, said Levin, who as chairman of the Senate Permanent Subcommittee on Investigations has conducted lengthy investigations of the damage done by offshore tax havens. Enactment of our amendment would help make our tax system more fair and would help reduce the deficit.

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Under Section 311 of the Patriot Act, the Treasury can take a range of measures against foreign governments or financial institutions that engage in money laundering. The senators amendment gives the Treasury the same tools to combat foreign governments or financial institutions that significantly impede U.S. tax enforcement. For example, the Treasury could prohibit U.S. banks from accepting wire transfers or honoring credit cards from banks found to significantly hamper U.S. tax enforcement efforts.

"This legislation will grant the Treasury Department a new tool to stop offshore tax havens and financial institutions from gaming the system, said Conrad, who chairs the Senate Budget Committee. More must be done to clamp down on these tax havens and other schemes solely designed to get around current tax laws. This amendment is common sense and could raise nearly $1 billion to help tackle the nation's deficits and debt.

Levin noted that over the last several days, he and his co-sponsors had worked with the Obama administration and others to improve the amendment. They made changes to clarify that it covers significant impediments to tax enforcement, and that foreign jurisdictions and financial institutions that are complying with the Foreign Account Tax Compliance Act will be viewed favorably with respect to their level of assistance with our tax enforcement efforts.

Its time to put an end to offshore tax abuses that allow tax cheats to profit at the expense of honest taxpayers, said Whitehouse. Im proud to support Senator Levins amendment, which will give the U.S. Treasury greater powers to crack down on offshore tax abusers and the banks that aid them.

Levin noted that Congress took a step two years ago by requiring foreign banks with U.S investments to disclose accounts opened by U.S. persons or pay a hefty penalty on their U.S. income. That law, known as FATCA, was included as part of the HIRE Act of 2010. But Levin noted that FATCA does not apply to tax haven banks that avoid U.S. investments. The United States needs authority to take special measures against foreign banks that not only refuse to disclose accounts opened by their U.S. clients, but also significantly impede U.S. tax enforcement efforts, he said. Our amendment would enable the United States to fight back by authorizing the Treasury to tell U.S. banks to stop doing business with those aiders and abettors of U.S. tax evasion.

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Senate Passes Amendment to Fight Offshore Tax Abuses