Norway Offshore Oil Focus Best for Kvaerner, Aker Says

23 Feb 2013

Kvaerner ASA (KVAER), a builder of oil platforms, should focus on regaining lost market share in Norway rather than bidding for higher-risk international projects, according to Aker ASA (AKER) Chief Executive Officer Oeyvind Eriksen.

?The question is how does Kvaerner respond to the pretty brutal eye-opener that they lost all seven? engineering, procurement and construction contracts that have been awarded for projects off the coast of Norway in recent months, he told investors in Oslo today. The company should focus on Norway and re-establishing itself in ?pole position in the whole market rather than take higher risks? internationally, he said. Aker owns 41 percent of Kvaerner, making it the biggest shareholder.

Kvaerner lost out to Hyundai Heavy Industries Co. on the $1.1 billion topside contract for the Aasta Hansteen natural gas project, while Daewoo Shipbuilding & Marine Engineering Co. won the 6.1 billion kroner ($1.1 billion) Dagny topside deal. Det Norske Oljeselskap ASA awarded the topside deal for the Ivar Aasen project, worth about 4 billion kroner, to a unit of SembCorp Marine Ltd. in Singapore, it said on Feb. 7.

?The turn of the year has been a challenging one for Kvaerner,? Eriksen said. The company now needs to consider how it can restructure its business model to cut costs and enhance competitiveness, he said. ?That also entails working towards regaining its position with key clients, first and foremost with Statoil ASA (STL),? Norway?s largest oil and gas producer, he said.

Competition Intensifies

Kvaerner, based at Fornebu near Oslo, was spun off from Aker Solutions ASA (AKSO) in July 2011.

The company had an order backlog of 21.3 billion kroner as of Dec. 31, 50 percent of which is due for execution in 2013, 30 percent in 2014 and the remainder in 2015 and later, it said on Feb. 13. That compares with 10 billion kroner a year earlier.

Kvaerner is bidding for work at Woodside Petroleum Ltd.?s (WPL) Browse LNG project in the Kimberley wilderness region of Western Australia, with a final investment decision expected in the first half of this year, Kvaerner said.

?Other than Browse my personal view is that Kvaerner should really focus on the Norwegian continental shelf,? Eriksen said.

Kvaerner will adapt its ?delivery models to an increasingly competitive market,? Chief Executive Officer Jan Arve Haugan said at the company?s fourth-quarter results presentation on Feb. 13, without providing further detail.

Kvaerner posted net income of 56 million kroner, down from 81 million kroner a year earlier and beating the 35.6 million kroner average of seven analyst estimates compiled by Bloomberg.

Shares in Kvaerner rose as much as 3.8 percent and traded 3.4 percent higher as of 3:30 p.m. in Oslo, curbing its decline during the last 12 months to 15 percent and giving the company a market value of 3.6 billion kroner.

Source: http://www.businessweek.com/news/2013-02-22/norwegian-offshore-oil-focus-is-best-for-kvaerner-aker-ceo-says

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Vatican blasts media for influencing election with 'false' reports

VATICAN CITY (AP) ? The Vatican lashed out Saturday at the media for what it said has been a run of defamatory and false reports before the conclave to elect Pope Benedict XVI's successor, saying they were an attempt to influence the election.

Italian newspapers have been rife with unsourced reports in recent days about the contents of a secret dossier prepared for the pope by three cardinals who investigated the origins of the 2012 scandal over leaked Vatican documents.

The reports have suggested the revelations in the dossier, given to Benedict in December, were a factor in his decision to resign. The pope himself has said merely that he doesn't have the "strength of mind and body" to carry on and would resign Feb. 28.

On Saturday, a day before Benedict's final Sunday blessing in St. Peter's Square, the Vatican secretariat of state said the Catholic Church has for centuries insisted on the independence of its cardinals to freely elect their pope ? a reference to episodes in the past when kings and emperors vetoed papal contenders or prevented cardinals from voting outright.

"If in the past, the so-called powers, i.e., States, exerted pressures on the election of the pope, today there is an attempt to do this through public opinion that is often based on judgments that do not typically capture the spiritual aspect of the moment that the church is living," the statement said.

"It is deplorable that as we draw closer to the time of the beginning of the conclave ... that there be a widespread distribution of often unverified, unverifiable or completely false news stories that cause serious damage to persons and institutions."

Vatican spokesman the Rev. Federico Lombardi was asked how specifically the media was trying to influence the outcome; Lombardi didn't respond directly, saying only that the reports have tended to paint the Curia in a negative light "beyond the considerations and serene evaluations" of problems that cardinals might discuss before the conclave.

Some Vatican watchers have speculated that because the Vatican bureaucracy is heavily Italian, cardinals might be persuaded to elect a non-Italian, non-Vatican-based cardinal as pope to try to impose some reform on the Curia.

While Lombardi has said the reports "do not correspond to reality," the pope and some of his closest collaborators have recently denounced the dysfunction in the Apostolic Palace.

Cardinal Gianfranco Ravasi, for example, criticized the "divisions, dissent, careerism, jealousies" that afflict the Vatican bureaucracy. He made the comments Friday, the penultimate day of the Vatican's weeklong spiritual exercises that were attended by the pope and other officials. Ravasi, himself a papal contender, was chosen by Benedict to deliver daily meditations and on Saturday Benedict praised him for his "brilliant" work.

The divisions Ravasi spoke of were exposed by the documents taken from the pope's study by his butler and then leaked by a journalist. The documents revealed the petty wrangling, corruption and cronyism and even allegations of a gay plot at the highest levels of the Catholic Church.

The three cardinals who investigated the theft had wide-ranging powers to interview even cardinals to get to the bottom of the dynamics within the Curia that resulted in the gravest Vatican security breach in modern times.

Benedict too has made reference to the divisions in recent days, deploring in his final Mass as pope on Ash Wednesday how the church is often "defiled" by attacks and divisions from within. Last Sunday, he urged its members to overcome "pride and egoism."

On Saturday, in his final comments to the Curia, Benedict lamented the "evil, suffering and corruption" that have defaced God's creation. But he also thanked the Vatican bureaucrats for having helped him "bear the burden" of his ministry with their work, love and faith these past eight years.

The Vatican's attack on the media echoed its response to previous scandals, where it has tended not to address the underlying content of accusations, but has diverted attention away. During the 2010 explosion of sex abuse scandals, the Vatican accused the media of trying to attack the pope; during the 2012 leaks scandal, it accused the media of sensationalism without addressing the content of the leaked documents.

___

Follow Nicole Winfield at www.twitter.com/nwinfield

Source: http://news.yahoo.com/vatican-blasts-false-pre-conclave-reporting-130526801.html

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Did Nintendo benefit from releasing the Wii U before Microsoft and Sony?

Many people would already consider the Wii U a failure based on the January NPD numbers. Doom and gloom is the order of the day, very similar to the way annalists chronicled the demise of the 3DS early on in its lifecycle. Clearly Nintendo benefited by launching the 3DS before the Sony Playstation Vita, judging by the latest sales data, but can the same be said for the Wii U?

What do you think? Did Nintendo do right by releasing the Wii U ahead of Microsoft and Sony?

Releasing a console first doesn?t necessarily mean success for any console manufacturer. One only needs to look to the Dreamcast for the evidence of that. The Wii U surely hasn?t gained as much traction as Nintendo has hoped in the few months that the console has been on the market. The lack of new, compelling games has certainly hurt the console in the short term, but does that mean that the console will be a failure in the long run? Not in the slightest. Why is that? Because Nintendo is Nintendo.

Mario, Zelda, Donkey Kong, Star Fox, Pikmin, Metroid. All of these properties are games that will only be possible on Nintendo consoles. Nintendo banks on this, they understand that there are consumers who only buy Nintendo consoles to play Nintendo games. This has been the case since the beginning of time. I have a buddy that only has 6 games for his Wii. Wii Sports (which barely counts), Super Mario Galaxy 1 & 2, The Legend of Zelda: Twilight Princess, The Legend of Zelda: Skyward Sword, and Donkey Kong Country Returns. All Nintendo published titles, and all arguably some of the best games released this generation.

In this aspect, Nintendo could certainly survive solely off of their own independent properties if it was completely necessary. Sure third party titles such as Boom Blox and Carnival Games certainly help the bottom line, but if it comes down to it, Nintendo could survive on their own.

So should Nintendo have waited to release the Wii U until Sony and Microsoft revealed their plans for their own home consoles? Not necessarily. Sure they may have been able to better understand what the PS4 and Xbox 720 were able to produce spec-wise, but Nintendo hasn?t necessarily been concerned with that as of late. What is really important to Nintendo is that their consoles offer the best experience to play Nintendo games on, and in that aspect they have consistently succeeded.

If I only played Nintendo published games on the Wii U, I would be a happy camper. If the Wii U doesn?t sell quite as well as the next Microsoft or Sony box, I won?t lose much sleep. All that matters to me is that I get to play the next Zelda and Mario title on the console, and that they are as excellent as their predecessors were.

Eugene Allen

Eugene Allen enjoys long walks on the beach.....the beaches of Normandy because he's a gamer! All kidding aside, there isn't much to me. I like to play and write about video games, I hope to get a job doing so when I grow up.....anyone hiring?

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Source: http://www.infendo.com/did-nintendo-benefit-from-releasing-the-wii-u-before-microsoft-and-sony/

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United Continental says removing Boeing 787 from flight plans

(Reuters) - United Continental Holdings said on Thursday it was taking Boeing Co's grounded 787 Dreamliner out of its flying plans through June 5, except for a Denver-to-Tokyo route scheduled for a tentative launch in May.

United's decision came as a Japanese investigation of a fuel leak on a Dreamliner operated by Japan Airlines Co Ltd (JAL) indicated the cause to be a coating around the mechanism that controls fuel movement between tanks.

Japanese officials launched the investigation after two fuel leaks on the JAL 787, just days before authorities around the world grounded the new lightweight passenger jets over battery failures that sparked fires on two planes in January.

Japanese authorities still have not found the cause of the battery issue.

Airlines operating 787s are setting schedules for coming months while still uncertain about when the plane will be able to resume service following the fleet's grounding five weeks ago.

Boeing is due to meet with the head of the U.S. Federal Aviation Administration on Friday to present measures designed to prevent further battery failures, a source told Reuters, even though the root cause of the electrical problem has not been determined.

United spokeswoman Christen David said in a statement on Thursday that the carrier's Denver to Tokyo Narita International route, originally set to start March 31, had been postponed to May 12.

The launch would ultimately depend on a successful resolution of the safety incidents that have grounded the 787. Other service with the 787 won't resume until after June 5, David said.

"We are taking the 787 out of our schedule through June 5, except for Denver-Narita, which will tentatively launch on May 12," United's statement said.

MAINTAINING DIALOGUE

Boeing said it was maintaining communication with United as the plane maker develops a plan to resume 787 service. "We deeply regret the impact the recent events have had on the schedule for United and their customers," Boeing spokesman Marc Birtel said in an emailed comment.

United's statement doesn't mean that the 787 won't be ready to fly again before June 5, said Carter Leake, an analyst at BB&T Capital Markets.

Rather, it means United will not put the jet into service before then. If the plane is available sooner but United cannot use it on its scheduled routes, Boeing likely would have to pay United compensation that Leake estimates at about $800,000 a month, based on lease rates.

"This does not tell you that Boeing's plane is grounded until June," he said. "It tells you that Boeing's costs to United could be as if it's grounded until June."

A "superbox" to contain the battery or some other fix "might come sooner, but United is not paying" to have the jet until after June 5, he added.

In a similar move, Poland's national airline LOT said last week that it would not use the 787 before October and that it is seeking compensation from Boeing .

"Airlines don't make money while their planes are on the ground," said Morningstar airline analyst Basili Alukos.

United is the only U.S. carrier currently operating the 787 and has six of the planes, worth $207 million apiece at list prices. JAL and All Nippon Airways (ANA) have nearly half of the 50 jets delivered to airlines so far.

Japan's Transport Ministry said it believed the manufacturing process led to deficiencies in the way electrical-insulating coating was applied to the mechanism that opened and closed the fuel-tank valve.

Investigators also found foreign matter on a switch that operated the same mechanism, causing it to send a signal that the valve was closed when it was still half open -- leading to the leak.

The ministry said four Dreamliners in Japan, two from JAL and two from ANA, might be affected by the manufacturing process.

(Reporting by Karen Jacobs; Additional reporting by Alwyn Scott and James Topham; Editing by Bernard Orr and Stephen Coates)

Source: http://news.yahoo.com/united-says-removing-boeing-787-flight-plans-055612610--finance.html

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Falcon Northwest Mach V (Triple Titan)

The launch of Nvidia's new GeForce GTX Titan graphics card has lit a fire underneath multiple boutique computer manufacturers. Falcon Northwest has built a new version of its Mach V desktop tower?the Mach V (Triple Titan)?to take advantage of the Titan's capabilities, with support for up to three of the new graphics cards and a six-core Intel Core i7 3970X CPU overclocked to 4.7GHz. The system's price tag as configured was $7,394. Yes, you read that right. The three graphics cards account for about $3000 of the eye-popping figure; this much power doesn't come cheap. The system's performance blew away the competition for the most part, setting a new standing for PC gaming. Thus, the Mach V (Triple Titan) takes the Editors' Choice for high-end gaming rigs.

Design and Features
The Mach V uses the same vertical chassis design as the Maingear Shift Super Stock (Core i7-3930K) ($5289 4.5); both cases orient video cards and components upwards to take advantage of the fact that hot air naturally rises. From the outside, the chassis design is simple, even understated, but the hardware inside the box is some of the most powerful that money can buy. There's 32GB of DDR3-1866 RAM, the aforementioned Intel Core i7-3970X, and a 256GB Crucial M4 SSD, backed up by a 2TB Western Digital Caviar Green hard drive. The entire system is powered by a 1200W PSU; optical storage comes courtesy of a 16x Asus DVD-RW drive.

The disadvantage to this triple-GPU configuration is that the GPUs consume every available slot; there's literally no room for any additional hardware. Falcon Northwest makes up for the lack of free PCI-Express ports with a whopping nine USB 2.0 ports and six USB 3.0 ports. Two of the latter are mounted at the top of the case for convenient access while working.

The vertical design presents two other challenges. First, a desk that's designed to exhaust hot air at the back may end up trapping that air if the system exhausts at the top. Second, there's the cabling issue. If you don't have many external drives or peripherals, the Mach V presents a very clean, crisp profile. Add three monitors' worth of cables, a few external drives, and a keyboard + mouse, and the top of the system looks like a rat's nest.

The trade-off is that cooling performance is typically better in a vertical case?and with three GPUs and a 4.7GHz overclocked CPU, the Mach V needs to balance cooling performance and noise. It does so quite well. The next-generation GPU Boost technology built into the Titan family keeps each GPU's temperature pegged at 80C. Customers can override this manually if they wish, but the system automatically adjusts frequencies to ensure that even a three-GPU system runs no risk of overheating.

Performance
The three Titan graphics cards are the showcase of the system and its strongest point. The Mach V (Triple Titan) sweeps even the Maingear F131 Super Stock (GTX Titan) in our 3D benchmark tests. Its 3DMark 11 Extreme score of 12,505 is 18% faster than the previous record-holder ? the Falcon Northwest Mach V (Intel Core i7-3770K), which was equipped with a pair of dual-GPU GTX 690s (four GPUs in total). In Aliens vs. Predator at 1,920-by-1,080 with 4x anti-aliasing (AA) and 4x anisotropic filtering (AF) turned on, the Mach V (Triple Titan) turned in 222 frames per second (fps) compared with the dual-Titan-equipped Maingear F131's 182fps. Performance in version 3.0 of Unigine's Heaven benchmark test at 1,920-by-1080 with 4x AA / AF was 198fps, compared to 155fps for the Maingear F131.

In other areas, the Maingear F131 and Mach V (Triple Titan) came in neck and neck. Both systems completed a Handbrake decode in 23 seconds. The Maingear F131 led in PCMark 7 (6,523 vs. 6,241 for the Mach V) and in Photoshop CS6 (2 minutes, 35 seconds to apply a dozen filters, vs. the Mach V's time of 2:41). The Mach V (Triple Titan) outperformed Maingear F131 in Cinebench, where the hexa-core 3970 got to stretch its legs. The multithreaded Cinebench R11.5 score for the Mach V (Triple Titan) was 13.62. Only the Origin Genesis (Core i7-3930K), with its 4.9GHz CPU, was faster.

Those performance figures provide an accurate model of how the Falcon-Northwest compares to other gaming systems. What they don't explain is how Falcon and its boutique competitors have leveraged the new cards to create better gaming experiences. We had the opportunity to test the Mach V in a 5,760-by-1,080 configuration across three 27-inch displays. A standard 1,920-by-1,080 display contains two megapixels? 5,760-by-1080 more than triples that, to 6.2MP. For comparison, 2,560-by-1,600 is 4 MP.

Yes, three GTX Titan GPUs pushing nearly 200fps in Heaven is impressive. What's more impressive yet is seeing the Mach V (Triple Titan) maintain 90fps in the same benchmark test when running across three displays at once. It's not a capability that's limited to synthetic benchmark tests?while multi-monitor gaming is still not standard, many recent titles like Shogun 2, Serious Sam BFE, World of Warcraft, and Batman: Arkham City all support it.

With three GTX Titan GPUs, the Falcon Northwest Mach V (Triple Titan) is capable of fielding game experiences that other configurations don't offer. Serious Sam BFE at 5,760-by-1,080 with 4x super-sampled AA, 16x AF, and all GPU and CPU options set to maximum, for example, still maintains a consistent 75fps.

The three-monitor experience isn't perfect?the view on the side panels is often distorted and, in some games, magnifies the landscape and enemies to appear closer than they are. Despite these flaws, multi-monitor gaming support is growing, and the immersion in these games is superior to single-panel play. Game for a few hours across three monitors, and you'll find that dropping back to one is jarring.

That said, what's also jarring is the Mach V (Triple Titan)'s price tag. At $999 each, there's no such thing as a cheap Titan GPU, but gamers who are interested without having quite that much scratch to spare should consider a single GPU configuration built around one of Falcon's lower-cost alternatives like the Tiki or FragBox.

If you've got the funds, this is an excellent system. It's a configuration that can handle multi-monitor gaming, 3D gaming, or both without breaking a sweat. Given the strength of the underlying hardware, this Mach V could be the center of a gaming platform for years to come. Buyers who prefer to buy a high-end system and use it for a number of years rather than upgrading on a regular basis should give the Mach V (Triple Titan) serious consideration. Of course, if you want to use this to replace the high-end gaming rig you bought last year because that system was the "fastest," that's also your prerogative. Regardless, with its record-breaking performance, triple-monitor capability, and smart power-saving functionality, the Falcon Northwest Mach V (Triple Titan) earns our Editors' Choice for high-end gaming desktops.

More Desktop Reviews:
??? Maingear F131 Super Stock (GTX Titan)
??? Falcon Northwest Mach V (Triple Titan)
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??? HP Pavilion 20-b010z
??? HP Envy Phoenix h9-1320t
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Report: Flaws in EPA drilling pollution data

WASHINGTON (AP) ? The Environmental Protection Agency's internal watchdog says limited data and unreliable estimates on air pollution from oil and natural gas production are hindering the agency's efforts to police the drilling boom.

In a report Thursday, the EPA inspector general said the data problems could obscure human health risks, generate misinformed regulations on the industry, and incorrect or ineffective ways to reduce pollution.

Under the President Barack Obama the EPA has stepped up regulation of natural gas drilling which has been booming thanks to hydraulic fracturing technology.

Oil and gas production releases toxic and cancer-causing air pollutants, smog-forming gases and methane, a potent greenhouse gas blamed for global warming.

The industry says hydraulic fracturing is safe when done properly, but environmental groups and some scientists say there hasn't been enough research.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-02-21-US-EPA-Drilling-Pollution/id-56f28d285fb04a38858b817c049e220a

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Wealthy homebuyers in China embrace the McMansion

An American export has turned out to be a surprising hit in China: the McMansion.

Though "McMansion" may not be the kindest term for this Chinese architectural phenomenon, that's the case: Wealthy locals in Beijing and other cities have become smitten with Western-style houses that are huge (even by U.S. standards) and in planned subdivisions. And they're farming out the design work to American architects.

Not unlike in certain U.S. communities, such homes have become a way of advertising their success for well-to-do Chinese, according to Chip Pierson, a principal of Dahlin Group, a Pleasanton, Calif.-based architecture firm that has designed many of them. The homes are also perceived by the buyers as a safe haven for cash ? usually very large amounts of cash, he said.

In an edited interview, Pierson explained how these well-heeled buyers' tastes favor a vaguely French chateau look, with a hefty dash of "Downton Abbey" thrown in:

Q: How involved is your architectural firm in Chinese residential design?

A: Our firm has spent 35 years in development and homebuilding for Fortune 500 companies, some of America's biggest homebuilding companies. We've been involved in developments all over the country.

I've been working in China personally since 2001, when a Chinese employee of ours led us to become involved with homes for expatriate housing there. Now we are designing homes for communities whose residents are going to be Chinese.

Q: What is the attraction of the Chinese to these Western designs?

A: More people in Chinese cities live in high-rises than in single-family homes. The idea of a single-family villa, which is what we call these detached homes, for the Chinese buyers was incredibly unique. Nobody had built single houses for individuals there since the 1930s.

As the United States' economy went down from 2006 to 2010, the Chinese economy went up. As their economy grew, the middle class grew, and they began investing in real estate ? homes like these.

At the peak of the market over there, our company hired 45 people in the U.S. to do design work for Chinese buyers, which is the opposite of what most people would think ? they'd think, you're offshoring work and talent to the Chinese, but actually the Chinese are offshoring their work to American architects.

Stylistically, in the bigger villa projects, some of the designs are contemporary, but many are very European. If you think back to the early development of what became the wealthiest American suburbs, (the grand mansions) they built were a takeoff on their vision of traditional European style. That's the trend for the single-family home in China now.

Market researchers in China say that these buyers prefer styles (derived from) the old houses in France and England. The people feel that the styles of the English and French are more "wealthy looking" than Spanish or Mediterranean styles. Think of "Downton Abbey" or Fontainebleau. Those are perceived as the homes of royalty. Homes in Spain or Italy, they perceive those homes as more casual.

And they want to show that they have money.

Q: How much money?

A: The villa houses we're building are generally 3,500 square feet to 7,000 square feet, and that excludes the basement, which isn't usually included in the salable square footage.

The largest houses cost about $2.8 million.

Some of these homes are being purchased by investors and some of them will be second homes. Lagoon Manor, for example, is a 600-unit development we're doing that's in the northeast part of Beijing, though from the heart of the city it's about an hour-and-a-half drive because of the traffic.

China has its own way of handling financing. Your first home (purchase) will require you to put 30 percent down, your second would require 50 percent down, and if you bought a third, you'd have to do it all in cash.

Not all of the developments are exclusively in that (highest) bracket; we're doing some master-planned communities that have a mix of town houses, six-story condo buildings and high-rises, some of which have units that are from 250 to 800 square feet.

Q: And for these big villas, what do you get for that sizable price tag?

A: The homes are of concrete construction. Even the roof pitches are concrete panels ? there's almost no wood in the construction.

The interiors are built to a European construction model. You buy the shell and finish the interior yourself. The outsides of the homes are completely finished, but you open the front door and it's a light bulb.

Europeans do that a lot ? when you buy your condominium, for example, you may buy your kitchen from Ikea, and that's how the Chinese are doing it.

In a large house, there will be a formal living room, formal dining room and a Western kitchen that's pretty much for show. Behind that will be a Chinese kitchen, where all the oils and preparation work are going to be done.

The people who will buy these houses, if they live in them, will tend to have a maid and a cook who live there; we also design rooms for the help.

Q: Is there any kind of local backlash ? complaints that the more traditional Chinese architecture would be more appropriate?

A: There's some of that. There are some traditional Chinese homes being built in Shanghai and Beijing, and some that are traditional Chinese materials in a contemporary style. But they don't sell as well as the European ones.

housingnews@comcast.net

Source: http://www.chicagotribune.com/classified/realestate/sc-cons-0221-umberger-20130222,0,2688107.column?track=rss

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