New US 7th Fleet commander arrives in Japan

first_imgBack to overview,Home naval-today New US 7th Fleet commander arrives in Japan New US 7th Fleet commander arrives in Japan Share this article View post tag: US 7th Fleet The new commander of the US 7th Fleet arrived in Yokosuka, Japan, on August 25, two days after assuming command.Vice Adm. Phil Sawyer is taking over from three-star admiral Joseph Aucoin who was relieved from his post after US destroyer USS John S. McCain collided with oil tanker Alnic MC on Monday, August 21.Prior to arrival, he participated in the International Maritime Security Symposium hosted by the Indonesian Navy in Bali, Indonesia.A career submariner, Sawyer has extensive experience as a commander in the Indo-Asia-Pacific. His most recent assignment was deputy commander, U.S. Pacific Fleet in Hawaii. Before that, he was commander, U.S. Submarine Forces Pacific, also in Hawaii; and commander, Submarine Group 7/ Task Force 54 and 74 in Yokosuka. His afloat commands were USS La Jolla (SSN 701) and Submarine Squadron 15 in Guam.A Phoenix native, he graduated from the United States Naval Academy in 1983 with a Bachelor of Science in Systems Engineering. He received a Master of Engineering Management from Old Dominion University. View post tag: US Navycenter_img Authorities Sawyer replaced Aucoin who was relieved from his position following a series of incidents, including two fatal ones.Ten sailors lost their lives when USS John S. McCain collided with oil tanker Alnic MC east of the Strait of Malacca and Singapore on Monday, August 21.Significant damage to the McCain’s hull resulted in flooding to nearby compartments, including crew berthing, machinery and communications rooms. Damage control efforts by the crew halted further flooding.Less than two months ago, seven US sailors lost their lives in another collision between a US destroyer and a merchant ship. USS Fitzgerald collided with Philippine-flagged ACX Crystal off the coast of Japan On July 17 and will have to be transported back to the US for repairs.The two fatal incidents were the third and fourth incident involving US Navy ships. On January 31, cruiser USS Antietam, forward-deployed to the 7th Fleet, ran aground in waters near Yokosuka, while USS Champlain collided with a fishing vessel in the Sea of Japan on May 9.In response to the incidents, chief of naval operations Adm. John Richardson directed the navy to take an “operational pause” in all of its fleets around the world, to allow fleet commanders to assess and review with their commands the fundamental practice to safe and effective operations.In addition to the operational pause, Richardson said he directed a more comprehensive review to find the contributing factors and root causes of the incidents. August 25, 2017 US 7th Fleet incidentslast_img read more

ESAs call for investigation of asset managers’ systemic relevance

first_imgThe report grouped risks into three main areas: the low profitability of financial institutions in the low yield environment, increasing interconnectedness of bank and non-bank entities, and potential contagion from China and emerging markets.“The financial service industry struggles to offer adequate level of profitability and increasingly turns to a search-for-yield behaviour,” said Bernardino.“Therefore, it is crucial the supervisory community adopt a forward-looking perspective, challenging business model sustainability.”The report notes that the low-interest-rate environment was putting pressure on the investment fund industry, insurers and banks.If prolonged, it also poses “significant challenges” to the resilience of defined benefit occupational pension funds, it adds.This, it says, is shown by the results of EIOPA’s stress test of pension funds, as announced in January.It repeats EIOPA’s conclusion that the stress test show IORPs are generally more vulnerable to market stresses than increases in longevity, and reiterates the deficits revealed by the stress test: €78bn on a national balance sheet basis and €428bn using a “market-consistent approach”, when sponsor support and pension protection schemes are not taken into consideration.The report also highlights the risks posed by the increasing role played by non-bank and non-insurance financial institutions (NBNIFIs) in financing the economy.It flags a 65% growth of euro-area investment funds over the past five years and says the size of the financial system beyond banks and insurers is equivalent to 87% of the banking system in the euro-area.“The development of the marked-based funding is […] raising concerns regarding the interconnectedness between investment funds, banks and insurance companies,” according to the ESAs’ report.Asset managers, it says, are the group impacting on the performance of companies in the other two sectors.This is a reversal of the situation before 2012, when banks’ performance was most influential.“This evidence is consistent with the growing importance of the asset management sector in terms of interconnectivity,” the report says.Referencing a graph showing interconnections among banks, insurers and asset managers, the report notes that the active role recently played by asset managers “calls for further investigation, also with regard to their potential systemic relevance”.Only banks and insurers are designated systemically relevant under current regulations, but NBNIFIs, despite their valuable role, “also increase the potential for spill-over effects and add to complexity”, according to the report.“In this context,” it says, “negotiations around the finalisation of criteria for the definition of systemically important NBNIFIs are pending at the international level.”The ESAs called on regulators to continue to support market-based funding measures – for example, by developing regulation for non-bank loan origination models.They should, however, pay close attention to “ancillary, intrinsic risks”, such as concentration risks, cross-border exposures and regulatory arbitrage. A report from the joint committee of the European Supervisory Authorities (ESAs) has reiterated the risk posed to defined benefit occupational pension funds from sustained low interest rates, as revealed by EIOPA’s stress test, and warned of the implications of the rise of non-bank lending.The report, released yesterday, is on “risks and vulnerabilities in the EU financial system”.The joint committee is chaired by Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA).The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) are also represented on the committee.last_img read more

Dominica bans Styrofoam and plastic items

first_imgThe Dominica government says it will ban the use of Styrofoam and certain plastic items from January 1, next year.Prime Minister Roosevelt Skerrit told Parliament that that the decision is in keeping with his administration’s vision to have the island become the first climate resilient country in the world.“Madam Speaker, consistent with the Government’s vision to create the world’s first climate resilient nation, our designation as “The Nature Isle” and our commitment to protect Mother Earth, effective 1st January 2019, a number of items considered to be inimical to the environment will be banned.“These will include the following: plastic straws, plastic plates, plastic forks, plastic knives, Styrofoam cups, Styrofoam containers,” Skerrit said, adding that that the necessary legislation to enforce the ban will soon be prepared. “We must in every way deserve and reflect that designation,” he said of the island being known as the “Nature Isle.”He said the issue of solid waste management affects the perception of Dominica as the Nature Island and his government continues to grapple with the problem.“In a previous budget address, I announced a decision to restrict the importation of non-biodegradable containers and plastic implements used in food service. This matter has not proceeded as quickly as we would have liked, as we wanted to ensure that we implemented that policy without compromising our obligations under the revised Treaty of Chaguaramas. (that governs the Caribbean Community (CARICOM)).“It is acceptable for a country to adopt measures which will help in the preservation of the environment,” he added.last_img read more

AFCON 2019: Algeria beat Senegal to reach last 16

first_imgAlgeria beat Senegal to clinch a place in the Africa Cup of Nations last 16. The match was billed as a showdown between Algeria winger Riyad Mahrez, of Manchester City, and Senegal’s Liverpool forward Sadio Mane – but both players had quiet games. Youcef Belaili blasted home the only goal of the game from the edge of box from Sofiane Feghouli’s cross.  Senegal almost equalised with the final action of the game, with Mane heading over from close range. Africa’s highest ranked team need to beat Kenya in their final group game to be guaranteed a place in the knockout stages. Mane was unfortunate not to win a penalty when he was sandwiched by Adlene Guedioura and Ramy Bensebaini with 20 minutes to go. The video assistant referee system does not come in until the quarter-final stage.  The game did not live up to the hype, with Senegal not having a shot on target until the 78th minute when Youssouf Sabaly’s 20-yard shot was parried by Rais M’Bolhi and Mbaye Diagne put the rebound wide from close range. There was no action of note in the first half at the 30 June Stadium in Cairo, with former West Ham winger Feghouli curling wide moments before setting up the only goal.  Stoke City midfielder Badou Ndiaye blazed a shot over for Senegal just after the hour-mark and Mahrez, in a rare moment of magic, lashed an effort just wide from long range. Group C’s other teams, Kenya and Tanzania, meet at 21:00 BST in the same stadium as both sides look to pick up their first points of the tournament.last_img read more