Guyana’s best days are ahead –Energy Director

first_imgEdison Chouest Offshore officially opened its office in Guyana on Friday evening under the name G-Boats Incorporated. More than 60 Guyanese are employed with the company whose vessels supply the operations of ExxonMobil and its partners offshore.Director of the Energy Department, Dr Mark Bynoe, along with Finance Minister Winston Jordan officially opened the office located on the corners of Quamina and Carmichael Streets, Georgetown.Dr Bynoe in his keynote address noted that better days are ahead for Guyana.“Occasions like these continue to demonstrate the positive strides the country isDr Mark Bynoemaking as a place for doing business, investors’ confidence and emphasising that the benefits from the oil and gas sector will redound to Guyana and Guyanese,” Dr Bynoe is quoted by the Department of Public Information as saying.G-Boats was incorporated in Guyana in January 2016. Daniel LaFont, Business Development Manager for Edison Chouest Offshore, said that he is extremely pleased to be working in Guyana.LaFont noted that already more some 67 Guyanese are employed in entry-level positions on vessels as riggers, cooks and oilers with the opportunity for advancement. There are 10 boats working under the G-Boats name.There are two Guyanese serving as first mates, positions just below the Captain. Three persons are working in the newly opened office and the company is looking for three more individuals to work in the office, LaFont noted.“We are training them to move up … to higher positions. More drilling rigs means more employment,” LaFont noted.President of the Georgetown Chamber of Commerce and Industry (GCCI), Deodat Indar, noted that the introduction of G-Boats signals intent in the transferal of the safety and standard of operation to other industries. He also commended the use of local content.“I’m happy to know that the population of ships… means more jobs for Guyanese and more offshoot of services of services that will be provided by Guyanese,” Indar said.Edison Chouest, a Louisiana, USA, was birthed 58 years ago. Today, the company has more than 200 vessels worldwide including offices in Brazil and Trinidad and Tobago and employed some 10,000 persons.last_img read more

A head Turner for S.D.

first_imgSAN DIEGO – The San Diego Chargers certainly were aware that Norv Turner was 24 games under .500 and made only one playoff appearance in his nine seasons as an NFL head coach. It didn’t scare them off in the slightest. The Chargers also signed Ted Cottrell a two-year contract as defensive coordinator, then added Ron Rivera as linebackers coach just hours after the Chicago Bears said he wouldn’t be back as their defensive coordinator. Rivera, a linebacker on the Super Bowl champion 1985 Bears, had interviewed for the job that went to Turner. While the immediate reaction by fans was lukewarm, the Chargers pointed to Turner’s previous experience and the chance at continuity. Turner was San Diego’s offensive coordinator in 2001, when he installed the system that helped carry LaDainian Tomlinson to the league MVP award in 2006. “This isn’t a team where you’re rebuilding,” said Turner, who had been San Francisco’s offensive coordinator. “We should start fast. We should be good early and we should be good late. Not having to go through the normal things you have to go through when you make a coaching change is going to help the players more than anyone.” Turner has done well working with young players, and quarterback Philip Rivers is expected to benefit from his tutelage. Rivers was voted to the Pro Bowl as a first-year starter. Turner also knows general manager A.J. Smith, who was an assistant to the late John Butler in 2001. Smith survived a power struggle with Schottenheimer, who was fired last Monday by team president Dean Spanos, who cited a “dysfunctional situation” between the coach and GM. Turner said he spoke with a handful of players on Monday morning and they seemed relieved there wouldn’t be major changes. “Everyone I talked to today said one central thing: We want to win a championship,” Turner said. “We’ve been talking about it ever since I had the opportunity to interview. If it happens, it would be a heck of a deal for all of us.” 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!center_img Turner got his third shot at a top job when he was given a four-year contract Monday to take over a team that went an NFL-best 14-2 before melting down in the playoffs and then in the front office. The hiring came a week after the surprise firing of Marty Schottenheimer and less than 24 hours after the Chargers finished interviewing the last of six candidates. Turner was the only one with NFL head coaching experience and the only one from the offensive side of the ball. last_img read more

Indemand Serie A tempted by Premier League football

first_imgOne of the biggest revelations of the Italian Serie A this season, Cagliari’s Nicolo Barella, seems destined to move to a major European club maybe already in the next transfer session.The 21-year-old midfielder has played a total of 42 league matches for the Rossoblu, having scored seven goals in the process. This season, Barella has been outstanding in Serie A, which ultimately earned him the first international call-up.The glittering performance hasn’t gone unnoticed, with numerous notable clubs already showed their appreciation for the prosperous youngster. According to the Daily Mail, the Italy international has expressed his desire to play in the English Premier League one day, with Liverpool, Arsenal, and Manchester United all monitoring his development for quite some time.“Cagliari has received offers and rejected them.“I am glad that I am still playing for the club that I am a supporter of.Jose Mourinho is sold on Lampard succeeding at Chelsea Tomás Pavel Ibarra Meda – September 14, 2019 Jose Mourinho wanted to give his two cents on Frank Lampard’s odds as the new Chelsea FC manager, he thinks he will succeed.There really…“I feel at home here. In consultation with the chairman, we have chosen to ignore the proposals.“I have not even considered them, Cagliari has always been my first choice.“If I had to choose between the Serie A and the Premier League, I would go for England because I love the way they approach the game,” Barella told Gazzetta dello Sport.Meanwhile, AC Milan, Juventus, and Inter have already contacted Cagliari president Tommaso Giulini over a potential transfer of a £44million-ranked prodigy.last_img read more

What Are Town Boards Committees Talking About Week of May 27 2018

first_imgWILMINGTON, MA — According to the Wilmington Town Clerk’s calendar, below are the town and school board, committee and commission meeting scheduled for the week of Sunday, May 27, 2018.Sunday, May 27No MeetingsMonday, May 28No MeetingsTuesday, May 29The Wilmington Board of Selectmen meets at 7pm in Town Hall’s Room 9. Read the agenda HERE.Wednesday, May 30The Wilmington Board of Assessors meets at 11am in Town Hall’s Small Conference Room. Read the agenda HERE.The Wilmington Water & Sewer Commission meets at 5:30pm in Town Hall’s Room 9. Read the agenda HERE.The Wilmington School Committee meets at 7pm in the Wilmington High School’s Large Instruction Room. Read the agenda HERE.Thursday, May 31No MeetingsFriday, June 1No MeetingsSaturday, June 2No MeetingsAll meetings are open to the public unless noted.(NOTE: While unlikely, it is possible additional meetings could be added to this week’s calendar on Wednesday, Thursday, or Friday.  It’s best to check the Town Clerk’s calendar mid-week.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… RelatedWhat Are Town Boards & Committees Talking About? (Week of August 11, 2019)In “Government”What’s Happening At Town Meetings This Week? (Week of September 8, 2019)In “Government”What Are Town Boards & Committees Talking About? (Week of July 14, 2019)In “Government”last_img read more

HSBC in tax dodge claims

first_imgHSBC in tax dodge claims4.1K viewsHSBC in tax dodge claims4.1K views00:00 / 00:00- 00:00:0000:00HSBC in tax dodge claims4.1K viewsBusinessIt’s been called the biggest banking leak in history – accusations that HSBC helped wealthy clients to dodge tax. Thousands of accounts at the world’s second biggest bank reportedly show the lender’sVentuno Web Player 4.50It’s been called the biggest banking leak in history – accusations that HSBC helped wealthy clients to dodge tax. Thousands of accounts at the world’s second biggest bank reportedly show the lender’slast_img

TMC MP Santanu Sen claims getting death threats

first_imgKolkata: Trinamool Congress Rajya Sabha MP Santanu Sen Monday claimed that he has been receiving death threats from unknown persons for the past several days. Sen, however, did not specify the reason for the threats. He said that the number of calls threatening to put an end to his life has escalated in the past few weeks which prompted him to lodge a police complaint. It may be recalled that the party’s Krishnaganj MLA Satyajit Biswas was shot from point blank range by unidentified assailants in full public view on February 9 inside a Saraswati puja marquee at Phoolbari village in Nadia district. Also Read – Bose & Gandhi: More similar than apart, says Sugata Bose “I have been receiving life threats from unknown numbers for the last one-and-a-half month. Initially, I had ignored those threats since I am a politician,” Sen told PTI. However, in the last few weeks, the number of such calls have increased sharply, he said. “My family members and well-wishers suggested me to intimate the police. So I had lodged a complaint at the local police station,” Sen said. Sen is a key organisational leader of the TMC in North Kolkata and its suburbs. The TMC leadership has recently sought reports from the party’s district presidents regarding the security status of MLAs and important leaders in the respective districts. Apart from enhancing security of MLAs, the district leaders are also keen on providing additional security to key people in the organization’s set up ahead of the elections.last_img read more

The Internet of Things May See Huge Growth So Companies Want in

first_img Attend this free webinar and learn how you can maximize efficiency while getting the most critical things done right. Opinions expressed by Entrepreneur contributors are their own. Free Webinar | Sept 5: Tips and Tools for Making Progress Toward Important Goals 4 min read July 22, 2014 These days, users are aware of the exchange of their personal information and make a decision if what they get in return is worth the invasion. When it comes to the smart home, some people are willing to give up their data to save on utility bills, automate the garage door and avoid plumbing leaks, among other things.Most of the things in our lives are not designed to save us money. Most aid in consumption. Your toaster reminds you to buy more bread, your coffee maker encourages you to get better coffee, your TV encourages purchases of more channels and more shiny discs.The Internet of Things, or IoT for short, which describes a market of everyday objects and appliances with Internet connectivity, is going from novel to pervasive. Today, there are 1.9 billion connected devices, and that number is predicted to grow to 9 billion devices by 2018. Erickson predicts there will be 50 billion connected devices by 2020. Related: 8 Ways the ‘Internet of Things’ Will Impact Your Everyday LifeApple didn’t invent smartphones, it made them pervasive, and that created a market where there had been none.Google earlier this year purchased smart thermostat maker Nest primarily because it was the first company to make IoT have a value proposition.Smart energy is going to depend on embedding technology in everything in the home, but consumers often own their appliances for years. Nest controls the furnace in a home, and that furnace may be 15 years old. Being able to upgrade without having to spend $15,000 to get a new furnace lets consumers enjoy the savings of smart energy without a huge initial investment.One of the companies seeking to gain an early lead on IoT is Belkin, best known for its switches, routers and network storage devices. Its CEO, Chet Pipkin, has a vision for connecting all sorts of appliances to the Internet with smart modules, in a series of products called WeMo, allowing users to control home electronics from anywhere.“What makes our point of view with WeMo a little more unique is that we’re providing the actual devices to mar the Internet of Things right now and providing more devices and modules that serve as an onramp, where it takes existing appliances, and is able to on board them to the Internet of Things right here, right now,” Pipkin says.Related: What’s the Right Path for Startups Entering the ‘Internet of Things’?Belkin integrates a frugal value proposition to customers who want to save money. Taking a modular approach, WeMo offers a mobile app so users can control their home technology from anywhere, and program the home to their personal preferences. This gives WeMo the advantage of home-energy savings to the masses, without having to install expensive new systems.By getting its feet wet with a broad-appeal product, and giving the developer community the tools to find ways to use the product in other solutions, Belkin reduces its costs in researching ways the technology could be applied.Most venture capitalists and technologists agree that the age of IoT is coming, but to get consumers excited, early adopters need to prove the value proposition. Belkin, with its WeMo series of products, seeks to reach these early IoT adopters.Cisco, a competitor to Belkin, released a report estimating IoT will be a $14.4 trillion market over the next 10 years. IoT is smart energy today, controlling Christmas lights with your iPhone tomorrow, and a refrigerator that knows if the milk has spoiled in the near future.Related: Samsung Reportedly Looking to Snatch Up Startup SmartThings For $200 Million Register Now »last_img read more

Timehop suffers data breach 21 million users data compromised

first_imgTimehop, the social media application that brings old posts into your feed, experienced a data breach on July 4. In a post published yesterday (July 8) the team explained that ‘an access credential to our cloud computing enterprise was compromised’. Timehop believes 21 million users have been affected by the breach. However, it was keen to state that “we have no evidence that any accounts were accessed without authorization.” Timehop has already acted to make necessary changes. Certain application features have been temporarily disabled, and users have been logged out of the app. Users will also have to re-authenticate Timehop on social media accounts. The team has deactivated the keys that allow the app to read and show users social media posts on their feeds. Timehop explained that the gap between the incident and the public statement was due to the need to “contact with a large number of partners.” The investigation needed to be thorough in order for the response to be clear and coordinated. How did the Timehop data breach happen? For transparency, Timehop published a detailed technical report on how it believes the hack happened. An unauthorized user first accessed Timehop’s cloud computing environment using an authorized users credentials. This user then conducted ‘reconnaisance activities’ once they had created a new administrative account. This user logged in to the account on numerous occasions after this in March and June 2018. It was only on July 4 that the attacker then attempted to access the production database. Timehop then states that they “conducted a specific action that triggered an alarm” which allowed engineers to act quickly to stop the attack from continuing. Once this was done, there was a detailed and thorough investigation. This included analyzing the attacker’s activity on the network and auditing all security permissions and processes. A measured response to a potential crisis It’s worth noting just how methodical Timehop’s response has been. Yes, there will be question marks over the delay, but it does make a lot of sense. Timehop revealed that the news was provided to some journalists “under embargo in order to determine the most effective ways to communicate what had happened while neither causing panic nor resorting to bland euphemism.” The incident demonstrates that effective cybersecurity is as much about a robust communication strategy as it is about secure software. Read next: Did Facebook just have another security scare? What security and systems specialists are planning to learn in 2018last_img read more

7 AI tools mobile developers need to know

first_imgAdvancements in artificial intelligence ( AI) and machine learning has enabled the evolution of mobile applications that we see today. With AI, apps are now capable of recognizing speech, images, and gestures, and translate voices with extraordinary success rates. With a number of apps hitting the app stores, it is crucial that they stand apart from competitors by meeting the rising standards of consumers. To stay relevant it is important that mobile developers keep up with these advancements in artificial intelligence. As AI and machine learning become increasingly popular, there is a growing selection of tools and software available for developers to build their apps with. These cloud-based and device-based artificial intelligence tools provide developers a way to power their apps with unique features. In this article, we will look at some of these tools and how app developers are using them in their apps. Caffe2 – A flexible deep learning framework Source: Qualcomm Caffe2 is a lightweight, modular, scalable deep learning framework developed by Facebook. It is a successor of Caffe, a project started at the University of California, Berkeley. It is primarily built for production use cases and mobile development and offers developers greater flexibility for building high-performance products. Caffe2 aims to provide an easy way to experiment with deep learning and leverage community contributions of new models and algorithms. It is cross-platform and integrates with Visual Studio, Android Studio, and Xcode for mobile development. Its core C++ libraries provide speed and portability, while its Python and C++ APIs make it easy for you to prototype, train, and deploy your models. It utilizes GPUs when they are available. It is fine-tuned to take full advantage of the NVIDIA GPU deep learning platform. To deliver high performance, Caffe2 uses some of the deep learning SDK libraries by NVIDIA such as cuDNN, cuBLAS, and NCCL. Functionalities Enable automation Image processing Perform object detection Statistical and mathematical operations Supports distributed training enabling quick scaling up or down Applications Facebook is using Caffe2 to help their developers and researchers train large machine learning models and deliver AI on mobile devices. Using Caffe2, they significantly improved the efficiency and quality of machine translation systems. As a result, all machine translation models at Facebook have been transitioned from phrase-based systems to neural models for all languages. OpenCV – Give the power of vision to your apps Source: AndroidPub OpenCV short for Open Source Computer Vision Library is a collection of programming functions for real-time computer vision and machine learning. It has C++, Python, and Java interfaces and supports Windows, Linux, Mac OS, iOS and Android. It also supports the deep learning frameworks TensorFlow and PyTorch. Written natively in C/C++, the library can take advantage of multi-core processing. OpenCV aims to provide a common infrastructure for computer vision applications and to accelerate the use of machine perception in the commercial products. The library consists of more than 2500 optimized algorithms including both classic and state-of-the-art computer vision algorithms. Functionalities These algorithms can be used for the following: To detect and recognize faces Identify objects Classify human actions in videos Track camera movements and moving objects Extract 3D models of objects Produce 3D point clouds from stereo cameras Stitch images together to produce a high-resolution image of an entire scene Find similar images from an image database Applications Plickers is an assessment tool, that lets you poll your class for free, without the need for student devices. It uses OpenCV as its graphics and video SDK. You just have to give each student a card called a paper clicker, and use your iPhone/iPad to scan them to do instant checks-for-understanding, exit tickets, and impromptu polls. Also check out FastCV BoofCV TensorFlow Lite and Mobile – An Open Source Machine Learning Framework for Everyone Source: YouTube TensorFlow is an open source software library for building machine learning models. Its flexible architecture allows easy model deployment across a variety of platforms ranging from desktops to mobile and edge devices. Currently, TensorFlow provides two solutions for deploying machine learning models on mobile devices: TensorFlow Mobile and TensorFlow Lite. TensorFlow Lite is an improved version of TensorFlow Mobile, offering better performance and smaller app size. Additionally, it has very few dependencies as compared to TensorFlow Mobile, so it can be built and hosted on simpler, more constrained device scenarios. TensorFlow Lite also supports hardware acceleration with the Android Neural Networks API. But the catch here is that TensorFlow Lite is currently in developer preview and only has coverage to a limited set of operators. So, to develop production-ready mobile TensorFlow apps, it is recommended to use TensorFlow Mobile. Also, TensorFlow Mobile supports customization to add new operators not supported by TensorFlow Mobile by default, which is a requirement for most of the models of different AI apps. Although TensorFlow Lite is in developer preview, its future releases “will greatly simplify the developer experience of targeting a model for small devices”. It is also likely to replace TensorFlow Mobile, or at least overcome its current limitations. Functionalities Speech recognition Image recognition Object localization Gesture recognition Optical character recognition Translation Text classification Voice synthesis Applications The Alibaba tech team is using TensorFlow Lite to implement and optimize speaker recognition on the client side. This addresses many of the common issues of the server-side model, such as poor network connectivity, extended latency, and poor user experience. Google uses TensorFlow for advanced machine learning models including Google Translate and RankBrain. Core ML – Integrate machine learning in your iOS apps Source: AppleToolBox Core ML is a machine learning framework which can be used to integrate machine learning model in your iOS apps. It supports Vision for image analysis, Natural Language for natural language processing, and GameplayKit for evaluating learned decision trees. Core ML is built on top of the following low-level APIs, providing a simple higher level abstraction to these: Accelerate optimizes large-scale mathematical computations and image calculations for high performance. Basic neural network subroutines (BNNS) provides a collection of functions using which you can implement and run neural networks trained with previously obtained data. Metal Performance Shaders is a collection of highly optimized compute and graphic shaders that are designed to integrate easily and efficiently into your Metal app. To train and deploy custom models you can also use the Create ML framework. It is a machine learning framework in Swift, which can be used to train models using native Apple technologies like Swift, Xcode, and Other Apple frameworks. Functionalities Face and face landmark detection Text detection Barcode recognition Image registration Language and script identification Design games with functional and reusable architecture Applications Lumina is a camera designed in Swift for easily integrating Core ML models – as well as image streaming, QR/Barcode detection, and many other features. ML Kit by Google – Seamlessly build machine learning into your apps Source: Google ML Kit is a cross-platform suite of machine learning tools for its Firebase mobile development platform. It comprises of Google’s ML technologies, such as the Google Cloud Vision API, TensorFlow Lite, and the Android Neural Networks API together in a single SDK enabling you to apply ML techniques to your apps easily. You can leverage its ready-to-use APIs for common mobile use cases such as recognizing text, detecting faces, identifying landmarks, scanning barcodes, and labeling images. If these APIs don’t cover your machine learning problem, you can use your own existing TensorFlow Lite models. You just have to upload your model on Firebase and ML Kit will take care of the hosting and serving. These APIs can run on-device or in the cloud. Its on-device APIs process your data quickly and work even when there’s no network connection. Its cloud-based APIs leverage the power of Google Cloud Platform’s machine learning technology to give you an even higher level of accuracy. Functionalities Automate tedious data entry for credit cards, receipts, and business cards, or help organize photos. Extract text from documents, which you can use to increase accessibility or translate documents. Real-time face detection can be used in applications like video chat or games that respond to the player’s expressions. Using image labeling you can add capabilities such as content moderation and automatic metadata generation. Applications A popular calorie counter app, Lose It! uses Google ML Kit Text Recognition API to quickly capture nutrition information to ensure it’s easy to record and extremely accurate. PicsArt uses ML Kit custom model APIs to provide TensorFlow–powered 1000+ effects to enable millions of users to create amazing images with their mobile phones. Dialogflow – Give users new ways to interact with your product Source: Medium Dialogflow is a Natural Language Understanding (NLU) platform that makes it easy for developers to design and integrate conversational user interfaces into mobile apps, web applications, devices, and bots. You can integrate it on Alexa, Cortana, Facebook Messenger, and other platforms your users are on. With Dialogflow you can build interfaces, such as chatbots and conversational IVR that enable natural and rich interactions between your users and your business. It provides this human-like interaction with the help of agents. Agents can understand the vast and varied nuances of human language and translate that to standard and structured meaning that your apps and services can understand. It comes in two types: Dialogflow Standard Edition and Dialogflow Enterprise Edition. Dialogflow Enterprise Edition users have access to Google Cloud Support and a service level agreement (SLA) for production deployments. Functionalities Provide customer support One-click integration on 14+ platforms Supports multilingual responses Improve NLU quality by training with negative examples Debug using more insights and diagnostics Applications Domino’s simplified the process of ordering pizza using Dialogflow’s conversational technology. Domino’s leveraged large customer service knowledge and Dialogflow’s NLU capabilities to build both simple customer interactions and increasingly complex ordering scenarios. Also check out Wit.ai Rasa NLU Microsoft Cognitive Services – Make your apps see, hear, speak, understand and interpret your user needs Source: Neel Bhatt Cognitive Services is a collection of APIs, SDKs, and services to enable developers easily add cognitive features to their applications such as emotion and video detection, facial, speech, and vision recognition, among others. You need not be an expert in data science to make your systems more intelligent and engaging. The pre-built services come with high-quality RESTful intelligent APIs for the following: Vision: Make your apps identify and analyze content within images and videos. Provides capabilities such as image classification, optical character recognition in images, face detection, person identification, and emotion identification. Speech: Integrate speech processing capabilities into your app or services such as text-to-speech, speech-to-text, speaker recognition, and speech translation. Language: Your application or service will understand the meaning of the unstructured text or the intent behind a speaker’s utterances. It comes with capabilities such as text sentiment analysis, key phrase extraction, automated and customizable text translation. Knowledge: Create knowledge-rich resources that can be integrated into apps and services. It provides features such as QnA extraction from unstructured text, knowledge base creation from collections of Q&As, and semantic matching for knowledge bases. Search: Using Search API you can find exactly what you are looking for across billions of web pages. It provides features like ad-free, safe, location-aware web search, Bing visual search, custom search engine creation, and many more. Applications To safeguard against fraud, Uber uses the Face API, part of Microsoft Cognitive Services, to help ensure the driver using the app matches the account on file. Cardinal Blue developed an app called PicCollage, a popular mobile app that allows users to combine photos, videos, captions, stickers, and special effects to create unique collages. Also check out AWS machine learning services IBM Watson These were some of the tools that will help you integrate intelligence into your apps. These libraries make it easier to add capabilities like speech recognition, natural language processing, computer vision, and many others, giving users the wow moment of accomplishing something that wasn’t quite possible before. Along with choosing the right AI tool, you must also consider other factors that can affect your app performance. These factors include the accuracy of your machine learning model, which can be affected by bias and variance, using correct datasets for training, seamless user interaction, and resource-optimization, among others. While building any intelligent app it is also important to keep in mind that the AI in your app is solving a problem and it doesn’t exist because it is cool. Thinking from the user’s perspective will allow you to assess the importance of a particular problem. A great AI app will not just help users do something faster, but enable them to do something they couldn’t do before. With the growing popularity and the need to speed up the development of intelligent apps, many companies ranging from huge tech giants to startups are providing AI solutions. In the future we will definitely see more developer tools coming into the market, making AI in apps a norm. Read Next 6 most commonly used Java Machine learning libraries 5 ways artificial intelligence is upgrading software engineering Machine Learning as a Service (MLaaS): How Google Cloud Platform, Microsoft Azure, and AWS are democratizing Artificial Intelligencelast_img read more

Chinas HNA Group to buy 25 stake in Hilton worth 65B

first_img Share << Previous PostNext Post >> China’s HNA Group to buy 25% stake in Hilton worth $6.5B Posted by Monday, October 24, 2016 NEW YORK – China’s HNA Group is buying an approximately 25 per cent stake in hotel operator Hilton from Blackstone affiliates in a deal worth about $6.5 billion USD.HNA will have a stake in Hilton and its planned spinoffs of Park Hotels & Resorts and Hilton Grand Vacations, which are expected to take place by the end of the year. As part of a stockholders agreement with Hilton, HNA will appoint two directors to Hilton’s board. This brings the Hilton board to 10 members.HNA Group runs hotels, airlines, airports and financial services and real estate businesses. Earlier this year one of its units agreed to buy Carlson Hotels. Chinese companies have been looking to diversify abroad to counter slowing growth at home while also scooping up foreign expertise and technology.Blackstone will now have an approximately 21 per cent interest in Hilton Worldwide Holdings Inc. Blackstone will continue to have two seats on Hilton’s board.More news:  A new low for no-frills flying: easyJet assigns backless seat to passengerThe deal is expected to close in 2017’s first quarter.Shares of Hilton Worldwide Holdings Inc. rose 46 cents, or 2 per cent, to $23.37 in morning trading Monday while the Blackstone Group LP shares rose 69 cents, or 2.9 per cent, to $24.76. The Canadian Press last_img read more