Thursday, November 15, 2012

Accounting effects of the restructuring

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Contact TORM A/S
Jacob Meldgaard, CEO, tel.: +45 3917 9200
Roland M. Andersen, CFO, tel.: +45 3917 9200
C. S?gaard-Christensen, IR, tel.: +45 3076 1288

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Tuborg Havnevej 18
DK-2900 Hellerup, Denmark
Tel.: +45 3917 9200 / Fax: +45 3917 9393
www.torm.com

About TORM
TORM is one of the world?s leading carriers of refined oil products as well as a significant player in the dry bulk market. The Company operates a fleet of approximately 120 modern vessels in cooperation with other respected shipping companies sharing TORM?s commitment to safety, environmental responsibility and customer service.
TORM was founded in 1889. The Company conducts business worldwide and is headquartered in Copenhagen, Denmark. TORM?s shares are listed on NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For further information, please visit www.torm.com.

Safe Harbor statements as to the future
Matters discussed in this release may constitute forward-looking statements and may be more detailed than regular practice. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management?s examination of historical operating trends, data contained in our records and other data available from third parties. Although TORM believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward- looking statements include the conclusion of definitive waiver documents with our lenders, the strength of the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for ?tonne miles? of oil carried by oil tankers, the effect of changes in OPEC?s petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM?s operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by TORM with the US Securities and Exchange Commission, including the TORM Annual Report on Form 20-F and its reports on Form 6-K.
Forward-looking statements are based on management?s current evaluation, and TORM is only under an obligation to update and change the listed expectations to
the extent required by law.

Source: http://globenewswire.com/news-release/2012/11/15/505603/0/en/Accounting-effects-of-the-restructuring.html

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R.A. Dickey, David Price win Cy Young awards

NEW YORK (AP) ? R.A. Dickey languished in the minors for 14 years, bouncing from one team to another before finally perfecting that perplexing knuckleball that made him a major league star.

David Price was the top pick in the draft and an ace by age 25, throwing 98 mph heat with a left arm live enough to make the most hardened scout sing.

Raised only 34 miles apart in central Tennessee, Dickey and Price won baseball's Cy Young awards on Wednesday ? one by a wide margin, the other in a tight vote.

Two paths to the pantheon of pitching have rarely been more different.

"Isn't that awesome?" said Dickey, the first knuckleballer to win a Cy Young. "It just shows you there's not just one way to do it, and it gives hope to a lot of people."

Dickey said he jumped up and yelled in excitement, scaring one of his kids, when he saw on television that Price edged Justin Verlander for the American League prize. Both winners are represented by Bo McKinnis, who watched the announcements with Dickey at his home in Nashville, Tenn.

"I guess we can call him Cy agent now," Price quipped on a conference call.

The hard-throwing lefty barely beat out Verlander in balloting by the Baseball Writers' Association of America, preventing the Detroit Tigers' ace from winning consecutive Cy Youngs.

Runner-up two years ago, Price was the pick this time. He received 14 of 28 first-place votes and finished with 153 points to 149 for Verlander, chosen first on 13 ballots.

"It means a lot," Price said. "It's something that I'll always have. It's something that they can't take away from me."

Other than a 1969 tie between Mike Cuellar and Denny McLain, it was the closest race in the history of the AL award.

Rays closer Fernando Rodney got the other first-place vote and came in fifth.

The 38-year-old Dickey was listed first on 27 of 32 National League ballots and totaled 209 points, 113 more than 2011 winner Clayton Kershaw of the Los Angeles Dodgers. Washington lefty Gio Gonzalez finished third.

Cincinnati right-hander Johnny Cueto and Atlanta closer Craig Kimbrel each received a first-place vote, as did Gonzalez. Kershaw had two.

Dickey joined Dwight Gooden (1985) and three-time winner Tom Seaver as the only Mets to win the award. The right-hander went 20-6 with a 2.73 ERA, making him the club's first 20-game winner since Frank Viola in 1990, and became the first major leaguer in 24 years to throw consecutive one-hitters.

Perhaps most impressive, Dickey did it all during a season when the fourth-place Mets finished 74-88.

"It just feels good all over," he said on MLB Network.

Dickey switched from conventional pitcher to full-time knuckleballer in a last-ditch effort to save his career. It took him years to finally master the floating, darting pitch, which he often throws harder (around 80 mph) and with more precision than almost anyone who used it before him.

"I knew what I was going to be up against in some regard when I embraced this pitch," Dickey said.

He was the first cut at Mets spring training in 2010 but earned a spot in the big league rotation later that season and blossomed into a dominant All-Star this year. He led the NL in strikeouts (230), innings (233 2-3), complete games (five) and shutouts (three) ? pitching through an abdominal injury most of the way.

"I am not a self-made man by any stretch of the imagination," Dickey said. "The height of this story, it's mind-blowing to me, it really is."

A member of the 1996 U.S. Olympic team and a first-round draft pick out of Tennessee, Dickey was devastated when the Texas Rangers reduced their signing-bonus offer from more than $800,000 to $75,000 after they discovered during a physical that he was missing a major ligament in his pitching elbow.

Undeterred, perseverance got him to the big leagues anyway. When he failed, the knuckleball brought him back.

Among those he thanked ceaselessly for helping him on that long and winding road to success were all his proud knuckleball mentors, including Charlie Hough, Tim Wakefield and Hall of Famer Phil Niekro.

"It brings a real degree of legitimacy I think to the knuckleball fraternity and I'm glad to represent them and I'm certainly grateful to all those guys," Dickey said. "This was a victory for all of us."

Dickey said he received 127 text messages and 35-40 phone calls in the moments immediately following the Cy Young announcement.

The only call he took was from Niekro, a 318-game winner from 1964-87. The first texts Dickey responded to were from Wakefield and Hough.

"Most well-deserved," Niekro said in a comment provided by the Hall of Fame. "I'm super proud of him, as a pitcher and as an individual."

Dickey has one year left on his contract at $5.25 million and New York general manager Sandy Alderson has said signing the pitcher to a multiyear deal is one of his top offseason priorities. Alderson, however, would not rule out trading his unlikely ace.

"I believe the Mets are going to be a lot better and I want to be part of the solution," Dickey said, adding that he hopes the sides can strike a deal and he'd be happy to end his career in New York.

"I want to be loyal to an organization that's given me an opportunity," he said. "At the same time, you don't want to be taken advantage of. I've been on that side of it, too, as a player."

Price went 20-5 to tie Jered Weaver for the American League lead in victories and winning percentage. The 27-year-old lefty had the lowest ERA at 2.56 and finished sixth in strikeouts with 205.

Verlander, also the league MVP a year ago, followed that up by going 17-8 with a 2.64 ERA and pitching the Detroit Tigers to the World Series. He led the majors in strikeouts (239), innings (238 1-3) and complete games (six).

Price tossed 211 innings in 31 starts, while Verlander made 33. One factor that could have swung some votes, however, was this: Price faced stiffer competition in the rugged AL East than Verlander did in the AL Central.

"I guess it's a blessing and a curse at the same time," Price said. "There's not an easy out in the lineups every game. It feels like a postseason game."

The No. 1 pick in the 2007 amateur draft out of Vanderbilt, Price reached the majors the following year and has made three straight All-Star teams.

Despite going 19-6 with a 2.72 ERA in 2010, he finished a distant second in Cy Young voting to Felix Hernandez, who won only 13 games for last-place Seattle but dominated most other statistical categories that year.

The two MVP awards will be announced Thursday. Verlander's teammate, Triple Crown winner Miguel Cabrera, is a leading contender in the American League.

NOTES: The last AL pitcher to win back-to-back Cy Youngs was Boston's Pedro Martinez in 1999 and 2000. San Francisco RHP Tim Lincecum did it in the National League in 2008-09. ... Price and Dickey became the fourth pair of Cy Young winners born in the same state, according to STATS. The others were Jim Lonborg and Mike McCormick in 1967 (California), Viola and Orel Hershiser in 1988 (New York) and Pat Hentgen and John Smoltz in 1996 (Michigan). ... Niekro and his brother, Joe, both finished second in Cy Young voting, as did fellow knuckleballer Wilbur Wood.

Source: http://news.yahoo.com/r-dickey-david-price-win-cy-young-awards-031337863--mlb.html

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Double 'DWTS' elimination delivers a big shocker

Adam Taylor / ABC

Gilles Marini (with pro Peta Murgatroyd) and Kirstie Alley (with pro Maksim Chmerkovskiy) were eliminated on Nov. 13.

By Anna Chan, TODAY

Much of the fun and laughter was sucked out of the "Dancing With the Stars" ballroom on Tuesday night after the combined judges' scores and viewer votes from this week and last led to the elimination of two fan favorites: Kirstie Alley and Gilles Marini.

The upbeat actress' cut was no huge surprise. This season, surrounded by some of the best contestants from previous years, Kirstie's weaknesses were highlighted, though she still managed to bring joy to her performances, perhaps more than any other contestant.

She may have received high praise for Monday's 27-point Viennese waltz, which the judges declared to be one of her best dances, but her trio performance may have doomed her. Dancing the paso doble alongside pro partner Maks Chmerkovskiy and eliminated pro Tristan MacManus, Kirstie was called out for her lack of finesse and sloppy moves, earning a 24 for the problematic performance.

Her total score of 79 points for the two weeks of dancing left her 12.5 points behind her closest competitor, Apolo Anton Ohno. Despite a large fan base that carried her to second place in season 12, she just couldn't make up the huge difference in scoring this time.

"The second time around, it was very special to me. To do it once was special, to be asked back was an honor," Kirstie said after her elimination. "I just love dancing. I want to thank Maks because he's so patient with me, he's so helpful to me. I want to thank the judges because your critiques really helped me."

But it seemed her pal Maks didn't quite agree with that last sentiment. The ballroom bad boy, who has been unusually quiet this season when it came to his feelings for the judges, jokingly shook his head "no" as Kirstie gave props to the panel. The judges' response to him? Smiles and finger shakes. (Let's hope that doesn't come back to bite him in the butt next season.)

Though Kirstie's elimination wasn't a surprise, the second cut of the night was. Apolo, Gilles and Emmitt Smith were the last ones to learn their fates one week ahead of the semifinals. All three men had earned high scores from the judges Monday, and only one point separated the three, with Apolo at the bottom with a total of 91.5, Gilles in the middle with 92 and Emmitt at the top with 92.5.

The former NFL star was quickly declared safe to the surprise of many viewers, who felt his "perfect 30" trio salsa on Monday hardly deserved top marks.?

"Emmitt didn't do any dancing. Mostly twirling the girls around," wrote Tracy Franklin Isbell on our Facebook page. It was a sentiment echoed by many viewers during our Monday night "DWTS" chat.

"Emmitt was the one who got the wrong scores. He needs to go tonight, he should gave been gone before Sabrina, too," wrote Elizabeth Carter.

And in a package shown on Tuesday, even head grump judge himself Len Goodman admitted that the football star made an error during his first dance. "Just a little slip. I don't care!" the judge declared of the flawed Viennese waltz before handing out a 9.5. Viewers will never know if that was the difference between sending Emmitt home and keeping Gilles at least another week.?

But the actor was gracious as always, even in his exit. "It's an incredible experience, I tried my very best. (Pro partner) Peta (Murgatroyd) was an angel out there, teaching me amazing things," he said. "I want to thank my wife. It's been quite a challenge for the family ... without her, I'm really nothing."

Next week for the semifinals round, the remaining contestants will take on some funky dances to tunes from Michael Jackson's "Bad":

  • Melissa: "Caveman" Hustle
  • Shawn: "Knight Rider" Bhangra
  • Apolo: "Big Top" Jazz
  • Emmitt: "Espionage" Lindy Hop
  • Kelly: "Surfer" Flamenco

"I don't know what the producers were smoking," host Tom Bergeron joked about the very strange themes. "I'm sure it was medicinal!"

The "Dancing With the Stars" semifinals round kicks off Monday at 8 p.m. on ABC.

Were the right couples eliminated on Tuesday? Share your thoughts on our Facebook page!

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Source: http://theclicker.today.com/_news/2012/11/13/15146874-kirstie-alley-and-gilles-marini-eliminated-from-dancing-with-the-stars?lite

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Americans Split on Legalized Marijuana But Its a State Issue ...

  • by Erik Altieri, NORML Communications Director November 14, 2012

    Polling data released Tuesday by Rasmussen Reports shows the American public is now evenly split on the issue of marijuana legalization, with 45% in support, 45% opposed, and 10% undecided. This is up 5 points from the previous time Rasmussen polled this language in 2009, when the issue received just 40% support to 46% opposition.

    However, an overwhelming amount believe the issue or marijuana legalization should be left to state governments. 60% of respondents replied that it was best left to the states, while only 27% thought it was an issue for the federal government.

    Rasmussen also found that a minuscule 7% of Americans think the United States is winning the war on drugs, 82% stated the country is not winning, and 12% are not sure.

    This poll was conducted by Rasmussen Reports from November 9th-10th and surveyed 1,000 Adults nationwide.

    Also released this week was a new ABC/Post poll that had support for legalizing the possession of small amounts of marijuana at 48% support to 50% opposition amongst all adults.

    Both of these polls show similar trends in support for marijuana legalization. Support for these policies is clearly still being held down by the 65+ demographic, who, in each survey, were the only age group to not have plurality support for legalization. In the Rasmussen poll, 49% of those ages 18-39 supported legalization, along with 48% of those 40-64. Support plummets amongst the 65+ crowd, who only support legalization by 26%. Similar trends were seen in the Post/ABC poll, where the 65+ age group were the only group to fall below 50% support for marijuana legalization, they instead opposed it by 67%.

    These surveys also highlight the still present gender gap in legalization support. In both surveys women?s support trailed behind men, by 12 points in the Rasmussen poll and by 9 points in the Post/ABC poll.

    Tags : americans, cannabis, drug war, legalization, marijuana, NORML, opinion, poll, polling, popular, Rasmussen
    Posted in : ACTIVISM, SOCIETY

    Add Your Comment

  • Source: http://blog.norml.org/2012/11/14/poll-americans-evenly-split-on-marijuana-legalization-but-overwhelmingly-view-it-as-state-issue/

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    Nokia announces new location cloud service for iOS, Android and others: It's Here (update)

    Nokia launches new multidevice, multiplatform location cloud service It's Here

    Nokia's revealed the next stage in its cartographic future and it involves a new cloud-based service. Titled "Here", it'll tap into Nokia's map expertise and better still, work across multiple devices and operating systems -- CEO Stephen Elop, attending the event in San Francisco, also referenced recent purchase of Earthmine, a 3D mapping company that will help the company offer StreetView-style digital vistas. The new web-based map (that's live now) will work on any PC running Internet Explorer, Firefox, or Chrome and Macs using Safari, Firefox or Chrome. On mobile, it'll run on iOS 4+ and Android 2.2's (or above) internet browser. According to AllThingsD, a free iOS app has already been submitted to iTunes, pending Apple's approval in the 'next couple of weeks'. Additionally, Nokia will have a Here SDK for Android and a web version of Here maps for Firefox OS ready by early next year

    Behind the glossy HTM5 exterior, Nokia reckons its "capture, compute, experience" system, and its cloud-based processing will offer a more potent offline experience. Nokia's not stopping there, however. The Finnish phone-maker has apparently seen 75 times more use of its mapping data compared to last year, and it's looking to tap into user-submitted data. A new Map Creator tool will let people assign more specific information and detail to Nokia's original maps and satellite photos. The phone-maker's already launched its own site for the new location service, Here.net, and aims to fold in users' submissions into its own official map offering. Collections will let you store and share your favorite locations, while Explore (replete with its own map button) will let you know what's available in the immediate vicinity. The maps will also contain all of the previous Nokia functionality, including live traffic information and transit directions.

    Here appears to encompass most of Nokia's previous mapping services and apps -- take a look for yourself at the source below.

    Update: We've got a few more tidbits about Here to share with you. It turns out, the iOS app will provide offline maps, voice guided walking directions and public transportation directions at launch. Additionally, Nokia revealed the name for the technology powering its City Lens app. Called LiveSight, it's a 3D map technology that Nokia claims "provides the most precise and intuitive augmented reality experience" that we presume will find its way into other applications. PR with full details of all the cartographical goodness await after the break.

    Continue reading Nokia announces new location cloud service for iOS, Android and others: It's Here (update)

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    Nokia announces new location cloud service for iOS, Android and others: It's Here (update) originally appeared on Engadget on Tue, 13 Nov 2012 12:58:00 EDT. Please see our terms for use of feeds.

    Permalink AllThingsD  |  sourceHere (Nokia), (2)  | Email this | Comments

    Source: http://www.engadget.com/2012/11/13/nokia-maps-here-launch/

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    Wednesday, October 10, 2012

    Fox hooks up with "Divorce Hotel" at MIPCOM

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    Tuesday, October 9, 2012

    Law Profs - Center for Immigration Studies

    A new paper by John Yoo (UC Berkeley School of Law) and Robert J. Delahunty (University of St. Thomas School of Law, Minnesota) raises many questions about President Obama's decision to grant legal status to nearly two million illegal aliens under deferred action and concludes that the president's act "threatens to vest the executive branch with broad domestic policy authority that the Constitution does not grant it." If taken to its logical conclusion, President Obama's lawless action has the power to undermine the entirety of immigration law, while expanding the presidential power in all domestic policy areas.

    The professors explain:

    For if a president can refuse to enforce a federal law against a class of 800,000 to 1.76 million, what discernible limits are there to prosecutorial discretion? Can a president decline to enforce federal laws barring that class from voting in federal elections? Can a president decline to enforce the deportation statute against all illegal immigrants because of a belief in an "open borders" policy? Can a president who wants tax cuts that a recalcitrant Congress will not enact decline to enforce the income tax laws? Can a president effectively repeal the environmental laws by refusing to sue polluters, or workplace and labor laws by refusing to fine violators?

    The professors examine the executive branch's law enforcement powers and responsibilities, arguing that "the Constitution's Take Care Clause imposes on the president a duty to enforce all constitutionally valid acts of Congress in all situations and cases ? [and] that there is simply no general presidential non-enforcement power? [and that] the deliberate decision to leave a substantial area of statutory law unenforced or under-enforced is a serious breach of presidential duty." The professors argue that the White House "has provided no adequate excuse or justification for its non-enforcement decision."

    While the professors acknowledge that Congress does share some of the blame for passing stringent immigration laws while failing to provide adequate funding, they explain:

    A categorical refusal to enforce the removal statutes against any deportable alien ? effectively, the adoption of an "open borders" policy ? would also, we think, be unconstitutional. Even if enforcement resources were constrained, it would be an obvious refusal to perform the constitutional duty of faithful execution of the laws. Yet the logic of the June 15 non-enforcement decision points to the conclusion that the president may adopt exactly that policy if he wishes. If the president may constitutionally permit 15 percent of the nation's illegal immigrant population to remain in the United States without fear of removal, why may he not do the same for 50 percent of that population, or for all of it? True, as long as some funding was available to ICE for enforcement, the president could not claim that an appropriations shortfall justified the total cessation of deportation activities. Still, the president could deliberately allocate ICE's resources in such a way as to achieve essentially that result. But if the president can constitutionally implement an open borders policy on his own initiative and without authorization from Congress, what remains of the immigration law? The June 15 non-enforcement decision thus leads to absurdity. The failure of an agency to perform its ordinary enforcement duties may be so unreasonable that it may be considered unconstitutional, notwithstanding limitations on its resources.

    The professors summarize their main points:

    First, the common idea that the president has a positive constitutional "authority" to decide not to enforce the civil law is mistaken. The Take Care Clause, coupled with related constitutional provisions, establishes that the president has a duty to enforce the laws. The Constitution confers no express or implied power or authority not to enforce the laws. On the face of it, the Obama administration breached its constitutional duty by refusing to enforce the immigration law in (up to) 1.7 million cases.

    Second, the administration cannot rely on a claim of presidential "prerogative" to justify a decision not to enforce the law. American constitutional practice, coupled with the Supreme Court's case law, does indeed suggest that there is a presidential prerogative. But if so, that prerogative is one granted by the Constitution; it is not extra-constitutional. And it is restricted to action for the sake of national security in times of war or sudden crisis. Presidential prerogative does not justify a refusal to enforce the immigration laws in ordinary, non-critical circumstances. Rather, the Constitution tries to solve the problem of reconciling the need for a strong executive with a republican form of government by giving the president broad, undefined powers in the international sphere but circumscribing his power closely in domestic matters.

    Third, just as in common law, a range of defenses can be made to a breach of duty, so defenses can be offered for the administration's apparent breach of duty here. The main justifications or excuses that can be used to defend a breach of the duty of faithful execution fall into four main categories: that the "law" whose non-enforcement is at issue is unconstitutional; that enforcement in the particular circumstances would interfere materially with the exercise of another constitutional power of the president (such as those over foreign affairs and national security); that equity in individual cases warrants forbearance in enforcement; and most importantly here, that the enforcing agency lacks sufficient resources for complete enforcement and must therefore use its best judgment how to allocate the resources it has. The administration's non-enforcement decision with regard to the DREAMers does not, despite its claims to the contrary, appear to fall within any of these categories, including the last. It stands, thus far, as an unexcused breach of duty.

    Fourth, the administration's decision is the almost inevitable outcome of what has been described as a "de facto" delegation system that Congress has established in the immigration area. The combination of a massive illegal immigrant population, extremely stringent laws regarding deportability, and inadequate resourcing for enforcement, it can be argued, gives the president virtually unfettered control to decide who remains in the country and who is removed. If this understanding of our immigration law system is correct, then that system poses a threat to the traditional conception of the rule of law and its attempt to control arbitrary executive action. It invites a president to create operative, functional "law" covering hundreds of thousands of cases that overtly contravenes statutory law.

    The professors note that while the president has broad powers over foreign affairs, his authority over domestic matters is much more narrow. They conclude:

    The conception of executive power we have defended is fully consistent with the attribution to the president of broad constitutional powers over foreign affairs, national security, and military policy. The Framers intended to give Congress the dominant role in regulating domestic matters, while giving the presidency, with its distinctive institutional qualities of energy, secrecy, speed, and unity of purpose, the primary responsibility for foreign affairs. Although immigration straddles domestic and foreign policy, Congress, not the president, has the controlling authority in that area.

    The report includes an interesting historical overview that ultimately raises many questions about President Obama's end-run around the legislative process.

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    Source: http://cis.org/feere/law-profs-obamas-deferred-action-not-supported-constitution

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