Christie, Cuomo Veto Proposed Port Agency Overhaul
The governors of New York and New Jersey vetoed sweeping legislation passed by lawmakers in both states intended to reform the embattled bi-state Port Authority, according to a joint statement released on Saturday. The legislative reforms to the transportation agency were passed as federal prosecutors investigate "Bridgegate," in which traffic lanes approaching the George Washington Bridge across the Hudson River were shut for several days in September 2013 in what many suspect was a politically motivated move by New Jersey Gov. Chris Christie's administration. Christie, chairman of the Republican Governor's Association and a potential presidential candidate…
San Diego Ports Get Fitch A+ Rating
Fitch Ratings has assigned an 'A+' rating to $19.3 million of refunding revenue bonds, series 2013 A, issued by the San Diego Unified Port District. In addition, Fitch has affirmed the 'A+' rating on approximately $39.2 million in outstanding revenue bonds, series 2004 A and 2004 B. The Rating Outlook on all bonds is Stable. The district's assets include real estate holdings in prime tourism/business areas of the city and two niche marine terminals primarily focused on break bulk cargo services. Growth in automobile and specialized equipment handling has been noted. The maritime and real estate revenue base is supported by long-term fixed rents and concession revenues.
Mitsui To Post Special Loss of $126M
Mitsui Engineering & Shipbuilding Co. Ltd. will post a special loss of $126 million in the first half of 1999-2000 due to restructuring costs. At the same time, the company said it would also post a $26 million extraordinary profit in the half year to Sept. 30 on sales of part of its real-estate holdings and security of properties of a former warehouse in Osaka. Company officials said last month that it and Kawasaki Heavy Industries Ltd. have agreed to cooperate widely in shipbuilding to enhance their competitiveness against South Korean shipyards. The two major Japanese shipbuilders will tie up on design, material procurement and production in the aim of strengthening competitiveness by cutting costs and improving efficiency.
