On Saturday, David Crosby, founding member of Crosby, Stills & Nash and the Byrds, wrapped up his tour at Port Chester, NY’s Capitol Theatre with The Lighthouse Band, which features Snarky Puppy’s Michael League, Becca Stevens, and Michelle Willis. Following the release of their debut album together, Lighthouse, David Crosby & The Lighthouse Band released a second record, Here If You Listen, earlier this fall.David Crosby & the Lighthouse Band worked through many of the tracks off their new album, as well as Crosby’s “Regina”, and a handful of Crosby, Stills, Nash & Young favorites, including “Guinnevere,” “Carry Me,” “Déjà Vu” and the encore closer, “Ohio”.You can watch pro-shot video of the entirety of David Crosby & the Lighthouse Band’s tour closer below:David Crosby & the Lighthouse Band – 12/8/2018 [Full-Show Pro-Shot Video][Video:Relix]Setlist: David Crosby & the Lighthouse Band | The Capitol Theatre | Port Chester, NY | 12/8/2018Set One: The Us Below, Things We Do For Love, 1974, Vagrants of Venice, Regina, Laughing, What Are Their Names, Other Half Rule, By the Light of Common DaySet Two: Glory, The City, Look in Their Eyes, Guinnevere, Janet, Carry Me, Déjà VuEncore: Woodstock, Ohio[H/T Jambands.com]
The current economic recovery could go on for another three years given its sluggishness so far, and equity markets generally “roll over” around 18 months prior.Among the structural changes to the UBS strategy, the move towards providing clients with greater liquidity is key.Of the four risk/return factors used within its tactical asset allocation strategy – equity, term, credit and illiquidity – the manager will shift away from the latter two in favour of the former.Koester said the idea was to keep a pro-risk stance, given market valuations can go further from current levels.However, the manager had invested in the last three years without a safety net.“Given where we are in the cycle, it is worth putting a safety net in,” he said.“People are becoming a little complacent, particularly in credit markets and in high yield, where there remains the risk investors think it is a liquid market in volatile moments, and liquidity is currently mispriced in the market.”While accepting the manager was acting prematurely, Koester said clients were understanding the risks posed by any future downturn, and willing to accept any minor impact on returns in the short term.UBS said it would increase liquidity within its tactical asset allocation fund to ensure it had the right derivative exposure in place, to limit downsize risk, and boost client assets when the eventual run on illiquid assets came.“You can make a lot of money for your clients if you provide liquidity,” Koester said.“In a normal cycle, we are now halfway through the greed phase, so, as a cautious fiduciary, it is time to account for that.” UBS Global Asset Management is shifting the structure of its tactical asset allocation strategy to account for upcoming downside risk.Speaking with IPE, the manager’s head of asset allocation and currency, Andreas Koester, said the firm believed current growth in the market would cyclically begin to wane in approximately 18 months.“Markets have two phases – greed and fear,” he said. “We are currently in greed but moving towards the end of that cycle.”The motivation behind UBS’s view is the expected downturn in valuations within the next two years, which, Koester said, will see liquidity play a key role.
Qatar Petroleum has announced the completed fabrication of the first two jackets required for offshore facilities as part of its North Field Expansion (NFE) Project aimed to further develop one of the world’s largest offshore gas fields. Source: Qatar PetroleumQP said on Wednesday that this mega project would increase Qatar’s liquefied natural gas (LNG) production capacity from 77 million tons per annum (Mtpa) to 110 Mtpa by 2024. Qatargas is executing this mega project on behalf of Qatar Petroleum.Commenting on this occasion, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, and Chairman of the Qatargas Board of Directors, said: “The successful, on-schedule completion of the first two jackets is a testament to our commitment to putting the various NFE project components in place, on time, and with the highest safety and quality standards.”Minister Al-Kaabi added, “I would like to congratulate Qatargas and McDermott on this milestone achievement and to thank their collaboration with Qatar Petroleum in building these jackets in such a short time.”A ceremony was held to mark this milestone in Batam, Indonesia, in the presence of Sheikh Khalid bin Khalifa Al Thani, Chief Executive Officer of Qatargas, Amer Mohd Al Theyab, Chargé d’Affaires of the State of Qatar in Indonesia, and executives from Qatar Petroleum, Qatargas, and McDermott.Sheikh Khalid said, “I would like to congratulate everyone at Batam and the entire NFE team for safely and successfully delivering these first two jackets. It was very challenging to meet our schedule for sail-away and I have been delighted with the drive, teamwork and flexibility demonstrated by everyone to meet this goal. It clearly portrays the shared values of Qatargas and McDermott in areas of safety, quality, and high-caliber workforce.”Qatargas’ CEO said, “I am delighted to note that this has been achieved safely, with over 1 million man hours without any lost time Injuries.”The NFE project’s Engineering, Procurement, Construction and Installation contract for the jackets was awarded to McDermott in April 2019. McDermott was also awarded the Front End Engineering and Design contract for the associated topsides and pipelines in May 2019.Earlier this week, QP said that the contribution from Qatar’s giant North Field in the Persian Gulf was expected to boost Qatar’s LNG production to 126 million tons per annum by 2027. This is a 64% increase from the current 77 mtpa.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.