Yachting News 22nd October 2009

Oct 22nd 2009
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Greetings yachties,

Société Nautique de Genève Comité Central responds to the Golden Gate Yacht Club’s latest letter,

IBI News – Asia Superyacht Conference,

Sailing News TV – La Solidaire du Chocolat,

The Daily Reckoning – Brand Disloyalty,

Des Top News 49,

Ten,

Heading out to do the Coastal Classic, be back in a few days

SNG Comité Central replies to GGYC’s letter

The Société Nautique de Genève Comité Central responds to the Golden Gate Yacht Club’s latest letter: “The SNG Comité Central is fully supportive of the Club’s decisions to date concerning the 33rd America’s Cup, including the selection of Ras Al Khaimah as the venue […],” it writes.

The letter highlights the GGYC’s acknowledgement that the SNG has the right and the duty to choose Ras Al Khaimah; it also underlines the American club’s recognition that it has neither right nor role in the selection of the venue.

The defending yacht club reminds the GGYC that it has chosen a venue in accordance with both the controlling Court Orders and the Deed of Gift. The Court Order, in particular, expressly affords SNG the right to designate Valencia “or any other location” as the venue for the next Cup. By its plain language, the Order allows a Northern or Southern Hemisphere venue, a fact that was repeatedly acknowledged by both Russell Coutts and Tom Ehman.

The letter from SNG also includes what BMW Oracle’s own security advisor said of the venue to the Ras Al Khaimah representatives during his recent visit.

To read the letter in full, please click here:

1st Asia Superyacht Conference sparks healthy debate

By IBI Magazine

Over 150 people from more than 30 countries attended the 1st Asia Superyacht Conference in Singapore last week.

Held at Sentosa Cove’s ONE°15 Marina Club from October 13-15, the conference, which was organised by the Superyacht Singapore Association (SSA), was highly acclaimed by attending delegates for the quality and depth of its presentations.

The main message from the conference was the need for an Asia-Pacific superyacht association to promote the region as a cruising destination and as a way to lobby government on regulation and open sea policies.

“The conference clearly identified the need for regional cooperation and that was one of our key objectives in hosting the event,” said Arthur Tay, SSA chairman, in his opening address. “The event has highlighted major opportunities that need urgent attention and we must now find a way of addressing these.”

Conference chairman Simon Turner said that delegates engaged in some of the most healthy debate he had ever seen. “What was clear was that people within the region did not know of the extent of opportunities across Asia-Pacific and it was a real eye opener for those visiting from outside the region,” he said.

“From amazing cruising grounds to refit and repair facilities, there is so much more here than people realise. It also highlighted the problems, amongst them is the need for a coordinated approach to regulation in order to enable smooth and simple passage of yachts across our region.”

The SSA will publish its ideas on taking the industry forward following a regional consultation period.

more here

No rest for the Class40 fleet

21/10/09 With the retirement of Yvan Noblet and Damien Guillou on Appart City after sustaining mainsail and rudder damage followed by the American duo of MacKenzie Davis and Brian Harris retiring with profound electrical problems onboard Amhas, and the British duo of Richard Tolkien and Neal Brewer pulling out with structural damage around the mast foot on Orca, 19 Class40′s are still racing in La Solidaire du Chocolat.

While Yves Eclaret and Lionel Regnier on Vale Inco Nouvelle Calédonie race against the clock to repair their damaged mainsail in La Coruña and Patrice Carpentier and his Mexican co-skipper, Victor Maldonado, on Crédit Maritime make autopilot repairs in Camarinas just north of Cape Finisterre, 17 Class40’s continue to race south off the coast of Spain. Continuing to lead the fleet in the 1200 GMT position poll this morning, Bruno Jourdren and Bernard Stamm on Cheminées Poujoulat passed the cape earlier this morning and are furthest west in the fleet, 180 miles off Vigo with Thierry Bouchard and Oliver Krauss in second place on Pole Sante Elior-Mistral Loisirs in second and Tanguy de Lamotte and Adrien Hardy on Initiatives-Novedia in third furthest inshore with just 18 miles separating the leading trio.

A group of four boats are still manoeuvering around the cape led by Mike West and Paul Worswick in 14th place, 65 miles offshore on Keysource, six miles ahead of fellow Britons, Stephen Card and Shaun Murphy in 15th place on ORBIS who have tacked away from Finisterre to clear the headland. In 16th place, Jacques Fournier and Jean-Edouard Criquioche on Groupe Picoty are also on port tack gaining some sea room from the cape.

more here

Brand Disloyalty

By Chris Mayer

10/21/09 Midtown, New York City – The US dollar is a sort of monetary brand. And like any other brand, it can fall out of favor. Even iconic brands can rapidly lose their “must-have” caché. Sometimes, a brand can disappear entirely, as did Pan American Airways or “Members Only” jackets. But there is always something else waiting to take its place. So it is with the US dollar, a brand making lows in the financial markets.

The dollar has been the “Coca-Cola of monetary brands,” says James Grant, editor of Grant’s Interest Rate Observer. But even the best of brands can be lousy investments. Grant uses the analogy of The New York Times. It was the greatest name in newspapers. In 2002, the stock sold for $53 per share – an all-time high, as it turned out. Today, the “Gray Lady” fetches only $8 per share.

“What happened?” Grant asked. The World Wide Web happened, he says. “The Times has hundreds of reporters, but this is a story they seem to have missed.” As if the lowly stock price was not evidence enough of its decline, the NY Times got another reminder when it borrowed $225 million against it headquarters building. The cost of such borrowing, Grant reports, was 14%. The august Times today borrows at rates no better than a working-class stiff at a pawnshop.

more here