Home :: 2016 :: February

Monthly Archives: February 2016

Arming Merchant Ships And Naval Auxiliaries

In simplest terms, the U.S. Navy’s distributed lethality concept complicates the enemy’s targeting problem by dispersing larger numbers of platforms capable of offensive action over a wide geographic area.  With no significant increases in fleet size anticipated for the foreseeable future, it is incumbent that all avenues be pursued that will optimize the use of scarce ships. A video recently ...

Read More »

El Faro Lifeboat Davits Were Deteriorated

On Friday, the Marine Board of Investigation into the sinking of the El Faro finished its first round of hearings with testimony from TOTE Services port engineer Tim Neeson. Mr. Neeson, who is responsible for safety management system compliance for the firm’s vessels home ported in Jacksonville, answered the panel’s questions regarding the El Faro’s material condition. Contrary to previous ...

Read More »

China Passes Seafloor Mining Law

On Friday, China passed the country’s first law on deep seafloor mining. The law is designed to protect the maritime environment and ensure sustainable exploitation of its mineral resources. Xinhua reports that the law stipulates that exploration and development should be peaceful and cooperative, in addition to protecting the maritime environment and safeguarding the common interests of mankind. Prospectors must ...

Read More »

Peru Considers Sanctions for Price Fixing

Peru’s anti-trust regulator said Friday it had started a sanctions procedure against 17 shipping companies it suspects of having fixed prices together for years on goods moved between the country’s Callao port and Asia. Authorities could fine each company 12 percent of its parent company’s annual earnings if wrongdoing is confirmed, said Jesus Espinoza, an official with regulator Indecopi. Seized ...

Read More »

Political Strategist’s Arrest Could Mean Trouble for Rousseff

  Brazilian political strategist Joao Santana earned his nickname “the maker of presidents” by guiding leftist leaders to power in Latin America and Africa, but his arrest this week could unmake his most important client, President Dilma Rousseff. A member of Rousseff’s inner circle who masterminded her two successful election campaigns, Santana is accused by prosecutors of receiving payment for ...

Read More »

Indonesia Threatens to Sink Toothfish Vessel

The last of six known toothfish poaching vessels, Viking, has been arrested in Indonesia. The announcement of the Nigerian-flagged vessel’s arrest was made at a press conference in Jakarta on Friday, held by Indonesian Fisheries Minister, Susi Pudjiastuti, the Commander of the Western Naval Fleet and other high-ranking Indonesian officials. Officials stated that the Viking has been detained for entering ...

Read More »

Russia, new frontier for Islamic finance

Islamic finance is drawing more interest in Russia as the country struggles economically and requires fundamentally new approaches to attract investments from abroad. The sector is just beginning to grow in Russia and its perspectives were discussed during the recent Gaidar’s Forum in Moscow, one of the major annual international conferences on economy in Russia. Implementation of Islamic finance in ...

Read More »

Tecom Group talks to banks about $272m loan

Tecom Group, a business park operator with a major role in developing Dubai’s economy, is in the market for a syndicated loan of up to Dh1 billion ($272 million), banking sources said. The company, a unit of sovereign investment vehicle Dubai Holding, was looking for funding with a 10 year lifespan to finance building projects in its business parks, two ...

Read More »

Ceasefire takes hold in Syria

A cessation of hostilities in Syria came into effect at the agreed time of midnight on Saturday under a US-Russian plan which warring sides in the five-year conflict have said they would commit to. A cessation of hostilities in Syria came into effect at the agreed time of midnight on Saturday (2200 GMT Friday) under a US-Russian plan which warring ...

Read More »

Arabs lament missed opportunity at big Fifa race

The Arab region squandered the chance to help elect their first FIFA president because their two candidates failed to co-operate, leaving the door open for Swiss Gianni Infantino to triumph on Friday, Arab soccer chiefs and pundits said. UEFA’s Infantino got 88 votes in the first round, three more than Asian Football Confederation (AFC) chief Sheikh Salman Bin Ebrahim Al ...

Read More »

Brunei: Asia’s Newest Trade Hub

  2016 marks the 25th anniversary of diplomatic relations between Brunei and China, and Brunei’s leaders have voiced their interest in becoming part of China’s Maritime Silk Road. The move comes as the tiny nation attempts to reduce its dependence on oil and gas revenue. Despite a recent decline in production, Brunei is the largest net exporter of total petroleum ...

Read More »

India Approves Credit Line for Iranian Port

On Wednesday, India approved a $150 million credit line for the development of Iran’s Chabahar port, the government said in a statement. The port in southeast Iran is central to New Delhi’s efforts to circumvent arch-rival Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests. Under the agreement signed last ...

Read More »

Eni Gets Go-Ahead for Mozambique FLNG

  Italy’s Eni said on Wednesday it has won approval from the Mozambique government to build its planned Coral floating liquefied natural gas plant. The approval relates to the first phase of development of the Coral discovery, located in water more than 2,000 meters deep and approximately 80 kilometers offshore of the Palma bay in the northern province of Cabo ...

Read More »

Senate Votes to End Petrobras’ Subsalt Domination

  Brazil’s Senate has approved a bill that ends a requirement that state-run oil company Petrobras operate all new developments in an offshore region known as the Subsalt Polygon and provide at least 30 percent of investment. The bill passed with 40 votes in favor versus 26 against. If passed by the lower house of congress and President Dilma Rousseff, ...

Read More »

$390bn projects under way or in pipeline in Dubai

The total value of projects under construction in Dubai is worth $53.6 billion, with a further $337.2 billion in the planning stage, a new report said. These are significant amounts of investment for most mature economies, but for an emerging market such as Dubai, they are extraordinary figures which provide evidence of the UAE emirate’s increasingly diversified economy, said the ...

Read More »

Shell in Rare Reverse-Arbitrage Deal

Anglo-Dutch energy giant Shell has chartered a vessel to make a rare reverse-arbitrage shipment of fuel oil from Singapore to Fujairah, shipping data in Reuters showed. The Aframax vessel Olympia I was loaded with 80,000 tonnes of fuel oil in Singapore on February 16 and is currently off the coast of East Sri Lanka, underway to Fujairah in the United ...

Read More »

IS bomb supply chain includes firms in 20 countries

Companies from 20 countries are involved in the supply chain of components that end up in Islamic State explosives, a study found on Thursday, suggesting governments and firms need to do more to track the flow of cables, chemicals and other equipment. The European Union-mandated study showed that 51 companies from countries including Turkey, Brazil, and the United States produced, ...

Read More »

U.S. Exports First LNG from Sabine Pass

The United States has exported its first LNG cargo from the lower 48 states, after a tanker set sail from Cheniere Energy’s Sabine Pass export terminal in Louisiana. The Asia Vision LNG tanker left the dock at the Sabine Pass terminal at 0139 GMT (7.39 p.m. local time) shipping data showed. The data indicated the tanker was fully loaded, and ...

Read More »

UAE to introduce 5pc VAT from Jan 2018

The UAE plans to introduce a 5 per cent value added tax (VAT) from January 1, 2018, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, has been quoted as saying. In the first year, the country is expected to earn Dh12 billion ($3.26 billion) from the tax. About 100 food items, healthcare and education will be exempted from ...

Read More »

China Commissions Homegrown Missile Frigate

China commissioned a domestically produced missile frigate this week, the official People’s Liberation Army Daily reported on Thursday, as Beijing works to expand and modernize its navy. The announcement came only two days after a senior U.S. military official said China was “clearly militarizing” the South China Sea. The United States is worried by China’s military buildup to assert dominance ...

Read More »

Honda aims for green cars to make up two-thirds of line-up by 2030

TOKYO: Honda Motor Co Ltd on Wednesday said it aimed for new-energy vehicles to account for two-thirds of its line-up by 2030 from around 5 percent now, as increasingly stringent global emissions regulations prompt automakers to make greener cars. Japan’s third-biggest automaker by sales said in its latest strategy update that its petrol-battery hybrid, plug-in hybrid, battery electric and fuel ...

Read More »

Oil falls as Saudi Arabia rules out production cuts

Oil prices slid in early trading on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in US crude stockpiles. Meanwhile, Iran made clear it has no interest in restraining its production after international sanctions against it were lifted in January, calling a joint Russian/Saudi ...

Read More »

Pentagon Doubles Down on Anti-Ship Missiles

  The Pentagon’s $583-billion budget proposal for fiscal year 2017, which the Defense Department released on Feb. 9, cuts back on new fighter jets, helicopters, warships and armored vehicles.Military leaders say the reductions in equipment, valued at billions of dollars, would help pay for the wars in Syria, Iraq and Afghanistan. They would also cover U.S. troop deployments in the ...

Read More »

Japan: Insurance Trouble for Iranian Oil

Japan will likely refrain from loading oil at Iranian ports in March because of the impending expiry at the end of next month of special shipping insurance cover provided by the government, industry and government officials said. The potential restriction from one of Tehran’s biggest oil customers highlights Iran’s difficulties in boosting exports after U.S. sanctions were lifted in January. ...

Read More »

Ice-Damaged Fishing Vessel Nears Safe Harbor

The Canadian-flagged stern trawler Saputi was holed by ice off the coast of Newfoundland, but is safe and on her way to Greenland under her own power, her owners say. Canadian and Danish SAR forces provided assistance, including aircraft-delivered dewatering pumps. “Everybody’s fine, everybody’s safe, just a matter of being patient, making it all the way to Nuuk, and once ...

Read More »

Container Vessel Hit-and-Run in Malaysia

Malaysian media reported Tuesday a hit-and-run incident involving the 40,000 dwt container vessel Olf (or Elbwolf), which allegedly struck the anchored vessels Tina 7 and Straits 3, causing unspecified but significant damage. The Tina and Straits were anchored in waters off Kota Tinggi; the Malaysian Maritime Enforcement Agency (MMEA) responded to the incident and rescued a dozen crew from the ...

Read More »

Maersk and Qatargas Collaborate on LNG for Propulsion

The world’s largest LNG exporter Qatargas has signed a technical collaboration agreement with the Maersk Group to explore opportunities related to the use of LNG marine propulsion. Qatargas and the Maersk Group have been exploring opportunities for collaboration related to LNG marine propulsion technology for the last two years. LNG has the potential to further reduce emissions from shipping of ...

Read More »

Hijacking Shows Growing Piracy Risk Off Nigeria

  On Monday, Nigerian authorities reported the arrest of six suspected pirates and gave new details on the recovery of the product tanker Maximus (ex name SP Brussels), highlighting the growing risk of piracy in the region. Rear Admiral Henry Babalola said that the suspects’ apprehension followed an intense firefight that killed another alleged pirate. “The hijackers . . . ...

Read More »

To President Muhammadu Buhari: Strategic report on causes and solution to Naira fall against dollar

  Your Excellency sir, (TRADE NEWSWIRE): The free fall of Naira against dollar currency is a function prolonged inflation in the Nigerian economy among other factors and not caused by this present government of President Muhammadu Buhari, TRADE NEWSWIRE reports. As a matter of fact, the pregnancy of the prolonged inflation was in top gear during the last administration but ...

Read More »

Gazprom Signs Bolivian Deals

  Russian oil and gas major Gazprom has signed a range of collaborative deals with leaders in Bolivia. A delegation headed by Alexey Miller, Chairman of the Gazprom Management Committee, visited Bolivia where Miller met with President Evo Morales and Luis Alberto Sanchez, Bolivian Minister of Hydrocarbons and Energy. Following the meetings a number of documents on energy cooperation were ...

Read More »

Guidance for Preventing Stowaways Issued

International Registries, acting for the Republic of the Marshall Islands has issued a guidance document for preventing stowaways. Despite the implementation of the ISPS Code, preventing stowaway access and properly handling stowaways once they have been discovered has been challenging, says the organization. Stowaways continue to be discovered on board Marshall Islands’ flagged vessels both at sea and upon arrival ...

Read More »

Bulk Shipping Hit by Perfect Economic Storm

Off the coast of a nearly deserted island below the southern tip of Hong Kong, at least 10 massive ships that normally carry hundreds of thousands of tons of coal or iron ore lie idle near one of the world’s busiest sea routes. These empty vessels paint a grim picture for the dry bulk shipping business that veterans of the ...

Read More »

Tug and Barge Aground After Power Loss

  A tug and barge ran aground after a loss of power in the Atlantic Ocean near the Absecon Inlet, New Jersey on Saturday. The 77-foot Miss Katie experienced a loss of power and ran aground north of the Absecon Inlet, and the 135-foot barge drifted and ran aground on the south side of the north jetty. Personnel from the ...

Read More »

E.U. Urged to Act on Thai Fishing Slavery

    A group of international labor, environmental and human rights organizations, including Human Rights at Sea, has sent a letter to Karmenu Vella, the E.U. Commissioner for fisheries, maritime affairs and environment urging the Commission to to maintain pressure on Thailand on human rights abuses in the nation’s fishing industry. The aim is to convince Thailand to build upon ...

Read More »

Piracy: Ten Indian Seafarers Rescued by Nigerian Navy

Ten Indian seafarers have been rescued after their ship was hijacked by pirates near Africa’s Ivory Coast, India’s Foreign Minister Sushma Swaraj said in a tweet on Sunday. The rescue was undertaken with the help of the Nigerian Navy. However, an eleventh Indian and one Pakistani sailor are yet to be rescued. The sailors were on board UAE-controlled tanker Maximus, ...

Read More »

Taiwanese Navy Reopens Abuse Case

The Taiwanese navy has reopened an investigation into the 1995 drowning of a seaman overboard from destroyer Nan-Yang. The investigation has heard allegations of abuse prior to the death of Navy Seaman Huang Kuo-chang. A seaman on board the vessel at the time, surnamed Chen, said that boiling porridge had been poured over the Huang’s bare foot the day before ...

Read More »

Australian Politicians Squabble Over Port Melbourne Sale

Two years after it first flagged a sale, Australia’s Victoria state on Monday threatened to bypass parliament to privatize the Port of Melbourne, the nation’s biggest container port, if lawmakers could not agree to sale terms. Victorian state Treasurer Tim Pallas said if the Labor government and Liberal opposition cannot agree to sale terms by Thursday he will use special ...

Read More »

U.S. Urges Others to Conduct Freedom of Navigation Operations

Australia and other countries should follow the U.S. lead and conduct “freedom-of-navigation” naval operations within 12 nautical miles of contested islands in the South China Sea, a senior U.S. naval officer was reported as saying on Monday. Vice Admiral Joseph Aucoin, the commander of the U.S. Navy’s Seventh Fleet, is in Australia for high-level talks with defense leaders and has ...

Read More »

Flickers of Improvement in Container Market

The latest Container Shipping Forecaster from Maritime Strategies International reports “flickers of improvement” in February after an opening to the year which saw 1.3 million TEUs of capacity idle, freight rates struggling and the charter market on its knees. Having suffered a torrid end to 2015, liner companies finally managed to produce some upwards movement in freight rates, albeit as ...

Read More »

First LNG Tanker Docked at Sabine Pass

An LNG tanker docked at the Sabine Pass terminal in Louisiana on Sunday, with only days to go before the United States ships its first export cargo of seaborne gas from the lower 48 states. The Asia Vision LNG tanker docked at the Sabine Pass LNG terminal on Sunday, shiptracking data showed. The tanker arrived in December in the Gulf ...

Read More »

Greece Approves Cosco’s Bid for Port of Piraeus

  As Greek dockworkers continued a 48-hour strike protesting the privatization of the port of Piraeus, the nation’s largest, the Hellenic Republic Asset Development Fund (TAIPED) announced that it had approved sole bidder Cosco’s application for a 40-year, 67 percent stake in the port.The fund approved Cosco’s proposed price of $410 million and declared the Chinese firm the preferred bidder. Cosco has been an ...

Read More »

Phone makers eye add-on gizmos to revitalise market

Phone buyers looking for innovation at next week’s big industry show in Barcelona will need to look beyond the handsets themselves to additional gadgets like 360-degree cameras which can be hooked up to their computing power, as manufacturers struggle to differentiate their core products. The need to invent has never been greater as phone buyers are less keen to buy ...

Read More »

Qatar Petroleum plans key unit sale as oil slump bites

Qatar Petroleum has chosen HSBC to advise it on the sale of its Al Shaheen Holding subsidiary, three sources with knowledge of the matter said, as it seeks to cut costs in response to lower oil prices. The chief executive of the state-owned Qatari firm said in June it would reduce staff numbers as part of a restructuring, which would ...

Read More »

New Lamborghini

A model poses with a Lamborghini Huracan LP 580-2 during a presentation event in Seoul, South Korea, on February 19. Lamborghini promoted the new rear-wheel-drive variant of the Italian sports car. EPA/Yonhap

Read More »

Mideast smart airport market to hit $850m by 2019

  The smart airport market in the Middle East region is expected to reach $850 million over the next three years, growing at a compound annual growth rate (CAGR) of more than four per cent, said a report. The growth in the region will be spearheaded by the Gulf countries ably supported by Egypt, Iran, Iraq, Israel, Jordan, Cyprus, Lebanon, ...

Read More »

Strategic Report: Aviation alert to Nigerian government

  (TRADE NEWSWIRE): Nigerian government / aviation sector should step up efforts to ensure safety and security of the nation’s aviation sector to avoid any form of disaster (plane crash) any time soon, TRADE NEWSWIRE reports. – Likely disaster zone: Ogun state – Likely Local government area (s) of accident: Ifo or Ewekoro LGA – Likely cause of accident: more ...

Read More »

NIMASA DG assures House of Reps of commitment to ensuring maritime safety, development

  (TRADE NEWSWIRE): The Acting Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Baba Haruna Jauro, has reiterated his commitments to maritime safety and development of the sector, TRADE NEWSWIRE reports. He gave these assurances during a working visit to the agency’s headquarters by the House of Representatives Committee on Maritime Safety, Education and Administration led by Hon. Bago Mohammed ...

Read More »

‘World’s cheapest smartphone’ to be launched in India

NEW DELHI: A little-known Indian company will on Wednesday (Feb 18) launch a smartphone believed to be the cheapest in the world, targeting a market already dominated by low-cost handsets. Set to be priced at under 500 rupees (US$7.30), domestic handset maker Ringing Bells’ Freedom 251 smartphone is about one percent of the price of the latest Apple iPhone. Ringing ...

Read More »

What you need to know about the Supreme Court vacancy- The White House

  (TRADE NEWSWIRE): With the passing of Justice Antonin Scalia, there is now a vacancy that must be filled on the Supreme Court — and President Obama has a Constitutional responsibility to nominate someone to take his place, as contained in a statement obtained from The White House on Thursday, TRADE NEWSWIRE reports. The Supreme Court is a vital institution ...

Read More »

Apple opposes US govt order to create security backdoor for iOS

SINGAPORE: Apple on Wednesday (Feb 17) opposed an order from the United States government to create a version of the iPhone operating system that circumvents “several important security features” and install it on iPhones recovered during investigations. CEO Tim Cook said in the statement: “The US government has asked us for something we simply do not have, and something we ...

Read More »

US planned major cyber attack on Iran if diplomacy failed – NYT

WASHINGTON: The United States had a plan for an extensive cyber attack on Iran in case diplomatic attempts to curtail its nuclear programme failed, The New York Times reported on Tuesday, citing a forthcoming documentary and military and intelligence officials. Code-named Nitro Zeus, the plan was aimed at crippling Iran’s air defences, communications systems and key parts of its electrical ...

Read More »

FDA gives ocrelizumab breakthrough designation for PPMS: Roche

ZURICH: The U.S. Food and Drug Administration has granted breakthrough therapy designation for ocrelizumab (OCREVUSTM) for treating people with primary progressive multiple sclerosis (PPMS), Swiss drugmaker Roche said on Wednesday. There are no approved treatments now for PPMS, a debilitating form of the disease marked by steadily worsening symptoms. “Roche plans to pursue marketing authorization for both PPMS and relapsing ...

Read More »

AstraZeneca wins FDA breakthrough status for key cancer drug

LONDON: The U.S. Food and Drug Administration has granted breakthrough therapy designation to AstraZeneca’s biggest new drug hope ‍durvalumab as a treatment in bladder cancer, the drugmaker said on Wednesday. The experimental medicine is a so-called PD-L1 therapy that fights cancer by boosting the immune system. Breakthrough therapy designation expedites the development and review of medicines intended to treat serious ...

Read More »

WHO issues US$56 million plan to combat Zika virus

GENEVA: The World Health Organization (WHO) said on Wednesday that US$56 million is needed to combat the Zika virus through June, including fast-tracking vaccines and diagnostics. The funds, including US$25 million for the WHO itself, would also be used to control the mosquito-borne virus that has now spread to 39 countries and has been linked to birth defects in Brazil, ...

Read More »

Oman to showcase $35bn tourism vision at ATM

Oman is looking to invest $35 billion in the next 25 years as part of its tourism vision to increase the sultanate’s global appeal with exciting initiatives which will be showcased at this year’s Arabian Travel Market (ATM) in Dubai, UAE, in April. The annual Arabian Travel Market roadshow series returned to Oman last week, as the sultanate continues to ...

Read More »

Saudi Arabia developing over 47,000 hotel rooms

A record 47,431 rooms and 124 hotel projects are currently under development in Saudi Arabia, according to a new report. The majority of projects are in the final construction and pre-opening stages with 52 projects and almost 20,000 rooms set to open to the public throughout the kingdom this year, says the new report by Tophotelprojects commissioned by The Hotel ...

Read More »

High risk of bankruptcy for one-third of oil firms

Roughly a third of oil producers are at high risk of slipping into bankruptcy this year as low commodity prices crimp their access to cash and ability to cut debt, according to a study by Deloitte, the auditing and consulting firm. The report, based on a review of more than 500 publicly traded oil and natural gas exploration and production ...

Read More »

Iran signals tough stance in oil talks

Iran signalled on Wednesday it would take a tough line in talks among oil producers on restraining production, saying it would continue increasing its output until it reached levels seen before international sanctions were imposed. “Asking Iran to freeze its oil production level is illogical … when Iran was under sanctions, some countries raised their output and they caused the ...

Read More »

First U.S. Offshore Wind Crew Boat Hits the Water

    Rhode Island Fast Ferry has announced that the first U.S. offshore wind farm service vessel has now hit the water. The 21-meter (69-foot) high speed catamaran is being built by Blount Boats at Rhode Island in the nation’s north east. The vessel’s electronics are now being tested, and this will be followed by interior work. The vessel is ...

Read More »

Product Tanker May Have Run Over Rock Band’s Car

An official with the Swedish Maritime Administration told public news outlet SVT that the 7,500 gt product/chemical tanker Tellus may have run over the wrecked car of the indie rock band Viola Beach. A collision between a car and a moving vessel is highly unusual; in this case, the car reportedly broke through traffic barriers and ran off a highway ...

Read More »

Crew Missing After Cargo Ship Sinks off Papua

Forteen people are missing after the cargo vessel KM Azula capsized off the coast of Papua last weekend. Indonesia’s Mimika Search and Rescue spokesman said the organization received notice of the casualty on Saturday evening local time. The rescue team located the heavily listing vessel around 20 kilometers from Asmat, but none of the 14 crewmembers were found. KM Azula ...

Read More »

Ukraine Blacklists All Crew Visiting Crimean Ports

Ukraine’s SBU security service has announced that it is blacklisting foreign seafarers who have visited Crimean ports for three years, extending its crackdown on Crimean shipping to individual crewmembers in addition to vessels. Russian-allied rebel forces set up an autonomous government in the Crimea in 2014, effectively resulting in a Russian annexation of the strategic peninsula. As the Ukrainian government ...

Read More »

China Deploys Missile System in South China Sea

The Chinese military has deployed an advanced surface-to-air missile system to one of its contested islands in the South China Sea, Fox News reported on Tuesday, citing civilian satellite imagery. The images, from ImageSat International, show two batteries of eight surface-to-air missile launchers as well as a radar system on Woody Island, part of the Paracel Island chain in the ...

Read More »

Daimler Trucks to cut 1,250 jobs in North America

  FRANKFURT: Daimler Trucks said on Tuesday it would cut 1,250 jobs in North America in response to sliding demand. At the Daimler plant in Cleveland, North Carolina, 550 positions will be cut, a spokeswoman for Daimler said. A further 700 jobs in Mount Holly, North Carolina, will also be eliminated, Daimler said. “We see a fall in demand of ...

Read More »

India tax office threatens to seize Vodafone assets

NEW DELHI: Indian tax authorities have threatened to seize Vodafone’s assets in the country if it does not pay a US$2.1 billion tax bill, the company said Tuesday (Feb 16), the latest twist in a long-running dispute. The UK-based telecoms firm has fought with India’s tax office for years over whether it should pay tax on its US$11 billion purchase ...

Read More »

US to authorise up to 110 daily flights to Cuba

WASHINGTON: The United States and Cuba will sign a bilateral agreement on Tuesday (Feb 16) authorising up to 110 scheduled daily commercial flights to Havana and nine other destinations on the communist island. The deal restores regular flights between the two countries for the first time in more than half a century. Once the accord is signed, US authorities will ...

Read More »

Four oil producers agree on output freeze, talks with Iran to follow

DOHA: Four of the world’s largest crude producers, namely Saudi Arabia, Qatar, Russia and Venezuela, have agreed on Tuesday (Feb 16) to freeze oil production at January levels, provided that other major exporters followed suit. Speaking at a news conference following a closed-door meeting in the Qatari capital, Saudi Arabian Oil Minister Ali al-Naimi said that freezing oil producers’ output ...

Read More »

Futures rise as oil prices stabilize

REUTERS: U.S. stock index futures were higher on Tuesday as Brent crude oil prices hit a 12-day high after four of the world’s largest producers agreed to freeze output. * Oil prices, which has been on a roller-coaster ride this year, rose more than 1 percent after the move by Russia, Saudi Arabia, Qatar and Venezuela to tackle a global ...

Read More »

Apollo Global to buy security services company ADT for US$7 billion

Electronic security services provider ADT Corp said it had agreed to be acquired by funds affiliated with private equity firm Apollo Global Management LLC for US$7 billion. ADT shares rose 52 percent to US$40.88 in premarket trading on Tuesday, just shy of the cash offer price of US$42. After the transaction closes, Apollo will merge ADT with its home security ...

Read More »

Apple Pay to go live in China on February 18

BEIJING: Apple Inc’s Apple Pay mobile payment system will be available in China from February 18 for Industrial and Commercial Bank of China Ltd (ICBC) customers, bank representatives said in social media posts on Tuesday. The technology giant had previously said the system would launch in China in early 2016, making it Apple Pay’s fifth country as it accelerates development ...

Read More »

Pfizer unit to pay US$784.6 mln in Medicaid rebate settlement

Pfizer Inc said its Wyeth unit has agreed to pay US$784.6 million to settle cases related to the calculation of Medicaid rebates for a drug between 2001 and 2006. The claims alleged that Wyeth’s calculation of rebates for Protonix violated the Federal Civil False Claims Act and other laws. Pfizer also said it was reissuing its financial results for the ...

Read More »

Eating lots of fish in pregnancy linked to obesity risk for kids

Pregnant women who eat more than three servings of fish a week – that is, more than the maximum recommended by U.S. health regulators – may face an increased risk of having babies who grow rapidly and become obese in childhood, a research review suggests. Previous research has linked one pollutant in fish – mercury – to damage of the ...

Read More »

3D ‘bioprinter’ produces bone, muscle, and cartilage

Reuters Health – A new method of 3D printing can produce human-sized bone, muscle, and cartilage templates that survive when implanted into animals, researchers report. “It has been challenging to produce human scale tissues with 3D printing because larger tissues require additional nutrition,” Dr. Anthony Atala from Wake Forest School of Medicine, Winston-Salem, North Carolina told Reuters Health by email. ...

Read More »

Genes, bugs and radiation: WHO backs new weapons in Zika fight

LONDON: Countries fighting the Zika virus should consider new ways to fight disease-carrying mosquitoes, including testing the release of genetically modified insects and bacteria that stop their eggs hatching, the World Health Organization said on Tuesday. “Given the magnitude of the Zika crisis, WHO encourages affected countries and their partners to boost the use of both old and new approaches ...

Read More »

Pirates, Traffickers Could Develop Drone Force

Drone technology is constantly improving and becoming more affordable, and a study published late last year warns that pirates and traffickers could potentially develop their own drone air force. The use of drones, combined with GPS tracking and home-made submarines, could negate the need for criminals to outrun naval vessels to escape detection and capture. The warning comes from a ...

Read More »

Drugs and Ivory: Port Officials Kicked Out

Kenya Ports Authority said on Monday it had replaced senior managers at Mombasa port in response to pressure to tackle drug and ivory smuggling at East Africa’s main trade gateway. Masden Madoka, the port’s chairman, said managing director Gichiri Ndua and five other senior managers had been sent into early retirement and several others were likely to follow. There are ...

Read More »

Iran Ships First Oil to E.U., Seeks Growth in Japan

  The National Iranian Oil Company (NIOC) announced Saturday that its first shipment of oil to Europe since the end of sanctions would soon sail. Roknoddin Javadi, the firm’s managing director, told the Shana news agency that NIOC had loaded four million barrels of crude for European destinations. “2 million barrels of the cargo has been purchased by France’s Total and the ...

Read More »

Gazprom Neft Starts New Arctic Logistics Scheme

  The first consignments of oil from the Novoportovskoye and Prirazlomnoye fields have been delivered to the Umba storage tanker, anchored in the Kola Bay, allowing the full-scale utilization of a new logistics scheme for the trans-shipment of oil produced by Gazprom Neft at its Arctic fields. The positioning of this trans-shipment complex in the ice-free Kola Bay means efficiency ...

Read More »

South Korea Triples Imports of Iranian Oil

South Korea’s imports of Iranian crude oil tripled in January from a year earlier with the United States lifting sanctions on Tehran, but shipments remain far below pre-sanction levels, customs data showed on Monday. The world’s fifth-largest crude importer brought 859,223 tonnes of Iranian crude oil last month, or 203,165 barrels per day (bpd), three times higher than 273,626 tonnes ...

Read More »

Iraq eyes Egyptian investors for two industrial cities

  Iraq is aiming to attract Egyptian investors to build two industrial cities as part of plans to construct such projects with the help of other countries, a report said. Iraqi industry and minerals minister Mohammed Al Daraji discussed the plan for the two cities during talks held in Egypt recently, added the Emirates 24/7 report, citing Shafaq News. Al ...

Read More »

Mitsubishi wins $940m order to supply 20 jets

Mitsubishi Aircraft Corp, a unit of Mitsubishi Heavy Industries Ltd, has struck a deal to supply 20 regional jets to US leasing firm Aerolease, its first agreement with a lessor. The Japanese firm has struggled with multiple delays in its effort to enter the regional jet market, currently dominated by Canada’s Bombardier Inc and Brazil’s Embraer SA. Mitsubishi said the ...

Read More »

IIoT could add trillions of dollars to global economy

  The optimised production processes that the Industrial Internet of Things (IIoT) heralds could add trillions of dollars to the global economy and significantly improve long-term job growth by 2030, a report. However, while 84 per cent of global business leaders are confident that they could create new income streams from the Industrial Internet of Things (IIoT), 73 percent still ...

Read More »

Middle East rooms under contract jumps over 42pc

The Middle East reported a 42.8 per cent increase in rooms under contract in January compared to the same period last year with 80,350 rooms in 251 hotels under construction for the month, said a report. Under Contract data includes projects in the in construction, final planning and planning stages but does not include projects in the unconfirmed stage. Currently ...

Read More »

Sukhoi targets sale of 100 jets to Iran

Russia could deliver up to 100 of its Sukhoi Superjet 100 (SSJ 100) short-haul passenger aircraft to Iran, Interfax news agency quoted the vice-president of Russia’s state-controlled United Aircraft Corporation as saying on Tuesday. The lifting of economic sanctions on Iran has brought the Middle East nation back into the global commerce arena, boosting aircraft demand from the region’s carriers ...

Read More »

Oil powers start private talks in Doha

Oil ministers from Saudi Arabia, Russia, Qatar and Venezuela started a closed-door meeting in Doha on Tuesday, sources said, their highest-level discussion in months and a potentially pivotal sign that producers are preparing to tackle a devastating supply glut. An agenda and schedule for the talks were not released, but the ministers are expected to hold a news conference once ...

Read More »

Mother of the nation: Bridal-looking Aisha Buhari clocks 45 presidentially

  (TRADE NEWSWIRE): On February 17, 2016, Mother of the Nation and bridal-looking wife of his Excellency, President Muhammadu Buhari of Nigeria and Commander- In- Chief of the Armed Forces,  Her Excellency,               A – Aisha                                                I – Is                                  ...

Read More »

Turkey denies soldiers entered Syria

Turkish Defence Minister Ismet Yilmaz denied a report that some Turkish soldiers had entered Syria at the weekend and said Ankara was not considering sending troops into its neighbour, the state-run Anadolu Agency reported on Monday. Syria’s government had said Turkish forces were believed to be among 100 gunmen who entered Syria on Saturday with 12 pick-up trucks mounted with ...

Read More »

Airlines reject criticism over high fares

Global airlines countered allegations of profiteering from low oil prices on Monday after renewed criticism that air fares have failed to come down in line with tumbling fuel costs. The head of the International Air Transport Association (Iata) told an audience of airline chiefs and regulators in Singapore that industry profitability remained fragile despite a record $36 billion in airline ...

Read More »

Russia: Better Iran-Saudi Arabia ties would help oil prices – RIA

MOSCOW: Russia wants to see improved relations between Iran and Saudi Arabia at a time when joint action is needed to influence global oil prices, the RIA news agency on Monday quoted Zamir Kabulov, a senior official at Russia’s Foreign Ministry, as saying. “We all need stability on the oil market and a return to normal (crude) prices,” RIA quoted ...

Read More »

Shell pursues transition plan after sealing US$53 billion BG deal

LONDON: Royal Dutch Shell on Monday sealed the US$53 billion (36 billion pounds) acquisition of British rival BG Group to form the world’s top liquefied natural gas company, even as slumping oil prices cast a shadow on the upcoming years of transition. The success or otherwise of the complex merger will define the legacy of Shell Chief Executive Ben van ...

Read More »

Stress and the City: Britain’s bank workers buckle under pressure

LONDON: Dwindling job security, heavier workloads, regulatory upheaval and the poor public image of the banking sector are taking a toll on the mental health of Britain’s bank workers. Eight years after the global financial crisis, stress in the industry has pushed up demand for insurance to protect revenues against the cost of paying staff too sick to work, insurance ...

Read More »

HSBC keeps headquarters in London, rejects move to Hong Kong

LONDON/HONG KONG: Banking group HSBC Holdings has decided to keep its headquarters in Britain, rejecting the option of shifting its center of gravity back to its main profit-generating hub Hong Kong after a 10-month review. The decision by HSBC’s board, which Europe’s biggest bank said was unanimous, gives a boost to London’s status as a global financial center, under threat ...

Read More »

What makes a country happy?

A country’s economic growth only makes its citizens happier if the gains are evenly spread, a London Business School expert said, warning that a narrow focus on GDP is leading to myopic economic policy. “Our research provides an explanation for one of the most puzzling findings in the social sciences over the past half century: an increase in wealth not ...

Read More »

Euro Motors offers deal on Jaguar, Land Rover

Euro Motors, the exclusive dealer and distributor for Jaguar Land Rover in Bahrain, has launched its latest promotional campaign on the Jaguar XE and the Land Rover Discovery Sport with easy monthly instalments. Under the features of the latest campaign introduced by Euro Motors Jaguar Land Rover, the All-New Jaguar XE is made available at a price of BD159 ($408) ...

Read More »

DHA receives over one million patients in 2015

The Dubai Health Authority (DHA) has announced that its hospitals and specialty centres received more than one million patients in 2015. Dr Ahmad Bin Kalban, CEO of Hospital Services Sector at the Dubai Health Authority, said: “In 2015, the four DHA run hospitals and specialty centres received over one million patients. This number includes outpatients, accident and emergency cases, walk-in ...

Read More »

Etisalat Q4 net profit rises 2.7pc

Abu Dhabi-listed Etisalat reported a 2.7 per cent increase in fourth-quarter net profit on Sunday, according to Reuters calculations. Etisalat, which directly and indirectly operates in about 18 countries across the Middle East, Africa and Asia, made a net profit of Dh2.32 billion ($632 million) in the three months to December 31, Reuters calculated based on the firm’s full-year earnings ...

Read More »

ADIB offers new merchant solution to SMEs

Abu Dhabi Islamic Bank (ADIB), a leading financial institution, launched a full merchant solution that consists of bundled products and services that cater to the various financial and transactional needs of SMEs in the UAE. The package offers the ADIB Point-of-Sale (POS) machine, which helps businesses to accept card payments in their outlets, an ADIB Business Merchant Account with a ...

Read More »

Tatweer Petroleum launches solar power plant

A one-megawatt solar power plant was among three key projects launched by Tatweer Petroleum yesterday (February 14). Energy Minister and Tatweer Petroleum chairman Dr Abdulhussain Mirza inaugurated the projects at various Tatweer Petroleum facilities in the presence of board of directors, officials from the National Oil and Gas Authority, nogaholding and Bapco, said a report in the Gulf Daily News ...

Read More »

JLL to launch new housing index for Jeddah

Leading real estate expert JLL has signed an agreement with the Jeddah Chamber of Commerce and Industry (JCCI) to jointly launch a new housing index for the city. The ‘JLL-JCCI Jeddah Housing Index’ is intended to collect, consolidate and share data on the housing market in Jeddah, thus bringing considerable transparency for investors and other participants in the city’s residential ...

Read More »

Iran offers mining riches, but investors cautious

Iran’s rich deposits of zinc, copper, gold and other minerals are tempting international investors after the lifting of Western sanctions, but development of the sector will take time and problems will have to be overcome. A slump in metals prices and uncertainty about working with the Tehran government, which controls virtually all the country’s mines, means that many foreign mining ...

Read More »