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Monthly Archives: March 2016

McDonald’s to add more than 1,500 outlets in China, HK, Korea

REUTERS: McDonald’s Corp said on Thursday it planned to add more than 1,500 restaurants in China, Hong Kong and South Korea over the next five years as it focuses on high-growth markets to boost sales. The company also said it was looking for franchisee partners in those markets, where it already has more than 2,800 restaurants, most of them company-owned. ...

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S&P cuts China’s sovereign credit outlook to negative from stable

SINGAPORE: S&P has cut its outlook for China’s sovereign credit rating to negative from stable, with the current rating standing at AA-, the agency said in a statement on Thursday (Mar 31). S&P attributed the decision to concerns that economic rebalancing is likely to proceed more slowly than expected. “We revised the outlook to reflect our expectation that the economic ...

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Takata says report of estimated air bag recall costs untrue

TOKYO: Takata Corp on Thursday (Mar 31) denied that it had calculated the estimated costs of a global recall of its potentially faulty air bag parts, after a Bloomberg News report that it could face US$24 billion in costs in a worst-case scenario. “We have not announced anything to the effect of the report, and it is untrue that we ...

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With Galaxy S7, Samsung rediscovers its mobile mojo

Early indications of stronger-than-expected sales of new Galaxy S7 smartphones suggest technology giant Samsung Electronics Co Ltd is emerging from a two-year decline at its flagship mobile business. Squeezed by Apple in premium products and undercut by Chinese rivals like Huawei in cheaper devices, Samsung’s smartphone profits and global market share have fallen and sapped momentum at South Korea’s most ...

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Where’s the lane? Shabby roads confuse self-driving cars

Volvo’s North American CEO, Lex Kerssemakers, lost his cool as the automaker’s semi-autonomous prototype sporadically refused to drive itself during a press event at the Los Angeles Auto Show. “It can’t find the lane markings!” Kerssemakers griped to Mayor Eric Garcetti, who was at the wheel. “You need to paint the roads here!” Shoddy infrastructure has become a roadblock to ...

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Mubadala profit up 12.4pc; revenues hit $9.3bn

Mubadala Development Company (Mubadala), th$9.3bne Abu Dhabi-based investment and development company, posted a 12.4 percent rise in 2015 profit, aided by higher income from investments and a one-off gain. Unlisted Mubadala is among the few state-controlled firms of Abu Dhabi to publish results. It has stakes in General Electric and private equity firm Carlyle, among others, and interests including energy ...

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Taqa slashes 2016 capital expenditure

Abu Dhabi National Energy Company (Taqa) has slashed its proposed capital expenditure for 2016 despite reporting on Thursday a narrower fourth-quarter loss, as the company is impacted by lower oil prices. Global oil firms have been scaling back investments and cutting costs to cope with a slump in the price of crude. Taqa, 75 percent owned by the government of ...

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Opec output rises in March over Iran, Iraq growth

  Opec oil output is rising in March as higher supply from Iran after the lifting of sanctions and near-record exports from southern Iraq offset maintenance and outages in smaller producers, according to a new report. Opec oil output is rising in March, a Reuters survey found, as higher supply from Iran after the lifting of sanctions and near-record exports ...

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Arbitration Begins in Enrica Lexie Dispute

India and Italy began arguments in a case before the Permanent Court of Arbitration at the Hague over the custody of an Italian marine accused of shooting Indian fishermen during the Enrica Lexie incident in 2012. Sergeant Salvatore Girone is presently detained in India on murder charges over the shooting, which resulted in the deaths of two Indian fishermen. Girone ...

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Production Milestone for Russia’s Prirazlomnoye Field

This month, the 10-millionth barrel of oil was produced at the Prirazlomnoye oilfield located on the Russian Arctic Shelf. Shipment of the landmark barrel was completed by the Mikhail Ulyanov tanker on March 10, the 22nd consignment since commercial production started at the field. According to Gazprom Neft Shelf, the company plans to double production at the field in 2016. ...

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Migrant Arrivals in Italy Spike in Early 2016

The number of refugees reaching Italy by sea is rising this year, with about 60 percent more arrivals through March than during the same period in 2015, says Italy’s interior ministry. The majority were rescued at sea off the coast of Libya by an international maritime task force and brought ashore in Sicily. E.U. rules requiring deportation of unregistered migrants ...

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Maersk and Sevan Report Rig Contract Cancellations

Sevan Drilling and Maersk Drilling both announced contract cancellations for drilling rigs early this week, adding to the growing roster of semi-submersibles and drillships taken off-hire ahead of schedule as E&P firms act to cut costs. Ultradeepwater drilling firm Sevan announced that it had reached an agreement on March 30 to cancel its contract with Petrobras for the services of ...

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More Deals in Readiness for Seabed Mining Boom

  The International Seabed Authority has signed its first exploration contract for seabed mining for 2016. The deal was signed with the U.K. Seabed Resources Limited (UKSRL) and involves a 15-year contract for the exploration of polymetallic nodules in the eastern part of the Clarion-Clipperton Fracture Zone in the Pacific Ocean west of Mexico. The area allocated to the contractor ...

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Row over Marines Who Shot Fishermen Continues

On Wednesday, the European Union and India failed to defuse a long-running row over two Italian marines accused of murder and the case moved to an international tribunal after four years of diplomatic squabbles. At a joint summit in Brussels, held after delays imposed by Italy, the Indian Prime Minister Narenda Modi and E.U. leaders maintained their positions over the ...

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Former Sea Shepherd Vessel Heads for Scrapyard

The derelict former Sea Shepherd vessel Farley Mowat has shuttled between multiple Canadian ports over the past eight years as her current owners determine what to do with her hull. Following a costly sinking and refloating last summer, she must be removed from the port of Shelburne, Nova Scotia – or face fines. The vessel was seized at gunpoint by ...

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BP Signs Kuwait Deal, Plans More Layoffs

BP and Kuwait Petroleum Corporation (KPC) signed a framework agreement on Wednesday to explore possible joint opportunities for investment and cooperation in future oil, gas, trading and petrochemicals ventures. Signed by BP chief executive officer Bob Dudley and KPC chief executive officer Nizar Mohammad Al-Adsani, the agreement paves the way for both companies to jointly invest and cooperate in oil ...

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Africa to Get First Automated Container Terminal

  The world’s third largest port operator APM Terminals said it will invest 758 million euros ($858.3 million) in a new transhipment terminal in Tangier, Morocco, that will be the first automated terminal in Africa. APM Terminals, a unit of Denmark’s shipping and oil group A.P. Moller-Maersk, has been named as the operator of the new container transshipment terminal at ...

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Sea Shepherd Urges China to Arrest Fishing Vessel

Sea Shepherd has announced that the fishing vessel it has been following has now entered a Chinese port and should be arrested. On March 29, at 2027 UTC, the illegal fishing vessel Fu Yuan Yu 076 entered the port of Zhuhai in Guangdong Province in position 22 Degrees 02 Minutes (North); 113 Degrees 04 Minutes (East). This is the second ...

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Indonesia Unveils Port Reforms

The amount of time it takes for imports to clear Indonesian ports will be reduced to 3.7 days from 4.7 days under new reforms of procedures, the chief economics minister said. The port changes were announced on Tuesday as part of an eleventh package of measures President Joko Widodo’s government has rolled out since September to try to improve the ...

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Mexico Sets Low Local Content Rule

  Oil companies operating in Mexico’s deep waters must use national suppliers for eight percent of the projects by 2025, the government said on Tuesday, a relatively low rate meant to encourage foreign and private firms to bid on contracts.Mexico’s oil regulator has scheduled its first-ever deep water auction in early December for 10 blocks in the Gulf of Mexico, ...

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The Lion of Africa: Asiwaju Bola Ahmed Tinubu’s 64th birthday speech

(TRADE NEWSWIRE): 1. I thank everyone for taking part in this important symposium. The importance of this event is not that it comes on my birthday. It is due to the topic explored and the richness of the contributions made in this regard. I am simply honored that you would use my birthday as a platform for this vital national ...

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Biosimilar drugs could save up to US$110 billion by 2020: IMS

LONDON: Lower-cost copies of complex biotech drugs, known as biosimilars, could save the United States and Europe’s five top markets as much as 98 billion euros (US$110 bln) by 2020, a new analysis showed on Tuesday. Realizing those savings, however, depends on effective doctor education and healthcare providers adopting smart market access strategies, the report by IMS Institute for Healthcare ...

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Cyber-attacks ‘remain top IT threat’

Cyber-attacks remain a top threat, followed by data breaches and unplanned IT and telecom outages, according to a new report. Risks faced by an organisation can range from minor threats to large crises that can threaten your reputation and ultimately your business, said the fifth annual BCI Horizon Scan research study produced in association with BSI (British Standards Institution). The ...

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Ericsson, MIT collaborate on autonomous car

Ericsson has announced an agreement with the Massachusetts Institute of Technology (MIT) System Design and Management (SDM) program to jointly create innovative solutions for Ericsson’s Autonomous Driving – Predictive Mobility project. The collaboration is a result of significant student interest expressed via a vote at MIT SDM’s annual SDM Project Forum and Core Technology Showcase, held in January at the ...

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Drydocks World launches new happiness initiative

Drydocks World, an international service provider to the shipping, offshore, oil, gas and energy sectors, has launched a new happiness initiative in line with the company’s change and growth agenda. Inspired by the leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the new role of ‘happiness manager’ ...

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UAE-UK work towards new $35bn annual trade

The UAE-UK Business Council has begun working towards an ‘ambitious’ new goal of £25 billion ($35.3 billion) annual trade by 2020, according to David Cameron the British prime minister. The global publishing, research and consultancy firm Oxford Business Group (OBG) said the new trade target was set after the council reached its earlier objective of £12 billion annual trade two ...

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A head start on the transition to VAT in GCC

Although the introduction of value added tax (VAT) in the GCC in 2018 may seem like a long way off, there are sensible ways businesses can start preparing now – by assessing how it will impact them, according to experts. Experts also highlighted the importance of undertaking a capability assessment of the existing systems to manage VAT at a recent ...

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Dubai Parks and Resorts eyes $457m capital hike

Dubai Parks and Resorts said it aims to raise its capital by Dh1.68 billion ($457 million) to finance the development of a Six Flags Dubai theme park within its leisure and entertainment destination coming up on a 16-million-sq-ft area in the UAE. Planned to open in the fourth quarter of 2019, the proposed Six Flags Dubai will be the fourth ...

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HIJACK: Most EgyptAir passengers freed

A man thought to be strapped with explosives hijacked an Egyptian plane on a flight between Alexandria and Cairo on Tuesday and forced it to land in Cyprus, Egyptian officials said. After the EgyptAir plane landed at Larnaca airport, the hijacker released all the people onboard except five foreign passengers and the crew, EgyptAir said. About 60 people, including seven ...

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The Lion of Africa: Asiwaju Bola Ahmed Tinubu clocks 64 years conquerously

  (TRADE NEWSWIRE): The National Leader of the governing party in Nigeria, The All Progressives Congress and a Political Strategist par Excellence, Asiwaju Bola Ahmed Adekunle Akanbi Tinubu, clock 64 years conquerously on 29th of March, 2016, TRADE NEWSWIRE reports. Asiwaju Tinubu, the Jagaban Borgu, who is now THE LION OF AFRICA and not even of Bourdilon as slanderously tagged, ...

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US approves US$3.2 billion sale of Boeing P-8A patrol planes to UK

WASHINGTON: The U.S. government has approved the sale of up to nine Boeing Co P-8A Poseidon maritime patrol planes to Britain in a deal valued at up to US$3.2 billion, the U.S. Defense Department said Friday. The Pentagon’s Defense Security Cooperation Agency (DSCA), which oversees foreign arms sales, notified Congress about the potential sale on Thursday. Lawmakers now have 15 ...

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Sharp, Foxconn to sign deal next week: sources

TOKYO: Sharp Corp and Taiwan’s Foxconn are set to sign a takeover deal next week after repeated delays, with the two sides set to agree on a smaller bailout than originally planned for the troubled Japanese electronics maker, two sources familiar with the talks said on Saturday. The two companies will hold board meetings on Wednesday to approve the deal ...

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British EU exit campaign backed by 250 business leaders

LONDON: The campaign for Britain to leave the EU has been backed by 250 business leaders including the former chief executive of HSBC, the Vote Leave group said on Saturday, hoping to counter the view that UK businesses back staying in the bloc. The camps arguing for and against Britain staying in the European Union ahead of a referendum on ...

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Forex trade muted as Easter holiday begins

NEW YORK: Foreign exchange trading was muted on Friday (Mar 25) as many markets were shuttered for the Easter holiday, but the dollar earned a boost from a better-than-expected upgrade of fourth quarter US growth. The dollar pushed up to US$1.1164 per euro at 2200 GMT, and ¥113.08, after the final estimate of GDP for the last quarter of 2015 ...

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Microsoft meets with private equity over Yahoo deal

Healdsburg, CALIFORNIA: Microsoft Corp executives are in early talks with potential Yahoo Inc investors about contributing to financing to buy the troubled Internet company, a person familiar with the situation said. The talks are preliminary, the person added, and Microsoft is focused on preserving the relationship between the two companies. Microsoft and Yahoo have longstanding search and advertising agreements. Private ...

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Driving to work linked to a fatter middle age

Choosing an active way to get to work could make a big difference in how much weight creeps on in middle age, a large U.K. study suggests. Studying tens of thousands of commuters over age 40, researchers found that people who drove to work weighed more and had a higher percentage of body fat than those who got to work ...

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Popular music often takes negative view of aging

Music can powerfully influence mood, and for older people, the negative depictions of aging in most popular music can be a downer, researchers say. They analyzed images of aging conveyed in 76 songs whose lyrics invoke the topic. Most images were negative, they found. “We’re aware that the number of people over age 60 will probably double by 2050, and ...

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Brussels airport will not re-open before Tuesday: Statement

BRUSSELS: Brussels airport will not reopen before Tuesday as it implements new security measures and repairs the departure hall wrecked by a suicide bomb attack earlier this week, it said Saturday (Mar 26). “Passenger flights at Brussels Airport will not resume before Tuesday, Mar 29,” Zaventem airport said in a statement. “Brussels Airport is starting preparations to partially resume passenger ...

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Russia’s Alfa to sell Turkcell stake for $2.7bn

  Russia’s Alfa Telecom said on Friday it was ready to sell a 13.22 per cent indirect stake in Turkcell to Turkey’s Cukurova and Ziraat Bank for a total of around $2.7 billion, according to a statement to the Istanbul bourse. The announcement is the latest twist in a dispute over control of Turkey’s top mobile operator which stretches back ...

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Starboard in proxy fight to remove entire Yahoo board

Activist hedge fund Starboard Value LP moved on Thursday to overthrow the entire board of Yahoo, including chief executive Marissa Mayer, who has struggled to turn around the company in her nearly four years at the helm. Starboard, which has been pushing for changes at Yahoo since 2014 and owns about 1.7 per cent of the company, said it would ...

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Brussels police arrest three more over attacks

Belgian police arrested three more people on Friday as investigations into Tuesday’s suicide bombings by Islamist militants in Brussels threw up more links to killings in Paris last year. The federal prosecutor’s office said the operation was connected to the arrest in Paris on Thursday of an Islamist convicted in Belgium last year and suspected of plotting a new attack. ...

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Indonesian Lawmakers Call for New Base in S. China Sea

  Indonesia’s House of Representatives has called for the construction of a new military base in the Natuna Islands as a bulwark against Chinese expansion in the South China Sea. The House’s Commission on Defense and Foreign Affairs called for a new base following a diplomatic incident on March 19, in which an Indonesian patrol boat attempted to arrest a ...

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Energy-Absorbing Steel Offers Higher Rupture Limits

While retaining the same yield and tensile strength and weldability as conventional steels, highly ductile steel (HDS) is distinguished by greater ductility. The consequence is that HDS plate has been shown to be able to absorb significantly more energy than its conventional counterpart without rupturing, should it be involved in a 90 degree collision. This is clearly significant for ship ...

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Stripping Cost out of Australian Gas

The commercial start-up of Train 1, scheduled for Q4 2015 at Australia Pacific LNG’s (APLNG) Curtis Island facility, will have been yet another important milestone for the country’s gas export ambitions. The multi-billion dollar plant in Queensland produces LNG from coal seam gas (CSG). LNG’s environmental advantages over coal are additional selling points in markets that see natural gas as ...

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Two Tankers in a Race for First U.S. Oil to Japan

[Brief] Two oil tankers are racing toward the southern tip of Argentina in a bid to be the first to ship U.S. crude to Japan since a longstanding ban was lifted late last year. One of the vessels, a Suezmax booked by Japanese refiner Cosmo Oil, is carrying West Texas Intermediate (WTI) crude, a source familiar with the matter said ...

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Japanese Whalers Return with 333 Whales

  In a statement released today, the Institute for Cetacean Research (ICR), the body behind the Japanese government’s whaling program, announced the return of the Japanese whaling fleet from its Antarctic operations. It is the first time that the Japanese whalers have returned to the Southern Ocean to slaughter whales since the International Court of Justice (ICJ) ruled its whaling ...

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2016 Budget: Presidency, ministry hail lawmakers

The Presidency and the ministry of budget and planning yesterday commended the National Assembly for passing the 2016 Appropriation Bill. Special Adviser to the President on National Assembly Matters (Senate) Sen. Ita Enang, told reporters that the expeditious consideration and passage of the bill is laudable. He commended the Senate and House committees on appropriation and the sub-committees for working ...

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ExxonMobil Must Allow Climate Change Vote

The U.S. Securities and Exchange Commission has ruled ExxonMobil must include a climate change resolution on its annual shareholder proxy, a defeat for the world’s largest publicly traded oil producer, which had argued it already provides adequate carbon disclosures. In a Tuesday letter to Exxon seen by Reuters, the SEC said the oil producer cannot keep a proposal spearheaded by ...

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Mozambique Debris Likely to be from MH370

Australia said on Thursday debris recovered this month in Mozambique was highly likely to be from missing Malaysia Airlines flight MH370, while Malaysia called for a stepped up search of Africa’s coast for clues to the plane’s fate. Official analysis found two pieces of debris were “almost certainly from MH370”, Australian infrastructure and transport minister Darren Chester said in a ...

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Shipping Industry Confidence Index Hits Record Low

On Wednesday, shipping advisers Moore Stephens reported that overall confidence levels in the industry fell to a record low in the three months ending February 2016, according to the results of the firm’s Shipping Confidence Survey. Overall, respondents reported a confidence level of 5.0 out of 10 for the markets in which they operate, compared with a 5.6 out of ...

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NIMASA set to leverage on Cabotage Act for development of indigenous ship operators

  (TRADE NEWSWIRE): As part of efforts to make Nigeria the hub of maritime activities in Africa as pledged by the Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, on assumption of office , the agency is set to build the required capacity of indigenous ship operators by leveraging on Cabotage Act to that effect, TRADE ...

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TO PRESIDENT MUHAMMADU BUHARI: PROPOSAL ON HOW TO STOP RELIGIOUS EXTREMISM FOR PEACE TO REIGN IN NIGERIA

  Your excellency sir BY: SULAIMAN ADENEKAN B.Sc (Hons) Bus Admin, MBA (Marketing), MNIMN, arpa COMPANY: TRADE NEWSWIRE (www.tradenewswire.net) POSITION: A STRATEGIST/ PUBLISHER E-MAIL: sulaimanadenekan@yahoo.com PHONE: +234 8099400135, 8024437214 NOTE: The information below is my personal and humble opinion that was drafted in 2012 as a concerned citizen of Nigeria; this proposal welcomes review, criticism, correction and condemnation from the ...

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Belgians identify two suspected bombers

Belgian police identified two suspected Islamic State suicide bombers captured on security cameras before they struck Brussels Airport on Tuesday in the first of two attacks that also hit the city’s metro, public broadcaster RTBF said on Wednesday. The death toll in the attacks on the Belgian capital, home to the European Union institutions and NATO, rose to at least ...

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Iran could join oil output freeze plan later: Al-Badri

Iran may join other oil producers planning to freeze production to support prices at a later date, Opec’s secretary general said, since the country is seeking to raise its exports. Producers from the Organization of the Petroleum Exporting Countries and non-members are due to meet on April 17 in Qatar discuss the output freeze. But Iran is seeking to increase ...

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The world’s most expensive places to buy water

Papua New Guinea is the most difficult and expensive place in the world to access clean water, forcing the poor to spend more than half their income on this essential resource, a charity said on Tuesday. Some 650 million people do not have access to clean water, and often have to make do with much less than the 50 litres ...

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Makkah leads in new hotel construction in Saudi Arabia

The holy city of Makkah is leading hotel development in Saudi Arabia with 24,133 rooms currently in the construction pipeline, according to a new report. Riyadh follows with 10,053 rooms and Jeddah with 6,980 rooms under development, with the majority of rooms forecast to open over the next five years, says the new report by Tophotelprojects commissioned by The Hotel ...

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Bulker Goes Aground in Columbia River

The U.S. Coast Guard Thirteenth District reports that the 620-foot Panamanian-flagged bulk carrier Sparna went aground in a narrow stretch of the Columbia River near Cathlamet, Washington, just after midnight on Monday. The Sparna has taken on water in void spaces, but authorities believe the vessel’s fuel tanks were not damaged in the incident. “The positive news so far is ...

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Allianz: Marine Casualties Stay Low in 2015

  On Monday, Allianz Global Corporate & Specialty released its numbers for shipping casualties for 2015, and total losses are down, continuing a promising trend. 2015 is the second year running with annual losses below 100 vessels, and the third such year in the past five. Overall, losses are down by nearly half over the past decade, reflecting an increasingly robust safety culture, Allianz ...

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Death Ship: “Gaping Hole” in Australian Security

  Australia’s Senate inquiry into flag of convenience shipping has issued the Department of Immigration and Border Protection a ‘please explain’ over why it allegedly allowed the captain of the Sage Sagittarius to slip into Australia unchecked. Captain Venancio Salas, the former captain of the Sage Sagittarius had returned to Australia on board the bulk carrier Kypros Sea in February. ...

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North Korea Getting Fired Up for Liberation

North Korea fired five short-range projectiles into the sea off its east coast on Monday, South Korea’s military said, amid heightened tension over the isolated country’s nuclear and rocket programs. The unidentified projectiles were launched from south of the city of Hamhung and flew about 200 kilometers (120 miles), landing in waters east of North Korea, South Korea’s Joint Chiefs ...

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Poland Could Become Gas Trading Hub

A new LNG terminal and a planned pipeline to Norway will help Poland to reduce its reliance on Russian supplies and boost its goal of becoming a regional gas trading hub, government and utility officials said on Monday. Poland, which for more than four decades was part of the Moscow-led Soviet bloc, imports most of the gas it consumers from ...

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Sea Shepherd Names New Patrol Vessel

Sea Shepherd Global has named its new patrol vessel Ocean Warrior under construction at Damen Shipyards Antalya in Turkey. The ship name was selected by a panel of representatives from Sea Shepherd and the Dutch Postcode Lottery, from over 1,400 entries in Sea Shepherd’s Name Our New Patrol Vessel competition. Because of multiple entries of the winning name, a supervised ...

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Europe Will Return Migrants to Turkey

    E.U. and Turkish leaders have agreed a comprehensive plan that they believe opens a safe and legal route to the E.U. for Syrian refugees while reducing irregular migration. The plan comes into effect on March 20. The agreement finalizes the one-for-one principle that E.U. leaders and Turkey provisionally agreed on March 7: all new irregular migrants crossing from ...

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Carnival Heads to Cuba

  Cuban authorities have granted approval for Carnival Corporation to begin travel to Cuba starting on May 1, 2016. Following U.S. authorization granted in July 2015, Carnival Corporation is now cleared to operate the 704-passenger MV Adonia to Cuba through its newest brand Fathom. This marks the first time in over 50 years a cruise ship is approved to sail from ...

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#PassNigerias2016BudgetWithoutFurtherDelay

  To National Assembly Members, Federal Republic of Nigeria, Abuja. ‘Pass Nigeria’s 2016 Budget without further delay’ (TRADE NEWSWIRE): I humbly appeal to the distinguished Members of the Senate and Honorable Members of the House of Representatives to patriotically pass the 2016 budget without further delay as part of your legislative responsibilities to Nigerians and Nigeria, TRADE NEWSWIRE reports. It ...

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Statoil Launches Battery Storage for Offshore Wind

  A new battery storage solution for offshore wind energy will be piloted in the world’s first floating wind farm, the Hywind pilot park off the coast of Peterhead in Aberdeenshire, Scotland. Batwind will be developed in co-operation with Scottish universities and suppliers, under a new Memorandum of Understanding (MoU) signed in Edinburgh on March 18 between Statoil, the Scottish ...

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Submarine Surfaces Through Arctic Ice

  The submarine USS Hartford was filmed surfacing in the Arctic Circle near Ice Camp Sargo during Ice Exercise (ICEX) 2016.USS Harford is one of two Los Angeles-class submarines that arrived at U.S. Navy Ice Camp Sargo, a temporary station on top of a floating ice sheet in the Arctic, March 14, as part of ICEX. USS Hartford (SSN 768) ...

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All 62 dead as Flydubai plane crashes in Russia

  All 62 people aboard a passenger jet flying from Dubai to southern Russia were killed when their plane crashed on its second attempt to land at Rostov-on-Don airport on Saturday, Russian officials said. Russia’s emergencies ministry said the aircraft, a Boeing 737-800 operated by Dubai-based budget carrier Flydubai, crashed at 03:50 (0030 GMT). Most of those aboard were Russian. ...

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To President Muhammadu Buhari: Proposal for Economic Development in Nigeria

  Your excellency sir, (TRADE NEWSWIRE): As intelligence gathering is of importance to security management of a country, so is intelligence also important to economic management of a country, TRADE NEWSWIRE reports. There cannot be effective security without security intelligence gathering; likewise economic development and advancement of a country might not be feasible without economic intelligence gathering especial with various ...

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War, disasters disrupt education of 80 million

At least 80 million children living in areas affected by war or natural disaster had their education disrupted last year, leaving them prey to child labour, trafficking and extremism, experts said on Thursday. Many humanitarian aid appeals for 2015 ignored education, and aid appeals for education were only one-third funded. Overall, education received 1.4 per cent of all humanitarian funds, ...

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Investors missing out on emerging equity gems

Indian airlines, Brazilian chemical producers and Turkish car makers are just some of the emerging market firms thriving thanks to low commodity prices, and yet investors are often slow to catch on due to the asset class’s dismal overall performance. With emerging equities underperforming developed markets for five years running, investors have perhaps been too ready to lump all such ...

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Oil rises 2pc after supplier meeting agreed

Oil futures rose 2 per cent in Asian trade on Thursday, adding to strong gains in the previous session after the world’s biggest suppliers firmed up plans to meet to discuss an output freeze. Oil producers including Gulf Opec members support holding talks next month on a deal to keep production at current levels even if Iran declines to participate, ...

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Saudi Aramco, Shell to break up US joint venture

Shell and Saudi Aramco have announced plans to break up Motiva Enterprises LLC and divide up the assets, almost two decades after forming the US oil refining and marketing joint venture. The split comes after early signs of the break-up emerged last summer when Motiva set up its own oil products trading business separate from Shell. In the proposed division ...

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DP World 2015 revenue tops $3.9bn, up 16.3pc

Dubai-based DP World, a leading enabler of global trade, has posted revenue of $3.9 billion for 2015, as against $3.4 billion during the previous year, marking an increase of 16.3 per cent. Adjusted EBITDA increased 21.4 per cent, delivering profit of $883 million attributable to owners of the company, an increase of 30.7 per cent, and EPS of $1.063. The ...

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Hoegh Osaka Grounding Blamed on Shortcuts

The U.K. Marine Accident Investigation Board’s investigation of the listing, flooding and grounding of pure car and truck carrier Hoegh Osaka on January 3, 2015, is now published. The Singapore registered pure car and truck carrier (PCTC) Hoegh Osaka was departing Southampton, U.K., and turning to port around the Bramble Bank when the ship developed a significant starboard list. As ...

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German Builder Says Build Submarines in Australia

Australia’s new A$50 billion ($38 billion) submarine fleet should be built entirely within Australia, ThyssenKrupp AG’s shipbuilding unit said on Thursday, making the German firm the first bidder to publicly endorse domestic construction as the best option. Germany is up against Japan and France for one of the world’s most lucrative defense contracts. Each was required under the terms to ...

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Canadian Tug Losses Increasing

The Canadian west coast is very dependent on tug and barge transportation, and it has witnessed a significant increase in tug boat losses in 2015. Proportionately, year on year, 2015 is remarkably high as six tugs have sunk, in nine incidents involving the vessels. In 2014, only two tugs sank out of 11 incidents; and in 2013, only two out ...

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Argentine Forces Sink Fishing Vessel with Cannon Fire

Argentina’s coast guard has sunk a Chinese trawler that was fishing illegally within its territorial waters, the coast guard said on Tuesday, marking a first test for relations between President Mauricio Macri and Beijing. A coast guard vessel pursued the fishing vessel Lu Yan Yuan Yu 010 toward international waters in a high-seas chase on Monday, firing warning shots across ...

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Oil output freeze meeting on April 17 in Doha

  Opec and non-Opec oil producers plan to hold their next meeting on a plan to freeze output levels in a bid to support prices on April 17 in the Qatari capital Doha, two sources told Reuters on Wednesday. The meeting will be held even without Iran, Opec sources said, as political pressure to prop up prices increases. On Monday, ...

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Fatigue Implicated in Tanker Grounding

  In its investigation report released on Tuesday, the Transportation Safety Board of Canada (TSB) determined that fatigue contributed to helm orders being incorrectly applied causing the tanker Nanny to make bottom contact in Chesterfield Inlet, Nunavut in October 2014. No pollution or injuries were reported, but there was damage to the vessel’s ballast tanks, including a crack that allowed ...

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Aker and Transocean Announce New Layoffs

Offshore services firm Aker and rig operator Transocean announced new rounds of layoffs on Monday and Tuesday, adding to an extensive list of job losses in offshore oil. On March 15, Switzerland-based Transocean said that it intends to cut 80 positions from the drillship Discoverer Americas, idled due to market conditions. The losses are in addition to another 190 offshore ...

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Mekong Nations Take on Golden Triangle Narco-Empire

  The Lao People’s Army patrol boat was custom-made in China with night-vision capability and two of the most powerful engines on this remote stretch of the Mekong River. Today, like most days, it sits idle for lack of gasoline, guarded by a single Laotian soldier in flip-flops. Even occasional patrols by boats like these, supplied by China to Laos ...

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Somali Militants Seize Puntland Port

  Somali al Shabaab fighters have seized a small port in the semi-autonomous Puntland region, the latest sign of a resurgence in activity by the Islamist militants in the Horn of Africa nation. A series of offensives last year by the African Union force AMISOM and the Somali National Army had driven al Shabaab out of major strongholds in the ...

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New Regulations for Cruising in Greenland

At the end of 2015 three new orders were issued regarding passenger vessels sailing in the waters of Greenland: Act regarding Safe navigation for Greenland Act regarding Activities and obligations of pilots around Greenland Pilotage around Greenland The new regulations are the result of a process that has been going on since 2012, during which time the Association of Arctic ...

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Offshore Shipbuilder VARD Secures Cruise Ship Order

Norwegian offshore shipbuilders VARD have announced a deal with French luxury cruise company PONANT for the construction of four luxury expedition cruise vessels, for delivery in 2018 and 2019. With the new agreement, VARD joins the ranks of a growing number of offshore and specialty shipyards looking to expand into the cruise sector. Orders for the OSV, AHTS and subsea ...

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China Opens South China Sea Tsunami Alert Center

China has set up a tsunami alert center in the South China Sea, the head of the country’s maritime regulator said on Wednesday, in Beijing’s latest effort to bolster its jurisdiction in the disputed waters. China claims most of the energy-rich waters through which about $5 trillion in ship-borne trade passes every year. Neighbors Brunei, Malaysia, the Philippines, Taiwan and ...

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Peterside pledges to reposition NIMASA for impactful maritime sector on assumption of duty

  (TRADE NEWSWIRE): The Director General and Chief Executive Officer of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Adolphus Peterside, has pledged to reposition the agency to enable it impact positively on the nation’s maritime sector and the economy in general, TRADE NEWSWIRE reports. Peterside, said this on assumption of duty as NIMASA DG at the agency’s ...

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Environment behind nearly quarter of global deaths: WHO

  GENEVA: One in four deaths worldwide are due to environmental factors like air, water and soil pollution, as well as unsafe roads and workplace stress, the World Health Organization (WHO) said on Tuesday (Mar 15). An estimated 12.6 million people died in 2012 as a result of living and working in unhealthy environments, 23 per cent of all deaths ...

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First Dual-Fuel, Air Lubricated Cruise Ship Delivered

  AIDA Cruises took delivery of its first new generation ship from Mitsubishi Heavy Industries in Nagasaki during a formal ceremony on Monday. After the ceremony the AIDAprima set sail from the Nagasaki Shipyard heading to Hamburg, Germany. The AIDAprima is the world’s first cruise ship equipped with the Mitsubishi Air Lubrication System (MALS), Mitsubishi Heavy Industry’s proprietary technology that ...

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Industry Groups Support Contested Offshore Lease Sales

The U.S. Bureau of Ocean Energy Management will offer approximately 45 million acres for oil and gas exploration and development in the Gulf of Mexico in two March lease sales. However, concerns have been raised about the use of some areas by the military and may be reconsidered. The Obama administration is reworking its plan to open the southern Atlantic ...

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Yamal LNG May Begin Operations Below Break-Even

Last Thursday, Stanislav Shevkunov, a department head at Russian gas firm Novatek, told reporters that the company still plans to launch its first 5.5 million tonnes per annum LNG train at its Yamal facility in 2017, with no additional outside financing required. The firm says that its capacity is already subscribed under long-term contracts. Even so, if the first train ...

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[Updated] Australia’s Qube Readies for Asciano Buyout

Australia’s Asciano Ltd on Tuesday agreed to a A$9.1 billion ($6.8 billion) buyout by two global consortia after a seven-month bidding war for the port and rail giant, although doubts persist over anti-trust and foreign ownership issues. In its third takeover endorsement in nine months, Australia’s largest ports and rail operator said it now supported a joint bid from local ...

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France Chases Australian Submarine Order

France has sent its largest business delegation in nearly two decades to Australia, talking up the economic benefits of its bid for a A$50-billion ($38-billion) contract to build a fleet of 12 stealth submarines for Australia. Executives from French corporate giants Airbus, BNP Paribas, Thales and dozens more arrive in Canberra on Tuesday for meetings with top government and business ...

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Port of Grangemouth Faces Two Week Longshore Strike

Longshoremen at Grangemouth, Scotland’s largest container port, are set to begin a two week walkout over pay and changes to shifts. Union representatives with Unite said that the proposed shift changes amounted to a pay cut, and that 73 of the port’s 75 organized longshoremen, including crane and loader operators, had voted for the action. The strike will begin after ...

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Nobel Laureates to Arctic Council: No More Drilling

  As the Arctic Council’s senior officials prepare for a meeting in Fairbanks, Alaska, a group of Nobel Peace Laureates sent a letter on Monday to heads of state, as members of the Council, urging them to protect vulnerable areas and the climate by removing Arctic waters from any future oil and gas exploration. The letter, signed by the five ...

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Production Starts at Goliat

Eni has started production from the Goliat field located in Production Licence 229, which is 85 kilometers northwest of Hammerfest in an ice-free area in the Barents Sea offshore northern Norway. Goliat is the first oil field to come on stream in the Barents Sea and is being developed using the largest and most sophisticated floating cylindrical production and storage ...

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The Nautical Institute Publishes Strategic Plan

Sustainability features strongly in The Nautical Institute’s latest Strategic Plan, which has just been published and will run to 2020. It incorporates the views of 1,400 members who responded to a call to help guide the Institute’s work. Captain Robert McCabe FNI, President of the Institute, said the organization needed to “plot its course” in a challenging world where there ...

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Captain Accused of Stealing Dead Woman’s Identity

A passenger yacht captain in the U.S. has been accused of stealing a dead woman’s identity. Texas news agency, KHOU reports that 52-year-old Cynthia Lyerla went by the name of Christina White for 20 years. White died in 1965. Lyerla appeared in court on Friday to face charges that could see her imprisoned for up to 10 years. She has ...

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Historical: The World’s First LNG Ship-to-Ship Transfer

The video above documents what is thought to be the first ship-to-ship transfer of LNG, 32 years ago, in March 1984. The trial was conducted by Abu Dhabi Gas Liquefaction Company (Adgas) using the LNG carriers Norman Lady and Hilli in the Persian Gulf. Hilli was also involved in another first on April 29, 1977. The vessel left Das Island ...

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Nigerian Navy Arrests Tanker Hijack Suspect

The Nigerian Navy has arrested a key suspect in last month’s hijack of the oil tanker, MT Maximus. Commodore Abraham Adaji made the announcement on Saturday while handing over the tanker to Rene Von Loenens, Managing Director of ship agency company Super Maritime Nigeria Limited. The name and nationality of the suspect was not given. Adaji said the vessel was ...

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