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Monthly Archives: August 2016

Canada to apply to join China-backed infrastructure bank

BEIJING: Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), Ottawa’s finance department said on Wednesday (Aug 31), in a coup for Beijing after Washington had tried to dissuade US allies from signing up. “Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the world,” ...

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Taiwan plans $2.2bn jet trainer programme

  Taiwan aims to spend T$68.6 billion ($2.16 billion) over 12 years from 2017 to develop its own jet trainers, according to budget data seen on Wednesday, signalling the government’s resolve to build up the defence industry. China has never renounced the use of force to take back the self-ruled island, which it sees as a renegade province, and maintains ...

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UA flight makes emergency landing in Ireland

Fourteen passengers and two crew members were injured and taken to hospital on Wednesday after a United Airlines flight was forced to divert to Ireland’s Shannon Airport due to a medical situation, the airport said. Ambulances were at the scene when the flight that was en route from Houston to London Heathrow landed at 0455 GMT and the injured people ...

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SWIFT discloses more cyber thefts

SWIFT, the global financial messaging system, has disclosed new hacking attacks on its member banks as it pressured them to comply with security procedures instituted after February’s high-profile $81 million heist at Bangladesh Bank. In a private letter to clients, SWIFT said that new cyber-theft attempts – some of them successful – have surfaced since June, when it last updated ...

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Siemens names new Qatar CEO

Global technology powerhouse Siemens has appointed Adrian Wood (50) as the new chief executive officer (CEO) of the company’s operations in Qatar. Wood assumes his new role from tomorrow (September 1) after almost four years as CEO of Siemens in Kuwait. He takes over from Fatih Sakiz, who will pursue new opportunities, said a statement from the company. Wood’s career ...

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Saudi doesn’t target specific oil output level: Al-Falih

  Saudi Arabian Energy Minister Khalid Al-Falih said the top crude exporter does not target a specific figure for its oil production and that its output is based on customers’ needs. “We in the kingdom of Saudi Arabia do not have a targeted number to reach. The kingdom’s production meets the requirements of the customers, whether they are outside or ...

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Steam turbines market to reach over $19bn by 2020

  The steam turbines market is projected to grow from an estimated $14.8 billion in 2014 to $19.2 billion by 2020, at a compound annual growth rate (CAGR) of 4.4 per cent, according to a recent report. The report, titled “Steam Turbines Market by Type (steam cycle, combined cycle and cogeneration), by Rated Capacity (1-120 MW, 121-350 MW, 351-750 MW ...

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U.S. Funds Wave Energy Development

  The U.S. Energy Department has announced 10 organizations selected to receive more than $20 million in funding for new research, development, and demonstration projects that advance and monitor marine and hydrokinetic energy systems which generate electricity from ocean waves and tidal currents. These projects will aim to improve the performance of the systems and advance environmental monitoring technologies that ...

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Singapore Authorities Form Maritime Safety Group

  The Maritime and Port Authority of Singapore (MPA) has kicked off a new international safety initiative meant to reduce marine casualties in Singapore’s waters, which are among the busiest in the world. The announcement of the authority’s “community of practice” industry initiative coincides with the nation’s Safety@Sea Week 2016, which runs until September 2. This year, MPA has organized a two-day ...

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Acclaim for Åsgard

  The Norwegian Petroleum Directorate (NPD) has awarded its improved oil recovery prize for 2016 to the licensees of the Åsgard field in the Norwegian Sea for their subsea wet gas compressor.This will yield almost 50 million cubic meters (306 million barrels of oil equivalent) in additional gas and condensate.According to the citation, the solution on Åsgard is the result ...

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LCS Coronado Develops Propulsion Problems

On Tuesday, the U.S. Navy’s Third Fleet announced that the Independence-class littoral combat ship USS Coronado suffered an engineering casualty on her maiden overseas deployment and is returning to Pearl Harbor for repairs. The Independence-class is built by Austal, and is a separate platform from the Lockheed Martin-built Freedom-class LCS, which has had its own problems with propulsion systems. The ...

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Manila: China Must Recognize South China Sea Ruling

  China will be the ‘loser’ if it does not recognize an international court ruling against its territorial claims in the South China Sea, Philippine Foreign Minister Perfecto Yasay said on Tuesday. An arbitration court in The Hague infuriated China in July when it ruled that China had no historical title over the South China Sea and it had breached ...

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Libyan Navy Patrol Fired “Warning Shots” at Aid Ship

  On Tuesday, Libyan navy spokesman Ayoub Qassem acknowledged that one of the force’s patrol boats had opened fire in the direction of the chartered anchor handler Bourbon Argos on August 17. He asserted that the patrol believed the Argos was involved in smuggling, and that when pursued, the Argos failed to respond to radio calls and altered her heading, prompting ...

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Japan Plans Record Military Spending

Japan’s defense ministry on Wednesday asked for a hike in spending to record levels, as it juggles its responses to a growing ballistic missile threat from North Korea and China’s assertive moves in the East China Sea. If approved, the hike of 2.3 percent will take the defense budget to 5.17 trillion yen ($51.47 billion) in the year starting April ...

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[Updated] Hyundai Merchant Marine to Buy Hanjin’s Assets Hanjin

    South Korea’s Hanjin Shipping has formally filed for court receivership on Wednesday, news service MoneyToday reported. A Hanjin Shipping spokeswoman declined to comment on the report. The firm said earlier it would file for court receivership after its creditor banks decided on Tuesday to end financial support to the container shipping company. Hanjin Shipping said  a rival operator ...

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Performance appraisal: Peterside begins half-year review of NIMASA’s strategic work plans

  Our dream is to make NIMASA foremost maritime regulatory Agency in Africa- Peterside  (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has commenced the ‘Management Performance Review (MPR)’ of Strategic Work Plans of NIMASA for the purpose of progress monitoring and corrective interventions where necessary, TRADE NEWSWIRE reports. Peterside had on ...

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New Vessel to Enter Antarctic Whaling Battle

  The marine conservation group Sea Shepherd Global is sending its vessels down to the Southern Ocean this December on its 11th direct-action whale defense campaign. Disappointed by the lack of action from the international community, Sea Shepherd Global is preparing to return to the Southern Ocean to protect the whales with a new patrol vessel, the Ocean Warrior. Built ...

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Pentagon Orders Review of Aircraft Carrier

  The Pentagon has ordered a review of the USS Gerald R. Ford aircraft carrier, which is under construction and due to be delivered in November, a Defense Department spokesman said on Monday.Defense Undersecretary for Acquisition Frank Kendall ordered the review, citing a list of problems with the ship, Bloomberg News reported. “With the benefit of hindsight, it was clearly ...

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Report Shows Efficiency Doesn’t Reward Owners

  Researchers from UCL Energy Institute (UCL) and Carbon War Room (CWR) have confirmed that vessels with high design efficiency leave millions in the pockets of fuel payers. However, the market often fails to reward owners of efficient vessels by way of premiums or preferential hiring. This does not help the industry’s efforts to meet the challenges of a low-carbon ...

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Banks to End Support for Hanjin Shipping

Creditor banks of Hanjin Shipping Co Ltd have decided to stop supporting South Korea’s largest shipping company, increasing the likelihood of the company being put under court receivership, two people at the creditor banks told Reuters. A spokesman for lead creditor Korea Development Bank declined to comment before an official statement. A Hanjin Shipping spokeswoman did not have an immediate ...

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Zukunft: Partnerships Needed in the Arctic

Success in the Arctic depends on unity of effort among Arctic nations. Why? Because no single nation has the sovereignty, capacity or control over all the resources necessary to meet the emerging challenges in the Arctic, says Coast Guard Commandant Adm. Paul Zukunft. While in Greenland, Zukunft and Senator Angus King met with the Joint Arctic Command, government dignitaries, leaders ...

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China’s Conundrum Over Live Export

  A  newly released report states that the live cattle trade between Australia and China may be a better future alternative than boxed beef (packaged cuts of meat). However, current veterinary practices cast doubt on acceptance of the trade in China.The report, a joint effort between the Australia-China Relations Institute and the School of Agriculture and Food Science at the ...

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MHI to Start Alliance Discussions

Mitsubishi Heavy Industries (MHI) has announced its intention to start discussions toward forming new alliances with three Japanese shipyards: Imabari Shipbuilding, Oshima Shipbuilding and Namura Shipbuilding. In October 2015, MHI established two new group companies in Nagasaki, Japan, to perform business related to shipbuilding, part of an initiative targeting structural reform of the company’s commercial ship operations. Subsequently, the company ...

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Peterside condemns gruesome assassination of Ken Atsuwete in Rivers State

  Lives and properties of my Riverians must be protected- Peterside Dr. Dakuku Peterside has condemned in strong terms, the barbaric and gruesome assassination of Barrister Ken Atsuwete in Port Harcourt, the Rivers State capital. The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) who was reacting to the sad incidence noted that the killing of the ...

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Advertorial: The statement on NIMASA’s Position on the Customs Board Chair is not correct

  (TRADE NEWSWIRE): The attention of the Nigerian Maritime Administration and Safety Agency (NIMASA) has been drawn to the news making the rounds in certain sections of the media purporting that the Agency is opposed to the Comptroller General of the Nigerian Customs Service (NCS) also serving as chairman of the Board. The reports which quoted Mr. Momoh Alhassan, a ...

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Maritime security: IMO nods Peterside’s Human Capacity Dev agenda as it kick-starts ISPS Code training in Nigeria

From L-R: The International Maritime Organisation (IMO) Lead Consultant, Mr. Brian Cranmer and the Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside during the opening ceremony of a five-day training organised by IMO in conjunction with NIMASA on ISPS Code Compliance on Monday in Lagos,Nigeria.

  .Organisation is as good as its workforce- Peterside (TRADE NEWSWIRE): The International Maritime Organisation has commenced a 5-day training exercise on the implementation of ISPS Code aimed at strengthening maritime security , which ratifies Human Capacity Development agenda of Dr. Dakuku Peterside, the Director-General of the Nigerian Maritime Administration and Safety Agency, for the nation’s maritime sector, TRADE NEWSWIRE ...

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FG constitutes boards for NPA, NIMASA

  President Muhammadu Buhari has approved the composition of the governing boards of the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA). A statement by the Director (Press) in the Office of the Secretary to the Government of the Federation, Bolaji Adebiyi, disclosed that Emmanuel Olajide Adesoye is the Chairman of the NPA, while Major General ...

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Economists see ride-hailing industry as ripe for competition

  Chinese powerhouse Didi Chuxing’s acquisition of Uber Technologies Inc’s China operations marked the biggest move yet toward consolidation in an industry that many investors and Silicon Valley pundits view as a winner-take-all game. On the day the Didi deal was announced earlier this month, Uber board member Bill Gurley said Uber’s rivals in other markets had a slim chance ...

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Upbeat US factory data suggests business spending stabilising

  New orders for US manufactured capital goods rose for a second straight month in July as demand for machinery and a range of other products picked up, offering a tentative sign that a business spending downturn was starting to ease. The economic outlook also was boosted by another report on Thursday showing an unexpected drop in the number of ...

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Oil prices fall as Saudi Arabia dampens prospects of output freeze

  Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets. International benchmark Brent crude oil prices were trading at $49.40 per barrel at 0632 GMT, down 27 cents from their previous close. US ...

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VW to spend at least $1.2bn to compensate US dealers

  Volkswagen has agreed to spend more than $1.2 billion to compensate its 650 US dealers for their losses from the German automaker’s diesel emissions scandal, two sources briefed on the matter said on Thursday. The company and a lawyer for VW dealers announced a tentative settlement at a court hearing in San Francisco, but declined to disclose the amount. ...

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Coastal land expands as construction outpaces sea erosion

  The Earth has gained coastal land equivalent to the size of Jamaica in the past 30 years with man-made construction outpacing erosion caused by rising sea levels, mapping data showed on Thursday. Expansion of ports off China, construction of luxury resorts off Dubai or land reclamation in the Netherlands were among causes of coastal expansion, according to a study ...

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Obama Expands Hawaii’s Marine Reserve

    U.S. President Barack Obama will dramatically expand the Papahanaumokuakea Marine National Monument off the coast of Hawaii on Friday, the White House said, an action that will ban commercial fishing from more than 582,500 square miles (1.5 million square kilometers) of the Pacific Ocean.Obama will visit the protected area on September 1 to draw attention to the threat ...

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Two Thousand More Jobs Cut at Chinese Shipyard

  Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up efforts to cut costs as new vessel orders slide amid a volatile global economy. The Singapore-listed firm, which says it is one of the largest private shipbuilding companies in China, has already cut about 4,000 ...

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GROWING THE MARITIME SECTOR: GOVERNMENT STAKEHOLDER MODEL

(TRADE NEWSWIRE): Globally the maritime sector is passing through challenges but it also provides opportunities for growth especially in developing counties where nobody can talk of excess capacity. In good and bad times alike, government plays a significant role in the growth of the maritime sector through visioning, regulation, infrastructural development, creating the right environment, amongst others. This is why ...

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World’s longest airship crash-lands on test flight

  The world’s longest aircraft, the Airlander 10 airship, has crash-landed after a test flight in Bedfordshire, central England, its British manufacturer Hybrid Air Vehicles said on Wednesday. The airship, which is bigger than the size of six double-decker buses, sustained damage on landing from its second test flight, Hybrid Air Vehicles said, adding that all crew were safe and ...

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The age of the aircraft carrier may be over

  The United States has more aircraft carriers than any other country – depending on how you define “aircraft carrier,” it’s 10 times as many. Russia, a major naval power with large submarine corps and many other surface ships, has one carrier. It’s from the Soviet era, diesel powered and rarely at see for more than six months at a ...

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Lamborghini sees global sales doubling by 2019 post SUV launch

  Luxury automaker Lamborghini expects to at least double production to 7,000 vehicles a year by 2019 once it rolls out a new SUV, but it will not lose its focus on making sports cars, chief executive officer Stefano Domenicali said Tuesday. Domenicali told Reuters the company plans to cap yearly production of its supercars at 3,500. He also expects ...

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Saudi Aramco could reduce stake in $5.5bn Indonesia refinery project

  Oil and gas giant Saudi Aramco may reduce its stake in a proposed $5.5 billion refinery project in Indonesia, the country’s energy minister said. Aramco has asked to cut its share of the project to upgrade a refinery in Cilacap in the province of Central Java to 30 per cent from 45 per cent, interim energy minister Luhut Pandjaitan ...

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Qatar retail rentals remain stable in H1

Qatar’s prime retail malls continued to enjoy relatively stable rentals and high occupancy rates in the first half (H1) of the year despite the ever increasing supply amid weaker consumer confidence, a report said. Villagio and City Centre Doha are two of the country’s main shopping destinations, with average daily footfalls of around 46,000 and 45,000 respectively, added the H1 ...

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Emirates NBD unit cuts 100 jobs – sources

  Emirates Islamic, the sharia-compliant arm of Dubai’s largest bank Emirates NBD (ENBD) , has laid off more than 100 people as part of cost cutting to adjust to a cooler economy, sources familiar with the matter said on Wednesday. Growth in much of the United Arab Emirates (UAE) has slowed this year because of low oil prices. Earlier this ...

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Czech locksmith builds plane to fly to work

  Frantisek Hadrava thought driving to work for 14 minutes was too much, so he built a plane to cut the commute by half. Hadrava, a 45-year old locksmith from the south-western Czech village of Zdikov, took about two years of his spare time to build his Vampira, an ultralight plane based on the US-design of light planes called Mini-Max. ...

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Saudi prince to discuss reform drive in China, Japan

  Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman will discuss the kingdom’s drive to cut its reliance on oil exports in visits to China and Japan that begin next week, Saudi media and sources said on Wednesday. In April, Prince Mohammed launched radical economic reforms designed to develop non-oil industries in Saudi Arabia and attract billions of dollars of ...

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Oman’s cave opens

  Al Hoota Cave, Oman’s most popular natural tourist destination, will reopen to the public on September 5. The first tourist cave to open in the GCC, the facilities at Al Hoota have undergone significant improvements. The cave system is one of Oman’s true natural wonders, with Al Hoota experiencing around 75,000 visitors a year before it closed for renovation. ...

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Quake devastates mountain towns in central Italy; 20 killed

  An earthquake devastated a string of mountainous towns over a swathe of central Italy early on Wednesday, trapping residents under hills of rubble, with at least 20 people believed killed and many missing. The quake struck in the early hours of the morning when most people were asleep, razing homes and buckling roads in a cluster of towns and ...

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‘Peterside professionally sailing Nigerian maritime ship amidst strong global economic tide’

  (TRADE NEWSWIRE): Dr Dakuku Peterside, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) can be described as the man who saw tomorrow. When he was appointed, without knowing what was coming, defined his mission in the regulatory agency in three powerful words: ‘reform, restructure and reposition’ NIMASA as the most efficient maritime administration in Africa. The ...

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Mobileye, Delphi to develop self-driving system

Israeli driving assistant software maker Mobileye NV said on Tuesday it was developing a self-driving system with Delphi Automotive Plc that will be ready for production by 2019. Mobileye had cut its ties with Tesla Motors Inc last month after the electric carmaker’s autopilot system faced scrutiny from regulators following a fatal accident in early May. Tesla’s autopilot system uses ...

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US overtakes Hong Kong as biggest Swiss watch market

ZURICH: The United States overtook Hong Kong as the No.1 market for Swiss watch exports in July as cash-strapped watch retailers in Hong Kong held back from ordering new timepieces. Swiss watch exports dropped 14.2 percent in value terms in July, taking the decline for the first seven months of 2016 to 11.1 percent, the Swiss watch federation (FH) said ...

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WHO emergency committee on yellow fever to meet on August 30

  GENEVA: The World Health Organization’s (WHO) emergency committee on deadly yellow fever will meet on Aug. 30 to review outbreaks in Democratic Republic of Congo and Angola, a spokesman said on Tuesday, as a major vaccination campaigns continues. Addressing a United Nations media briefing, Tarik Jasarevic said WHO Director-General Margaret Chan had asked the independent experts to meet and ...

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Women with dense breasts may need annual mammograms

While most older women might not need breast cancer screening with mammography more often than every three years, some women with dense breasts may need mammograms every year, U.S. research suggests. Among women aged 50 to 74, those without a high risk for breast cancer or dense breast tissue didn’t have an increase in breast cancer deaths if they went ...

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Coming – edible food packaging

  Scientists are developing an edible form of packaging which they hope will preserve food more effectively and more sustainably than plastic film, helping to cut both food and plastic waste. The packaging film is made of a milk protein called casein, scientists from the US Department of Agriculture said at a meeting of the American Chemical Society. The milk-based ...

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Majid Al Futtaim to expand City Centre Ajman

  Majid Al Futtaim, a leading shopping mall, retail and leisure developer, today announced a comprehensive redevelopment of City Centre Ajman that will see the mall almost double in size, from 29,000 sq m to 52,000 sq m. With an estimated cost of Dh600 million ($163 million), the expanded City Centre Ajman will feature 150 retail and dining outlets, as ...

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Global battery energy storage set to top 14GW

  Global battery energy storage system (BESS) installed capacity is set to grow from 1.5 Gigawatts (GW) in 2015 to over 14 GW by 2020, according to a new report. This comes as large numbers of projects are planned to be commissioned over the forecast period due to increasing renewable installations and focus on grid stability, said the report released ...

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Oil slips below $49 as producer action hopes recede

  Oil fell below $49 a barrel on Tuesday, giving up part of August’s strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices. A Nigerian militant group, which has claimed a wave of attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping ...

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Abu Dhabi Airport July passenger traffic up 7.9pc

  Abu Dhabi Airports has reported a 7.9 per cent increase in passenger figures last month, with 2,267,572 passengers travelling through the airport in July compared to 2,100,929 recorded in the same month last year. Total arrivals at the airport were up by 10.4 per cent at a figure of 1,074,022 in July, with departure numbers also increasing by 6.1 ...

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Machine to Machine in the Container Supply Chain

  Container tracking has been around a long time in various guises, but today it is part of a much bigger trend towards machine-to-machine (M2M) telematics and sensors which connect and monitor the things in the Internet of Things (IoT).That trend is impacting many consumer, business and industrial markets – from connected cars, to home heating can be controlled from ...

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Kogas Rethinks Global LNG Supply

Korea Gas Corp (Kogas), South Korea’s sole purchaser of LNG), is looking to take the fuel from its own overseas output to ensure a stable supply, Yonhap News Agency reported on Monday, citing Kogas’s chief executive. Kogas CEO Lee Seung-hoon said global LNG trade has become a buyer’s market amid falling demand, the South Korean news agency reported after an ...

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Mercy Ship Arrives in Benin

The hospital ship Africa Mercy, operated by Mercy Ships, has docked in the port city of Cotonou, Benin, to begin a ten-month season of service. During this time, Mercy Ships will provide free specialized surgeries and health care services to the West African nation’s people. Benin is one of the least developed countries as ranked by the United Nations Human ...

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Rental returns stay strong in Dubai, Abu Dhabi

  Dubai and Abu Dhabi, the UAE’s leading property markets, continue to be safe havens for global realty investors despite a downward trend in prices, says a report. Though rents have seen periodic adjustments, the UAE’s unique selling propositions such as a highly smart, diversifying economy, security of investment and the great promise of Expo 2020 will keep the real ...

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Doha third busiest city in ME for hotel construction

  Qatar’s capital Doha has 41 projects and 11,722 rooms in its hotel construction pipeline, according to a new report. The Doha Hotel Construction Overview report by Tophotelprojects prepared exclusively for The Hotel Show Dubai 2016, reveals that Doha is the third busiest city in the Middle East and Africa for hotel construction, behind only Dubai (133 projects) and Riyadh ...

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Men more attached to their phones compared to women

  Women can stay away from their phones for twice as long as men; however, neither can go one minute without checking their phones, according to new research. If you’re waiting for a friend, a colleague or even a doctor’s appointment, how long do you think it takes before you check your phone – two minutes? Three? An experiment conducted ...

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Samsung Heavy Industries to Raise $985 Million

  South Korea’s Samsung Heavy Industries said on Friday its board of directors have approved a plan to raise about 1.1 trillion won ($985.22 million) via a rights issue as the shipbuilder struggles to cope with a prolonged downturn.Samsung Heavy Industries, part of the Samsung Group conglomerate, has been planning to sell share as it copes with deep losses stemming ...

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Brent crude slides, but on track for third week of gains

  Brent crude oil fell on Friday after hitting an eight-week high, as weak fundamentals countered a lift in sentiment over talks next month on a possible output freeze, though futures remained on track to rise for a third consecutive week. International benchmark Brent futures were trading at $50.50 per barrel at 0840 GMT, down 39 cents from their last ...

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Official engagement and strategic partnership on maritime intelligence, dev in Nigeria-Photo

From L-R: Engr. Anas K Suleman, Nigeria’s Technical ‎Adviser/Deputy Alternate Permanent Representative (APR) to IMO, Marie Bates, Snr Oil Analyst-Apex/LNG Mgr of Lloyd’s List Intelligence (LLI),  Mr Dikko Bala, Alternate Permanent Representative (APR) of Nigeria to IMO, Mr Jonathan Fletcher, Snr Acct Mrg of LLI, Mr Akin Akinyosoye, Head Shipping Development department NIMASA, Mr Daryl Williamson, Commercial Dev Director LLI during a meeting ...

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Dubai residents set to rock Falz The Bahd Guy’s music, as Typical Naija, Dubai Afrika present him today

  (TRADE NEWSWIRE): Africans especially of Nigeria extraction are set to rock Falz The Bahd Guy’s music today August 19th at Royal Ascot Hotel, Bur Dubai, the United Arab Emirates, the Chief Executive Officer of a Dubai-based multiple award-winning International music promoting company, TypicalNaija Entertainment, Mr. Lanre Adenekan, has said, TRADE NEWSWIRE reports. Lanre Adenekan,popularly  known as Typical disclosed this ...

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Egypt to receive $2bn deposit from Saudi Arabia

  Egypt is to receive a $2 billion deposit from Saudi Arabia, International Cooperation Minister Sahar Nasr said on Thursday. She did not specify when the money was expected to arrive, saying in a message: “We only signed … two months ago.” – Reuters

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DP World to delay Jebel Ali port expansion

  DP World, one of the world’s largest port operators, is delaying the expansion of Dubai’s Jebel Ali port, its main facility, because of “softer market conditions”, the company said on Thursday. A plan to add 1.5 million 20-foot equivalent units (TEU) of capacity to Terminal 3 at Jebel Ali will be delayed into 2017, while expansion of Terminal 4 ...

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Qatar Airways jet lands in Istanbul after emergency

  Qatar Airways said that an aircraft that was forced to make an emergency landing at Istanbul’s Ataturk airport on Thursday landed safely and that passengers had disembarked as normal. “Today’s QR240 from Istanbul Ataturk Airport to Doha has returned to Istanbul and has landed safely. The passengers have disembarked as normal. The pilot followed all QR safety procedures,” said ...

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Halo jumpers

  A handout picture made available by the Republic of Korea Air Force shows a group of Air Force instructors making a high altitude, low opening (HALO) jump from a military chopper at a height of 10,000 feet over an undisclosed location on August 18. EPA/Republic Of Korea Air Force

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Most cities too hot to host summer Olympics by 2085

  In 70 years, most cities in the Northern Hemisphere will be unfit to host the summer Olympics due to rising temperatures associated with climate change, according to a medical journal’s findings published this week. “Our study using climate change projection shows that there will be very few cities at the end of the century that will be able to ...

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Low-cost airlines bet on data to drive profit

  Europe’s low-cost airlines once mocked the air miles programmes run by flag carriers as expensive relics of a bygone era. But after watching wide-eyed as customer databases were valued at billions of dollars, they are scrambling to catch up. Europe’s two largest low-cost carriers, Ryanair and easyJet have both swallowed their pride in the past year and launched customer ...

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DP World profit up 50pc to $608 million

  Dubai-based DP World, a leading global shipping terminal operator, today announced strong financial results for the six months to June 30, delivering profit attributable to owners of $608 million, up 50.2 per cent. On a reported basis, revenue grew 10.2 per cent to $2.094 billion compared to the same period last year. Adjusted EBITDA increased by 27.2 per cent ...

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Olympic broadcast revenue jumps 7.1pc to top $4bn

  Olympic broadcast revenues reached $4.1 billion from 2013 to 2016, a 7.1 per cent increase from the previous four years, according to the International Olympic Committee (IOC). The sale of broadcasting rights provides the IOC with 74 percent of its revenue, which it then distributes to national organizing committees and international sports federations to support athletes. By by the ...

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Honour your leaders: Naming a dog after the president’s name

  Yoruba elders say (Ibi ti a ba pe ni ori, a ki I fi te ile) meaning (The place of head is up and nothing is above it-a place of honour, you don’t leg-walk with it).   They equally say that (Okun orun, ko ye adie) meaning (It is unbefitting to tie rope on the neck of a hen). ...

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Mercedes-Benz launches V-Class series

  Emirates Motor Company (EMC), the Mercedes-Benz authorised distributor in the emirate of Abu Dhabi and the flagship company of Al Fahim Group, has introduced the newly-designed V-Class series featuring latest features. The new series is available in three variants – V-Class, V-Class Avantgarde and V-Class Exclusive – which include an elegant interior and exterior design using high-quality materials, and ...

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Nissan seeks to boost South Korean output

  Nissan Motor wants to increase the output of its Rogue model at Renault’s factory in South Korea this year, as a stronger yen makes exports from Japan less competitive, a Renault executive told Reuters. The yen has jumped 20 per cent against the dollar this year in the wake of Britain’s decision to leave the European Union, pressuring Japanese ...

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Google launches video call on smartphone

  Now, all you need is a phone number to start a video call with any contact who uses an Android- or iOS-based smartphone. Google on Tuesday launched Google Duo, pitting it directly against Apple Inc’s FaceTime, which allows video calls only between Apple devices. Duo will also compete with Microsoft Corp’s video-calling app Skype, Facebook Inc’s Messenger and even ...

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Cisco to lay off 14,000 employees: CRN

  Cisco Systems is laying off about 14,000 employees, representing nearly 20 percent of the network equipment maker’s global workforce, technology news site CRN reported, citing sources close to the company. San Jose, California-based Cisco is expected to announce the cuts within the next few weeks, the report said, as the company transition from its hardware roots into a software-centric ...

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Ford plans autonomous for ride share in 2021

  Ford Motor has announced plans to have a high-volume, fully autonomous SAE level 4-capable vehicle in commercial operation in 2021 in a ride-hailing or ride-sharing service. In order to achieve that goal, the company is investing in or collaborating with four startups to enhance its autonomous vehicle development, doubling its Silicon Valley team and more than doubling its Palo ...

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Qatar sells $1.26bn in bonds, sukuk

  Qatar’s central bank sold SR4.6 billion ($1.26 billion) of conventional and Islamic government bonds on Tuesday in its first domestic government bond offer this year, a central bank official told Reuters on Wednesday. The central bank sold a total of SR3 billion of conventional bonds, including SR1.5 billion of three-year bonds at a fixed rate of 2.25 percent, SR1 ...

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Aldar Properties completes $499m debt refinancing

  Abu Dhabi-based Aldar Properties, a leading developer in the Mena region, has successfully refinanced Dh1.8 billion ($499 million) of existing bank loans due to mature by 2018. The conclusion of the bank loan refinancing reinforces the strength of Aldar’s balance sheet with the average debt maturity now extending to four years. Separately, Aldar’s long and short-term corporate credit ratings ...

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Enec completes installation of Unit 3 steam generators

  The Emirates Nuclear Energy Corporation (Enec) has announced the successful installation of its Unit 3 steam generators (SGs), marking another safe and on-time milestone in the development of the UAE’s first nuclear energy plant. Steam generators play a key role in the conversion of the energy generated by nuclear fission into electricity which will eventually power homes and businesses ...

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Old is gold

  The oldest medal winner of the Rio 2016 Olympic Games 54-year-old lung cancer survivor Santiago Lange (L) and Cecilia Carranza Saroli (R) of Argentina react to receiving the gold during the awards ceremony in the Nacra 17 Mixed class of the Rio 2016 Olympic Games Sailing events at the Marina da Gloria in Rio de Janeiro, Brazil, on August ...

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Gunmen kill policeman in Qatif

  A policeman was shot dead by masked gunmen in the Qatif district in Saudi Arabia’s oil-producing Eastern Province on Wednesday, state news agency SPA said. Four assailants opened fire on a police station before dawn, SPA reported. Qatif was one of three Saudi cities targeted in coordinated bomb attacks on July 4. A suicide bomber struck near a Shi’ite ...

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Playboy Mansion sells for $100 million

  The famed Los Angeles Playboy mansion belonging to Hugh Hefner, founder of the Playboy empire, has been sold for $100 million, and Hefner, 90, will live in the mansion for the rest of his life, a representative for the buyer said in a news release on Tuesday. The property was bought by Daren Metropoulos, a principal at private equity ...

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Turkey dismisses 2,000 police officers over coup bid

  Turkey issued two decrees under emergency rule on Wednesday in which it dismissed more than 2,000 police officers and hundreds of members of the military and the BTK communication technology authority over last month’s attempted military coup. Those dismissed were described as having links to US-based Muslim cleric Fethullah Gulen, whom Ankara accuses of orchestrating the failed putsch on ...

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China uncovers $30bn worth of illegal banking activity

  Chinese police have this year uncovered $30 billion worth of illegal banking activity, involving 158 cases of underground banks and money laundering, the official Xinhua news agency reported the Ministry of Public Security (MPS) as saying late on Tuesday. A special task force, jointly launched by the MPS, central bank, and foreign exchange regulator, uncovered illegal banking services in ...

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Oil falls on doubts producers can agree output cut

  Oil prices fell away from 5-week highs early on Wednesday, as analysts doubted possible producer talks to rein in ballooning oversupply would be successful. Brent crude futures LCOc1 were trading at $48.92 per barrel at 0158 GMT, down 31 cents from their last settlement. Despite the dip, prices are still up over 17 percent since early August and remain ...

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Petrofac, Tecnicas likely to win Saudi Aramco deals

  British oilfield services company Petrofac and Spain’s Tecnicas Reunidas are likely to win contracts to build projects for state oil giant Saudi Aramco’s Uthmaniyah and Ras Tanura plants, industry sources said. Tecnicas Reunidas is the lowest bidder to build units for a cleaner fuels project at Ras Tanura refinery, originally estimated to cost more than $2 billion, aimed at ...

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DP World to study use of Hyperloop technology

  Dubai-based global marine terminal operator DP World will study the use of a Hyperloop tube to move containers from ports, under an agreement signed today. DP World has signed a memorandum of understanding (MoU) with the US-based Hyperloop One to conduct feasibility studies that analyse the value of using Hyperloop systems in the UAE. The initial focus in Phase ...

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Demand for Dubai office space declines

  Demand for office space in Dubai has receded in the past six months, as the ripple effect of the oil price collapse and the subsequent economic slowdown in the rest of the Gulf reverberates across the emirate’s commercial property market, according to latest research from international real estate consultancy, Cluttons. Cluttons’ bi-annual Dubai Office Market Bulletin shows that as ...

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Port of Kiel Increases Passenger and Cargo Handling

  The Port of Kiel in Germany is on course for growth after upping handling in both the cargo and passenger sectors by nearly two percent in the first half of 2016.The port’s various quay and terminal facilities handled 3.1 million tons of incoming and outgoing cargo – an increase of 1.8 percent over the same period of last year ...

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A Key Transshipment Hub for Brazil

Port of Pecem By Harry Valentine The growing trade between the Atlantic region of South American and Asia has fueled speculation and several commentaries about a future terminal for mega container ships (18,000 TEUs and over) in South America. APM Terminals of The Hague recently announced their intention to develop such a terminal to the northeast and outside the metropolitan ...

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Captain Birger J. Vorland is Ready to Make History

Beginning August 16, Crystal Serenity will be the largest luxury cruise ship to ever navigate the Northwest Passage, maneuvering through 900 miles of majestic waterways lined with spectacular glaciers, towering fjords and vast unspoiled landscapes away from mainstream civilization and tourism, north of mainland Canada.Captain Birger J. Vorland, a Crystal Cruises veteran with 38 years’ experience as a mariner, will ...

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Australia Expands Live Export Trade in Asia

  The livestock carrier Greyman Express has opened up a new market for Australian livestock with a shipment of 2,760 Australian cattle to Sihanoukville, Cambodia. The voyage, in June, marked the start of a cattle trade between Australia and Cambodia and was the first delivery of beef cows from the country nation since Phnom Penh and Canberra finalized health protocols ...

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Captain and Mate of Drug-Smuggling Tug Get 20 Years Hamal

    On Friday, a British court sentenced tug captain Mumin Sahin, 47, and first officer Emin Ozmen, 51, to two decades imprisonment for trafficking cocaine – $660 million worth, the biggest drug bust in UK history. Last April, Britain’s National Crime Agency received a tip from French authorities that the tug Hamal was under way in the North Sea ...

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Indonesia airlines cleared to fly to US

  JAKARTA: Indonesian airlines have been cleared to fly to the United States after regulators there scrapped a nearly decade-long ban imposed for safety reasons, an official said on Monday (Aug 15). US transport officials said in a letter Indonesia’s aviation sector had met international standards and its safety rating had accordingly been upgraded. “Today all Indonesian airlines can fly ...

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Dubai taxi numbers to jump by 40pc

  Dubai’s Roads and Transport Authority (RTA) has approved the five-year plan of the Dubai Taxi Corporation (DTC) which envisages a major increase in the number of vehicles and use of hybrid taxis. The DTC’s Projects & Investment Initiatives 2016-2021 serves the strategic goals of the RTA to provide advanced transit systems capable of bringing happiness to users, said a ...

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Dubai Financial Group sells stake in EFG-Hermes

  Dubai Financial Group sold its 11.8 percent stake in Egyptian investment bank EFG-Hermes Holding to France’s Natixis under a debt restructuring deal, its parent company said on Sunday. The sale was “consistent with the business plan for Dubai Group, which was agreed with its lenders as part of the restructuring agreement,” Fadel Al-Ali, Dubai Group chairman, said in a ...

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New $1.9bn petchem project launched in Egypt

  The Egyptian Ethylene and Derivatives Company (Ethydco), whose investments are estimated at $1.9 billion, was launched last week by Egyptian President Abdel Fattah Al-Sisi, said a report. The new complex launch was also attended by a number of ministers and Armed Forces leaders, added the Saudi Gazette report. Ethydco is a manufacturer and provider of value-creating plastics and rubber ...

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