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Monthly Archives: April 2017

Peterside fully prepared to showcase Nigerian maritime potential at AAMA, exploits opportunity for economic dev

  .Secretary-General of IMO, Mr. Kitack Lim‘ll lead delegation of UN body to event .32 African countries to participate in AAMA  .AAMA commences on 19th -21st of April,2017 (TRADE NEWSWIRE): An astute Management Professional and the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside, is ready to showcase Nigerian maritime potential to world at the forthcoming ...

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Bombardier board approves proposal to cut chairman’s pay

REUTERS: Bombardier Inc said its board of directors approved a proposal to slash Executive Chairman Pierre Beaudoin’s pay by US$1.4 million, bringing his 2016 compensation to US$3.8 million, equal to his remuneration for 2015. The move comes after Beaudoin asked the board to reset his compensation as the rise in pay had “become a distraction” from the company’s regular work. ...

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V-Exchange’s patent violation claim wrong because NCC approved our KwikCash Service since April 20, 2016 before its Oct 27, 2016 proposal- Etisalat

  (TRADE NEWSWIRE): Etisalat Nigeria has denied the claim of patent infringement by V-Exchange Ltd. which was reported recently in the media not TRADE NEWSWIRE, TRADE NEWSWIRE reports The management of V-Exchange claimed that it sent a business proposal dated 27th October, 2016 to Etisalat and subsequently met with Etisalat’s representatives on 23rd, November 2016, where it informed Etisalat of ...

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It is our ethical creed to be socially responsible to the society- NPA MD Hadiza Bala Usman

(TRADE NEWSWIRE): The Management of the Nigerian Ports Authority (NPA) has stated its firm resolve at sustaining the commitment it had established concerning her corporate social responsibility efforts across the country, TRADE NEWSWIRE reports. The Managing Director of the Organization Hadiza Bala Usman gave this information to a cross section of newsmen in Maiduguri, Borno State whilst handing over relief ...

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Countdown to AAMA 2017: President Buhari meets African Maritime Chieftains, as NIMASA shifts world’s attention to Nigeria

  .Few days to AAMA 2017 Conference (TRADE NEWSWIRE): President Mummadu Buhari will later this month on April 20 meet a body of African Maritime leaders under the aegis of Association of African Maritime Administration (AAMA) from across the continent to brainstorm on ways in which Africa can come together to maximize the economic opportunities of the continent’s large ocean, ...

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Trump May Reopen Atlantic, Arctic Offshore Leases

On Thursday, Secretary of the Interior Ryan Zinke told an industry conference in Washington, D.C. that President Donald Trump will sign an executive order to open offshore oil and gas lease auctions for America’s Atlantic and Arctic waters, reversing the Obama administration’s decision to exclude these areas from new activity. The measure may be a boon to the recovering offshore ...

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Fighter Plane Spotted on South China Sea Island

A Chinese fighter plane has been spotted on the Chinese-held Woody Island in the South China Sea, the first such sighting since U.S. President Donald Trump took office.The sighting of the J-11 fighter was reported by the Asia Maritime Transparency Initiative on March 29, with the news being released shortly before Trump met with Chinese President Xi Jinping in Florida ...

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US employment growth seen slowing as warm weather boost fades

WASHINGTON: U.S. job growth likely slowed in March after unseasonably mild weather boosted hiring over the prior two months, but the pace of gains should underscore the economy’s strength despite a recent slowdown in economic growth. Nonfarm payrolls probably increased by 180,000 jobs last month, according to a Reuters survey of economists, near 2016’s 187,000 monthly average job growth. The ...

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Samsung heir accused of bribery, perjury as trial opens

SEOUL: The heir to the huge Samsung business empire appeared in court Friday (Apr 7) at the start of his trial for embezzlement and perjury, part of a corruption scandal that brought down South Korea’s president. Lee Jae-Yong, the vice-chairman of Samsung Electronics, was brought into the Seoul Central District Court bound and handcuffed. Lee, who was arrested in February, ...

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Shell sells Hong Kong, Macau energy assets

LONDON: Royal Dutch Shell on Wednesday (Apr 5) announced the sale of its liquefied petroleum gas business in Hong Kong and Macau to Irish group DCC Energy for US$150.3 million (€141 million). “This sale supports Shell’s strategic commitment to focus downstream activities on areas where we can be most competitive,” said Shell Downstream Director John Abbott. “This is one of ...

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Asian markets cautiously higher ahead of Xi-Trump summit

HONG KONG: Asia’s markets mostly rose on Wednesday (Apr 5) but investors moved nervously ahead of a summit between Chinese President Xi Jinping and Donald Trump this week. The two-day gathering in Florida comes after the US tycoon has hit out at Beijing’s trade policies and labelled it a currency manipulator, fanning fears of a trade war between the world’s ...

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US approves ChemChina’s US$43b takeover of Syngenta

  BEIJING: US authorities have agreed to the US$43 billion takeover of Swiss pesticide giant Syngenta by state-owned ChemChina, marking the biggest overseas acquisition by a Chinese firm. The move lays the path for what would be the latest in a string of foreign investments by Chinese firms fuelled by Beijing’s call for its companies to “go out” and expand. ...

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ExxonMobil, Qatar Petroleum sign Cyprus gas deal

NICOSIA: US giant ExxonMobil with Qatar Petroleum on Wednesday (Apr 5) signed a licence to explore for oil and gas off the coast of Cyprus, and they expect to start drilling next year. The venture was selected as part of the island’s third licensing round to explore block 10. Cyprus Energy Minister George Lakkotrypis described as “immense” the firms’ presence ...

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ExxonMobil says in talks to buy Singapore’s Jurong Aromatics

SINGAPORE: ExxonMobil said on Wednesday it is in talks to buy a refining-petrochemical complex in Singapore as part of its global business strategy. “We can confirm that we are currently negotiating with the receiver for Jurong Aromatics Corporation Pte Ltd to acquire JAC’s assets on Jurong Island,” an Exxon spokeswoman said. “While progress is being made, no agreement has been ...

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Swiss financial body FINMA discontinues 1MDB investigation into UBS

ZURICH: Swiss financial body FINMA said on Tuesday it had discontinued its investigation into UBS Group AG in connection with Malaysia’s scandal-tainted 1MDB fund. “FINMA recently discontinued its investigation into UBS. FINMA found no systematic, serious misconduct, but sent the bank a written reprimand,” FINMA said in a statement following its annual media conference. In October, UBS was fined S$1.3 ...

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Maersk Container Ship Damaged in Collision

  Just after midnight on April 4, the small freighter Dan Fighter collided with the newly built container ship Maersk Genoa on the waters of the Westerschelde, the estuary leading to the Port of Antwerp. The Dan Fighter was inbound on a voyage from Bilbao and the Genoa was outbound headed for Bremerhaven. Under circumstances that are still under investigation, ...

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New Player in Australia’s Live Export Trade

The Chinese consortium Sino Marine has entered Australia’s live export trade with a refurbished livestock carrier Yangtze Harmony.The converted container ship is making its maiden voyage from Fremantle, Western Australia, headed for Oman with 12,500 sheep on board. The vessel was built for the global live export market, not just the trade between Australia and China. She has already been ...

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Researcher Shows Hydraulic Wind Farm is Feasible

Delft University of Technology researcher Antonio Jarquin Laguna has examined the possibility of a “hydraulic” offshore wind farm that would see the direct drive mechanisms of current wind turbines replaced with positive displacement seawater pumps.Currently, electricity produced by each wind turbine in a wind farm is fed back to a central offshore platform before being transported to shore through subsea ...

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Port of Dover Sounds the Alarm on Post-Brexit Customs

Now that the UK has formally handed in its request to leave the EU, the Port of Dover is concerned that the imposition of customs checks could have a disastrous effect on its business.Dover is the busiest passenger port in Europe, and it handles 17 percent of the UK’s cargo trade thanks to a steady stream of ro/ro tractor trailers, ...

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PRCAN Re-elects Executives

    …Charges members on imperative of case study documentation The Public Relations Consultants Association of Nigeria (PRCAN), the professional association charged with the responsibility of regulating public relations consulting in Nigeria, has sworn in re-elected executive members to the steer affairs of the association for the next two years. This was the highpoint of activities at the association’s 2017 ...

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NIMASA CALLS FOR URGENT REMOVAL OF ABANDONED SHIPS, WRECKS

… Warns erring owners risk sanctions. (TRADE NEWSWIRE): In a bid to ensure safe and secure shipping on the Nigerian territorial waters, the Nigerian Maritime Administration and Safety Agency (NIMASA) has warned all owners of abandoned Ships/Vessels to urgently remove same from the Nigerian territorial waters on or before 28thof April 2017 or risk sanctions ranging from forfeiture or removal ...

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