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Monthly Archives: May 2017

NPA to kick-start 24 hours port operations shortly- Minister

  .NPA strengthens trade relationship with Port of Miami, others (TRADE NEWSWIRE): The Minister of Transportation, RT. Honorable Chibuike Rotimi Ameachi, has said that Nigerian Port Authority will soon commence 24-hours ports operations across the nation’s seaports as directed by the Federal Government, TRADE NEWSWIRE reports. Speaking at a trade forum between the NPA and delegation of the Miami Dade ...

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Poll sends shudders through London markets

LONDON: An opinion poll forecasting a hung parliament in Britain sent shudders through London markets on Wednesday (May 31), launching the pound and stocks onto a roller coaster ride. British Prime Minister Theresa May found herself fighting to shore up her election campaign after a shock projection by pollsters YouGov forecast the Conservatives would fall short of a majority in ...

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NY Times offers buyouts in newsroom reorganisation

  NEW YORK: The New York Times said on Wednesday (May 31) it was offering buyouts to its newsroom employees in a move aimed at eliminating multiple layers of editing, to focus more on reporting. A memo to staff cited by the newspaper said an unspecified number of buyouts would be offered to the newsroom staff, with the savings used ...

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Bank of America CEO talks down second-quarter expectations

REUTERS: Bank of America Corp second-quarter earnings will be hurt by a drop in trading revenue, lower-than-expected interest rates and the sale or shuttering of certain assets, according to comments from Chief Executive Brian Moynihan on Wednesday. Speaking at an industry conference, Moynihan said trading revenues are on track to be some 10 percent to 12 percent lower than the ...

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Trump’s loss is Li’s gain as Berlin rolls out red carpet for China’s PM

BERLIN: China’s Prime Minister Li Keqiang arrived in Berlin on Wednesday at the start of a European tour, poised to jump into the global climate change leadership gap left by U.S. President Donald Trump’s impending withdrawal from the Paris climate pact. China’s number two official was received with military honours at Chancellor Angela Merkel’s office, becoming the second leader of ...

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FIFA announces Chinese sponsor Vivo for 2018, 2022 World Cups

  ZURICH: Global football body FIFA announced another Chinese sponsor on Wednesday, saying that smartphone maker Vivo will be a backer for the 2018 and 2022 World Cups. FIFA is trying to recover from the worst corruption scandal in its history and has been struggling to sign up sponsors since several dozen football officials, including several in senior FIFA positions, ...

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Malaysia Airlines plane forced to turn back to Melbourne due to disruptive passenger

SINGAPORE: A Kuala Lumpur-bound Malaysia Airlines flight was forced to turn back to Melbourne due to a disruptive passenger, the airline said on Wednesday (May 31). “MH128 departed Melbourne Airport at 11.11pm and was to arrive Kuala Lumpur at 5.28am on 1 June made a turn back to Melbourne after the operating Captain was alerted by a cabin crew of ...

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Faithful+Gould wins $3.3bn Yas Bay project management deal

Faithful+Gould, a leading project management consultancy, has been awarded a four-year contract by Miral, Abu Dhabi’s leading creator of destinations, for the first phase of its Dh12-billion ($3.3 billion) master development Yas Bay. Located in the south of Yas Island, Abu Dhabi, the project will be delivered in two phases. As per the deal, Faithful+Gould will work on Phase One, ...

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Dubai tourists ‘keen on staying longer’

Dubai’s popularity as an international tourist destination is fast growing as more than 70 per cent of foreign tourists said they were keen to stay longer in Dubai and explore more. The desire to stay longer is over and above the one to two weeks’ vacation they already booked in Dubai based on the latest Arabian Falcon Holidays survey participated ...

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Tobacco kills 7 million a year, wreaks environmental havoc: WHO

GENEVA: Smoking and other tobacco use kills more than seven million people each year, the World Health Organization said on Tuesday (May 30), also warning of the dire environmental impact of tobacco production, distribution and waste. The UN agency said tougher measures were needed to rein in tobacco use, urging countries to ban smoking in the workplace and indoor public ...

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Commentary: Smoking is lowering your productivity and killing the economy

  SINGAPORE: Tomorrow marks World No Tobacco Day, a day on which we remember the health risks of tobacco use and think about how we can reduce smoking in particular. It bears repeating that smoking remains one of the unhealthiest addictions prevalent in today’s society: Smokers suffer and die from lung and related cancers, heart diseases, chronic bronchitis, stroke and ...

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Android creator unveils new phone, home assistant device

SAN FRANCISCO: Andy Rubin, the co-creator of the Android mobile phone operating system, has launched a new company called Essential Products to sell a high-end smartphone and a home assistant device. Palo Alto-based Essential said the new Essential Phone features an edge-to-edge screen, a titanium-and-ceramic case and dual cameras. The phone sells for US$699 and will run the Android operating ...

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Eyeing growth boost, Kenya opens Chinese-built railway

    MOMBASA: Kenya’s President Uhuru Kenyatta on Wednesday (May 31) inaugurated a Chinese-built railway, the country’s biggest infrastructure project since independence that is aimed at cementing its role as the gateway to East Africa. The boxy red-and-white diesel train left from a gleaming new terminal in the port city of Mombasa, carrying Kenyatta, Chinese dignitaries and citizens from around ...

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Emirates draws flak for bannning cabin crew from wearing Taiwan flag on uniforms

TAIPEI: Emirates, the Middle East’s largest airline, faced fierce criticism in Taiwan on Wednesday (May 31) after it reportedly banned cabin crew from wearing the island’s flag on their uniforms due to pressure from China. Taiwan’s Ministry of Foreign Affairs said it had lodged protests with Emirates in both Dubai and Taipei. The airline’s cabin crew traditionally wear the flag ...

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TTIP: US “open” to resuming talks with EU

WASHINGTON: The United States is “open” to resuming talks with the European Union on the Transatlantic Trade and Investment Partnership, a senior US official said. “It makes sense to continue TTIP negotiations and to work towards a solution that increases overall trade while reducing our trade deficit,” US Commerce Secretary Wilbur Ross said on CNBC. “It’s no mistake that, while ...

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Russian warship, sub fire cruise missiles at IS in Syria: Moscow

MOSCOW: A Russian warship and submarine have fired cruise missiles at Islamic State group targets around Palmyra in Syria from the Mediterranean, Moscow said on Wednesday (May 31), the first such strikes announced in months. The frigate Admiral Essen and submarine Krasnodar carried out four strikes against military hardware and fighters from the militnat group who had left its de-facto ...

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Peace Boat and Arctech Sign for Ecoship

  Peace Boat, Japan’s largest cruise organization, has signed a letter of intent with the Finnish shipbuilding company Arctech Helsinki Shipyard to construct the Ecoship, the world’s greenest cruise ship. A final contract for the 2,000-passenger and 750-cabin 60,000gt vessel is expected to be signed shortly. The new ship is scheduled for delivery in spring 2020. Some of the most ...

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Rolls-Royce Introduces New Hull Design

  Rolls-Royce has announced an overhaul of its vessel design philosophy which aims to optimize construction and operations without reducing the use of space on board. The new UT design incorporates four key features in each design. These are a knuckle line that slopes down towards the bow and links the new designs with older UT and NVC designs. A ...

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India: Shipping ministry constitutes panel to set up 200MW solar, wind projects at Kandla port

Ministry of shipping has constituted a panel to explore setting up 200 MW solar and wind energy project on the land located at Kandla port, said Nitin Gadkari, Union Ministry of Shipping, road, highways and transport, Tuesday. “Kandla port has 1.5 lakh acres of land which is low cost and economically viable for all ports to invest in solar and ...

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At least 64 killed, 320 injured in Kabul diplomatic quarter blast

  KABUL: A massive blast rocked Kabul’s diplomatic quarters during the morning rush hour on Wednesday (May 31) the latest attack to hit the Afghan capital. Afghan officials said at least 64 people have been killed or wounded by a suicide car bombing, according to AFP. Witnesses said dozens of cars were blocking roads and some wounded people could be ...

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Positive Outlook for Container Shipping

  The majority of container shipping companies lost money in the first quarter of 2017, but despite a combined operating loss of $16 million, analysts Drewry forecast positive end of year profits. Drewry’s Container Insight Weekly reports that market recovery towards an industry operating profit of around $1.5 billion in 2017 will start from the second quarter when new contracts ...

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China Invited to RIMPAC 2018

  China has been invited to attend the 2018 Rim of the Pacific (RIMPAC) exercises, despite on-going tensions in the South China Sea. The U.S. Navy confirmed that all 26 nations that participated in RIMPAC 2016 have been invited to return. If China accepts, it will be the third time the nation has participated. Five PLAN ships participated in the ...

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North Korea’s Sea-Based Nuclear Capabilities

North Korea stunned the world by conducting its first nuclear test in 2006, a mere three years after its withdrawal from the Treaty on the Non-Proliferation of Nuclear Weapons. Despite the small, one-kiloton yield of the device, the test nevertheless signified the rogue state’s entry into the nuclear arena and further complicated the already strategically challenging position on the Korean ...

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Container Ship Windshield a Success

Mitsui O.S.K. Lines (MOL) has completed an in-service test of a wind resistance-reducing windshield for container ships and determined that the device reduces emissions of CO2 by an average of two percent. The windshield, co-developed by MOL, was installed on the bow of its operated container ship, MOL Marvel, for the test which involved sailing at 17 knots per hour ...

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US successfully tests ICBM defence system

WASHINGTON: The US military said on Tuesday (May 30) it had intercepted a mock-up of an intercontinental ballistic missile in a first-of-its-kind test that comes amid concerns over North Korea’s weapons programme. A ground-based interceptor launched from Vandenberg Air Force Base in California “successfully intercepted an intercontinental ballistic missile target” fired from the Reagan Test Site in the Marshall Islands, ...

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Trump urges world leaders to call him on his cellphone: Report

WASHINGTON: US President Donald Trump has raised security concerns as he urged world leaders to call him on his cellphone instead of using official channels of communication, breaking diplomatic protocol, AP reported on Tuesday (May 30). Leaders of Canada, Mexico and France were reported to have been given his personal mobile number, with Canadian Prime Minister Justin Trudeau having reportedly ...

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UN chief warns if US pulls back, others will fill leadership role

NEW YORK: United Nations chief Antonio Guterres said on Tuesday he is trying to convince U.S. President Donald Trump’s administration of the value of investing in foreign aid and diplomacy and warned that if Washington pulled back as a global leader, other states would step up. Trump has proposed cutting U.S. diplomacy and aid budgets by about a third, or ...

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‘Happy birthday to Halimah Adenekan my jewel of inestimable value’

    (TRADE NEWSWIRE): Happy birthday to my faithful and supportive wife, QUEEN HALIMAH ADENEKAN , the one I trust, respect, cherish, love, my soul mate, best friend and the love of my heart, as you add another year today, May 31, 2017, TRADE NEWSWIRE reports. I would have kept mum from celebrating you to the public and rather do ...

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Police reveal Manchester attacker’s petty criminal past

MANCHESTER: British police revealed the Manchester suicide bomber’s petty criminal past on Tuesday (May 30) as the train station next to the scene of last week’s attack reopened for the first time since the carnage at a pop concert that left 22 people dead. Police said 22-year-old bomber Salman Abedi had appeared in police records over theft, receiving stolen goods ...

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Moscow storm death toll rises to 16

MOSCOW: The death toll in a storm that struck Moscow and surrounding suburbs on Monday has risen to 16, and more than 200 others were injured, Russian officials said. It was the deadliest storm in the Russian capital since one on a similar scale in 1998 which killed around 10 people. Eleven of the casualties on Monday were in Moscow ...

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Trump lashes out at Germany over trade and NATO, promises ‘change’

WASHINGTON: Relations between the United States and Germany veered further toward crisis on Tuesday (May 30) as President Donald Trump complained about the US trade deficit with Germany and said it must pay more for the NATO military alliance. His censure follows a volley of criticism from Germany after the president concluded his first official tour abroad on Sunday, returning ...

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China is behaving like a ‘bully’ in South China Sea: McCain

SYDNEY: China is behaving like a “bully” with its militarisation of islands in the South China Sea, Republican U.S. Senator John McCain said on Tuesday, activity Washington must confront with its allies to find a peaceful solution. In a speech in Sydney, McCain said China was asserting itself globally, best illustrated by militarising artificial islands in the South China Sea, ...

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Putin a bigger threat than Islamic State: McCain

SYDNEY: Russian President Vladimir Putin is a bigger threat to world security than the so-called Islamic State group, according to veteran US Senator John McCain who also admits Donald Trump makes him “nervous”. Republican McCain — one of US President Trump’s most outspoken critics in his own party — said Russia’s alleged meddling in elections was a danger to democracy. ...

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NSDP: NIMASA on course with seatime training programme- Peterside

   (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has restated the commitment of the Agency to ensuring that all beneficiaries of the Nigerian Seafarers Development Programme (NSDP) conclude their programme by getting sea time training, TRADE NEWSWIRE reports. Peterside, who made this commitment while speaking at the second edition of the ...

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Financial penalties imposed on Credit Suisse and UOB for 1MDB-related transactions: MAS

SINGAPORE: The Monetary Authority of Singapore (MAS) has imposed financial penalties on Credit Suisse and United Overseas Bank (UOB), and issued  against three individuals and served notice of its intention to impose the same regulatory action on three others. Its latest regulatory action comes as MAS announced in a media release on Tuesday (May 30) the completion of its two-year ...

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Congo approves use of Ebola vaccination to fight outbreak

KINSHASA: Democratic Republic of Congo’s health ministry has approved the use of a new Ebola vaccine to counter an outbreak of the hemorrhagic fever in northeastern Congo that has killed four people, a spokesman said on Monday. “The non-objection was given. Now there’s a Medecins Sans Frontiers team that is arriving (in Congo) today to validate the protocol with the ...

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New Russian jet heralds carbon manufacturing shake-up

PARIS: Russia’s new jetliner, which conducted its maiden flight on Sunday, may have a hard time challenging the sales duopoly of Boeing and Airbus, but it does point the way to radical changes in how they could be building jets in the future. The MS-21, a new single aisle airliner produced by Russia’s United Aircraft Corporation, is the first passenger ...

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Golfer Tiger Woods arrested in Florida on DUI charge

WASHINGTON: Former world number one golfer Tiger Woods was arrested in South Florida on Monday (May 29) on a charge of driving under the influence of alcohol or drugs, according to media reports. Woods, who is second on the all-time list with 14 major titles, was taken into custody at about 3.00am (3.oopm Singapore time) near his Jupiter Island home ...

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US Federal Reserve to be ‘gradual’, ‘transparent’ with interest rate hikes

SINGAPORE: The US Federal Reserve aims to take a “gradual” and “transparent” approach to interest rate hikes, said Federal Reserve Bank of San Francisco’s president and chief executive John Williams on Monday (May 29). Speaking in his personal capacity on the matter at the 2017 Symposium on Asian Banking and Finance here on Monday, Mr Williams said the Fed’s process ...

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Taiwan steel plant opens in Vietnam after fish deaths

HANOI: A Taiwanese steel firm behind a toxic waste dump that killed tonnes of fish in Vietnam last year started operations on Monday (May 29), state media in Hanoi reported. The incident was one of the worst environmental disasters in Vietnam, decimating livelihoods along the central coast and sparking angry protests that continue today. The US$11-billion Formosa steel plant in ...

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China’s table tennis coach sued over Singapore gambling debt

HONG KONG: Kong Linghui, one of China’s best-known table tennis players and now head coach of the country’s national women’s team, is facing a HK$2.55 million (US$327,000) lawsuit over a gambling debt to a luxury hotel in Singapore, according to a Hong Kong court writ. Singapore has become a playground for Asia’s rich and famous, luring cash-rich Chinese gamblers who ...

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President Widodo calls for Indonesian military to play bigger role in counter-terrorism

JAKARTA: Indonesian President Joko Widodo has asked for the Indonesian military (TNI) to be given a wider role in the country’s fight against terrorism. “Give TNI authority in the (anti-terrorism) law,” he said at a Cabinet meeting at the Presidential Palace in Bogor, West Java on Monday (May 29). “The Coordinating Minister for Political, Legal and Security Affairs has already ...

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Young Chinese in the red as easy credit drives up debt

  BEIJING: When Wu Qi and her husband traded in their Mazda 3 for a more expensive Mercedes Benz sedan, they applied for a 200,000 yuan (US$29,000) bank loan to help pay for it. They got the money within minutes. Quick and easy access to credit has encouraged many young Chinese to go into the red to buy cars and ...

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Thailand plans US$5.7b upgrade of civil-military airport to take on Singapore: Report

SINGAPORE: Thailand is set to upgrade its U-Tapao civil-military airport near Bangkok to the tune of US$5.7 billion, a Bloomberg report said on Monday (May 29). The move is meant to enhance the airport’s capabilities in aircraft maintenance, repair and overhaul in a bid to compete with Singapore, the report added. Lockheed Martin Corp.’s Sikorsky Aircraft is set to study ...

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Changi Airport reaches 1 billion passengers milestone

  SINGAPORE: Changi Airport has handled more than 1 billion passengers since it opened on Jul 1, 1981, the airport said in a media release on Monday (May 29). The milestone was reached last month, the airport said, adding that it is on course to handle a record 60 million passengers this year. Last year, the airport handled 58.7 million ...

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North Korea fires Scud-class ballistic missile, Japan protests

SEOUL: North Korea fired what appeared to be a short-range ballistic missile on Monday that landed in the sea off its east coast, the latest in a series of missile tests defying world pressure and threats of more sanctions. The missile was believed to be a Scud-class ballistic missile and flew about 450 km (280 miles), South Korean officials said. ...

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US weighs banning laptop computers on international flights

WASHINGTON: US Homeland Security John Kelly said Sunday (May 28) that he was considering banning laptop computers on international flights into and out of the country, amid signs of “a real threat.” Kelly made his remarks during the Memorial Day weekend, one of the busiest travel periods in the US, and at a time when the bombing at a concert ...

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25-year-old man arrested over Manchester attack: Police

LONDON: British police said they had arrested a 25-year-old man Sunday and were conducting a search of a house in connection with the suicide bombing that killed 22 people at a Manchester pop concert. Officers arrested the man on terror charges in Old Trafford, to the east of the city, and were searching an address in the Moss Side area ...

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Britain says some of Manchester bomber’s network potentially still at large

MANCHESTER: Members of Manchester suicide bomber Salman Abedi’s network are still potentially at large, British interior minister Amber Rudd said on Sunday (May 28), after the terrorism threat level was lowered due to significant progress in the investigation. Police have said they have arrested a large part of the network behind the bombing, which killed 22 people at a concert ...

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Libyan Islamist group Ansar al-Sharia says it is dissolving

CAIRO: Libyan Islamist group Ansar al-Sharia, a group linked to Al-Qaeda, is formally dissolving itself, it said in a statement on Saturday. The group, which Washington says was behind the 2012 Benghazi attack that killed the U.S. ambassador Christopher Stevens, had been at war with Khalifa Haftar’s eastern-based Libyan National Army. The group said its decision came on the back ...

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Iran sees $50bn oil deals kick off in 2018

Iran expects around $50 billion worth of oil contracts to launch their operational phases next year, the director of investment at the Industrial Development and Renovation Organization (IDRO) was quoted as saying in an Iran Daily report. The Islamic Republic is inviting local and foreign companies to take part in oilfield development projects that Iran wants to launch soon, said ...

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Mena e-commerce set to top $6.7bn this year

Driven by young demographics with high disposable income and high internet penetration rate, the Mena region’s e-commerce market value is set to hit the $6.7-billion mark this year, up from $4.8 billion in 2015, a report said. The Middle East’s e-commerce sector has skyrocketed by 1,500 per cent over the last 10 years, highlighted MyUS, a leading facilitator for Mena ...

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At 97, this Vietnamese grandma has mastered the Internet

    HANOI: At first glance, it’s easy to dismiss Le Thi as just another raddled old woman. At 97, she has lost almost all her teeth and a severe hunchback impedes her movement. She spends most of her time lying in bed on her side, slowly chewing betel nuts. But the almost-centenarian perks up the moment she is asked ...

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British Airways says restarts flights from Gatwick and Heathrow

LONDON: British Airways said it aimed to operate a near normal schedule of flights from Gatwick airport and the majority of flights from Heathrow on Sunday after a global computer system caused chaos for thousands of customers. “We are continuing to work hard to restore all of our IT systems and are aiming to operate a near normal schedule at ...

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Football: Chicharito becomes Mexico’s leading goalscorer

LOS ANGELES: Javier Hernandez passed Jared Borgetti as Mexico’s all-time leading scorer on Saturday when his goal in their 2-1 defeat to Croatia took his tally to 47. The Bayer Leverkusen striker rose to head home a free kick at the far post with four minutes left in the match. Duje Cop and Fran Tudor had put Croatia 2-0 by ...

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G7 in historic split as Trump goes his own way

TAORMINA: G7 leaders on Saturday (May 27) wrapped up their annual summit with an unprecedented display of division over climate change as US President Donald Trump rebuffed pressure to toe the collective line in the club of powerful democracies. Trump tweeted that he would reveal his hand only next week as to whether he will keep the United States in ...

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China ‘strongly dissatisfied’ with G7 statement on East, South China Seas

BEIJING: China is “strongly dissatisfied” with the mention of the East and South China Sea issues in a Group of Seven (G7) statement, and the G7 allies should stop making irresponsible remarks, a Chinese foreign ministry spokesman said. China is committed to properly resolving disputes with all nations involved through negotiations while maintaining peace and stability in the East China ...

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North Korea leader Kim guides test of new anti-aircraft weapon

SEOUL: North Korean leader Kim Jong Un has supervised the test of a new anti-aircraft weapon system and ordered its mass production and deployment throughout the country, the state news agency reported on Sunday, after weeks of defiant ballistic missile tests. The North’s KCNA news agency did not report the exact nature of the weapon or the time of the ...

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Chinese jets intercept US surveillance plane: US officials

  WASHINGTON: Two Chinese fighter jets intercepted a US Navy surveillance plane over the South China Sea on Wednesday, with one coming within 180m of the American aircraft, U.S. officials told Reuters. The officials, speaking on condition of anonymity, said initial reports showed that the US P-3 Orion surveillance plane was 240km southeast of Hong Kong in international airspace when ...

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New Central Area cycling network in the pipeline

SINGAPORE: An expanded cycling network in and around the Central Business District is in the works, authorities said on Sunday (May 28) at the official unveiling of the Bencoolen Street cycling path. The new Central Area network will see more vehicle lanes turned into sidewalks, and a shared bicycle and walking path lining Coleman Street and Armenian Street, linking cyclists ...

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UK lowers threat level as Manchester bomber photos released

MANCHESTER: Britain on Saturday lowered the terror threat level which was hiked after this week’s carnage in Manchester as police released CCTV footage of bomber Salman Abedi on the night of the attack. The move to scale back the threat level from critical to severe was announced by Prime Minister Theresa May who said there were now 11 suspects in ...

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USS Washington Submarine Delivered

The U.S. Navy accepted delivery of the future USS Washington (SSN 787), the 14th submarine of the Virginia-class, on May 26.USS Washington is the fourth of eight Virginia-class Block III submarines and the seventh of the class to be delivered to the Navy by Huntington Ingalls Industries – Newport News Shipbuilding in Newport News, Virginia. Construction began in September 2011, ...

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British Airways flights grounded after global IT outage

LONDON: British Airways said Saturday (May 27) that it had cancelled all its flights out of major London airports Heathrow and Gatwick after an IT systems failure, warning people not to travel to the congested hubs. “We have experienced a major IT system failure that is causing very severe disruption to our flight operations worldwide,” BA said in a statement. ...

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Muslims world-over welcome Holy month of Ramadan-Video

  (TRADE NEWSWIRE): Muslims all over the world have welcomed the Holy month of Ramadan as fasting commences globally on 27th May, 2017 following the counting of the last day of the month of Sha’ban to make it 30 days due to inability to sight the new moon on 29th day, TRADE NEWSWIRE reports. Nigeria, Saudi Arabia, Qatar, Kuwait and ...

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China’s COFCO overhauls Brazil business after accounting crisis: Sources

LONDON/SAO PAULO: Chinese food commodities trader COFCO is overhauling its operations in Brazil, including a management reshuffle, as it restructures its Nidera Sementes Ltda business following accounting irregularities reported last year, according to company documents and sources. Since first investing in Dutch-based trader Nidera in 2014, COFCO has had several setbacks including a US$150 million financial hole in its Latin ...

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PepsiCo in bid to acquire Vita Coco owner: sources

REUTERS: Soft drink maker PepsiCo Inc is in talks to acquire All Market Inc, the owner of coconut water brand Vita Coco, whose celebrity investors include Madonna and Matthew McConaughey, people familiar with the matter said on Friday. The acquisition would help PepsiCo diversify its offerings as it grapples with stagnant sales, amid a shift of many consumer tastes’ away ...

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Switch it up this year: Buy in May, till November stay

  NEW YORK: “Sell in May and go away” is perhaps the oldest saw on Wall Street, but it appears there’s no shortage of U.S. mutual funds doing exactly that this year. After all, the S&P 500 has delivered a total return, including reinvested dividends, of 10.8 percent over the last six months, essentially capturing all of the average rolling ...

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Commentary: For big banks to succeed, they must operate like start-ups

SINGAPORE: I often get asked how large banks like DBS can foster breakthrough innovation within the organisation. My answer: “You may get lucky with an unbelievable invention from left field, but the more likely course is iterate, experiment, fail, learn, pivot, repeat.” The same experimental journey was taken by many successful social media companies we see today. LinkedIn started as ...

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Top China official says Hong Kong’s autonomy is not a licence to challenge Beijing

  HONG KONG: A top Chinese official said on Saturday Hong Kong’s high degree of autonomy must not be taken as a licence to confront Beijing, and urged the territory’s government to implement contentious new national security laws. The comments by Zhang Dejiang, China’s number three official who oversees Hong Kong affairs, highlight growing concerns at Beijing’s top leadership about ...

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Asia’s First Fully-Automated Terminal Operational

  Qingdao New Qianwan Container Terminal in China has become Asia’s first fully automated container terminal after servicing the 13,386 TEU Cosco France on May 11. Locals refer to it as the “ghost port” after watching its machines and trucks operating day and night to unload the vessel without people in sight. “It’s all controlled by artificial intelligence,” said technician ...

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UK Passenger Ports Step Up Security Measures

  UK ports have stepped up security and screening measures for ferry passengers following the deadly attack on concertgoers in Manchester earlier this week. At the port of Holyhead, the nation’s second-busiest passenger port, police commissioner Arfon Jones has added new armed patrols to ensure security, part of the UK’s Operation Temperer. “Following yesterday’s raising of the national threat level ...

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IBIA Positive About Proposed CO2 Compromise

  The International Bunker Industry Association (IBIA) says a proposal from the International Chamber of Shipping on curbing CO2 emissions may be a good compromise. Pressure is growing on the IMO to deliver specific commitments to reducing greenhouse gas emissions. The IMO agreed on a “roadmap” for its strategy to control greenhouse gas emissions from international shipping at the 70th ...

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Polaris Raided in Stellar Daisy Probe

  The South Korean Coast Guard has raided the offices of Polaris Shipping, the operator of the Stellar Daisy which sank in the Atlantic Ocean with 24 crew members on board. Only two crewmembers were rescued, the rest are presumed dead. The raid took place on Thursday, May 25, and involved Polaris’ offices in Seoul and Busan. Investigators are looking ...

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Ports America to Operate Brooklyn Cruise Terminal

  New York City Economic Development Corporation (NYCEDC) has chosen Ports America to operate both Manhattan and Brooklyn Cruise terminals through until 2029. Ports America has agreed to invest $38.5 million in capital improvements across both terminals. The company will invest $23.5 million in capital improvements to Manhattan Cruise Terminal, which will include new capacity for larger vessels and improvements ...

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Singapore is Second Largest Shark Fin Trader

Singapore is the world’s second largest shark fin trader by value after Hong Kong according to a new report by TRAFFIC and WWF, who are calling on Singapore to improve transparency in the global shark fin trade through more robust monitoring. The recorded value of the export trade was $40 million for 2012–2013, a close second after Hong Kong’s $45 ...

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Dassault Falcon jets to be fitted with first broadband wi-fi

Honeywell announced recently that its high-speed broadband wi-fi system, designed to provide aircraft with internet speeds similar to those in homes and offices, is now an option for new Dassault Falcon business jets. The system can also be installed on planes already in service. Honeywell’s JetWave antennas and hardware enable Inmarsat’s high-speed Jet ConneX service. Once installed, the system allows ...

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Zain, Mastercard to launch mobile wallet in Jordan

Top telecom provider Zain has signed a strategic partnership agreement with Mastercard, a leader in global payments industry, to boost digital payment services in Jordan through ‘Zain Cash’ mobile wallet service powered by Mastercard. Aimed at extending the benefits of the Zain Cash service to Zain’s growing subscriber base and enriching their experiences, the announcement was made on the sidelines ...

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Saudi Arabia targets meetings, events opportunities

Saudi Arabia has been investing significantly in reinforcing its infrastructure and developing the meetings industry within the kingdom to attract meetings and business events. Spearheading this drive is Saudi Exhibition and Convention Bureau (SECB), which recently took part in Imex in Frankfurt 2017 for the first time, with many Saudi successful event organising companies marketing their meetings and events facilities ...

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Aramco to spend $18bn to boost US refining operations

Oil giant Saudi Aramco is set to spend $18 billion over the next five years to expand its operations in the Americas, focusing on its wholly-owned oil refining unit in the US – Motiva Enterprises. The Aramco move comes following announcements at the Saudi-US CEO Forum earlier this week, confirming its growth journey to make its Motiva unit into the ...

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Adnoc, OMV ink downstream projects cooperation deal

OMV, an international oil and gas company based in Vienna, Austria, said it has reached an agreement with Abu Dhabi National Oil Company (Adnoc) to explore opportunities for co-operation, among others in downstream projects. The agreement explores potential opportunities to work together to support Adnoc’s downstream businesses and the company’s smart growth strategy, said a statement from the company. It ...

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UAE VAT registrations to begin in Q3

The UAE Federal Tax Authority (FTA) will open registration of businesses for VAT (value added tax) with taxable income exceeding the yearly threshold in the third quarter of 2017,  a Ministry of Finance statement said. Registration will be compulsory during the fourth quarter of 2017. VAT will be applied on January 1, 2018 and concerned businesses must have completed their ...

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Oversold: Oil traders punish OPEC for promising too much

  VIENNA: As OPEC’s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to US$51 ...

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Singapore maintains 2017 growth forecast as economy expands 2.7% in Q1

SINGAPORE: Singapore’s economy clocked a quicker-than-expected 2.7 per cent growth in the first quarter of 2017 from a year earlier, helped largely by continued strength in the manufacturing sector, data from the Ministry of Trade and Industry (MTI) showed on Thursday (May 25). The ministry also said it will maintain its gross domestic product (GDP) forecast for the year at ...

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US oilfield service firms lag shale recovery; old deals hold

  HOUSTON: U.S. oil services companies have been doing a lot more work as recovering oil prices have lifted the shale industry from a two-year slump, but producers have been pocketing much of the new cash generated by rising output and squeezing service providers to keep costs down. Oil service companies that provide the crews, labor and technology used to ...

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EU Leads the Way for Ship Recycling

Ask someone in the United States what happens to ocean-going ships at the end of their service life and they’ll likely describe National Geographic pictures of ships on beaches in some foreign country, with sandal-clad workers using hammers and cutting torches to take them apart. However, these recycling methods are destined to become a relic of the past. The future will be ...

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Australia to Release Whaling Footage

  Australia’s Information Commissioner has decided that the government should release controversial footage of Japanese whaling, after years of lobbying by the Environmental Defenders Office NSW, the Humane Society International and Sea Shepherd. Back in 2008, as part of Australia’s whaling case against Japan in the International Court of Justice (ICJ), the Australian Customs vessel Oceanic Viking filmed Japan’s whaling ...

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Fleet Week Kicks Off in New York

Fleet Week New York 2017 began on Wednesday morning with the annual parade of ships along the Hudson River.The parade included U.S. Coast Guard Cutters and smallboats, several U.S. Navy ships, Naval Academy Patrol boats, a Royal Canadian Navy ship, Oceanographic Research Vessel Neil Armstrong and local partner agency vessels. Fleet Week New York, now in its 29th year, is ...

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Spanish Longshore Unions Postpone Strike

  Stevedores’ unions in Spain have agreed to cancel the first five days of a planned walkout over a government reform package that deregulates the nation’s ports sector. The strike was scheduled to begin today, but the unions have reached a framework agreement with port employers association Anesco (Asociación Nacional de Empresas Estibadoras y Consignatarias de Buques), and they are ...

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IEA Says Shipping Not on Track with Emissions Reductions

  The International Energy Agency (IEA) has released its Tracking Clean Energy Progress report, saying that international shipping is not on track to meet the greenhouse gas goals of the Paris Agreement. The report highlights the overall status and recent progress in developing and deploying key clean-energy technologies. The shipping sector is a key enabler of international trade and constitutes ...

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Ports: East Africa Lagging Behind West Africa

Shipping analysts Dynamar of The Netherlands expect east and southern African full container volumes to grow by 7,000,000 TEUs by 2020, but the company highlights that east Africa is lagging behind west Africa when it comes to terminal operations. West Africa West Africa is clearly moving into the direction of maturation. Compared to East Africa, the ships are bigger, there ...

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Scorpio Announces Merger With Navig8 Product Tankers

  On Thursday, Scorpio Tankers announced that it has acquired 27 recently built LR tankers by merging with Navig8 Product Tankers. The deal makes Scorpio the largest product tanker firm on a U.S. securites exchange, and Scorpio expects that the increased scale of its operations will reduce costs and increase vessel utilization. According to VesselsValue, 10 of the LR1 and ...

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FDA panel backs Puma Biotech’s breast cancer drug

REUTERS: Puma Biotechnology’s experimental breast cancer drug reduces the risk of the disease returning and should be approved, an advisory committee to the U.S. Food and Drug Administration concluded on Wednesday, paving the way for its approval in patients who have already had their tumors surgically removed. The panel voted 12 to 4 in favor of the drug, neratinib, saying ...

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European stocks tread water before Fed minutes

LONDON: European equities traded broadly flat on Wednesday (May 24), despite gains across most of Asia, as dealers waited on news from the Federal Reserve’s most recent policy meeting. Meanwhile, oil prices dipped despite data showing a drop in crude stockpiles in the United States and progress by OPEC as well as non-OPEC producers – including Russia – toward extending ...

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At least 30 migrants drown in new Med disaster

At least ,30 migrants, drow, in ,new Med disaster image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw== Illegal migrants from Africa arrive on shore after being rescued by Libyan coast guards rescued at sea, off the coastal town of Tajoura, 15 kilometres east of the capital Tripoli on May 23, 2017. (Photo: AFP/Mahmud Turkia) 24 May 2017 08:50PM (Updated: 24 May 2017 08:50PM) Share this content ...

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S.Africa allows telecoms operators to keep broadband spectrum until 2028

CAPE TOWN: Six South African telecoms companies, including MTN Group and Vodacom, can keep their broadband radio spectrum licences until they expire in 2028 after agreeing to buy at least 30 percent of the government’s new Wireless Open Access Network (WOAN), the communications minister said on Wednesday. Minister Siyabonga Cwele told reporters an agreement was reached with operators on May ...

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Global renewables workforce to hit 24m by 2030

Global energy system is creating more jobs in renewables than in fossil-fuel technologies, according to a new report by the International Renewable Energy Agency (Irena). Falling costs and enabling policies have steadily driven up investment and employment in renewable energy industry leading to employment of 9.8 million people worldwide last year, stated Irena in its annual review  “Renewable Energy and ...

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Bitcoin soars above US$2,400 to all-time high

REUTERS: Digital currency bitcoin hit a fresh record high on Wednesday, surging above US$2,400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need ...

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China’s Xi urges Taiwan business lobby to back ‘one China’ principle

BEIJING: Chinese President Xi Jinping urged a business lobby for Taiwan enterprises on the mainland to support the “one China” principle and contribute to unity between Beijing and Taipei, state media said on Wednesday. China regards Taiwan as a renegade province to be recovered by force if necessary, after defeated Nationalists fled there in 1949, following the loss of a ...

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Melbourne’s next port to cost $6 billion

Melbourne’s next container port should be built near Geelong but Infrastructure Victoria says the $6 billion facility won’t be needed until 2055. The independent body picked Bay West as the best site for the city’s next port, instead of the longstanding alternative site in Hastings, southeast of Melbourne. “Why Bay West? Because this is the shortest distance to where the ...

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Vizag port to be modernised by 2019

If everything goes as planned by the Visakhapatnam Port Trust (VPT) authorities, modernisation of port will be complete by 2019. Addressing the media in the city on Sunday, VPT chairman MT Krishna Babu said, “The modernisation of VPT includes increasing container trade, doubling capacities of inner harbour, modernise berthing structures, setting up multi-modal parks, free trade zones, provision of clean ...

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