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Top 10 investment ideas for 2017

Global growth is likely to accelerate moderately in 2017, with US growth improving and China continuing to slow, says UBS Wealth Management in a new report highlighting top 10 investment ideas for the coming year. Next year investors face a polarized political world, says UBS. Global gross domestic product (GDP) growth is likely to rise to 3.5 per cent from ...

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US approves Airbus sale of over 100 jets to Iran

The Obama administration has approved the export of more than Airbus 100 jetliners to Iran, despite a move by US lawmakers for a clamp on such transactions, a report said. The export license, granted by the US Office of Foreign Assets Control, and clears Airbus to deliver more than $20 billion in jets to Iran Air, the country’s flag carrier, ...

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Lufthansa cancels 900 flights as pilots go on two-day strike

Lufthansa’s pilots have launched a two-day strike following an ongoing wage dispute, forcing the carrier to cancel close to 900 flights on Wednesday alone, said a report. The pilot’s union had initially called for a 24-hour strike. Following failed attempts by Lufthansa to halt the walkout, the union extended the the strike by another 24 hour, said a report on ...

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FG reiterates commitment to patronage of Made in Nigeria Sports equipment

  (TRADE NEWSWIRE): The Permanent Secretary, Special Duties Office (SDO) of the Secretary to the Government of the Federation (SGF), Dr. Amina Shamaki, has restated the commitment of the Federal Government to the patronage of made in Nigeria sports equipment for the development of grassroots games in Nigeria, TRADE NEWSWIRE reports. According to a statement obtained by TRADE NEWSWIRE from ...

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Nakilat transitions LNG Umm Slal to in-house management

  (TRADE NEWSWIRE): Nakilat has assumed full ship management and operations of Q-Max LNG carrier Umm Slal from STASCo (Shell Trading and Shipping Company Ltd.) with effect from 23 November 2016, as part of the planned and phased transition announced on 19th October 2016. With a cargo carrying capacity of 265,978 cubic meters, Umm Slal is wholly-owned by Nakilat and ...

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Obong of Calabar Expresses Confidence in the Board of NIMASA

  (TRADE NEWSWIRE): The Obong of Calabar, His Royal Majesty, Edidem Ekpo Okon, commended the Federal Government for constituting the Board of the Nigerian Maritime Administration and Safety Agency (NIMASA) saying that the calibre of personalities in the Board gives a lot of confidence and hope that the Nigerian maritime industry is set to experience renewed development, TRADE NEWSWIRE reports. ...

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Management guru Dakuku Peterside to deliver 2016 UNN Distinguished Persons annual lecture

   (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, is to deliver this year’s University of Nigeria Nsukka (UNN) Distinguished Persons Annual Lecture of the Faculty of Management, TRADE NEWSWIRE reports. A statement from the University, according to a World-renowned First-rate Public Relations Professional and Head, Corporate Communications, NIMASA, Hajia Lami Tumaka, notes ...

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Board, Management Synergy required in NIMASA for dev of maritime sector- Peterside

  (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has noted that to achieve the Agency’s vision of becoming the leading maritime administration in Africa advancing Nigeria’s global maritime goals, it is important that there is no disconnect between policy formulation and policy implementation, TRADE NEWSWIRE reports. In a statement obtained by ...

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Obama says world leaders want to move forward with TPP

      LIMA, Peru: US President Barack Obama on Sunday (Nov 20) said that leaders from across the Asia-Pacific have decided to move ahead with a trade deal opposed by his successor Donald Trump. “Our partners made clear they want to move forward with TPP,” Obama said at a press conference after meeting leaders in Peru. “They would like ...

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Tech worker visas face uncertain future under Trump, Sessions

  SAN FRANCISCO: The main U.S. visa program for technology workers could face renewed scrutiny under President-elect Donald Trump and his proposed Attorney General, Senator Jeff Sessions, a long-time critic of the skilled-worker program. H-1B visas admit 65,000 workers and another 20,000 graduate student workers each year. The tech industry, which has lobbied to expand the program, may now have ...

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Ballast Water Treatment Issues Remain Unresolved

Last month’s IMO Marine Environmental Protection Committee (MEPC) adopted resolution MEPC.253(67) on the review of the guidelines for approval of ballast water management systems (G8) to facilitate entry into force of the Ballast Water Management Convention. The revised G8 is more prescriptive in some aspects and will require harmonization between administrations to ensure a level playing field for manufacturers and ...

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NIMASA’s Dikko Bala appointed IMSO Chairman

   (TRADE NEWSWIRE): Mr. Dikko Bala, Alternate Permanent Representative to the International Maritime Organisation (IMO) has been appointed the Chairman of the International Mobile Satellite Organisation (IMSO) for a period of two years, TRADE NEWSWIRE reports. The appointment was confirmed during the 24th session of IMSO in London recently. Mr. Bala, a Deputy Director with the Nigerian Maritime Administration and ...

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Maritime sector key to advancement of our global economic Interest – NIMASA DG

      (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has stated that if Nigeria must advance its global economic interest then the country must ensure that it gets the regulation of the maritime sector right, TRADE NEWSWIRE reports. According to a statement obtained by TRADE NEWSWIRE from a World-renowned First-rate ...

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NYK Ports Expands Global Terminal Operations

NYK Ports and Macquarie Infrastructure Partners III have invested in Maher Terminals, which operates a terminal in the U.S. port of New York and New Jersey.On November 16, 2016, NYK Ports acquired a 20 percent share of Maher, the latest move in its global expansion. The port of New York and New Jersey handles the most containers of any port ...

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Cebu Port Expansion Moves Ahead

The New Cebu International Container Port has won the approval of the Philippine government, and work on the $200 million container terminal is set to begin in the third quarter of 2017.The new 500,000 TEU port will be located at Tayud, Consolacion, about five miles away from the existing facility. Tayud has a harbor depth of 45 feet, much deeper than ...

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Brexit Could Facilitate Free Ports in UK

  Rishi Sunak, a member of the UK Parliament representing Yorkshire, has written a new policy paper in conjunction with the Centre for Policy Studies on the post-Brexit potential for customs-free ports. In a free port (better known as a free trade zone or a foreign-trade zone), shippers and manufacturers can do business without paying taxes – unless they ship ...

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Vietnam Expanding South China Sea Runway

Vietnam is extending a runway on an island it claims in the South China Sea in apparent response to China’s building of military facilities on artificial islands in the region, a U.S. think tank reported on Thursday.Satellite images taken this month showed Vietnam had lengthened its runway on Spratly Island from less than 2,500 feet (760 meters) to more than ...

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Volkswagen to cut 30,000 jobs at VW brand by 2020

    WOLFSBURG, Germany: Volkswagen and its powerful labor unions agreed to cut 30,000 jobs at the core VW brand in exchange for avoiding forced redundancies in Germany until 2025, a compromise which leaves the carmaker’s profitability still lagging rivals. The turnaround plan announced on Friday will lead to 3.7 billion euros (US$3.9 billion) in annual efficiency gains and lift ...

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Rolls-Royce Marine Faces Further Cuts

  Rolls-Royce CEO Warren East gave an investor presentation Wednesday on the firm’s outlook, and he suggested that its Marine division faces further cutbacks. The firm expects “transformation benefits” from a restructuring of Rolls-Royce Marine totaling $45 million this year and $50 million in 2017. It has already closed 12 of its 27 business locations. Michael Makinen, the president of ...

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Argentina Shifts Drug Offensive to Private Ports

    Argentina’s government has stepped up security at the ports in its main grain exporting hub of Rosario, counting on cooperation with private terminal operators to keep drug traffickers away from a key industry. Some 3,000 federal police, coast guard, gendarmerie and airport police have been deployed in Santa Fe province in recent weeks with about half of those ...

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Arctic Expedition Cruise Operators Support HFO Ban

  The Association of Arctic Expedition Cruise Operators (AECO) reconfirmed its support for an international ban on heavy fuel oil (HFO) for all ship traffic in the Arctic at its annual general meeting this week. Currently, HFO is only banned in the nature reserves and the large national parks in Svalbard. Such a ban would be beneficial to avoid the ...

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NIMASA Board approves development of new Offices in Warri, PH, Onne

    (TRADE NEWSWIRE): The Governing Board of the Nigeria Maritime Administration and Safety Agency (NIMASA) has approved the development of new zonal offices and a multi level car park at the Agency’s head office using a Design, Build and Finance (DBF) model under a Private Finance Initiative (PFI) in its 2017 budget year, TRADE NEWSWIRE reports. The approval which ...

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Maritime security: ECOWAS must eradicate piracy to grow economy – NIMASA DG

    (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dakuku Peterside, has charged member states of the Economic Community of West African States (ECOWAS) to eradicate the scourge of piracy in the sub region in order to grow the economy, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from a World-renowned ...

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NIMASA’s Ibrahim Jibril elected CILT Nigeria President in a landslide victory

  (TRADE NEWSWIRE): Mr. Ibrahim Jibril, Director of Administration and Human Resources department in the Nigerian Maritime Administration and Safety Agency (NIMASA) has been elected the President of the Chartered Institute of Logistics and Transport (CILT) Nigeria, TRADE NEWSIRE reports. At the election which held in Abuja during the Institute’s Annual General Meeting, Mr. Jibril polled 272 votes to defeat ...

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NIMASA Director Akinyosoye receives MPA Academy Fellowship Award in Singapore

    (TRADE NESWIRE): The Head of Shipping Development Department in the Nigerian Maritime Administration and Safety Agency (NIMASA) Mr. Akin Akinyosoye, has been awarded the Maritime and Port Authority of Singapore (MPA) Academy Fellowship Award, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from a World-renowned First-rate Public Relations Professional and Head, Corporate Communications, NIMASA, Hajia Lami ...

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ADVERTORIAL: Re-‘Obla denies bribing Rita Ofili-Ajumogobia’, a case of What Goes Around, Comes Around.

  (TRADE NEWSWIRE): The attention of Maritime Advocacy Group, MAG, a coalition of Industry Journalists, Ship owners and Critical Stakeholders has been drawn to a Press Statement credited to Chief Godwin Obla, SAN, former Economic and Financial Crimes Commission, EFCC, Prosecutor in the media with various caption bordering on “OBLA DENIES BRIBING RITA OFILLI-AJUMOGOBIA”. MAG unequivocally and without diluting or ...

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WhatsApp launches video calling globally

      SAN FRANCISCO: One of the world’s most popular means of communication, WhatsApp said on Monday (Nov 14) it will add fully encrypted video calling to its messaging app. WhatsApp, which boasts more than a billion users worldwide, said the new feature will be added in an app update for Android, iOS and Windows devices. Users can move ...

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Genting Kicks Off New Asian Luxury Cruise Brand

  Genting Hong Kong’s latest vessel, the Genting Dream, has arrived in Hong Kong, kicking off the operations of what Genting bills as the city’s first home-ported luxury cruise brand. That brand, Dream Cruises, will take advantage of the burgeoning demand for cruising in East Asia with runs between Hong Kong and Guangzhou, plus longer itineraries to Vietnamese ports. The ...

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This Year’s Top Five Biggest Dry Bulk Spenders

With dry bulk market values currently in the lowest 10 percent of all observed values since the start of 2007, these owners are turning the current state of the market into a financial opportunity. They have spent close to $1 billion over the last 12 months.VesselsValue’s (VV) Senior Analyst William Bennett looks at the top five dry bulk spenders: In ...

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Permanent Cruising: More Condos Aboard Cruise Ships

    200 high-net-worth individuals maintain residences on the exclusive cruise ship The World, which functions as an ultra-high-end seafaring condominium. The residents select their destinations in consultation with the captain and travel as much as 40,000 nm per year. But coming soon, the discerning permanent cruiser may have more options. Genting Hong Kong’s Crystal Cruises is building three new ...

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Singapore’s Swissco to File for Judicial Management

Singapore’s Swissco Holdings, a debt-burdened provider of rig and vessel chartering services, said it has decided to file for interim judicial management after reaching an impasse with major lenders.Many companies in the offshore oil and gas services sector – a key industry in Singapore – have been struggling to meet debt commitments after a rout in global oil prices until ...

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Europe Ships Oil as Far as Cuba and Australia

The Mediterranean is rapidly becoming the world’s most oversupplied oil market, as exports from OPEC heavyweights Iraq and Iran, rising star Kazakhstan and the return of Libyan crude force traders to get creative in marketing their barrels.Supply of virtually every key grade of crude in the region has increased in the last year, in spite of the benchmark oil price ...

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New Zealand Council Votes Against Offshore Drilling

    New Zealand capital Auckland has seen a move to stop offshore drilling in the area. Auckland Council’s governing body has voted to oppose the proposed offering of petroleum exploration permit applications in the Northland-Reinga and Taranaki Basins. In a lengthy debate on the economic merits and environmental effects of oil exploration, the Council voted in favour of an ...

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Hyundai Heavy Industries to be Split

    South Korea’s Hyundai Heavy Industries is being split into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness, the shipbuilder said on Tuesday. South Korean shipbuilders have been selling non-core assets and slashing jobs to cope with shrinking orders from the oil industry that forced the firms into heavy losses last year. ...

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NZ Earthquakes Damage Ports and Disrupt Ferries

A major earthquake struck the South Island of New Zealand on Sunday, damaging buildings, docks, gantry cranes, roads and residences. At magnitude 7.5, it was the most powerful in the nation in 150 years – more powerful even than the devastating Christchurch earthquake of 2011.A number of magnitude 5 to 6 aftershocks continued through Sunday and into Monday. The authorities called ...

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ICTSI Subic opens first CFS in Central Luzon

  Subic Bay International Terminal Corporation (SBITC) recently opened its Dock Container Freight Station (CFS) at the New Container Terminal 2 (NCT 2) of the Subic Bay Freeport in Zambales. Inaugurated last 7 November, the CFS is the first and only facility of its kind to serve the Central Luzon Market. Roberto Locsin, SBITC General Manager, led the ribbon-cutting and ...

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Portugal expects 200 percent increase through ports in next decade

  The Portuguese minister of the sea said this week that she expected an increase “of about 200percent” in freight movements through Portugal’s ports in the next decade, in line with the 180 percent rise seen between 2006 and 2016. Ana Paula Vitorino, who was speaking in parliament about next year’s budget, stressed that this activity is important for the ...

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Relaxed mainland port rules could slice 14pc off Hong Kong’s container throughput, says report

  A full relaxation in the mainland’s laws prohibiting foreign-flagged vessels from moving cargo from one mainland coastal port to another, could deal a serious blow to Hong Kong’s container freight industry, according to the highly influential Hang Seng Management College (HSMC). It claims in a new report that in the worst-case scenario, Hong Kong could lose all transshipment rights ...

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Hyundai’s Hanjin Bid Beaten

  South Korea’s Korea Line Corp was picked as the preferred bidder to buy troubled shipping company Hanjin Shipping Asia-U.S. operations, beating Hyundai Merchant Marine, a spokesman for a Seoul court overseeing Hanjin Shipping’s receivership said on Monday. The spokesman said Korea Line offered higher prices than Hyundai Merchant Marine, but did not disclose the value of the potential deal. ...

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Samsung to buy car tech firm Harman for US$8 billion, South Korea’s biggest overseas deal

  SEOUL: Samsung Electronics announced an US$8 billion deal on Monday to buy Harman International Industries, marking a major push into the auto electronics market and the biggest overseas acquisition ever by a South Korean firm. The electronics giant previously shunned big acquisitions, and the latest deal underscores a strategic shift as the company tries to break into the high-barrier ...

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First Large Chinese Shipment to Gwadar, Pakistan

Pakistan’s prime minister and army chief welcomed on Sunday the first large shipment of Chinese goods through the renovated port of Gwadar, part of a trade link between western China and the Arabian Sea.The deep-water port in Pakistan’s southwestern province of Baluchistan is key to the $46 billion China Pakistan Economic Corridor (CPEC) that also encompasses roads and energy projects. ...

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Shipping Recovery Prospects Test Investor Nerves

Research consultancy Maritime Strategies International (MSI) has forecast a stormy road to recovery for the shipping industry, with uneven supply/demand trends set to test the nerve of investors and operators.Addressing the Hansa Forum in Hamburg, Germany last week, MSI Senior Analyst James Frew warned that the industry will continue to face multiple challenges to a sustained recovery despite positive demand ...

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Green Mamba Found On West African Ship

A green mamba, one of the deadliest snakes in the world, was found on a cargo ship from West Africa when it docked in Aberdeen last week.The snake’s venom can kill a human in less than 30 minutes without specialist treatment, and the closest anti-venom was held in London, almost 400 miles away. The ship’s crew put the snake into ...

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Global growth to stabilise next year: Moody’s

Global economic growth will pick up next year from the very weak levels this year, as the outlook for the US and emerging economies improves slightly, according to a report by Moody’s Investors Service. However, growth will be tepid compared with historical averages over the next two years and risks remain, the report said. Moody’s expects global growth to climb ...

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Drydocking: NIMASA’s floating dockyard, a new window of opportunity for Nigeria– Senator Yerima

  .It will conserve foreign exchange .It will create jobs .It is a source of generating revenue to government’s coffers (TRADE NEWSWIRE): The Chairman of the Senate Committee on Marine Transport, Senator Ahmed Sani Yerima, has said that the floating dockyard being built by the Nigeria Maritime Administration and safety Agency (NIMASA) will open new windows of opportunity in the ...

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Obama, Trump hold ‘excellent’ White House talks

    WASHINGTON: Barack Obama and Donald Trump on Thursday (Nov 10) put past animosity aside during a 90-minute White House meeting designed to quell fears about the health of the world’s pre-eminent democracy. As protests against the Republican property mogul’s shock election rumbled across US cities and world capitals contended with a suddenly uncertain world order, Obama and Trump ...

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Oil price slips further, markets focus on supply overhang

  Friday morning saw oil prices fall, as markets turned their focus to a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers make a significant cut to their output, said a report. International Brent crude oil futures were trading at $45.77 per barrel at 0743 GMT (2:43 a.m. ET), down 7 cents from ...

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$24bn hotel projects under construction in Saudi, UAE

  The GCC hospitality industry remains firm on its growth trajectory with projects worth $23.5 billion under construction in the key markets of Saudi Arabia and the UAE, said a report ahead of a major industry event in Dubai. The nineth edition of Hotelier Summit (UAE and Saudi Arabia) will be held on December 6 to 7 at Al Bustan ...

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KNUD E. HANSEN, Smart Engineering & Design Solutions (India) team up to design, build vessels for Andaman & Nicobar

  (TRADE NEWSWIRE): KNUD E. HANSEN (KEH) and Smart Engineering & Design Solutions (India) (SEDS) have recently teamed up to deliver two new vessel designs, each with two vessels to be built, for the Andaman & Nicobar Administration of India, TRADE NEWSWIRE reports. According to a statement obtained by TRADE NESWIRE from the Secretary  & Marketing, KNUD E. HANSEN, Camilla ...

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NIMASA to deliver Africa’s fifth largest modular floating dockyard in 2017

  (TRADE NEWSWIRE): Dr. Dakuku Peterside, the Director General of the Nigerian Maritime Administration and safety Agency (NIMASA) has said that the Agency is set to deliver what will be Africa’s fifth largest floating dockyard in 2017, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from a World-renowned First-rate Public Relations Professional and Head, Corporate Communications, NIMASA, Hajia ...

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NASS Committees assure NIMASA of maximum support to grow maritime capacity

    (TRADE NEWSWIRE): The National Assembly Committees oversighting the Nigeria Maritime Administration and safety Agency (NIMASA) have assured the Agency of the needed legislative and budgetary support to grow the capacity of professionals in the industry for the good of the country and the industry, TRADE NEWSWIRE reports. The leadership of the Senate Committee on Marine Transport and the ...

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Seaman Discharge book ready- DG NIMASA

  (TRADE NEWSWIRE): The Nigerian Maritime Administration and Safety Agency (NIMASA) has said that the SEAMAN Discharge book used by seafarers are ready and that no Nigerian seafarer or cadet will be denied the opportunity of going on board vessels on account of not possessing the document, TRADE NEWSWIRE reports. The Director-General of NIMASA, Dr. Dakuku Peterside, said this while ...

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2016 election results: We are Americans first before being Democrats or Republicans- Obama

  (TRADE NEWSWIRE): The President of the United States of America, Barack Obama, has spoken for the first time on the just concluded American election results that produced Donald Trump, the presidential candidate of the Republican Party as the winner, saying they are all American first before being members of Democratic of Republican parties, TRADE NEWSWIRE reports. This was contained ...

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Trump victory shocks global firms reliant on open trade

      HONG KONG/SHANGHAI: Donald Trump’s victory in the U.S. election sent shockwaves through industries that rely on open trade, from airlines to cars and IT outsourcing, even though many executives remain unsure what his protectionist rhetoric will mean in practice. Throughout his presidential campaign, Trump has vowed to revive the U.S. economy by slashing taxes, preventing companies from ...

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Petroleum exhibition: Nakilat participates in ADIPEC 2016

  (TRADE NEWSWIRE): Nakilat is currently exhibiting with Qatar Petroleum at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) held in Abu Dhabi between 7th-10th November 2016, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from Nakilat Shipping Qatar Limited, on Wednesday, ADIPEC is one of the largest oil and gas events in the region, with more ...

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‘I will be a President for all Americans’: Donald Trump in victory speech

  NEW YORK: In his first speech as President-elect of the United States after a long and bitterly fought election, Donald Trump on Wednesday (Nov 9) called for his country to come together as one united people, saying he would bind the nation’s deep wounds and be a president “for all Americans”. He also had praise for his defeated rival ...

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IMO Represents Shipping at COP22 Climate Conference

  From November 7-18, delegates from nearly 200 nations will be in Marrakech for the COP22 climate conference, the follow-up to the landmark meeting in Paris last year. Negotiators will be working to hammer out the details of last year’s groundbreaking climate deal – how exactly, and how fast, the countries will move to implement the promised changes. They will ...

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Financiers Call for Ban on High Seas Arctic Drilling

  Two dozen major financial organizations with a total of $5.5 trillion in assets – an amount equal to half the GDP of China – have called for a preemptive ban on drilling in international waters of the Arctic. In a statement addressed directly to oil majors and to the members of the Arctic Council, the group called for an ...

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Second Tug and Barge Casualty Near Bella Bella, B.C.

On Sunday evening, the tug Columbia Layne was towing a sand and gravel barge in Graham Reach, near Bella Bella, British Columbia. In foul weather and heavy swells, the barge flipped and sank – the second tug and barge casualty in the area in a month.Jess Housty, councilor with the Heiltsuk tribe of Bella Bella, said in a statement that ...

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Nakilat showcases maritime strength at ‘Made in Qatar’ exhibition

  (TRADE NEWSWIRE): Nakilat is showcasing its maritime expertise at the ‘Made in Qatar’ exhibition in Riyadh between 6th-9th November 2016, TRADE NEWSWIRE reports. According to a statement obtained by TRADE NEWSWIRE from  Nakilat Shipping Qatar Limited, in Qatar on Tuesday, this is the first time the Qatari shipping company is participating in the event, as an exhibitor and one ...

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Brunei Times to close over ‘business issues’

SINGAPORE: The Brunei Times (BT) will cease to operate with effect from Tuesday (Nov 8), after 10 years of publication. In an announcement run under its masthead on Monday, the English daily published in Brunei Darussalam cited reasons such as “business issues”, as well as “reporting and journalistic standards that should meet the mark set”. The decision was also made ...

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To beat traffic jams, learn from the swarm

  SINGAPORE: Ants, fish and amoeba all have something in common that humans don’t – they can work perfectly in tandem to solve a common problem. And tapping on that swarm intelligence is what could help make drivers’ bugbears – such as congestion, road hogs and even traffic lights – go away, according to Assistant Professor Roland Bouffanais of the ...

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New Low in Sea Trade Growth

  Seaborne shipments passed 10 billion tons for the first time ever in 2015, up 2.1 percent from 9.8 billion tons the year before, the UNCTAD Review of Maritime Transport 2016 says, the slowest pace of growth in the industry since 2009 and that future growth looks uncertain.Shipping carried more than 80 percent of the world’s goods by volume in ...

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Brazil Lures Fresh Infrastructure Investors

  Brazil will allow investors to return concessions for road, railroad, port and airport projects that have not taken off in an effort to attract fresh private investment to modernize decrepit infrastructure, a government source said on Friday. A presidential decree will be issued as soon as next week to revise concessions granted by the previous leftist government that failed ...

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Competition Fuelling Australian Stevedoring Price War

  The Australian Competition and Consumer Commission’s 2015-16 Container Stevedoring Monitoring Report has found that increased competition in container stevedoring has pushed prices to their lowest level in seventeen years. Industry margins and rate of return on assets are also at the lowest level recorded by the monitoring program. Productivity on the wharves has remained largely unchanged at close to ...

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Little Hope for Mid-Size Container Lines

  The latest Container Shipping Forecaster from Maritime Strategies International highlights the contrasting fortunes of liner operators and tonnage providers.In the light of the current oversupply, and a demand environment which fluctuates between uncertain and disappointing, the industry is taking what evasive action it can on the supply side. September 2016 saw the second-highest monthly total ever for container ship ...

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Sulfur Cap Could Threaten OPEC Crudes

  A switch to cleaner fuels in the world’s ships in 2020 could double the profits of the world’s most advanced oil refineries – but threatens to put older ones out of business and punish those countries, including prominent OPEC members, that produce the wrong kind of crude. In less than four years, ships worldwide will have to cut their ...

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Transition process: Nakilat completes ship mgt takeover of LNGMekaines from Shell

  (TRADE NEWSWIRE): Nakilat has assumed full ship management and operations of Q-Max LNG carrier Mekaines from STASCo (Shell Trading and Shipping Company Ltd.) with effect from 7November 2016, as part of the planned and phased transition announced on 19th October 2016, TRADE NEWSWIRE reports. According to a statement obtained by TRADE NEWSWIRE from  Nakilat Shipping Qatar Limited, in Qatar, ...

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Global IoT market likely to top $7 trillion by 2020

  The worldwide installed base of the Internet of Things (IoT) will exceed 28 billion by 2020, while total market revenue could exceed $7 trillion, say analysts. IoT infrastructure must be able to support the demands of high data rates, large numbers of connected things, deep coverage, advanced data analytics, and security and data management capabilities, among other requirements. In ...

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‘How NIMASA, Navy arrested 16 stowaways on US-bound vessel’

  (TRADE NEWSWIRE): The Nigerian Maritime Administration and Safety Agency (NIMASA), has shed light on how it’s Search and Rescue personnel in collaboration with officers and men of the Nigerian Navy effected the arrest of 16 stowaways on a United States-bound vessel, named MV Colombia River, TRADE NEWSWIRE reports. (Stowaway): is a person who secretly boards a vehicle, such as ...

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China wades into Hong Kong rebel lawmaker oath battle

  HONG KONG: Beijing is set to step into a controversy over whether two Hong Kong lawmakers who advocate a split from China should be banned from taking up their seats, authorities in the special autonomous region said Friday (Nov 4). The announcement comes a day after a court hearing in which Hong Kong authorities were seeking to disqualify Baggio ...

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North American Intermodal Volumes Decline, Again

  Total intermodal traffic recorded another volume decline in the third quarter, according to the Intermodal Association of North America’s (IANA) latest quarterly Intermodal Market Trends and Statistics report.Contributing to this loss were intermodal trailer volumes which dropped 26.9 percent and international shipments which fell 6.7 percent. The domestic container business experienced gains of 3.3 percent which kept the overall ...

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Pillarstone to Snap Up Europe Shipping Loans

  Pillarstone, the platform set up by U.S. private equity firm KKR to buy non-core bank assets in Europe, looks set to take on more shipping loans after appointing an industry veteran to run its shipping business.Pillarstone, which was set up last year by KKR Credit to provide capital and manage exposures to non-core and underperforming bank assets in Europe, ...

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Shell Predicts Peak Oil Demand As Early As 2021

  In an investor conference call Tuesday, Shell CFO Simon Henry said that peak demand for oil may come in as little as five years. “We’ve long been of the opinion that demand will peak before supply,” Henry said. “That peak may be somewhere between five and 15 years hence, and it will be driven by efficiency and substitution, more ...

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Ocean Alliance Announces Day One Network

  The members of the new Ocean Alliance, CMA CGM, COSCO Container Lines, Evergreen Line and Orient Overseas Container Line, have announced their proposed “day one” trading network.The Alliance is the largest shipping alliance in the world, and the partners will operate 40 services on the East-West trades with around 100 ports of call and almost 500 port pairs. Supported ...

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Historic climate change deal comes into force

  Environmental groups and organisations battling global warming have hailed the coming into force today (November 4) of the Paris Agreement on governmental action to limit climate change. The Paris Agreement marks the first time that governments have agreed legally binding limits to global temperature rises. Under the agreement, all governments that have ratified the accord, which includes the US, ...

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FG committed to repositioning maritime sector – Amaechi

  (TRADE NEWSWIRE): The Minister of Transportation, Rt. Hon. Rotimi Amaechi, has assured Stakeholders of the Federal Government’s resolve to reposition the maritime sector for greater efficiency and competitiveness, TRADE NEWSWIRE reports. The Minister who stated this during the celebration of the 2016 World Maritime Day with the theme “Shipping, Indispensable to the World” held in Lagos also acknowledged the ...

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‘Emerging middle class to define next decade of Mena tourism’

  The rise of an emerging middle class will define and transform the travel and tourism industry in the Middle East and North Africa (Mena) over the next decade, according to global payments technology company Visa. Speaking at the Visa Travel & Payment Trends Seminar in Dubai today, the company’s senior director and international economist, Richard Lung, identified three key ...

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Etihad launches new android app for smartphones

  Etihad Airways has extended its digital reach with the introduction of a new mobile application for Android smartphones, enabling guests to manage their journeys with even greater ease. The new mobile app is simple and enjoyable to use, providing comprehensive trip management and giving guests the information they need in a way that suits them. Guests can now organise ...

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Lagardere to operate Duty Free shops at Riyadh airport

  Saudi Arabia’s General Authority of Civil Aviation (Gaca) has signed a contract with Lagardere Alliance to operate Duty Free shops in two of the international terminals of King Khalid International Airport in Riyadh. The contract was signed by Abdul-Aziz Abuharba, director general of King Khalid International Airport, in the presence of Engineer Tariq Alabduljabar, assistant to Gaca president for ...

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Burj Al Arab named ‘most expensive luxury hotel in ME’

The Burj Al Arab located in Dubai is the most expensive luxury hotel in the Middle East, according to a recent survey conducted by Luxury-Hotels.com. In determining the rankings, the survey compared all luxury hotels in the Middle East region based on their cheapest available rate for a double room. The month of November 2016 served as the basis of ...

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Volkswagen supervisory board to meet on Friday: Lower Saxony PM

HAMBURG: Volkswagen’s supervisory board will meet on Friday to discuss restructuring of the carmaker, the premier of the German state of Lower Saxony, VW’s second-biggest shareholder, confirmed. “As is known, there are currently talks between management and the works council about a future pact,” Stephan Weil told journalists at an event late on Wednesday, adding the talks were still ongoing. ...

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France to defend its interests in sale of STX shipyards: minister

PARIS: The French government has told South Korea it will oppose any solution for shipbuilder STX France that is against national industrial interests, Industry Minister Christophe Sirugue told Reuters on Thursday on the eve of a deadline for bids. STX France is 66.7 percent owned by failed South Korean shipbuilding group STX . An insolvency court in South Korea ruled ...

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French financial prosecutor says HSBC should stand trial over tax fraud

PARIS: France’s financial prosecutor has requested a trial for HSBC Holdings and its Swiss private banking unit on suspicions it helped customers dodge taxes in 2006-2007, a source familiar with the matter told Reuters. “We  take  note  of  the  recommendation… and will continue to defend ourselves vigorously,” HSBC said in an emailed comment to Reuters. The bank was put under ...

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EU commissioner apologizes for remarks on China

BRUSSELS: European Commissioner Guenther Oettinger issued a formal apology on Thursday for remarks that China took offence to but which the German conservative politician had declined to withdraw for several days. In a statement issued by the EU executive on his behalf, the digital affairs commissioner who had referred to Chinese people as “slit eyes” during a speech last week ...

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Alphabet’s Google moves to upgrade app store

SAN FRANCISCO: Alphabet Inc’s Google is redoubling efforts to help developers of Android mobile apps build their businesses as concerns mount that the app economy has reached saturation. Under the leadership of Sameer Samat, who rejoined Google earlier this year after a spell as president of wearable tech firm Jawbone, the company is sharpening Google Play store recommendations with artificial ...

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Fed to wait for more economic progress before rate hike

WASHINGTON: The US Federal Reserve said on Wednesday (Nov 2) the case for raising interest rates has strengthened with improving economic conditions, but monetary policymakers decided to wait for more progress before acting. Just a few days before the bitterly-contested presidential election, the US central bank kept the benchmark interest rate at the same level where it has been since ...

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US Commerce chief warns against China semiconductor investment binge

WASHINGTON: Massive government investment in China’s semiconductor industry risks distorting the global market for integrated circuits, leading to damaging overcapacity and stifling innovation, U.S. Commerce Secretary Penny Pritzker has warned. The comments come at a time of growing trade tension between the Asian giant and the United States over accusations of dumping, industrial overcapacity and a souring business climate for ...

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UK parliament must have vote on starting Brexit: High Court

LONDON: England’s High Court ruled on Thursday (Nov 3) that the British government requires parliamentary approval to trigger the process of exiting the European Union. “The court does not accept the argument put forward by the government,” the judges said in a statement read out to the court. The court granted the government permission to appeal against the ruling and ...

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Scandal Hits as South Korea Restructures Shipbuilding

South Korean president Park Geun-Hye has recently suffered a bizarre and damaging scandal, and in response she has decided to shake up her cabinet leadership – just as her government was poised to begin a sweeping intervention in the nation’s troubled shipbuilding sector. The scandal started last week, when news broke of the president’s alleged ties to a cult-like religous ...

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Salvors Prepare to Raise Sunken Tug in B.C.

A salvage barge has arrived at the site of the sinking of the ATB tug Nathan E Stewart near Bella Bella, B.C., but bad weather continues to frustrate salvors’ response efforts. Local Heiltsuk tribe members indicated in online posts that all response vessels were on stand-down due to poor conditions. The forecast for Wednesday called for winds of up to ...

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Keppel to Rescue KrisEnergy

  Rigbuilder Keppel Corp on Thursday said it will subscribe to a bond offer by KrisEnergy, potentially increasing its majority holding and throwing a lifeline to the debt-laden oil and gas explorer. Keppel said it could raise its stake to as much as 67.33 percent from 40 percent via an up to S$140 million ($101 million) preferential offering of zero-coupon ...

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COSCO and DEME in Offshore Wind Deal

  The Belgian dredging group DEME and China COSCO Shipping have formed a joint venture to develop offshore wind energy in China. As the largest shipping company in the world, China COSCO Shipping says it wishes to enter this new market segment and has found a partner in DEME’s subsidiary GeoSea, which has extensive experience in developing, building and maintaining ...

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Ford offers adaptive steering system in new Edge

  Ford Motor Company’s latest innovative steering technology that debuts on the all-new Edge CUV promises to redefine the idea of “power steering”, the company said. Ford’s adaptive steering makes it easier for drivers to manoeuvre a vehicle at low speeds while making the vehicle more fun to drive and agile at high speeds. Adaptive steering is standard on the ...

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Huawei unveils faster chipset for smartphones

  Huawei, a global ICT solutions provider,  has announced the introduction of the premium Kirin960 chipset to provide a smoother, faster and more secure Android experience. The new Kirin960 will make its debut on Huawei’s upcoming flagship device and is the latest addition to the Kirin900 family. In addition to setting a new industry standard for smartphone power, speed and ...

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Iran eyes over $1bn trade with Belgium

  Trade exchanges between Iran and Belgium currently stand at $300-$400 million per year and attempts should be made to boost the figure to over $1 billion, a top official said. Iran’s Deputy Minister of Industry, Mine and Trade Mojtaba Khosrotaj was speaking at the recent Iran-Belgium Trade Conference in Tehran, Iran Daily reported. Two Belgian banks expressed readiness to ...

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Shell, BP results improve from cost cuts amid low oil

Royal Dutch Shell and BP posted better-than-expected third-quarter profits, making progress with efforts to stabilise profits even during a quarter when oil prices averaged less than $46 a barrel, a report said. Shell returned to profit, posting the equivalent of $1.4 billion in net income for the third quarter of 2016 after reporting a net loss of $6.1 billion a ...

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Limitless to award key $544m Vietnam project contracts

  Dubai-based global real estate developer Limitless said work is progressing well at its Dh2-billion ($544 million) Halong Star development in Vietnam with infrastructure contracts due to be awarded over the next few days. Limitless’ ambitious Halong Star project took centrestage at the inaugural Vietnam-Dubai Real Estate Investment Forum held in Dubai which was led by Pham Binh Dam, Vietnamese ...

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Siemens, Mubadala to explore 3D opportunities

  Siemens, a global technology powerhouse, has signed two major agreements with key organisations in the United Arab Emirates (UAE) in the areas of 3D printing and education. Under first memorandum of understanding (MoU) signed with UAE government-owned Mubadala Development Company, Siemens will partner with Mubadala to develop business opportunities in 3D printing, also known as additive manufacturing, in the ...

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Killer blast

  Smoke rise after an explosion at ship breaking yard in Gaddani, Pakistan on November 1. Reports state that at least nine workers were killed and more than 100 were wounded in the blast near Karachi. EPA/Rehan Khan

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