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Rejoinder: Nigeria’s blooming port cake for ‘all’ not select ‘powerful’ few- NPA

  . NPA thanks Committee of Maritime Professionals {CMP} for issues raised in THISDAY publication NPA allays fear, says there is ‘absolutely nothing’ to worry about .NPA places interest of Nigeria above ‘any’ contractual agreement that is a rip-off .’Allow your reasoning to supersede emotions when condemning other people’s actions in public’ . Ease of Doing Business: NPA’s efforts to ...

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E.U. Industry Sets Offshore Wind Targets

  The governments of leading offshore wind markets, Germany, Belgium and Denmark joined industry leaders in signing a joint statement on boosting offshore wind development in Europe. The statement, setting targets for 2030, was signed at the opening of Offshore Wind Energy 2017, the industry event co-organised by WindEurope and RenewableUK in London. The industry has been on a steep ...

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Seismic Ships Could Clean Up Ocean Plastic

  Seismic survey company Petroleum Geo-Services has developed a concept for efficient, large scale collection of plastic from the oceans. The solution uses seismic vessels and takes advantage of their air compressors and capabilities for handling large towing configurations. The PGS concept consists of a seismic vessel and a support vessel towing booms, in a fan formation, which are connected ...

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Offshore Drilling Market Not Turning Around Yet

Research consultancy Maritime Strategies International (MSI) has forecast a challenging earnings environment for the offshore rig market during the next two years. In the first of its new quarterly sector reports, MSI compares the current market to the slump of the 1980s. Its data model shows the rig market to be in an even deeper hole than 30 years ago, ...

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Australia Ratifies Ballast Water Convention

  Australia has ratified the Ballast Water Management Convention, with Australia’s High Commissioner to Britain, Alexander Downer, signing the protocol in London this week. Teresa Lloyd, CEO of industry body Maritime Industry Australia Ltd (MIAL), says Australian shipowners applaud the move. “The convention requires ships to have equipment to ‘treat’ ballast water so as to render it harmless. This technological ...

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New BIMCO President Elected

Anastasios Papagiannopoulos, CEO of the Greek shipping company Common Progress, has been elected President of BIMCO, the world’s largest international shipping association, with 2,100 members in more than 120 countries.Papagiannopoulos has set three clear themes for his two-year presidential term. The first is to promote digitization across the industry. BIMCO will be working on a range of projects using convergent ...

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Turkey seizes tonne of heroin in Congo-flagged ship raid – police

ISTANBUL: Turkish security forces have seized more than a tonne of heroin hidden in a Democratic Republic of Congo-flagged cargo ship in a raid in international waters, the largest such seizure in recent Turkish history, police said on Wednesday. The operation was launched after the narcotics squad received a tip-off that the ship, Commander Tide, was heading towards Turkey with ...

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Apple makes iPhone screen fixes easier as states mull repair laws

SAN FRANCISCO: Hey Siri, where can I get my cracked iPhone screen fixed? Apple customers will soon have more choices as the company looks to reduce long wait times for iPhone repairs at its retail stores. By the end of 2017, Apple will to put its proprietary machines for mending cracked iPhone glass in about 400 authorised third-party repair centres ...

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AstraZeneca sells migraine drug for up to US$302 million

LONDON: AstraZeneca continued its program of divesting old medicines on Wednesday with the sale for up to US$302 million of migraine drug Zomig to Germany’s Grunenthal. The British firm, which is betting on new drugs for cancer and other diseases to revive its fortunes, has sold or licensed out a raft of aging products recently. Some analysts have criticized the ...

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Changi Airport unveils 14,000 sq m Canopy Park at Jewel

    SINGAPORE: Changi Airport on Wednesday (Jun 7) gave a glimpse into a sprawling rooftop park featuring play attractions, gardens and walking trails at Jewel, its new retail and lifestyle development. Located five floors above ground, the Canopy Park spans 14,000 sq m, or the size of 11 Olympic-size pools. Visitors can walk and bounce on sky nets, challenge ...

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Market positioning: Nigerian maritime sector an investment haven for prospective strategic investors- Amaechi

  .Peterside backs Minister of Transport in marketing Nigeria globally (TRADE NEWSWIRE): The Minister of Transportation, Rt. Hon Rotimi Amaechi, is adopting ‘Market Positioning Strategies’ to market Nigerian maritime sector as a haven of investment to woo prospective strategic investors in the industry to Nigeria, TRADE NEWSWIRE reports. The Minister’s ‘Market Positioning statement’ to global maritime stakeholders at ‘Africa @ ...

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Qatar flight ban begins, first efforts seen to resolve crisis

RIYADH: A ban on Qatari flights imposed by Saudi Arabia and its allies took effect on Tuesday (Jun 6) as first efforts were made to resolve the biggest feud to hit the Arab world in years. Saudi Arabia and allies including Egypt, the United Arab Emirates and Bahrain cut diplomatic ties and transport links with Qatar on Monday, accusing the ...

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Telus to invest CUS$4.2 bln in Alberta through 2020

REUTERS – Canada’s Telus Corp said it would spend CUS$4.2 billion (US$3.11 billion) on new broadband and wireless infrastructure in Alberta by 2020, as it tries to stay ahead in a highly competitive market. Telus, which has been attracting more postpaid wireless customers amid heightened competition, said it would invest more than CUS$900 million this year alone in Alberta. The ...

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Qatar denounces ‘unjustified’ cut of Gulf ties

  DUBAI: Qatar on Monday (Jun 5) slammed the decisions of four Gulf states and Egypt to sever ties with it, saying they were “unjustified” and aimed to put Doha under political “guardianship”. “The measures are unjustified and are based on false and baseless claims,” the Qatari foreign ministry said in a statement, referring to the unprecedented steps taken by ...

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Saudi Arabia shuts local Al Jazeera office in Qatar row: State media

DUBAI: Saudi Arabia on Monday shut the local office of Al Jazeera, Qatar’s influential satellite channel, hours after the kingdom and other Arab powers cut ties over Doha’s alleged support for Islamists and Iran. Riyadh views Al Jazeera as critical of its government, but the outlet says it is an independent news service giving a voice to everyone in the ...

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South Korea launches US$10 bln fiscal package to boost jobs, welfare

SEJONG: South Korea’s new government announced a 11.2 trillion won (US$10 billion) fiscal stimulus package on Monday, increasing social welfare subsidies and taking steps to deliver on President Moon Jae-in’s election promise to create 810,000 public sector jobs. But Moon’s ruling Democratic Party faces a challenge passing the extra budget bill as it only holds 40 percent of the 299 ...

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Blast hits petrochemical plant in China, damage unknown – Xinhua

SHANGHAI: An explosion rocked a petrochemical plant in the eastern Chinese province of Shandong early on Monday, but the cause and extent of damage was unknown, the state news agency Xinhua reported. The blast occurred at 1 a.m. and triggered fires at the loading area of Linyi Jinyu Petrochemical Co. Ltd. in the Linyi Lingang Economic Development Zone, it said. ...

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BPS: NPA blocks revenue leakages, improves customer service with introduction of RIMS in port operations

  .RIMS to boost economy .RIMS enhances revenue generation into govt coffers .RIMS aids detection of theft .RIMS improves customer service delivery .RIMS to engender uniform tariff rates at ports .RIMS brings about accuracy of documentation .RIMS improves business operations at port .RIMS allows for transparency in port activities  (TRADE NEWSWIRE): As part of efforts made to simplify Business Processes ...

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Service delivery: We assure NCS of ‘quality service’ to port operators- NPA MD

    (TRADE NEWSWIRE): A Socio-Economic Reformer and Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, has reassured the Nigerian Chamber of Shipping that her Agency would continue to give port operators ‘quality service’, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from the Principal Manager, Public Affairs, NPA, Ibrahim Nasiru, on behalf of the General Manager, ...

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Information Management: NPA, Nigerian Army move to close information gap for effective networking, operations

  (TRADE NEWSWIRE): The Nigerian Ports Authority (NPA) and the Nigerian Army are partnering to close information gap between the duo for effective networking and operations among government agencies, TRADE NEWSWIRE reports. A Socio-Economic Reformer and Managing Director, NPA, Hadiza Bala Usman, said this when she led the top Management of the Authority in receiving the visiting team from the ...

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Women in Development: NPA MD synergises with WISTA to encourage more women into shipping business

   (TRADE NEWSWIRE): A Socio-Economic Reformer and Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, has expressed her readiness to work with Women’s International Shipping and Trading Association (WISTA) to bring more women into shipping business, just as she called for cooperation among the women folks in all their activities to aid the development of Nigeria, TRADE NEWSWIRE reports. In ...

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‘Happy 50th birthday to Ayo Olesin my boss who taught me Business Journalism’

  (TRADE NEWSWIRE): Happy 50th birthday to my Action-Oriented Editor of Business Journalism of all time in Nigeria and among the best, if not the best in Africa as a whole, under whom, I received training as a Business Journalist for much longer years at the Punch Newspapers as you add another year today June 2nd, 2017, TRADE NEWSWIRE reports. ...

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Microsoft’s Skype draws inspiration from Snapchat in big redesign

SAN FRANCISCO: You can add Skype to the growing list of services copying features straight from Snapchat. The Microsoft Corp communications service on Thursday announced a major redesign of its mobile app, including a “Highlights” feature that lets customers snap photos and videos that will be temporarily visible to their connections. The feature carries a strong resemblance to Snapchat’s “Stories.” ...

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Swedish Club Publishes “Anatomy of an Accident”

The Swedish Club has published Anatomy of an Accident which provides insights into serious vessel casualties. Illustrating just how easily an incident can escalate; the guide explores the various parties and processes involved in dealing with an emergency situation, and the complicated interplay between the cast of professionals involved in bringing an incident to a resolution. Developed out of The ...

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All Roads Lead to Automation

  Top notch safety reduces lost working hours, the costs of damaged equipment and lowers insurance premiums. Automation can also be a solution to other vital terminal operator concerns by reducing operating costs, optimizing efficiency and economic utilization of space, argues Dr Oscar Pernia, Vice President of Terminal Operational Innovation at Navis. “Our industry is ten years behind other industries ...

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Box-Shaped Scrubber Suits Container Ships

  Mitsubishi Heavy Industries and Mitsubishi Hitachi Power Systems have jointly developed the world’s first rectangular scrubber designed to suit to the space limitations of container ships. The scrubber is based on Mitusbishi’s flue-gas treatment technologies for thermal power plants. The adoption of a rectangular box-shape configuration offers ease of installation in small spaces and SOx emissions treatment for the ...

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Qatar Wants to Stay Top in LNG

  Qatar Petroleum has signed an agreement with Japan’s engineering company Chiyoda to study further boosting LNG capacity in order to remain the world’s largest LNG exporter. Qatar, the top LNG producer with a capacity of about 77 Mtpa, is facing a growing competition from new LNG sources including Australia and the U.S. The state-owned company has asked Chiyoda for ...

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How to Steal a Ship

In 2013, Professor Todd Humphries of the University of Texas made news by demonstrating how he could “takeover” navigation of a large yacht by co-opting its navigation system with false GPS signals. Even though the captain and crew knew what was going to happen, the vessel was out of sight of land and the changes in course were too subtle ...

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Death Ship: Coroner Rules Foul Play

  After a two-year investigation into the deaths of two foreign seafarers on the Sage Sagittarius, dubbed the Death Ship, Australia has determined that they met with foul play at the hands of other, unidentified people on board. The chief cook, Caesar Llanto, disappeared overboard in August 2012, and chief engineer Hector Collado was killed while the ship was docking ...

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Two more quay cranes for Sapangar Port

As part of the port development and improvement activities, two new quay cranes will be delivered to Sapangar Bay Container Port by November 2017, making it a total of four to handle the operations at the wharf. Suria Capital Holdings Berhad chairman Datuk Faisyal Diego told reporters that major infrastructure works are either on-going or in the pipeline. They include ...

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Suria Group wants Sabah Ports Authority to review outdated port tariff

Suria Group has submitted a request to Sabah Ports Authority to review its outdated port tariff. Its group managing director Ng Kiat Min said the port tariff which was regulated under Sabah Ports Enactment had remained the same for the past 30 years. “Sabah Ports Authority has approved the request and next will be the state cabinet (for approval). “An ...

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Albanian company gets 5-yr concession for ship services at country’s ports

Albania’s transport ministry said that local company Anijet e Sherbimit Detar won a tender for a five-year concession contract for ship services at the country’s ports. The company offered to invest 238.4 million leks ($2 million/1.8 million euro), according to a notice of the transport ministry in the weekly bulletin of the country’s Public Procurement Agency. One other company, Italy’s ...

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Asia stocks rise, Shanghai recovers from China downgrade

  HONG KONG: Most Asian markets rose on Wednesday (May 24) following a positive lead from the US and Europe, while Shanghai recovered from early selling fuelled by Moody’s decision to cut China’s credit rating on worries about its growing debt mountain. The ratings agency said its downgrade on the world’s number two economy was prompted by the likelihood of ...

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RBS struggles to seal deal over 2008 cash call dispute: sources

  LONDON: Royal Bank of Scotland is struggling to reach a deal with all the investors who allege the lender misled them during a 12 billion pound (US$15.6 billion) cash call in 2008, two sources familiar with the situation said. A trial over the matter had been due to start Monday, but has been adjourned for the past two days ...

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