Home :: Business (page 4)

Business

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 ...

Read More »

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 ...

Read More »

US appeals court to hear cases that could weigh on Wall Street policing

WASHINGTON: A U.S. appeals court will weigh whether certain hiring practices at two of the country’s top financial market regulators violate the Constitution on Wednesday, in a pair of cases that could have major ramifications for the policing of Wall Street. In one case, the future structure of the Consumer Financial Protection Bureau, which was created by the 2010 Dodd-Frank ...

Read More »

Bunge says not in talks with Glencore following approach

CHICAGO: U.S. grains trader Bunge Ltd said on Tuesday it was not in talks with Swiss mining and commodities group Glencore Plc , after the latter said it had made an informal approach to discuss “a possible consensual business combination.” Both statements were triggered by a Wall Street Journal story that stated that Glencore had made a takeover approach to ...

Read More »

Chinese carmaker Geely to acquire Malaysia’s Proton

  BEIJING: Chinese automaker Geely has agreed to buy struggling Malaysian manufacturer Proton from DRB-Hicom, according to a statement issued on Wednesday (May 24). Zhejiang Geely Holding Group, which controls Hong Kong-based Geely Automobile and Sweden’s Volvo Car Group, will acquire 49.9 per cent of Proton, the sources said. Proton also controls British sports car maker Lotus. Proton, founded in ...

Read More »

Somali Pirates Hijack Iranian Fishing Vessel

  On Tuesday, Somali pirates captured an Iranian fishing boat for use as a mother ship for attacks on larger merchant vessels, according to the mayor of a port town in Puntland. In the past, Somali pirates often captured fishing vessels and their crews in order to extend their range, and they successfully operated as far out as the west ...

Read More »

Chinese Navy Conducts First Drills With Myanmar

  Three Chinese naval vessels are making a goodwill tour of 20 nations along the route of China’s “21st Century Maritime Silk Road,” and last Thursday, they arrived in Yangon for the PLA(N)’s first-ever naval exercise with the Myanmar Navy. According to Chinese state-owned media, the destroyer Changchun, the frigate Jingzhou and the auxiliary vessel Chaohu were in Myanmar’s waters ...

Read More »

2016 Cruise Numbers Exceed Expectations

The cruise industry has surpassed 2016 ocean cruise passenger projections, reaching 24.7 million cruise passengers globally up from a projection of 24.2 million. For 2017, based on current new vessel launch schedule and expected regional deployment, Cruise Lines International Association (CLIA) is projecting another positive year of growth for the industry with a passenger forecast of 25.8 million. Much of ...

Read More »

Greece To Bolster Cruise Capabilities

  The Greek government has signaled its intentions to adopt a public private partnership model drive in order to improve critical port and air infrastructure required to help the country optimize its full potential as a destination of choice for global cruise liners and passengers. Speaking at the opening day of the 4th Posidonia Sea Tourism Forum, Greek Minister of ...

Read More »

Vietnamese Forces Block Indonesian Coast Guard

  On Tuesday, Indonesia’s Ministry of Marine Affairs and Fisheries claimed that a Vietnamese coast guard vessel aggressively interfered with the arrest of a group of Vietnamese fishermen near the Natuna Islands. On Sunday, an Indonesian patrol boat detained five Vietnamese fishing vessels on suspicion of illegal fishing, and it got under way to bring the arrested fishermen back to ...

Read More »

Subchapter M Compliance Goes Mobile

The American Bureau of Shipping (ABS) has released a mobile app that tug and workboat owners can use to document compliance with Subchapter M, the U.S. Coast Guard’s new inspection regime for smaller vessels.”This app answers the growing demand for easy-to-use point solutions – a need that is particularly pronounced in the workboat sector, where many companies have little to no ...

Read More »

Energy: Budget Boosts Leasing, Cuts Reserves

U.S. President Donald Trump’s 2018 budget request is designed to meet his promise to cut wasteful spending and make the government work for the taxpayer again. For the offshore industry, this involves a range of changes including a cut to EPA funding, boosting training for the nation’s offshore regulators, funding oil spill research, halving the nation’s emergency oil stockpile and opening the ...

Read More »

8/8 System Best in Fatigue Study

The U.K. Maritime and Coastguard Agency has released a research report into the eight hours on / eight hours off (8/8) watch keeping system which indicates it is preferable to a 6/6 system.The aim of the study was determine what affect the system had on seafarer fatigue, performance and safety and included a comparison with other typical watch keeping systems. ...

Read More »

Polarstern Sets Sail for Svalbard

  On Wednesday, May 24, 49 atmospheric and sea-ice researchers will embark on an expedition headed for Svalbard, north of Norway, on board the research vessel Polarstern. The researchers, from the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research, are examining how the climate is changing in the Arctic. The icebreaker will go alongside an ice floe, where ...

Read More »

Deal Signed for Japan’s First LNG-Fueled Tug

Mitsui O.S.K. Lines (MOL) has ordered Japan’s first LNG-fueled tug from Kanagawa Dockyard in Japan.Yanmar will supply the high-perfromance dual-fuel engines, and Osaka Gas will supply LNG fuel to the tug which will be operated by Nihon Tug-Boat Co. The new tug will be deployed in Osaka Bay in April 2019. She will be the first LNG-fueled tug to escort ...

Read More »

US government sues Fiat Chrysler over excess emissions

WASHINGTON: The U.S. government has filed a civil lawsuit accusing Fiat Chrysler Automobiles NV of using software to bypass emission controls in diesel vehicles, the Environmental Protection Agency said on Tuesday. The U.S. Justice Department suit is a procedural step that may ramp up pressure on Fiat Chrysler. The suit could ultimately help lead to a settlement, as in an ...

Read More »

Fidelity to allow clients to see digital currencies on website

  NEW YORK: Fidelity Investments will allow its clients to see their holdings of bitcoin and other virtual currencies held on digital asset exchange Coinbase on the company’s website, said Chief Executive Abigail Johnson on Tuesday. The move will make the Boston-based asset manager one of a handful of large financial services firms to have integrated digital currencies into its ...

Read More »

London stocks dip following Manchester attack

  LONDON: London stocks dipped on Tuesday (May 23), with sentiment dented by a deadly terror attack in Manchester, while eurozone equities climbed on upbeat data. The British capital’s FTSE 100 index of leading blue-chip companies wobbled between gains and losses during the day, closing down 0.2 per cent. The pound, meanwhile, ended the day higher against the dollar. “Trading ...

Read More »

US carmaker lobby wants rules of origin left intact in NAFTA talks

  WASHINGTON: A powerful U.S.-based automakers group said on Tuesday that it favors keeping rules of origin intact in the North American Free Trade Agreement (NAFTA), echoing comments from its Mexican counterpart. Under the trade deal between the United States, Mexico and Canada, rules of origin stipulate that products must meet minimum regional, or NAFTA-wide, content requirements to be tariff-free. ...

Read More »

Oman Shipping sets up new chartering service

Oman Shipping Company (OSC), one of the biggest ship owners in the Middle East and North Africa (Mena) region, has set up a new commercial chartering desk offering its very large crude carrier (VLCCs) to major traders and charterers covering VLCC routes worldwide. OSC has a diversified and young fleet of 50 vessels. It owns 16 VLCCs within the fleet ...

Read More »

Getting the best out of bridge management technology

Using technology to plan the construction, operation and maintenance of bridges is not new. But as in so many other areas of engineering, construction and asset management, the industry has yet to take advantage of the latest technology or the Big Data that is available, according to an industry expert. In rapidly developing markets, a need to better manage infrastructure ...

Read More »

NIMASA DG, UNIPORT VC identify ‘Integrated Transport System’ as driver of economic development

  .Peterside appointed as Chairman, Governing Board of the Centre for Logistics and Transport (CELTRAS)   (TRADE NEWSWIRE): The Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, and the Vice Chancellor, University of Port Harcourt (UNIPORT), Professor Ndowa Lale, have identified Integrated Transport System as a factor that will drive economic development in Nigeria, TRADE ...

Read More »

Oil producers to extend output curbs at OPEC meeting

VIENNA: Oil producers inside and outside the OPEC cartel have little choice but to extend their deal from late 2016 curbing output when they meet in Vienna on Thursday, analysts say. Less predictable however is the extent to which this will succeed in boosting the price of crude, particularly with US shale producers back from the dead and pumping at ...

Read More »

US plan to sell oil reserves undermines OPEC supply management efforts

  SINGAPORE: U.S. President Donald Trump’s proposal to sell half of the United States’ strategic oil reserve surprised energy markets on Tuesday since it counters OPEC’s efforts to control supply in order to boost prices. The White House requested in its budget released late on Monday gradually selling off the nation’s Strategic Petroleum Reserve (SPR) starting in October 2018 to ...

Read More »

Huawei narrows gap with Samsung, Apple in smartphone sales – Gartner

  FRANKFURT: China’s Huawei has narrowed the gap with its two biggest competitors Apple Inc. and Samsung Electronics in global smartphone sales, first-quarter data from research firm Gartner showed on Tuesday. The Chinese network-to-consumer-electronics builder increased its market share to 9 percent during the first quarter from 8.3 percent in the year-earlier period. “Huawei has now steadily held the third ...

Read More »

Google AI programme beats top-ranked Go player

SHANGHAI: Google’s computer programme AlphaGo beat the world’s top-ranked player in the ancient Chinese board game Go on Tuesday (May 23), re-affirming the arrival of what its developers tout as a ground-breaking new form of artificial intelligence. AlphaGo took the first encounter in a three-game series against brash 19-year-old Chinese world number one Ke Jie, who before the game called ...

Read More »

Symantec says ‘highly likely’ North Korea group behind ransomware attacks

  SAN FRANCISCO: Cyber security firm Symantec Corp said on Monday it was “highly likely” a hacking group affiliated with North Korea was behind the WannaCry cyber attack this month that infected more than 300,000 computers worldwide and disrupted hospitals, banks and schools across the globe. Symantec researchers said they had found multiple instances of code that had been used ...

Read More »

Trump sees to slash government spending in budget plan

WASHINGTON: The White House on Tuesday will ask Republicans who control the U.S. Congress: and federal purse strings: to slash spending on healthcare and food assistance programs for the poor as they push ahead on plans to cut taxes and trim the deficit. President Donald Trump is set to propose a raft of politically sensitive cuts in his first full ...

Read More »

PPG CEO says remains interested in ‘consensual’ deal with Akzo

  AMSTERDAM: PPG Industries remains interested in negotiating a “consensual” deal with Akzo Nobel , even as the Dutch rival paint maker resists its 26.3 billion euro (US$29.5 billion) takeover offer, PPG’s top executive said on Tuesday. PPG Chief Executive Michael McGarry, who was in the Netherlands for a shareholder lawsuit against Akzo a day earlier, told journalists he had ...

Read More »

Nokia settles patent dispute with Apple

  HELSINKI: Finland’s Nokia said on Tuesday it has settled its patent dispute with Apple and also signed a business collaboration deal with the U.S. company. Nokia said it would receive an up-front cash payment and additional revenues from Apple, but did not specify the details of the patent deal. Revenues from the agreement, as well as a non-recurring catch-up ...

Read More »

Trial over RBS 2008 cash call faces further delay amid settlement talks

LONDON: A trial in which Royal Bank of Scotland is accused by investors of misleading them over its 2008 fundraising is set to be delayed for a second day, as frantic settlement talks between the claimants and the bank continued in London on Tuesday. The Court has indicated that it will adjourn the trial for another day to Wednesday, a ...

Read More »

Hong Kong police arrest 21 Uber drivers in sting

  HONG KONG: Hong Kong police on Tuesday arrested 21 Uber drivers for carrying passengers without a proper permit following an undercover operation in the latest setback for the ride-hailing giant. The sting comes as the San Francisco giant has encountered regulatory roadblocks around the world, despite its huge popularity, and after five Uber drivers in the southern Chinese city ...

Read More »

Death Toll From Indonesian Ferry Fire Rises

Indonesia’s National Transportation Safety Committee announced Monday that it believes that the deadly fire aboard the ro/pax ferry Mutiara Sentosa 1 originated in a truck on the first deck. “The first fire source came from a green truck,” said committee chairman Soerjanto Tjahjono. The identity of the vehicle’s owner is not known, and the investigators are looking into the nature of ...

Read More »

New Director for U.S. Offshore Safety Agency

Former Louisiana state official Scott A. Angelle has taken up the position of Director of the U.S. Bureau of Safety and Environmental Enforcement (BSEE) which oversees safety on the U.S. outer continental shelf. “Scott Angelle brings a wealth of experience to BSEE, having spent many years working for the safe and efficient energy production of both Louisiana’s and our country’s ...

Read More »

John Lloyd Appointed CEO of The Nautical Institute

Captain John Lloyd has been appointed CEO of The Nautical Institue, taking over from Philip Wake who is retiring after 14 years in the post. In his previous role as Chief Operating Officer, Lloyd had overall responsibility for the Institute’s specialized training services, including the industry-standard Dynamic Positioning Operator accreditation and certification scheme. “Now more than ever it is important ...

Read More »

New Leader for International Maritime Rescue Federation

  The International Maritime Rescue Federation (IMRF), the international charity focused on preventing loss of life in the world’s waters, has announced that Theresa Crossley will be its new Chief Executive. Crossley will join IMRF in October this year, when she steps down from her role as Executive Director of The United Kingdom Major Ports Group (UKMPG). Udo Fox, Chairman ...

Read More »

UK Source Warns of Terrorist Threat to LNG Carriers

    A senior source within the Royal Navy says that elite British dive teams have been actively working to thwart a terrorist attack on gas carriers entering UK waters. Two years ago, intelligence indicated that a terrorist group sought to attack LNG tankers near terminals in England by planting limpet mines. The dive teams – drawn from the elite ...

Read More »

Uber for Trucking App Launched

  Uber Technologies has launched an app to allow shippers and truckers to arrange freight transportation using their smartphones. Uber Freight matches trucking companies with loads to haul and claims that several hours waiting time and multiple phone calls can now be eliminated with the touch of a button. Uber aims to “push the industry forward and level the playing ...

Read More »

Ballast Water Convention Dates Likely to Slip

  The flag states Brazil, Cook Islands, India, Liberia, Norway and the U.K. are calling for IMO to delay implementation of the ballast water management convention. In a document submitted for discussion at MEPC 71 in July, the flag states propose a compromise for the implementation date of the convention, saying it should move from September 2017 to September 2019. ...

Read More »

Dubai launches control centre for transport systems

Dubai government has launched its new Enterprise Command and Control Centre (EC3) for road and transport systems, said a report. It will act as a unified platform linking various control centres of the Roads and Transport Authority (RTA) and operational agencies with an integrated central control unit, reported state news agency Wam. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice ...

Read More »

UAE leads Gulf foray into $165bn Caspian Sea market

The UAE is spearheading the Gulf region’s push into the Caspian Sea states as Azerbaijan, Kazakhstan and Turkmenistan offer an increasingly attractive proposition to companies affected by the slowdown in oil and gas projects activity project in the GCC, said a report. Major successes in the Caspian Sea region include Arabtec’s $1 billion contract to build the Abu Dhabi Plaza ...

Read More »

Ford names Jim Hackett as new president and CEO

Ford Motor Company today named Jim Hackett as its new president and CEO and announced key global leadership changes designed to further strengthen its core automotive business and accelerate a strategic shift to capitalise on emerging opportunities. He succeeds Mark Fields, 56, who has elected to retire from Ford after a successful 28-year career with the company, the company said. ...

Read More »

German government at odds with itself over Greek debt relief

  BERLIN: Germany’s coalition government split along party lines on Monday over the question of debt relief for Greece ahead of a crunch meeting in Brussels to tackle the thorny issue. Euro zone finance ministers and the International Monetary Fund are meeting to seek a deal on Greek debt relief that balances the IMF’s demand for a clear “when and ...

Read More »

Exclusive: ECB plan to take euro clearing from London stalled by infighting – sources

  FRANKFURT: Discord between the euro zone’s three largest countries is stalling the European Central Bank’s efforts to come up with a way to force euro clearing out of London and put it under its watch, three sources told Reuters. Currently UK clearing houses, particularly the London Stock Exchange’s LCH.Clearnet , guarantee the vast majority of the trillions of euros ...

Read More »

Wall St. opens higher as oil, defense stocks gain

  REUTERS: Wall Street opened higher on Monday as oil prices climbed and defense stocks rose following a US$110 billion arms deal between the United States and Saudi Arabia. The Dow Jones Industrial Average rose 74.81 points, or 0.36 percent, to 20,879.65. The S&P 500 gained 6.99 points, or 0.29 percent, to 2,388.72. The Nasdaq Composite added 17.51 points, or ...

Read More »

GE to face probe related to LM Wind Power deal: Bloomberg

  REUTERS: General Electric Co is being investigated by the European Union for providing misleading information during a merger review, Bloomberg reported on Monday, citing two people familiar with the case. The European Commission, which acts as the EU’s competition watchdog, was reviewing whether GE misled EU officials reviewing a deal to buy LM Wind Power, a Denmark-based maker of ...

Read More »

Supreme Court rejects challenge to state retroactive tax changes

  WASHINGTON: The U.S. Supreme Court on Monday declined to hear a challenge by several major corporations to a Michigan law that retroactively changed the way businesses are taxed in the state, leading to US$1 billion extra for government coffers. The justices turned away appeals by Goodyear Tire and Rubber Co , IBM Corp , AT&T Inc’s DirecTV, Monster Beverage ...

Read More »

Snapchat leads augmented reality gains: Researchers

Washington – Augmented reality is seeing strong gains among Americans thanks to social networks like Snapchat, Instagram and Facebook, a market research firm said Monday. A new report by eMarketer said some 40 million Americans will engage with augmented reality monthly in 2017, up 30 percent over last year. Virtual reality is also growing, but at a slower pace, according ...

Read More »

US and Pacific Rim countries at odds in heated trade meeting

  HANOI: Japan and other members of the Trans-Pacific Partnership agreed on Sunday (May 21) to pursue their trade deal without the United States as the Trump administration’s “America First” policy created tension at a meeting of Asia-Pacific countries. Turmoil over global trade negotiations was laid bare at a meeting of the Asia-Pacific Economic Cooperation (APEC) forum, which failed to ...

Read More »

Bitcoin options exchange raises US$11.4 million in funding

NEW YORK: Ledger Holdings, the New York-based parent company of bitcoin options exchange LedgerX, said on Monday it closed US$11.4 million in funding led by Miami International Holdings Inc and China’s Huiyin Blockchain Venture Investments. The funding supports LedgerX’s plan to operate a regulated exchange and clearing house for bitcoin and other digital currencies. LedgerX is awaiting regulatory approval from ...

Read More »

Samsung Elec says will continue looking for M&A opportunities

REUTERS – Tech giant Samsung Electronics Co Ltd will continue looking for acquisition opportunities, a company executive said on Monday, as the firm seeks to build software and services to further differentiate its products. “We are going to be bullish on finding companies that fit our strategy,” Peter Koo, a senior vice president for Samsung’s mobile division, said during an ...

Read More »

Airbus hires outside monitors amid fraud investigations

  PARIS: Airbus has appointed an independent panel including two former ministers to examine its anti-corruption practices after Britain and France launched fraud and bribery investigations into the sale of jetliners. Europe’s largest aerospace group said on Monday the three advisers, who include former German finance minister Theo Waigel and former French European affairs minister Noelle Lenoir, will report to ...

Read More »

Merkel says Germany must help France’s Macron to succeed

  BERLIN: Germany must help new French President Emmanuel Macron to succeed, Chancellor Angela Merkel said on Monday, saying she hoped he manages to fight unemployment in France and adding that the best way to counter pots was to solve problems. Macron is due to meet unions on Tuesday to discuss labour reform. He has said he intends to use ...

Read More »

EU warns France and Spain on deficits, clears Portugal

Brussels – The EU on Monday kept France and Spain on notice for excessive public spending, but absolved bailed-out Portugal after it stayed within the bloc’s deficit limit for the first time since 2007. The European Commission, giving its opinions as part of its annual assessment of EU national budgets, also singled out Italy for running a worryingly high public ...

Read More »

China, Russia launch long-haul challenge to Boeing, Airbus

  Shanghai – China and Russia on Monday launched an ambitious project to jointly develop a long-haul jet to challenge Boeing and Airbus, just two weeks after the successful test flight of the first made-in-China large passenger plane. State-run Chinese manufacturer Commercial Aircraft Corporation of China (COMAC) and Russia’s United Aircraft Corporation (UAC) said they formally established the previously announced ...

Read More »

China further opens energy sector to private investment

  Beijing – China said it will further open up its oil and gas sector to private investment as it seeks to overhaul an industry still dominated by a handful of state-run firms. The plan comes as China, the world’s biggest energy guzzler, attempts to ramp up domestic oil and gas production to boost its supply of the vital resources. ...

Read More »

Sea Shepherd Embarks on Shark Protection Operation

Sea Shepherd’s newly renamed vessel, the M/V John Paul DeJoria, arrived in Costa Rica on Saturday to assist the Central American country in controlling illegal fishing in the waters surrounding its Cocos Island National Park.The M/V John Paul DeJoria is a 110-foot Island class former U.S. Coast Guard patrol boat which was relaunched in January this year. Sea Sheperd is ...

Read More »

Unpaid Tanker Crews Head Home

The crew of two oil tankers stranded for several months off India have disembarked without any assurances about the wages they are owed. The 26 Indian sailors have been in a legal wrangle over unpaid wages, and one tried to jump overboard last week, saying he could not provide for his family. The men are reported to be owed around ...

Read More »

Rail Versus Maritime Along the Silk Road

While maritime transportation involving either bulk freight or container freight involves lower transportation costs than railway transportation, railways offer faster delivery times. Competitive delivery duration has motivated China to encourage the development of a new Silk (Rail) Road linking China to distant markets located to the west of China. Silk Road Train Over the past five months, a freight train ...

Read More »

North Korea Tests Missile Warhead Guidance System

North Korea fired an intermediate-range ballistic missile on Sunday, the second in a week. The launch verified the reliability and accuracy of the solid-fuel engine’s operation and stage separation and the late-stage guidance of the nuclear warhead. Local media report the nation’s leader Kim Jong Un saying with pride that the missile’s hit rate is very accurate. He has now ...

Read More »

Shortsea Container Ships Carried on Semi-Sub Ship?

  SeaHorse Shipping in the U.S. has touted a plan aimed at revolutionizing container shipping and freeing shippers from the constraints and congestion caused by mega container ships and mega ports. “While carriers complain that they are losing money, it’s the shippers who truly feel the pain,” says the narrator of a video describing the system. “Ocean freight is no ...

Read More »

Ports Commemorating National Maritime Day

Monday, May 22 is National Maritime Day. It was declared by Congress in 1933 to call attention to America’s proud maritime heritage and to honor the men and women who serve and have served as U.S. merchant mariners.It’s also a day to recognize and reflect on the rewards that America’s ports bring the country in terms of jobs, economic development, ...

Read More »

Ship wreck removal: ‘Cooperation of wreck-owners with NIMASA required for safe navigation’

  .NIMASA gets accolade for efforts in wreck removal, as DG pledges to further improve on performance (TRADE NEWSWIRE): Owners of ship wrecks has been urged to cooperate with the management of the Nigerian Maritime Administration and Safety Agency (NIMASA) to facilitate wrecks removal from the nation’s water for safe navigation and prevention of marine pollution, TRADE NEWSWIRE reports. The ...

Read More »

HMAS Sydney Towed Away for Recycling

HMAS Sydney (IV) has left Sydney Harbour to be towed to Western Australia for recycling by Australian company Birdon. HMAS Sydney had an illustrious career spanning 32 years of service. The Adelaide Class Frigate was involved in operations spanning the Middle East, East Timor, Fiji and the Solomon Islands and earned a Meritorius Unit Citation during the First Gulf War in 1991 as ...

Read More »

Second Bulker Detained in Western Sahara Dispute

  The newly built Supramax bulker Ultra Innovation has been detained by Panamanian authorities on request of the Sahrawi Arab Democratic Republic (SADR), which alleges that her cargo of 55,000 tons of phosphate was shipped illegally. She is the second bulker detained in connection with Western Saharan phosphate shipments this month. The Ultra Innovation took on a cargo of phosphate ...

Read More »

Remains of Second Sewol Victim Confirmed

  On Friday, the Korean Ministry of Oceans and Fisheries announced that the National Institute of Scientific Investigation has confirmed the identity of a student whose remains were found aboard the wreck of the ferry Sewol earlier this week. The student, Huh Da-yoon, is the second victim whose identity has been confirmed after forensic tests. The first, Ko Chang-seok, was ...

Read More »

China Tops Two Million Cruise Passengers

The number of outbound cruise passengers in China topped two million for the first time in 2016. That number is expected to rise to 2.6 million this year and to 305 million by 2020. China Daily reports that 1,040 inbound and outbound cruise ship visits were made to the nation’s major ports in 2016. Data from the China Cruise and ...

Read More »

China Extracts Combustible Ice from Seafloor

  China has successfully extracted combustible ice, also know as methane hydrate, from the seafloor in the South China Sea. Chinese news agency Xinhua reported that the fuel was successfully mined by a drilling rig operating on Thursday with the Chinese Minister of Land and Resources saying the resource had the potential for a global energy revolution. The mining was ...

Read More »

Fincantieri Signs Deal for STX France

  Fincantieri has signed a share purchase agreement for the acquisition of 66.66 percent of the share capital of STX France from STX Europe. The purchase price of approximately $89 million will be paid through available financial resources. Fincantieri continues to negotiate with the French State for the finalization of the shareholders’ agreement for STX France in accordance with a ...

Read More »

New Agreement Encourages China to Buy American LNG

    The U.S. Department of Commerce has reached a deal with the Chinese government that will allow China’s state-owned gas companies to enter into purchase agreements with American LNG exporters. From the American side, the terms are broad and mainly serve to confirm existing policy. “Companies from China may proceed at any time to negotiate all types of contractual ...

Read More »

Wilhelmsen Launches Delivery Drone Service at Nor-Shipping

  Wilhelmsen Ships Service, a division of Wilh. Wilhelmsen Holding, plans to debut a new drone-based ship delivery service for its clients – a cost-effective alternative to hiring a launch whenever a ship needs a few documents or a spare part. For “owners, operators, vessels and crew to get spare parts, medicine, documents, or cash to master where it needs ...

Read More »

Indonesian Car Ferry Catches Fire Off East Java

The ro/pax ferry Mutiara Sentosa 1 suffered a serious fire on Friday evening during a transit of the waters of the Masalembo, the Southeast Asian equivalent of the Bermuda Triangle. Indonesian SAR agency Basarnas reported that out of 178 people on board, 91 have been rescued and three are confirmed dead. Search efforts continue and the full extent of the damage to ...

Read More »

Strategic performance of NPA MD Hadiza Bala Usman commands World Bank visit

  (TRADE NEWSWIRE): The Strategic and outstanding performance of the Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, in piloting the affairs of the nation’s port system has in no doubt attracted the visit of the officials of the World Bank Group to the Authority, TRADE NEWSWIRE reports. The visit of the Officials of the World Bank ...

Read More »

Rivers port, NIMASA synergise to avoid operational loopholes, strengthen relationship

  (TRADE NEWSWIRE): The Port Manager, Rivers Port Complex, Mr. A. G. Umar has paid a courtesy visit to the Port Service Comptroller of NIMASA, Mr. Umar Dachia, in order to avoid operational loopholes and for continuous maintenance of existing cordial relationship between the duo agencies, TRADE NEWSWIRE reports. He observed that since he took over, he has never received ...

Read More »

Rivers port: Port Manager pledges to support Harbour Police Command

(TRADE NEWSWIRE): The Manager of Rivers Port, Mr. A. G. Umar, has pledged to support the Port Police in the discharge of its duties within the Port environs and also maintain a good working relationship with the Command, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from the Principal Manager, Public Affairs, NPA, Ibrahim Nasiru on behalf of ...

Read More »

Poor visibility contributed to 2015 crash landing of Air Canada flight – TSB

  MONTREAL: The 2015 crash landing of Air Canada flight 624 at a Halifax airport was caused by approach procedures, poor visibility and airfield lighting, the Canadian Transportation Safety Board said on Thursday. No one was killed in the accident that took place just past midnight, but more than 20 passengers and crew on the flight were sent to the ...

Read More »

Wall St. opens lower amid Trump jitters

  REUTERS: U.S. stocks opened lower on Thursday as a series of scandals cast a shadow over Donald Trump’s presidency and the future of his ambitious pro-growth agenda. The Dow Jones industrial average was down 47.39 points, or 0.23 percent, at 20,559.54, the S&P 500 was down 3.83 points, or 0.16 percent, at 2,353.2 and the Nasdaq composite was down ...

Read More »

China, ASEAN agree on draft framework for South China Sea code of conduct

  BEIJING: China and Southeast Asian countries agreed on Thursday (May 18) to a draft framework for a long-mooted code of conduct for the disputed South China Sea, China’s foreign ministry said. China and the members of the Association of Southeast Asian Nations (ASEAN) had been hoping to this year agree on the framework, 15 years after committing to draft ...

Read More »

Hackers steal 17 million users’ data from Indian restaurant app Zomato

  NEW DELHI: India’s largest restaurant and food delivery app Zomato announced on Thursday (May 18) that the data of 17 million users had been stolen from its database, including names, email addresses and protected passwords. The startup said the “hashed” passwords could not be decrypted but recommended users change their login details if they use the same password for ...

Read More »

Saudi making good progress in boosting private sector- IMF

Saudi Arabia is making good progress in identifying and reducing obstacles to private sector growth and a large, sustained fiscal adjustment is needed to achieve budget balance over the medium term, an IMF report said. An International Monetary Fund (IMF) team led by Tim Callen held discussions from April 30 to May 11 on the 2017 Article IV Consultation with ...

Read More »

Aerospace sector flies high on surging jet deliveries

Accelerating deliveries of large commercial airplanes, such as Airbus’ A320 and A350 and Boeing’s B737, combined with some recovery in global defence spending will drive steady profit growth and underpin the positive outlook for the global aerospace and defence industry into 2018, said a report by a top rating agency. Airliner deliveries will grow by around seven per cent in ...

Read More »

Hacker Demonstrates Attack on Superyacht IT Systems

  The recent worldwide ransomware attack on Windows-based computer systems has brought new awareness to the serious threat of hacking to corporate and government operations. For years, maritime agencies and industry groups have warned that this danger does not end at the water’s edge. Earlier this month, a cybercrime specialist working for the mobile device company demonstrated the vulnerabilities of ...

Read More »

U.K. Issues Antarctic Terrorism Alert

The U.K.’s Foreign Office has issued a terrorism-related travel advisory for its Antarctic territory. “Although there’s no recent history of terrorism in the British Antarctic Territory, attacks can’t be ruled out,” says the advisory. “There’s a heightened threat of terrorist attack globally against U.K. interests and British nationals, from groups or individuals motivated by the conflict in Iraq and Syria.” ...

Read More »

Fire Closes Part of Samsung Heavy Industries Shipyard

  On Wednesday, a fire broke out at Samsung Heavy Industries’ main Geoje shipyard, the scene of a fatal crane accident earlier this month. According to Korean media, the fire broke out in air conditioning or cooling equipment midmorning on Wednesday. A cloud of black smoke could be seen extending above Samsung’s giant gantry crane. The fire was extinguished within ...

Read More »

U.S. Ports Need $66 Billion for Infrastructure

  A panel discussion held in conjunction with Infrastructure Week has heard that U.S. ports need a combined $66 billion in federal government infrastructure investments. The panel briefing was held by the American Association of State Highway and Transportation Officials (AASHTO), the American Association of Port Authorities (AAPA) and the Congressional PORTS Caucus Co-Chairs Rep. Ted Poe (R-TX) and Rep. ...

Read More »

Australia Boosts Cyclone Prediction Capabilities

  New research from Australia’s Bureau of Meteorology, in partnership with the oil and gas industry, is helping to deliver better tropical cyclone forecasts for offshore facilities. The two-year research program, jointly funded by Shell, Woodside, Chevron and Inpex, developed new meteorological modeling that produces longer range and more detailed tropical cyclone forecasts. Bureau Resource Sector Manager, Andrew Burton said: ...

Read More »

Liberia to Cut Inshore Exclusion Zone

  The Government of Liberia has passed an Executive Order which will see its Inshore Exclusion Zone, reserved for artisanal fishermen, halved from six to three nautical miles. The Environmental Justice Foundation (EJF) says the move will increase competition from foreign industrial vessels which would export their catch overseas. This will mean a drop in the levels of fish being ...

Read More »

Australia’s Oil and Gas Industry Concerned

Australia has announced that 21 new areas for oil and gas exploration, amid industry concerns about the nation’s ability to remain competitive. The nominated areas sit across eight basins in Commonwealth waters off the Northern Territory, Tasmania, Victoria and Western Australia coasts, and in the Territory of Ashmore and Cartier Islands. Speaking at the annual Australian Petroleum Production and Exploration ...

Read More »

Maritime security: We have ‘symbiotically’ suppressed piracy in Nigerian waters, Gulf of Guinea- NIMASA DG

  .FG procures three helicopters, twelve fast intervention vessels for coastal surveillance (TRADE NEWSWIRE): The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) and Chairman of the Association of Heads of African Maritime Administrations (AAMA), Dr. Dakuku Peterside, has said that that pirate’s nefarious operations in the Nigerian waters and by extension the Gulf of Guinea had been ...

Read More »

ICRC salutes NPA Mgt for exploiting PPP initiative in execution of infrastructural projects

  (TRADE NEWSWIRE): The Infrastructure Concession Regulatory Commission (ICRC) has commended the Management of the Nigerian Ports Authority (NPA) under the leadership of a Socio-Economic Reformer and Managing Director of the Agency, Hadiza Bala Usman, for exploiting Public Private Partnerships (PPP) initiative in the implementation of its developmental projects to the advantage of the nation’s economy, TRADE NEWSWIRE reports. In ...

Read More »

Putin ‘ready to provide recording’ of Lavrov-Trump exchange

  MOSCOW: Russian President Vladimir Putin said on Wednesday (May 17) that Moscow could provide a recording of the exchange between Foreign Minister Sergei Lavrov and US President Donald Trump, who is accused of sharing classified intelligence. “If the US administration finds it possible, we are ready to provide a recording of the conversation between Lavrov and Trump to the ...

Read More »

Audi CEO’s contract to be extended through end-2022: sources

  BERLIN: Audi Chief Executive Rupert Stadler’s contract will be extended by another five years through 2022, people familiar with the matter said. The Volkswagen luxury division’s supervisory board will approve a third term for Stadler at a meeting later on Wednesday, two sources close to VW group told Reuters. The contract of Stadler, who has been under fire in ...

Read More »

Deutsche Bank chairman: Strong European capital market needed post-Brexit

  FRANKFURT: Europe needs a strong capital market to maintain independence from the United States and in light of Britain’s decision to leave the European Union, the chairman of Deutsche Bank’s supervisory board said. Paul Achleitner, in an interview with Reuters ahead of the bank’s annual general meeting on Thursday, said he was motivated to sit for a second five-year ...

Read More »

German prosecutors start formal investigation of Porsche SE executives

BERLIN: German prosecutors said they have launched a formal investigation of Porsche SE executives Matthias Mueller and Hans Dieter Poetsch on grounds of suspected market manipulation. The prosecutor’s office in Stuttgart said on Wednesday it is investigating Mueller, the current Chief Executive of Volkswagen , for his role as board member of Porsche Automobil Holding SE and Hans Dieter Poetsch, ...

Read More »

Taiwan sees fewer tourists as Chinese stay away

  TAIPEI: Visitor numbers to Taiwan fell in the first quarter, dragged down by a 42 per cent plunge in arrivals from China as relations worsen across the strait. The number of Chinese tourists to the island has dropped since Beijing-sceptic President Tsai Ing-wen took office last May, with speculation China is turning off the taps as a pressure tactic. ...

Read More »

Trump uncertainty pushes yen, Swiss franc to multi-week highs

  LONDON: The yen rose to its highest in two weeks and the Swiss franc hit a seven-week high against the U.S. dollar on Wednesday as an intensifying political scandal around U.S. President Donald Trump fueled demand for safe-haven assets. The dollar index, which scaled a 14-year peak of 103.82 on Jan. 3 in anticipation of Trump’s promised tax reform ...

Read More »

Hong Kong firm pays US$3b in record land sale

HONG KONG: A Hong Kong tycoon has paid US$3 billion for a prime commercial lot, a city record according to analysts, as costs in one of the world’s most expensive metropolises continue to soar. The price tag – which works out at around US$1 million per square metre – for the rare plot of land in Hong Kong’s bustling Central ...

Read More »

Britain’s state-rescued Lloyds bank back in private hands

LONDON: British bank Lloyds, bailed-out by the UK government at the height of the financial crisis, said on Wednesday (May 17) that it had returned to full private ownership. “Lloyds Banking Group has … notified the market that the government’s stake in the group has been reduced to zero; as such, the group has returned to full private ownership,” it ...

Read More »

Tusk says EU wants safeguards against trade dumping by UK

  STRASBOURG: Any trade deal linking the EU and Britain after Brexit will require guarantees against “unfair competition” by the UK, EU Council President Donald Tusk said on Wednesday (May 17). With tensions high as next month’s Brexit talks approach, Britain has said it will fight back if the EU will not strike an acceptable exit deal. This has sparked ...

Read More »

Trade pact dumped by Trump could be revived at Asia-Pacific meeting

HANOI: Japan and other remaining members of the Trans Pacific Partnership will this weekend decide how to revive the trade agreement ditched by U.S. President Donald Trump. Their trade ministers will talk on the sidelines of an Asia-Pacific Economic Cooperation (APEC) meeting in Hanoi, Vietnam, where newly appointed U.S. Trade Representative Robert Lighthizer is also due to give more detail ...

Read More »