Home :: Business (page 5)

Business

Bone identified as victim from sunken S Korean ferry

SEOUL: A piece of human bone recovered from the site of South Korea’s Sewol ferry wreck has been identified as one of the missing victims, officials said on Wednesday (May 17), the first such confirmed find since the vessel was raised in March. The 6,800-tonne ship sank off the country’s southwestern coast three years ago in one of the country’s ...

Read More »

Dollar losses build as Trump crisis stokes fears for agenda

HONG KONG: The dollar sank on Wednesday (May 17) with a fresh crisis in the White House fuelling concerns that Donald Trump’s economy-boosting agenda could be run off-track. The administration was once again rocked by allegations over its links to Russia after it emerged the tycoon had divulged classified information to the nation’s foreign minister. That was followed late on ...

Read More »

Return-Refill Packaging Shipment Causing Concern

The International Chamber of Commerce (ICC) has voiced concerns over customs authorities’ handling of return-refill packaging.Shipping goods across borders with reusable containers and tracking systems is better for the environment, consumers and companies yet differential treatment by customs authorities can be detrimental for business, says the ICC. An increasing number of companies have been using return-refill packaging and container systems, ...

Read More »

Last Two Abu Sayyaf Fighters Killed on Bohol

  Philippine security forces on the island of Bohol have killed the last remaining members of a group of terrorists who had infiltrated the island an attempt to attack tourists. “All the Abu Sayyaf Group members who landed in Bohol province aboard [three boats] in early April 2017 were all neutralized. Bohol is now cleared of Abu Sayyaf Group elements,” ...

Read More »

Record Year for Australia’s Cruise Industry

The Australian cruise market grew by 21 percent in 2016, with 1,281,159 Australians taking a cruise. The growth is the biggest increase on record, according to the Cruise Lines International Association (CLIA) Australasia’s 2016 Australian Ocean Passenger Cruise Industry Source Market Report. Australia was the fifth largest source market in the world in 2016 accounting for 5.2 percent of global ...

Read More »

Hyundai Merchant Marine Getting Back on Track

  South Korea’s Hyundai Merchant Marine is expected to turnaround its finances during the second half of next year, said the company’s Chief Executive Yoo Chang-keun on Tuesday. “Our business is quickly getting back on track helped by improving business and financial conditions,” he said. On Monday, the company reported that its operating loss narrowed to $117 million in the ...

Read More »

Polaris Shipping Agrees to Settle with Families

The operator of the Stellar Daisy, the bulk carrier that sank in the South Atlantic on March 31, has reached a compensation agreement with the families of most missing crew members.Polaris Shipping, the South Korean operator of the missing vessel, said it has agreed to compensation to families of 17 missing sailors and the two rescued crew, without detailing the ...

Read More »

Businesses reopen at Changi Airport’s Terminal 2, but fire takes toll

SINGAPORE: Businesses at Changi Airport’s Terminal 2 reopened on Wednesday (May 17), although some are still dealing with the ramifications of the “small fire” that broke out on Tuesday. The fire that broke out at a room holding air-conditioning equipment resulted in the evacuation of Terminal 2 causing flight delays on Tuesday. Changi Airport Group (CAG) said two people in ...

Read More »

Aramco, Norinco launch major China project

  Saudi Aramco, China North Industries Corporation (Norinco) and Panjin Xincheng Industrial Group, have signed the joint development agreement and held a groundbreaking ceremony for the Saudi Aramco-Norinco- Refining, Petrochemical and Retail Project in Panjin, in northeast China’s Liaoning province. The idea for this project received a major boost during the visit by King Salman Bin Abdulaziz to China in ...

Read More »

Millennial travellers are ‘re-writing tourism landscape’

Millennials today aren’t vacationing like their parents’ generation, a new report has unveiled. New data from YouGov Reports show that millennials born between 1980 and 1999 aren’t preparing in the same way, or for the same things, as older generations. Unlike their elders, today’s youth want individualised experiences that explore local culture — a need largely unmet by traditional travel ...

Read More »

Changi Airport fire: About 40 flights affected by Terminal 2 closure

    SINGAPORE: Approximately 40 flights at Changi Airport were affected on Tuesday (May 16) evening, after a fire at Terminal 2 led to the entire terminal being shut, the airport management said. The airport terminal received the all-clear from the Singapore Civil Defence Force (SCDF) at about 10.00pm. Since then, operations have resumed progressively beginning with a number of ...

Read More »

Singapore Navy to add 2 more submarines to fleet

SINGAPORE: Two more Type-218SG submarines from Germany’s ThyssenKrupp Marine Systems will be added to the Republic of Singapore Navy’s (RSN) fleet from 2024, Defence Minister Ng Eng Hen announced at this year’s International Maritime Defence Exhibition and Conference (IMDEX) Asia on Tuesday (May 16). They will join another two such submarines previously announced in 2013 – to be delivered in ...

Read More »

‘Small fire’ at Changi Airport T2 sparks evacuation, flight delays

  Three people were taken to hospital for smoke inhalation, it added, and the fire was put out using a hosereel jet. According to Changi Airport, the fire alarm was activated at about 5.40pm due to “smoke coming through the air vents”. Channel NewsAsia understands the fire started in a storeroom. In an update at about 6.45pm, Changi Airport said ...

Read More »

First X-Bow Expedition Cruise Vessel Ordered

  Australian-based Aurora Expeditions has ordered its latest expedition cruise ship, the first such ship to feature Norwegian designer Ulstein’s X-Bow. The yet-to-be-named ship was designed in conjunction with U.S.-based SunStone Ships Inc. Built to Polar Code specifications, the ship will enter service in time for for the 2019/20 Antarctica season. The X-Bow inverted bow concept was conceived in 2005 ...

Read More »

Freedom of Navigation Extends to Foreign Warships

  The past months have seen a significant increase in Russian military activity across Europe, including the Baltic Sea. Last month, Admiral Michelle Howard, commander of U.S. Naval Forces Europe and Africa, and commander of NATO’s Allied Joint Force Command Naples, described the scope of Russian military activity in Europe as “precedential,” exceeding even Cold War era levels. The Baltic ...

Read More »

Year of Polar Prediction Begins

Climate researchers are pursuing better ice and weather predictions for improved safety in the Arctic and Antarctic with the international research initiative “Year of Polar Prediction.” On Monday, the World Meteorological Organization (WMO) and the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI) officially announced the start of the two-year project, which involves partners from more than ...

Read More »

Polaris Shipping Agrees to Settle with Families

The operator of the Stellar Daisy, the bulk carrier that sank in the South Atlantic on March 31, has reached a compensation agreement with the families of most missing crew members. Polaris Shipping, the South Korean operator of the missing vessel, said it has agreed to compensation to families of 17 missing sailors and the two rescued crew, without detailing ...

Read More »

Search Team Finds More Remains in Sewol’s Cabins

  The South Korean Ministry of Oceans and Fisheries said in a statement Saturday that search crews have recovered more suspected human bones from within the wreck of the ferry Sewol. In addition to the bones, a search team recovered a gold tooth from a cabin towards the aft end of the fourth deck. Sources reported that the tooth may ...

Read More »

Employment relationship: NPA, SSA and MWUN hold tripartite meeting to foster relationship

  (TRADE NEWSWIRE): The Management of the Nigerian Ports Authority led by a Socio -Economic Reformer and Managing Director of the Agency, Hadiza Bala Usman, has held a meeting with a joint delegation of Senior Staff Association (SSA) of NPA and Maritime Workers Union (MWUN) in order to foster employee and employer peaceful relationship among the trio, TRADE NEWSWIRE reports. ...

Read More »

Chinese Ports Implicated in Illegal Hornbill Trade

An trade hotspot map by the Environmental Investigation Agency (EIA), and environmental organization TRAFFIC reinforces the position of China and Indonesia as the world’s most important countries involved in the illegal trade in Helmeted Hornbill parts and products.The Helmeted Hornbill is a large rainforest bird found in Southeast Asia which, unique among the hornbills, has a solid bill casque, a ...

Read More »

Stricken Reefer Ship Towed Out to Sea

  The Falkland Islands Government (FIG) announced Friday that the reefer Frio Las Palmas has successfully towed the stricken fishing tender Uruguay Reefer out to sea. The Uruguay Reefer had drifted into the Falkland Islands Conservation Zone after her crew abandoned ship, and she may well sink in the coming days. If and when she goes down, the Uruguay will ...

Read More »

CSR: NPA moves to get FG’s nod for reconstruction of Lagos port access roads in partnership with Dangote

    .I won’t rest until port access roads are motorable- NPA MD Hadiza Bala Usman .Road reconstruction to be done through PPP . Reconstruction exercise to gulp N4.3bn . NPA to fund the road project with N1.8bn of total cost . Construction to last for 10 months (TRADE NEWSWIRE): A Socio-Economic Reformer and Managing Director of the Nigerian Ports ...

Read More »

NPA MD Hadiza Bala Usman unbundles monopoly in cargo handling

  (TRADE NEWSWIRE): A Socio-Economic Reformer and Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, has taken a bold step to unbundle monopoly in cargo handling by allowing every terminal in the Port to receive any cargo provided they have the technical competence to handle it, TRADE NEWSWIRE reports. In a statement obtained by TRADE NEWSWIRE from the Principal ...

Read More »

Port Of Savannah Handles Record Containers For Largest Vessel To Ever Call U.S. East Coast

At an event on the docks of the Port of Savannah today, Governor Nathan Deal, port officials and the maritime community were on hand to welcome the COSCO Development, the largest containership to ever call on the U.S. East Coast as it handled 5,500 containers, a record for Georgia’s ports. “This is another example of how the Port of Savannah ...

Read More »

New Auto Gate system opens at Hutchison Ports SOHAR

As the world’s leading port network, Hutchison Ports is no stranger to significant infrastructure investments or world-leading technologies. As the container terminal operator at SOHAR Port in Oman, Hutchison is taking its next bold step towards modernisation and full automation, with the launch of its new Auto Gate system at Terminal C. The Terminal already features remote-controlled quayside cranes capable ...

Read More »

Spanish cabinet makes second attempt at passing port reform

The Spanish cabinet passed a decree on Friday aimed at liberalizing the country’s ports, a second effort at a contentious law which has already been rejected by parliament and prompted threats of widespread strikes. The Mediterranean’s largest ports, Valencia and Algeciras, alongside the smaller port of Barcelona, help shift about two thirds of Spain’s imports and exports. Prolonged industrial action ...

Read More »

Expert says bunker prices movements to remain mixed with no firm trend in the near future

  World fuel indexes little changed during the week. There were still no any news or factors with real driver potential to set up steady trend vector for fuel indications. OPEC is preparing for an oil output cut extension, having been left with no other options as U.S. drillers continue adding rigs, clearly planning to keep on expanding their output ...

Read More »

Government of Canada introduces Oil Tanker Moratorium Act

The transportation system is something Canadians rely on every day, from getting us to work, or bringing us the products we use in our homes. The Government of Canada is working to ensure that goods are transported in a safe and responsible way while protecting our marine environment and clean water. Today, the Government of Canada introduced C-48, the proposed ...

Read More »

$124 Billion Pledged for Belt and Road Initiative

Chinese President Xi Jinping pledged $124 billion for his Belt and Road Initiative  at an international forum on Sunday. Xi wants to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games. Hi called the plan  “a project of the century” that will benefit people across ...

Read More »

OOCL Hong Kong Christened

The OOCL Hong Kong was christened at Samsung Heavy Industries on Friday. The Orient Overseas Container Line (OOCL) vessel will be a titan among container ships with a carrying capacity at 21,413 TEU.“While our industry seems to have the knack to ‘out do’ one another in building larger container ships relatively quickly these days, this project is nonetheless an important ...

Read More »

British Columbia Tanker Ban Moves Forward

On May 12, the Government of Canada introduced C-48, the  Oil Tanker Moratorium Act in Parliament, seeking to formalize an oil tanker moratorium on British Columbia’s north coast.The proposed Act would prohibit oil tankers carrying more than 12,500 metric tons of crude or persistent oils as cargo from stopping, loading or unloading at ports or marine installations in northern British Columbia. ...

Read More »

Intercargo Requests Changes to Ballast Water Requirements

Industry body Intercargo has highlighted some of the technical and operational difficulties faced by bulk carrier owners in meeting the requirements of the IMO Ballast Water Management Convention and U.S. legislation.As a result of these concerns, Intercargo has submitted two papers to the 71st session of the IMO Marine Environment Protection Committee (MEPC 71) to be held in July. The ...

Read More »

ICS Wants IMO to Commit to CO2 Targets

At its annual general meeting in Istanbul last week, the International Chamber of Shipping (ICS) has agreed to urge the IMO to adopt some dramatic CO2 reduction objectives – on behalf of the international shipping sector as a whole – in order to match the ambition of the Paris Agreement on climate change.In a submission to IMO Member States, being ...

Read More »

Desperately short of labor, mid-sized Japanese firms plan to buy robots

Desperate to overcome Japan’s growing shortage of labor, mid-sized companies are planning to buy robots and other equipment to automate a wide range of tasks, including manufacturing, earthmoving and hotel room service. TOKYO: Desperate to overcome Japan’s growing shortage of labor, mid-sized companies are planning to buy robots and other equipment to automate a wide range of tasks, including manufacturing, ...

Read More »

Some businesses in Asia disrupted by cyberattack, authorities brace for more

  SINGAPORE/WASHINGTON: Asian governments and businesses reported some disruptions from the WannaCry ransomware worm on Monday (May 15) but cybersecurity experts warned of a wider impact as more employees turned on their computers and checked emails. The ransomware that has locked up more than 200,000 computers in more than 150 countries has been mainly spread by e-mail, hitting factories, hospitals, ...

Read More »

Warships from 20 countries dock at Singapore’s first international maritime review

SINGAPORE: Warships from around the world gathered at Changi Naval Base on Monday (May 15), as Singapore hosted its first international maritime review – in what observers see as a show of naval diplomacy. The proceedings included a parade, a land review and a sea review. A total of 46 warships and four aircraft from 21 countries, including Singapore, took ...

Read More »

Dubai RTA carries over 90m passengers in Q1

Mass transit systems of Dubai’s Roads and Transport Authority (RTA) – comprising the Dubai Metro, public buses, taxis and trams – have lifted over 91 million passengers in the first quarter of the year, thus registering a solid growth in ridership. Dubai Metro, which boasts the Red and Green Lines, carried 51.4 million passengers during the first three months, compared ...

Read More »

CSR: NPA moves to get FG’s nod for reconstruction of port access roads in partnership with Dangote

  .I won’t rest until port access roads are motorable- NPA MD Hadiza Bala Usman .Road reconstruction to be done through PPP . Reconstruction exercise to gulp N4.3bn . NPA to fund the road project with N1.8bn of total cost . Construction to last for 10 months (TRADE NEWSWIRE): A Socio-Economic Reformer and  Managing Director of the Nigerian Ports Authority (NPA), ...

Read More »

Neptune to buy Engie’s oil and gas unit for $5.1bn

UK-based Neptune Energy has agreed to acquire a 70 per cent stake in French utility Engie’s exploration and production business for an aggregate value of €4.7 billion ($5.1 billion), including €1.1 billion in decommissioning liabilities. Neptune Energy is a UK-based company backed by funds advised by The Carlyle Group and CVC Capital Partners, and a sovereign investor, dedicated to investing ...

Read More »

Abu Dhabi Airports inks deal with Musanada

Abu Dhabi Airports has signed an agreement with Abu Dhabi General Services Company (Musanada) to strengthen co-operation between the two entities in the areas of knowledge sharing and facility development, to further support the growth of the infrastructure sector in Abu Dhabi. The MoU aims at facilitating co-operation between the two companies by launching workshops with relevant expertise from both ...

Read More »

Saudi Arabia’s KHC to complete ‘world’s tallest tower’ by 2019

The first stage of the one-km-high Jeddah Tower being developed by Saudi Arabia’s Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, is due for completion by 2019 after solving the financial issues with contractor Saudi Binladin Group (SBG), said a report citing its top official. Jeddah Tower. which currently stands 220m tall and 50 floors high, ...

Read More »

Two in a million

A Sotheby’s employee displays the Apollo blue diamond and the Artemis pink diamond earrings during a preview at the Sotheby’s, in Geneva, Switzerland, on May 11. The earrings, the most valuable ever to appear at auction, are estimated to sell between $50-$70 million. The auction will take place in Geneva, on May 16.  EPA/Martial Trezzini

Read More »

Global oil discoveries fell to historic lows in 2016

Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could continue this year. Oil discoveries declined to 2.4 billion barrels in 2016, compared with an average of ...

Read More »

Riyadh Metro project on track, 54pc work completed

Work is progressing as per schedule on The Riyadh Metro development with 54 per cent of the project already completed, said a Arab News report, citing a senior official. An ambitious Saudi transport infrastructure project, the Riyadh Metro network will constitute the backbone of the public transport system in the capital, stated Riyadh Governor Prince Faisal bin Bandar, chairman of ...

Read More »

Nakheel awards $408m Palm Gateway project contract

Dubai master developer Nakheel has awarded construction contracts worth nearly Dh1.5 billion ($408 million) for The Palm Gateway, a new, three-tower residential, retail and beach club complex at the foot of the Palm Jumeirah. Shapoorji Pallonji Mideast LLC, the regional arm of the Indian business conglomerate Shapoorji Pallonji Group, has been signed up to carry out the work, which will ...

Read More »

Libyan Coast Guard Cuts Across Bow of Rescue Vessel

  On Friday, the German maritime rescue NGO Sea-Watch called for an investigation into a Libyan coast guard interdiction in international waters, which resulted in the return of hundreds of maritime migrants to Libyan shores. In addition, the group posted video showing a potentially dangerous close-quarters situation in which the Libyan vessel cut across the bow of the rescue ship. ...

Read More »

Maryland Approves Subsidies for Offshore Wind Farms

On Thursday, Maryland’s Public Service Commission approved ratepayer subsidies for two offshore wind projects off the coast of Ocean City. The subsidies allow the developers to sell renewable energy credits to Maryland’s utilities, which are required to buy them, and will raise consumers’ electrical bills by an estimated $1.40 per month. The PSC’s approval is essential to making the project economically viable, backers say, ...

Read More »

No More Appeals for Schettino

Italy’s highest court has upheld a 16-year jail sentence for Captain Francesco Schettino, master of the Costa Concordia when it struck rocks of Italy’s coast on January 13, 2012. The vessel listed and sank in 45 feet of water off the island of Giglio with 3,229 passengers and 1,023 crew on board. 32 people died. Schettino had been appealing a ...

Read More »

Crane Operator Prevents Disaster at Falmouth Yard

    A crane operator at the Falmouth Docks, a shipyard near the far southwestern tip of England, has come in for public praise for shifting a collapsing jib boom away from workers below. Eyewitnesses say that operator Derek Allen averted tragedy by staying at his post and rotating the crane as it fell apart in front of him. The ...

Read More »

Finland Takes Arctic Council Chair

Finland officially took over chairmanship of the Arctic Council from the U.S. on Thursday during the 10th Arctic Council Ministerial Meeting in Fairbanks, Alaska. Foreign ministers from the eight Arctic States and leaders from the six indigenous organizations particpated in the meeting that marked the end of the two-year U.S. Chairmanship. The four priorities for the Finnish Chairmanship’s two years ...

Read More »

Cylinder Explosion on Cruise Ship Was Due to Corrosion

Investigators in New Zealand say that a fatal gas cylinder explosion aboard the cruise ship Emerald Princess was caused by corrosion. Philippine crewmember Allan Allarde Navales was near the cylinder while crewmates were refilling it and was killed when it burst. No passengers or other crewmembers were injured in the incident. The cylinder was one of four in a bank that supplied backup ...

Read More »

Arctic Council Highlights Spill Response Efforts

  The Arctic Council met this week for its 10th Arctic Council Ministerial Meeting with a number of major reports released, including updates on oil spill preparedness. In 2015, the Arctic Council Ministers approved the “Framework Plan for Cooperation on Prevention of Oil Pollution from Petroleum and Maritime Activities in the Marine Areas of the Arctic,” an initiative designed to ...

Read More »

Stricken Reefer Ship Towed Out to Sea

The Falkland Islands Government (FIG) announced Friday that the reefer Frio Las Palmas has successfully towed the stricken fishing tender Uruguay Reefer out to sea. The Uruguay Reefer had drifted into the Falkland Islands Conservation Zone after her crew abandoned ship, and she may well sink in the coming days. If and when she goes down, the Uruguay will take ...

Read More »

GLOBAL LNG-Prices slip on weak demand and raft of supply tenders

Asian spot LNG prices fell on a round of new tenders expected to add supply into an already weak market amid stable production and receding Egyptian demand. Spot prices for June delivery fell to about $5.50 per million British thermal units (mmBtu), 20 cents below last week, as fresh supply and still weak shoulder-month demand weighed on the market. July ...

Read More »

In Fight Against U.S. Shale Oil, OPEC Risks Lower for Longer

When Khalid Al-Falih arrived at Davos in late January, the Saudi oil minister was exultant. The output cuts he’d painstakingly arranged with fellow OPEC states and Russia were working so well, he said, they could probably be phased out by June. Almost five months later, U.S. production is rising faster than anyone predicted and his plan has been shredded. In ...

Read More »

Hyundai Merchant Marine to Purchase Hanjin’s Terminal in Spain

The nation’s largest shipping company said in a regulatory filing on May 11 that it will buy a 100 percent stake in the Total Terminal International Algeciras (TTIA) in Spain for 117.6 billion won (US$104.02 million). It said the money to be used to make the purchase is equal to 12 percent of the company’s net worth as of late ...

Read More »

Pasha Hawaii orders two new LNG-fueled containerships

Honolulu-based Pasha Hawaii announced that the company has selected Keppel AmFELS in Brownsville, TX, a subsidiary of Keppel Offshore & Marine (Keppel O&M) for the construction of two new Liquefied Natural Gas (LNG) fueled containerships, with the option to order two additional vessels. Pasha Hawaii is in the process of finalizing contract specifications. The new U.S. Jones Act vessels will ...

Read More »

Nigeria: Rivers Port tariff not different from others- A. G. Umar

  (TRADE NEWSWIRE): The Port Manager, Rivers Port Complex, Mr. A. G. Umar has stated that Nigerian Ports Authority operates a uniform tariff therefore debunking claims that tariff differentials scares customers away from Rivers Port, TRADE NEWSWIRE reports. This, he said during a recent visit of Maritime Energy and Media Practitioners of Nigeria (MEMPON) led by the National President Amb ...

Read More »

Asia Fuel Oil-Arbitrage spreads slip as cargoes leave ARA for Singapore

The prompt-month East-West (EW) arbitrage spread slipped to its lowest in nearly two weeks after suppliers locked in replenishment supplies from northwest Europe to meet firm demand for the industrial fuel sustained over the past two months in the Singapore Platts window. ARA INVENTORIES – Fuel oil stocks at independently held storage in the Amsterdam-Rotterdam-Antwerp (ARA) hub STK-FO-ARA sank by ...

Read More »

Law paves way for Danish ratification of ‘green’ ship scrapping convention

Ships due for scrapping contain many different kinds of dangerous materials and have to be taken care of responsibly, both for the sake of the environment but also for workers in the breaker yards A unanimous Parliament has just passed a law that enables Denmark to ratify the UN’s Hong Kong Convention on ship scrapping. “It is a good day ...

Read More »

Tankers: Tsakos Sees Long Term Upward Momentum In Freight Rates

TEN, Ltd. reported results (unaudited) for the quarter ended March 31, 2017. Q1 2017 Summary Results Revenues, net of voyage expenses totaled $108.2 million, approximately $8.5 million more than in the first quarter of 2016, in part due to the delivery of new vessels. Net income in the first quarter 2017 was $17.5 million, or $0.16 per share, net of ...

Read More »

Tanker Market Sentiment Weakens In May

In April, tanker market sentiment weakened in both its dirty and clean sectors. According to the latest oil market report from OPEC, average spot freight rates dropped on most reported routes. Dirty tanker freight rates were down 4% from the month before. Despite a stronger market seen in the VLCC sector marking the only exception in the month as its ...

Read More »

Financial Year 2017 Starts Well for HHLA

The 2017 financial year has started well for Hamburger Hafen und Logistik AG (HHLA). At the end of the first quarter, the Group’s key performance indicators are mainly well above the previous year’s level. Revenue was up 7.1 % year-on-year at € 305.1 million and at € 45.2 million, the operating result (EBIT) was also above the prior-year figure of ...

Read More »

EIA- Kazakhstan Oil Market Overview

Kazakhstan, an oil producer since 1911, has the second-largest oil reserves and the second-largest oil production among the former Soviet republics after Russia. Kazakhstan is a major oil producer. The country’s estimated total petroleum and other liquids production was 1.698 million barrels per day (b/d) in 2016. The key to its continued growth in liquids production from this level is ...

Read More »

IMF chief urges eurozone to back Greece debt relief

BARI: IMF chief Christine Lagarde on Friday (May 12) urged eurozone lenders to cut Greece some slack on its debts, as hopes rose that a deal on easing repayments could be wrapped up later this month. The International Monetary Fund has made more generous debt relief a condition of its participation in an €86-billion (US$94-billion) bailout. But several eurozone governments, ...

Read More »

Fiat Chrysler recalls 1.25 million trucks over software error

  WASHINGTON/DETROIT: Fiat Chrysler Automobiles NV (FCA) said on Friday it would recall more than 1.25 million pickup trucks worldwide to address a software error linked to reports of one crash death and two injuries. The erroneous code could temporarily disable the side air bag and deployment seat of belt pretensioners – which reduce seat belt slack during impacts – ...

Read More »

Iran’s Rouhani vows to end remaining sanctions in final debate

  TEHRAN: Iran’s President Hassan Rouhani vowed on Friday (May 12) to continue rebuilding ties with the world and get rid of remaining sanctions during a fiery final debate a week ahead of the election. Rouhani, who is seeking a second four-year term next Friday, said Tehran’s nuclear deal with world powers had ended many sanctions and brought a windfall ...

Read More »

Youth and technology drive ASEAN’s future competitiveness, say leaders at WEF

KUALA LUMPUR: The Association of Southeast Asian Nations’ (ASEAN) future competitiveness will be driven by growth dividends the region is reaping from rapid technological development and youthful demographics, the leaders of four members said at the opening session of the 26th World Economic Forum (WEF) on ASEAN in Phnom Pennh, Cambodia Thursday (May 11). Cambodian Prime Minister Hun Sen said ...

Read More »

US inflation edges higher in April

WASHINGTON: US inflation edged higher in April, reversing the previous month’s surprise drop, the Labor Department reported on Friday (May 12). Meanwhile, retail sales rebounded strongly last month, with consumers buying cars and driving up sales at gas stations and online stores, the Commerce Department also reported. The new economic data suggested that weak figures in the first quarter and ...

Read More »

Fed’s Evans: Could be okay with just one more rate hike in 2017

DUBLIN: The chief of the Federal Reserve Bank of Chicago said Friday that he would be “very surprised” if the U.S. central bank raises interest rates more than two more times this year, and that it could be just once more if the inflation outlook clouds. “If inflation is confidently headed back to 2 percent, I could see two more ...

Read More »

FAQ: Not your usual cyber attack – why NUS, NTU are ‘prime targets’

  SINGAPORE: The first known instance of sophisticated cyber attacks on universities in Singapore on Friday (May 12) draws attention to institutes of education as a prime target from which to attack Government networks, cybersecurity experts told Channel NewsAsia. Rather than being the work of casual hackers, both attacks involved what is known as advanced persistent threats (APTs) – and ...

Read More »

Japan government names and shames ‘black’ companies violating labor laws

  TOKYO: The Japanese government for the first time released a nationwide list of over 300 companies that have violated labor laws, hoping this name-and-shame tactic would help eliminate abuses and prevent “karoshi,” or death by overwork. In the list published this week on the labor ministry’s website, major companies such as advertising agency Dentsu Inc and electronics maker Panasonic ...

Read More »

US, China reach deals on access for beef, financial services

WASHINGTON/BEIJING: The United States and China will expand trade in beef and chicken and increase access for financial firms, as part of a plan to reduce the massive U.S. trade deficit with Beijing, U.S. Commerce Secretary Wilbur Ross said on Thursday. The deals are the first tangible results of the 100 days of trade talks that began last month after ...

Read More »

At G7, world finance chiefs are trying to gauge Trump’s plans

  BARI, Italy: Finance chiefs from some of the world’s richest nations began a two-day meeting in Italy on Friday, with Europe, Japan and Canada hoping to come away with a clearer picture of U.S. President Donald Trump’s plans on important policies. Inequality, international tax rules, cyber security and blocking the funding of terrorism are the focus of the official ...

Read More »

South Korea’s largest games maker goes public

SEOUL: South Korea’s biggest mobile games maker Netmarble went public in Seoul Friday (May 12) as it seeks overseas acquisitions, with early trading valuing the firm at around US$12 billion. Netmarble’s Lineage 2 is a hugely popular massively multiplayer online role-playing game (MMORPG) with a mediaeval setting. The firm’s shares closed at 162,000 won (about US$143) on the Korea Stock ...

Read More »

US judge calls for criminal probe into trade secrets theft raised in Uber case

SAN FRANCISCO: A U.S. judge on Thursday called for an investigation into allegations of trade secret theft that were raised in a court battle between Silicon Valley giants Uber and Alphabet over their rival self-driving car programs. U.S. District Judge William Alsup in San Francisco also partially granted Alphabet’s self-driving Waymo unit’s bid for an injunction against Uber’s self-driving efforts, ...

Read More »

Bank of England holds rate; trims growth forecast

LONDON: The Bank of England on Thursday (May 11) held interest rates at a record low 0.25 per cent and crimped its economic growth forecast, as Brexit uncertainties weigh before next month’s general election. Policymakers voted by 7-1 in favour of keeping the rate on hold, the BoE revealed in a statement, while it also trimmed the 2017 growth forecast ...

Read More »

OPEC wants ‘collective efforts’ to counter US oil output

PARIS: OPEC said on Thursday (May 11) that oil producers needed to make more joint efforts to match supply and demand in the oil market in the face of rising output in the United States. Ahead of a May 25 meeting of the cartel where its members and Russia are expected to roll over an agreement to cut production, OPEC ...

Read More »

Global airline share prices hit highest level since Oct 2015

Global airline share prices rose by 2.5 per cent in April, taking them to their highest level since October 2015. The global airline index has now risen by 10 per cent over the last year, just below the 13 per cent increase seen in global equities over the same period. According to an airlines financial monitor report released by the ...

Read More »

Infiniti rolls out premium sports coupe Q60

Al Masaood Automobiles, the exclusive distributor of Infiniti in Abu Dhabi and Al Ain, has announced the launch of its new  premium sports coupe model Infiniti Q60. The new Infiniti model will continue to deliver the brand’s premium experience to a new segment of customer and, along with Al Masaood Automobiles’ latest special offers, reinforce the brand’s strong position in ...

Read More »

Qatar firm invites bids for taxi franchisee

Qatar-based transport company Mowasalat has invited bids for another taxi franchisee under the Karwa Franchise Programme, a report said. The new operator should be a Qatari-owned company having the financial and administrative ability to operate a fleet of up to 500 taxis, Mowasalat was quoted as saying in a Gulf Times report. It also noted that none of the existing ...

Read More »

Mercedes-AMG launches new E-Class model

Mercedes-AMG is redefining the performance sedan by turning its most intelligent executive sedan into the most powerful E-Class in the form of the next generation E 63 S 4Matic+. It will be launched in the GCC this month. The company is also setting new benchmarks in this market segment with its innovative technologies. Its intelligent drive strategy raises the limits ...

Read More »

Dubai aluminium expo to draw over 200 firms

More than 200 exhibitors from around 30 countries will be showcasing their latest solutions at the Aluminium Middle East Exhibition which kicks off in Dubai, UAE next week. A leading event for aluminium products, technologies and investments in the region, Aluminium Middle East will take place from May 15 to 17, at the Dubai International Convention and Exhibition Centre. The ...

Read More »

World Green Economy Organisation launches new platforms

The UAE-based World Green Economy Organisation (WGEO) has launched three new platforms – Youth, Academia and Organisations & Civil Society  – to encourage youth and society to adapt to sustainable development. These platforms were launched in conjunction with a two-day international workshop for Solar Decathlon Middle East (SDME), created through an agreement between the Dubai Supreme Council of Energy, Dubai ...

Read More »

Summit puts spotlight on sustainable landscaping

More than 400 senior landscape design architects, engineering consultants, urban planners, project developers, government and municipal officials will discuss sustainable landscaping techniques at a key industry summit in Dubai, UAE. The Middle East Smart Landscape Summit will run from May 15 to 16 at Sofitel Dubai The Palm Resort & Spa, said the event organisers Expotrade. The summit will begin ...

Read More »

African real estate is ‘the new global economy driver’

Over the last few years, notably in the hotel, retail and residential sectors, Africa’s rapidly growing property markets have been attracting increased interest from international investors, developers and occupiers. In spite of developments occurring at a breakneck speed, the key areas seen continually strapped to the back-bench are financial planning, project execution and most importantly, the implementation of sustainable measures. ...

Read More »

W. Africa Crude-Saturno loadings delayed, trading limited

A technical fault delayed loadings of Angola’s Saturno crude oil. While there was little fresh trading, gains of more than 3 percent on the Brent crude benchmark used to price West African grades helped to boost values. NIGERIA * While the market braced for the return of Forcados, traders said they would likely demand a discount to buy the grade ...

Read More »

U.S. customs agency withdraws Obama-proposed changes to Jones Act

U.S. Customs and Border Protection has withdrawn an Obama-era proposal to modify a law that governs shipping, which would have revoked waivers that make it easier for oil and gas operators to skirt restrictions, according to an agency bulletin. For nearly 40 years the CBP has provided exemptions to the Jones Act, which mandates the use of U.S.-flagged vessels to ...

Read More »

International Seaways Reports Lower Income on Softer Tanker Market

International Seaways, Inc., one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, reported results for the first quarter 2017. Highlights Time charter equivalent (TCE) revenues(A) for the first quarter were $84.1 million, compared to $124.7 million in the first quarter of 2016. Net income for the first quarter ...

Read More »

World Shipping Council submits proposal to IMO for greenhouse gas strategy

  At MEPC 70, the Committee agreed to develop a comprehensive GHG strategy with a view to agreeing on an initial GHG strategy in 2018. The initial strategy would be subject to further development and refinement after analysis of data collected through the recently adopted IMO Ship Fuel Oil Consumption Database (SFOCD). To support development of the Organization’s GHG strategy, ...

Read More »

Moody’s: Outlook for global shipping industry is stable; EBITDA to stay

Moody’s Japan K.K. says that the outlook for the global shipping industry is stable, given that — after excluding M&As and spinoffs — the aggregate EBITDA of rated shipping companies will remain at similar levels in 2017 as last year. Unlike 2016, when the industry saw double-digit EBITDA declines, the operating environment has bottomed and earnings will remain stable, although ...

Read More »

Adidas CEO says top team now ‘ideal’ after shakeout

  BERLIN: German sportswear company Adidas’ new chief executive said his top team was now complete after the departure of two executives who served for years under his predecessor and the appointment of the first woman to the executive board since 1993. “The board team is now ideally set up. It is an experienced, international and diverse team,” Kasper Rorsted, ...

Read More »

Scoot eyes at least 3 to 4 long-haul routes by 2020: CEO

    SEATTLE, United States: Singapore budget carrier Scoot is setting its sights on operating at least three to four long-haul routes within the next two to three years, according to its CEO Lee Lik Hsin. In an interview with Channel NewsAsia on Thursday (May 11), Mr Lee revealed that travellers can expect Scoot to announce one new long-haul route ...

Read More »

UK accounting watchdog fines PwC record 5 million pounds

LONDON: Britain’s accounting watchdog has fined PwC a record five million pounds (US$6.5 million) over the way it checked the books of collapsed social housing maintenance company Connaught. The Financial Reporting Council (FRC) also fined Stephen Harrison, a retired PwC audit partner, 150,000 pounds for misconduct in relation to the 2009 audit of listed Connaught, which went into administration in ...

Read More »

South Korea’s new leader discusses North Korea, defence system with China’s Xi

  SEOUL: South Korea’s new President Moon Jae-in told Chinese leader Xi Jinping on Thursday that North Korea must cease making provocations before tensions over the deployment of a U.S. anti-missile system in the South can be resolved, officials said. Moon came to power with a promise to review the deployment of the Terminal High Altitude Area Defense (THAAD) anti-missile ...

Read More »

2020 Sulfur Cap to Impact Credit Lines

The global sulfur emissions limit will drop to 0.50 percent in 2020, and most people are yet to appreciate what this will do to ship operators’ finances.“The credit lines for fuel purchases will have to be expanded. Will suppliers and banks allow that?” asks Poul Woodall, Director for Environment & Sustainability at DFDS, the largest company combining short sea shipping ...

Read More »

WWF Releases Arctic Council Scorecard

The environmental organization WWF has released its first Arctic Council conservation scorecard. The results show that the Council as a collective body has generally done well in delivering results, which mostly consist of assessments and studies or further recommendations. The Arctic states, however, have done less well in delivering results at a national level, says WWF.The scorecard provides a snapshot ...

Read More »

Search Team Finds Human Bones in Sewol’s Cabins

  On Wednesday morning, a search team recovered two fragments of what is believed to be human bone from within the wreck of the ferry Sewol. According to South Korea’s Ministry of Oceans and Fisheries, the team found the remains during a search of passenger cabins towards the stern on the fourth deck – an area where students had been ...

Read More »

USA: Steady Increases of Retail Imports Seen At Major Container Ports Through the Summer

Imports at the nation’s major retail container ports should see steady increases through the summer and into the fall, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Regardless of whether the sales come in their stores or through their websites, retailers see that consumers are buying more this year and ...

Read More »

Latest PLA Safety Campaign Targets Human Error

Port of London. Authority The Port of London Authority (PLA) launched its latest safety campaign, focused on the Human Factor, at its Annual Stakeholder Forum today (Tuesday, 9 May). The PLA decided to target human error after analysis of incident data showed that it was the leading cause of navigational incidents on the tidal Thames in the last two years. ...

Read More »