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Changi Airport reaches 1 billion passengers milestone

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

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North Korea fires Scud-class ballistic missile, Japan protests

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

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US weighs banning laptop computers on international flights

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

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

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

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

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

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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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British Airways says restarts flights from Gatwick and Heathrow

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

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Football: Chicharito becomes Mexico’s leading goalscorer

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

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G7 in historic split as Trump goes his own way

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

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

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

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

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

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Chinese jets intercept US surveillance plane: US officials

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

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New Central Area cycling network in the pipeline

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

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UK lowers threat level as Manchester bomber photos released

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

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USS Washington Submarine Delivered

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

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Muslims world-over welcome Holy month of Ramadan-Video

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

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

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

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PepsiCo in bid to acquire Vita Coco owner: sources

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

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

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

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

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

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

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

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Asia’s First Fully-Automated Terminal Operational

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

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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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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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Fleet Week Kicks Off in New York

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

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Spanish Longshore Unions Postpone Strike

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

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IEA Says Shipping Not on Track with Emissions Reductions

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

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Ports: East Africa Lagging Behind West Africa

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

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Scorpio Announces Merger With Navig8 Product Tankers

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

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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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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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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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Trump tells Duterte of two US nuclear subs in Korean waters – NYT

  MANILA: U.S. President Donald Trump told his Philippine counterpart that Washington has sent two nuclear submarines to waters off the Korean peninsula, the New York Times said, comments likely to raise questions about his handling of sensitive information. Trump has said “a major, major conflict” with North Korea is possible because of its nuclear and missile programmes and that ...

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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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Three men arrested over Manchester attack: Police

MANCHESTER: British police on Wednesday (May 24) made three more arrests over the Manchester concert attack that left 22 people dead, bringing the number of men in custody to four. “Three men have been arrested after police executed warrants in South Manchester, in connection with the ongoing investigation into Monday night’s horrific attack at the Manchester arena,” a statement said. ...

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British police say military to guard key London sites

LONDON: British police said they had increased the number of officers on the streets in London and would deploy the military to guard key sites including Buckingham Palace and Downing Street following the suicide bombing in Manchester that killed 22 people. Prime Minister Theresa May said on Tuesday the threat level was now considered “critical”, meaning an attack may be ...

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‘There is no 100% perfect security’: How can we better protect against terror attacks?

SINGAPORE: Security measures at public events must be improved even if no foolproof solution to terror attacks exists, said experts on Wednesday (May 24) after another major incident which left 22 dead and 59 wounded at a pop concert in England. UK-born Salman Abedi, 22, blew himself up at the end of a sold-out show by pop star Ariana Grande ...

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Cigarette filters may increase lung cancer risk

REUTERS: Cigarette filters, introduced decades ago to reduce the amount of tar smokers inhale, also alter other properties of smoke and smoking in a way that raises the risk of lung cancer, researchers say. In a review of research on changes in lung cancer rates, and changes in the types of lung cancer that are most common, the study authors ...

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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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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 ...

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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 ...

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UK raises terror threat level to highest

Britain has raised its terror threat level to the highest level of “critical”, meaning further attacks may be imminent, Prime Minister Theresa May has said. The change in terror threat comes after investigators were unable to rule out whether the Manchester suicide bombing suspect Salman Abedi acted alone, the prime minister was quoted as saying by a BBC report. Military ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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. ...

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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 ...

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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 ...

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Trump’s Budget Request Cuts Port Funding

  U.S. President Donald Trump sent Congress a 2018 budget request on Tuesday, with the American Association of Port Authorities (AAPA) saying it signals declines for most federally funded, port-related programs. Among the budget proposals for next year is eliminating the U.S. Department of Transportation’s TIGER (Transportation Investment Generating Economic Recovery) grants program, which last year awarded U.S. ports $61.8 ...

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British police name Manchester Arena attacker as Salman Abedi, 22

LONDON: The man who carried out a deadly suicide bomb attack at Manchester Arena was named by British police on Tuesday (May 23) as 22-year-old Salman Abedi. Greater Manchester Police’s Chief Constable Ian Hopkins named the attacker in a media briefing, after police raided a home in the south Manchester area of Fallowfield, where Abedi is believed to have lived. ...

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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 ...

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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 ...

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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 ...

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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. ...

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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 ...

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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 ...

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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 ...

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Manchester Arena blast: World leaders condemn terror attack

  PARIS: World leaders have swiftly condemned Monday’s (May 22) deadly blast at Manchester Arena, which British police are treating as a “terrorist incident”. At least 22 people were killed, including children, and nearly 60 others injured, after a lone attacker detonated an improvised explosive device he was carrying outside the venue where American singer Ariana Grande had been performing. ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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London police close Victoria Coach Station after finding suspect package

  LONDON: British police closed London’s Victoria Coach Station and the surrounding streets on Tuesday (May 23), the BBC reported, after finding a suspect package. “A suspect package is being checked out,” a Metropolitan police spokesman said. Source: Reuters/dl

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Suspected terror attack in Manchester: What we know

  LONDON: Twenty-two people died in a suspected terror attack at a pop concert in the British city of Manchester late Monday (May 22). Here is what we know so far about the attack, which was the deadliest in Britain since 2005. WHAT HAPPENED? Police said they were called at 2133 GMT to reports of an explosion at Manchester Arena ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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. ...

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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 ...

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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 ...

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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. ...

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Outgoing WHO chief says world ‘better prepared’ for health crises

  GENEVA: The World Health Organisation’s outgoing chief Margaret Chan defended her legacy on Monday (May 22), insisting the world had become better prepared to face health emergencies like Ebola on her watch. In her final address to WHO’s member states, Chan acknowledged that mistakes had been made during her decade at the helm, but stressed that while “we falter ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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