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Peugeot buys used car retailer in diversification push

PARIS: PSA Group, the maker of Peugeot, Citroen and DS cars, said on Monday it was buying a stake in a French online second-hand car retailer as it expands into new areas of business. The carmaker is in exclusive talks with multi-brand car retailer Aramisauto to purchase a 30 percent holding, before injecting more cash through a capital increase to ...

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Kuwait parliament dissolved

Kuwait’s Amir His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al Sabah has issued a decree dissolving the country’s parliament, the state news agency said. He earlier received the Crown prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah and Prime Minister Sheikh Jaber Al-Mubarak Al-Ahmad Al-Sabah, said the Kuna report. The decree was issued after examination of the Constitution’s clause 107 and due to ...

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JPMorgan beats third quarter forecast as trading roars back to life

REUTERS: JPMorgan Chase & Co beat forecasts for revenues and profits on Friday as global bond and currency markets roared back to life in the third quarter following Britain’s vote to leave the European Union. Brexit-inspired volatility along with changing expectations for monetary policy in the United States, Europe and Japan as well as money market reforms boosted trading revenue ...

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British banks keep cyber attacks under wraps to protect image

LONDON: Britain’s banks are not reporting the full extent of cyber attacks to regulators for fear of punishment or bad publicity, bank executives and providers of security systems say. Reported attacks on financial institutions in Britain have risen from just 5 in 2014 to 75 so far this year, data from Britain’s Financial Conduct Authority (FCA) show. However, bankers and ...

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Singapore dollar hits 7-month low on lacklustre growth outlook

Analysts expect the Sing dollar to weaken further and possibly hit 1.40 against the US dollar by the end of the year. SINGAPORE: The Singapore dollar fell to a seven-month low on Friday (Oct 14), as a disappointing growth report card and a dovish policy statement from the central bank fuelled concerns over the outlook of the economy. Gross domestic ...

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Exclusive: Deutsche Bank considers thousands more job cuts – source

  FRANKFURT: Deutsche Bank’s finance chief told staff representatives last month that job cuts at the bank could be double that planned, a step that could remove 10,000 further employees, a person with direct knowledge of the matter told Reuters. Although no such decision has yet been taken, Marcus Schenck’s remarks, at an internal meeting, signal the lender is considering ...

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Oil rises further above US$52 on tighter US fuel stocks

  LONDON: Oil climbed further above US$52 a barrel on Friday, supported by a drop in U.S. fuel inventories, though gains were kept in check by ample crude supplies even as OPEC plans to cut output. Brent crude reached a 2016 high near US$54 on Monday, underpinned by OPEC’s Sept. 28 deal to reduce oil production, before weakening on rising ...

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China overtakes US again as world’s top crude importer

BEIJING/SINGAPORE: China imported record volumes of crude oil last month, eclipsing the United States as the world’s top buyer of foreign oil as Beijing’s state reserves shipped in cheap crude to fill new storage tanks. September’s crude imports rose 18 percent from a year earlier to 33.06 million tonnes or 8.04 million barrels per day (bpd) on daily basis, customs ...

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Foreign investors sue Toshiba over accounting scandal

TOKYO: A group of investors, mostly foreign institutions, are suing Toshiba Corp in a Tokyo court for 16.7 billion yen (US$162.3 million) in damages, over a US$1.3 billion accounting scandal uncovered last year. Toshiba said in a statement on Thursday that the 45 unnamed shareholders were seeking compensation for damages caused by its “inappropriate accounting”. It will take an unspecified ...

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Mena private jet fleet seen at 1,200 by 2020

  The business aviation sector in Middle East is predicted to reach a volume $1.2 billion by 2020, with a fleet comprising 1,200 private aircrafts registered in Mena region, according to MEBAA airshow site. The strong demand is explained globally by the globalisation of trade, the appearance of new markets, the introduction of new aircraft programs and the international expansion ...

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[Updated] Yemen: Missile Again Fired at U.S. Navy

The U.S. military launched cruise missile strikes on Thursday to knock out three coastal radar sites in areas of Yemen controlled by Iran-aligned Houthi forces, retaliating after failed missile attacks this week on a U.S. Navy destroyer, U.S. officials said. The strikes, authorized by President Barack Obama, represent Washington’s first direct military action against suspected Houthi-controlled targets in Yemen’s conflict. ...

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Traffickers Jailed for Twenty Years

  An Italian judge sentenced three men to 20 years each in jail on Wednesday for their role in packing hundreds of migrants into a boat in which 49 suffocated in the Mediterranean last August, a legal source said. The judge in Catania, Sicily, found the three guilty of murder and facilitating illegal immigration, more than a year after rescuers ...

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DCNS Mulls Stake in STX France

  The head of the French state-controlled naval defence group DCNS said on Wednesday it was “closely studying” a possible stake purchase in STX France, a shipyard subsidiary of the struggling South Korean conglomerate STX Corp. Herve Guillou said DCNS was not however looking at the option of taking a majority stake. The French state holds a 33 percent minority ...

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Investor Wants Twenty New LNG Carriers

  A little-known investment company said it intends to order up to 20 LNG carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters.CBI Energy and Chemical, which is controlled by Australian and Canadian investors and has offices in Hong Kong, also said in ...

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World’s Largest Livestock Carrier Gains Australian Approval

  Australian live export company Wellard has received clearance for Australian trade for the latest addition to its fleet, the purpose-designed and built livestock carrier Ocean Shearer.The vessel has been granted its Interim Australian Certificate for the Carriage of Livestock by the Australian Maritime Safety Authority. Ocean Shearer is the world’s largest purpose-built livestock carrier, a record previously held by ...

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South Korea to Respond to Illegal Fishing with Force

South Korea responded to last week’s ramming attack on a coast guard patrol boat with the announcement that it would authorize greater use of force during boardings of Chinese fishing boats. “We will actively respond to Chinese fishing boats that obstruct justice by using all possible means if needed such as directly hitting and gaining control of those Chinese fishing ...

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Growing Supply Reshapes LPG Shipping

Liquefied petroleum gas carrier (file image) Liquefied petroleum gas (LPG), long a niche product used in petrochemicals, as well as for cooking and outdoor heating, is entering a new era as a wave of supply from the U.S. shale boom cuts prices, spreading its use in emerging markets, a major shipper said. Production of LPG, known better as propane or ...

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Hanjin’ Asia-U.S. Operations For Sale Friday

    The South Korean court overseeing Hanjin Shipping Co’s receivership process plans to put the collapsed shipper’s Asia-U.S. operations up for sale as early as Friday, a court spokesman said on Thursday.The sale comes as creditors line up claims less than two months after the company, applied for court receivership as the first major shipping line to be dragged ...

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Nearly 80 million could slide into poverty: World Bank

  Natural disasters and climate change have devastating effects on cities and the four billion people who live in them today, according to a new report by the World Bank and the Global Facility for Disaster Reduction and Recovery (GFDRR). By 2030, without significant investment into making cities more resilient, natural disasters may cost cities worldwide $314 billion each year, ...

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Abraaj acquires stake in Indorama Fertilizers

  The Abraaj Group, a leading investor operating in global growth markets, today announced that it has acquired a minority stake in Indorama Fertilizers, the largest urea fertilizer manufacturer in Sub-Saharan Africa, through its funds. The stake was purchased from Indorama Holdings BV Netherlands, a wholly owned subsidiary of Indorama Corporation, one of the world’s fastest growing petrochemical companies with ...

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Russia Moves Million Ton Iceberg

    Rosneft and its research partners have practiced towing icebergs, including one estimated to weigh a million tons. The tests were conducted in cooperation with the Arctic Science Center and the Arctic and Antarctic Research Institute (AARI) and involved icebergs of different shapes and sizes under various weather conditions. With the help of the icebreaker Kapitan Dranitsyn and the ...

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Jamaica to Relocate Planned Port Facility

Conservation groups have hailed a decision by the Jamaican government to relocate a planned transshipment terminal outside of the Portland Bight Protected Area, an environmental preserve that is home to one of the world’s most endangered species. Since 2013, the government has been developing a plan for a port complex on Great Goat Island, which lies within the reserve. The ...

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Ferry Crash in Sydney Injures 19 Passengers

Nineteen passengers were injured in Sydney on Tuesday afternoon when a ferry failed to stop and struck its berth. Early accounts suggest that the vessel’s reverse propulsion would not engage. Six people were hospitalized following the allision, and one person is believed to have suffered serious spinal injuries. All are reported to be in stable condition. “On arrival we found ...

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Singapore and Norway Strengthen Ties

  The Maritime and Port Authority of Singapore (MPA) and the Norwegian Ministry of Trade, Industry and Fisheries have signed an agreement to further cooperation.The agreement was signed by MPA Chief Executive, Andrew Tan and Norway’s State Secretary Dilek Ayhan. It covers commercial and industrial cooperation as well as research in sustainable energy technology, offshore and marine engineering, maritime operations ...

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One Killed, One Injured in Accidents at Port Everglades

  One individual was killed and one injured in two accidents Monday at Port Everglades, Florida, both involving semi trucks.In the first accident, at about 1430 hours local time, a supervisor was driving a golf cart through the container yard at Sun Terminals. Her cart collided with a mule truck, a small tractor trailer used for hauling containers, and she ...

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Van Oord Tapped to Design and Build Porto Central

  A joint European-Brazilian venture signed an agreement with Van Oord last week for the design and construction of a new deepwater port in Espirito Santo, Brazil, to be called Porto Central.The preliminary agreement between Port of Rotterdam, TPK Logistica and Van Oord covers a conceptual design for the port, but it also extends through to construction and port operations – a streamlined bidding ...

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Eighty Thousand Rainbow Trout Escape

  A general cargo vessel has hit a Danish fish farm and caused up to 80,000 rainbow trout to escape into the open sea. The vessel Karmel, did not sustain any damage. It was sailing from the Russian enclave of Kaliningrad on the Baltic Sea to Kolding in Denmark, collided with the fish farm between the Danish islands Funen and ...

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Pentagon May Retaliate for Attack on U.S. Navy Ships

  The Pentagon on Tuesday warned that whoever fired missiles at a U.S. Navy destroyer and an accompanying ship off the coast of Yemen over the weekend had done so “at their own peril,” language that suggested preparations for possible retaliation. Two shore-launched cruise missiles, which U.S. officials believe were designed to hit vessels at sea, were fired at the ...

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World’s Largest LNG Bunker Vessel Ordered

LNG supplier Bomin Linde LNG has secured the largest LNG bunker supply vessel of its kind to date with a capacity of 7,500 cubic meters (two million gallons). Commissioning of the vessel is scheduled for late 2018, and Bomin Linde LNG will be using it to supply marine customers and small-scale LNG terminals along the Baltic Sea coast. The vessel ...

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Saudi Arabia to Build Worldclass Shipyard

  Royal HaskoningDHV UK and Hyundai Engineering & Construction have been selected to perform the Front-End Engineering Design (FEED) for the infrastructure of a world-class and globally competitive maritime yard in Ras Al-Khair, Saudi Arabia. The maritime yard will comprise a distinct shipyard facility for large shipbuilding, large ship repair, offshore rigs fabrication, and offshore support vessel repair.  As planned, ...

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China Looks to Amalgamate Shipyards

  The Wall Street Journal has reported that China’s two biggest state-owned shipping companies plan to merge their combined shipbuilding yards into a single entity. Cosco Group owns six yards and China Shipping Group owns five. Cosco also operates two joint-venture yards with Japan’s Kawasaki Heavy Industries. The amalgamation would create China’s third biggest shipbuilding group, and a formal announcement ...

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Emirates to launch daily Fort Lauderdale flights

  Dubai’s national carrier Emirates has announced plans to launch daily service to Fort Lauderdale-Hollywood International Airport, starting from December 15. This will be Emirates’ 11th passenger route in the US which will serve the South Florida area, including Fort Lauderdale, Miami, and West Palm Beach. The airline will operate a GE-powered US-built Boeing 777-200LR aircraft in a three-class configuration ...

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Mena LNG exports likely to fall: report

  Natural gas exports from Mena to fall by 50 billion cubic metres per annum (bcma) in 2025 from 2013 levels as domestic demand outpaces supply growth, said Apicorp’s latest Energy Research, citing an IEA report. Natural gas exports from Mena to fall by 50 billion cubic metres per annum (bcma) in 2025 from 2013 levels as domestic demand outpaces ...

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WHO urges tax hike on sugary drinks

  Taxing sugary drinks can lower consumption and reduce obesity, type 2 diabetes and tooth decay, says a new World Health Organization (WHO) report. Fiscal policies that lead to at least a 20 per cent increase in the retail price of sugary drinks would result in proportional reductions in consumption of such products, according to the report titled Fiscal policies ...

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Car interior accessories market to see 3.9pc growth

  The global interior car accessories market is anticipated to expand at a compound annual growth rate (CAGR) of 3.9 per cent from 2016 to 2024, a report said. Growing consumer preference for comfortable and entertaining driving experience will remain a key factor fuelling the demand for interior car accessories, according to the report from Persistence Market Research, a top ...

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Germany’s Uniper wins Sharjah LNG supply deal

  Sharjah National Oil Corporation (SNOC) and Uniper SE, a leading international energy company with operations in more than 40 countries, have signed a MoU for import of liquefied natural gas (LNG) into the Port of Hamriyah in Sharjah, UAE. First gas deliveries should arrive into Sharjah in the spring of 2018. Gas will flow to the Sajaa gas field ...

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Aramco plans $300bn spend to bolster oil, gas output

  Saudi Aramco plans to invest more than $300 billion over the coming decade to reinforce its preeminent position in oil, massively expand its conventional gas production, and exploit unconventional gas resources, the company’s CEO said. Speaking at the 23rd World Energy Congress in Istanbul yesterday (October 11), with the theme “Embracing New Frontiers,” Amin H Nasser stated that the ...

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World Steel Association summit kicks off in Dubai

  Leading global steel companies and associations from around the world discussed major industry issues at the 50th annual conference of the World Steel Association which opened today (October 11) in Dubai, UAE. UAE steel giant Emirates Steel too joined the other international steel companies and industry leaders at the two-day event being held at the Ritz-Carlton Hotel DIFC, Dubai. ...

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Washington State Voices Port Concerns

Port of Tacoma New competitive pressures in the global supply chain and certain intrastate dynamics have the potential to slow the modernization of Washington State’s port system, according to a new study released this week. The study was sponsored by the Washington Maritime Federation (WMF) and it charts out a public policy course for Washington State officials. “The maritime sector ...

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U.S. Crude Imports Rise During First Half

  During the first half of 2016, U.S. gross crude oil imports increased by 528,000 barrels per day (b/d), or seven percent, compared to the first half of 2015. The increase reverses a multiyear trend of decreasing U.S. crude oil imports as a result of increasing U.S. production.East coast crude oil imports were up the most, rising by 244,000 b/d ...

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NYK Line to Book Extraordinary Loss

    Japanese shipping line Nippon Yusen warned it would book an extraordinary loss of about $1.9 billion in the second quarter, forced by a deep slump in the shipping market to write down the value of container ships and other assets.The huge writedown is the latest sign of a slowdown in the container shipping sector due to low freight ...

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Indonesia Stages Show of Force in South China Sea

  Indonesian warplanes on Thursday staged a large-scale exercise on the edge of South China Sea territory claimed by Beijing, a show of force that adds to regional uncertainty sparked by the Philippines’ sudden tilt away from the United States.President Joko Widodo watched from Ranai, capital of the Natuna Islands archipelago, with hundreds of military officials as about 70 jets ...

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Hill wins Qatar project management services deal

  Hill International, a global leader in managing construction risk, has received a contract from Qatar Electricity & Water to provide project management services in connection with the design and construction of a commercial development in the Marina District of Lusail City, a master planned development just north of Doha, Qatar. The four-year contract has an estimated value to Hill ...

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Oil prices stay strong at over $50/barrel

  Oil prices settled above $50 in early Asia trade Friday, owing to declining US inventories and reports that key members of the Organization of the Petroleum Exporting Countries (Opec) and Russia will meet next week to discuss Russia’s participation in the joint cut production, said a report. On the New York Mercantile Exchange, light, sweet crude futures for delivery ...

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Singapore Expands LNG Bunkering Initiatives

  The Maritime and Port Authority of Singapore (MPA) expanded its LNG bunkering initiatives at the Singapore International Bunkering Conference and Exhibition this week. The MPA and Singapore LNG Corporation (SLNG) signed a Memorandum of Understanding (MoU) at the conference to collaborate on an interim truck loading facility, which will be used to service LNG bunkering. The facility will also ...

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Gazprom and Shell Reaffirm Strategic Cooperation

  Alexey Miller, Chairman of the Gazprom Management Committee, and Ben van Beurden, Chief Executive Officer of Shell, discussed developments in their strategic cooperation, signed in 2015, this week at the sixth St. Petersburg International Gas Forum.The parties discussed a wide range of issues related to the development of strategic partnership in the energy sector, paying particular attention to the ...

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Ultrasonic Antifouling Could Cut Operating Costs

  Ultrasonic technology is well accepted as part of modern class certification and ship management, with applications from non-destructive testing to thickness guaging to fire extinguisher inspections. But it has the potential to save money in another way, says Capt. Sven Fromm, managing director of Isle of Man-based Clever Marine. Clever Marine delivers repair services, inspections and full-scale technical ship management ...

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CITES Meeting Boosts Wildlife Protection Measures

  The two-week 17th Conference of the Parties to the Convention on Trade in Endangered Species of Wild Fauna and Flora (CoP17 CITES) closed after making significant progress on global efforts to stamp out illegal wildlife trade and ensure sustainability of future trade in a range of valuable species. The meeting covered issues relating to captive breeding, synthetic products, demand ...

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Report: Maersk Oil Abandons Stake in Dvalin

  The Norwegian paper Dagens Næringsliv reports that Maersk Oil has given up its 20 percent stake in the North Sea Dvalin project, without compensation.Maersk Oil transferred ten percent each to partners DEA (50 percent) and Petoro (30 percent). Edison of Italy holds the remaining 20 percent. “Maersk Oil’s technical view of the project means our participation in Dvalin does ...

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Bulgaria Considers Stake in Greek FLNG Project

  Bulgaria could take up to a 25 percent stake in a project to build an LNG terminal off the coast of northern Greece, the Bulgarian energy minister said on Wednesday. The 380 million euro ($425 million) floating facility will be linked to a gas pipeline due to be built by Greece and Bulgaria and would help Bulgaria reduce its ...

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Qatar Diverts LNG from Britain to Asia

  Britain’s top sea-borne gas supplier Qatar has stopped sending new shipments for several weeks as restocking demand from long-standing customer South Korea drains supply.The drought underscores the precariousness of Britain’s access to LNG supplies from the world’s biggest producer at a time when U.K. gas traders deal with volatile markets and the approach of peak winter demand. But tanker ...

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Typhoon Chaba Batters Korean Ports and Shipyards

  Typhoon Chaba battered southern parts of South Korea with violent wind and heavy rain on Wednesday, killing at least three people and flooding the country’s main port and industrial sites and disrupting production at some factories. The storm hit the island of Jeju overnight and one person was reported missing amid widespread power outages and damage to homes and ...

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India plans $2.7bn refinery expansion

  India plans to invest $2.71 billion to raise capacity of its Panipat refinery in the state of Haryana to 25 million tonnes by 2020, a report said. State-run Indian Oil Corporation is looking at raising the capacity to 25 million tonnes, Sanjiv Singh, director (Refineries) was quoted as saying in the Oman Tribute report. “We have land at Panipat ...

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Smart electric meter market to top $14bn 2021

  The global smart electric meter market is projected to grow from an estimated $8.84 billion in 2016 to $14.26 billion by 2021, registering a CAGR of 10 per cent from 2016 to 2021, a report said. Factors such as growing investments in transmission & distribution infrastructure and renewable energy integration to smart grid are driving the market, added the ...

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Art in Motion

  Visitors look at artwork during the opening of the Art in Motion exhibition, Beirut, Lebanon on October 5. The art exhibition runs until October 24.  EPA/Wael Hamzeh

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Workspace design change ‘can boost performance’

  Performance at work can be dramatically improved with simple design changes to the work environment, according to a global research report. With an average of 40 hours a week spent in the physical workplace as well as being an organisation’s largest cost item, second being human resources, there are some simple design steps which can be taken to improve ...

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IMF warns on record $152 trillion global debt

  Global debt, currently at an all-time high of $152 trillion, could thwart the fragile economic recovery, the IMF warned on Wednesday, highlighting that reducing debt significantly will require fiscal policies that support economic activity. Global debt has continued increasing in the aftermath of the global financial crisis, reaching 225 per cent of world GDP by the end of 2015, ...

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Coca-Cola to build new bottling plant in Saudi Arabia

  Coca-Cola revealed that its new bottling plant, being built with an investment of SR300 million ($80 million) in Saudi Arabia’s Sudair City for Industry and Business is expected to be operational by 2019, according to a report. The plant, which exceeds 187,000 sq m, will create jobs for more than 200 Saudis and include production lines for soft drinks ...

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U.S. Warships in Landmark Visit to Vietnam

  Two U.S. warships made port calls at Vietnam’s strategic naval base at Cam Ranh Bay, the U.S. navy said on Tuesday, in a brief but symbolic return for U.S. combat vessels to what was a crucial logistics complex during the Vietnam War.Submarine tender USS Frank Cable and guided-missile destroyer USS John S. McCain made the visit on Sunday to ...

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Significant Oil Find in Smith Bay, Alaska

  Caelus Energy Alaska Smith Bay has made a significant light oil discovery on its Smith Bay state leases on the North Slope of Alaska. Smith Bay is approximately 150 miles west of Prudhoe Bay and is well documented for its extensive hydrocarbon potential. Based on two wells drilled in early 2016 as well as 126 square miles of existing ...

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India Steps Up Coastal Patrols off Gujarat

  India stepped up its coastal security efforts Monday after the Indian Coast Guard pollution response ship Samudra Pavak intercepted a Pakistani boat off Gujarat and arrested nine crewmembers. According to defense sources, the fishing boat had crossed over the line into Indian waters – whether intentionally or not – triggering a rapid response. The crewmembers are believed to be fishermen, but the ...

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Shell, Carnival Sign Deal for LNG Bunkering

  Royal Dutch Shell and Carnival Corporation have signed a landmark bunkering agreement for the provision of LNG for cruise ships. Shell is now the world’s largest player in LNG production and trading, following its acquisition of market leader BG Group earlier this year. Under the new agreement, the oil major will supply fuel for the first fully LNG-powered cruise ...

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BP Will Allow Spill to “Disperse Naturally”

BP said in a statement Monday that a spill of over 600 barrels of oil from its Clair platform in the North Sea would be allowed to dissipate naturally, without a cleanup effort. The spill occurred Sunday morning; BP said that the source was a leak in an oil/water/gas separator. “At present, we believe the most appropriate response is to ...

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Report: E.U. Ports Need More Coordinated Planning

  The European Court of Auditors has released a report saying that port development strategies in the E.U. suffer from sustainability issues.Special report No 23/2016: Maritime transport in the EU: in troubled waters — much ineffective and unsustainable investment states that “port development strategies put in place by the Member States and the Commission did not provide enough information to ...

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IMO Committed to Plastic Waste Regulation

  IMO member states have called for more action to address marine litter in the oceans, particularly plastics and microplastics. Parties to the London Convention and Protocol, meeting for their 38th/11th session in September expressed concern about litter and plastics in the marine environment. The dumping of plastics from ships is banned under the garbage regulations of the International Convention ...

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Russian Billionaire Invests in Norwegian Gas Field

Oil and gas firm DEA, controlled by Russian billionaire Mikhail Fridman and headquartered in Hamburg, will invest 10 billion Norwegian crowns ($1.26 billion) together with three partners to develop Norway’s Dvalin natural gas field, the company said in a statement on Monday. The field development had previously been postponed while the owners sought to cut the cost amid low crude ...

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Over 6,000 Migrants Rescued in a Day

  Around 6,055 migrants were rescued on Monday as they tried to reach Europe on 40 boats, one of the highest numbers in a single day, Italy’s coast guard said. A statement said at least nine migrants had died and a pregnant woman and a child had been taken by helicopter to a hospital on the Italian island of Lampedusa, ...

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Accident Reports: Seafarers Ignore Safety Management Systems

    The Marine Accident Investigation Branch (MAIB) has released its latest Safety Digest highlighting the human element as a consistent contributory factor in accidents.The procedures and safe working systems that lie at the core of all safety management systems are there for a reason, says Steve Clinch, Chief Inspector of Marine Accidents at MAIB. “Investigations into marine accidents consistently ...

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Japan Exposed After North Korean Missile Advances

Successful rocket tests have propelled North Korea ahead in a two-decade long arms race with Japan, leaving Tokyo unsure it could fend off a missile strike by the Pyongyang regime without U.S. help, military sources said. Under young leader Kim Jong Un, North Korea has test fired 21 ballistic missiles since the start of the year, an unprecedented burst of ...

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One Year Later, Families Memorialize El Faro’s Loss

On October 1, families of the 33 crewmembers who perished aboard the lost ro/ro El Faro gathered in Jacksonville, Florida to commemorate the first anniversary of the vessel’s sinking. The families marked the occasion with a ceremony in front of a new lighthouse-shaped memorial commissioned in the crew’s memory. The statue sits in front of the Seafarer’s International Union (SIU) ...

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Hanjin Lost “Game of Chicken”

  The collapsed Hanjin Shipping could not compete against global rivals that were supported by their governments, the chairman of its parent firm told a parliamentary hearing on Tuesday.The world’s seventh-largest container shipper sought court receivership in late August after its creditors led by a South Korean state bank halted further support, stranding $14 billion in cargo and sending waves ...

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Cruise Ship Rescues Superyacht Crew

  The cruise ship Carnival Spirit has evacuated two crew members from a superyacht taking on water off Australia’s east coast.Carnival Spirit evacuated two women and provided supplies to the 122 foot yacht Masteka 2 which had lost steering and was taking on water. Carnival Australia says the women are in good health and stay on the cruise ship as ...

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Carter, ASEAN Commit to Regional Security

  The United States and its Asian-Pacific allies reaffirmed their commitment to strengthen defense cooperation in areas including maritime security and counterterrorism, Defense Secretary Ash Carter said in Hawaii on Friday. Defense ministers of the Association of Southeast Asian Nations met Friday in Kapolei, Hawaii, where they renewed pledges to address shared security challenges, Carter told reporters following the talks. ...

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U.K. Funds Successor Submarines

    Michael Fallon, U.K. Secretary of State for Defence, has announced nearly £1.3 billion ($1.7 billion) of funding for the Successor submarine program.The program will deliver four new submarines for the Royal Navy and will replace the current Vanguard class, with the first submarine entering service in the early 2030s. The U.K. Ministry of Defence (MOD) funding announced will ...

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Transparency Needed to Curb Illegal Plant Trade

  Illegal trade is accelerating the extinctions of wild plant species, and more transparent value chains would help tackle this illegal trade, an UNCTAD official said on Friday on the sidelines of the world’s largest conference on the wildlife trade. Worth up to $258 billion, the illegal wildlife trade is often more associated with poached elephants than stolen orchids, but ...

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Kawasaki Heavy Industries May Exit Shipbuilding

  Japan’s Kawasaki Heavy Industries said it would consider a drastic revision of its shipbuilding business due to its worsening profitability and indicated that it may pull out of the business. The company on Friday revised its profit outlook lower for the business year ending next March, citing a stronger yen against the dollar and a decline in operating profitability ...

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Germany’s Commerzbank cuts nearly 10,000 jobs

  Germany’s Commerzbank will cut more than a fifth of its workforce and suspend its dividend as it tackles the challenges of low interest rates, weak profits and the shift to online banking. Germany’s second biggest lender said on Thursday it plans to cut 9,600 of its 45,000 full-time positions, a more drastic move than the 10 per cent staff ...

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Japan signals end for $10 billion nuclear prototype

  Japan signalled on Wednesday it would scrap a costly prototype nuclear reactor that has operated for less than a year in more than two decades at a cost of 1 trillion yen ($9.84 billion). Tokyo believes it would be difficult to gain public support to spend several hundreds of billion yen to upgrade the Monju facility, which has been ...

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Dubai brokers ‘need government approval for property ads’

  The property brokers in Dubai, UAE, will need to get approval from the Real Estate Regulatory Agency (Rera) before issuing advertisements and social media campaigns under new rules, said a report. Currently, only registered brokers are allowed to advertise properties in Dubai, but the new rules add in an extra step whereby advertisements require approval, reported The National. A ...

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London to launch inquiry into foreign property ownership

  London’s mayor Sadiq Khan will launch an inquiry into foreign ownership of property in the British capital which has helped push up housing costs, the Guardian newspaper cited him as saying on Thursday. “It’s clear we need to better understand the different roles that overseas money plays in London’s housing market, the scale of what’s going on, and what ...

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Newcastle, Australia, to get Multi-User Cruise Terminal

Australia’s NSW Government as announced plans for a multi-user cruise terminal in Newcastle to support cruise tourism in the Hunter region. The A$12.7 million multi-purpose terminal will be 3,000 square meters and similar in scale to Sydney’s White Bay Terminal. It will replace a temporary marquee. The terminal will be built at the Channel Berth within the Port’s Carrington Precinct ...

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Norwegian Cruise Line Celebrates Fifty Years

Norwegian Cruise Line is celebrating 50 years of operation this year. On December 19, 1966, the M/S Sunward made her first voyage from Miami to the Caribbean signifying the birth of Norwegian Caribbean Lines. Now, as Norwegian Cruise Line, the group is a global cruise brand with 14 purpose-built ships sailing to more than 300 destinations worldwide. The cruise line ...

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Intoxication Led to Overboard Fatality

The Transportation Safety Board of Canada (TSB) determined that a passenger’s unsafe behavior and intoxication led to him falling overboard and drowning from the vessel Northern Spirit I in Toronto, Canada, in 2015. The investigation also found that the crew’s emergency response efforts were not coordinated.On June 13, 2015, the Northern Spirit I was on an evening cruise when security ...

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Record Cruise Season for New Zealand

New Zealand will welcome a record number of cruise ships to its shores this summer, including an unprecedented nine ships making their inaugural calls to the country. Among the visitors will be the largest ship to sail to New Zealand – Royal Caribbean’s 167,000 ton Ovation of the Seas, and the boutique Seabourn Encore, which will arrive in New Zealand ...

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Protesters Say “No Big Ships” in Venice

    Protesters took to small boats in Venice last Sunday evening (September 25) to demonstrate against huge cruise ships being allowed to pass through the Italian city’s canals.Sounding horns and lighting colored flares, the protesters waved banners which read “No Big Ships” as a Thomson Celebration cruise ship sailed down the central Giudecca canal to the international cruise ship ...

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500 Stranded on Indian Passenger Freighter

Over 500 passengers on the Indian passenger / general cargo vessel Harshavardhan were stranded at sea for days after the vessel ran into mechanical difficulty. The casualty occurred six hours after the Harshavardhan departed Visakhapatnam Port on a regularly scheduled trip to Port Blair, in the Andaman and Nicobar Islands. Passengers suffered from seasickness in foul weather and high seas ...

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[Updated] Three Chinese Fishermen Killed by South Korea

  Three Chinese fishermen were killed on Thursday in a fire that broke out on their boat when South Korean coastguard men trying to apprehend them for illegal fishing threw flash grenades into a room they were hiding in, a South Korean official said. Disputes over illegal fishing are an irritant in relations between China and U.S. ally South Korea, ...

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Turkey to cut gas prices by 10pc from Oct 1

  Turkey will reduce the price of natural gas by 10 percent for domestic consumers and industrials from October 1, Energy Minister Berat Albayarak said on Thursday. Speaking in an interview with state-run broadcaster TRT Haber, Albayrak also said the government did not foresee a price hike in electricity. The government will examine whether positive steps on TurkStream gas export ...

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Airlines report 17pc rise in unruly passengers

  Reports of unruly passengers disrupting airline flights have soared almost 17 per cent worldwide in 2015, with incidents such as passengers being verbally abusive or refusing to obey cabin crew occurring on one out of every 1,205 flights, the international trade association for airlines said on Wednesday. Some 10,854 plane rage incidents were reported to the International Air Transport ...

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Ageist attitudes ‘affect older people’s health’

  New analysis by the World Health Organization (WHO) shows that negative or ageist attitudes towards older people are widespread. They also negatively affect older people’s physical and mental health. Fully 60 per cent of respondents in the WHO World Values Survey reported that older people are not respected. More than 83,000 people in 57 countries took part in the ...

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International tourist arrivals up 4pc in H1

International tourist arrivals worldwide grew by 4 per cent between January and June 2016 compared to the same period last year. Destinations worldwide received 561 million international tourists (overnight visitors), 21 million more than in 2015, according to the latest UNWTO World Tourism Barometer. Asia and the Pacific demonstrated renewed strength this first half of 2016, receiving 9 per cent ...

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Saudi King cuts minister’s salaries by 20%, reduces Shura Council’s bonuses by 15%

  Saudi monarch, King Salman bin Abdulaziz Al Saud’s decision to slash ministerial pay by a fifth reflects the kingdom’s resolve to nudge its citizens into tolerating a fall in living standards at a time of low oil prices, said experts. King Salman had on Monday issued a royal order cutting ministers’ salaries by 20 per cent and reducing bonuses ...

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China’s Cosco wins Abu Dhabi container terminal deal

Abu Dhabi Ports has awarded China’s Cosco Shipping a 35-year concession to build and operate a new container terminal at Khalifa Port, the chief executive of the Abu Dhabi company told Reuters on Wednesday. The terminal is expected to be operational in the first quarter of 2018, Mohamed Juma Al-Shamisi said. It will have a capacity of 2.4 million twenty ...

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Paris Agreement Close to Entry Into Force Threshold

  More than 55 countries have formally joined the Paris Agreement on climate change, officially crossing one of the two thresholds required to bring it into force. The landmark pact seeks to put the world on a path towards low-carbon growth and a more sustainable future. “I am confident that, by the time I leave office, the Paris Agreement will ...

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Marco Polo Marine Faces Cash Crunch

Marine logistics firm Marco Polo said it has substantial doubt about being able to continue as a going concern due to a cash crunch, as it sought noteholders’ approval to defer redeeming bonds worth S$50 million ($37 million) by three years. “There cannot be any assurance that the issuer or the group will be able to continue as a going ...

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[Updated] A.P. Moller-Maersk to Split into Transport, Energy Divisions

  Danish shipping and oil conglomerate A.P. Moller-Maersk said on Thursday it will separate its businesses into separate transport and energy divisions in a bid to better tackle the problems facing its struggling businesses. The focus will be on establishing an integrated transport and logistics company, while its oil and oil-related business will either individually or in combination be separated ...

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India to add UAE, Saudi oil for strategic reserve

  India is talking to the UAE and Saudi Arabia to fill half of the 1.5 million tonnes (mt) of the Mangalore strategic storage, along with Iranian crude, its oil minister said on Wednesday. Dharmendra Pradhan told a news conference India is exploring two to three other models for sourcing oil to fill the remainder of the storage. During Saudi ...

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Dubai to set up new municipal offices complex

  Dubai government has announced plans to build a new municipal offices’ complex at the Hor Al Anz area in the city at a total cost of Dh104 million ($28.3 million), said a report. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and also chairman of Dubai Municipality, has given approval for the ...

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Dubai’s residential market set for soft landing

  The residential market in Dubai is heading towards a soft landing following a period of restraint in the wake of oil price volatility and negative investor sentiment, said a report by global property expert Knight Frank. With sale prices becoming more realistic and developers adopting a more mature approach to their project launches – phasing projects out and releasing ...

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Protests rock US city for 2nd night, one killed

  One person was shot dead on Wednesday in a second night of unrest in the US city of Charlotte, North Carolina, as riot police fired tear gas and rubber bullets to disperse unruly protesters after the fatal police shooting of a black man. Charlotte Police Chief Kerr Putney confirmed that a person shot during the protest had died but ...

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