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Trump asked FBI director to drop Flynn probe: Report

  WASHINGTON: US President Donald Trump asked the former FBI director James Comey to drop an investigation of his national security advisor Michael Flynn, the New York Times reported Tuesday (May 16). In an explosive new report that was immediately denied by the Trump administration, the Times said Comey met the president in the White House on Feb 14, later ...

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Aramco, Norinco launch major China project

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

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Millennial travellers are ‘re-writing tourism landscape’

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

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White House denies Trump caused ‘lapse in national security’

‘ WASHINGTON: Donald Trump’s national security advisor on Tuesday (May 16) denied the US president had caused a “lapse in national security” following reports he disclosed highly-classified information about the Islamic State group to Russian officials. “The premise of that article is false, that in any way the president had a conversation that was inappropriate or that resulted in any ...

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Creators of MP3 bring it to an end

There’s perhaps no audio format that has been so widely used that it established itself as a noun in the English language and supplanted the traditionally used ‘song’ in the process. The MP3 was the word of the digital era for years since it made its entry. It became the audio format of choice for consumers when it came to ...

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

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

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Singapore Navy to add 2 more submarines to fleet

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

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

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

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First X-Bow Expedition Cruise Vessel Ordered

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

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Israeli Forces Kill Palestinian Fisherman

  On Monday, Israeli Navy forces shot and killed a Palestinian fisherman who had “deviated from the designated fishing zone in the northern Gaza Strip.” An IDF spokesperson said that the man’s fishing vessel did not respond to warning calls and warning shots, prompting an IDF vessel to open fire. Mohammed Majed Bakr, 28, was injured in the exchange and ...

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Year of Polar Prediction Begins

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

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Chinese Ports Implicated in Illegal Hornbill Trade

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

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Stricken Reefer Ship Towed Out to Sea

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

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

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

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New Auto Gate system opens at Hutchison Ports SOHAR

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

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Spanish cabinet makes second attempt at passing port reform

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

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

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

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Government of Canada introduces Oil Tanker Moratorium Act

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

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North Korea Launches Missile Closer to Russia than Japan

North Korea fired a ballistic missile on Sunday that few for 430 miles (700 kilometers) into the Sea of Japan and reached an altitude of over 1,245 miles (2,000 kilometers). The missile launched is believed to be a new type, and it flew further and higher than an intermediate-range missile the nation tested in February. The U.S. Pacific Command said ...

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$124 Billion Pledged for Belt and Road Initiative

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

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OOCL Hong Kong Christened

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

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British Columbia Tanker Ban Moves Forward

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

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Intercargo Requests Changes to Ballast Water Requirements

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

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ICS Wants IMO to Commit to CO2 Targets

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

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Indian woman battered to death with bricks after being gang-raped

NEW DELHI: An Indian woman was gang-raped and then brutally murdered by men who smashed her skull with bricks after she had threatened to inform authorities, police in the northern state of Haryana, said on Monday. Police have arrested two men for rape and murder in Sonipat town, and six more were being investigated after the victim’s mother accused them ...

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

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

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World braces for more cyberattacks as work week begins

An international manhunt was under way for the plotters behind the world’s biggest-ever computer ransom assault which has affected more than 150 countries. LONDON: The fallout from an unprecedented global cyberattack which has hit more than 200,000 victims could worsen on Monday (May 15) as people return to work, European and British policing and security agencies warned. An international manhunt ...

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Nigeria moves to return to International Maritime Organisation Council- APR

(TRADE NEWSWIRE): Nigeria’s chances of returning to the council of the International Maritime Organization (IMO), has greatly improved with the recent efforts of the management of the Nigerian Maritime Administration led by the Director General, Dr. Dakuku Peterside, to bring the country back to leadership position in global maritime community latter this year, Nigeria’s Alternate Permanent Representative (APR) at the ...

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Growing global cyberattack hits 200,000 victims so far

An international manhunt was well under way for the plotters behind the world’s biggest-ever computer ransom assault. LONDON: The unprecedented global cyberattack has hit more than 200,000 victims in scores of countries, Europol said on Sunday (May 14), warning that the situation could escalate when people return to work. An international manhunt was well under way for the plotters behind the ...

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North Korea keeps low profile after US complaint at China summit appearance

BEIJING: North Korea kept a low profile at the opening of a summit in Beijing on China’s new Silk Road plan on Sunday, after the United States warned China Pyongyang’s attendance could affect the participation of other countries. North Korea’s attendance at China’s biggest diplomatic event this year raised further eyebrows after Pyongyang fired a ballistic missile early on Sunday, ...

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Macron takes power as French president

PARIS: Emmanuel Macron was inaugurated as France’s youngest ever president on Sunday (May 14), saying the country had chosen “hope” and promising to relaunch the flagging European Union. Macron, a 39-year-old centrist, took the reins of power from Francois Hollande a week after he won a resounding victory over far-right leader Marine Le Pen in a tumultuous election. After a warm ...

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Lonely and ‘waiting to die’, Singapore’s elderly poor find hope in many helping hands

Poor health and mental illness isolate them from society. But a widening community network is striving to ease their loneliness and make sure they’re taken care of, in their final years. SINGAPORE: Her one-room flat was a cluttered mess, and Madam Helen Fernandez herself never seemed to bathe, said her neighbours who always saw her in the same set of ...

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Dubai RTA carries over 90m passengers in Q1

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

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

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

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Abu Dhabi Airports inks deal with Musanada

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

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

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

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Two in a million

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

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Cyberattacks on govt sector doubled in 2016

Cyberattacks on the government sector doubled in 2016, hiking to 14 per cent from seven per cent of all cyber security attacks in 2015, according to new research. Attacks on the finance sector also rose dramatically from just 3 per cent in 2015 to 14 per cent of all attacks in 2016, said Dimension Data’s Executive’s Guide to the NTT ...

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Global oil discoveries fell to historic lows in 2016

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

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Riyadh Metro project on track, 54pc work completed

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

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Nakheel awards $408m Palm Gateway project contract

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

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US inches towards $100bn Saudi weapons deal

The US was close to completing a series of deals to sell Saudi Arabia arms and related maintenance worth $100 billion, said a Reuters report, citing a senior White House official. President Donald Trump begins an international tour next Friday with the first stop in Saudi Arabia, followed by visits in Israel, the Vatican, Brussels for a North Atlantic Treaty ...

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Maryland Approves Subsidies for Offshore Wind Farms

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

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No More Appeals for Schettino

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

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Crane Operator Prevents Disaster at Falmouth Yard

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

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Finland Takes Arctic Council Chair

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

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Cylinder Explosion on Cruise Ship Was Due to Corrosion

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

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Arctic Council Highlights Spill Response Efforts

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

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Stricken Reefer Ship Towed Out to Sea

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

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

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

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

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

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Hyundai Merchant Marine to Purchase Hanjin’s Terminal in Spain

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

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Pasha Hawaii orders two new LNG-fueled containerships

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

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

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

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

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

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Tankers: Tsakos Sees Long Term Upward Momentum In Freight Rates

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

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Tanker Market Sentiment Weakens In May

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

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Financial Year 2017 Starts Well for HHLA

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

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EIA- Kazakhstan Oil Market Overview

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

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IMF chief urges eurozone to back Greece debt relief

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

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

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

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France’s Macron angers ally with parliament picks

PARIS: Tensions over French president-elect Emmanuel Macron’s bid to redraw France’s political map burst into the open Friday as a key ally was left furious ahead of crucial parliamentary elections next month. Macron angered fellow centrist Francois Bayrou and faced mockery from his opponents after his La Republique En Marche (REM, Republic on the Move) party unveiled more than 400 ...

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‘Awesomesauce,’ proclaims US astronaut on historic spacewalk

MIAMI: So what is it like to float out into the vacuum of space? “Ginormous fondue pot, bubbling over with piping hot awesomesauce,” said American astronaut Jack Fischer, as he embarked on his first-ever spacewalk outside the International Space Station on Friday. The comments by Fischer, 43, were carried live on NASA television as he and his colleague Peggy Whitson, ...

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US, EU set meeting on airline security, electronic devices

WASHINGTON/BRUSSELS: U.S. and European officials will discuss airline security issues at a meeting in Brussels next week, including possibly expanding the number of airports that ban passengers from carrying electronic devices bigger than cellphones aboard flights, a European Commission spokeswoman said on Friday. U.S. Homeland Security Department Secretary John Kelly told European ministers by phone Friday the department does not ...

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Trump warns sacked FBI chief not to ‘leak’ conversations

WASHINGTON: Donald Trump warned his sacked FBI director not to talk to the press on Friday (May 12), in a morning Twitter tirade that painted a picture of a president under siege and lashing out. Capping a week in which Trump faced a slew of criticism for firing the man investigating his campaign’s possible ties to Russia, Trump warned James ...

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‘This is huge’: About 36,000 WannaCry ransomware attacks detected across Europe, Asia

Even as hospitals in Britain scrambled to contain the fallout from a cyber attack that forced them to turn patients away, it rapidly became clear that they were not the only casualties of a massive ransomware campaign that appears to have infected organisations across Europe as well as Asia on Friday (May 12) night. Researchers behind the MalwareHunterTeam Twitter account said ...

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US inflation edges higher in April

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

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

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

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Women using long-acting contraception less likely to use condoms

REUTERS: College women using long-acting reversible contraception (LARC), like IUDs or hormonal implants, may be less likely to get pregnant but more vulnerable to sexually transmitted disease compared to peers not on LARCs, a U.S. study finds. Among sexually active women, those who used LARC methods were more than two times less likely to have used a condom in their ...

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

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

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

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

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

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

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South Korea’s largest games maker goes public

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

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

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

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Several Spanish firms including telecom giant Telefonica targeted in cyber attacks

MADRID: Telecom giant Telefonica and several other Spanish companies were targeted in cyber attacks Friday (May 12), the government said. The energy ministry said it had “confirmation of various cyber attacks targeting Spanish companies”, adding the attackers used so-called ransomware which blocks access to files until a ransom is paid. Some staff computers at the firms were affected, but service ...

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British hospitals say hit by suspected national cyber attack

LONDON: British hospitals said they were forced to divert emergencies on Friday (May 12) after a suspected national cyber attack. The National Health Service said that it was responding to a cyber-attack, which hospitals across the country said had caused them to cancel appointments and divert patients. “We are aware of a cyber security incident and we are working on a ...

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Bank of England holds rate; trims growth forecast

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

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OPEC wants ‘collective efforts’ to counter US oil output

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

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Comey firing won’t stop Russia probe: Acting FBI chief

WASHINGTON: The acting chief of the FBI told the US Congress on Thursday (May 11) that President Donald Trump’s shock firing of James Comey will not derail the investigation into alleged Russian meddling in the 2016 election. Trump dismissed the FBI director citing his handling of the probe into Hillary Clinton’s emails, but opponents suspect his ouster was a bid to ...

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Global airline share prices hit highest level since Oct 2015

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

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Infiniti rolls out premium sports coupe Q60

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

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Qatar firm invites bids for taxi franchisee

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

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Mercedes-AMG launches new E-Class model

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

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DP World marks start of concession in Somaliland

Dubai-based DP World, a global trade enabler, has celebrated its 30-year port concession for the management and development of a multi-purpose port project at Berbera, Republic of Somaliland which started on March 2. President of the Republic of Somaliland, Ahmed Mohamed Mohamoud and DP World Group chairman and CEO Sultan Ahmed bin Sulayem were present at a ceremony to mark ...

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Dubai aluminium expo to draw over 200 firms

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

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Iran, Guinea renew deal on transfer of bauxite

Iranian government has renewed its contract with the West African nation of Guinea for the production and transfer of bauxite to the Persian country, said a report. Based on the project, four million tonnes of bauxite will be extracted annually from Guinea-Conakry and transferred to the  southern coasts of Iran for alumina powder production, reported the Iran Daily News. Iranian ...

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World Green Economy Organisation launches new platforms

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

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Summit puts spotlight on sustainable landscaping

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

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African real estate is ‘the new global economy driver’

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

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W. Africa Crude-Saturno loadings delayed, trading limited

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

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

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

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International Seaways Reports Lower Income on Softer Tanker Market

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

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World Shipping Council submits proposal to IMO for greenhouse gas strategy

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

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

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

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Adidas CEO says top team now ‘ideal’ after shakeout

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

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

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

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UK accounting watchdog fines PwC record 5 million pounds

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

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

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

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2020 Sulfur Cap to Impact Credit Lines

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

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WWF Releases Arctic Council Scorecard

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

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