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NYK Group Acquires UK-Based Delivery Platform Business for E-Commerce Operators

On February 21, International Logistics Group Limited (“ILG”), a U.K. subsidiary of Yusen Logistics Co., Ltd., acquired Noel Topco Limited, a U.K.-based holding company of 10 companies, including Global Freight Solutions Limited (“GFS”). The acquisition is part of the logistics business growth strategy outlined in the medium-term management plan announced by the NYK Group in March 2023. The acquisition realizes ambidextrous management, which aims for growth through the investment of profits from existing businesses in new ones. ILG, which has been steadily expanding its business, specializes in fulfillment services for ...

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HAV Design contracted to design autonomous zero-emission ferries

Norway-based HAV Design has signed a contract to design and develop four newbuild, autonomous zero-emission ferries that will operate the Lavik-Oppedal crossing on the northwest coast of Norway. Under the contract, HAV Design will deliver ship design and an engineering package for all four autonomous ferries. The ship design is based on a future-oriented operating concept that ferry operator Fjord1 has developed together with HAV Design. The ferries will be able to operate with autonomous navigation and a high degree of automation of vessel functions that replace manual operations on ...

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Trelleborg Integrates eMPX Application to Piloting Offering Following Exclusive Licensing Agreement with Port of Auckland

Trelleborg Marine and Infrastructure has successfully finalized an exclusive licensing agreement with the Port of Auckland Limited (POAL), solidifying its position as the exclusive licensee for the distribution of the eMPX application worldwide. As part of POAL’s strategy to shift its focus towards the port’s core business, the transfer of stewardship to Trelleborg is set to bolster the growth and further advance the eMPX application, which currently serves as a best practice pilotage tool in over 26 ports spanning New Zealand, Australia, the Pacific Islands, and the United Kingdom. eMPX ...

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Russian pipeline gas exports to Europe rise 4% in February m/m – Reuters calculations

Average daily natural gas supplies to Europe by Russian energy giant Gazprom were up 4% in February from average January levels and rose by almost 26% from the same month of 2023, Reuters calculations showed on Thursday. The calculations, based on data from the European gas transmission group Entsog and Gazprom’s daily reports on gas transit via Ukraine, showed that average daily pipeline exports of Russian gas to Europe rose to 84.9 million cubic metres (mcm) last month from 81.6 mcm in January. This was up from 67.5 mcm in ...

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Indian secondary steelmakers urge government to ban low-grade fines exports

Some secondary steelmakers in India have asked the government to ban the export of low-grade iron ore fines to ensure more availability in the subcontinent, amid the preference for the material in key importers such as China for steel production. The Chhattisgarh Sponge Iron Manufacturers Association recently urged the Indian government to consider a ban on the export of low-grade fines, Anil Nachrani, president of the association, told S&P Global Commodity Insights this week, adding that secondary steelmakers from other parts of the country also plan on making that request. ...

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Russia’s Novak rules out diesel export ban

Russian Deputy Minister Alexander Novak said on Wednesday that Russia is not considering a ban on diesel exports, and that a ban on gasoline exports may be lifted at any moment if the market becomes saturated. During a visit to Iran, the Kremlin point man for Russia’s energy sector said: “The situation on the domestic petroleum products market is stable. This measure is preventive, that is, today we do not have a shortage. We look forward and ensure the balance of supply and demand for the future.” “This is a ...

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BHP to restructure some global corporate roles as it looks to trim costs

The world’s biggest listed miner BHP Group BHP.AX said on Thursday it was disbanding some global teams and transferring those roles covering functions including planning, environment and heritage protection to its mining asset-level management. BHP employs more than 80,000 people in staff and contractors around the world and the announcement comes after CEO Mike Henry has flagged the lack of productivity improvement and high costs of its Australian workforce. The changes will take place at BHP’s operational assets in Australia and the Americas. BHP did not say how many jobs ...

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EU supports IEA’s closer ties with India ‘within existing legal framework:’ official

The European Union is supportive of the International Energy Agency’s closer ties with India “within the existing legal framework,” following the recent official launch of negotiations with the major energy consumer for its full membership, an EU official told S&P Global Commodity Insights Feb. 29. The EU’s comments came as a unanimous ministerial communique agreed Feb. 14 by 31 IEA members welcomed the start of discussions and constructive engagement with India following its request for a full membership. Calling the results as a “revolutionary” outcome, IEA Executive Director Fatih Birol ...

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Exxon’s curveball move in Guyana alters Chevron-Hess deal prospects

Exxon Mobil (NYSE:)’s surprise challenge to Chevron (NYSE:)’s acquisition of Hess (NYSE:) through a dispute over a stake in a major Guyana oil field could prove fruitful for the U.S. oil giant, even if it does not end up enlarging its holdings in the South American country. Exxon said on Monday it may exercise pre-emptive rights that could block Chevron from acquiring a 30% stake in a giant Guyana oil block, the centerpiece of its rival’s $53 billion deal to buy Hess. The largest U.S. oil producer’s aim could be ...

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Russia’s gasoline prices fall 6% after export ban announcement – Reuters calculations, traders

Russia’s six-month ban on gasoline exports from March 1 has resulted in a 5.7%decline in wholesale prices in the state’s domestic market in the two days to Wednesday, two traders said and Reuters calculations showed. On Tuesday,Russia’s government restricted fuel exports for the second time in five months to keep fuel prices in its domestic market from rising. Since the start of the year, the most popular gasoline brand Ai-92 wholesale price has increased by 22.4%, according to Reuters calculations based on the St. Petersburg exchange (SPIMEX) data. Since Tuesday, ...

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Fed’s balance sheet endgame may play out over a longer-than-expected horizon

Federal Reserve officials are keen to start debating their balance sheet run-down endgame, but benign market conditions, recent central banker comments and bond dealer estimates now suggest the process may run longer than previously thought. One factor driving the rethink is a puzzling bout of better-than-expected liquidity conditions in U.S. short-term financing markets that has for now at least forestalled a run of volatility that some on Wall Street had expected to force the Fed’s hand into stopping the balance sheet shrinkage effort known as quantitative tightening. On top of ...

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The big ask: The right questions can make you money

If you want a better financial situation for yourself, here is a surprisingly simple piece of advice: Ask for it. Want a lower interest rate on your credit card? Ask. Want bank fees waived? Ask. Want a lower medical bill? Ask. That is the advice of LendingTree chief credit analyst Matt Schulz in his new book, “Ask Questions, Save Money, Make More.” For a lot of different reasons – culture, habit, anxiety – we do not like asking people for things. And it is costing us money. “The worst thing ...

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China’s woes won’t slow US economy, but excess capacity a concern, says Treasury’s Adeyemo

US Deputy Treasury Secretary Wally Adeyemo said on Friday that he is concerned about China’s excess manufacturing capacity spilling over to the global economy, even if China’s current economic woes are unlikely to slow US growth in the near term. “I am not concerned about the headwinds from China having a large impact on the US economy,” Adeyemo told a Council on Foreign Relations event in New York, referring to challenges from its property sector, an aging population and a worsening business climate for private firms. “The thing that I ...

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Companies in Ukraine see problems pile up, but most tough it out

German supermarket chain Metro B4B.DE and its 3,400 employees in Ukraine have worked hard to get their business back to where it was before Russia’s full-scale invasion two years ago. After a sales slump of 10.4% in 2022 – when the overall economy collapsed by almost a third as war caused havoc – revenue rebounded by almost the same amount last year as domestic consumption recovered. Now Metro faces a new test, as protests by Polish farmers blockading the borders with Ukraine disrupt supplies coming in – one of several ...

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European shares track global equities higher ahead of inflation data

European shares kicked off the month higher on Friday, buoyed by strength in global stocks after favourable U.S. inflation data and upbeat earnings, while investors looked ahead to euro zone inflation data for fresh clues on monetary policy easing. The pan-European was up 0.5% by 9:34 GMT, within a whisker of a record high, tracking strength in global equities. However, the benchmark index remained set for its first weekly decline in six. climbed 0.6%, scaling record highs for the seventh consecutive session. The European technology index added 0.8%, drawing support ...

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