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Global Stocks Gain on U.S. Moves on Budget, Trade

Global stocks climbed Tuesday, as the U.S. moved to rekindle stalled trade talks with China and after Congress struck a deal with the White House over spending and the federal debt ceiling. President Trump met with major technology companies at the White House on Monday to discuss restrictions on Chinese telecom giant Huawei, a move regarded as a step toward softening the U.S. stance on the blacklisted firm. In Europe, shares of semiconductor firm AMS AG and Logitech International posted some of the biggest gains, with increases of 9.1% and ...

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U.S. debt deal hoists dollar to a two-week high; pound sags

The dollar edged to a two-week high versus its rivals on Tuesday after U.S. President Donald Trump and congressional leaders reached a deal on Monday on a two-year extension of the debt limit, dousing fears of a government default later this year. The greenback rose 0.24% versus a basket of its rivals to 97.47, its highest level since July 10. “This takes the threat of yet another debt-ceiling drama off the table for two years, by which time many of us fervently hope that a set of rational politicians will ...

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Chinese economy to grow further despite U.S.-China trade dispute: experts

Jordanian experts said Sunday that the Chinese economy will witness further growth despite the U.S.-China trade frictions. “China is a strong exporter and has strong ties with Latin America, Africa, Russia, Europe and Asia, and this enabled the Chinese economy to overcome the negative impact of the U.S. measures against the Chinese economy,” economist Khaled Zubeidi told Xinhua. According to the Chinese National Bureau of Statistics, the Chinese economy grew by 6.3 percent year-on-year in the first half of 2019 (H1) and reached 45.09 trillion yuan (about 6.56 trillion U.S. ...

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China, UAE deepen economic cooperation under BRI

The Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, is paying a state visit to China from Sunday to Tuesday at the invitation of Chinese President Xi Jinping. This year marks the 35th anniversary of the establishment of diplomatic relations between China and the United Arab Emirates. The UAE’s bilateral trade with China, its second largest trade partner, reached 53 billion U.S. dollars in 2018 and is expected to reach 70 billion U.S. dollars by 2020. Ni Jian, the Chinese ambassador to the UAE, said last week ...

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US importers find ways to adapt to, skirt Trump’s tariffs

Big US companies are accelerating efforts to move more of their supply chains from China to neighboring countries in light of Trump administration tariffs. Companies in sectors such as technology, clothing and footwear are exporting more goods from emerging giants including Vietnam and Malaysia, data show. At the same time, the shift has exposed the murkiness of trade export rules, putting a premium on lawyers expert in the minutiae of US customs rules. “We have a lot of questions from our members,” said Sage Chandler, vice president of international trade ...

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Trump’s choice: Yield to China or raise trade tariffs and pave the way for Fed’s easing

Washington apparently went too far. Instead of seeking an immediate and rapid rebalancing of U.S.-China trade, the White House asked for legislative changes in China’s trade and economic systems under a permanent threat of sanctions. And then it got worse. China seemed to have offered a bait, pretending that it might acquiesce into such unthinkable concessions, only to show its political establishment Washington’s true intentions. What followed was a theatrical coda to a negotiating collapse. When word got back from China that Washington’s conditions were unacceptable, the White House cried ...

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Gulf tanker incidents may raise shippers’ costs, cut traffic

Seizures of oil tankers and other hostile Iranian measures in the Strait of Hormuz are already raising insurance rates for shipping companies and could eventually reduce tanker traffic in the vital waterway, with a spike in global oil prices a serious risk even without war, energy and maritime experts say. On Friday, Iran seized a British-flagged oil tanker in the narrow passageway that carries one-fifth of the world’s crude exports and a second Liberian-flagged ship was briefly detained. Britain’s foreign minister promised a “considered but robust” response. “If this kind ...

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U.S. Sanctions Strand Iran Ships Ferrying Corn From Brazil

U.S. sanctions on Iran are not only reverberating through the oil world, but also the agricultural market in Latin America. At least two Iranian vessels set to carry Brazilian corn are stranded off the Latin American nation’s coast because they can’t get fuel, according to the port authority at Paranagua, about 450 kilometers (280 miles) south of Sao Paulo. State-controlled oil company Petroleo Brasileiro SA said it won’t supply the ships — — which have been floating for over a month — due to the risk of U.S. sanctions. Brazil’s ...

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MABUX: Bunker market this morning, July 22.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued moderate downward evolution on July 19: 380 HSFO – USD/MT – 421.20(-6.22) 180 HSFO – USD/MT – 457.96(-4.50) MGO – USD/MT – 653.69(-5.18) Meantime, world oil indexes turned into slight upward trend on Jul.19 supported by rising tensions between the United States and Iran. Brent for September settlement increased by $0.54 to $62.47 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for ...

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Maersk grows its cargo management solutions for U.S. importers ahead of peak season

Maersk moves roughly 20% of the global ocean capacity, yet it has less than 1% of trucking capacity of the $770B U.S. trucking and drayage services market. That is about to change as Maersk continues to sign contracts with both large and medium-sized retailers to provide Destination Cargo Management (DCM) services, already doubling their customers’ use of DCM services this year. For Maersk, the success of this growth is about asking the right questions. According to Matthew Koivisto, Head of Transportation in North America, “If you asked any of the ...

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Panama deregisters oil tanker that strayed into Iranian waters

Panama’s maritime authority has begun the process of withdrawing the registration of the oil tanker MT Riah, which ended up in Iranian waters after it disappeared from ship tracking maps in the strait of Hormuz on 14 July. Panama began the flag-withdrawal process on Friday after an investigation determined the tanker had “deliberately violated international regulations” by not reporting any unusual situation, the authority said in a statement. “We roundly condemn the use of Panamanian flagged ships for illicit activities,” it said. Panama, which has the largest shipping fleet in ...

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Further accessions for two important IMO instruments

Saudi Arabia has acceded to two important IMO treaties – the 1988 Protocol to the International Convention on Load Lines and the Nairobi International Convention on the Removal of Wrecks. The 1988 Load Lines protocol harmonizes the Load Lines Convention’s survey and certification requirement with those contained in the SOLAS and MARPOL conventions and revises certain regulations in the technical Annexes to the convention. The Nairobi Convention provides the legal basis for States to remove, or have removed, shipwrecks that may have the potential to affect adversely the safety of ...

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Further down the road of digitalizaiton——COSCO Shipping Lines signs GSBN Service Agreement

Leading global shipment management software solutions provider, CargoSmart, announced the execution of Global Shipping Business Network (GSBN) Services Agreements with maritime industry operators CMA CGM, COSCO Shipping Lines, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group. Under these agreements, each signatory commits to provide resources to support preparatory work required to establish the GSBN, a not-for-profit joint venture to accelerate the digital transformation of the shipping industry. That preparatory work includes obtaining all necessary regulatory, competition and antitrust approvals required for ...

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Norway’s shipowners urged to be on guard after UK tanker seizure

The Norwegian Shipowners’ Association has advised its members to be on guard after a British oil tanker was seized by Iran in the Strait of Hormuz, public broadcaster NRK reported Saturday. “We look at the situation very seriously and advise our members that there is a security threat in these waters and that they keep as good a distance as possible from Iranian waters,” John Hammersmark, Director of Security and Emergency Planning in Norway’s Shipowners’ Association, told NRK. Iran’s Islamic Revolutionary Guards Corps on Friday announced that it had seized ...

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Seizure of British-flagged tanker “clear violation of international law” -UK Chamber of Shipping

The seizure of a British flagged tanker by Iran is in “clear violation of international law” because it was in Omani waters, the head of the UK Chamber of Shipping said. On Saturday British foreign minister Jeremy Hunt said the Stena Impero was seized in Omani waters in clear contravention of international law and then forced to sail into Iran. Iran says the tanker was captured after it collided with a fishing boat. “The chart released by Her Majesty’s government today clearly demonstrates that the Swedish-owned and British-flagged tanker, Stena ...

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