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A $12 Billion Gas Project Could Make or Break This Young Nation

The runway at the Xanana Gusmao International Airport on Timor-Leste’s southern coast is deathly quiet apart from roosters crowing on nearby farms. Built in 2017 to accommodate a $12 billion energy project, it’s now barely being used: The only scheduled flight last Saturday was canceled. “I’m very proud of the airport, and I really want more flights to come here,” says operations manager Moises de Jesus, 25, as a few cleaning staff idly polish the gleaming tiled floors of the two-year-old airport. “Ultimately the government will handle organizing us to ...

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UK oil output recovery continues in Q2, rising 1.7% on year

UK oil production rose 1.7% year on year in the second quarter, to 1.11 million b/d, and by 5% in the first half to 1.15 million b/d, government statistics showed Thursday. Crude oil production rose 1.8% on the year to 1.01 million b/d in the second quarter, and by 6% to 1.04 million b/d in the first half, while production of natural gas liquids was stable at 103,000 b/d in the second quarter and down 6% at 103,000 b/d in the first half, the Department for Business, Energy and Industrial ...

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US oil and gas rig count drops by 11 to 987: Enverus

The US oil and gas rig count continued to drop Thursday and was down 11 to 987 on the week, as industry continues to wait for more data points to gauge its own uncertain trajectory amid oil prices that have stalled. The US oil and gas rig count continued to drop Thursday and was down 11 to 987 on the week, as industry continues to wait for more data points to gauge its own uncertain trajectory amid oil prices that have stalled. Rig losses this week came almost entirely from ...

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Trade hopes lift global stocks to one-week high, yuan softens

World stocks climbed to a one-week high on cautious hopes for a rapprochement on trade between Beijing and Washington on Friday, though a perky dollar capped gains with China’s yuan softening again, on track for its weakest month in 2-1/2 decades. For most of August global stocks have reeled and fixed-income has shone as deepening concerns over global trade and clear signs of a slowdown, possibly even a recession, in the global economy loomed large over financial markets. But the mood lifted after U.S. President Donald Trump said some trade ...

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Stimulus hopes to prolong Europe stock rally even as recession fears grow – Reuters poll

Investors expect central banks will lavish stimulus on markets and spending will help prolong the rally across euro zone stock markets into a second year, according to a Reuters poll, even as worries grow about a recession and damage from Brexit. According to a survey of nearly 30 brokers, fund managers and analysts taken between Aug. 13-27, the euro zone blue-chip STOXX50 index will end the year at 3,400 points, up less than 1% from current levels. But that would be a 13.3% rise for the year, its biggest annual ...

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Yen gains from August turmoil; yuan set for worst month since 1994

The Japanese yen rose on Friday and is on track for its biggest monthly gain in three months as a global rush to perceived safe-haven assets sapped investor appetite on stock markets. August was a particularly bad month for equities as international trade tensions and fears over the global economy encouraged investors into bonds and gold, perceived as safer bets in times of economic and political strife. The yen, which typically gains during periods of economic and geopolitical uncertainty, edged 0.1% higher against the dollar to 106.39 yen. It is ...

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Yes, the Fed Could Still Stop a Recession

As interest rates fall and negative yields proliferate, concern is growing that central banks have lost their power to conduct monetary policy. Former U.S. Treasury Secretary Larry Summers suggested as much in a recent tweet storm, while Adair Turner, former head of the U.K. Financial Services Authority, recently published a column titled, “Central Banks Have Lost Much of Their Clout.” This is a canard. Central banks still have more power to influence the economy than almost any other institution in public life. The question isn’t how they lost their clout ...

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No-Deal Brexit Spells More Pain for Already-Weakened Economy

Britain has just edged closer to a no-deal Brexit that could deliver another blow to an economy already strained by domestic uncertainty and a global slowdown. Companies have consistently lobbied for a transition period when the nation leaves the European Union, yet Prime Minister Boris Johnson shrugged those calls off on Wednesday when he said he plans to suspend Parliament before taking the country out of the bloc on Oct. 31. The business community was quick to respond, warning that more political chaos will cause further in country already on ...

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There May Be a Fortune Buried in a Forgotten Corner of Europe

The ancient scooter gurgling through a languid summer afternoon brought groceries and a fistful of cash to Sasa Antic’s house. Like many of his neighbors, the 30-year-old Serb hasn’t had a job for some time so the family relies on the arrival of his mother’s pension. Yet buried in the ground beneath this forgotten corner of former Yugoslavia is the prospect of becoming a new European front in the economic battle with Asia. Geologists are exploring the hilly landscape for the metal that’s become ubiquitous in modern technology: lithium. “It ...

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In spotlight after Trump offer, Greenland sees chance for an economic win

Greenland’s leaders want to use global interest in the Arctic island aroused by President Donald Trump’s eye-catching offer of a sale to stimulate investment and earn more from U.S. military activity there. Some business leaders and officials are seeking to translate the unexpected publicity into badly-needed ventures in roads, airports, hospitality and mines. “When you stimulate investment in an area like Greenland, magic wonders can happen in mining, tourism, and infrastructure,” said Verner Hammeken, chief executive of Greenland’s Royal Arctic Line. Trump last week called off a planned visit to ...

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Drewry: World Container Index Down By 3.2%

The composite index decreased 3.2% this week and similarly 19.8% down as compared with same period of 2018. The average composite index of the WCI, assessed by Drewry for year-to-date, is US $1447 per 40ft container, which is $18 higher than the five-year average of $1,429 per 40ft container. Drewry’s composite World Container Index (WCI) decreased 3.2% to $1407.49 per 40ft container. Freight rates on Shanghai-Genoa dropped $142 to reach $1957 per 40ft box. Rates from Shanghai to Rotterdam tumbled 5% or $90 to $1554 per feu. Similarly, rates on ...

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MABUX: Bunker market this morning, Aug 30

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated slight upward trend on Aug.29: 380 HSFO – USD/MT – 368.68(+2.56) 180 HSFO – USD/MT – 411.02(+2.31) MGO – USD/MT – 642.29(+4.47) Meantime, world oil indexes rose on Aug.29, lifted by a deep draw on U.S. crude inventories. Brent for October settlement increased by $0.98 to $60.49 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for October delivery rose by $0.85 to ...

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Ecochlor Joins Forces with NanoVapor to Bring Gas-freeing Tank Technology to the Maritime Industry

Maritime news coverage has been inundated with the latest tragedies surrounding the cleaning of confined-spaces on board ships. Despite very strict procedures, regulatory guidelines and instruction manuals highlighting the risks associated with working in enclosed spaces, seafarers are still at risk of dying. During a recent webinar hosted by InterManager, seafarers reported “enclosed spaces are frequently impossible to properly ventilate or to measure the atmosphere in, as well as being difficult to reach.” Using break-through technology, the NanoVapor process reduces the time needed to achieve a gas-free condition in confined ...

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Russia leases its rainy day LNG vessel to Austria’s OMV

A Russian liquefied natural gas (LNG) unit hailed by President Vladimir Putin as a guarantor of energy security to Russia’s Kaliningrad enclave has been leased by OMV, in the absence of immediate threats to its overland gas supplies. The Marshal Vasilevskiy floating storage and regasification unit (FSRU) – a terminal with storage facilities which can also act as an LNG vessel – had been moored near the Russian exclave of Kaliningrad by Kremlin-controlled Gazprom. The unit was set up to offset potential disruptions to gas pipeline flows via Belarus to ...

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Why is China hiding its oil tankers from US trackers?

In early June, a Chinese-owned supertanker abruptly went dark in the Indian Ocean, the tracking system signalling its course apparently deactivated. It was not the first ship to vanish from the monitors. The deactivation of transponders that generate a unique ID issued to ships by the International Maritime Organisation (IMO) has become increasingly familiar in recent weeks to the companies that track tankers. The Trump administration has stepped up its efforts to track tankers linked to China’s biggest state-run oil company in response to signs that the vessels are helping ...

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