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Global funds raise euro zone assets to over two-year highs

Global investors have raised their holdings of euro zone equities and bonds to the highest levels in more than two years, a Reuters poll showed, reflecting a conviction that the European Central Bank will not rush to raise interest rates. Investors have sought signals as to when the ECB will start reducing its asset-purchase scheme, but the bank left its ultra-easy monetary policy unchanged at its July meeting and did not even discuss winding down stimulus. That probably gave fresh impetus to investor bullishness on Europe. Reuters’ monthly asset allocation ...

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Britain to deepen trade globally as Brexit looms in 2019 – Hammond

Britain will seek to deepen ties with trading partners around the world, including Brazil, as it prepares to leave the European Union by March 2019, chancellor of the exchequer Phillip Hammond said during a visit to Brasilia. Hammond said the British departure from the EU will not be postponed or delayed. “We will seek to build up our trade in both directions with those partners over the coming years, as we leave the EU, and once again have the ability to conclude bilateral trade deals with friends and allies around ...

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How India Is Surviving Post-Demonetization

Suddenly, everybody in India was told that most of their cash no longer had any value. That was on November 8th, 2016. So while Americans were cheering or moaning about the victory of Trump, Indians were thumbing through the instantly voided pieces of paper in their pockets in what will surely go down as one of the boldest governmental initiatives of the early 21st century. During a surprise television address, India’s Prime Minister Modi called for the immediate cancelation of all 500 and 1,000 denomination notes — 86% of currency ...

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EU states set for squabble over who gets London’s agencies after Brexit

Almost all EU countries are likely to bid to host the two major regulatory agencies that have to be relocated from London, setting up a potential squabble between the 27 remaining members that have so far shown a united front on Brexit. Bids to host the European Banking Authority (EBA) and the European Medicines Agency (EMA), which together employ more than 1,000 people, must be made by the end of Monday. Twenty-one countries have already expressed an interest in the EMA, while eight have indicated they want the EBA. Those ...

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Euroseas Ltd. Rating Increased to Hold at Zacks Investment Research

Euroseas Ltd. was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday, July 19th. According to Zacks, “EUROSEAS LTD. was formed under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the NASDAQ Global Select Market under the ticker ESEA. Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas’ ...

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Now, sailing vessel industry finds nemesis in barges

From diminishing cargo, loss of trade routes and cut-throat competition from container shipping, ‘thoni’ (sailing/mechanised vessel) industry in Tuticorin is facing another major challenge from barges which have of late been taking away its major chunk of cargo. Trouble has been brewing in Old Harbour area of Tuticorin in the last few days as thoni operators have put up huge posters condemning VOC Port. They allege that the port authorities are looking the other way as barges take away cargo meant for them putting their livelihood at stake. According to ...

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Direct shipping line linking Tunisia to Africa to be opened in coming months

A new direct shipping line will be operational in the coming months to allow Tunisian companies to have regular access to the African market, Minister of Industry and Trade Zied Laadhari announced, adding that his department is working in close collaboration with the Tunisian Navigation Company (French: CTN) on the route of this line. In a statement to TAP on the fringes of an economic day and bilateral meetings with enterprises and professional structures held on Friday as part of the 35th Annual Conference of Heads of Diplomatic and Consular ...

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Seaspan Reports Financial Results for the Three and Six Months Ended June 30, 2017

Seaspan Corporation announced today its financial results for the three and six months ended June 30, 2017. Total revenues of $204.6 million for the second quarter and $405.9 million for the six months. Earnings per diluted share of $0.11 for the second quarter and $0.33 for the six months. Normalized earnings per diluted share(1) of $0.17 for the second quarter and $0.32 for the six months. Cash available for distribution to common shareholders(1) of $95.0 million for the second quarter and $155.4 million for the six months. Adjusted EBITDA(1) of ...

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‘Patimban-T. Priok could compete with Singapore port’

The combination of Tanjung Priok Port in North Jakarta and the planned Patimban Port in Subang, West Java, will significantly increase Indonesia’s capacity in cargo ship accommodation, a minister has said. “The combination of Patimban and Tanjung Priok will make Indonesia able of competing with Singapore,” said Transportation Minister Budi Karya Sumadi after speaking at a discussion on the project in Jakarta on Thursday. He said the two seaports would have to team up and not compete with each other to make Indonesia cargo service competitive. Currently, Tanjung Priok’s loading ...

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CLARKSON PLATOU HELLAS S&P WEEKLY BULLETIN

NEW BUILDING: There is one tanker order to report this week, with Torm signing a contract for four firm plus four optional 50,000 DWT

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Melbourne terminal to be world’s first fully automated

The Victoria International Container Terminal in Melbourne, Australia, is the first fully automated international container handling facility in the world, its operator boasted. Listed port operator International Container Terminal Services Inc. said that VICT, wherein they invested $450 million, was designed to be the most advanced container terminal in the world. “Most of the $ 450 million invested in VICT went to cutting-edge technology and equipment, and the highest standards of port safety. So we can rightly claim that VICT is the very first terminal in Australia that can accommodate ...

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Govt plans two more LNG terminals at Port Qasim

After shelving the Gwadar LNG pipeline and terminal project, the government has planned to set up two more liquefied natural gas (LNG) terminals with the help of private-sector investors at Port Qasim with handling and processing capacity of 1.6 billion cubic feet per day (bcfd). The Port Qasim, located in Karachi, is already congested and two more LNG terminals may aggravate the problem. However, the Gwadar port in Balochistan requires an LNG terminal as economic and industrial zones are being developed there under the China-Pakistan Economic Corridor (CPEC) project, which ...

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India’s first ever U.S. crude purchase to arrive in Sept.

India’s first ever purchase of crude oil from the U.S. will be delivered in September, according to an Indian Oil Corporation (IOC) official, who added that the company’s deal with the U.S. resulted in cheaper oil for India than even Basra Light because the U.S. could sell at highly competitive rates, and the company transporting the shipment — PetroChina — had provided ‘very favourable’ terms of trade. IOC reportedly bought 1.6 million barrels of high-sulfur grade U.S. Mars crude oil and 400,000 barrels of Western Canadian Select. “The prices we ...

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EU lifts corn import forecast for 2017-18 to record high

The strong start to 2017-18 for European Union corn imports looks set to continue, with officials lifting their forecast for the bloc’s buy-ins to a record high, thanks to weakened prospects for domestic output. The European Commission hiked by more than 3.0m tonnes, to 15.3m tonnes, its forecast for EU corn imports this season, on a July-to-June basis. The upgrade would take imports well above the 12.9m tonnes imported last season – lifting them indeed above the 15.09m tonnes recorded in 2007-08, the current record high. The revision also came ...

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German rain may spoil EU wheat harvest after decent French crop

The risk of quality damage in this summer’s German wheat harvest is increasing as rain soaks crops waiting to be cut, denting the European Union’s export prospects after France’s better-than-expected harvest results. Germany is still expected to harvest a large volume of wheat, supporting an anticipated rise in EU wheat production this year. But repeated rains are threatening to deteriorate grain quality that is crucial for overseas milling markets. “There are clearly reasons to be worried about Germany. We don’t know the impact yet but there is a quality risk,” ...

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