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Global Stocks Slip as Investors Look Ahead to Earnings

Stocks ticked lower as investors look ahead to corporate earnings and fresh U.S. data for cues on the health of the global economy. U.S. stock futures linked to the S&P 500 index drifted down 0.1% a day after the gauge hit a record. Major U.S. businesses reporting Tuesday will include private-equity giant KKR, drugmaker Pfizer, food-manufacturer Kellogg, auto maker General Motors and financial-services firm Mastercard. Shares in Google’s parent company, Alphabet, dropped 1.3% in offhours trading after the technology giant reported mixed third-quarter progress. Climbing online advertising sales were juxtaposed ...

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Is there a case for a petrorupee?

Trading in oil markets is dominated by the dollar, but consumers and producers with growing muscle such as China and Russia have looked to challenge its pre-eminence in the oil trade by introducing their own petrocurrencies. China launched the petroyuan in 2018 on the Shanghai International Energy Exchange and Russia has toyed with the petrorouble in the past, albeit without much success. Could there be room for more petrocurrencies as the global dynamics of the energy industry are driven more by oil demand from centres such as India? Amit Bhandari, ...

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China’s traditional sectors gather pace in going digital

Facial recognition and other digital technologies are not just helping people open bank accounts and make payments in China. They are also helping pigs grow healthier at lower costs for farmers. Some pigs in northeast China’s Jilin Province are “lucky dogs” to experiment with a digital approach in stock breeding. With overhead cameras that track and identify pigs, the smart solution is able to, among other things, finetune room temperature, measure their weight and feed pigs in a scientific way via robotics, real-time monitoring and data analysis. This is expected ...

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Europe’s Economic Challenges About to Be Laid Bare for Lagarde

Christine Lagarde is about to get a harsh snapshot of the challenges that face her when she takes up the European Central Bank presidency this week. As the former French finance minister counts down to taking over from Mario Draghi, the deteriorating backdrop that pushed the ECB into a new round of monetary stimulus less than two months ago will be brutally exposed. Figures are due to show the euro area’s worst economic performance since 2013 and inflation slipping further from the ECB’s goal. Draghi, who changed the course of ...

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Britain to ‘strain every sinew’ help finance sector after Brexit

Britain will do whatever it can to ensure that its financial sector remains a major global player after Brexit, financial services minister John Glen said. “This government absolutely believes in the City,” Glen told a conference in London, adding that revenues from finance were key to Britain’s ability to fund healthcare, police and regional development. “We will strain every sinew to help you flourish.” Financial firms in Britain lose unfettered direct access to investors in the bloc after Brexit and will instead have to rely on the EU’s system of ...

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China’s Next Financial Bubble : High-End Sneakers

In recent months, Chinese officials have had to contend with a bruising U.S. trade war, a slowing economy and crippling outbreaks of African swine fever. Add to those threats to order and prosperity a financial bubble in high-end sneakers. “Trading sneakers is not so different from trading stocks,” said Wang Zhichen, a 32-year-old client manager at a Shanghai mobile-payments firm, who checks prices on Nice and Poizon, two widely used Chinese sneaker-trading platforms, as soon as he wakes up. He then adjusts the prices of shoes he intends to sell ...

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Weekly Vessel Valuations Report, October 29 2019

Tanker: Suezmax values have firmed.

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Panama Visits Greek Ship Owners And Promises Modernization Of Ship Registry

A delegation of the Panama Maritime Authority (AMP) led by Panama’s Minister of Maritime Affairs and Administrator of the Panama Maritime Authority Noriel Arauz, visited Greece where it was received by the Minister of Maritime Affairs and Island Policy Ioannis Plakiotakis. The ministers reviewed the excellent relations between the two countries and discussed issues related to maritime affairs and shipping. Minister Noriel Arauz, who was accompanied by Panama’s new Ambassador to Athens Ms Julie Limberopoulos and his technical team, met with the Greek Shipowners’ Association, its president Theodore Veniamis and ...

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Losing ground

The container trade from Asia to West Coast North America is struggling to ward off the effects of the trade war. It has been a tough year so far for carriers in the Asia-West Coast North America container trade. The unpredictable trade war between the US and China that last year provided a welcome boost to the eastbound market has this year had the reverse effect. Last year’s annual growth rate of 5.7% was artificially stimulated by the dispute and was always likely to regress, but the extent to which ...

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Viking Supply Ships to co-purchase, manage two LNG-fuel capable vessels: company

Viking Supply Ships in partnership with funds managed by Borealis Maritime are set to purchase two LNG-fuel capable vessels, Viking said. The two new-build Platform Supply Vessels are currently under construction in Poland, and are set for delivery from the shipyard in the fourth quarter of 2020 and Q1 2021, respectively, the company said in a statement. The vessels are of the Wartsila VS 4411 DF Design and will be completed by Remontowa Shipbuilding S.A. in Gdansk, Poland. The vessels are designed to run on both LNG and marine gasoil ...

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MABUX: Bunker market this morning, Oct.29.

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 Oct.28: 380 HSFO – USD/MT – 363.54(+2.21) 180 HSFO – USD/MT – 405.27(+3.48) MGO – USD/MT – 670.31(+0.96) Meantime, world oil indexes fell on Oct.28 as expectations U.S. crude stockpiles will rise and worries about weak Chinese industrial data offset hopes oil demand will increase if talks progress on a Sino-American trade deal. Brent for December settlement decreased by $0.45 to $61.57 ...

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Number of Baltic disputes down

It has been a quieter year for the Baltic Exchange’s dispute resolution team, with the overall number of cases down on 2018. Commercial shipping disputes come in many shapes and sizes. From unpaid broker commissions to relatively small disbursements, the Baltic Exchange is able to support its members in retrieving monies owed to them through its popular disputes resolution service, headed up by former shipbroker Mike Dunwell in London. Speaking on this year’s cases, Mike Dunwell said: “It is great to see the number of cases we are having to ...

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Simpson Spence Young Partners With Tech Firm Signal Ocean

International shipbroker Simpson Spence Young and Signal Ocean Ltd have announced today (28 October 2019) that they have entered into a strategic partnership as investors to work together to bring high-impact technology solutions to the commercial ship management of dry bulk carriers. Simpson Spence Young (SSY) is the world’s largest independent and privately owned shipbroker, with 20 offices worldwide and over 400 people serving all the major shipping and commodity locations around the globe. Signal Ocean is a technology start-up with a strong shipping pedigree that successfully launched The Signal ...

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Portugal’s International Shipping Register of Madeira – MAR: One of the first flags to fully introduce electronic documents

The International Shipping Register of Madeira – MAR, one of the first ship registries to issue electronic documents for registration procedures including electronic seafarer endorsements, will from this week issue ship registration documents in digital format. The latest initiative follows the introduction of crew certificates in e-format during the summer of 2018. Jörg Molzahn, Managing Director of EUROPEAN MAR (EUROMAR), the ship registry’s exclusive promotion and development agency is clear that the introduction of electronic certificates in all fields of the flag’s responsibilities and ship registration is a major step ...

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EMSA guidance on the enforcement of EU Ship Recycling Regulation (EU SRR)

Further to club’s previous alert, the European Maritime Safety Agency (EMSA) has released the attached guidance on the inspections from the EU port States to enforce provisions of the Ship Recycling Regulation. The application date of the EU’s Ship Recycling Regulation (EU SRR) was 31 December 2018. From this date, new EU ships must carry a certificate for Inventory of Hazardous Materials (IHM), while existing EU ships shall carry this certificate from 31 December 2020. Non-EU ships should only be requested to submit a statement of compliance (SoC), together with ...

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