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Euro slips to two-week lows as weak data weigh

The euro huddled at a two-week low against the dollar on Thursday as weak euro zone data pulled the single currency below a key market level, while the pound stabilized as British policymakers seek consensus on how to exit the European Union. “Euro zone data has been quite disappointing and that is prompting the euro to underperform the struggling dollar in the opening weeks of the year,” said Alvin Tan, a currency strategist at Societe Generale in London. The euro <EUR=EBS> held at $1.1398, broadly flat against the dollar. It ...

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Fed’s Beige Book Shows Concerns Mounting Among U.S. Businesses

Optimism is waning among U.S. businesses as they grapple with the government shutdown, trade disputes, higher borrowing costs and a volatile stock market. Although the economy continues to grow at a modest to moderate pace, some firms are pulling back on planned investments and paring back their 2019 forecasts, according to a Federal Reserve report released Wednesday. The report, known as the beige book, compiles information from business contacts in each of the central bank’s 12 districts through Jan. 7. With the usual flow of economic data constricted by the ...

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Draghi Says No Recession Ahead for Euro Area Despite Weakness

The euro-area economy isn’t headed for a recession, even though softening momentum underscores the need for European Central Bank stimulus, according to President Mario Draghi. “The question we should ask is: Is this a sag or heading toward a recession?” Draghi told members of the European Parliament in Strasbourg on Tuesday. “The answer we give is: No, it’s a slowdown, which is not headed toward a recession. But it could be longer than expected.” The ECB president’s remarks followed a spate of disappointing data from across the 19-nation euro area ...

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Impact of China’s tax-cut stimulus is estimated at US$300 billion, or 1.2 per cent of output, according to JPMorgan’s economists

China’s government is turning increasingly to tax cuts as the first line of defence against a slowing economy, in a departure from the wasteful infrastructure binges of the past. Further evidence of the shift emerged Tuesday, as senior policy officials pledged that tax reductions on a “larger scale” are in the pipeline, amid worsening economic data. JPMorgan Chase economists estimate the total impact will be around 2 trillion yuan (US$300 billion), or 1.2 per cent of gross domestic product. Last May the government cut value added taxes for manufacturing, transportation, ...

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U.S., EU Set Conflicting Goals for Looming Trade Talks

The U.S. and European Union are staking out sharply different goals for coming trade negotiations, raising the prospect for renewed trans-Atlantic commercial tensions. The EU’s executive body will meet Tuesday to firm up the bloc’s parameters for talks expected to launch later this year. It is crafting a narrow mandate that would bar negotiations to reduce protections for Europe’s farmers. “We have been very clear that from the EU side that we will not discuss agriculture,” European Trade Commissioner Cecilia Malmström said last week after meeting in Washington with her ...

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Trading operations stung banks in fourth quarter but dovish Fed fuels hope

Big trading operations were a thorn in the side of the top U.S. banks in the fourth quarter as fears about global growth sent credit markets into a tailspin, but a “dovish” turn from the Federal Reserve may mean the drama is over for now. Citigroup Inc, JPMorgan Chase & Co, Goldman Sachs Group Inc and Bank of America Corp all reported declines in fourth-quarter revenue from their key fixed income, commodity and currency trading arms, although overall results at most were cushioned by improving loan growth and net interest ...

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IMO helps Member States with sustainability targets

In 2015, 193 countries adopted the 2030 Agenda for Sustainable Development and its 17 associated Sustainable Development Goals (SDGs). It calls for action by all countries to eradicate poverty and achieve sustainable development by 2030, world-wide. To help its Member States gain a better understanding of the SDGs and the role IMO can play in achieving them, IMO and the United Nations System Staff College held a workshop (11 January) for Member State delegations at IMO’s London headquarters. Among the topics covered in the workshop were how to integrate different ...

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Scorpio Tankers Inc. Announces Reverse Stock Split to be Effective January 18, 2019

Scorpio Tankers Inc. announced that its board of directors has determined to effect a one-for-ten reverse stock split of the Company’s common shares, par value $0.01 per share, and a reduction in the total number of authorized common shares to 150,000,000 shares. The Company’s shareholders approved the reverse stock split and change in authorized common shares at the Company’s special meeting of shareholders held on January 15, 2019. The reverse stock split will take effect, and the Company’s common shares will begin trading on a split-adjusted basis on the New ...

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ShipNet and iMarine Software announce SeaProc e-procurement now integrated in to ShipNet One

ShipNet was founded over 25 years ago with a vision of providing full ERP capabilities across commercial, technical and financial disciplines. Today, it continues to pursue that vision as ‘One Connected Maritime Platform’. With the announcement of full integration between the SeaProc e-procurement platform and ShipNet, buyers now enjoy significant speed, accuracy and ease in handling transactions. Requests for Quotations, Purchase Orders, Contracts, Invoicing and Delivery Receipts are directly interfaced. This allows buyers to conduct all their daily activities within the ShipNet procurement system as all communications, transactions and negotiations ...

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Vryhof Secures US$75 Million In New Contracts To Kick Off 2019

Vryhof, a trusted partner to many of the offshore industry’s leading companies and its three businesses – Deep Sea Mooring, Vryhof Anchors and Moorlink – today announced up to US$75 million in new contracts, starting 2019 on a high. The contracts include landmark deals for Vryhof Anchors for the WindFloat Atlantic wind farm, offshore Portugal, the world’s first commercial floating wind farm, and the Havfarm 1 offshore fish farm project in Norway, one of the world’s largest floating structures. In addition, Deep Sea Mooring (DSM) has secured contracts with Saipem ...

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CMA CGM OCEANIA LINES – PAD service to resume weekly rotations

CMA CGM is very pleased to announce that the PAD service linking North Europe with USEC, French Pacific islands, Australia and New Zealand will offer a weekly frequency starting from mid-February 2019. From Europe, first sailing to offer a weekly frequency will be m/v “EM CORFU” (expected in Le Havre on February 23rd, 2019) From New Zealand, first sailing to offer a weekly frequency will be m/v “EM CORFU (expected in Tauranga on April 16th, 2019) Rotation will be as follows: Zeebrugge (as of 20/05) – London Gateway – Rotterdam ...

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China’s Ningbo Zhoushan port sees record throughput

Annual cargo throughput surpassed 1 billion tonnes again at Ningbo Zhoushan port in east China’s Zhejiang Province in 2018, the port operator said. This makes the port the first in the world to exceed such volume. The annual container throughput at the port has hit a record high of 26 million standard containers ranking among the top three ports in the world, according to the Ningbo Zhoushan Port Group. By the end of 2018, the port had launched three new sea routes to raise its total to 246. Meanwhile, it ...

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U.S. wants Qatar to challenge Russian gas in Europe -U.S. Official

The United States wants Qatar, the world’s top liquefied natural gas supplier, to challenge Russia’s gas dominance in Europe, a U.S. administration official said. Deputy U.S. Energy Secretary Dan Brouillette told Reuters that the United States is talking with Doha about supplying Europe with LNG as it wants Germany and other countries to import Qatari and U.S. gas rather than from Russia, which now accounts for 60 percent of German gas imports. The United States has warned German companies about possible sanctions over the Nord Stream 2 pipeline under construction ...

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Australia’s Queensland state exports record 223 mil mt coal in 2018

The Australian state of Queensland set a new record for exporting coal in 2018 with 223.2 million mt, eclipsing the previous 2016 record by 2 million mt, industry body the Queensland Resources Council said. “Countries around the world are using our metallurgical coal to make steel needed for building modern cities and our high quality thermal coal is delivering tomorrow’s energy needs through high efficiency, low emission coal-fired power plants,” QRC chief executive Ian Macfarlane said. “Queensland coal was exported to 30 different countries or territories,” he said. The export ...

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Iran expected to be able to export 1.5 mn oil bpd next year

The Iranian Parliament Research Center (IPRC) has predicted that Iran will be able to export 1.5 million of crude oil bpd at the price of $ 54 bpd in the upcoming Iranian of 1398 (begging on March 21, 2019). While the lawmakers in the Iranian Parliament are discussing the budget bill offered by the Iranian government for the next fiscal Iranian year of 1398, the Iranian Parliament Research Center (IPRC) said that total sources of income in the energy sector including crude oil and gas condensate, net exports of natural ...

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