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Bahri wins ‘Best Recruitment & Talent Management Strategy’ award at CIPD Middle East People Awards

Further strengthening its reputation as an employer of choice, Bahri, a global leader in logistics and transportation, has won the coveted ‘Best Recruitment & Talent Management Strategy’ award at the inaugural CIPD Middle East People Awards held on April 11th at Grosvenor House Hotel in Dubai, UAE. On behalf of the company, Hisham Alkhaldi, Chief Support Officer of Bahri, accepted the award at a grand ceremony hosted by CIPD, a London-headquartered professional body for HR and people development, the awards recognized individuals, teams and organizations for their outstanding achievements in ...

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Dunkerque-Port posts a sharp rise in trade

After an exceptional month of March (5.22 MT), Dunkerque-Port closed the first quarter with an increase in overall traffic of 5% compared with the previous year. With monthly traffic figures of more than 5 MT in March, Dunkerque-Port is approaching its historic monthly record established in April 2008 (5.29 MT), before the global economic crisis. The volumes recorded at the LNG terminal were a contributing factor to this positive trend. At the end of March, LNG traffic already stood at 1.25 MT, equivalent to the tonnage recorded for the whole ...

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Dalian iron ore plunges 4.7 pct as Vale set to reopen Brucutu mine

China’s Dalian iron ore futures plunged on Wednesday as Brazilian iron ore miner Vale SA is set to resume operations at the Brucutu mine, although its Australian rivals cut their production guidance for the year. The most-traded iron ore futures for September delivery on the Dalian commodity Exchange sank as much as 4.7 percent shortly after market opened. It was down 3.2 percent to 625 yuan ($93.15) a tonne as of 0129 GMT. Market expects a relaxing supply as Vale said in a securities filing late on Tuesday that it ...

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BHP Trims Annual Iron Ore Target After Cyclone

BHP Group warned of slightly higher iron-ore mining costs after flooding in the wake of a cyclone last month. The company reported that production of the steel ingredient from its mines in Australia’s remote Pilbara region slipped in the last quarter. It cut its annual output target, affirming an expected 6 million to 8 million metric ton impact from Tropical Cyclone Veronica last month. While BHP’s scaled-back guidance was relatively modest, it adds to the hits to iron shipments which have supported market prices. Iron ore prices rallied this year ...

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China’s March crude steel output climbs 10 percent, boost from eased anti-smog curbs

China’s crude steel output grew 10 percent in March compared with the same month a year ago as mills ramped up operations amid a profit margin recovery and less stringent curbs on production in the country’s anti-smog crackdown. Mills in the world’s biggest market for the metal churned out 80.33 million tonnes last month, data from the National Bureau of Statistics showed on Wednesday, up from 73.98 million tonnes in March 2018. Average daily output in March was 2.59 million tonnes, the strongest level since October and up from 2.39 ...

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OPEC risks gambling away success of production cuts as US$80 oil looms

After managing to revive oil prices through production cutbacks, OPEC now risks squandering its victory again by letting crude surge too high. In the first quarter, coordinated production curbs by the Organization of Petroleum Exporting Countries and its allies helped oil rally the most in almost a decade, restoring prices to over US$70 a barrel. Saudi Arabia, the group’s most powerful member, has made clear that it’s determined to keep supplies tight. That risks a repeat of 2018, when production cuts propelled oil to a four-year high, provoking a backlash ...

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US oil output could see change of pace as producers rein in spending

Upstream oil and gas producers in the US are trapped in a dilemma they might have previously thought would be desirable: abundant production at low cost. For decades, higher production from oil companies was what the market wanted and rewarded. If producers had to borrow and overspend to do it, the attitude was “c’est la vie”. But in the last couple of years, it has become clear that what is desired, often voiced and certainly rewarded, is slower production growth and reined-in spending. Capital discipline has been the watchword among ...

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LNG investment needed through the downturn

Gas is the future. Among the reasons oil companies are latching onto gas as the energy transition looms are that it’s plentiful, future demand growth outstrips oil and it has relatively low carbon intensity. Amidst all this, the LNG market is set to flourish. Yet prices today are collapsing. I turned to Massimo Di-Odoardo, Head of Global Gas Research, to make sense of what’s going on. So, Massimo, what’s triggered the price crash? We’ve just come off the back of two strong years when surging demand growth absorbed new supply. ...

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EU goods trade surplus with U.S. grows, deficit with China widens

The European Union’s trade surplus in goods with the United States increased in the first two months of 2019 while its deficit with China widened, figures that could increase global economic tensions. The European Union’s surplus with the United States grew to 21.6 billion euros in Jan-Feb 2019 from 20.9 billion euros (£18.2 billion) in the same period of 2018, EU statistics office Eurostat reported on Wednesday. With China, the EU’s trade deficit expanded to 37.8 billion from 35.5 billion euros. The United States has hit the European Union with ...

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WTO Boeing dispute: EU issues preliminary list of U.S. products considered for countermeasures

The European Commission yesterday launched a public consultation on a preliminary list of products from the United States on which the European Union may take countermeasures in the context of the ongoing Boeing dispute at the World Trade Organisation (WTO). The public consultation will last until 31 May 2019. On 11 April 2019, the WTO adopted its final compliance report in the Boeing dispute, confirming that U.S. subsidies to Boeing continue to cause significant harm to Airbus, including lost sales. Today’s publication comes as a follow-up to that decision. The ...

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China economy off to strong start in 2019 as stimulus steps offset trade war impact

China’s economy is off to a robust start this year, defying fears of a sharp slowdown, with Beijing’s pro-growth efforts successfully offsetting the effects of the trade war with the United States. China’s gross domestic product (GDP) expanded 6.4 per cent in the first quarter compared to a year earlier, the National Bureau of Statistics reported on Wednesday, beating analysts’ expectations of 6.3 per cent growth and remaining at the top end of Beijing’s target growth range of 6.0 to 6.5 per cent for this year. All major indicators released ...

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One company offers in Jordan’s tender for 120,000 T wheat-trade

Only one trading company participated in the international tender from Jordan’s state grains buyer to purchase 120,000 tonnes of wheat which closed on Tuesday, traders said. Participant was believed to be Ameropa, they said. No purchase has yet been made and results are expected later on Tuesday, traders said. Source: Reuters (Reporting by Michael Hogan and Maha El Dahan)

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The Standard Club appoints new Legal Director

The Standard Club has appointed Jamie Wallace to the role of Legal Director. The role will manage the key legal functions for the organisation, including supervising the handling of Defence Class claims, promoting the club’s policies on legal issues and managing the implementation of key processes Jamie brings to the role 17 years’ legal experience, principally in the maritime sector. Previously a Partner at Bentleys, Stokes and Lowless, Jamie’s experience involves advising owners, charterers and cargo interests in global jurisdictions on a variety of issues, including market collapses and cargo ...

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Morocco launches tender to buy 363,636 tonnes of EU wheat

* Morocco’s state grains agency ONICL on Tuesday announced a tender to buy 363,636 tonnes of European Union soft wheat under a preferential-tariff trade agreement. * The deadline for bids is on April 25, ONICL said in a tender announcement on its website. * The tender called for wheat to arrive in Morocco by May 31 at the latest. Source: Reuters (Reporting by Valerie Parent Writing by Gus Trompiz, Editing by Bate Felix)

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Malaysia keeps May crude palm oil export duty at zero pct

Malaysia kept its export duty on crude palm oil for May at zero percent, according to a circular on the Malaysian Palm Oil Board’s website on Wednesday that cited the national customs department. The duty has been at zero percent since September. Malaysia, the world’s second-largest producer of palm oil, calculated a palm oil reference price of 1,981.03 ringgit ($479.32) per tonne for May. Any price above 2,250 ringgit incurs a duty. Malaysian benchmark palm oil futures rose 1.6 percent to 2,207 ringgit a tonne on Wednesday, after earlier reaching ...

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