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Asia’s coal addiction puts chokehold on its air-polluted cities

Over the past year, the number of patients treated each day in the hospital unit where cardiologist Ade Imasanti Sapardan works in Indonesia’s capital has almost doubled to about 100. Sapardan, who sees up to 150 people every week, cites worsening air pollution as a major reason for the rise in patients seeking treatment in the mega-city of Jakarta, home to 10 million people. “People in Jakarta have bad pollution every day … everybody is not really breathing safe air,” Sapardan told the Thomson Reuters Foundation. Half her patients suffer ...

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Oil holds near 2019 peak as global supplies tighten

Oil held near 2019 highs on Thursday, supported by tightening U.S. stocks and declining output from key producers due to OPEC production cuts and U.S. sanctions on Iran and Venezuela. International Brent crude oil futures were up 5 cents at $68.55 a barrel by 0915 GMT, having hit their highest since Nov. 13 at $68.69 earlier in the session. U.S. West Texas Intermediate (WTI) crude futures were at $60.10 per barrel, down 13 cents. WTI reached its highest since Nov. 12 earlier in the day, at $60.33 per barrel. Crude ...

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Libyan oil output could reach 1.4 million b/d if security holds: Sanalla

Libya’s crude oil production has recovered to 1.2 million b/d but the OPEC producer has the ability to increase output to 1.4 million b/d this year “if the security situation remains stable” the chairman of state-owned National Oil Corporation told S&P Global Platts. In an interview after attending Monday’s OPEC/non-OPEC monitoring committee meeting in Baku, Mustafa Sanalla also said NOC is stepping up efforts to develop upstream activity in the country as it hopes to attract more foreign investment in the coming years. Since the toppling of former leader Muammar ...

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Oil majors rush to dominate US shale as independents scale back

In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles. Workers at its Remuda lease near Carlsbad – part of a staff of 5,000 spread across New Mexico and Texas – are drilling wells, operating fleets of hydraulic pumps and digging trenches for pipelines. The sprawling site reflects the massive commitment to the Permian Basin by oil majors, who have spent an estimated $10 billion buying acreage in the top ...

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What is the Opec+ alliance and its impact on the oil industry?

The Opec+ alliance has been credited with rebalancing an oil market awash with crude from rising US shale production amid tepid global demand as economic growth falters. We take a look at this precedent-setting group of oil producers. What is the Opec+? Opec+ refers to the alliance of crude producers, who have been undertaking corrections in supply in the oil markets since 2017. Currently, there are 21 sovereign producing nations complying with the alliance’s decisions, with Saudi Arabia leading the 11 Opec members party to the deal and 10 non-Opec ...

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Project Delays Sink Oil Sands Output in 2019

Canadian Oil Sands production in 2019 will be almost 230,000 b/d lower than last year, according to ESAI Energy’s recently published North America Watch. Planned Canadian Oil Sands projects are being pushed back in response to further delays in pipeline egress and the mandated output cuts by the Alberta provincial government. This uncertain business environment poses risks for future production growth from Western Canada, as final investment decisions for planned projects may also be deferred in 2019. What started as a mandated production curtailment by the government of Alberta to ...

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Global Stocks Pause as Markets Parse Fed Outlook

Global stocks were mixed Thursday, as markets digested the Federal Reserve’s signal of no more rate increases this year and a sharply lower forecast for U.S. growth. Stocks sold off Wednesday as anxiety emanated from the Federal Reserve — with officials signaling zero rate increases this year and stoking concerns about slowing global growth — and the White House, where President Trump played down the imminence of a trade deal with China. The Federal Reserve left its policy rate unchanged in a range between 2.25% and 2.5%, adding it would ...

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Dollar trampled as Fed sparks stampede into bonds

The dollar nursed losses in Asia on Thursday after the Federal Reserve roiled markets by abandoning all plans to raise rates this year, a signal its three-year campaign to normalise policy might be at an end. Investors rushed to price in the prospect of rate cuts later this year, while benchmark Treasury yields dived to their lowest since early 2018. The Fed’s swerve sent the dollar sliding to 110.47 yen, with its 0.6 percent loss overnight the biggest drop since the flash crash of early January. The euro flew to ...

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Trillion pounds of assets leave London ahead of Brexit – EY

Assets worth around a trillion pounds are moving from London to hubs in the European Union ahead of Brexit, with the parallel shift in jobs likely to top 7,000, consultants EY said. Banks, asset managers and insurers in London are opening or expanding hubs in the EU to avoid disruption from Britain’s departure from the European Union. Britain is legally due to leave next week, but the British government is asking Brussels for a delay. In its latest Brexit Tracker, EY said that 23 companies have announced the transfer of ...

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US-China trade war could slash US$1 trillion from US economy in a decade warns Chamber of Commerce

The year is 2029, the US-China trade war is still being waged, and it has cost the American economy US$1 trillion. That is the warning contained in a new report commissioned by the US Chamber of Commerce, which calculates the cumulative hit to US growth over the next decade should trade tensions with China continue to escalate. The study, conducted by the Rhodium Group, unpacks the economic impact of three rounds of tit-for-tat tariffs to date and also estimates the effect of a tariff increase to 25 per cent on ...

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Trump says U.S. ‘will never catch up’ without ‘great’ trade deal with China

U.S. President Donald Trump said the United States would “never catch up” if a “great” trade deal with China is not reached, as trade negotiators between the two countries prepare for the latest round of talks. “We want to make a deal and hopefully we’ll make a deal, and if we don’t, that’s fine. If we do, that’s fine. It’s got to be a good deal. It can’t be a bad deal. We’re so far down, it’s got to be a great deal. If it’s not a great deal, you ...

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Fed Keeps Rates Unchanged, Signals No More Increases Likely This Year

The Federal Reserve held its benchmark interest rate steady Wednesday, and a majority of officials at the central bank signaled they might not raise the rate at all this year. The central bank also said that in May it would slow the pace at which it is shrinking its $4 trillion asset portfolio and end the runoff of its Treasury holdings at the end of September, exactly two years after it began the process. [For up-to-the-minute news and analysis of the Fed please see Federal Reserve Interest-Rate Decision — Live ...

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MMi Daily Iron Ore Index Report March 21 2019

Following yesterdays market activity, the physical iron ore market was relatively quiet.

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Asia-Oceania Market – China Australia Service 2 (CA2) and New Zealand Express (NZE) Service Updates

At APL, we constantly review our services for operational efficiency to meet our customers’ shipping needs. As such, please be informed of the new port rotations on the China Australia Service 2 (CA2) and New Zealand Express (NZE) services. CA2 New Port Rotation Ningbo – Shanghai – Shekou – Kaohsiung – Sydney – Melbourne – Brisbane – Kaohsiung – Ningbo – Shanghai Effective Voyage: YM Eternity v077S/N ETA Shanghai 31 March 2019 NZE New Port Rotation: Port Klang – Singapore – Brisbane – Auckland – Lyttelton – Wellington – Napier ...

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Shipping Industry Adopts SEDNA to Digitally Transform

A change is happening in the shipping industry as more and more organizations choose SEDNA as their communication and collaboration platform. Sales grew 605%, over the past year, as a record number of organizations switch over from legacy systems and chose SEDNA over alternatives as their key platform. According to Sture Freudenreich, Head of IT at NORDEN, “Switching to SEDNA gives us the chance to re-examine our workflows and potentially save hours every day in team collaboration. The system is in line with our ‘Focus & Simplicity’ strategy, that will ...

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