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No longer hot air? Will the EU sanction Russia’s LNG sector?

Such a move could lead to a crack down on the re-export of Russian LNG from EU countries, but is unlikely to address EU imports of it. That could remain a sore point. In what would be the first move of its kind, the EU may be considering sanctions against the Russian liquefied natural gas (LNG) sector. As part of the 14th round of sanctions against Russia by the EU, these new measures would target the re-export of Russian LNG from EU countries. Such a move would also crack down ...

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Stocks enjoy a bounce from rate-cut fever

Global shares rose to one-month highs on Friday while the dollar held steady, giving commodities a boost, after softer U.S. jobs data gave investors confidence that interest rates will start to decline this year. In currencies, the pound headed for a modest weekly loss after the Bank of England (BoE) on Thursday paved the way for the start of rate cuts as soon as next month, while data showed the UK economy exited a mild recession in the first quarter of this year. The MSCI All-World index was up 0.13%, ...

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Dollar steadies after losses on soft jobs data, pound gains

The dollar steadied on Friday after losing ground overnight on the back of U.S. data showing further signs of a cooling labour market, while the British pound inched higher after data showed the UK economy beat expectations in the first quarter. Against the Japanese yen, the dollar was trading at 155.68 yen, up 0.15% but unable to reclaim Thursday’s 155.95 high. The euro stood at $1.0783, almost flat after a 0.3% gain overnight. The , which measures the greenback against six peers, was little changed at 105.22 after falling 0.3% ...

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Economy scars voters in run-up to EU election

The northern French port of Dunkirk, riding an industrial mini-boom thanks to a state-backed investment push, is a showcase for President Emmanuel Macron’s belief that fighting unemployment is the best way to curb support for the far-right. But the economic potential of two new EV “gigafactories” will not stop locals like Killiams Pierron backing Marine Le Pen’s nationalists in June elections to the European Parliament, after a surge in prices for food, heating and other essentials. “Bread, cheese, butter, it’s all gone up,” construction labourer Pierron told Reuters as he ...

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China: Modest recovery of April trade data as impact from NEVs and AI race remains clear

Recovery of trade continues to be modest After the weak data in March, April trade data picked up slightly. Exports grew 1.5% YoY, while imports grew 8.4% YoY, leading to a trade balance of USD 72.35b. The April data kept year-to-date (ytd) export growth unchanged at 1.5% YoY, with imports rising to 3.2% YoY. The trade balance through the first four months of the year amounted to USD 255.7bn, lower than the USD 266.0bn in the same period last year. In RMB terms, which is more relevant for gauging GDP ...

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In rapidly ageing China, millions can’t afford to retire

After three decades selling homemade buns on the streets of the Chinese city of Xian, 67-year-old Hu Dexi would have liked to slow down. Instead, Hu and his older wife have moved to the edge of Beijing, where they wake at 4 a.m. every day to cook their packed lunch, then commute for more than an hour to a downtown shopping mall, where they each earn 4,000 yuan ($552) monthly, working 13-hour shifts as cleaners. The alternative for them and many of the 100 million rural migrants reaching retirement age ...

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Fed’s communications style scores well with analysts but not public

Through a tumultuous period of high inflation, aggressiveinterest rate hikes, and global instability, the U.S. Federal Reserve received relatively high marks for its monetary policy communications despite the thicket of uncertainty it has been navigating, according to a survey of academic and private-sector analysts released on Thursday. Responses from 31 academic and 24 private Fed watchers to questions posed by the Brookings Institution’s Hutchins Center on Fiscal and Monetary Policy gave the U.S. central bank under Fed ChairJerome Powell a median score of B+ for its overall communications, an important ...

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EU-China relations: The economic challenges yet to be resolved

No major deals have emerged from Chinese President Xi Jinping’s European visit despite efforts to find common ground on a number of topics. Ahead of the Chinese President’s visit to Serbia and Hungary on the latest leg of his European visit, Xi Jinping was taken by France’s President Emmanuel Macron to the Pyrenees mountains. Macron entertained Xi on Tuesday with lunch near the birthplace of his maternal grandmother at what was a more personal engagement following Monday’s formal discussions in Paris. Those negotiations, also attended by European Commission President Ursula ...

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Genco Shipping & Trading Limited Announces Q1 2024 Financial Results

Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reported its financial results for the three months March 31, 2024. First Quarter 2024 and Year-to-Date Highlights Dividend: Declared a $0.42 per share dividend for Q1 2024 19th consecutive quarterly payout Cumulative dividends of $5.575 per share or 25% of our share price1 Q1 2024 dividend is payable on or about May 30, 2024 to all shareholders of record as of May 22, 2024. Financial performance: ...

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ABS and Seatrium Sign Multi-Year Agreement to Collaborate on Accelerating Decarbonization and the Energy Transition

ABS and Seatrium have enhanced their long running partnership on cutting-edge marine and technology projects with the signing of a three-year Technology Collaboration Agreement (TCA) at the Offshore Technology Conference (OTC). Entitled “Accelerating Decarbonization and Energy Transition,” the agreement is the foundation for further collaboration on a succession of state-of-the-art projects under four broad themes: decarbonization, electrification, new energies and digital transformation. The agreement aims to support the commercialization of a broad range of innovative technological advancements and solutions, green retrofit products and services such as carbon capture, electrification and ...

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DNV announces new offshore rules are set for publication

Classification society DNV announced at OTC Houston that its new rules and standards for the offshore industry will be published in July after receiving industry feedback. The new DNV rules cover several segments, including underwater systems and installations, offshore units, diving systems, structural design, and drilling systems. The DNV rules and standards undergo an extensive external hearing process before their publication and entry into force. “The offshore sector is one of the most innovative in the world,” said Torgeir Sterri, Director of Offshore Classification, at DNV. “For DNV this means ...

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ClassNK releases report ‘ClassNK Alternative Fuels Insight’ – Supporting appropriate fuel selection by providing information on alternative fuels

ClassNK has released the report ‘ClassNK Alternative Fuels Insight,’ which summarizes the characteristics and latest trends of alternative fuels to support our customers’ future fuel selection. Amidst the pressing need for society-wide reduction of GHG emissions, regulations aimed at further promoting GHG emission reductions in international shipping are being introduced. This heralds the arrival of an era where GHG emissions from ships will incur costs. In such a situation, for reducing GHG emissions from ships, alongside energy efficiency improvements, the adoption of alternative fuels with lower environmental impacts will become ...

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NYK Joins Smart Freight Centre, a Non-Profit Organization Working to Reduce GHG Emissions Aiming to standardize the calculation of GHG emissions from car carriers and other vessels

On April 23, NYK became a member of the Smart Freight Centre (“SFC”), an international non-profit organization that aims to reduce greenhouse gas (“GHG”) emissions in the logistics sector. The Global Ro-Ro Community, which aims to standardize the calculation of GHG emissions from Ro-Ro vessels* such as car carriers, was established with SFC, Wallenius Wilhelmsen, and ClassNK. The first meeting was held in Amsterdam, Netherlands, on the same day and attended by 10 shipping companies and classification societies from around the world. In recent years, various companies have become increasingly ...

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Memorandum Of Understanding Signed Between Panama And The United Arab Emirates Offers New Benefits For The Vessels Of The Panamanian Registry

The Panama Maritime Authority signed a Memorandum of Understanding (MOU) with the Ministry of Energy and Infrastructure of the United Arab Emirates (UAE) with which the vessels of the Panamanian Registry will have access to new incentives. The purpose of this Memorandum is to establish a collaboration framework between both parties for the development of the “Blue Pass “project, which pursues the creation of a platform that gathers the main actors of the maritime industry of the UAE, altogether with partners and interested parties to offer a series of privileges ...

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Damen Financial Services and Siemens Financial Services announce vessel financing facility

In a landmark partnership, Damen Financial Services (DFS) and Siemens Financial Services (SFS) have joined forces to establish a new facility for vessel financing solutions: Damen Ship Lease (DSL). The DSL facility is now one of the funds of Damen Ship Lease Cooperation which is managed by DFS. It is designed to provide current and prospective ship owners with the ability to expand their fleets by enabling them to acquire state-of-the-art vessels using flexible financing options. This strategic alliance combines Damen’s extensive expertise in maritime solutions with Siemens Financial Services’ ...

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