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Japan emerges from recession on post-COVID consumer rebound

Japan’s economy emerged from recession and grew faster than expected in the first quarter as a post-COVID consumption rebound offset global headwinds, shoring up hopes for a sustained recovery. But mounting signs of a slowdown in U.S., European and Chinese growth cloud the outlook for the export-reliant economy, heightening uncertainty on how soon the central bank can phase out its massive stimulus programme. “Consumption will continue to underpin growth as removal of COVID curbs boost tourism and service spending,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. “But ...

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Oil rises on debt ceiling, demand optimism

Oil prices rose 2% on Wednesday as optimism on oil demand and U.S. debt ceiling negotiations outweighed supply concerns. Brent crude futures rose $1.48, or 2%, to $76.39 a barrel by 11:56 a.m. EDT (1656 GMT). West Texas Intermediate U.S. crude was up $1.50 cents or 2.1% to $72.36. The International Energy Agency on Tuesday predicted demand would outpace supply by 2 million barrels per day (bpd) in the second half of the year, with China making up 60% of oil demand growth in 2023. “The IEA’s assessment has added ...

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Biden, McCarthy see deal debt ceiling in reach to avoid US default

President Joe Biden and top U.S. congressional Republican Kevin McCarthy said on Wednesday they would push ahead on talks to raise the nation’s $31.4 trillion debt ceiling and avoid an economically catastrophic default. After a monthslong standoff, the Democratic president and the speaker of the House of Representatives on Tuesday agreed to negotiate directly on a deal, which needs to be reached and passed by both chambers of Congress before the federal government runs out of money to pay its bills, as soon as June 1. “We’re going to come ...

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France’s unemployment rate hovers just above 7%

France’s unemployment rate stood at a revised 7.1% in the last quarter of 2022, and held steady there in the first three months of this year, its lowest level since 1982 barring an anomaly during the COVID crisis, official data showed on Wednesday. The data will be a boost for President Emmanuel Macron and his government as it grapples with high inflation and strives to turn the page on pension reforms that have unleashed months of strikes and sometimes violent street protests. The INSEE statistics office said youth unemployment fell ...

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GIG Gulf highlights emerging marine insurance opportunities at 2023 IUMI Asia Forum

GIG Gulf, a leading insurance provider in the MENA region, has commented on the UAE’s growing share of the GCC marine insurance market and highlighted a ten-year spike in import/export activity during its participation in the 2023 edition of the International Union of Marine Insurance (IUMI) Asia Forum in Dubai. Hosted by Mr. Fareed Lutfi, the Secretary-General of the Emirates Insurance Association and the Gulf Insurance Federation, the forum was held for the first time in the Middle East, bringing together members of marine insurance associations from countries across the ...

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Post-pandemic world economy still feeling COVID-19’s sting

Risks of a prolonged period of low growth stand, amid stubborn inflation, rising interest rates, and heightened uncertainties, in addition to the ever-worsening impact of climate change, the report found. Challenging development The current global economic outlook also presents an immediate challenge to delivering on the Sustainable Development Goals (SDGs), said Li Junhua, Under-Secretary-General for the Department of Economic and Social Affairs (DESA). “The global community must urgently address the growing shortages of funding faced by many developing countries, strengthening their capacities to make critical investments in sustainable development and ...

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Global debt on the rise, EM crosses $100 trillion mark – IIF

A measure of debt across the globe rose in the first quarter to almost $305 trillion, and the rising cost to service that debt is triggering concern about the financial system’s leverage, a widely tracked study showed. The Institute of International Finance, a financial services trade group, said on Wednesday global debt rose by $8.3 trillion in the first three months of this year compared to the end of 2022 to $304.9 trillion, the highest since the first quarter of last year and second-highest quarterly reading ever. “Global debt is ...

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Southern Europe braces for climate change-fuelled summer of drought

Southern Europe is bracing for a summer of ferocious drought, with some regions already suffering water shortages and farmers expecting their worst yields in decades. As climate change makes the region hotter and drier, years of consecutive drought have depleted groundwater reserves. Soils have become bone dry in Spain and southern France. Low river and reservoir levels are threatening this summer’s hydropower production. With temperatures climbing into summertime, scientists warn Europe is on track for another brutal summer, after suffering its hottest on record last year – which fuelled a ...

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ECB looks for new top supervisor to succeed Enria

The European Central Bank said on Wednesday it is looking for a new top bank supervisor to succeed Andrea Enria when his term runs out at the end of the year. Candidates to the role of chair of the ECB’s Supervisory Board, the most senior banking watchdog for the euro zone, must apply by June 23. The winner will be chosen by the ECB’s Governing Council in the autumn for a five-year term. Germany’s Claudia Buch, the vice-president of the Bundesbank, is considered a clear favourite for the role, conversations ...

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Taiwan’s Formosa Petchem to cut June, July crude runs by around 6% from May

Taiwan’s Formosa Petrochemical Corp 6505.TW plans to trim operating rates at its Mailiao refinery to 450,000 barrels per day (bpd) in June and July because of weaker refining margins and a planned maintenance at a secondary unit, a company spokesperson said on Wednesday. The refinery is operating at 480,000 bpd this month. Formosa plans to reduce operating rates at its 36,000-bpd delayed coker unit to around 68% for June and July, down from 90% in May, because of repairs that will likely last until the end of July, said FPCC ...

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Singapore’s April exports fall 9.8% y/y, steeper than forecast

Singapore’s non-oil domestic exports fell 9.8% in April from the same month a year earlier, data on Wednesday showed, weighed down by declines in both electronic and non-electronic products. Last month’s decline compared with a Reuters poll forecast of a 9.4% drop, and extended the 8.3% contraction seen in March. On a month-on-month seasonally adjusted basis, non-oil domestic exports rose 2.7% in April, following March’s 18.4% growth. This was higher than analysts’ predictions for a 3% decline. OCBC economist Selena Ling said trade was still showing weak momentum. “The anticipated ...

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Greek Maritime Golf Event, the best golf tournament returns for its 9th year

The Greek Maritime Golf Event, the best golf event in Greece and Cyprus as distinguished at the 2023 Sports Marketing Awards, will be held for the 9th year, on 7-10 September 2023, at Costa Navarino, Messinia. The top golf tournament, which is exclusively addressed to distinguished executives of the Greek maritime industry, will unite top executives who will form teams of four people. Golfers will have the opportunity to compete on the two signature 18-hole courses The Dunes Course and The Bay Course, in a unique landscape full of centuries-old ...

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Euroseas Ltd. Reports First Net Revenues of $41.9 Million

Euroseas Ltd., an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2023 and declared a common stock dividend. First Quarter 2023 Financial Highlights: Total net revenues of $41.9 million. Net income of $28.8 million or $4.11 and $4.10 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $21.7 million or $3.10 and $3.09 per share basic and diluted, respectively. Adjusted EBITDA1 was $26.0 million. An average of ...

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Star Bulk Carriers Corp. Reports Net Profit of $45.9 Million For the First Quarter of 2023

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the first quarter of 2023. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to “we,” “us,” “our,” or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries. Petros Pappas, Chief Executive Officer of Star Bulk, commented: “Star Bulk was profitable for the first quarter of 2023, the seasonally weakest period of the year, reporting Net ...

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Eagle Bulk Shipping Inc. Announces $175 million Upsize and Extension of its Credit Facility

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the midsize drybulk vessel segment, today announced that it has entered into an Amended and Restated Credit Agreement which provides for an increased borrowing capacity of $175 million, a reduction in margin, and an extension in maturity by two years. The senior secured Amended Credit Facility (the “Facility”) totals $485 million, comprised of a $300 million term loan and a $185 million revolving credit facility, and bears an interest rate of Adjusted Term SOFR plus a margin of between ...

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