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Golden Ocean Group Limited (GOGL) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Golden Ocean Group Limited (NASDAQ:GOGL) from a buy rating to a hold rating in a research report released on Thursday, May 25th. According to Zacks, “Golden Ocean Group Limited is a shipping company which engaged in the transportation of dry bulk cargoes. It operates primarily in the Capesize and Panamax market. Golden Ocean Group Limited, formerly known as Knightsbridge Shipping Limited, is based in HAMILTON, Bermuda. “ Other research analysts have also recently issued reports about the stock. DNB Markets upgraded shares of Golden ...

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Combi Lift calls on Damen with 19 vessel order

Damen Shipyards Group has secured an order with German heavy lift company Combi Lift to build a total of 19 specially customised shallow draught vessels. The vessels will be used to transport oversized and heavy lift cargo for the Gazprom Amur Gas Processing Plant Project in the Russian Far East. The multiple vessel order comprises four Multi Cats 2608SD, four Pusher Tugs 2612SD, seven Stan Pontoons 8916SD and four Side Floaters 8605SD. River logistics Combi Lift’s role in the Gazprom Amur Gas Processing Plant Project will be to transport over ...

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Gard Launches Loss Prevention Safety Posters

It is important to raise the awareness of safety issues among our seafarers to contribute to the prevention of accidents on board ships. To assist in this effort, Gard has developed safety posters focussing on a range of issues linked to ship board operations. In Gard, we believe inquisitiveness creates awareness. Therefore, the basic principle behind the posters is to share simple but thought provoking short messages which reflect years of experience and knowledge of prudent seamanship. The messages in our posters are easily understood and are based on actual ...

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Coal companies go slow on spending, 52% of targeted expenditure met

Three state-run coal companies — Coal India Ltd (CIL), Singareni Collieries Company Ltd (SCCL) and NLC Ltd (formerly Neyveli Lignite Corporation) — have spent only 52 per cent of their targeted expenditure till May this year. At the end of May, the combined target for spending was Rs 1,757.91 crore, of which only Rs 917.69 crore has been spent by the three coal PSUs. Data by the Ministry of Coal shows the total Plan outlay for CIL, SCCL and NLC for this fiscal is pegged at Rs 19,048.12 crore. NLC ...

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How Just 14 People Make 500,000 Tons of Steel a Year in Austria

The Austrian village of Donawitz has been an iron-smelting center since the 1400s, when ore was dug from mines carved out of the snow-capped peaks nearby. Over the centuries, Donawitz developed into the Hapsburg Empire’s steel-production hub, and by the early 1900s it was home to Europe’s largest mill. With the opening of Voestalpine AG’s new rolling mill this year, the industry appears secure. What’s less certain are the jobs. The plant, a two-hour drive southwest of Vienna, will need just 14 employees to make 500,000 tons of robust steel ...

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Australia’s Atlas defers new iron ore mine over price falls

Australia’s Atlas Iron, which narrowly escaped collapse when iron or prices crashed in 2015, has deferred construction of a new mine, citing weak prices for the steelmaking commodity. Development of the Corunna Downs mine by Australia’s fifth biggest producer, costing between A$47-A$53 million ($35-$40 million), was announced in February when iron ore was trading at around $95 a tonne. Prices have since retreated to under $60 a tonne on concerns about oversupply and weak demand from steelmakers in China, the world’s top buyer. “Corunna Downs remains an important project for ...

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Wheat firms to linger near one-year high on U.S., French production concerns

U.S. wheat rose for a fifth consecutive session on Wednesday as concerns over French and U.S. production due to unfavourable weather pushed prices to a near one-year high. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade rose 0.2 percent to $4.73-1/4 a bushel, having closed up 1.2 percent on Tuesday when prices hit a high of $4.75-3/4 a bushel – the highest since June 23, 2016. * The most active soybean futures rose 0.2 percent to $9.29-1/4 a bushel, having closed down 1.1 percent on ...

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China’s neighbours brace for outflows from their markets after MSCI inclusion

Investor reaction across Asia to the inclusion of China’s domestic stocks in one of U.S. index provider MSCI’s popular benchmarks was muted on Wednesday, but some Asian markets can expect to suffer from outflows when the indexes are rebalanced. South Korea and Taiwan are likely to be among markets with the biggest declines in their weightings on the MSCI Emerging Markets index as a result of the change, according to Reuters calculations based on MSCI data. MSCI said that “A” shares, those listed on the mainland, will initially represent a ...

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Banks to Cut $1.2 Billion in Research Spending, McKinsey Says

Europe’s impending ban on free research will cost hundreds of analysts their jobs with banks set to cut about $1.2 billion of investment on the area, according to a report by McKinsey & Co. The consultancy estimates the $4 billion that the top-10 sell-side banks currently spend on research annually is likely to fall by 30 percent as clients become pickier about what they pay for, McKinsey Partner Roger Rudisuli said in an interview. Investment banks’ cash equity research headcount has fallen 12 percent to 3,900 since 2011 compared with ...

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U.S. Existing-Home Sales Up in May Despite Tight Supply

Sales of previously owned U.S. homes increased in May, a sign of solid demand during the housing market’s spring selling season despite fast-rising prices and tight inventory. Existing-home sales rose 1.1% in May from the prior month to a seasonally adjusted annual rate of 5.62 million, the National Association of Realtors said Wednesday. Economists surveyed by The Wall Street Journal had expected a 0.5% decline to a 5.54 million annual pace; April sales were revised down slightly. Compared with a year earlier, sales were up 2.7% in May. Lawrence Yun, ...

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Bank of Portugal raises economic growth outlook for 2017-19

The Bank of Portugal sharply raised its economic growth outlook for this year to 2.5 percent from 1.8 percent and, although it still expected a slowdown later on, also upped the forecast through 2019 citing strong exports and improving investment. In its quarterly economic bulletin published on Wednesday, the central bank said the economy, which last year expanded 1.4 percent, should grow 2 percent next year and 1.8 percent in 2019, which compares to its previous assessment in March, at 1.7 percent and 1.6 percent respectively. “Portugal’s GDP growth will ...

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EU to resist Macron’s call to curb Chinese takeovers – diplomats

European leaders will resist French President Emmanuel Macron’s call to curb foreign takeovers in strategic industries, agreeing only to scrutinise investments but not consider a new EU law against them, four senior diplomats said on Wednesday. While state-owned ChemChina’s $43 billion (34.05 billion pounds) purchase of Swiss farm company Syngenta deepened concerns that Europe was ceding control of its advanced technology, many EU governments are too reliant on Chinese investment to limit Beijing’s reach, the diplomats said. “I don’t think blocking Chinese investments is on the cards,” one senior EU ...

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French growth in 2017 headed for six-year high of 1.6 pct – INSEE

France is on course for its strongest growth since 2011 this year as foreign trade proves less of a drag and the unemployment rate falls, the INSEE statistics agency forecast. The French economy will grow 1.6 percent this year, up from 1.1 percent last year when foreign trade weighed heavily because of the worst wheat harvest in decades and tourists stayed away after militant attacks, INSEE said in its quarterly economic outlook. The improvement gives President Emmanuel Macron an economic tailwind his predecessor Francois Hollande never had, which will help ...

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Global M&A activity is slowing, but Japanese firms are aggressively acquiring overseas

Japanese firms have been acquiring overseas assets more aggressively in recent years and will continue to do so as they seek to increase market share in the global economy, JPMorgan said in a report. Total merger and acquisition transactions in Japan inched up 1.5 percent year-on-year to $198 billion in 2016, the report said. In particular, the country’s outbound M&A deals reached $101 billion in 2016 — the second highest historically, JPMorgan said. The value of outbound transactions accounted for 51 percent of total deals in Japan and a 13 ...

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UK Budget Deficit Narrows In May

The British budget deficit reached the lowest for the month of May since 2007, figures from the Office for National Statistics showed Wednesday. Public sector net borrowing excluding public sector banks decreased by GBP 0.3 billion from previous year to GBP 6.7 billion. This was the lowest May borrowing since 2007. The expected level was GBP 6.8 billion. Public sector net debt, excluding public sector banks, was GBP 1,737.3 billion at the end of May, equivalent to 86.5 percent of gross domestic product. Central government net cash requirement decreased by ...

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