Japanese Wind Fans Bank Interest
Domestic and international lenders are vying for a slice of Japan’s nascent offshore wind power sector, which is expected to provide as much as ¥3trn (US$29bn) in project financing opportunities, albeit at very low margins.Akita Offshore Wind completed the nation’s first fundraising for a major offshore wind project last month, raising ¥80bn to build wind turbines near two ports in western Japan.Auctions for sites off Japan's shores are due to kick off in April, and lenders are…
Oil Falls As Weak U.S. Jobs Data Adds to Demand Worries
Crude oil futures fell on Friday and ended the week more than 2 percent lower as disappointing jobs data from the United States cast doubt about the strength of economic growth in the world's biggest oil-consuming economy. U.S. jobs figures showed nonfarm payrolls increased by just 142,000 in August, well below forecasts of 225,000 and the smallest rise eight months. "U.S. economic growth was supposed to counter the slowing in China and Europe and the payrolls report threw a little cold water on that idea," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. Brent crude for October delivery fell $1.01 to settle at $100.82 a barrel, having dropped to $100.35 intraday. The last time Brent was priced under $100 was in June 2013. U.S.
Irish Continental Group Half Year Results
In a comment John B. McGuckian Chairman stated, ‘‘This was a positive half years trading with increases in revenue and operating profit driven mainly by higher freight carryings and lower fuel costs, partially offset by weaker passenger markets. In the prior year the group disposed of its subsidiary Feederlink and the comparatives set out in the Interim Management Report have been restated to exclude trading from discontinued operations. The Board of Irish Continental Group plc (ICG) reports that, in the seasonally less profitable first half of the year, the group recorded revenue of €120.9 million compared with €117.0 million in the same period in 2012, an increase of 3.3%.
Norwegian Union Members Head Back To Work
Norwegian union members went back to work Tuesday, ending a six-day strike that hit everything from oil exports to hotels in the nation's most serious labor dispute since the 1980s. The strike ended after employers raised a 2000 pay offer to 4.6 percent from 3.5-4, averting a threatened escalation of the stoppages to 102,000 workers from 86,000. An expansion would have made it the biggest labor conflict in 70 years. The employers' group, the Confederation of Norwegian Business and Industry (NHO), warned the deal could jeopardize jobs in Norway by pushing labor costs further above those of its trading partners. Economists warned the deal could prompt copycat demands and strikes by Norway's bigger public sector unions later this month and spur central bank interest rate hikes.
Profits surge for Arabia's oldest marine yard
Jadaf Dubai, Arabian Gulf’s oldest ship repair and industrial marine yard has recorded a 35 per cent jump in revenues for the year 2005, compared to the corresponding period in 2004. The announcement comes close on the heels of a seven per cent increase in its ship lifting and repairing activities, owing to greater demand for its service and expertise. The yard’s two docks repaired and carried out maintenance of a total of 2347 ships during 2005, with 166 more ships being docked, undocked and re-docked as compared to the 2181 vessels it catered to during 2004.The excellent revenues were posted in part due to the increase in surcharge for berthing in-out and block arrangement, cleaning services, docking and undocking charges, wharfage charges and bank interest earned on monies.
