Satisfactory Solution News

Judges at the International Court of Justice (ICJ) on Thursday ruled they had jurisdiction over a long-running border dispute between Guyana and Venezuela, which could determine which country has rights to territory rich in oil and gas.Guyana in 2018 asked the ICJ, also known as the World Court, to confirm that the border was laid down in an 1899 arbitration between Venezuela and the then-colony of British Guiana. Venezuela, while boycotting much of the procedure, tried to stop the case from moving forward by arguing the United Kingdom should be involved as Guyana was a British colony in 1899…

Finnish engineering groups Konecranes and Cargotec decided on March 29 to cancel their planned merger after the United Kingdom Competition and Markets Authority (CMA) blocked the transaction, citing competition issues.The British watchdog decided to block the potential 4.5 billion euro ($5.0 billion) deal earlier on March 29.The merger, which would combine engineering group Konecranes and cargo handling machinery maker Cargotec, would harm competition in the supply of container handling equipment products…

Owners, of the giant 'Allure of the Seas', Royal Caribbean International say that a mechanical issue obligates performance of unscheduled repairs to their cruise ship 'Allure of the Seas', and the repairs will take place at Grand Bahama Shipyard, in Freeport, Bahamas, the week of February 24, 2014. As a result of coming out of service RCI say it will be necessary to cancel the February 23, 2014, sailing of Allure of the Seas, explaining that the giant cruise ship has been experiencing unanticipated bearing wear in one of its three propulsion motors.

The European Commission plans to bar state aid to European shipyards from the year-end, but could reinstate it within months if South Korea fails to halt alleged unfair help to its shipbuilders, an EU source said. The Commission is also threatening to launch a WTO complaint against South Korea if it does not reform its shipbuilding practices by next May. The European Union executive decided at its weekly meeting to press ahead with its previous intention to halt government operating aid to European shipyards from the end of this year. But in an olive branch to European shipbuilders, which say the aid should be extended to help them face alleged unfair competition from South Korea…

Gdansk shipyard will have to be scaled back or face possible closure as Brussels turns the screw on illegal state aid to the Polish shipbuilding sector. Neelie Kroes, the European Union competition commissioner, has given the Polish authorities one month to reduce capacity at the yard or face having to repay the state aid. Ms Kroes on Friday accepted capacity cuts at Poland's Gdynia and Szczecin yards in return for past state aid but said no satisfactory solution had been proposed for Gdansk. The three shipyards have together received 1.8bn in subsidies since Poland joined the European Union in 2004. In Ms Kroes's eyes, that gives the yards an unfair advantage over European competitors. The Commission is pushing for Gdansk to reduce its capacity and to cut its three slipways to one.

Statoil said Britain risks losing out on gas imports if it does not change its pricing system for bringing natural gas onto the mainland from offshore fields. Rune Bjornson, managing director of Statoil (UK) Limited, said the recently introduced system of auctioning entry capacity, or access rights to the national pipeline system, produced very high, volatile prices. "We are not happy with the regime. We would like to have a predictable, stable regime which is more reflective of actual costs," Bjornson told Reuters in an interview. The erratic prices produced by the auction system will discourage producers like Statoil, one of Europe's main gas suppliers, from supplying gas into Britain where demand for natural gas is booming, he said.