Sector Finance News

The oceans are inextricably connected to the health of the planet, and of humans: they absorb up to 30% of annual greenhouse gas (GHG) emissions and 90% of excess heat, and over 3 billion people — almost half the global population — depend directly on marine and coastal biodiversity for their livelihoods.Healthy coastal ecosystems are also critical to the world’s ability to withstand the impact of climate change. Not only do mangrove forests, for example, hold four times the amount of carbon per hectare as tropical forests…

Norwegian offshore vessel owner Eidesvik Offshore has named Helga Cotgrove as Chief Financial Officer (CFO). Cotgrove will join Eidesvik Offshore October 1, 2022 at the latest. She has more than 20 years of energy sector finance experience in various roles within M&A, strategy, tax, finance, accounting, and auditing. She comes from the position as CFO in Norsk Solar AS. Cotgrove previously worked as Halliburton's director of corporate development in Houston, where she was in charge…

Finance Ministry Arun Jaitley in Union Budget for financial 2016-17 (Apr-Mar) has announced imposition of 14% service tax on services provided by domestic shipping companies transporting goods from outside India. “The service tax on services provided by shipping companies by way of transportation of goods by a vessel from outside India up to the customs station in India will be 14% with effect from 1 June, 2016,” said the Budget. Shipping Corporation of India, Mercator and Great Eastern Shipping among others are some of the top domestic shipping companies. The Modi government has allocated Rs 800 crore next fiscal year for development of new ports and ongoing work on its National Waterways project, Arun Jaitley said.

The EU -- unhappy with its dependance on U.S. and Russian operated satellite navigation systems -- has taken a step further in launching its own. The European Union has freed up $82.5 million for final research into its "Galileo" project. The money will be used to set the technical parameters for the system, examine the availability of private sector finance and begin cooperation with the U.S. and Russia, whose own satellite systems will be rivaled by Galileo -- or the Global Navigation Satellite System.