French Government Will Block Hasty Alstom Deal
France's Economy Minister Arnaud Montebourg confirmed for the first time on Sunday that both General Electric and Siemens were interested in engineering group Alstom…
South Korean PM Resigns Over Ferry Disaster
South Korean Prime Minister Chung Hong-won resigned on Sunday over the government's response to the April 16 ferry disaster. The Sewol ferry sank on a routine trip…
Siemens Weighs In As GE Prepares Alstom Power Deal
Alstom's arch rival Siemens wants talks with the struggling French engineering group, the German company said on Sunday, the day General Electric boss Jeff Immelt…
Qatar's Nakilat Q1 Profit Rises 17 Pct
Qatar Gas Transport Co (Nakilat), the Middle East's largest shipper of liquefied natural gas, reported a 16.6 percent rise in first-quarter profit on Sunday. The firm made a profit of 206.3 million riyals ($56.66 million) in the three months to March 31, up from 177 million riyals in the year-earlier period, according to a statement to Doha's bourse. QNB Financial Services had forecast Nakilat would make a quarterly profit of 205.6 million riyals.
Libyan's Zueitina Port To Open After Damages Assessed
Libya's eastern oil port of Zueitina, which had been occupied by rebels as part of an eight-month oil blockade, will reopen after damage at its facilities has been assessed…
French President Gathers Ministers To Discuss Alstom's Case
French President Francois Hollande gathered ministers on Sunday evening to discuss the case of struggling engineering firm Alstom, with jobs, location of activities and energetic independence in mind, his office said in a statement. The French government and Germany's Siemens intervened in U.S. giant General Electric's plan to buy Alstom's power arm earlier on Sunday by offering an alternative tie-up between European "champions" and a pledge to act in France's national interest.
Coast Guard saves 4 after boat capsizes
Four people were rescued by a Coast Guard Station Port O’Connor boat crew approximately one and half miles outside the Matagorda Jetties. At approximately 9:30 p.m., a 911 dispatcher called the Coast Guard to pass that four people had been capsized in their 17-foot pleasure craft after it was hit by a 6-foot wave. The four people were able to cling to the hull of the boat and one of the survivors had a waterproof case on his phone, which allowed him to call 911.
‘Excellent’ rating for UK War Risks
The UK War Risks Club announced the affirmation of its A- ‘Excellent’ financial strength rating with a ‘Stable’ outlook from the insurance rating agency AM Best. Club Manager Andrew Ward welcomed this confirmation of the Club’s financial rating: “The continuing ‘Excellent’ rating by AM Best re-affirms the UK War Risks Club’s financial strength and stability. Despite the volatility of this sector, the UK War Risks Club continued its policy of returning premiums to Members at the 2014 renewal…
Kuwait Signs LNG Deal With Qatargas
Kuwait has signed a contract to import liquefied natural gas (LNG) from fellow Gulf state Qatar to help meet its energy needs to the end of 2014, state news agency KUNA reported on Sunday. The first shipment of LNG will arrive in Kuwait on Monday under the contract between Kuwait Petroleum Corporation (KPC) and state-owned Qatargas, KUNA said. There were no further details on the terms of the deal with Qatar, which is the world's largest LNG exporter.
Alstom To Reflect On Its Future Until Wednesday
French engineering firm Alstom said on Sunday it would continue to reflect on its future until Wednesday and that it had requested trading in its shares remain suspended until then. The statement from the company follows news of an offer from U.S. giant General Electric to buy its power arm, and of a potential alternative proposal from German group Siemens . The French government also intervened on Sunday to express concerns about jobs and other issues of national interest.
Blank Rome Rated as Shipping Litigation Leaders
Blank Rome apprises that its international shipping litigation practice, and attorney John D. Kimball have again been ranked in the 2014 edition of 'Chambers Global'. The international law firm explains that the qualities on which rankings were assessed include technical legal ability, professional conduct, client service, commercial astuteness, diligence, commitment, and other qualities most valued by clients.
Siemens And France Weigh In As GE Eyes Alstom Deal - Update
Siemens and the French government intervened in General Electric's plan to buy the power arm of Alstom on Sunday with an alternative European "champions" tie-up…
Hollande To Meet GE Chief To Discuss Alstom
President Francois Hollande and his Economy MinisterArnaud Montebourg will meet General Electric chief executive Jeff Immelt on Monday to discuss the future of French engineering group Alstom, a presidential official told Reuters. The meeting follows news last week that GE is planning a $13 billion deal to buy Alstom's power turbines business, and comes after the intervention on Sunday of the French government and industry rival Siemens of Germany.
Kashagan Output May Not Start Till 2016
Output at Kazakhstan's huge Kashagan oilfield may not start until 2016, the Financial Times said on Sunday, citing Kazakhstan's minister for economy and budget planning. Erbolat Dossayev told the FT he hoped production could be restarted late next year. "But if not, we will wait until 2016," the FT cited him as saying in an interview. Production at the offshore deposit, the world's biggest oil find in 35 years…
Drydocks World Win Europe's 2014 Socrates Award
Drydocks World (DDW) informs it has been recognized with the “Best International Enterprise” award at the 2014 Socrates Awards. In addition His Excellency Khamis Juma Buamim, Chairman of Drydocks World & Maritime World was named “Best Manager of the Year” at the same award ceremony organized and presented by the International Socrates Committee of the Europe Business Assembly. The Awards were presented at a gala ceremony, 'Achievements – 2014', held at the Institute of Directors UK.
SECNAV Visits Arizona for JHSV 8 Naming
Secretary of the Navy Ray Mabus attended a ship naming ceremony for the future joint high-speed vessel (JHSV) 'USNS Yuma' (JHSV 8) in Yuma's Gateway Park. Mabus chose the name 'Yuma' as a tribute to the residents of the Arizona city and their close ties with the military. "The real reason we're here today is the people of Yuma," said Mabus. Speaking to a crowd that included Yuma's Mayor Douglas Nicholls, Mabus explained what the future may hold for JHSV 8.
Deep Sea Mining Agreement Reached
The opening of the world's first mine in the deep ocean comes closer to reality as Canadian mining company, Nautilus Minerals, signs an agreement with the Papua New Guinea Government to start excavating an area of seabed. The project will extract ores of copper, gold and other valuable metals from a depth of 1,500m, The mine will target an area of hydrothermal vents where superheated, highly acidic water emerges from the seabed…