Oil Price Slid Beyond Fundamentals - OPEC
The secretary-general of the Organization of the Petroleum Exporting Countries (OPEC) said on Sunday the price of oil had fallen further than market fundamentals would have dictated. Speaking at an event in Dubai, Abdullah al-Badri added that the November meeting which ruled out a cut in production by members of the group was not aimed at anyone specific. "The fundamentals should not lead to this dramatic reduction (in price).
China, Kazakhstan to Ink $10 bln in Deals
China is expected to sign 30 cooperative agreements worth $10 billion with Kazakhstan as Premier Li Keqiang begins his first official visit to the country, the official Xinhua news agency said on Sunday. Xinhua did not give details, but quoted Chinese Vice Foreign Minister Cheng Guoping as highlighting a joint-venture logistics base and urging interconnectivity with highways, railways, ports, air routes, oil and gas pipelines. "The Sino-Kazakh cooperation is developing rapidly.
Investors Gamble Forest Preservation Will Pay Off in Carbon Markets
Some private investment companies are looking to profit from preserving forests in developing countries, betting that the emissions reductions can be sold in future carbon markets.
First Dividend from Nordex Likely
German wind turbine maker Nordex is mulling paying a dividend for the first time since listing on the stock exchange as part of efforts to create a long-term investor base, its chief financial officer told a German newspaper. "We will think about it but I cannot already today promise a dividend," Bernard Schaeferbarthold told Boersen-Zeitung newspaper in an interview published on Saturday. Nordex, which is part-owned by Germany's richest woman Susanne Klatten…
CEZ to Close its Bulgarian Thermal Plant
Czech power utility CEZ will wind down operations of its coal-burning plant in Bulgaria on Jan. 1, after it failed to get an exemption from European Union environmental rules, the company said on Saturday. CEZ had hoped Brussels may allow the plant to continue operations during the winter as part of measures to secure energy stability given the risk of disruptions due to EU tensions with Russia, which provides almost all of Bulgaria's gas supplies.
Russia Says Will React if U.S. Imposes New Sanctions
Russia will take counter measures if Washington imposes new sanctions on Moscow over the Ukraine crisis, Russia's Deputy Foreign Minister Sergei Ryabkov said on Saturday. The U.S.
UN Climate Talks Head for Watered-down Deal
United Nations climate talks, which ran on into a an extra day on Saturday, are heading for a watered-down deal on limiting global warming, leaving many of the toughest…
USCG Rescues Mariner from Boat Near Maui
A man is safe after being rescued from a disabled boat approximately 46 miles southwest of Kahoolawe, Maui, Saturday. At 10:15 a.m., watchstanders at the Coast Guard Sector Honolulu command center received notification from a friend of the vessel’s operator reporting that the 19-foot boat was disabled. The mariner contacted his friend using a cell phone. An approximate position was determined using information form the cell phone call.
Fincantieri Launches Italian Navy Frigate
Riva Trigoso (Genoa) shipyard celebrated the launch of the frigate Alpino, the fifth of a series of 10 FREMM vessels - Multi Mission European Frigates, ordered from Fincantieri by the Italian Navy within the framework of an Italo-French program of cooperation. Godmother to the ship was Maria Rosa Solimano, cousin of Francesco Solimano awarded with the Gold Medal of Military Valor. Present at the ceremony were…
Liebherr Opens New Office in Peru
With more than 100 attendees Liebherr celebrated the inauguration of the new office in Lima City, Peru. The new office will play a significant role in the South American Market for mining and construction machinery. During the ceremony, guests had the opportunity to get a first-hand look at the new office and meet the Liebherr staff. The new facility represents another milestone for the mining and mobile cranes divisions…
Strike to Paralyze Belgium
Inchcape Shipping Services (ISS), the world's leading maritime services provider, is advising that Belgian trade unions have called a national strike for Monday. The strike, which will commence at midnight on 14 December and will continue through to midnight on 15 December, has been called by national unions to protest against new measures being taken by the Belgian Federal Government. ISS Antwerp…
Tug KOC Shahem Named in Romania
On 30 October Kuwait Oil Company (KOC) CEO Mr Hashem Sayed Hashem attended the naming ceremony of the ASD 3212 tug vessel KOC Shahem at Damen Shipyards Galati. The KOC Shahem is the second in a series of 14 tugs that Damen is building for KOC. KOC will use the tugs to assist tankers at near shore loading terminals and at new single point moorings offshore. The two companies have a lasting relationship that spans over 25 years.