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Finance Ministry News

04 Mar 2024

Houthi Attacks Having Limited Impact on Israeli Trade, Prices - Ministry

Attacks by Yemen's Iran-backed Houthis on cargo ships in the Red Seas are having limited effect on trade to Israel and have not led to any significant inflationary pressures, Israel's Finance Ministry said in a report on Monday.Houthi militants have repeatedly launched drones and missiles against international commercial shipping in the Gulf of Aden since mid-November, saying they are acting in solidarity with Palestinians against Israel's military actions in Gaza.Their Red Sea attacks have disrupted global shipping…

02 Nov 2023

Israel's Ship Industry Urges Government to Help with Jump in War Insurance

© MagioreStockStudio / Adobe Stock

Ships sailing for Israel face a 10-fold jump in war risk premiums as the conflict in Gaza intensifies, prompting industry calls for the government to help ensure vital imports keep coming.Israel has vowed to annihilate Islamist group Hamas after its fighters stormed through Israeli towns from Gaza on Oct. 7, killing 1,400 people and seizing more than 220 hostages.Israeli forces have hit back with deadly air strikes and now a ground offensive on the narrow coastal strip, with growing fears the conflict could escalate and pull in the whole region.Israel…

11 Apr 2023

India Set to Finally Privatize Shipping Corp of India after Years of Delay

The Indian government plans to invite financial bids for the privatization of Shipping Corp of India Ltd (SCI) next month, as it looks to sell the state-run company after years of delay, two government officials told Reuters.The Prime Minister Narendra Modi-led government had, in 2019, announced plans to privatize a number of state-run companies, including selling its stake in SCI, which was stalled due to regulatory delays.SCI – which owns and operates bulk carriers and crude oil tankers, among others – had to spin off its non-core assets before the government could sell its 63.75% stake, which hit a roadblock over the amount of funds to be transferred to the demerged entity.SCI completed the spinoff last month after getting regulatory approval late in February.This demerged entity…

09 Feb 2023

Oil Shipping and Refining Firms Benefit from Western Sanctions on Russia

© komi$ar/AdobeStock

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…

04 Oct 2022

Macron's Chief of Staff Indicted Over Link to Shipping Giant MSC

© Studio Porto Sabbia / Adobe Stock

French President Emmanuel Macron's chief of staff has been indicted by the national financial crimes prosecutor over a conflict of interest relating to his alleged links with Swiss-Italian shipping company MSC, the prosecutor's office said.Alexis Kohler, Macron's closest and most influential adviser, sits at the top of the Elysee Palace's administrative pyramid, and news of his indictment - a legal step that puts him under formal investigation in France - is a blow.The prosecutor's office "confirms Alexis Kohler…

30 Aug 2022

Egypt Introduces Measures to Help Clear Backed Up Ports

© Thomas Sztanek / Adobe Stock

Egypt's finance ministry has put in place a package of measures to clear a backlog of goods piled up in port, a ministry statement said on Tuesday.A severe shortage of foreign currency in Egypt over the last six months has sent banks and importers scrambling to pay for the letters of credit needed to get their cargo released from customs. Factories and retailers complain that production and sales have been hurt due to a lack of inputs.The foreign exchange crisis was triggered by the Ukrainian war and interest rate hikes by the U.S.

18 May 2022

French Shipping Firm CMA CGM to Buy Stake in Air France-KLM

Credit: CMA CGM

French shipping firm CMA CGM will take a stake in Air France-KLM as part of an air cargo partnership, betting on growing demand for flying goods around the world as supply chains remain snarled in the wake of the pandemic.CMA CGM will take up to 9% of Air France-KLM, worth about 240 million euros ($252 million) based on Tuesday's closing price, part of a possible capital increase by the airline group for the duration of their partnership that is initially set to run for 10 years…

09 May 2022

Italy Seizes Luxury Yacht Scheherazade Linked to Putin

The Italian government ordered police on Friday to impound a luxury yacht worth some $700 million that has been linked in the media to Russian President Vladimir Putin.The sleek, six-deck Scheherazade had been undergoing repairs in the Italian port of Marina di Carrara since September, but recent activity at the dockside suggested that the crew might be preparing to put to sea.A source with direct knowledge of a weeks-long investigation into the vessel said police believed the owner was Eduard Khudainatov, the former chief of Russian energy giant Rosneft who is not currently a target of EU sanctions.In a statement announcing the seizure order…

03 Mar 2022

France Seizes Yacht Reportedly Belonging to Rosneft Boss Sechin

French customs have seized a yacht belonging to Rosneft boss Igor Sechin as it tried to leave the Mediterranean port of La Ciotat in a breach of EU sanctions on Russian oligarchs, Finance Minister Bruno Le Maire said.The move came as western states are implementing massive sanctions, including asset freezes, against Russia for invading its neighbor Ukraine. A separate nearly $600 million luxury yacht owned by Russian billionaire Alisher Usmanov has also been seized, by German authorities, Forbes reported. The 88-meter "Amore Vero" arrived in La Ciotat on Jan.3 and was due to stay there until April 1st for repairs, the finance ministry said in a statement…

23 Oct 2023

Transocean Sees Multiple Offshore Rig Deals Awarded, One Terminated in Q2

Offshore drilling contractor Transocean on Wednesday released its quarterly offshore drilling rig fleet status report, which shows one contract terminated in Norway, and several new deals secured Norway, U.S. Gulf, Brazil, Angola, Brunei, and, possibly, Myanmar. The rig owner's total backlog is now around $7.3 billion.While some of the contracts were already announced as they were coming in during the quarter, Transocean shared some new information, too.It said Thursday that the Hungarian oil firm MOL had in July terminated the Transocean Barents semi-sub drilling contract for convenience. The drilling rig was supposed to stay with MOL between May and December 2021…

14 Jun 2021

Shipping Influx Infuriates Israeli Environmentalists

© evannovostro / Adobe Stock

The first cargo ships from Dubai that docked last year in the Mediterranean port of Haifa were met by celebration in Israel. Flags waved. Reporters gathered. The prime minister walked the pier and gave a speech about the fruits of making peace.There was zero fanfare, however, when oil tankers began arriving at the smaller Israeli port of Eilat on the Red Sea in an arrangement with Emirati partners. Rather than washing machines and cleaning supplies for consumers, the ships unloaded…

22 Feb 2021

Lebanese Court Removes Investigator Who Charged Politicians Over Beirut Blast

© Anna Om / Adobe Stock

A Lebanese court on Thursday dismissed a judge who had charged top politicians with negligence over last year’s Beirut port explosion, infuriating families of victims who said it showed that the state would never hold powerful men to account.Judge Fadi Sawan had led the investigation into one of the largest non-nuclear blasts in history. In December, he charged three ex-ministers and the outgoing prime minister with negligence.Two hundred people died in the August blast when a huge stockpile of ammonium nitrate, stored unsafely for years, detonated at the capital’s port.

27 Jan 2021

Italy, France Give Up On Fincantieri-Chantiers Deal

(Photo: Fincantieri)

Rome and Paris agreed on Wednesday that a proposed combination of Italian shipbuilder Fincantieri and French rival Chantiers de l'Atlantique no longer made sense in the current economic environment.State-owned Fincantieri's bid to take over its French peer, also owned by the state, collapsed three years after it was announced, thwarted by competition issues and the COVID-19 crisis.The agreement is due to expire on Jan.

30 Dec 2020

France Gives Fincantieri Extension on Chantiers Deal

(Photo: Chantiers de l'Atlantique)

France has offered Italian shipbuilder Fincantieri's a one-month extension to its planned acquisition of French rival Chantiers de l'Atlantique, the finance ministry said in a statement sent to Reuters on Wednesday.State-controlled Fincantieri has accepted the proposal, a spokesman said.The agreement between France and Fincantieri was due to expire on Thursday, after repeated deadline extensions following competition concerns over the merger of two global leaders and the deal…

18 Dec 2020

Taiwan Tells Shipping Firms Not to Lift Prices amid Container Shortage

Credit: STOCKSTUDIO/AdobeStock

Taiwan's government has urged shipping companies not to unfairly push up their prices amid a global squeeze on shipping containers and a shortage of space on cargo ships, the transport ministry said on Friday.Trade-dependent Taiwan, a tech powerhouse, has benefited from demand for telecommuting products like tablet computers amid the COVID-19 pandemic, which has forced millions to work and study from home.The finance ministry said last week it saw 2020 exports hitting a record high.The transport ministry's Maritime and Port Bureau said the shipping container shortage was most severe on U.S.

28 Oct 2020

In Beirut Port, All of Lebanon’s Ills Are Laid Bare

© Stphanie / Adobe Stock

The first of many warnings about a deadly cargo in Beirut’s port came in February 2014, about three months after its arrival. It was made by Colonel Joseph Skaf, described by his family as a diligent customs official.Skaf, then the head of the anti-narcotics and money laundering division, informed the customs authority that the shipment of ammonium nitrate was “extremely dangerous” and posed a risk to the public.In his handwritten letter, reviewed by Reuters and authenticated by a source familiar with the case…

09 Oct 2020

Greece Puts Largest Shipyard Up for Sale

Credit: Hellenic Shipyards

Greece launched a tender on Friday to sell Hellenic Shipyards SA, the country's biggest shipyard which has been under special administration, the Finance Ministry said.The conservative government has promised to overhaul the loss-making Greek defence industry while boosting the country's defence capabilities, amid rising tension between Greece and Turkey over offshore gas resources in the eastern Mediterranean.It has said its plans include overhauling the military division of Hellenic Shipyards, which is based in Skaramangas, near Athens.Greece has said U.S.

17 Sep 2020

TUI Plans Capital Increase, Germany Could Help

(Photo: TUI Group)

TUI is planning a share sale to raise up to 1 billion euros ($1.2 billion), as the world's largest holiday company looks to ride out the coronavirus-linked travel slump, people close to the matter said.No decisions have been taken and a number of options are still on the table, the people said, adding a possible equity injection by a German government rescue fund was being discussed.Russian billionaire Alexey Mordashov, who owns 25% of the London-listed firm, is expected to invest pro-rata in any rights issue, which could be decided in the coming weeks, the sources said.TUI and the German fina

16 Sep 2020

Germany Offered to Build LNG Terminals to Avert US Pipeline Sanctions

© Nord Stream 2 / Axel Schmidt

Berlin offered to spend 1 billion euros ($1.2 billion) to build two liquid natural gas terminals in a bid to dissuade the United States from imposing sanctions over the Nord Stream 2 pipeline, due to bring gas directly from Russia to Germany, Die Zeit reported on Wednesday.The weekly paper said Finance Minister Olaf Scholz made the proposal in an Aug. 7 letter before Washington imposed sanctions on companies involved in building the Baltic Sea pipeline, effectively freezing its…

13 Aug 2020

AIDA Cruises Seeking German Government Aid

(Photo: AIDA Cruises)

Carnival Corp’s AIDA cruise operator is among a list of companies seeking state aid from the German government, the Business Insider website reported on Thursday.AIDA is seeking about half a billion euros ($591 million) in state aid, Business Insider said, citing a government list of companies requesting support, which also includes shipbuilder MV Werften and steel producer Georgsmarienhuette.The finance ministry declined to comment.AIDA is examining whether financing schemes offered by the government are suitable for the company, a spokesman said, adding he was not aware of any considerations

24 Jun 2020

Chinese Shipments Held for Extra Customs Checks in India

© Raja stills / Adobe Stock

Customs officials at Chennai, one of India’s biggest ports, have held shipments originating from China for extra checks, sources aware of the delays told Reuters, amid a backlash against China over a border clash in which 20 Indian soldiers died.The increased scrutiny on shipments from China at Chennai Port, which handles various cargo including automobiles, auto components, fertilizers and petroleum products, could disrupt supply chains.While there is no official order from the government yet…

30 Oct 2019

Fincantieri's French Shipyard Bid Gets EU Scrutiny

File Image of a Fincantieri Shipyard (CREDIT: Fincantieri)

Italy's bid to create a European industrial champion in the shipbuilding industry faces hurdles after EU antitrust regulators said Fincantieri's bid for Chantiers de l'Atlantique would significantly reduce competition.The European Commission said the deal between two global leaders in an already concentrated and capacity-constrained market could push up prices for cruise ships as it began an investigation on Wednesday.Italy is hoping the deal will help Fincantieri, Europe's biggest shipyard…

15 Oct 2019

France urges EU Tax on Airplane and Ship Fuels

AdobeStock / © dbvirago

France wants the European Union to work on creating a tax on airplane and ship fuels as part of a push to rein in carbon emissions, French Finance Minister Bruno Le Maire said on Tuesday.Le Maire said the tax would complement plans supported by France and Germany for a carbon border tax that would shield European companies from competition from countries with lower emissions standards."It's incomprehensible that carbon emissions targets were set for cars and not for airplanes and ships.