Goldman Sachs News

The U.S. trade deficit unexpectedly narrowed in November as imports of consumer goods fell to a one-year low amid slowing domestic demand, a trend that, if it persists in December, could result in trade having no impact on economic growth in the fourth quarter.The report from the Commerce Department on Tuesday also showed exports declined in November amid cooling demand overseas. Demand is slowing both in the United States and abroad following hefty interest rate increases by global central banks since 2022 to tackle rampant inflation.The Federal Reserve's rate hiking cycle has likely ended…

Recent hostilities in the Red Sea have thrown global shippers of vital goods for a loop - but it is hardly the only issue that big carriers are facing as 2024 kicks off.Giants like Maersk say the industry, which handles 90% of global trade, faces the possibility of significant disruptions, from ongoing wars to droughts affecting key routes like the Panama Canal. Complex vessel schedules are likely to be knocked out of sync for giant container ships, fuel tankers and other commodity haulers throughout the year.That will increase delays and raise costs for retailers like Walmart…

Several liquefied natural gas (LNG) vessels have changed their courses in recent days to avoid the Red Sea region amid maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.The Red Sea is linked to the Mediterranean by the Suez Canal, creating the shortest shipping route between Europe and Asia, and is connected to the Gulf of Aden by the Bab-el-Mandeb strait between Yemen and Djibouti. About 12% of world shipping traffic transits the canal.But attacks in recent days on ships along the route have led companies such as oil major BP…

A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.Attacks in recent days on ships in the major Red Sea shipping route have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.The Red Sea is linked to the Mediterranean by the Suez Canal…

Oil prices were little changed on Tuesday as investors eyed the impact on oil supply after attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Brent crude futures rose 6 cents to $78.01 a barrel at 0726 GMT. The front-month U.S. West Texas Intermediate crude futures contract , which expires on Tuesday, fell 18 cents to $72.29 a barrel. The more active second-month contract dropped 10 cents, or 0.1%…

The disruption to energy flows in the Red Sea is unlikely to have large effects on crude oil and liquefied natural gas (LNG) prices as vessel redirection opportunities imply that production should not be directly affected, Goldman Sachs said.Oil prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.Oil major BP temporarily paused all transits through the Red Sea and oil tanker group Frontline FRO.OL said on Monday its vessels would avoid

HII announced on Wednesday that its Ingalls Shipbuilding division promoted Kimberly Nastasi to vice president of the newly formed integrated communications and stakeholder engagement department. This new department will enhance communication and engagement with key stakeholders inside and outside of the shipbuilding community.As vice president of integrated communications and stakeholder engagement, Nastasi will report to Ingalls Shipbuilding President Kari Wilkinson and will be responsible for leading internal and external efforts in marketing and communications…

Hess Corp on Thursday said drilling results expected this month could add a seventh platform in Guyana, which would lift the nascent oil producing nation's output above the 1.2 million barrels of oil equivalent per day planned.The U.S. oil producer is part of the Exxon Mobil Corp-led consortium that controls all production in the tiny South American nation. The group has confirmed so far plans for six floating production vessels in the country, home to the world's largest offshore…

ABB announced its intention to spin off Accelleron (formerly ABB Turbocharging) turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd’s shares to ABB’s shareholders. Accelleron’s listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022, and is subject to, among others, approval by ABB’s shareholders at an Extraordinary General Meeting scheduled for September 7, 2022.“After careful consideration involving a dual-track process, we have concluded that spinning off Accelleron is the best way forward – for Accelleron itself and for ABB’s shareholders…

China's exports rose at the fastest pace in five months in June as factories revved up after the lifting of COVID lockowns, but a sharp slowdown in imports, fresh virus flare-ups and a darkening global outlook pointed to a bumpy road ahead for the economy.Analysts say the rebound in exports reflected an easing of supply chain disruptions and port congestion that hammered the world's second-largest economy in spring when the government rolled out widespread lockdowns.Outbound shipments in June rose 17.9% from a year earlier…

Hornblower Group announced Monday that Adam C. Peakes has joined the company as executive vice president and chief financial officer. Peakes will report to Kevin Rabbitt, chief executive officer, Hornblower Group.As Hornblower Group’s CFO, Peakes will oversee the company’s global shared services functions of finance and accounting, human resources, information technology and marine operations.“I am excited to welcome Adam to the Hornblower family and work with him as a trusted partner,” said Kevin Rabbitt, chief executive officer, Hornblower Group.

The U.S. ban on Russian oil and gas imports is likely to leave more cargoes at sea with no buyers, and the European Union's decision to continue imports was unlikely to make much difference to disarray in Russian oil trade, analysts said on Tuesday.U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine and Britain said it would phase out imports through the end of 2022.The European Union did not join the ban because it is more dependent on Russian oil and gas supplies.

China’s robust export growth likely moderated in July amid an acceleration in COVID-19 cases globally and continuing severe pressure on global supply chains, a Reuters poll showed on Friday.Although there are signs China’s strong industrial recovery in the first half of the year may be losing some momentum, overseas demand has remained strong in recent months even as factories in many countries return from lockdowns.Headline trade numbers are also being helped by the statistical…

British professional services provider Lloyd’s Register (LR) has agreed to sell its business assurance and cyber security division to Goldman Sachs Asset Management as the company focuses on maritime activities, executives said on Tuesday.The deal is expected to be completed during the second half of 2021 subject to regulatory approval, the companies said.When asked about the value of the transaction, an LR spokeswoman said it “exceeds $100 million”.LR’s business assurance & inspection…

Industrial conglomerate Teledyne Technologies Inc said on Monday it will acquire thermal imaging camera supplier FLIR Systems Inc in a $8 billion cash-and-stock deal to beef up its portfolio of imaging sensor technology.FLIR shareholders will receive $28 in cash and 0.0718 shares of Teledyne common stock for each share held, the companies said.That implies a purchase price of $56.14 based on Teledyne’s last close, and represents a premium of 28.1% for FLIR shareholders to the stock’s Thursday close.Teledyne and FLIR sell cameras and sensor systems.“Our technologies and products are uniquely co

Brunswick Corporation entered into a definitive agreement to acquire Navico for $1.05 billion, bringing to Brunswick's Advanced Systems Group (ASG) well-known marine electronics brands such as Lowrance, Simrad, B&G and C-MAP."The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick’s ACES (Autonomy, Connectivity, Electrification and Shared-Access) strategy, and support our vision to deliver distinctive new products and technology-enabled experiences,” said Dave Foulkes, Brunswick Corporation CEO.

Freezing temperatures across Asia and Europe are driving liquefied natural gas (LNG) prices to record highs and pushing up the cost of shipping the fuel globally as buyers grapple with tight inventories and a shortage of tankers.Demand for super-cooled natural gas has surged in recent years as buyers, particularly China and India, move away from dirtier coal-polluting power plants. Prices had remained relatively low until late 2019, when unexpected cold weather and bottlenecked shipments caused prices to surge.Spot Asian LNG prices are up more than 1…

Norwegian-born billionaire John Fredriksen appointed a hedge fund manager on Friday as next head of his family's key holding company, which controls assets ranging from oil tankers and rigs to real estate, fish farming, and finance.Fredriksen, 76, said Tor Andre Svelland, 53, will become chief executive of Seatankers Group, top shareholder of world number one salmon producer Mowi, tanker firm Frontline and offshore driller Seadrill.Seatankers also controls dry bulk shipper Golden Ocean and real estate firm Norwegian Property…

Liquefied natural gas (LNG) prices are poised for more gains as gas-hungry China guzzles cargoes to feed a rebound in economic growth while the easing of coronavirus-induced restrictions restores industrial demand in India.Higher oil and coal prices have also helped lift global gas prices with spot Asian LNG prices <LNG-AS> doubling in just three months."We believe this has been driven by a tightening of Asian LNG balances led by strong generation demand in southern China at the same time that South Korea reached peak nuclear maintenance…

Norwegian Cruise Line Holdings Ltd has hired investment bank Goldman Sachs Group Inc to explore financing options that could include the sale of a stake in the company, people familiar with the matter said on Friday.Norwegian’s attempt to bolster is finances comes as cruise operators have been forced to suspend their operations due to the novel coronavirus outbreak. They have been left out of a $2.3 trillion stimulus package that U.S. lawmakers have adopted to support the economy…

Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.Brent crude, which fell 24% in the previous session, touched $15.98 a barrel, its lowest since June 1999. It was trading down $2.37, or 12%, at $16.96 at 0511 GMT.West Texas Intermediate was down 51 cents, or 4.4%, at $11.06 a barrel.The falls follow two of the wildest days in the history of oil trading…

Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S. West Texas Intermediate (WTI) crude rose $1.87, or 2.9%, to $65.70 per barrel, after earlier scaling its highest since April 2019.For the week…

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said.The U.S. and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former U.S. President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading…