DIRS.INFO The most relevant business & tech news

☆ Twenty oil tankers wait to cross Istanbul's Bosphorus Strait -shipping agency
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 9 (Reuters) - One more tanker took to 20 on Friday the number of vessels waiting in the Black Sea to pass through Istanbul's Bosphorus Strait on the way to the Mediterranean, the Tribeca shipping agency said, amid talks to disperse the build-up. On Thursday, dismissing pressure from abroad over the lengthening queue, Turkey's maritime authority said it would continue to keep out of its waters oil tankers that lacked the appropriate insurance letters, and it needed time for checks. Eight tankers were also waiting for passage through the Dardanelles strait into the Mediterranean, down from nine a day earlier, Tribeca said, making a total of 28 tankers waiting for southbound passage. It requires vessels to provide proof of insurance covering the duration of their transit through the Bosphorus strait, or when calling at Turkish ports. Reporting by Daren Butler and Can Sezer; Editing by Himani Sarkar and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Western officials and Ankara are in talks after stand-off on oil tanker pile-up near Turkey
▼ + stars: | 2022-12-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The UK, US, and EU are working with Ankara to clear an oil tanker pile-up in Turkish waters. EU's $60 a barrel price cap on Russian crude kicked in Monday, which is impacting shipping and insurance. Most vessels in Turkish waters now are loaded with oil from Kazakhstan, not Russia, two Western officials told the Financial Times on Thursday. It is considering several options to counter the price cap, Russian business daily Vedomosti reported Wednesday, citing two sources close to the cabinet. Russian deputy foreign minister Alexander Grushko also weighed in on the matter, saying Russia's concerned about the congestion off Turkey.

☆ Oil tankers are getting stuck in the Black Sea. That could become a problem
▼ + stars: | 2022-12-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

A further nine tankers were waiting to cross southbound from the Sea of Marmara through the Dardanelles strait into the Mediterranean. The snag is linked to a Western price cap on Russian oil that came into effect on Monday. Countries including Russia, Kazakhstan and Azerbaijan use the Turkish straits to get their oil to world oil markets. The traffic jam in the Turkish straits arose following the imposition this week of the price cap on Russian oil. Turkish officials say this position is “unacceptable” and on Thursday reiterated demands for letters from insurers.

☆ Number of oil tankers waiting at Bosphorus rises by five - Turkish agency
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Dec 8 (Reuters) - The number of oil tankers waiting in the Black Sea to cross Istanbul's Bosphorus strait on the way to the Mediterranean rose by five to 16 on Thursday, a shipping agency said, amid talks between Western and Turkish officials on steps to resolve the tanker queues there. A British Treasury official has said those talks were happening after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. But a separate Turkish measure in force since the start of the month has caused a logjam, requiring vessels to provide proof they have insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports. The Tribeca shipping agency named five new tankers longer than 200 metres waiting north of the Bosphorus strait to cross southbound towards the Mediterranean Sea, in addition to the 11 named a day earlier. At the Dardanelles strait further south, nine tankers were waiting to cross southbound, down from 12 a day earlier, the agency said.

[1/2] Oil product tanker Lila Fujairah sails in the Bosphorus, on its way to the Mediterranean Sea, in Istanbul, Turkey December 6, 2022. REUTERS/Yoruk IsikCompanies Ingosstrakh SPAO FollowLONDON, Dec 7 (Reuters) - Western officials are in talks with Turkish counterparts to resolve oil tanker queues off Turkey, a British Treasury official said, after the G7 and European Union rolled out new restrictions on Dec. 5 aimed at Russian oil exports. "The UK, U.S. and EU are working closely with the Turkish government and the shipping and insurance industries to clarify the implementation of the Oil Price Cap and reach a resolution," the official told Reuters. At least 20 oil tankers continue to face delays to cross from Russia's Black Sea ports to the Mediterranean as operators race to adhere to the Turkish rules. "The (insurers) have agreed that they cannot and should not issue such a letter," UK P&I said in a statement on its website.

☆ U.S. tells Turkey no need for additional checks on oil tankers
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

[1/2] U.S. Treasury Department Deputy Secretary Wally Adeyemo attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermidWASHINGTON, Dec 7 (Reuters) - U.S. Deputy Treasury Secretary Wally Adeyemo told Turkish Deputy Foreign Minister Sedat Onal in a call on Wednesday that the price cap on Russian oil does not necessitate additional checks on ships passing through Turkish territorial waters, the U.S. Treasury Department said. A Turkish measure in force since the start of the month has caused a logjam by requiring vessels to provide proof they have insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports. Reporting by Eric BeechOur Standards: The Thomson Reuters Trust Principles.

But keeping Russian oil on the market and global prices low soon became the bigger priority as oil prices jumped, people familiar with the mechanism's evolution and energy analysts said. Analysts said the cap will have little immediate impact on the oil revenues that Moscow is currently earning. "I really think that the U.S. Treasury's main objective was to defuse the EU embargo," on Russia's oil exports, Cahill said. The official said the price cap is "institutionalizing" current market discounts, arguing that the price cap created them. The $60 price cap level was agreed on Friday after fierce debate.

☆ Treasury's Adeyemo says underlying health of U.S. economy 'quite strong'
▼ + stars: | 2022-12-01 | by ( Dan Burns | ) www.reuters.com time to read: +2 min

NEW YORK, Dec 1 (Reuters) - The underlying health of the U.S. economy is quite strong and massive investments being made in manufacturing and infrastructure will help bring inflation down over the longer term, Deputy Treasury Secretary Wally Adeyemo said on Thursday. Legislation like the bipartisan infrastructure law, the Inflation Control Act and a law to promote domestic semiconductor production would make long-needed investments in the economy that would help bring inflation under control, he said. U.S. Treasury Department Deputy Secretary Wally Adeyemo attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. Adeyemo said the U.S. economy was better-placed than any other economy to do well despite the rising cost of capital, and labor force participation was starting to increase, albeit not at the desired rate. Reporting by Daniel Burns; Writing by Andrea Shalal; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Central banks might make some progress toward their inflation targets by raising interest rates and managing demand, Morgan Stanley chief executive James Gorman said at the Reuters Next conference in New York. Central banks, by managing demand through interest rates, could probably "bring inflation down to around four percent. But he also nodded beyond the world's central banks to a needed supply-side solution to rising prices. So far, and particularly in the United States, the actions of central banks have not had an appreciable impact on core elements of the economy, particularly the job market. "I would be surprised if central banks officially moved the target, but they might decide to stay higher than it for some time."

☆ U.S. Treasury's Adeyemo calls for global cooperation on crypto regulations
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 1 (Reuters) - The collapse of Bahamas-based cryptocurrency exchange FTX points up the need for the United States to cooperate with other countries to develop effective international regulations for the crypto sector, U.S. Deputy Treasury Secretary Wally Adeyemo said on Thursday. Adeyemo told the Reuters NEXT conference that it was important to erect regulatory regimes to protect investors, consumers and financial stability and block illicit uses of cryptocurrencies. Because FTX was not a U.S.-based firm, the effort must broadened, he said. "This is a global phenomenon. And what that means is that we're going to have to work closely with our international partners to design a regulatory regime in a framework that helps us to make sure we protect the global economy as we think about innovation like cryptocurrency," Adeyemo told Reuters NEXT.

☆ Treasury's Adeyemo says China continues to struggle with zero-COVID policy
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Dec 1 (Reuters) - U.S. Deputy Treasury Secretary Wally Adeyemo said China was continuing to struggle with its zero-COVID policy and growth there been disappointing, while policies aimed at large-scale vaccinations had put the U.S. economy on a better course. Asked about unexpected protests springing up across China against further lockdowns, Adeyemo said the United States believed in the right of people to protest. "Today the U.S. economy is open. We have an economy that is growing robustly, and in China, they are still locking down because they haven't done the things that we did," he said. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click [https://www.reuters.com/world/reuters-next/]Reporting by Daniel Burns and Andrea ShalalOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Treasury's Adeyemo says $60 oil price cap will limit Russia's revenues
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Dec 1 (Reuters) - A tentative European Union deal for a $60-a-barrel price cap on Russian oil is in the range of potential price levels that the U.S. Treasury has discussed and would limit Russian oil revenues, U.S. Deputy Treasury Secretary Wally Adeyemo told Reuters NEXT on Thursday. Adeyemo said that he believes that EU member countries will finalize the price cap agreement because they have consistently applied sanctions to punish Russia for its invasion of Ukraine. Reporting by David LawderOur Standards: The Thomson Reuters Trust Principles.

☆ British trade minister visits Washington
▼ + stars: | 2022-11-14 | by ( David Lawder | ) www.reuters.com time to read: +1 min

LONDON, Nov 14 (Reuters) - British trade minister Kemi Badenoch will visit Washington on Monday to meet politicians and address business representatives to try to boost ties with the United States even as talks over a free trade deal have stalled. A U.S. free trade deal was touted as the one of the biggest prizes for Britain leaving the European Union. But hopes of a quick agreement were dashed when the incoming Biden administration put all free trade talks on ice. In the absence of a broader trade deal with the United States, Britain has been working to secure memorandums of understanding with individual states. The state-level MOUs have been criticised by the opposition Labour Party as being no substitute for a full U.S.-UK trade deal.

☆ We're using sanctions to deny Russians the weapons they need, Deputy Treasury Sec. Wally Adeyemo
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're using sanctions to deny Russians the weapons they need, Deputy Treasury Sec. Wally AdeyemoDeputy Treasury Secretary Wally Adeyemo joins 'Closing Bell' to discuss the status of Russian Oil price caps, the economic impact of the war in Ukraine and the supply chain concerns associated with oil prices.

☆ U.S. Treasury thwarted attack by Russian hacker group last month-official
▼ + stars: | 2022-11-01 | by ( David Lawder | ) www.reuters.com time to read: +2 min

The Treasury has attributed the distributed denial of service (DDoS) attacks to Killnet, the Russian hacker group that claimed responsibility for disrupting the websites of several U.S. states and airports in October, said Todd Conklin, cybersecurity counselor to Deputy Treasury Secretary Wally Adeyemo. The incident, not previously reported, occurred a couple of days before similar attacks from Killnet on U.S. financial services firms, Conklin told a financial services industry and regulator conference on cybersecurity. Conklin described the attack on the Treasury as "pretty low-level DDoS activity targeting Treasury's critical infrastructure nodes." In line with new procedures adopted under the Biden administration, he said the Treasury quickly shared internet protocol (IP) addresses used in the attack with financial services firms. Adeyemo told the conference the incident was a "stark reminder" that Treasury and financial services firms face the same threats, especially since Russia launched its war on Ukraine in February.

☆ Op-ed: Democrats are better for our country and economy
▼ + stars: | 2022-10-31 | by ( Rep. Suzan Delbene | Chair Of The New Democrat Coalition | ) www.cnbc.com time to read: +6 min

All of this is a direct result of the work Democrats have done in Congress and in the White House. While Democrats are moving America forward, Republicans are working to move our country and economy backward. Under President Biden's leadership, Democrats have grown our economy 3 times faster than when Republicans controlled Congress and the White House. This is what a pro-business, pro-worker, pro-economic growth party and economic plan look like. While Republicans look to the past, New Dems look to the future – and in about a week, Americans will decide between the two.

☆ Cyber officials from 37 countries, 13 companies to meet on ransomware in Washington
▼ + stars: | 2022-10-31 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Oct 31 (Reuters) - The White House will host officials from 37 countries and 13 global companies in Washington this week to address the growing threat of ransomware and other cyber crime, including the illicit use of cryptocurrencies, a senior U.S. official said. The White House hopes the meeting will allow participating countries to "institute a set of cyber norms that are recognized across the globe to counter criminal ransomware threats and hold malicious actors accountable," the official said. One key topic for discussion will be how to disrupt such attacks, counter the illicit movement of cryptocurrencies and build resilience against such attacks, the official said. Top administration officials, including FBI Director Chris Wray, Deputy Treasury Secretary Wally Adeyemo, White House national security adviser Jake Sullivan and Deputy Secretary of State Wendy Sherman will address the meeting. Companies participating include Crowdstrike, Mandiant, Cyber Threat Alliance, Microsoft, Cybersecurity Coalition, Palo Alto, Flexxon, SAP, Institute for Security + Technology, Siemens, Internet 2.0, Tata – TCS, and Telefonica, the White House said.

U.S. Treasury Secretary Janet Yellen met with 17 industry groups representing more than 1,000 firms in the clean energy supply chain, more than 2,000 utilities and more than 1 million American workers, a Treasury official said. The Treasury guidance will tell companies how they can take advantage of clean energy tax credits in the Inflation Reduction Act. The incentives are crucial for companies seeking to invest in solar and wind power, electric vehicles, clean energy manufacturing, and energy efficiency. The act extends 30% tax credits for wind, solar, and other renewable energy sources, and offers incentives for carbon capture and tax credits of up to $7,500 on zero-emission electric vehicles. The roundtable follows Treasury's issuance of six notices requesting public comments on topics such as tax credits for wind, solar and nuclear power, incentives for energy-efficient homes and clean vehicle credits.

☆ Economies in Asia have the tools to manage economic headwinds, U.S. deputy Treasury secretary says
▼ + stars: | 2022-10-24 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +2 min

Arkhom Termpittayapaisith, Thailand's finance minister, speaks at the meeting of finance ministers of the Asia-Pacific Economic Cooperation in Bangkok on Oct. 20, 2022. Andre Malerba | Bloomberg | Getty ImagesAsian economies are well-equipped to withstand economic headwinds next year, the U.S. Treasury said following the conclusion of the APEC Finance Ministers' Meeting in Thailand last week. During the two-day meeting, finance ministers in Asia-Pacific also pledged not to adjust exchange rates for competitive purposes, recognizing that "excessive volatility or disorderly movements in exchange rates can have adverse implications for economic and financial stability." He added that U.S. legislation such as the CHIPS Act could help the region generate economic activity. "Ultimately I have come away from with a sense that the economies in this region have the tools to manage through the headwinds that they face": Wally Adeyemo Bloomberg | Bloomberg | Getty Images

☆ Exclusive-U.S. says Russia oil price cap will not be aimed at OPEC
▼ + stars: | 2022-10-19 | by ( Noah Browning | Dmitry Zhdannikov | ) www.reuters.com time to read: +3 min

Slideshow ( 2 images )Washington has communicated to representatives of the Organization of the Petroleum Exporting Countries (OPEC) to reassure them of those limits to its plans, the official added. Tensions have simmered between consumer countries, such as the United States and oil producers over output policy, with sources telling Reuters that OPEC anger about the price cap plan was among the reasons for its decision to cut output. The White House said the United States’ analysis showed the cut could have waited until the next OPEC meeting, after the November U.S. midterm elections. But OPEC officials did not link the move to the Russian oil price cap in their discussions with the United States, U.S. Deputy Treasury Secretary Wally Adeyemo said last week. Agreed by G7 nations in September, the price cap plan faced clashing with much stricter European Union bans on Russian shipments ratified in June.

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. Washington has communicated to representatives of the Organization of the Petroleum Exporting Countries (OPEC) to reassure them of those limits to its plans, the official added. The White House said the United States’ analysis showed the cut could have waited until the next OPEC meeting, after the November U.S. midterm elections. But OPEC officials did not link the move to the Russian oil price cap in their discussions with the United States, U.S. Deputy Treasury Secretary Wally Adeyemo said last week. Agreed by G7 nations in September, the price cap plan faced clashing with much stricter European Union bans on Russian shipments ratified in June.

Some of the electronics obtained through the scheme have been found in Russian weapons platforms seized in Ukraine, prosecutors said. They used a German company to ship the military technologies, as well as Venezuelan oil, to Russian purchasers, prosecutors said. The U.S.-origin technologies can be used in fighter aircraft, ballistic and hypersonic missile systems, smart munitions, and other military applications, Treasury said. After the initial round of U.S. sanctions on PDVSA, Russia's Rosneft emerged as a key intermediary for Venezuelan crude. After Washington sanctioned Rosneft subsidiaries over their dealings with PDVSA, dozens of firms with no track record of oil trading have been intermediating in sales of Venezuelan oil to Chinese buyers.

☆ U.S. Treasury's Adeyemo heads to APEC meeting with focus on trade, 'resilience'
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Adeyemo, who has led work on U.S. sanctions over Russia's invasion of Ukraine, will represent the United States when the Asian Economic Cooperation (APEC) finance ministers meet in Bangkok on Wednesday and Thursday, Treasury said. He will also meet with Thailand's Finance Minister Arkhom Termpittayapaisith. The newly relaunched G7 Partnership for Global Infrastructure and Investment (PGII) and U.S. efforts to build up supply chains with trusted partners were also on the agenda. "While the U.S. economy remains resilient in the face of these headwinds, the Deputy Secretary will work with partners to increase resilience in their economies," it said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ The Economic & Geopolitical Outlook
▼ + stars: | 2022-10-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Economic & Geopolitical OutlookTreasury Deputy Secretary Wally Adeyemo will share the Biden administration's plan to fight inflation and build a more resilient economy. He'll also discuss the U.S response to Russia, the endgame for Ukraine and the potential for geopolitical realignment.

WASHINGTON, Oct 14 (Reuters) - The United States on Friday warned it can impose sanctions on people, countries and companies that provide ammunition to Russia or support its military-industrial complex, as Washington seeks to increase pressure on Moscow over the war in Ukraine. Muir was also set to warn that Russian intelligence services are tasked with illicitly acquiring Western technology and parts barred from being exported to Russia under U.S. measures. The Commerce Department has previously warned that semiconductors produced by Western companies have turned up in Russian military drones and other uses. Asked how much more Western allies could do to increase pressure on Russia, one European finance official said, "We can extend the list of people who are under sanctions. "But I think clearly the sanctions will show their impact in terms of industrial value chains in Russia," the European official said, speaking on condition of anonymity.

Search resuls for: "Wally Adeyemo"

25 mentions found