DIRS.INFO The most relevant business & tech news

☆ Nigeria to commission Dangote refinery, crude supply a concern
▼ + stars: | 2023-05-22 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.

Vadym Boychenko, mayor of Mariupol, at his office in the city hall of Mariupol, Ukraine, on Wednesday, Jan. 12, 2022. Russian service members work on demining the territory of Azovstal steel plant during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 22, 2022. A view shows the building of a theatre destroyed in the course of Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 10, 2022. Before Russia's invasion last February, Mariupol was affectionately known as the mighty Ukrainian city with a fierce, steel heart. A local resident reacts while speaking outside a block of flats heavily damaged during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 18, 2022.

☆ Here are Thursday's biggest analyst calls: Tesla, Amazon, Netflix, Walmart, Nvidia, FedEx, Meta & more
▼ + stars: | 2023-05-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Citi names Meta top pick Citi said Meta is its new top pick pick based on the strength of its ad platforms. Jefferies reiterates Amazon as buy Jefferies said it sees a "strong AI opportunity" for the e-commerce giant. " "We believe upcoming results from FedEx next month can be a meaningful positive catalyst for shares. Citi reiterates Tesla as neutral Citi said its recent survey checks show Tesla has an "impressive loyalty lead." Jefferies reiterates Walmart as buy Jefferies said the big box giant is still a top pick after its robust earnings report on Thursday morning. "

Organizations: ~$

☆ Russia's military is more active in the Atlantic, and NATO fears it could sabotage undersea cables to disrupt countries supporting Ukraine
▼ + stars: | 2023-05-03 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Russia's military is more active in the Atlantic than in previous years, Western militaries say. NATO's intelligence chief warns that this could lead to the targeting of undersea infrastructure. Officials have warned for years about an increasing threat against undersea pipelines and cables. AP Photo/Elena Ignatyeva, FileThe possibility that a foreign adversary might target undersea cables and other critical infrastructure has long worried officials in NATO countries. Two years later, then-British parliament member Rishi Sunak described undersea cables as "indispensable yet insecure."

☆ Thousands Flee to Sudan’s Main Seaport, Seeking Ships to Safety
▼ + stars: | 2023-05-01 | by ( Ruth Maclean | ) www.nytimes.com time to read: +1 min

Thousands of people have descended on a port city in eastern Sudan in recent days, fleeing the violence in the capital and trying to secure their escape aboard vessels heading over the Red Sea to Saudi Arabia. The coastal city of Port Sudan — the country’s biggest seaport — has been transformed into a hub for displaced people, with people stringing together makeshift tents, packing an amusement park for shelter and waiting for help in three-digit heat. The true number of casualties is likely much higher. A three-day extension to the latest cease-fire was also announced on Sunday, but heavy fighting was still reported in the capital, Khartoum, including an accusation from the R.S.F. that the army was shelling its positions.

☆ These are the 10 best destinations in the world for an eco-friendly vacation
▼ + stars: | 2023-04-22 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

Rotterdam, Netherlands, is the best city for a sustainable vacation, according to a 2023 report from Kayak. Rotterdam, Netherlands Amsterdam, Netherlands Graz, Austria Trondheim, Norway Munich, Germany Helsinki, Finland Stockholm, Sweden Zurich, Switzerland Gothenburg, Sweden Vienna, AustriaRotterdam and Amsterdam, both in the Netherlands, took the No. The Netherlands city is the second-largest in the country and Europe's largest seaport. The city, known as "the Venice of the North," is now a designated UNESCO World Heritage site, thanks to its iconic canal district. The channels' design is considered an example of town planning that influenced the world for centuries, according to UNESCO.

☆ Sudan’s army says evacuations of diplomats expected to begin
▼ + stars: | 2023-04-22 | by ( ) www.cnbc.com time to read: +2 min

Heavy smoke billows above buildings in the vicinity of the Khartoum airport on April 15, 2023, amid clashes in the Sudanese capital. The military said that army chief Gen. Abdel Fattah Burhan had spoken to leaders of various countries requesting safe evacuations of their citizens and diplomats from Sudan. With Sudan's airspace closed, foreign countries have ordered their citizens to simply shelter in place until they can figure out evacuation plans. Burhan said that some diplomats from Saudi Arabia had already been evacuated from Port Sudan, the country's main seaport on the Red Sea, and airlifted back to the kingdom. Even as questions persisted over how the mass evacuation of foreign citizens would unfold, the Saudi Foreign Ministry announced Saturday that it had started arranging the evacuation of Saudi nationals out of the country.

☆ Exclusive: Kazakhstan has ramped up oil exports bypassing Russia
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Pavel MikheyevMOSCOW, April 21 (Reuters) - Kazakhstan ramped up oil exports bypassing Russia in the first quarter of 2023 as it seeks to reduce its dependency on its vast neighbour, data from industry sources and Refinitiv showed. While Kazakh oil exports through the Caspian Sea and the Caucasus are relatively small, they have risen sharply since Moscow began what it calls a "special military operation" in Ukraine in February last year. Last year, Kazakhstan's oil exports via routes other than Russia reached 1.8 million tonnes (36,000 barrels per day), up by 638,000 tonnes from 2021. The main, and most profitable, route for oil exports from Kazakhstan remains the Caspian Pipeline Consortium (CPC), which supplies the global market via a Russian Black Sea terminal. Supplies via CPC dipped 1% last year to 51.99 million tonnes, but they still represented more than 80% of total oil exports from Kazakhstan.

☆ I commute between Boston and New York City up to three times a week on a seaplane. Here's why it beats taking the train or flying commercial.
▼ + stars: | 2023-04-19 | by ( Hannah Towey | ) www.businessinsider.com time to read: +9 min

I've been using Tailwind Air, a seaplane shuttle service, to commute between Boston and New York for almost two years now. It's the most efficient and productive way to commute between the two citiesInsider aviation reporter Thomas Pallini flying on a Tailwind Air seaplane in 2021. If you fly frequently, the cost difference isn't that huge compared to commercialFlying on a Tailwind Air seaplane. For the long-term, it's not a sustainable commuteFlying on a Tailwind Air seaplane. I think short-hop travel will look totally different in 50 yearsFlying on a Tailwind Air seaplane.

Meanwhile, BlackRock is part of another group investing $650 million to build chargers along freight routes. Because port real estate is at a premium, most early drayage charging projects will be "behind the fence" on trucking company property, experts said. Electric trucks cannot operate without chargers, but it does not make sense to build chargers if drivers are not using electric trucks. Prologis, the biggest U.S. warehouse owner, created its mobility business to install electric truck chargers and solar panels. "A marriage between real estate and energy infrastructure" will be needed to accelerate the transition to electric-powered trucking, Prologis Mobility's Holland said.

☆ Employers say union is disrupting work at Southern California seaports
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

Major shippers - including suppliers to retailers including Walmart Inc (WMT.N) and Home Depot Inc (HD.N) - have been diverting cargo from the West Coast to rival seaports on the East Coast and Gulf of Mexico to avoid potential work stoppages. "These actions have slowed the start of operations throughout the Southern California port complex," PMA said. The disruption coincided with a routine monthly "stop work" meeting on April 6, Los Angeles Port Director Gene Seroka told reporters on a conference call on Wednesday. "The collective bargaining agreement between the union and the employers guarantees these monthly meetings, which are dedicated to addressing the union's proceedings," Seroka said. Reporting by Lisa Baertlein in Los Angeles Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

CHICAGO, April 13 (Reuters) - Delta Air Lines (DAL.N) on Thursday posted weaker-than-expected earnings in the first quarter, hit by a severe winter storm that drove up operational expenses for the carrier. CEO Bastian said on a post earnings call that Delta expects to bring down non-fuel costs in the second half of the year. For the June quarter, Delta expects its revenue to rise 15% to 17% from a year earlier on capacity growth of 17%. "We're growing supply at that level and not seeing a deterioration in the overall revenue," Bastian said. Delta expects an adjusted profit of $2.00 to $2.25 per share in the second quarter, with an operating margin of 14% to 16%.

☆ Japan proposes industrial hub in Bangladesh with supply chains to India
▼ + stars: | 2023-04-11 | by ( Manoj Kumar | ) www.reuters.com time to read: +2 min

NEW DELHI, April 11 Reuters) - Japan has proposed developing an industrial hub in Bangladesh with supply chains to the landlocked northeastern states of India, and to Nepal and Bhutan beyond by developing a port and transport in the region, officials said on Tuesday. It comes after Japanese Prime Minister Fumio Kishida's visit to India last month in which he touted the idea of a new industrial hub for the Bay of Bengal and northeast India that could bolster development in the impoverished region of 300 million people. "It can be a win-win plan for India and Bangladesh," Hiroshi Suzuki, Japan's ambassador to India, said on Tuesday, citing the industrial hub proposal at a meeting of Indian, Bangladeshi and Japanese officials in Agartala, the Tripura state capital. He said the deep seaport was likely to become operational by 2027 and would be a key to building an industrial hub connecting the Bangladeshui capital Dhaka to landlocked areas of India. Prime Minister Sheikh Hasina will visit Japan from April 25-28 at Kishida's invitation, a government statement said.

☆ West Coast port workers force closure of top U.S. shipping gateway - employer group
▼ + stars: | 2023-04-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

April 7 (Reuters) - A shortage of West Coast port workers has forced the busiest U.S. ocean trade gateway to shut on Friday, after months of strained labor negotiations between the dock workers union and their employers. "The action by the union has effectively shut down the ports of Los Angeles and Long Beach," the PMA said in a statement. Port of Los Angeles officials were communicating with the ILWU and PMA, along with federal, state and local officials, to "support a return to normal operations," said the group, which is managed by a unit of the City of Los Angeles. A representative of the ILWU Local 13, which represents workers at both the Los Angeles and Long Beach ports, declined to comment. Reporting by Laila Kearney in New York; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

ADEN, April 7 (Reuters) - A Saudi Arabian-led military coalition lifted eight-year-old restrictions on imports headed for Yemen's southern ports, the internationally recognised authorities said, in a sign that peace talks are progressing with the Houthi group in the north. This follows the easing of restrictions in February on commercial goods entering the Houthi-held western port of Hodeidah, the country's main seaport, as Yemen's warring sides work to reinstate an expired U.N.-brokered truce deal. The Saudi-backed government based in the south said in a statement late on Thursday that commercial ships would be allowed to dock directly in southern ports, including Aden, and all goods would be cleared, with some exceptions. The Saudi-led coalition had since 2015 imposed severe restrictions on flow of goods into import-reliant Yemen, where war has devastated the economy, contributing to what the United Nations has called the world's worst humanitarian crisis. Abeed said more than 500 types of goods would be allowed back in Yemen through southern ports, including fertilisers and batteries, after they were removed from a list of banned products.

☆ Top U.S. shipping gateway mostly closes due to port worker shortage - employer group
▼ + stars: | 2023-04-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

April 7 (Reuters) - A shortage of West Coast port workers has forced the busiest U.S. ocean trade gateway to largely shut on Friday, after months of strained labor negotiations between the union dock workers and their employers. The PMA said the missing workers were a result of a coordinated action by the International Longshore and Warehouse Union (ILWU) to withhold labor as contract talks drag on. "The action by the union has effectively shut down the ports of Los Angeles and Long Beach," the PMA said in a statement. Instead, the ILWU said the slowdown was due to thousands of union workers attending a monthly membership meeting on Thursday evening and observing the Good Friday holiday the following day. Port of Los Angeles officials were communicating with the ILWU and PMA, along with federal, state and local officials, to "support a return to normal operations," said the group, which is managed by a unit of the City of Los Angeles.

[1/2] A military helicopter, operated by the Houthis, flies over Sanaa, Yemen September 21, 2022 for the first time since the Saudi-led coalition intervened in Yemen and controlled the country's airspace in 2015. The move signals that regional rifts are easing after rivals Saudi Arabia and Iran agreed to restore relations last month following years of hostility and backing opposite sides in Middle Eastern conflicts, including Yemen. Oman, which shares borders with Yemen, has been trying for years to bridge differences between Yemen's warring parties, and more broadly between Iran and Saudi Arabia and the United States. Saudi Arabia restarted its direct talks with the Houthi group last summer after both sides failed to renew a United Nations-brokered truce deal. Following years of a bitter rivalry and armed conflicts between Saudi Arabia and Iran, their biggest trade partner China recently stepped in to work with both sides and improve relations.

☆ As US importers liquidate and destroy unsold goods, ports eye shipping turnaround
▼ + stars: | 2023-03-17 | by ( Lisa Baertlein | ) www.reuters.com time to read: +2 min

Executives at Walmart (WMT.N), the largest U.S. importer of containerized goods, say they have made progress clearing unsold goods. Nevertheless, they remain cautious about consumer spending as inflation gobbles up money otherwise spent on goods, and recession and other "unknowns" threaten. Meanwhile, importers are selling products for pennies on the dollar to liquidators or offering steep discounts in customer email blasts. The Port of Los Angeles handled 331,811 20-foot (6-meter)equivalent units (TEU) of goods in February, a 36% year-over-year drop led by plummeting imports. "How much (improvement) remains to be seen," said Seroka, who added that ongoing West Coast port labor talks are also weighing on results.

☆ Foiled multimillion dollar airport heist leaves two dead in Chile
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] A security personnel stands guard at an access of Santiago de Chile Airport slab after a valuables truck attempted robbery left two people dead in the midst of an intense firefight, police and local media reported, in Santiago, Chile, March 8, 2023. REUTERS/Ivan AlvaradoSANTIAGO, March 8 (Reuters) - A foiled multimillion-dollar heist at Chile's largest airport left two dead on Wednesday morning, highlighting concerns of rising crime in the Andean nation. Authorities said one robber and a DGAC airport security official died during the attempted robbery. Raul Jorquera, general director of the DGAC, told reporters that no passengers were at risk during the encounter, and that the robbers had "high capacity firepower" to steal the money. Organized crime in Chile has spiked in recent years, including elaborate train heists and multimillion dollar robberies at the country's main seaport.

☆ CRISPR pioneer Feng Zhang's secretive gene-editing startup has hired ex-Alnylam leaders as CEO and chair
▼ + stars: | 2023-02-07 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +4 min

The gene-editing startup Aera has hired biotech vets Akin Akinc as CEO and John Maraganore as chairman. CRISPR pioneer Feng Zhang's newest gene-editing venture has attracted two longtime leaders of the biotech giant Alnylam Pharmaceuticals, Insider has learned. Former Alnylam CEO John Maraganore is chairman of Aera. The SEND technology could allow gene-editing technology to treat more diseases. Based on Zhang's SEND research, Aera hopes to deliver gene-editing tools to more organs, ultimately expanding the number of diseases CRISPR can impact.

☆ India's Adani says to keep investing in Israel after Haifa port takeover
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

[1/5] Israel Prime Minister Benjamin Netanyahu attends an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenHAIFA, Israel, Jan 31 (Reuters) - Indian magnate Gautam Adani said on Tuesday he would keep investing in Israel after his group took over one of the country's main ports. Adani spoke at a ceremony in Haifa welcoming Adani Ports (APSE.NS) and local chemicals and logistics group Gadot - the partners who purchased the port for 4 billion shekels ($1.15 billion). Adani joins China's Shanghai International Port Group (SIPG), which opened in 2021 new piers across the bay in Haifa. "We are talking to our Arab neighbours, after the historical Abraham Accords, about connecting the rail links of Saudi Arabia through Jordan to Haifa port," Netanyahu said.

☆ Yellen lauds Ford's 100-year history in South Africa, flags more investments
▼ + stars: | 2023-01-26 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

REUTERS/Siphiwe SibekoSILVERTON, South Africa, Jan 26 (Reuters) - U.S. Treasury Secretary Janet Yellen on Thursday lauded the Ford Motor Co's 100-year history of assembling vehicles in South Africa and underscored Washington's resolve to expand trade ties with countries that it "can count on," including South Africa. About 600 U.S. companies operate in South Africa, employing about 220,000 people and generating revenue equivalent to about 10% of South Africa's entire gross domestic product, U.S. Ambassador to South Africa Reuben Brigety said at the event. As in her comments to South Africa's finance minister earlier on Thursday, Yellen did not address South Africa's refusal to take sides over Russia's war in Ukraine or Washington's concern over military exercises it plans with China and Russia. That includes our many trusted trading partners on this continent — like South Africa."

☆ Nigeria opens 'game changer' billion-dollar deep seaport
▼ + stars: | 2023-01-23 | by ( Seun Sanni | ) www.reuters.com time to read: +1 min

LAGOS, Jan 23 (Reuters) - Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country's ports and help it become an African hub for transshipment, handling cargoes in transit for other destinations. President Muhammadu Buhari has made building infrastructure a key pillar of his government's economic policy, and hopes that this will help his ruling party win votes during next month's presidential election. "This is a transformative project, game changer project. This project could create at least 200,000 jobs," Chinese Ambassador to Nigeria Cui Jianchun told Reuters after the port was commissioned by Buhari. China is among the largest bilateral lenders to Nigeria and has funded rail, roads and power stations.

☆ Robbers pull off multimillion-dollar copper heist in Chilean port
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

SANTIAGO, Jan 11 (Reuters) - Chilean authorities said on Wednesday they were investigating a violent heist in Chile's main seaport where thieves stole several shipping containers filled with copper belonging to state-owned giant Codelco. In a statement to Reuters, Codelco said the copper was scheduled to be exported and was insured. The heist is the largest copper theft since a spate of gangster heists in northern Chile last October forced the government to tighten security on trains carrying copper cathodes. The violent robbery adds pressure over shipment security in the world's largest copper producer. Authorities blamed the train heists on international crime groups while police said Wednesday's heist could be a local group.

☆ China's reopening: Flow of cargo seems to continue to go well, says Port of Los Angeles
▼ + stars: | 2023-01-04 | 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 EmailChina's reopening: Flow of cargo seems to continue to go well, says Port of Los AngelesGene Seroka, executive director of the seaport, says "it's really a story about demand here in the United States right now."

Search resuls for: "Seaport"

25 mentions found