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US readies plan for escorting oil tankers through Strait of Hormuz

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Highlights Trump’s defense chief nominee says effort will deter attacks ‘Maritime security initiative’ to be unveiled Friday US pushes Asian importers to share security burden Washington — Military escorts of oil shipments through the Strait of Hormuz by a US-led coalition will deter additional vessel attacks and “provocation or miscalculation” through the key oil chokepoint, Read More

Analysis: US crude stocks likely dip last week in wake of Barry-induced shut-ins

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Highlights Crude stocks expected down 4.2 million barrels at 454.8 million barrels Hurricane Barry shuts-in bulk of Gulf of Mexico offshore production Export slowdown likely blunts overall crude draw New York — Production shut-ins in the Gulf of Mexico ahead of Hurricane Barry likely contributed to a sharp decline in US crude stocks last week, Read More

China threatens to sever ties with any US firm linked to selling weapons to Taiwan

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The Chinese foreign ministry has warned that American firms would be banned from doing business in China if they are involved in any arms deals with Taiwan. “In order to safeguard national interests, China will impose sanctions on US companies involved in arms sales to Taiwan,” foreign ministry spokesman Geng Shuang told reporters on Monday. Read More

Volkswagen to contribute $2.6 billion to Ford’s autonomous venture: source

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HAMBURG (Reuters) – Carmaker Volkswagen (VOWG_p.DE) will inject $1 billion in capital and $1.6 billion worth of assets into Ford’s (F.N) self-driving unit, a source close to the matter said on Friday, as the two carmakers deepen a global alliance to share costs. FILE PHOTO: The logo of Volkswagen carmaker is seen at the entrance Read More

Iran-UK tanker row escalates in Strait of Hormuz standoff

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Singapore — A diplomatic row between Iran and the UK involving oil tankers escalated Thursday after a standoff in the world’s biggest oil shipping artery raised fresh concerns over global energy security which have also spiked insurance costs for ships transiting the Middle East. Not registered? Receive daily email alerts, subscriber notes & personalize your Read More

Middle East oil tanker insurance rates soar 10-fold since attacks in Strait of Hormuz

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Insurance rates for tankers going through the Strait of Hormuz have skyrocketed tenfold in the two months since the first attacks on tankers off the coast of the UAE, CNBC reports, quoting a chief executive of a shipping company. The news could reinforce anticipation of higher oil prices, not because of fundamental factors but because Read More

Asian Suezmax market cautious after Iran allegedly accosted BP tanker

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Singapore — The Asian Suezmax market was watching developments cautiously Thursday after oil major BP’s tanker, the British Heritage, was allegedly approached by Iranian vessels in the Persian Gulf. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “Contrary to international law, three Iranian vessels attempted to impede the passage Read More

Asian Suezmax market cautious amid reports of Iran accosting BP tanker

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Singapore — The Asian Suezmax market was watching developments cautiously Thursday following reports that oil major BP’s tanker, the British Heritage, was approached by Iranian vessels in the Persian Gulf. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “This kind of development is always a concern for the shipping Read More

Bombardier to lay off 550 workers at Thunder Bay, Ontario, plant: BNN Bloomberg

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FILE PHOTO: Bombardier’s logo is seen on the building of the company’s service centre at Biggin Hill, Britain March 5, 2018. REUTERS/Peter Nicholls/File Photo (Reuters) – Canada’s Bombardier Inc (BBDb.TO) is laying off half the 1,100 workers at its Thunder Bay, Ontario, railway car plant, BNN Bloomberg reported on Tuesday, citing a federal government source. Read More

California expanding early quake detection and warning system

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LOS ANGELES (Reuters) – California officials are spending more than $40 million on an earthquake early warning system that in addition to alerting the public could also be used to automatically halt trains and open fire station doors moments before a major tremor actually strikes. California Governor Gavin Newsom announced after a magnitude 7.1 quake Read More