Month: July 2021

  • London Mining sells Marampa mine

    first_img Tags: NULL Show Comments ▼ Share whatsapp  London Mining, which entered administration last week, has sold its Marampa mine to Timis Corporation.  The sale, which is expected to be completed “by the end of this week”, will include the transfer of the full workforce “provind stability for the economy of Sierra Leone”, the administrator said on Friday afternoon.  PricewaterhouseCoopers was appointed admistrator last week after London Mining’s shares were suspended following questions around the company’s liquidity. No financials were disclosed on the deal.  Timis chairman Frank Timis said:  “I am delighted that, assuming successful conclusion of this process over the coming week, it is expected that the Marampa Mine will continue to be a major source of employment and government revenue in Sierra Leone, and avoids the closure of such an important asset for the local and national community. He added:  “I look forward to working with the workforce of Marampa, who have done such a phenomenal job against very difficult circumstances. We now intend to enter negotiations with African Minerals Limited and its infrastructure company African Railway and Port Services which, if successful, will unlock the synergies between these assets, for the long term good of all stakeholders.”   London Mining sells Marampa mine center_img whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solution Friday 24 October 2014 12:42 pm Catherine Neilan last_img read more

  • Bankers are not dishonest, claims study

    first_imgSunday 23 November 2014 10:57 pm Catherine Neilan Bankers are not dishonest, claims study by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likezenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorLoan Insurance WealthDolly Parton, 74, Takes off Makeup, Leaves Us With No WordsLoan Insurance WealthPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinitionLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver Health whatsapp The financial industry encourages dishonest behaviour – but the individuals themselves are not inclined to lie – according to a new study of investment managers and traders. A team of economists at the University of Zurich enlisted the help of 128 employees from a “large international bank” and quizzed half of them about their jobs and the company, while the other half were asked about their favourite hobbies. Participants were then asked to toss a coin 10 times, unwatched by the researchers, and to report the outcome. If they flipped more heads than tails they were told they could earn money and if they reported all heads or all tails, they would receive $200. The first group, which was asked about work, reported a significantly high proportion of heads – 58.2 per cent – while those who talked about their hobbies reported a hit rate of 51.6 per cent. The study was tried out with other non-banking groups of people – students, for example – but did not find the same effect. This seems to suggest the banking sector has a particularly strong sway over people’s honesty levels. The study was published in Nature magazine. center_img whatsapp Share Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

  • Uncertainty over future of Tesco executives suspended after discovery of £260m profits overstatement

    first_imgFriday 28 November 2014 4:32 am More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSidney Crosby, Alex Ovechkin are graying and frayingnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Emma Haslett Uncertainty over future of Tesco executives suspended after discovery of £260m profits overstatement by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryHero WarsThis game will keep you up all night!Hero WarsTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef Pick Sharecenter_img Tags: NULL One of the executives suspended by Tesco after it discovered a black hole in its accounts has left the company, it is understood.The BBC reported this morning one of eight executives who were suspended when it revealed it had overstated profits by £260m had stepped down.  Tesco announced in September that it had overstated its full-year profit expectations, causing shares to plummet. The supermarket promptly suspended executives including UK chief executive Chris Bush, UK finance director Carl Rogberg and commercial director Kevin Grace.The company has since been placed under investigation by the Serious Fraud Office, while an internal investigation is being carried out by auditor Deloitte and Freshfields, the law firm. In the past year, 50 per cent has been wiped off the company’s market cap as it was hit by a series of catastrophes. Its rivalry with discounters Aldi and Lidl has caused it to lose market share – last month Kantar Worldpanel published figures showing its market share stood at 28.8 per cent, compared with 29.8 per cent this time last year.Tesco did not comment.Tap on the image, then pinch and zoom to see more detail on a mobile. Show Comments ▼ whatsapp last_img read more

  • Aberdeen Asset Management profits edge up after Scottish Widows acquisition

    first_imgAberdeen Asset Management (AAM) posted slightly higher profits as it said it had weathered a “volatile” year.Figures for the year to the end of September showed underlying profit before tax of £490.3m, up from £482.7m last year. Statutory profit before tax fell from £390.3m last year to £354.6m, partly because of the purchase of investment group Scottish Widows (SWIP) from Lloyds in March. The group said results had been affected by uncertainty in financial markets, adding that it expected conditions to remain uncertain given prospective changes in interest rates and the broader economic environment.The “volatile” year included clients pulling £8.8bn in funds earlier in the year, causing AAM’s share price to drop over five per cent.Nevertheless, AAM, which now has £324.4bn of group funds under management and advice, said it will recommend a dividend of 11.2p a share, making a total payment for the year of 18p per share. The figure is 12.5 per cent higher than last year.Martin Gilbert, AAM’s chief executive, said the company’s performance had been robust:We have delivered robust performance this year in a more challenging environment, underpinned by our long-term track record and also our transformational acquisition of SWIP, which has diversified the group. The first half of the year was particularly demanding, as investor sentiment turned sharply against emerging market economies. Recently, however, we have seen those concerns abate and outflows from our Asian and emerging market funds have moderated.Gilbert also said that the group’s acquisition and integrations of Scottish Widows was on schedule:Markets are likely to remain volatile given the uncertain economic and interest rate environment but our new financial year has started well with our broadened product range attracting interest from a range of clients. We will continue to apply our philosophy of long-term fundamental investing to meet the objectives of our clients. Billy Ehrenberg Monday 1 December 2014 3:01 am Show Comments ▼ whatsapp Share whatsapp Aberdeen Asset Management profits edge up after Scottish Widows acquisition Tags: Aberdeen Asset Management Company More From Our Partners Porsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orglast_img read more

  • HMRC helplines put callers seeking tax advice on hold for up to 41 minutes

    first_imgSunday 14 December 2014 11:30 pm HMRC helplines put callers seeking tax advice on hold for up to 41 minutes The government yesterday pledged to improve services for people seeking tax advice, after a survey found almost 30 per cent of calls to two helplines were cut off.The consumer watchdog Which? found 29 out of 100 callers seeking advice before a tax return deadline received instead an automated message. Callers were put on hold for an average of 18 minutes, the watchdog found, with a longest recorded delay of 41 minutes.HM Revenue and Customs said services were not good enough at peak times.The sample, analysed in the run-up to the self-assessment tax return deadline of 31 January, looked at 100 calls to the lines dealing with tax returns and general inquiries.It found callers faced long waits to speak to advisers and were instead played a message explaining the service was “very busy”.Which? also found glitches with a voice recognition system designed to direct queries to the right department.“With large numbers of people soon to be seeking help with their self-assessment tax return, we want to see HMRC doing more to monitor and improve their call-waiting times,” Which? executive director Richard Lloyd said.An HMRC spokesman said it received more than 40m calls a year, but added: “We know that some of our customers can struggle to get through on our helplines at very busy times.“This isn’t good enough, and we are working hard to improve the range of services we provide,” the spokesman said.“This year, we are introducing new technology to help us answer more calls quicker at busy times, and we are improving the digital services we offer so that more customers can find all they need online. “There is more to do, and we are committed to improving the service we offer all of our customers at all times.” Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof whatsapp whatsappcenter_img Tags: HM Revenue & Customs (HMRC) Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsThis game will keep you up all night!Hero WarsTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Joseph Millis Show Comments ▼last_img read more

  • General Election 2015: EU membership referendum would be too close to call – poll

    first_img Billy Ehrenberg Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat is ‘Ranked-Choice Voting,’ the New System for New York’s MayoralFamily Proof whatsapp Any referendum on a possible Brexit from the European Union (EU) would be far too close to call, according to a new opinion poll.The survey, by Populus for the Financial Times, showed that 39 per cent of those polled would vote to leave the EU, with 40 per cent preferring to stay. The anti-Europe party, Ukip, released its manifesto today, in which it set out policies which would be incompatible with EU membership, including restrictions on unskilled foreign labour.The poll shows that, despite Ukip policies such as the above being rubbished by think tanks, a large proportion of the general public is likely to have sympathy with at least some of Nigel Farage’s ideas. Perhaps unsurprisingly, older participants in the Populus survey were more likely to be in favour of leaving. For those over 45, 47 per cent were in favour of a Brexit, with 35 per cent being against.For those aged 18-44 the sentiment was reversed: 47 per cent were in favour of remaining, and 29 per cent wanted to leave. Anyone able to vote in the 1975 UK referendum on membership of the then European Economic Community would now be over 57, and firmly in the older category.Any sympathy to Ukip’s cause is not likely to be enough however, as data from electionforecast.co.uk showed that Ukip is failing to win over supporters in its own target seats. Show Comments ▼ General Election 2015: EU membership referendum would be too close to call – poll Tags: General Election 2015 Wednesday 15 April 2015 9:42 am Share whatsapplast_img read more

  • Andy Harrison’s Whitbread exit dents shares

    first_img Show Comments ▼ Tags: NULL Share whatsapp Express KCS Tuesday 28 April 2015 9:28 pm whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.com Andy Harrison’s Whitbread exit dents shares SHARES in Whitbread slipped 2.5 per cent last night after Andy Harrison announced plans to step down following five years as chief executive in which pre-tax profits have surged by more than 220 per cent.The Costa Coffee and Premier Inn owner has seen its market value grow fourfold to almost £10bn since Harrison joined from easyJet in 2010, as it tapped into booming demand for takeaway coffee and budget hotel rooms in the UK and overseas. “I’ve been a chief executive of three different companies now … and it’s just time to do something that’s a bit less demanding,” said Harrison, who will step down at the end of the financial year in February 2016. His first new role will be acting as chairman of British homewares retailer Dunelm from July after joining its board as a non-executive last year. Whitbread said it has already started a succession process led by chairman Richard Baker and is considering both internal and external candidates.The news of his departure came as Whitbread posted an 18.5 per cent rise in underlying pre-tax profit to £488.1m for the year to 26 February, on sales up 13.7 per cent to £2.6bn. It also hiked its growth targets, saying it would aim to have 85,000 Premier Inn rooms in the UK by 2020, up from its previous target of 75,000 by 2018 and against 59,138 rooms currently.Whitbread also aims to reach £2.5bn of sales at Costa by 2020 from a previous target of £2bn by 2018. THE RUNNERS AND RIDERS TO SUCCEED HARRISONChristopher Rogers already leads half of the Whitbread business as managing director of Costa and is a favourite to succeed Andy Harrison. A qualified chartered accountant, Rogers joined Whitbread eight years ago as group finance director and has been overseeing Costa’s international expansion since 2012. CHRISTOPHER ROGERS Nicholas Cadbury replaced Rogers as group finance director in 2012 and previously held various senior roles at Dixons Retail (now Dixons Carphone). He is seen as a strong internal candidate for the role, however, analysts suggested that he was better suited to finance – as opposed to chief executive – roles.NICHOLAS CADBURYA former Whitbread executive, Gala Coral boss Carl Leaver is seen as a potential external candidate for the role. He left the company in 2003 after serving as managing director of Travel Inn (now Premier Inn) and has since worked as chief executive of hotels operator De Vere Group and as head of Marks & Spencer’s international division. CARL LEAVER last_img read more

  • Moody’s downgrades Greek bond rating to Caa3

    first_img whatsapp Moody’s has become the third ratings agency to downgrade Greece in three days. Read more: S&P downgrades Greece and puts chances of Grexit at 50 per cent Today, it lowered the struggling economy’s government bond rating from Caa2 to Caa3, and placed it on review for a further downgrade. Moody’s said it made the decision because of the breakdown in talks between Greece and its creditors, and the resulting uncertainty this had created around Greece’s future in the Eurozone.  In a statement, it said that without ongoing support from official creditors, Greece will default on its privately-held debt: Events of recent months have illustrated the distance between what Greece’s official creditors will demand as a condition of continued support over the coming years, and what Greece’s institutions are able to do to meet those demands with further meaningful economic and fiscal reforms. It added that there were now “significant difficulties” in achieving a long-lasting agreement, and that the referendum on a fiscal agreement put forward by creditors was also cause for concern. If Greece appears too unwilling to reach an agreement and votes “no” on Sunday, the agency may well downgrade its rating further.   A “No” vote would likely increase the risk of exit from the euro area which would impose significant losses on private sector creditors. Over the last two days, S&P and Fitch have both downgraded their Greece ratings to CCC- and CC, respectively. They gave similar reasons for the decision.  Wednesday 1 July 2015 5:55 pm Share Moody’s downgrades Greek bond rating to Caa3 center_img whatsapp Show Comments ▼ Sarah Spickernell Tags: Greek debt crisislast_img read more

  • Brent crude oil price falls as selloff deepens

    first_imgMonday 6 July 2015 6:04 pm Show Comments ▼ whatsapp The global benchmark brent crude slipped 6.3 per cent to $56.54 per barrel today, below the 100-day average, amid the Greek debt crisis and continued turmoil in China’s battered stock markets.The selloff deepened from earlier today, when prices collapsed below the $60 per barrel mark for the first time since mid-April, hitting $58.89 per barrel. Read more: Brent crude’s back below $60Commodities were hit after last night’s referendum in Greece ended with a “no” vote against accepting bailout conditions from the country’s so-called “troika” of lenders in return for unblocking aid.While Greece’s lenders have insisted they will not enter into further renegotiations, Prime Minister Alexis Tsipras has said that a “no” vote will put the Greeks in a stronger position.They were suffered as Chinese brokerages and fund managers promised to buy more stocks as Beijing unleashed an series of measures to prop up its struggling stock market.And additional downward pressure came from Iran and global powers which are working towards a self-imposed July 7 deadline, bringing more supply to the market if sanctions on Tehran are eased. Brent crude oil price falls as selloff deepens whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comcenter_img Jessica Morris Share Tags: Oil prices by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost Funzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsEliteSinglesThe Dating Site for Highly-Educated Singles in ScottsdaleEliteSinglesLearn It WiseAfter Losing 70lbs Susan Boyle Is So Skinny Now She Looks Like A ModelLearn It Wiselast_img read more

  • News / Asia-Europe container rates continue to fall and lines pin their hopes on next GRI

    first_img With the resumption of full trading following the Golden Week holiday in China, spot rates on the trunk Asia-Europe trade have continued to fall.Today’s Shanghai Containerised Freight Index was registered at $738 per teu on the Shanghai-North Europe, a new low for the year, and indeed its lowest level since this time last year.Today’s spot rate represents a 10% decline on the $822 per teu reported before the Golden Week, and a near 50% decline over the past 10 weeks, since the early peak season highs of $1,400-plus per teu in August.A year-on-year comparison may offer a small crumb of comfort for carriers. Following the Golden Week holiday in 2013, the Shanghai-North Europe leg spot rate was $675 per teu, a level at which it remained until a large round of general rate increases (GRIs) pushed it up to $1,423 per teu at the beginning of November.It now remains to be seen whether history will repeat itself. Maersk is set to introduce a $450 per teu GRI on October 15, although analysts and industry observers are not optimistic.“Worryingly for carriers, their planned GRI for October seems like a non-starter, with reports suggesting it will not be successful,” said Freight Investor Services broker Richard Ward. “With the October GRI set to be a washout and rates currently well below break-even you can be sure that additional rate increases will be announced over the remaining months of the year.”Meanwhile, forwarders are reportedly being offered spot rates of $650 per teu, and Mr Ward said one large UK retailer had been offered contract rates of $600 per teu for 2015.Yesterday, Hapag-Lloyd, which led the charge in 2013, announced a $750 per teu GRI from Asia to both North European and Mediterranean destinations for November 3.However, much will depend on how carriers manage capacity on the trade, and unfortunately the signs are ominous – Alphaliner calculated that just nine sailings from Asia to North Europe in the first two weeks of October were cancelled and, “these one-off omissions will only remove 5% of the trade’s monthly capacity”.“Not one of the carriers plans to withdraw a service for an extended period, even as the shipping lines continue to upsize existing loops by phasing-in ever larger vessels,” it said.As is so often the case, Maersk is the bellwether, and the final quarter of this year will see it significantly increase the capacity of its AE1 and AE2 Asia-Europe services with larger ships, according to Alphaliner research.The AE1, which connects Japan and China with North Europe, will go from employing 11 9,500teu vessels to 11 13,000teu vessels. 10 being redeployed as its joint Asia-Med service with CMA CGM comes to an end, while another will be cascaded from the AE2 service.The AE2 from China to Europe offers a transhipment call at Tanjung Pelepas, and is due to use its first 18,270teu Triple-E with the arrival of the Morten Maersk in November.The vessel is Maerk’s 13th Triple-E delivery, with the first 12 deployed on its AE10 service.Meanwhile, according to the latest analysis from Drewry Maritime Research, any hope of a realistic match between supply and emand should be abandoned.Announcing its latest Container Annual Review & Forecast 2014/15, Drewry director of container research Neil Dekker said this week that “the possibility of matching supply and demand to a degree acceptable for carriers in 2015 is probably out of reach”.He added: “The question we should be asking is not about when a recovery will happen, but what form the so-called recovery will take.“In essence, the industry is merely continuing to adapt as best it can. Recovery, in whatever form it takes, will not simply be in the traditional manner of matching supply and demand. This is about survival and the long-term management and sharing of costs.” By Gavin van Marle 10/10/2014last_img read more