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Egypt invites India Inc to invest in Suez Canal Economic Zone

Egypt is rolling out the red carpet for India Inc to invest in the Suez Canal Economic Zone, as it expects the bilateral trade to nearly double to USD 8 billion by 2022.

The Arab nation is also in talks with New Delhi to establish an India Economic Zone at the Suez Canal Economic Zone, on the models of the ones established by Russia and China and is looking at asset-light industries like food processing, packaging and IT, Egyptian ambassador Heba Salaheldin Elmarassi said here Tuesday.

India Inc led by over 50 companies have already invested over USD 3 billion across Egypt, she said, adding while companies from there have invested around USD 150 million here.

“Indian companies are welcome to explore emerging investment opportunities in the economic zone, especially in sectors like chemicals, petrochemicals, pharma, textiles, and auto & auto components among others,” Elmarassi said at an event organized by the industry lobby CII.

Companies from agricultural and agri-processing, IT, telecom, power, renewables are also welcome to explore investment opportunities in the economic zone, she added.

India is the sixth largest export market for Egypt and the 10th largest source of imports and the bilateral trade stood in favour of the Northeastern African nation at USD 4.4 billion in 2018, up from USD 3.5 billion in the previous fiscal year.

“There is a vast potential and we are targeting to boost the trade volumes between the two countries to reach USD 8 billion by 2022,” Elmarassi told PTI.

India’s export to Egypt stood at USD 1.6 billion in FY8, up from USD 1.2 billion in 2017, while imports stood at USD 2.7 billion and USD 2.3 billion respectively, leading to a trade deficit.

Egypt is trying to diversify its trade beyond the traditional items of dates, grapes, strawberry and green beans.

She said already over 5o Indian companies are operating in here country, including the Tatas, Ashok Leyland, M&M, Dabur, Marico, Forbes Marshall, Kirloskar, Asian Paints, Gail India, Sun Pharma, Pidilite, Sanmar, and Essel Propack among others, with total investments of around USD 3 billion.

The Suez Canal Economic Zone, one of the main projects where Egypt is trying to attract foreign investments, is a free zone and trade hub along the banks of the newly-expanded Suez Canal.

Strategically located on the main trade route between Europe and Asia, over 8 per cent of global trade passes through the canal annually. Spanning 461 km, which is almost two- thirds of Singapore, the zone consists of two integrated areas, two development areas and four large ports.

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Elbe Deepening Contract Goes to DEME | Brazil Modal

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license

The project consists of the widening and deepening of the 116 km long fairway between Cuxhaven and Hamburg to a level of -14.5 meters.

This will allow ships to sail the River Elbe with a draught of 13.5 meters, compared to 12.5 meters at present, and not be restricted by the tide and with a 14.5 meters draught (tide-dependent) when sailing from and towards the port of Hamburg.

The EUR 238 million deal for the adaptation of the fairway was granted by The Waterways and Shipping Administration Cuxhaven (WSA Cuxhaven) to DEME Group’s subsidiaries Nordsee Nassbagger- und Tiefbau and Dredging International.

The company will deploy its trailing suction hopper dredgers, backhoe dredgers and spreader pontoons for the dredging, transportation and relocation of around 32 mio m³ of material.

“The preparatory phase of this important project is now in full swing and is taken care of by our specialist teams located in our offices in Bremen,” Christopher Iwens, General Manager German Subsidiaries, said.

“We are pleased to partner with our client WSA Cuxhaven, and look forward to working closely with them to ensure the successful execution of this project.”


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Schoolboy, 16, turns £150 into £61k in eight months by studying trading tips on YouTube for five hours a day

A TEENAGER has made more than £60,000 in just a few months by playing the stockmarkets after learning tips online.

Edward Ricketts, 16, spent five hours a day watching YouTube videos on how to profit by buying and selling global currencies online.

SWNS:South West News Service

Edward turned his savings from a summer job into a small fortune
 The teenager has bought trainers with his tidy earning and wants to buy a flash motor when he's old enough to drive

SWNS:South West News Service

The teenager has bought trainers with his tidy earning and wants to buy a flash motor when he’s old enough to drive

The business studies student’s career began after seeking advice from a successful trader who said he would never succeed without formal training.

To prove him wrong Edward set about teaching himself the tricks of the trade and what factors affect the currency markets.

In just eight months he has turned his £150 — savings from a summer job — into £61,000 by monitoring the money markets.

The shrewd teenager, who lives in Walthamstow, East London, with dad Oscar, a 54-year-old security guard, and two siblings, told the Mail on Sunday: “I keep up with the news because it makes a massive difference.

“The pound is affected by Brexit and I’ve been taking advantage.”

So good is he now at currency deals, he has scores of clients who pay him £155 a time for his top tips.

To celebrate he plans to splash out on a £30,000 Mercedes A-class — when he’s old enough to drive.

He also wants to take his family to America for a holiday of a lifetime.

The budding entrepreneur is aiming for a career in business and is keen to become a property development.

 Whizz kid... Edward has trained himself to recognise how world events impact on currencies

SWNS:South West News Service

Whizz kid… Edward has trained himself to recognise how world events impact on currencies
 Inspired... Edward Ricketts spotted a Foreign Exchange Market trader boasting on Instagram about how much money he was making

SWNS:South West News Service

Inspired… Edward Ricketts spotted a Foreign Exchange Market trader boasting on Instagram about how much money he was making

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Yang Ming to Charter Another 11,000 TEU Newbuild Quartet from Shoei Kisen | Brazil Modal

Image Courtesy: Yang Ming

The signing ceremony was held in Hong Kong on April 10, 2019.

The four boxships have been ordered by Shoei Kisen Kaisha at Imabari yard, according to data provided by Asiasis.

As informed, the vessels are expected to be delivered in the first three quarters of 2022.

Yang Ming’s fleet optimization is part of the company’s strategy aimed at enhancing its mid to long-term operational efficiency and competitiveness.

“In addition to these four new 11,000 TEU containerships, Yang Ming had ordered another ten 11,000 TEU newbuildings through long-term charter agreements with Owners Costamare and Shoei Kisen since 2018, which will enable Yang Ming to have a total of fourteen 11,000 TEU newly-built full containerships during the years 2020 to 2022,” the company said in a statement.

These eco-type new containerships would gradually replace some of Yang Ming’s high-cost, older ships.

Referring to the International Maritime Organization’s (IMO) sulphur cap 2020 which will enter into force on January 1 next year, Yang Ming added:

“Every carrier has prepared accordingly to ensure a smooth transition in operation next year. All the newbuildings Yang Ming has ordered are designed in compliance with the IMO regulation with lower bunker consumption.”


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China's exporters fear heyday is over amid sour mood at Canton Fair as US-China trade war lingers

The optimism expressed by officials from China and the United States suggesting the trade war is almost over has not trickled down to small exporters …


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Siemens enhances HHLA rail network | Brazil Modal

“It is our pleasure to expand the Metrans vehicle fleet by ten multisystem Vectron locomotives from Siemens Mobility. This underlines our ambition to continue growing along the transport streams of the future. The acquisition of additional locomotives will help us to be even more flexible and reliable in responding to the wishes of our customers,” said Peter Kiss, CEO Metrans Group.

“We are confident that the new Vectron locomotives enable our customer Metrans to meet current and future transportation requirements and make its long-term plans successful. The Vectron locomotives are writing a great story since their introduction on the European market and we are proud that, together with Metrans, we can celebrate the 900th Vectron sold,” said Roman Kokšal, CEO Siemens Mobility Czech Republic.

The locomotives for Metrans have a maximum output of 6.4 megawatts and a top speed of 160 km/h, and are equipped with the required national train control systems as well as the European Train Control System (ETCS). The locomotives are certified to operate in Austria, the Czech Republic, Germany, Hungary, Poland and Slovakia. Future upgrades for Bulgaria, Croatia, the Netherlands, Romania, Serbia and Slovenia are possible.


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Happy Easter 2019


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(FTZ) 167

ForeignTrade Zone (FTZ) 167 – Green Bay, Wisconsin;. Notification of Proposed Production Activity. ProAmpac Holdings, Inc. (Flexible Packaging …


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Diana Shipping Fixes Capezies with Cargill | Brazil Modal

Illustration. Image Courtesy: Pxhere under CC0 Creative Commons license

Under the deal, the company’s the 180,960 dwt New Orleans started working for Cargill on April 10 at a gross charter rate of USD 15,000 per day.

The charter for the 2015-built bulker was agreed for a period of about sixteen to nineteen months.

Diana Shipping expects the employment to generate around USD 6.98 million of gross revenue for the minimum scheduled period of the time charter.

New Orleans was previously chartered to SwissMarine Services from March 2018 at a gross charter rate of USD 21,000 per day.


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China’s foreign exchange reserves to maintain upward trend: analysts

Photo: IC

China’s foreign exchange reserves are expected to maintain an upward trend in the coming months as yuan-denominated assets remain more attractive to foreign investors amid renewed optimism for a resolution to the China-US trade war and the country’s continuing opening-up efforts in the financial sector, according to analysts.

China’s foreign exchange reserves rose for a fifth straight month in March, increasing by $9 billion to $3.099 trillion, up 0.3 percent from February, data from the State Administration of Foreign Exchange showed on April 7.

With the economy expected to maintain reasonable growth and improved flexibility in the yuan exchange rate, China’s forex reserves will remain stable, the forex regulator said.

China’s foreign exchange reserves will keep edging up as more foreign capital will be attracted to China’s stock and bond markets, Liu Jian, a senior research fellow at the financial research center under Bank of Communications, told the Global Times on Monday.

Assuming continued US dollar weakness and progress in the trade talks, the yuan is likely to hold on to its recent gains, Liu said.

China’s foreign exchange reserves are mainly composed of the total foreign trade surplus in the current account and the net inflow of foreign direct investment in the capital account.

Dong Dengxin, director of the Finance and Securities Institute at the Wuhan University of Science and Technology, told the Global Times on Monday that as China is promoting opening-up in the financial sector and increasing imports, closer regulation should be put on capital flows.

Increasing foreign exchange reserves will offer more leverage for the country to maintain exchange rate stability, Dong said.


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