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Trade Tensions Push The Price of Oil Lower

18th June 2018

Global trade tensions and signs of more oil supply coming in the second half of the year helped push crude oil prices lower in early Friday trading. Russia and Saudi Arabia have been dropping hints that more oil could show up on the market later this year in an effort to offset chronic shortages from Venezuela and potential losses of Iranian oil barrels. On Thursday, Saudi Crown Prince Mohammed bin Salman al-Saud told Russian President Vladimir Putin that cooperating with the Organization of Petroleum Exporting Countries was bringing stability to a market that saw the price of oil swing by...

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Industry Needs to Demonstrate “License To Operate,” Says New OE2019 Chair

18th June 2018

ABERDEEN — The energy industry has to continuously demonstrate its excellence in order to maintain a ‘license to operate’, says the newly appointed conference chair of SPE Offshore Europe 2019 Michael Borrell, senior V.P., North Sea and Russia at Total. ‘Our license to operate: breaking through to excellence’ will form the theme of the biennial conference and exhibition which will take place in Aberdeen from Sept. 3-6, 2019. Michael Borrell has been appointed conference chair and will lead a committee of international oil and gas industry leaders to develop the plenary, keynote and technical programs. “SPE Offshore Europe 2019 will...

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Saudi Arabia and UAE Announce Plan to Protect Shipping Lane to Yemen’s Hodeidah Port

18th June 2018

RIYADH/DUBAI, June 14 (Reuters) – Saudi Arabia and the United Arab Emirates announced a five-point aid plan for Yemen’s Hodeidah port and surrounding areas on Wednesday, after a Saudi-led alliance of Arab states launched an attack on Yemen’s Houthi-held main port city. As part of the plan, the two coalition states aim to establish a shipping lane to Hodeidah from the UAE capital, Abu Dhabi, and Jizan, a city in southern Saudi Arabia, officials told a news conference in Riyadh. They will also distribute food, provide medical supplies, equipment and staff to hospitals, sustain electrical stations and provide economic support, they said....

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Asian Stocks Fall on Trade; Oil Drops Before OPEC: Markets Wrap

18th June 2018

PEC will debate whether to raise oil output in Vienna Friday  China, U.S. trade friction weighed on Treasury yields Asian stocks declined amid investor concern the exchange of threats between China and the U.S. is the precursor of a full-blown trade war. Oil dropped, while the dollar edged higher as Treasury yields steadied just above 2.90 percent. Stocks fell in Japan as the yen advanced, while S&P 500 Index futures pointed to losses. South Korean equities also slipped , while they fluctuated in Australia. China and Hong Kong, markets more sensitive to deepening trade tensions, were closed for holidays. Oil...

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Chevron Starts Second Production Unit at Wheatstone LNG in Australia

18th June 2018

MELBOURNE, June 15 (Reuters) – Chevron Corp has started producing liquefied natural gas (LNG) at the second unit of its $34 billion Wheatstone development, marking the completion of its two megaprojects in Australia after cost-blowouts and delays. Wheatstone Train 2 is the last of five LNG production units built by Chevron in the state of Western Australia over the past decade at a combined cost of $88 billion. “With the Chevron-operated Wheatstone and Gorgon LNG facilities now operational, we are delivering a significant new source of energy for customers in the region,” Chevron Australia Managing Director Nigel Hearne said in...

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Two in Five Malaysians Open to Sharing Bank Data

18th June 2018

Privacy and security still mar open banking adoption. Two in five (40%) of Malaysians have expressed openness to having their personal banking data shared, according to a survey by Unisys. However, a greater number are still hesitant in adopting AI for their banking needs, citing privacy and security concerns. “Malaysians are keen to use digital services but they seek a seamless Omni channel relationship so that they can start a transaction in one place and pick it up in another without having to start over,” said Unisys Asia Pacific vice president for financial services Richard Parker. Nearly half (47%) of...

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Asia Beats Europe and America in Private Banking Gains in 2017

18th June 2018

Assets under management grew 15.2% which is almost double Europe’s 7.5%. Asia’s wealth managers registered the largest gains in the global private banking scene as assets under management (AUM) grew 15.2% in 2017, according to a report from research firm Scorpio Partnership. The expansion was almost double that of Europe whose AUM only grew 7.5% and Americas at 13.8% as several wealth managers expanded their focus in the region last year. Chinese banks are also steadily muscling their way into the global private banking rankings with China Merchants Bank (CMB), ICBC, and Bank of China snagging 13th, 22nd and 24th place respectively. The AUM...

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Oil-Addicted Nigeria Hopes to Revive Mining

18th June 2018

Mining sector lacks basic infrastructure to transport minerals and a dearth of geological data Ilesa, Nigeria – LOCALS have always known that a vast deposit of gold sits underneath the cocoa trees and towering thickets of bamboo in the tropical jungle of Osun state in southwest Nigeria. The country’s focus on oil has meant the gold has been ignored for decades. But the government is now looking to revive the moribund mining sector as it seeks to diversify revenues following the 2014 crash in global crude prices. A few companies are already venturing into the sector, hoping to repeat the...

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Europe’s GDPR Should Motivate Companies to Improve Data Strategies

4th June 2018

SINGAPORE (June 4): The European Union’s much-discussed General Data Protection Regulation (GDPR) kicked in on May 25. Companies now need to get consent to process personal data from all EU citizens they serve and make it easy for them to withdraw that consent. Companies also have to design systems that protect customer data, and inform customers promptly when a breach occurs. These new rules could have implications on locally listed companies and, by extension, their shareholders. The GDPR applies not just to EU-based companies but to anyone serving EU citizens, which means local companies have to take data security much...

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Abandon Ship: Oil Tanker Scrappage to Hit Multi-Year High as Earnings Sink

4th June 2018

[SINGAPORE] The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations. The surge in scrapping underscores how the sector is grappling with one of its worst-ever crises, hit hard after rates for transporting oil plunged to multi-year lows in the wake of excess tanker supply and tepid demand as Opec production cuts bite. “The tanker markets are definitely in a trough at the moment, with one of the worst years in a decade in...

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