Egypt Busts Suez Terror Plot – Sources

Suez Canal file photo (c) Shutterstock/Oleksandr Kalinichenko

  CAIRO, July 6 (Reuters) - Egyptian authorities have arrested 13 members of the Muslim Brotherhood on suspicion of planting bombs around the Suez Canal to disrupt shipping, security sources said on Monday. The waterway, the fastest shipping route between Europe and Asia, is a vital source of hard currency for Egypt, particularly since the 2011 uprising that toppled … [Read more...]

Rolls-Royce Cuts Profit Forecasts as New CEO Takes Helm

MT 30 engine rolls royce

By Sarah Young LONDON, July 6 (Reuters) - British engineer Rolls-Royce cut profit expectations for the third time in nine months on Monday, increasing the challenge for its new chief executive. Shares in the 131-year-old company dropped as much as 10 percent after it also scrapped a plan to buy back 1 billion pounds ($1.6 billion) of shares halfway through the … [Read more...]

Kenya’s Mombasa Port Sacks 27 Strike Leaders

Photo (c) Shutterstock/chungking

By Joseph Akwiri MOMBASA, July 4 (Reuters) - East Africa's biggest port in the Kenyan city of Mombasa said on Saturday it had dismissed 27 workers it believed were behind a strike this week that paralysed operations for two days and cost the port at least $2 million. Over 2,000 workers went on strike on Wednesday and Thursday in protest against higher deductions for the … [Read more...]

China to Lift Ban of 400,000 DWT ‘Valemax’ Mega-Ships

The MV YUAN SHI HAI, one of four Valemax ships sold to China Ore Shipping in May. Photo: Ian Edwards

  SHANGHAI, July 3 (Reuters) - China said on Friday it will allow 400,000-deadweight tonne ships to dock at its ports, officially ending a more than three-year ban that had effectively shut out Brazilian miner Vale SA's giant vessels. Four domestic ports - Qingdao, Dalian, Tangshan Caofeidian and Ningbo - will be allowed to receive the carriers after they meet … [Read more...]

BP Settlement Leaves Oil Major Open to Growth… Or Takeover

BP's Thunder Horse platform on location in the Gulf of Mexico. Photo: BP plc

  By Karolin Schaps and Ron Bousso LONDON, July 2 (Reuters) - BP's $18.7 billion settlement over the 2010 Gulf of Mexico spill draws a line under years of uncertainty to allow it to focus once again on growth but could make it an acquisition target. The British energy giant, whose shares are still some 35 percent below their value before the largest offshore spill … [Read more...]

Ferry Sinks in Philippines, Killing At Least 36

Passengers of the capsized MBCA Kim-Nirvana ferry (far L) are rescued by a tugboat of the Philippine coast guard near a port in Ormoc city, central Philippines July 2, 2015.  REUTERS/Ronald Frank Dejon

  By Rosemarie Francisco MANILA, July 2 (Reuters) - A ferry carrying 189 passengers and crew capsized off the central Philippines in heavy waves on Thursday, killing at least 36 people but the majority of those on board were rescued, the coast guard and police said. The MBCA Kim-Nirvana, a motorised outrigger with 173 passengers and 16 crew on board, capsized … [Read more...]

Shell Green-Lights Giant Appomattox Project in Gulf of Mexico

Shell says the platform will include advancements from previous four-column hosts, such as the Olympus tension-leg platform (TLP), pictured here under tow by Crowley tugs. Photo: Crowley

  By Ron Bousso LONDON, July 1 (Reuters) - Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water project economical despite low oil prices. The decision to pour billions of dollars into the Appomattox project comes as companies have scrapped around $200 … [Read more...]