By Kyunghee Park, Daniela Wei and Shawna Kwan (Bloomberg) -- China is the new leader of shipping trade to the Americas. State-owned Cosco Shipping Holdings Co.’s $6.3 billion offer to buy Orient Overseas International Ltd. would create an entity that’s the biggest shipping company moving boxes to the North American continent from Asia, beating Copenhagen-based A.P. … [Read more...]
Shell Plans to Spend $1 Billion a Year on Clean Energy by 2020
By Rakteem Katakey (Bloomberg) -- Royal Dutch Shell Plc plans to spend as much as $1 billion a year on its New Energies division as the transition toward renewable power and electric cars accelerates. “In some parts of the world we are beginning to see battery electric cars starting to gain consumer acceptance” while wind and solar costs are falling fast, Shell CEO Ben Van … [Read more...]
COSCO Shipping to Buy OOCL for $6.3 Billion
By Brenda Goh and Matthew Miller SHANGHAI/BEIJING, July 9 (Reuters) - COSCO Shipping Holdings Co Ltd has offered to buy Orient Overseas International Ltd (OOIL) for HK$49.23 billion ($6.30 billion), in a deal that will see the mainland China group become the world's third largest container liner. The proposed deal is the latest in wave of mergers and acquisitions in global … [Read more...]
COSCO Offers $6.3 Billion For Orient Overseas
By Brenda Goh and Matthew Miller (Reuters) COSCO Shipping Holdings Co Ltd (601919.SS) has offered to buy Orient Overseas International Ltd (OOIL) (0316.HK) for HK$49.23 billion ($6.30 billion), in a deal that will see the mainland China group become the world's third largest container liner. The proposed deal is the latest in wave of mergers and acquisitions in global … [Read more...]
China, France Bid On Gambian Port Upgrade
By Emma Farge (Reuters) Chinese and French companies are bidding to help Gambia build up its Atlantic port Banjul to be what industry sources say could be a rival to neighboring Senegal's Dakar. It would be one of the first major structural changes in Gambia following the end of President Yahya Jammeh's more than 20-year rule in January. State-owned China Communications … [Read more...]
Chinese Aircraft Carrier Sails into Hong Kong on Maiden Visit
By Greg Torode HONG KONG, July 7 (Reuters) - China's first aircraft carrier sailed into Hong Kong waters on Friday, its latest show of growing military might at a time of rising regional tension. Tourists and residents gathered to catch a glimpse of the massive carrier on its maiden visit to Hong Kong, part of celebrations marking 20 years since the handover of the … [Read more...]
Panama Canal Does Some Good While Upending Historic Trade Routes
By Jessica Shankleman (Bloomberg) -- Fresh from a $5.25 billion, nine-year expansion that’s upending decades-old trade routes, it turns out the Panama Canal is also doing a little good for the planet. By offering a short-cut to deliver billions of dollars of Asian-made goods to America’s East Coast ports, the waterway has helped its shipping company customers to … [Read more...]
