Trump's campaign promise for a 350-ship Navy will have to wait at least a year. The 2018 budget proposal includes the purchasing of eight additional battle force ships - the same number set out by the Obama administration - including: one Gerald R. Ford Class Aircraft Carrier; two Virginia Class submarines; two Arleigh Burke Class Destroyers; one Littoral Combat Ship; one John … [Read more...]
Trump’s Budget Proposes Selling Off Half of U.S. Oil Stockpile, Kills Offshore Oil Revenue Sharing Among Gulf States
By Catherine Traywick and Jennifer A. Dlouhy (Bloomberg) -- The White House plan to trim the national debt includes selling off half of the nation’s emergency oil stockpile, part of a broad series of changes proposed by President Donald Trump to the federal government’s role in energy markets. Trump’s first complete budget proposal, released in part on Monday, would raise … [Read more...]
From Deep in Atlantic, Titanic Relics Sail Toward Auction
By Eliza Ronalds-Hannon (Bloomberg) -- The Titanic may be under 2.5 miles of water, but wreckage from the doomed ship could fetch close to $220 million at an auction this year. Premier Exhibitions Inc. proposed the sale in a May 18 filing in U.S. Bankruptcy Court in Jacksonville, Florida. The Atlanta-based company and its RMS Titanic Inc. unit filed for Chapter 11 protection … [Read more...]
China Love for U.S. Gas Begins as Trump Rolls Out Red Carpet
By Bloomberg News (Bloomberg) -- Let the gushing begin. After an executive from U.S. liquefied natural gas exporter Cheniere Energy Inc. spoke to a few hundred people at a conference in Beijing last week, the first question from the audience turned out to be an invitation to visit one of China’s biggest energy firms and a main LNG buyer, the state-owned giant known as … [Read more...]
BP Starts North Sea Oil Project That Will Help Double Its U.K. Output
By Rakteem Katakey (Bloomberg) -- BP Plc started a project in the U.K. North Sea that will restore production halted since 2013 and help double the company’s output in the area by the end of the decade. BP and its partners budgeted 4.4 billion pounds ($5.7 billion) for the Quad 204 project, which involved building a new floating production and supply vessel and redeveloping … [Read more...]
Escalating Dockworkers’ Conflict Now Threatens Swedish Economy
By Niclas Rolander and Hanna Hoikkala (Bloomberg) -- As a drawn-out labor conflict at the Nordic region’s largest port escalates, some of Sweden’s largest exporters are warning they may be forced to find alternative harbors abroad to safeguard shipments. Container capacity at A.P. Moller-Maersk A/S’ APM Terminals facility in Gothenburg has in the past six months dropped to … [Read more...]
Global Expansion Is In Sync, Even If Chaos Reigns Elsewhere
By Theophilos Argitis and Blaise Robinson (Bloomberg) -- With the first-quarter earnings season coming to a close, the verdict is in on the synchronized global expansion: It’s alive and well. A picture of strong earnings growth and positive surprises has emerged across both industries and geography, adding to evidence the world’s major economies are increasingly running in … [Read more...]
