Economy
The Panama Canal has surpassed the effects of “Govt 19”.
The Panama Canal set a record fiscal year for 2021, and officials announced Thursday that ship volume is higher than ever, despite the crisis caused by disruptions in global ports.
According to the Panama Canal Commission, a total of 516 million tons of cargo crossed the canal between October 2020 and September 2021, mainly containers, grains, chemicals and liquefied natural gas.
This figure represents an increase of 8.7 percent in inventory compared to the previous fiscal year, a record despite the recession in the global economy and trade caused by the effects of COVID-19.
“The Panama Canal fiscal year is truly exceptional,” Richard Vasquez, chairman of the authority, told a video conference.
According to Vasquez, the new shipwrecks are due to the increase in the number of ships and the crossing of the ocean with more containers, Vasquez says.
The increase in demand for grain between China and the United States, along with an increase in the transport frequency of liquefied natural gas, led to an increase in shipping through the canal.
New records have emerged despite the global trade crisis caused by the disruption of supply chains and congestion at ports in the wake of epidemics that have led to shortages of goods in some markets.
However, according to Vasquez, this did not affect the channel.
Since the United States opened the canal in 1914, more than a million ships have crossed it.
It regained control of the Panama Canal in 1999 under the Panama Canal Agreement signed in 1977.
(AFP)
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
(Reuters) – European stocks fell for a fifth straight day on Wednesday as negative reports from brokerages on property owners in Britain hurt real estate stocks, while recent moves weighed on shares of Dutch insurers and Swiss bank UBS. .
The European index fell 0.2 percent, closing at its lowest level in six months.
The European real estate sector index fell 2 percent.
Land Securities, British Land and Derwent London shares fell between 3.4 percent and 4.3 percent.
Overall, market sentiment remained pessimistic with investors on the likelihood of major central banks keeping interest rates high for longer, and a slump in China’s real estate sector added to negative sentiment.
The STOXX 600 index appeared to be on track for its first quarterly loss in four years, while the German index turned out to be the worst performer at the regional level.
Meanwhile, shares of Dutch insurers took a hit after court rulings raised the prospect of huge damage claims in a long-running battle over investment-linked products.
NN shares fell 18.8 percent, while ASR shares fell 14.2 percent.
Shares of UBS Bank fell about three percent after the U.S. Justice Department stepped up scrutiny of cases of suspected noncompliance with rules that helped clients from Russia avoid sanctions.
H&M shares, on the other hand, rose 3.4 percent after the world’s second-largest clothing retailer reported a slightly larger-than-expected increase in its quarterly profit, supported by cost cuts.
(Prepared by Rehab Ala for Arabic Bulletin)
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
Saudi Aramco continues its strategy of expanding petrochemical investments as part of a plan to convert 4 million barrels of oil per day into chemical products.
The Saudi oil giant has made China one of the most important markets it aims to expand into by entering into partnership or acquisition deals in the oil refining and petrochemical sector.
In this context, Saudi Aramco, one of the world’s leading integrated companies in the field of energy and petrochemicals, and Jiangsu Eastern Xinghong Company Limited (Eastern Xinghong), on Wednesday, September 27 (2023), signed a framework cooperation agreement to enter. In advising on potential acquisitions.
Acquisition Agreement Targets – Step Report Seen by Special Energy Platform – Acquisition of 10% strategic stake in Jiangsu Xinghong Petrochemical Industry Group Co., Ltd. (Jinghong Petrochemical), a wholly-owned subsidiary of East Jinggang, the deal is subject to necessary assessments and approvals.
Big investments
Xinghong Petrochemical Company owns and operates an integrated refining and petrochemical complex with a production capacity of 320 million barrels per day, as well as a methanol-to-olefins and derivatives complex.
Through its wholly-owned subsidiaries, it also has a facility for the production of refined terephthalic acid, and its facilities are located in the Petrochemical Industrial Park in Jiangsu Province.
Under the framework cooperation agreement, Saudi Aramco intends to supply crude oil and other raw materials to Shenghong Petrochemical Company. Saudi Oil Company and Shenghong Petrochemical Company intend to cooperate on a major expansion project, subject to the results of consultations between the two countries. Conclusion of parties and binding final agreements.
The new deal comes two months after Saudi Aramco closed a deal to buy a 10% stake in Rongsheng Petrochemical Co. for 24.6 billion Chinese yuan (3.4 billion US dollars).
The deal includes the export of 480,000 barrels per day of Arabian crude oil to the largest integrated refining and petrochemical complex in China owned by Zhejiang Petroleum and Petrochemical Co., Ltd., a subsidiary of Rongsheng.
Energy security in China
Mohammed Yahya Al-Qahdani, Saudi Arabia’s head of refining, chemicals and marketing, said, “Through our partnership with East China Sea, we look forward to providing Aramco with the reliable energy needed for growth, development and the long-term sustainability of China’s energy security.
He added: “The signing of the structural cooperation agreement with Saudi Aramco is an important step in our strategy in the field of refining, chemicals and marketing, which aims to increase the company’s ability to convert Arab crude oil into chemicals. Our vision to expand into the Chinese market, one of the world’s leading markets in the energy sector, is to “make China We consider ourselves an important partner today and for decades to come.”
Eastern Singhong, listed on the Shenzhen Stock Exchange, is one of the leading integrated companies in the energy and chemical industry and is keen to adopt advanced technologies in its new businesses in the energy and materials sectors.
Related topics..
Also read this…
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
SINGAPORE (Reuters) – The dollar hit a 10-month high as the U.S. continues to dominate at long-term highs.
In recent trading, the euro fell 0.14 percent to $1.05575, its lowest level in six months at $1.05555. The euro is heading for a quarterly loss of more than three percent, its worst quarterly performance in a year.
It fell 0.09 percent to $1.2146 after touching a six-month low of $1.2141 on Wednesday. Sterling is heading for a quarterly loss of more than four percent.
It hit a ten-month low of 106.30.
The rise in earnings led to a fall in the yen, which rose slightly to 149.03 yen against the dollar after falling to an 11-month low of 149.185 on Tuesday.
Some experts believe a breach of the 150 yen threshold could force Japanese authorities to intervene to support the currency, as they did last year.
The Australian dollar was down 0.20 percent at $0.6385.
The New Zealand dollar was down 0.23 percent at $0.5931.
(Prepared by Marwa Salam for Arabic Bulletin – Editing by Marwa Gharib)
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
-
Top News1 year agoTop 3 Cities in Vietnam for Digital Nomads
-
Top News1 year agoReasons why there isn’t More Scoring in Soccer
-
Top News2 years agoDirection Dubai: Private jets were attacked to escape the health drama in India
-
Economy3 months ago
Apple’s market cap is about $3 trillion
-
science2 years agoA Scientific Surprise .. Contemporary Month of Ancient Egyptians | Science
-
Tech2 years agoThe email is said to have come from Nintendo’s Lost Game Boy extension
-
Tech2 years agoNetflix launches new video game platform on Android devices
-
entertainment2 weeks ago
“Hanging Gardens” represents Iraq in the competition for “Oscars”.
