Connect with us

Business

Giant container ship blocking Suez Canal partially moved

Published

on


Crews have managed to partially free the container ship that caused a massive traffic jam on the Suez Canal.

The 440 million-pound Ever Given has been “partially refloated” after high winds and a dust storm turned it sideways and blocked the crucial trade route between Europe and Asia, the marine agency GAC said Wednesday.

Traffic and convoys are expected to start moving again as soon as the ship — which is longer than four football fields — is towed from the canal bank to another position, GAC said.

Some vessels could start passing through the Egyptian canal again by Thursday after the blockage gridlocked dozens of ships, Bloomberg News reported.

The first ship from a convoy that had been held up by the Ever Given has started to move, indicating that traffic has resumed, sources told Reuters.

The traffic jam caused by the ship may have affected 10 tankers carrying 13 million barrels of crude oil.
The traffic jam caused by the ship may have affected 10 tankers carrying 13 million barrels of crude oil.
VIA REUTERS

The process of clearing the canal has reportedly gone faster than initially expected after the giant ship ran aground Tuesday.

The Suez Canal is being partially blocked by the Ever Given, a large container ship.
The Suez Canal is being partially blocked by the Ever Given, a large container ship.
EPA

People familiar with the situation had feared it would take days to free up the passage that serves as an artery for about 12 percent of the world’s trade, according to Bloomberg.

This satellite image shows the cargo ship the Ever Given stuck in the Suez Canal near Suez, Egypt.
This satellite image shows the cargo ship the Ever Given stuck in the Suez Canal near Suez, Egypt.
Planet Labs Inc. via AP

Bernhard Schulte Shipmanagement, the ship’s technical manager, said an investigation into the incident was underway. The Ever Given’s crew is safe and no injuries have been reported, the firm said.

Photos from the site showed the Ever Given turned sideways and blocking the full width of the canal and creating a major headache for commercial ships. It takes a week longer for vessels to navigate around the African cape, which is the main alternate route between Asia and Europe.

Oil prices jumped Wednesday amid the jam, which may have affected 10 tankers carrying 13 million barrels of crude oil, according to Vertexa, an oil analytics firm.

Head of the Suez Canal Authority, Lt. Gen. Ossama Rabei (2nd from right) observes the blockage of Egypt's Suez Canal by the large container ship.
Head of the Suez Canal Authority, Lt. Gen. Ossama Rabei (2nd from right) observes the blockage of Egypt’s Suez Canal by the large container ship.
EPA

West Texas Intermediate crude futures were trading up about 2.7 percent at $59.31 a barrel as of 8:58 a.m., while Brent crude futures also climbed roughly 2.7 percent to $62.42.

A container ship was hit by strong wind and ran aground in the Suez Canal, Egypt.
The container ship was hit by strong wind and ran aground in the Suez Canal, Egypt.
VIA REUTERS

With Post wires



Source link

Continue Reading

Business

Dogecoin hits new high boosted by DogeDay hashtags

Published

on

By


Dogecoin prices hit an all-time high on Tuesday, with a market capitalization above $50 billion, after social media fans used hashtags to fuel a rally in the meme-based cryptocurrency.

An 8,000 percent price surge this year has seen Dogecoin, which was launched as a satirical critique of 2013′s cryptocurrency frenzy, overtake more widely-used cryptocurrencies like Tether to become the fifth-largest coin.

While Dogecoin, whose logo features a Shiba Inu dog at the center of the meme, a represents only a fraction of bitcoin’s $1 trillion value, it can be traded on crypto exchanges and more popular mainstream trading apps.

“The Doge rally represents an interesting convergence,” said Diana Biggs, CEO of crypto start-up Valour, after Dogecoin’s price soared by more than five-fold in the last week to a record 42 cents, according to CoinMarketCap.

“A meme coin created as a joke for early crypto adopters whose community found that kind of thing to be fun, with now a new generation of retail investors for whom memes are a native language,” Biggs added.

Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post memes, messages and videos on Twitter, Reddit and TikTok, referring to the informal April 20 holiday to celebrate cannabis which is marked by smoke-ins and street parties.

“GIMME THAT DOGECOIN LAMBO!!! #DogeDay” one tweeted, referring to the Lamborghini car popular in crypto culture.

Dogecoin’s rise has come amid a surge in online trading of stocks and crypto by retail investors, stuck at home with extra cash because of the COVID-19 pandemic. It has not coincided with a growth in usage of the coin for payments or in commerce.

The same trend has spurred a boom in usage of online trading apps like Robinhood, and also fueled the social-media driven rally in GameStop stock that pitted retail investors against hedge funds earlier this year.

“It’s an extension of the same phenomenon that has led Tesla stock to be valued well beyond fundamentals and more recently to the GME (GameStop) short squeeze,” said Ajit Tripathi, head of institutional business at decentralised finance startup Aave.

Like other cryptocurrencies, Dogecoin’s price is heavily influenced by social media users including Tesla chief Elon Musk, whose tweets on the cryptocurrency in February sent its price soaring over 60 percent.

“If this goes as planned and everybody including Mr. Musk go ahead and just pour money into Doge on April 20th all at once Doge will reach prices that originally were not even conceptual,” a TikTok user said in a video promoting the coin.





Source link

Continue Reading

Business

Amazon is opening a beauty salon in London

Published

on

By


Amazon is opening a hair salon in London — its latest odd lurch into new businesses as the pandemic continues to fuel the e-commerce giant’s torrid growth.

The Amazon Salon, unveiled in a Tuesday blog post, will occupy a two-story, 1,500-square-foot space in Spitalfields, a trendy neighborhood in East London that is also home to Amazon’s UK headquarters, which houses about 5,000 employees.

Indeed, the new salon, which will be open seven days a week, initially will only cater to Amazon workers. Members of the public will be able to make bookings in “the coming weeks” by calling, emailing or visiting the salon, the company says.

“This will be an experiential venue where we showcase new products and technology,” Amazon said in a blog post on Tuesday, adding that there are no plans to open other salons.

That will include making Amazon’s Fire tablets available at each station, allowing customers to use augmented reality technology to see what they look like as a platinum blonde, brunette or with highlights, the company said.

The salon is located at Amazon’s UK headquarters, which houses about 5,000 employees.
The salon is located at Amazon’s UK headquarters, which houses about 5,000 employees.
Amazon

The salon will also test new “point-and-learn” technology, where customers can point at a product they are interested in on a display shelf and the relevant information, including brand videos and educational content, will appear on a display screen.



Source link

Continue Reading

Business

Citigroup urges longer freeze over botched Revlon payment

Published

on

By


Citigroup on Friday urged a federal judge to extend a freeze on $504 million of its own money that it mistakenly sent a group of Revlon lenders.

The bank requested an injunction from Manhattan Federal Judge Jesse Furman, who on Feb. 16 said 10 asset managers could keep the funds because they had no reason to think a “sophisticated” bank could make such a mistake.

Citigroup is appealing, and last-minute talks with the asset managers’ lawyers on terms for a longer freeze broke down.

“They won’t guarantee, if we win our appeal, that we’ll get our money,” Citigroup’s lawyer, Neal Katyal, said. “Once this money goes out the door, it’s going to be hard to bring back.”

Adam Abensohn, a lawyer for asset managers including Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, said they could not accept an injunction because their lender clients now held the money.

HPS Investment Partners CEO Scott Kapnick. A costly error by Citigroup resulted in HPS and other lenders of cosmetics giant Revlon being repaid their loans far earlier than expected.
Getty Images for Room To Read

He also said the lenders were paid the money they were owed, and there was a “strong presumption” they were free to use it.

Citigroup is trying to escape a back-office blunder that could dampen client confidence in its ability to handle money, and which it said could make handling wire transfers too risky.

The New York-based bank, which was Revlon’s loan agent, had intended last August to make a small interest payment, but instead paid off the cosmetics company’s $894 million loan from its own pocket. It has recouped about $390 million.

Furman had suggested a compromise where the lenders would agree to use “substitute assets” to repay Citigroup with interest if the bank won its appeal.

But Katyal said Citigroup would suffer irreparable harm absent an injunction.

Katyal pointed to the recent collapse of the investment firm Archegos Capital Management, saying it had $20 billion in capital and “poof, in a flash, it disappeared. That’s the point of having a secured interest.”

Furman said he will rule as quickly as he can.



Source link

Continue Reading

Trending