Money

BLOOMBERG, JULY 4, 2020 Enron Nigeria says it’s owed money over suspended power deal | Company wants $22 million from sale of seized Galactica Star Almost two decades after the collapse of Enron Corp., a former unit of the energy-trading giant is sparring with US and Nigerian authorities over the proceeds of the sale of a luxury yacht. The dispute …

REUTERS, JUNE 30, 2020 LONDON – Royal Dutch Shell (RDSa.L) said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook. The impairments follow the Anglo-Dutch company’s decision to shift from fossil fuel and reduce its greenhouse gas emissions to net-zero by 2050, …

BLOOMBERG, JUNE 29, 2020 Over 200 North American producers have gone under since 2015 | This year, at least 20 have filed for bankruptcy protection By David Wethe for Bloomberg – The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest …

BLOOMBERG, JUNE 25, 2020 Government’s C$2,000 stipend helped cushion initial blow | ‘We didn’t expect it to come back that fast,’ Royal Bank of Canada’s CEO says By Doug Alexander for Bloomberg – Consumer spending in Canada rebounded sharply in the first half of June, thanks in part to tens of billions in government benefits paid to sidelined workers. Consumer purchase …

PortandTerminal.com, June 22, 2020 SYDNEY, AUSTRALIA – The APL England, which lost 50 containers overboard in rough seas last month, has been released on bail and allowed to sail to China where it will undergo repairs. The ship departed Brisbane on June 19 without cargo and with a new Master. The ship’s previous Master, who has been charged with offences …

PortandTerminal.com, June 22, 2020 OSLO – Norwegian container ship owner MPC must restructure its debt and raise new funds, to tackle a sector-wide downturn arising from the Covid-19 pandemic. The Oslo-listed container ship company MPC Container Ships is warning that it could go bankrupt and will face a serious cash crunch as early as July, next month. The company was …

REUTERS, JUNE 18, 2020 The company said it hoped to resume operations in a phased manner but was resigned to cutting back on overall capacity and had already agreed to sell six of its ships. (Reuters) – Carnival Corp (CCL.N) reported a record $4.4 billion in quarterly losses on Thursday, as the COVID-19 pandemic crippled the world’s biggest cruise operator …

REUTERS, JUNE 10, 2020 SHANGHAI – Tesla Inc’s (TSLA.O) stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to “volume production.” Musk, in an email seen by Reuters on Wednesday, did not specify a time frame for ramping up production of the Semi. …

PortandTerminal.com, June 9, 2020 A long-sought plan for a deepwater port in Nome, Alaska appears to finally be gaining momentum. NOME, AK – U.S. Army Corps of Engineers commander Lt. Gen. Todd T. Semonite approved a $618 million plan June 1 to expand the Port of Nome. That just leaves approval from Congress as the last major hurdle for a …

PortandTerminal.com, June 5, 2020 The budget is based on expectations of slower cargo volumes in the near term (decreasing by approximately 15.6%) and a continued slowdown in the worldwide economy, due to market uncertainties related to the COVID-19 pandemic and lingering impacts from the 2019 trade war. LOS ANGELES, CA – The Los Angeles Board of Harbor Commissioners has approved …