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BUSINESS SATURDAY 28 SEPTEMBER 2019 13 PAGE | 14 PAGE | 15 UK rate cut US economy ‘plausible’ if cools as consumer Brexit uncertainty spending misses persists: Saunders forecasts Your Global Remittance Partner Currency TT Rate Currency TT Rate Currency TT Rate Currency TT Rate QAR/INR : 19.24 QAR/PHP : 14.17 QAR/LKR : 49.75 QAR/BDT : 23.20 EUR/QAR : 4.10 GBP/QAR : 4.60 CAD/QAR : 2.82 AUD/QAR : 2.57 CHF/QAR : 3.78 SGD/QAR : 2.72 KWD/QAR : 12.18 OMR/QAR : 9.55 MAIN BRANCH LULU HYPER MARKET SANAYYA (STREET 17) AL KHOR PH: 44441448 PH: 44650768 PH: 44510088 PH: 44213444 MATAR QADEEM MANSOURA - AL MEERA ABU HAMOUR BIN OMRAN - ALMEERA PH: 44655559 PH: 44357552 PH: 44621271 PH: 44162002 alzamanexchange www.alzamanexchange.com 44441448 Oil shipping rates soar as US tanker sanctions rattle crude trade REUTERS The rates for loading United States and Brazil were SINGAPORE Middle East crude to cancelled, oil and shipping west coast India in sources said. Key oil freight rates from the “There’s confusion in the H E Saad bin Sherida Al Kaabi (second left), the Minister of State for Energy Affairs, holding talks with Middle East to Asia rocketed as the second week of market for those who has fixed Isshu Sugawara, Japan’s Minister of Economy, Trade and Industry, in Tokyo. much as 28 percent yesterday in October jumped 28 the COSCO’s vessels. Everyone a global oil shipping market percent to 80-92.5 wants to avoid exposure to U.S. spooked by United States sanc- points after Reliance sanctions,” a Singapore-based Al Kaabi holds talks with tions on units of Chinese giant trader said. COSCO for alleged involvement Industries Ltd booked Provisional bookings for in ferrying crude out of Iran. two supertankers VLCCs Cosmerry Lake and Yuan Japan’s Economy Minister In what the State Department overnight. Qiu Hu to load US oil in the called “one of the largest sanc- second half of October were THE PENINSULA tions actions the US has taken” scrapped. DOHA meeting focused on cooper- and future cooperation in all since curbs were re-imposed on $600,000 per ship, a Singapore- Cosmerry Lake, owned by ation between Qatar and Japan aspects of the energy industry. Iran in November last year, two based crude oil trader said. Cosmerry Lake Maritime Inc and H E Saad bin Sherida Al in the field of energy and par- The discussions were units of COSCO were named The rates for loading Middle managed by COSCO Shipping Kaabi, the Minister of State for ticularly in the natural gas attended by Hassan bin alongside other companies in East crude to west coast India in Tanker (Dalian), is floating off the Energy Affairs, held talks in industry, and other issues of Mohammed Rafei Al Emadi, claims of involvement in sanc- the second week of October US Gulf. Yuan Qiu Hu, owned and Tokyo with Isshu Sugawara, mutual concern. Ambassador of the State of Qatar tions-busting shipments of jumped 28 percent to 80-92.5 managed by COSCO Shipping Japan’s Minister of Economy, Ministers Al Kaabi and Sug- to Japan, as well as senior exec- Iranian oil. points after Reliance Industries Tanker (Dalian), is on its way to Trade and Industry. awara reaffirmed commitment utives from Qatar Petroleum and The surprise move, affecting Ltd booked two supertankers the US Gulf. Discussions during the to stronger bilateral relations Qatargas. one of the world’s largest energy overnight, industry sources said. A third COSCO-linked shippers, operating more than 50 But there was also uncer- supertanker was chartered to supertankers, comes as US Pres- tainty over how widely the sanc- load in Brazil, but it has been Suning completes purchase Mylan in $30m ident Donald Trump seeks to tions on the COSCO units - replaced by another vessel, a exert maximum pressure on Iran COSCO Shipping Tanker (Dalian) source with knowledge of the of Carrefour’s China business US settlement to drop nuclear programmes. Co, Ltd and its subsidiary COSCO matter said. AFP statement posted on the As some Asian oil buyers Shipping Tanker (Dalian) Seaman Contacted by Reuters, an SHANGHAI Shenzhen Stock Exchange that over EpiPen rushed to secure vessels, rates for & Ship Management Co, Ltd - will official at COSCO said the impact it paid 4.8 billion yuan ($670m) chartering supertankers, or very be implemented. of the sanctions was being Chinese retail giant Suning in the cash transaction com- probe large crude carriers (VLCCs), to COSCO Shipping Tanker examined. Trading in shares of said yesterday it has acquired pleted on Thursday. load crude oil from the Middle (Dalian) owns and manages at COSCO Shipping Energy Trans- 80 percent of French super- “The comprehensive digi- disclosures East to north Asia in October least 36 tankers for crude and portation was halted on Thursday market Carrefour’s China tization of retail elements is the surged nearly 19% overnight to refined products, including 18 after the news on the sanctions. business as it aims to tap first priority of traditional retail AFP/NEW YORK about 75-76 points on World- VLCCs, according to shipping Industry sources said some online food sales and expand industry facing future devel- scale, an industry tool used to cal- sources and Refinitiv data. buyers were holding off while its physical presence. opment,” said Suning Holdings Mylan will pay $30m to settle culate freight charges, shipping At least three ships linked to they check with legal teams to Three months after the Group’s CEO Zhang Jindong in US charges it misled investors and industry sources said. That COSCO Shipping Tanker (Dalian) better understand the impact of agreement was first announced, a letter to welcome 30,000 about probes of EpiPen means an increase of about scheduled to load oil from the the sanctions. Nanjing-based Suning said in a Carrefour workers in China. payments under a federal health program, a US securities regu- lator announced yesterday. Mylan settled the case Turkey will make up without admitting or denying BIS sets up ‘green’ bond the allegations. for tourists lost in Thomas The charges concern Mylan’s statements to investors Cook collapse: Minister fund for central banks in 2015 and 2016, a period when the drug company was criticized REUTETRS Speaking at a conference in AFP In a quarterly report pub- in the media and in Congress for ISTANBUL Istanbul to announce Turkey’s ZURICH lished Sunday, the BIS detailed massive price increases of more tourism strategy, Ersoy said the obstacles facing central than 500 percent for EpiPen, a Turkey will be able to make up Easyjet had guaranteed that it The Bank of International Settle- banks’ wanting to include green lifesaving allergy medication. for the number of tourists lost will provide additional capacity ments said it had launched a fund investments in their reserve In the federal Medicaid after Thomas Cook collapsed for 350,000 people annually to to enable central banks around management. program, Mylan had categorized earlier this week, Tourism Min- Turkish holiday destinations. the world to invest in “green While green bond yields are EpiPen as a generic drug, a clas- ister Mehmet Ersoy said yes- Ersoy added that Turkish bonds”, citing a growing demand high, a lack of liquidity in a sification that allowed it to pay terday, announcing that several Airlines and its joint venture for climate-friendly investments. narrow market segment cur- lower rebates to the government airlines are expected to increase with Lufthansa, Sunexpress, The Basel-based BIS, con- rently constitutes the main than if the drug had been called flights to the country. would each schedule one addi- sidered the central bank for obstacles, it found. a branded drug. Tourism is a major source of tional flight per day to Dalaman central banks, said the new fund The green bond market US officials administering income for Turkey, helping to Airport, located near several would help “central banks to remains small, but is growing Medicaid contested this classi- rein in its current account Aegean coastal holiday incorporate environmental sus- rapidly, quadrupling in size over a fication and the matter was also deficit, especially in the summer destinations. tainability objectives in the man- four-year period, from some probed by the US Department months. Around 40 million He said Britain’s Jet2 airline agement of their reserves.” BIS minimum rating of A- and $50bn in 2014 to $230bn last year. of Justice. In October 2016, tourists visited in 2018, bringing is also expected to provide addi- said that an advisory committee comply with international green Thursday’s announcement came Mylan agreed to pay $465m to in $29.5bn, according to official tional flights and British Airways drawn from a global group of bond standards, which have been as a growing number of investment settle the Justice Department data. is expected to double its flights central banks had been set up to published by the Climate Bonds and wealth funds have also been charges that it overbilled Med- The head of Turkey’s to Dalaman to six per week as support the fund, which pools BIS Initiative, it said. looking to pull away from fossil icaid for the EpiPen medication. Hoteliers Federation said on of next year and to gradually client assets “to promote green “We are confident that, by fuels and shift to renewables, espe- The SEC contended that Mylan Monday that Turkey could miss increase its flights to the Medi- finance through sizeable climate- aggregating the investment cially since the 2015 Paris kept investors in the dark about out on 600,000-700,000 terranean coastal province of friendly investments.” The open- power of central banks, we can Agreement on climate change.