BUDD Group has reported that each vessel calling at anchorage at Base Buoy (B9) at Douala Port, Cameroon will now be provided with an armed security team for their protection.

This team will remain onboard the vessel throughout her stay at anchorage and will leave after berthing.

This service will be free and will be conducted for an indefinite period.

Source:Hellenicshippingnews

An Indonesian cargo plane with four people on board lost contact with air traffic control , an official said, the latest incident to hit the country’s poor aviation record.

The Twin Otter DHC6-400, set off from the city of Timika on Wednesday at 10:39 am (0239 GMT) and was headed to Ilaga, a mountainous region in the remote eastern province of Papua and was scheduled to arrive 50 minutes after taking off.

“After 2.5 hours, there has been no information from the nearest airport on the plane’s whereabouts, we decided to announce the plane has lost contact,” local transportation agency head, Yan Purba told Metro TV .

The aircraft was carrying three crew members and one passenger as well as 1.7 tonnes of rice.

Search and rescue have been assembled for the missing plane which was flying in a good weather condition, Purba said.

Indonesia relies heavily on air transport to connect its thousands of islands, but mountainous Papua is a particularly difficult area to reach.

The country has a poor aviation safety record and Papua is a particularly problematic place to fly due to its mountainous terrain and frequent poor weather.

In June, a military helicopter with 12 people on board lost contact just minutes after it took off from a remote Papua district Oksibil, to Sentani, also in Papua.

The remains of the aircraft have not been found to this day.

Earlier in 2016, a cargo plane carrying construction materials crashed in Ilaga, killing all four people on board.

(Source: AFP)

US President Donald Trump has been accused by experts of “hyperbole” for falsely claiming that America has become a net energy exporter and no longer needs to import oil from the Middle East.

Trump started one of his busier twitter days on Monday by sending out several posts about the recent attacks on the world’s largest refinery in Saudi Arabia, which slashed the kingdom’s oil production by about half and caused global oil prices to jump.

He gave himself credit for turning America into “the Number One Energy Producer in the World,” implying that his country was immune to the consequences of the devastating attack on Saudi Arabia’s state oil company Aramco.

“Because we have done so well with Energy over the last few years (thank you, Mr. President!), we are a net Energy Exporter, & now the Number One Energy Producer in the World,” he wrote. “We don’t need Middle Eastern Oil & Gas, & in fact have very few tankers there, but will help our Allies!”

Source: Presstv

President Donald Trump says he has authorized the release of the US’ “strategic petroleum reserve” in a bid to control the global oil prices, which are already hiking after 10 Yemeni drones attacked Saudi Aramco facilities.

“Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount sufficient to keep the markets well-supplied,” Trump said in a tweet early Monday.

“I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States,” he added.

Russia plans to issue its first yuan-denominated bond as the country is working with China to cut reliance on the US greenback, Russian broadcaster RT reports.

China and Russia are drawing increasingly close amid a changing global landscape marked by President Donald Trump’s “America First” policy and his trade war which involves multiple battles with US allies and others alike.

Beijing and Moscow have been planning yuan bonds since 2016, but the plan has been postponed several times. According to RT, Russia now expects to issues its first sovereign debt in the Chinese currency, officially called renminbi, by the end of the year or early next year.

Both countries are concerned about “the dollar hegemony” and see the launch as a stepping stone in their bid to break the dominion up, the network said.

“It’s a step towards de-dollarization,” investment strategist with Premier BCS Anton Bakhtin told RT. “Secondly, it’s an additional bridge between us and the Chinese investors.”

As tensions escalate with the US, world countries are becoming increasingly worried about Washington using global reliance on the dollar as a weapon.

However, it will take much more time to fully shift away from the greenback and countries are looking for additional financial instruments as protection.

Both China and Russia have been stockpiling gold. Since December, the People’s Bank of China has reportedly added about 100 tonnes of gold to its reserves. Russia has bought 106 tonnes of the precious metal this year.

Over the past decade, Russia has more than quadrupled its gold reserves to more than 2,200 tonnes and now owns the fifth-largest stockpile by country. China’s reserves reportedly stand at more than 1,950 tonnes.

Russian President Vladimir Putin has taken a special interest in breaking up America’s “exorbitant privilege” in the words of former French President Charles de Gaulle through the dollar hegemony.

In June, Putin urged five major emerging economic powers – Brazil, Russia, India, China and South Africa, known as BRICS – to accelerate developing a system that could replace the dollar.

China, on the other hand, is on a campaign to make the renminbi a global reserve currency and its rising gold reserves could add to world confidence in the currency.

China’s launch of yuan-denominated Shanghai futures in March generated a lot of enthusiasm around the world.

Experts say the new futures contract traded on the Shanghai International Energy Exchange is now on course to become an alternative international oil benchmark not priced in dollars.

Source: Presstv

Chinese President Xi Jinping and German Chancellor Angela Merkel have agreed to cooperate in the spirit of multilateralism and free trade, with the visiting German leader vowing to expand investments in China, which is its largest trading partner.

The development came as the two leaders met and held discussions in Beijing on Friday, when Xi pointed to the common interests of China and Europe in “safeguarding the basic rules of (a)multilateral trading system” and called for jointly upholding what he referred to as “international fairness and justice,” China’s state broadcaster CCTV reported.

According to the report, Merkel further described Beijing-Berlin dialog and cooperation as extensive and expressed Germany’s satisfaction in sharing China’s achievements on multilateralism and pledged to promote people-to people and cultural exchanges.  

She further shared Xi’s perspective that unilateralism and protectionism also have adverse impact on Germany, insisting that trading partners should work to overcome differences and frictions through dialog and consultation.

The Chinese president then emphasized that as two of the world’s major economic powers with global influences, China and Germany should exhibit responsibility and “jointly uphold international fairness and justice,” the report added.

Xi further called for stronger cooperation between the two nations in emerging fields such as intelligent manufacturing, artificial intelligence, digitalization and 5G networks as well as new energy vehicles to jointly cultivate and explore future markets.

The report also cited Xi as saying that China is “accelerating the opening of its financial and service sectors” and would welcome Germany’s investment in such sectors, providing Berlin and others with newer opportunities.

Merkel, who is on a two-day tour of China at the invitation of Premier, Li Keqiang, further expressed Germany’s willingness to “play a constructive role in the development of EU-China relations” and to enhance communication and coordination with Beijing in the field of international affairs.

The visit came amid an escalating trade war between Washington and Beijing as China on Monday filed a complaint against the US at the World Trade Organization (WTO) after the Trump administration imposed new tariffs on billions of dollars of Chinese imports.

China’s Commerce Ministry declared in a statement that Beijing would defend its legal rights in accordance with the rules of the international body that limit the tariffs each country is allowed to charge.

The announcement came one day after the US began imposing 15-percent tariffs on a variety of Chinese products. In a retaliatory move, China also began imposing new duties on US crude oil.

This is while China’s Commerce Ministry further announced in a Thursday statement that trade negotiations aimed at ending a protracted tariff war with Washington are scheduled to resume in the US capital next month.

According to the statement, American and Chinese trade negotiators had earlier in the day held a phone conversation and agreed to meet “in early October” for another round of talks.

China’s Vice Premier Liu was further cited as saying that he spoke with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on the phone and both parties agreed to hold what will be the thirteenth round of high-level economic talks in Washington at the beginning of next month.

The last round of the US-China trade negotiations was held in Shanghai in July, which was hailed as “constructive” but ended with no announcements.

Over the past year, the world’s two largest economies have been involved in a tense trade war, which escalated further on September 1 when both sides started implementing fresh levies on each other’s products.

Source: Presstv

The pirates, who kidnapped eight sailors from a cargo vessel off the coast of Cameroon last week, contacted the ship owner, according to a source from the Russian Embassy in Cameroon on Wednesday.

Three Russian nationals are being held hostage and a ransom for their release is being negotiated on, a source in the embassy said in an interview with Russian state-run news agencies TASS and RIA.

The talks can last for up to two weeks and the amount of ransom will not be revealed for the captives’ security, the source said.

The health condition of the Russian captives is “satisfactory,” according to the source, and an agreement was reached to supply them with medicines against malaria.

“The pirates, based on our information, are Nigerians. Presumably, the sailors were taken to Nigeria. An emergency response group is negotiating the release of sailors,” the source said.

Nigerian police spokesman Frank Mba said there was no information yet about three Russian sailors abducted off the Cameroonian coasts last Friday.

“We will act immediately once we have any information on the incident or their whereabouts,” Mba told Anadolu Agency.

Earlier, Russia’s Foreign Ministry said its diplomats are working with Cameroonian officials to accelerate the process of the release of the Russian citizens.

The vessel, which belongs to German company MarConsult Schiffahrt, was attacked near Port Douala, eight sailors were kidnapped, one Ukrainian, three Russians and four Filipinos. The vessel itself was not seized.

*Abu ‘Adnan contributed to this story from Lagos, Nigeria

Source: aa.com

US President Donald Trump has accused the mainstream American media of trying to crash the country’s economy as recession fears grow due to Trump’s trade disputes with several countries particularly China.

“The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election,” he said in a tweet on Thursday. “The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!”

Trump’s critics have accused him of trying to shift blame for recession concerns away from his escalating trade disputes with the world.

China on Thursday vowed to retaliate against planned escalations with unspecified but “necessary” countermeasures against the latest round of US tariffs levied on $300 billion of Chinese products as part of an escalating trade war.

Early this month, Trump tweeted that Washington will commence imposing tariffs of 10 percent on the remaining $300 billion of goods and products coming from the Asian country to the US from September 1.

The surprise tariff announcement came days after officials from the US and China restarted trade talks in Shanghai, China.

However, Trump backed off on part of the plan on Tuesday, postponing tariffs on some items such as cell phones, laptops and other consumer goods.

He hoped that the move could blunt their impact on US holiday sales. However, tariffs will still apply to those products from mid-December.

On Wednesday, US stocks tumbled as weak economic data from China and Germany and a key US Treasury benchmark exacerbated global recession fears.

Trump, however, targeted Federal Reserve policy as the culprit for the market turmoil. The Federal Reserve cut interest rates last month and is expected to make additional cuts in the months ahead.

Source: Presstv

Many black people in the United States have difficulty saving money partly because they lack access to traditional banking services, contributing to the growing racial wealth gap in the US, a new study has found.

Many African Americans depend on more expensive alternative financial services like check-cashing counters since there are fewer banks in non-white neighborhoods, according to the study published on Tuesday by McKinsey & Co.

Increasing access to basic banking services, like checking and savings accounts, could save individual black Americans up to $40,000 over their lifetime, the report found.

“Black families are being underserved and overcharged by institutions that can provide the best channels for saving,” said the report authored by McKinsey partners Shelley Stewart and Jason Wright.

In majority-white communities, there are an average of 41 banks and financial institutions for every 100,000 people, compared with 27 in neighborhoods that are majority non-white, the study said.

However, more expensive alternative financial services like payday lending are more readily available in black neighborhoods, the report said.

Additionally, banks in black communities typically require higher account balances to avoid service fees, the study said.

The US racial wealth gap has expanded significantly over the last two decades, with the wealth of the average white family growing 10 times higher than the average wealth of a black family, according to government data.

The white household had a net worth of $171,000 while average black and Hispanic households had a median net worth of $17,600 and $20,700 respectively.

“When you bridge that gap, the money is not just going to black pockets, it’s going to everyone’s pockets,” Wright told Reuters.

America’s racial income inequality and corporate greed has become a focus of the 2020 Democratic presidential candidates.

Critics say the tax policies of US President Donald Trump has funneled vast amounts of money to the wealthiest Americans while offering only modest benefits to lower income taxpayers.

Source: Presstv