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China must further reform to ensure a sustainable growth, report says

The Chinese economy is still slowing down as it rebalances, with headwinds including trade frictions and a weak global economy undermining exports and creating new uncertainties. Policy should highlight long-term strategies to advance the economy towards improving economic efficiency and ensuring that future growth is sustainable, greener and more inclusive, a new report from the OECD says.

Steel demand to grow despite slowing economic environment

The World Steel Association released its April 2019 Short Range Outlook. worldsteel predicts that global steel demand will reach 1,735 Mt in 2019, an increase of 1.3% over 2018. In 2020, demand is projected to increase by 1.0% to reach 1,752 Mt. In 2018, global steel demand rose by 2.1%, growing slightly slower than in 2017.

Abu Dhabi pension fund invests in ADNOC oil pipelines

 The Abu Dhabi National Oil Company (ADNOC) announced that it entered a follow-on pipeline infrastructure investment agreement with the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF). ADRPBF will invest AED 1.1 billion (USD 300 million), following BlackRock and KKR who in February of this year signed the initial investment agreement to invest AED 14.7 billion (USD 4 billion) into the midstream pipeline assets. 

FMC to keep an eye on bunker surcharges

The US Federal Maritime Commission (FMC) will continue paying attention on the way that ocean carriers pass on additional fuels costs that have occurred due to IMO’s 2020 sulphur cap. The regulation could increase fuel costs by as much as one third. FMC is mainly aiming to make sure that ocean carrier bunker charge adjustment formulas are clear and definite, FMC Chairman Michael Khouri informed. 

European Commission advises EU members in case of no-deal Brexit

Ahead of the European Council (Article 50), the European Commission has taken stock of the European Union’s intense ‘no-deal’ preparations and has issued practical guidance to Member States in 5 areas, including  citizens’ residence and social security entitlements, data protection, medicine and medical devices, police and judicial cooperation in criminal matters, and fisheries.

Drewry: US auto tariffs may affect American seaports

Drewry published a report according to which the new American tariffs on cars and car parts could have a negative impact on some of the largest US ports. President Donald Trump threatened to impose tariffs on 25% of the cars imported. Drewry supports that in the possibility that President Trump implements the tariffs, American auto imports from overseas markets could fall by nearly 15% by 2021.

CMA CGM completes tender to acquire CEVA Logistics

French shipping giant CMA CGM announced successful completion of its public tender offer to acquire Swiss CEVA Logistics. Following the close of the public tender offer launched on 12 February, CMA CGM will hold 97.89% of the outstanding shares and voting rights of CEVA.

UK Customs ‘not ready for Brexit’

The UK customs system is not ready for Brexit and it could be three more years before it is, as Peter MacSwiney, chair of the Brexit committee at the Joint Customs Consultative Committee stated (JCCC). He highlighted the fact that preparations for Brexti are being slow. 

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