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Mar 4, 2015

Latvian synagogues lost in Holocaust get recreated in model form

RIGA (Reuters) – Decades after their destruction by the Nazis, Latvia’s lost synagogues have been recreated in detailed model form as part of efforts to recapture and document the once-rich Jewish life in the Baltic country.

There were 210 synagogues in Latvia before World War Two, with styles ranging from ornate neo-Renaissance and neo-Romanesque buildings to humble wooden structures.

Mar 3, 2015

Oil storage at sea stalls as profit play fades – Glencore

LONDON, March 3 (Reuters) – Traders are cutting plans to use
tankers to store oil at sea as the price incentive recedes, the
global head of oil at mining and commodities group Glencore’s
said on Tuesday.

In January, the price of spot oil was around 50 percent
lower than a peak hit in June, enabling traders to potentially
make money by storing crude for delivery months down the line,
when prices were expected to recover.

Feb 26, 2015

Commodities shipping crisis adds to loan woes for Greek banks

LONDON, Feb 26 (Reuters) – The global slump in demand for
dry freight commodities is adding more pain to Greece’s already
crisis-hit banks by heaping pressure on many of their shipowner
clients, particularly the smaller companies.

This is in part pushing the banks to consider slimming down
their shipping portfolios, moves that would also free up needed
banking capital, according to bank and shipping-finance sources.

Feb 26, 2015

Greek banks mull cutting shipping portfolios to raise capital – sources

LONDON, Feb 26 (Reuters) – Greece’s leading banks are
considering offloading part of their portfolios of shipping debt
worth billions of dollars in a bid to shore up their capital,
according to banking and ship financing sources.

Greece has secured an extension to its bailout from its
European partners, but the danger of it unravelling and of
Greece being pushed out of the euro zone still exists, raising
the risk that Greek banks could face large deposit losses in the
future to add to those they have already had.

Feb 26, 2015

Exclusive: Greek banks mull cutting shipping portfolios to raise capital – sources

LONDON (Reuters) – Greece’s leading banks are considering offloading part of their portfolios of shipping debt worth billions of dollars in a bid to shore up their capital, according to banking and ship financing sources.

Greece has secured an extension to its bailout from its European partners, but the danger of it unraveling and of Greece being pushed out of the euro zone still exists, raising the risk that Greek banks could face large deposit losses in the future to add to those they have already had.

Feb 24, 2015

Exclusive: Iran smuggles in $1 billion of bank notes to skirt sanctions – sources

LONDON/ANKARA/NEW YORK (Reuters) – At least $1 billion in cash has been smuggled into Iran as it seeks to avoid Western sanctions, a bigger figure than previously reported, Iranian officials and Western intelligence and diplomatic sources say.

Sanctions imposed by the West over Iran’s nuclear program have shut Tehran out of the global banking system, making it hard to obtain the U.S. dollars it needs for international transactions.

Feb 24, 2015

Iran smuggles in $1 billion of bank notes to skirt sanctions – sources

LONDON/ANKARA/NEW YORK, Feb 24 (Reuters) – At least $1
billion in cash has been smuggled into Iran as it seeks to avoid
Western sanctions, a bigger figure than previously reported,
Iranian officials and Western intelligence and diplomatic
sources say.

Sanctions imposed by the West over Iran’s nuclear programme
have shut Tehran out of the global banking system, making it
hard to obtain the U.S. dollars it needs for international
transactions.

Feb 9, 2015

Baltic sea freight index at all-time low as weak cargo demand takes toll

LONDON, Feb 9 (Reuters) – The Baltic Exchange’s main sea
freight index, tracking rates for ships carrying dry
bulk commodities, slid to an all-time low on Monday as sluggish
cargo demand especially from China battered sentiment.

The overall index, which gauges the cost of shipping
resources including iron ore, cement, grain, coal and
fertiliser, was down 5 points, or 0.89 percent, at 554 points,
the lowest level for which Baltic data is available that dates
back to January 1985.

Feb 3, 2015

Exclusive – Iran sweetens oil contracts to counter sanctions and price plunge

ANKARA/LONDON (Reuters) – Iran is sweetening the terms it offers on oil development contracts to draw the interest of foreign investors deterred by sanctions and low crude prices, as its pragmatic president seeks to deliver on his promise of economic recovery.

Tehran is engaged in talks with world powers about its disputed nuclear programme as it tries to strike a final deal to lift the sanctions that have halved its oil exports to just over 1 million barrels per day since 2012 and hammered its economy.

Feb 3, 2015

Iran sweetens oil contracts to counter sanctions and price plunge

ANKARA/LONDON, Feb 2 (Reuters) – Iran is sweetening the
terms it offers on oil development contracts to draw the
interest of foreign investors deterred by sanctions and low
crude prices, as its pragmatic president seeks to deliver on his
promise of economic recovery.

Tehran is engaged in talks with world powers about its
disputed nuclear programme as it tries to strike a final deal to
lift the sanctions that have halved its oil exports to just over
1 million barrels per day since 2012 and hammered its economy.