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Mar 26, 2015

Yemen war clouds raise dangers for top oil shipping route

LONDON, March 26 (Reuters) – Conflict in Yemen risks
spilling out into the busy sea lanes that pass it and
potentially disrupt the narrow Bab el-Mandeb passage through
which nearly 4 million barrels of oil are shipped daily to
Europe, the United States and Asia.

Oil prices rose as much as 6 percent on Thursday after
neighbouring Saudi Arabia and its allies launched air strikes on
Yemen that targeted Iran-backed Houthi rebels fighting to oust
Yemen’s president.

Mar 25, 2015

Iran storing 30 million barrels of oil at sea

LONDON/SINGAPORE, March 25 (Reuters) – Iran is storing at
least 30 million barrels of oil on its fleet of supertankers as
Western sanctions continue to keep a lid on sales, tanker market
sources say.

World powers are trying to reach a framework deal with Tehran
by the end of the month that would restrict the most sensitive
aspects of Iran’s disputed atomic programme in return for an
easing of international sanctions.

Mar 24, 2015

EU set to re-impose sanctions on more Iranian shipping companies

LONDON, March 24 (Reuters) – The European Union is set to
put 40 Iranian shipping firms back on a list of sanctioned
groups in a blow to the Islamic Republic’s transport sector
which has sought an easing of trade restrictions, letters sent
from the EU showed.

The move, which comes at a critical time in international
talks on Iran’s nuclear programme, is part of the EU’s response
to a series of court victories by Iranian companies that have
overturned EU sanctions against them. In February, the bloc
re-imposed sanctions on Iran’s biggest oil tanker firm NITC.

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.