Iran oil tanker breaks down in Red Sea off Saudi coast

An Iranian oil tanker carrying over 1 million barrels of fuel oil suffered a malfunction in the Red Sea off the coast of Saudi Arabia, authorities said Thursday, raising concerns that the vessel could be leaking. The incident involving the Happiness I came as U.S. oil exemptions for Iranian crude oil purchases expired, part of President Donald Trump’s maximalist approach against Tehran. They described the ship’s position as some 70 kilometers (44 miles) south of Jiddah in the Red Sea. Saudi auth


An Iranian oil tanker carrying over 1 million barrels of fuel oil suffered a malfunction in the Red Sea off the coast of Saudi Arabia, authorities said Thursday, raising concerns that the vessel could be leaking. The incident involving the Happiness I came as U.S. oil exemptions for Iranian crude oil purchases expired, part of President Donald Trump’s maximalist approach against Tehran. They described the ship’s position as some 70 kilometers (44 miles) south of Jiddah in the Red Sea. Saudi auth
Iran oil tanker breaks down in Red Sea off Saudi coast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02
Keywords: news, cnbc, companies, authorities, oil, breaks, happiness, saudi, red, iran, tanker, coast, staterun, sea, vessel, including, iranian


Iran oil tanker breaks down in Red Sea off Saudi coast

An Iranian oil tanker carrying over 1 million barrels of fuel oil suffered a malfunction in the Red Sea off the coast of Saudi Arabia, authorities said Thursday, raising concerns that the vessel could be leaking.

The incident involving the Happiness I came as U.S. oil exemptions for Iranian crude oil purchases expired, part of President Donald Trump’s maximalist approach against Tehran.

Saudi Arabia’s state-run television channels and news agency said authorities received a distress call from the Happiness I over an “engine failure and the loss of control.”

The vessel had a crew of 26, including 24 Iranians and two Bangladeshis, Saudi state media said. They described the ship’s position as some 70 kilometers (44 miles) south of Jiddah in the Red Sea.

Saudi authorities said various government agencies were involved in the operation, including those who handle environmental protection. It did not elaborate on whether oil had spilled from the tanker.

Iran’s state-run IRNA news agency quoted the state-run National Iranian Tanker Co. as saying the tanker would be transferred to Jiddah’s port. It said the vessel, on the way to the Suez Canal, broke down over water leaking into its engine room.


Company: cnbc, Activity: cnbc, Date: 2019-05-02
Keywords: news, cnbc, companies, authorities, oil, breaks, happiness, saudi, red, iran, tanker, coast, staterun, sea, vessel, including, iranian


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The most expensive resort in the world costs $100,000 a night — here’s what you get

Necker Island, Richard Branson’s private island resort in the British Virgin Islands, will set you back $77,500 a night. But Banwa Private Island, a new resort in the Philippines, costs $100,000 a night — the most expensive island resort in the world. Courtesy of Banwa Private IslandThe 15-acre island resort located in the archipelago of Palawan is a two-hour helicopter or seaplane ride from Manila. Courtesy of Banwa Private IslandGuests have use of an island concierge and they can get unlimited


Necker Island, Richard Branson’s private island resort in the British Virgin Islands, will set you back $77,500 a night. But Banwa Private Island, a new resort in the Philippines, costs $100,000 a night — the most expensive island resort in the world. Courtesy of Banwa Private IslandThe 15-acre island resort located in the archipelago of Palawan is a two-hour helicopter or seaplane ride from Manila. Courtesy of Banwa Private IslandGuests have use of an island concierge and they can get unlimited
The most expensive resort in the world costs $100,000 a night — here’s what you get Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: jimmy im
Keywords: news, cnbc, companies, resort, night, sea, costs, included, expensive, heres, island, 100000, banwa, islandthe, private, world, onsite


The most expensive resort in the world costs $100,000 a night — here's what you get

Musha Cay in the Bahamas, owned by David Copperfield, costs $42,000 a night. Necker Island, Richard Branson’s private island resort in the British Virgin Islands, will set you back $77,500 a night. But Banwa Private Island, a new resort in the Philippines, costs $100,000 a night — the most expensive island resort in the world. So, what do you get for a six-figure stay?

Courtesy of Banwa Private Island

The 15-acre island resort located in the archipelago of Palawan is a two-hour helicopter or seaplane ride from Manila. On the secluded island, there are six beachfront villas (ranging from one to four bedrooms) all with a private infinity pool and Jacuzzi. There are also 12 garden rooms and a top-level residential suite. The island can accommodate up to 48 people.

Courtesy of Banwa Private Island

The inclusive resort has a full staff of chefs who cook with vegetables from the onsite organic farm and fish caught from the surrounding Sulu Sea. The resort even makes its own honey. The wine list has bottles costing as much as $36,000 (though premium wines are not included in the resort rate).

Courtesy of Banwa Private Island

Guests have use of an island concierge and they can get unlimited spa treatments.

Courtesy of Banwa Private Island

Banwa also has a myriad of included activities, like snorkeling, kayaking, jet skiing, scuba diving, sailing, yoga and tennis. There is an on-site marine specialist to talk about the local wildlife, including protected native animals like Hawksbill sea turtles and Tabon birds.

Courtesy of Banwa Private Island


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: jimmy im
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‘Chinese people love and long for peace,’ President Xi says as major naval parade kicks off

The Chinese people love peace and countries should not threaten each other with the use of force, President Xi Jinping said on Tuesday as he kicked off a large-scale naval parade marking 70 years since the founding of China’s navy. Meeting foreign naval officers in the eastern Chinese city of Qingdao, Xi said the navies of the world should work together to protect maritime peace and order. Xi is expected to review the naval parade from sea later in the day, though it is unclear whether poor weat


The Chinese people love peace and countries should not threaten each other with the use of force, President Xi Jinping said on Tuesday as he kicked off a large-scale naval parade marking 70 years since the founding of China’s navy. Meeting foreign naval officers in the eastern Chinese city of Qingdao, Xi said the navies of the world should work together to protect maritime peace and order. Xi is expected to review the naval parade from sea later in the day, though it is unclear whether poor weat
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Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: artyom ivanov, tass, getty images
Keywords: news, cnbc, companies, sea, kicks, xi, countries, major, naval, love, chinese, china, parade, long, foreign, peace, force, president


'Chinese people love and long for peace,' President Xi says as major naval parade kicks off

The Chinese people love peace and countries should not threaten each other with the use of force, President Xi Jinping said on Tuesday as he kicked off a large-scale naval parade marking 70 years since the founding of China’s navy.

Xi is overseeing a sweeping plan to refurbish the People’s Liberation Army (PLA) by developing everything from stealth jets to aircraft carriers as China ramps up its presence in the disputed South China Sea and around self-ruled Taiwan, which have rattled nerves around the region and in Washington.

The navy has been a key beneficiary of the modernization plan, with China looking to project power far from the country’s shores and protect its trading routes and citizens overseas.

Meeting foreign naval officers in the eastern Chinese city of Qingdao, Xi said the navies of the world should work together to protect maritime peace and order.

“The Chinese people love and long for peace, and will unswervingly follow the path of peaceful development,” Xi added, in remarks carried by the official Xinhua news agency, after foreign reporters were asked by Xi to leave the room.

“Everyone should respect each other, treat each other as equals, enhance mutual trust, strengthen maritime dialogue and exchanges, and deepen pragmatic cooperation between navies,” he added.

“There must be more discussions and consultations between countries, and there cannot be resorts to force or threats of force at the slightest pretext,” Xi said.

“All countries should adhere to equal consultations, improve crisis communication mechanisms, strengthen regional security cooperation, and promote the proper settlement of maritime-related disputes.”

Xi is expected to review the naval parade from sea later in the day, though it is unclear whether poor weather in Qingdao — with mist and driving rain — could affect the event.

The parade will feature 32 Chinese vessels and 39 aircraft, as well as warships from 13 foreign countries including India, Japan, Vietnam and Australia.

China has said it will display for the first time new nuclear submarines and warships.

China has frequently had to rebuff concerns about its military intentions, especially as military spending continues to scale new heights.

Beijing says it has nothing to hide, and invited a small number of foreign media onboard a naval ship to watch the parade, including from Reuters.

China’s last naval battles were with the Vietnamese in the South China Sea in 1974 and 1988, though these were relatively minor skirmishes.

Chinese navy ships have also participated in international anti-piracy patrols off Somalia’s coast since late 2008.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: artyom ivanov, tass, getty images
Keywords: news, cnbc, companies, sea, kicks, xi, countries, major, naval, love, chinese, china, parade, long, foreign, peace, force, president


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ConocoPhillips exits UK oil and gas production in huge $2.7 billion North Sea sale

ConocoPhillips on Thursday announced it has struck an agreement to sell its UK oil and gas operations for nearly $2.7 billion, setting up its exit from the North Sea. It will also continue to operate the terminal, which receives oil and gas from the North Sea fields. Earlier this year, Conoco Chief Operating Officer Matthew Fox said the company’s major portfolio restructuring was essentially complete, with the exception of the North Sea sale. The deal makes Chrysaor one of the largest producers


ConocoPhillips on Thursday announced it has struck an agreement to sell its UK oil and gas operations for nearly $2.7 billion, setting up its exit from the North Sea. It will also continue to operate the terminal, which receives oil and gas from the North Sea fields. Earlier this year, Conoco Chief Operating Officer Matthew Fox said the company’s major portfolio restructuring was essentially complete, with the exception of the North Sea sale. The deal makes Chrysaor one of the largest producers
ConocoPhillips exits UK oil and gas production in huge $2.7 billion North Sea sale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: tom dichristopher, source
Keywords: news, cnbc, companies, chrysaor, oil, uk, gas, company, transaction, sea, conocophillips, sale, exits, north, production, huge


ConocoPhillips exits UK oil and gas production in huge $2.7 billion North Sea sale

ConocoPhillips on Thursday announced it has struck an agreement to sell its UK oil and gas operations for nearly $2.7 billion, setting up its exit from the North Sea.

The Houston-based driller will sell its ConocoPhillips United Kingdom subsidiaries for $2.675 billion to Chrysaor E&P, a company focused on producing oil and natural gas from the North Sea. The transaction is expected to close in the second half of 2019.

The deal is the largest transaction in the exploration and production space outside the U.S. this year, according to investment bank Jefferies, which acted as Chrysaor’s financial adviser.

Shares of ConocoPhillips were slightly higher in morning trading.

ConocoPhillips has been marketing the assets for several months. The company will retain its commercial trading business in London and its roughly 40% interest in the Teesside oil terminal. It will also continue to operate the terminal, which receives oil and gas from the North Sea fields.

“We are extremely proud of the legacy we’ve built in the U.K. over the last 50 years and are pleased that Chrysaor recognizes the value of this business,” ConocoPhillips Chairman and CEO Ryan Lance said in a statement. “This disposition is part of our ongoing effort to hone our portfolio and focus our investments across future low cost of supply opportunities.”

Earlier this year, Conoco Chief Operating Officer Matthew Fox said the company’s major portfolio restructuring was essentially complete, with the exception of the North Sea sale. The company earned nearly $1.1 billion on dispositions in 2018.

The deal makes Chrysaor one of the largest producers in the UK North Sea.

Chrysaor will pick up offshore assets that produced about 72,000 barrels of oil equivalent per day. That increases its pro forma 2018 output to about 177,000 boepd of oil and gas. The company will take control of two major offshore production hubs, Britannia and J‐Block, and ConocoPhillips’ stake in the Clair Field area.

“This significant acquisition reflects our continuing belief that the UK North Sea has material future potential for oil and gas production,” Chrysaor CEO and former Hess executive Phil Kirk said in a statement.

The transaction continues a trend of major oil companies exiting the North Sea and placing the region in the hands of private equity-backed independent drillers.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: tom dichristopher, source
Keywords: news, cnbc, companies, chrysaor, oil, uk, gas, company, transaction, sea, conocophillips, sale, exits, north, production, huge


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Cramer: Investors need a new playbook now that the Fed ended rate hikes this year

Investors need not worry that the Federal Reserve induced a market “sea change” by calling off interest rate increases this year and adjust their game plan to make money, CNBC’s Jim Cramer said Thursday. The major averages all rose higher during the session on the agency’s monetary policy reversal, he said. The Fed’s benchmark funds rate will remain in a range of 2.25 percent to 2.5 percent. “I’m not saying you should swap out of the losers and buy the winners immediately,” Cramer said. “But the


Investors need not worry that the Federal Reserve induced a market “sea change” by calling off interest rate increases this year and adjust their game plan to make money, CNBC’s Jim Cramer said Thursday. The major averages all rose higher during the session on the agency’s monetary policy reversal, he said. The Fed’s benchmark funds rate will remain in a range of 2.25 percent to 2.5 percent. “I’m not saying you should swap out of the losers and buy the winners immediately,” Cramer said. “But the
Cramer: Investors need a new playbook now that the Fed ended rate hikes this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: tyler clifford
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Cramer: Investors need a new playbook now that the Fed ended rate hikes this year

Investors need not worry that the Federal Reserve induced a market “sea change” by calling off interest rate increases this year and adjust their game plan to make money, CNBC’s Jim Cramer said Thursday.

The major averages all rose higher during the session on the agency’s monetary policy reversal, he said.

“This is a dramatic shift—we don’t need to worry about more rate hikes—and that’s why it’s causing a sea change in the stock market right now because we’re in a low growth environment again,” the “Mad Money” host said.

Although Chairman Jerome Powell and the central bank reduced the forecast on GDP growth and inflation, there are more stocks that can perform well in low-growth rather than high-growth conditions, he added.

As a guideline, Cramer suggests picking stocks whose sales won’t get knocked down by an easing economy, focusing on high-yielding dividend stocks, buying the fastest-growing names while inflation is near flat, and loading up on companies that do a lot of business overseas, including those impacted by the trade war with China, because the dollar is getting weaker.

The Fed’s benchmark funds rate will remain in a range of 2.25 percent to 2.5 percent.

“I’m not saying you should swap out of the losers and buy the winners immediately,” Cramer said. “But the bottom line is that you need to be in the right frame of mind for this new market for this playbook” below.


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: tyler clifford
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China’s defense spending is growing more slowly. But that doesn’t mean military tensions are easing

China announced Tuesday that military spending will grow at a slower pace than last year, but one analyst cautioned that it should not be interpreted to mean that military tensions with the United States will ease. At its annual parliamentary meeting, the National People’s Congress, Beijing set its 2019 defense spending at 7.5 percent higher than a year ago — or 1.19 trillion yuan ($177.61 billion). Military tensions between the U.S. and China have been on the rise in recent years as Beijing tak


China announced Tuesday that military spending will grow at a slower pace than last year, but one analyst cautioned that it should not be interpreted to mean that military tensions with the United States will ease. At its annual parliamentary meeting, the National People’s Congress, Beijing set its 2019 defense spending at 7.5 percent higher than a year ago — or 1.19 trillion yuan ($177.61 billion). Military tensions between the U.S. and China have been on the rise in recent years as Beijing tak
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Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: kelly olsen, str, afp, getty images, vcg
Keywords: news, cnbc, companies, doesnt, tensions, mean, military, heath, sea, growing, easing, beijing, defense, slowly, china, chinas, spending, slower


China's defense spending is growing more slowly. But that doesn't mean military tensions are easing

China announced Tuesday that military spending will grow at a slower pace than last year, but one analyst cautioned that it should not be interpreted to mean that military tensions with the United States will ease.

At its annual parliamentary meeting, the National People’s Congress, Beijing set its 2019 defense spending at 7.5 percent higher than a year ago — or 1.19 trillion yuan ($177.61 billion).

That’s lower than the 8.1 percent growth in 2018 and far below double-digit increases of previous years — though analysts have long questioned how accurately the budget reflects actual spending.

Military tensions between the U.S. and China have been on the rise in recent years as Beijing takes a more assertive stance on territorial claims in the South China Sea and East China Sea, as well as over Taiwan — a self-ruled territory which Beijing claims as its own.

But slower growth in defense spending doesn’t mean tensions with Washington have ceased, warned Timothy Heath, senior international defense researcher at U.S. think tank Rand Corporation.

In fact, the stated amount is less important than what it’s used for, Heath told CNBC’s “Squawk Box” on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: kelly olsen, str, afp, getty images, vcg
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UK to send new aircraft carrier loaded with F35 jets into South China Sea

The United Kingdom will deploy its new aircraft carrier, loaded with two squadrons of F-35 aircraft into the politically-fraught South China Sea. British Defense Minister Gavin Williamson confirmed in a speech Monday morning that the Royal Navy’s HMS Queen Elizabeth will sail into waters that are the subject of dispute between China and other nations. The £3 billion ($3.9 billion) carrier’s outing will also sail into the Middle East and Mediterranean and will be officially a mixed U.K./U.S. Enha


The United Kingdom will deploy its new aircraft carrier, loaded with two squadrons of F-35 aircraft into the politically-fraught South China Sea. British Defense Minister Gavin Williamson confirmed in a speech Monday morning that the Royal Navy’s HMS Queen Elizabeth will sail into waters that are the subject of dispute between China and other nations. The £3 billion ($3.9 billion) carrier’s outing will also sail into the Middle East and Mediterranean and will be officially a mixed U.K./U.S. Enha
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Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: david reid, royal navy, us air force photo, vcg, getty images
Keywords: news, cnbc, companies, billion, loaded, uk, carrier, royal, minister, williamson, send, south, jets, lethality, carriers, defense, f35, sail, sea, united, china, aircraft


UK to send new aircraft carrier loaded with F35 jets into South China Sea

The United Kingdom will deploy its new aircraft carrier, loaded with two squadrons of F-35 aircraft into the politically-fraught South China Sea.

British Defense Minister Gavin Williamson confirmed in a speech Monday morning that the Royal Navy’s HMS Queen Elizabeth will sail into waters that are the subject of dispute between China and other nations.

At an address given to the Royal United Services Institute (RUSI) in London, Williamson said Britain was the second largest investor in the region and it must display “hard power” and “lethality” to help protect interests.

The £3 billion ($3.9 billion) carrier’s outing will also sail into the Middle East and Mediterranean and will be officially a mixed U.K./U.S. deployment.

“Significantly British and American F-35s will be embedded in the carrier’s air wing. Enhancing the reach and lethality of our forces (and) reinforcing the fact that United States remains the very closest of partners,” Williamson said.

The U.K. defense minister did not confirm exact dates for the mission.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: david reid, royal navy, us air force photo, vcg, getty images
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China naval gun ready for warfare by 2025: US intelligence

US intelligence: China will have world’s most powerful naval gun ready by 2025 4:50 PM ET Thu, 21 June 2018 | 00:39The development comes at a moment when tensions between China and the U.S. are already high, underscored by crucial trade talks that were scheduled to move to Washington on Wednesday. The rounds used in China’s railgun cost $25,000 to $50,000 each, according to the intelligence assessment. The U.S. Navy’s railgun, which is years away from being operational, remains a classified syst


US intelligence: China will have world’s most powerful naval gun ready by 2025 4:50 PM ET Thu, 21 June 2018 | 00:39The development comes at a moment when tensions between China and the U.S. are already high, underscored by crucial trade talks that were scheduled to move to Washington on Wednesday. The rounds used in China’s railgun cost $25,000 to $50,000 each, according to the intelligence assessment. The U.S. Navy’s railgun, which is years away from being operational, remains a classified syst
China naval gun ready for warfare by 2025: US intelligence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: amanda macias, mark ralston, afp, getty images
Keywords: news, cnbc, companies, railgun, ready, systems, rounds, washington, china, sea, intelligence, south, warfare, naval, 2025, weapons, gun, trade


China naval gun ready for warfare by 2025: US intelligence

US intelligence: China will have world’s most powerful naval gun ready by 2025 4:50 PM ET Thu, 21 June 2018 | 00:39

The development comes at a moment when tensions between China and the U.S. are already high, underscored by crucial trade talks that were scheduled to move to Washington on Wednesday.

Railguns use electromagnetic energy instead of gunpowder to propel rounds, and China’s is capable of striking a target 124 miles away at speeds of up to 1.6 miles per second, according to the people who have knowledge of the intelligence report. For perspective, a shot fired from Washington could reach Philadelphia in under 90 seconds.

Railguns have long appeared on Russian, Iranian and U.S. military wish lists as cost-effective weapons that give navies the might of a cannon with the range of a precision-guided missile.

The rounds used in China’s railgun cost $25,000 to $50,000 each, according to the intelligence assessment. Though not an exact comparison since the weapons have different technologies, the U.S. Navy’s Tomahawk cruise missile has an estimated price tag of $1.4 million each.

The U.S. Navy’s railgun, which is years away from being operational, remains a classified system still in development under the Office of Naval Research.

China’s sprint to develop a weapon of this magnitude, coupled with coastal defense systems, represents a significant addition to Beijing’s military arsenal in one of the most contested regions of the world: the South China Sea.

In May, CNBC learned that China quietly installed anti-ship cruise missiles and surface-to-air missile systems on three of its fortified outposts west of the Philippines in the sea, a move that allows Beijing to further project its power in the hotly disputed waters.

Home to more than 200 specks of land, the South China Sea serves as a gateway to global shipping routes where $3.4 trillion of trade passes annually.

The numerous overlapping sovereign claims to islands, reefs and rocks — many of which disappear under high tide — have turned the waters into an armed camp. Beijing holds the lion’s share of these features with about 27 outposts.

WATCH: Russia and China developing ‘destructive’ space weapons


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: amanda macias, mark ralston, afp, getty images
Keywords: news, cnbc, companies, railgun, ready, systems, rounds, washington, china, sea, intelligence, south, warfare, naval, 2025, weapons, gun, trade


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A bankruptcy in the Philippines sparks concerns of Chinese firms taking over a former US naval base

In the Philippines, a major corporate bankruptcy has sparked national security concerns about whether a port near the disputed South China Sea could fall under Beijing’s control. Philippine officials are currently exploring ways to take over a shipyard located at a former U.S. naval base known as Subic Bay to prevent Chinese companies from buying the site. Officials, including the defense secretary, have expressed concerns of a Chinese presence in the area, even if it’s a commercial one. Hanjin


In the Philippines, a major corporate bankruptcy has sparked national security concerns about whether a port near the disputed South China Sea could fall under Beijing’s control. Philippine officials are currently exploring ways to take over a shipyard located at a former U.S. naval base known as Subic Bay to prevent Chinese companies from buying the site. Officials, including the defense secretary, have expressed concerns of a Chinese presence in the area, even if it’s a commercial one. Hanjin
A bankruptcy in the Philippines sparks concerns of Chinese firms taking over a former US naval base Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: nyshka chandran, ted aljibe afp getty images
Keywords: news, cnbc, companies, shipyard, sparks, firms, bankruptcy, chinese, south, naval, sea, loans, korean, taking, industries, help, subic, base, philippines, million, concerns


A bankruptcy in the Philippines sparks concerns of Chinese firms taking over a former US naval base

In the Philippines, a major corporate bankruptcy has sparked national security concerns about whether a port near the disputed South China Sea could fall under Beijing’s control.

Philippine officials are currently exploring ways to take over a shipyard located at a former U.S. naval base known as Subic Bay to prevent Chinese companies from buying the site.

Officials, including the defense secretary, have expressed concerns of a Chinese presence in the area, even if it’s a commercial one. Those worries come against the backdrop of China’s growing aggression in the South China Sea and Beijing previously seizing neighboring islands in the area that are claimed by Manila.

Hanjin Heavy Industries and Construction Philippines has been operating an industrial shipyard in Subic Bay for years. But the company, a shipbuilding unit of South Korean firm Hanjin Heavy Industries and Construction, declared bankruptcy in January after defaulting on loans of over $400 million from Philippine banks. It is believed to be one of the largest corporate defaults in Philippine history and puts thousands of local jobs at risk.

Hanjin Philippines has asked the Manila government to help find investors willing to take over its shipyard operations and help its staff, according to the official Philippine News Agency. The company also has outstanding loans of $900 million from South Korean banks.


Company: cnbc, Activity: cnbc, Date: 2019-01-25  Authors: nyshka chandran, ted aljibe afp getty images
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Top US Navy officer to visit China amid heightened tensions

The U.S. Navy’s top officer will visit China starting Sunday amid increasing frictions in the South China Sea and other tensions underscoring their rivalry for dominance in Asia. The goal of the visit, Richardson’s second as head of operations, is to “continue a results-oriented, risk reduction focused dialogue” between the two militaries, the Navy said. In recent years, the South China Sea has become the main area of contention, home to islands, rich fishing grounds, undersea mineral deposits a


The U.S. Navy’s top officer will visit China starting Sunday amid increasing frictions in the South China Sea and other tensions underscoring their rivalry for dominance in Asia. The goal of the visit, Richardson’s second as head of operations, is to “continue a results-oriented, risk reduction focused dialogue” between the two militaries, the Navy said. In recent years, the South China Sea has become the main area of contention, home to islands, rich fishing grounds, undersea mineral deposits a
Top US Navy officer to visit China amid heightened tensions Cached Page below :
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Top US Navy officer to visit China amid heightened tensions

The U.S. Navy’s top officer will visit China starting Sunday amid increasing frictions in the South China Sea and other tensions underscoring their rivalry for dominance in Asia.

Chief of Naval Operations Adm. John Richardson will meet with his counterpart Vice Adm. Shen Jinlong and leaders of China’s Central Military Commission during his visit to Beijing and the eastern city of Nanjing lasting through Wednesday, the Navy said.

The goal of the visit, Richardson’s second as head of operations, is to “continue a results-oriented, risk reduction focused dialogue” between the two militaries, the Navy said.

“A routine exchange of views is essential, especially in times of friction, in order to reduce risk and avoid miscalculation,” the release quoted Richardson as saying. “Honest and frank dialogue can improve the relationship in constructive ways, help explore areas where we share common interests, and reduce risk while we work through our differences.”

Richardson and Shen met previously at the 2018 International Seapower Symposium in the U.S. and have held three discussions via video teleconference, the most recent in December, the release said.

China has long chafed at the robust U.S. naval presence in its region, seeing that as a key component of a strategy to contain its development.

In recent years, the South China Sea has become the main area of contention, home to islands, rich fishing grounds, undersea mineral deposits and shipping lanes through which pass an estimated $5 trillion in goods annually. China claims virtually the entire waterway on historical grounds and has strengthened its hold through the fortification of its island holdings and the construction and man-made outposts by piling sand and concrete atop coral reefs.

Five other governments also exercise overlapping claims in the area and while the U.S. takes no formal position on sovereignty, it insists on the right to navigation and overflight, including in air and waters within the territorial limits surrounding China’s holdings.

Such freedom of navigation operations intended to assert such rights have enraged China, which has vowed to take whatever measures to thwart them.

While those usually involve the dispatch of ships and aircraft to warn off U.S. vessels, in late September, a Chinese destroyer came perilously close to the USS Decatur in the South China Sea in what the U.S. Navy called an “unsafe and unprofessional maneuver.” Navy officers downplayed the incident, calling it unfortunate, rare and something they’d like to avoid in future.

Richardson has said such patrols highlight the U.S. position against “illegitimate maritime claims.”

Chinese navy academy researcher Senior Captain Zhang Junshe said Wednesday that Beijing may further fortify the outposts depending on perceived threats.

While the sides have sought to boost understanding and signed agreements to handle unexpected confrontations at air and sea, deep mistrust lingers.


Company: cnbc, Activity: cnbc, Date: 2019-01-12  Authors: visual china group, getty images, vcg
Keywords: news, cnbc, companies, china, richardson, navy, heightened, amid, risk, operations, release, officer, shen, sea, south, tensions, visit


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