Three billion tonnes of crude oil and refined products are shipped on huge tanker vessels worldwide every year. But recently, some of these ships have stopped. In fact, since March, many more than is usual have simply been anchored off ports like Singapore and Rotterdam in the Netherlands – and it’s not immediately clear why.
The International Energy Agency (IEA) has been monitoring the situation. It has tracked just under 94 million barrels of unrefined crude oil in what’s known as “floating storage” at the end of May. And Clarksons, a shipping analyst firm in London, says it has tracked an increase from 85 to 120 oil tankers at anchor around the world.
Famed investor Jim Rogers is warning that financial Armageddon is just around the corner, and it’s being fueled by moronic central bankers.
“We’re all going to pay a horrible price for the incompetence of these central bankers,” he said Monday in a TV interview with CNNMoney’s Nina dos Santos. “We got a bunch of academics and bureaucrats who don’t have a clue what they’re doing.”
It’s little surprise that European governments prefer to host their data in Europe than in the U.S. — but now even Australian academics are expressing a preference for the Old World over the New.
On Monday, the CIO of Macquarie University in Sydney, Australia, told staff that Google can no longer be entrusted with their email and calendars because it plans to host them in the U.S., and not the European Union.
Worries of a deepening China economic slowdown intensified on Friday after a private survey showed the factory sector shrank at its fastest rate in almost 6-1/2-years in August, hammering global stocks and commodity prices.
The gloomy figure sent investors fleeing for cover in gold and bonds, fearing China’s sagging economy would translate into slower global growth and muddy the outlook for the timing of the first U.S. interest rate hike in nearly a decade.
After he heard that AirAsia Flight QZ8501 was missing less than an hour after the Airbus jet left Surabaya for Singapore, Tony Fernandez, the CEO of the embattled air carrier was in the Indonesian city within the same day.
He spoke to relatives of the 162 people aboard the ill-fated plane, assuring them of AirAsia’s efforts to locate the missing aircraft. On Tuesday, upon learning that the plane was found at the bottom of Java Sea, he met with Indonesian President Joko Widodo.