COSCO Shipping SIPG Offer to Buy OOIL

first_imgzoom China’s COSCO Shipping Holdings and Shanghai International Port Group (SIPG) have made a pre-conditional voluntary general offer to acquire all issued Orient Overseas International Lines’ (OOIL) shares at an offer price of HKD 78.67 (USD 10.07) in cash. The offer, made to all shareholders of the world’s seventh largest container shipping line would total in USD 6.3 billion.On completion, assuming all OOIL shareholders tender their shares, COSCO would hold 90.1%, while SIPG would hold 9.9% of OOIL.OOCL said that the offer is dependent on the necessary regulatory approvals as well as approval from COSCO Shipping Holdings shareholders.“The controlling shareholder, who currently holds 68.7% of OOIL, has irrevocably undertaken to accept the offer,” OOCL said.“The transaction marks the latest consolidation in the global maritime industry. It is believed that the combination of COSCO Shipping Holdings and OOIL can deliver a stronger competitive advantage.”The combined fleet of COSCO Shipping Lines, a subsidiary of COSCO Shipping Holdings, and OOIL would see more than 400 vessels operated over a much expanded network, with capacity exceeding 2.9 million TEUs including orderbook.Once and, if the acquisition is completed, COSCO Shipping and OOIL would continue to operate under their respective brands, providing container transport and logistic services. As disclosed, as both companies are members of the Ocean Alliance, they would continue to work together under this framework.“We respect OOIL’s management team and its expertise, not to mention its people, brand and culture,” said Wan Min, Chairman of COSCO Shipping Holdings.“Our company remains committed to enhancing Hong Kong as an international shipping center. Following completion, we will continue to invest and strengthen our industry leadership, providing a more extensive platform for the employees of OOIL to excel.”“ This decision has been carefully considered and we believe it helps ensure the future success of OOIL. We are confident that COSCO SHIPPING Holdings is the right partner for us,” Andy Tung, Executive Director of OOIL, commented.“COSCO and SIGP intend to maintain OOIL’s listed status following close of the offer, and are committed to retaining the existing compensation and benefit system at OOIL and will not terminate the employment of any employee at OOIL as a result of this transaction for at least 24 months after the close of the offer,” a joint statement reads.In addition, the duo said that they intend to maintain OOIL’s global headquarter functions and presence in Hong Kong.Separately, the board of directors of OOIL has established an independent board committee to advise the shareholders of OOIL in connection with the offer, and it plans to appoint an independent financial adviser to that end.last_img read more


Angelicoussis Hires Sembcorp Marine to Retrofit Tankers

first_imgzoomIllustration; Image Courtesy: Ecochlor Maran Tankers, part of Greek shipping major Angelicoussis Shipping Group, has hired Sembcorp Marine for the installation of marine scrubbers and ballast water management systems on 13 vessels.Under the contract, four Suezmax tankers will be fitted with marine scrubbers and ballast water management systems between the third quarter of 2018 and the fourth quarter of 2019, while a further nine Very Large Crude Carriers (VLCC) will have marine scrubbers installed between May 2019 and February 2020.“Sembcorp Marine Repairs & Upgrades was selected to be our partner for scrubber and ballast water management system installations as they have demonstrated the ability to work in tandem with us right from the project’s initial phase, showing dedication and commitment to resolve challenges as a team. We are confident that this partnership will be the blueprint for a successful fleet retrofitting program,” Maran Tankers said.“Sembcorp Marine’s breakthrough green technology retrofits contract from Maran Tankers is testimony to our expertise and trusted experience in a highly competitive market,” said Sembcorp Marine Head of Repairs & Upgrades Alvin Gan.The shipbuilder said that the installation of the equipment will take place at Sembcorp Marine’s Tuas Boulevard Yard and Admiralty Yard.With the latest contract from Maran Tankers, Sembcorp Marine now has an installation track record of four marine scrubbers and 23 ballast water management systems.In May 2018, Angelicoussis Shipping Group announced that it has selected USA-based Ecochlor to retrofit its 36 vessels with the company’s ballast water treatment systems (BWTS) in order to comply with the new regulations.The retrofit candidates included Suezmaxes, Aframaxes, VLCCs, Minicapes and Capes. The installations are scheduled to take place between 2018 – 2020 in Singapore, Dubai, Qatar and China.last_img read more


Samsung sees slow phone sales too but has hopes for Galaxy S10

first_img The South Korean company’s overall revenue dropped 10 percent from the previous year to 59.3 trillion won ($53.4 billion), while its operating profit tumbled 29 percent to 10.8 trillion won ($9.7 billion). The figures were in line with its projection from early January, when Samsung warned it would report a dramatic decline in its fourth-quarter financial results. Samsung’s smartphone shipments and prices fell in the fourth quarter “in a stagnant but highly competitive market, despite strong seasonal demand.” Revenue in its mobile operations dropped 11 percent from the previous year to 22.2 trillion won ($20 billion).The company’s results are the latest confirmation of a slowdown in the smartphone market. It’s become harder for handset vendors to make huge changes in their devices and differentiate from one another. Prices for the latest and greatest phones have actually increased at the same time US carriers have gotten rid of subsidies. All of that has meant people are waiting longer to upgrade.  Aug 31 • Best places to sell your used electronics in 2019 Share your voice Apple Apple in early January issued a rare warning — its first in 16 years — that it would fall short of its financial projections in the December quarter. Tuesday, it said its sales in the March quarter also would be lower than analysts expected. It pointed to an economic slowdown in China and the country’s “rising trade tensions with the United States” as the main culprits. For Samsung, demand was seasonally strong in December. Its earnings press release never mentioned China or other factors listed by Apple. Instead, it blamed its weakness on tougher competition and a “sluggish smartphone market overall.”That sluggishness should continue. Samsung expects demand for smartphones and tablets to drop in the first quarter because of a seasonal slowdown. It confirmed it will unveil the Galaxy S10 next month during an event in San Francisco and said “its new flagship model smartphones are expected to prop up sales and business performance in the coming months.” Overall smartphone shipments are likely to be about the same as the fourth quarter, though, because sales of Samsung’s “mass-market models have temporarily declined due to a lineup reorganization.” It said the move is necessary to help it “better promptly respond to rapid changing market trends and the needs of target customers.”Ripple effectsAlong with smartphone sales themselves slowing, Samsung suffered as companies bought fewer memory chips for smartphones and data centers. Its overall chip business and operations building processors for other companies declined because of “weak seasonality.” Sales in the memory business dropped 14 percent from the previous year, while the overall semiconductor business slid 11 percent. Even Samsung’s display panel business was hurt by smartphones. Revenue in the business declined 18 percent because of “growing competition between mobile display makers.” reading • Samsung sees slow phone sales too, but has hopes for Galaxy S10 debut Sep 1 • iPhone 11, Apple Watch 5 and more: The final rumors 1:28 Phones Components • Sarah Tew/CNET Apple’s not the only tech giant being hurt by a slowdown in the smartphone market.Samsung on Wednesday reported a steep drop in revenue and profits, just as it had warned earlier this month. Most of its businesses, from chips to displays, felt the effects of stronger competition and weaker demand in the handset sector. Its smartphone sales declined, memory chips destined for handsets didn’t sell as well, and its mobile displays suffered. “Unfavorable business and macroeconomic factors led to slower performance in the final quarter,” Samsung said in a press release about its earnings. 5G Samsung Apple Galaxy Note 9: 16 hidden features on Samsung’s best phone See also Aug 31 • Your phone screen is gross. Here’s how to clean it Aug 31 • iPhone XR vs. iPhone 8 Plus: Which iPhone should you buy? Comments 4 Now playing: Watch this: Tags Samsung Galaxy S10 rumors and facts Apple’s iPhones hit a wall. Now we know how bad it is Samsung expects sharp drop in fourth-quarter profit See All What we know about Samsung’s foldable phone One bright spot was Samsung’s networks business, which has seen strong results selling equipment for upcoming 5G networks and the expansion of 4G LTE networks. But the only segment that actually increased revenue from the previous year was the Harman business that Samsung bought in late 2016. Harman makes speakers and other consumer products but also has a big business selling technology to automakers. Its revenue climbed 10 percent year-over-year to 2.55 trillion won ($2.3 billion).A tough year aheadEven though Samsung’s earnings dropped in the fourth quarter, it managed to report record revenue and profits for the full year. 2019 will be more difficult, however. Samsung’s overall earnings should decline, largely because of its memory business, the company said.For 2019, Samsung expects smartphone demand to be the same as in 2018. But the average selling price of phones should rise “due to a trend toward adopting high-end features such as large screens, higher memory capacity, and multi-cameras,” Samsung said. “The environment overall will remain challenging due to the sluggish growth of the global smartphone market and material cost burden.”Samsung plans to boost smartphone sales this year by launching products that are different from those offered by rivals and by getting better at targeting marketing. It will launch foldable and 5G phones this year to woo buyers, and it plans to expand its Bixby digital assistant to more devices and connected services, while improving its AI capabilities. “User retention will be increased by strengthening connectivity between devices,” Samsung said Wednesday.Taking It to Extremes: Mix insane situations — erupting volcanoes, nuclear meltdowns, 30-foot waves — with everyday tech. Here’s what happens.Tech Enabled: CNET chronicles tech’s role in providing new kinds of accessibility.  38 Photoslast_img read more


Changing times

first_imgIbsen’s A Doll’s House is considered to be one of the finest plays written on the subject of women’s rights, having the distinction of being the most performed play internationally. It is perhaps so because it’s as close as one could get to the truth of hypocrisy in accepted gender roles in a marriage notwithstanding the writer’s claim that the play is a description of humanity and self-discovery.The New Delhi players’ adaptation of Ibsen’s play, presented last weekend, revolves around the characters of Nora and Torvald Helmer. Also Read – ‘Playing Jojo was emotionally exhausting’Nora and Torvald Helmer believe that they are happily married and are on the brink of a blissful new phase of life. Torvald has been promoted to the position of a bank manager with their financial future set. But Nora has a secret debt, incurred with good intentions and a forged signature, which rears its head as the threat of blackmail appears alongside her husband’s new power. Over three acts the illusion of the bourgeois contentment unravels with the play culminating  in a spectacular scene where Nora’s lie is exposed and Torvald first blames, then forgives her – and is finally abandoned as Nora recognizes the truth of her situation. She accuses her husband, and her father of having used her as a doll, and declares herself unfit to be a wife or mother until she learns to be herself. The play is as relevant today as it was in 1879. In the century and more since, the play and the role of Nora have taken on iconic status.last_img read more


Exercises to enhance your running sessions

first_imgPre-running exercises help in increasing the blood flow to the muscles, reducing their stiffness and loosening them for better running, while post-running exercises help the body cool down and improve flexibility and performance, say experts. 4Hip flexor stretch: Stand tall. Flex your hip and knee to bring your right knee up toward your chest as you swing your left arm forward. Lower to the ground, then repeat on the other leg.4Leg flexor stretch: Stand tall with your right arm forward. Bend your knee at a right angle in front of you, thigh parallel to the ground, as you swing your right arm back and left arm forward. Contract your quads to extend your leg straight out. Return to standing, then repeat with the other leg. Also Read – Add new books to your shelf4Plantar flexor stretch: Stand with your hands on your hips. Raise your right foot a few inches, keeping your knee straight. Quickly flex your foot, pointing your toes upward. Return to standing, then repeat with the other foot.4Hip extensor stretch: Hinge forward at your hips. Raise your right foot and bend your right knee in front of you while swinging your left arm forward as you would when running. From there, maintain the same lean as you quickly stretch your right leg behind you. At the same time, swing your right arm forward and your left arm back. Return your knee in front of you and repeat with the other leg. Also Read – Over 2 hours screen time daily will make your kids impulsivePost-running exercises:4Hamstring stretch: Keep your right leg just a little ahead of your left leg and place your hands on your hips. Now, with your right leg kept straight and toes facing up, bend your left leg. Bend forward towards your right leg with a straight back. Repeat the same with the other leg. This exercise helps you in relaxing your hamstrings after a good run.4Lower back stretch: While lying on your back, pull your right knee to your chest and hold the position for about 15 seconds. Repeat with the other leg and then get both your knees to your chest and hold it for 15 seconds. This exercise helps you gaining more flexibility while running next and also helps you control your breathing. 4Calf stretch: After stretching your right leg forward, bend your front foot at the knee and keep your back foot straight. Keep your left leg straight while pushing your left heel to the ground. Keep doing this till you feel a stretch at the back of your left leg, right below your knee. Repeat the same with the other leg. This exercise relaxes your calf while making them more flexible.4Thigh stretch: Pull your heel towards the left buttock by gently lifting the top of your foot behind you stretching the front of your thigh. Keep your knees together while doing the exercise.ianslast_img read more


Clicking too many selfies may be a real disorder

first_img“Selfitis” – the obsession of taking selfies on smartphones – may be a real disorder that requires treatment, according to a study conducted in India. Researchers at Nottingham Trent University in the UK and the Thiagarajar School of Management (TSM) in Tamil Nadu began investigating the phenomenon after a hoax story appeared in the media in 2014 claiming ‘selfitis’ had been classed as a genuine mental disorder by the American Psychiatric Association. They have now confirmed its existence and developed the ‘Selfitis Behaviour Scale’ which can be used to assess its severity.The scale was developed using a large number of focus groups with 200 participants and the scale was tested via a survey of 400 participants.Participants were based in India because the country has the most users on Facebook, as well as the highest number of deaths as a result of trying to take selfies in dangerous locations.The findings, published in the International Journal of Mental Health and Addiction confirmed that there are three levels of selfitis. Borderline is defined as taking selfies at least three times a day but not posting them on social media.Acute selfitis describes taking selfies at least three times a day and posting each one on social media.Chronic selfitis is the uncontrollable urge to take photos of one self round the clock and posting the photos on social media more than six times a day, researchers said.Six motivating factors were identified, with selfitis sufferers typically seeking to increase their self-confidence, seek attention, improve their mood, connect with the environment around them (to create a record of memories), increase their conformity with the social group around them, as well as being socially competitive.The prevalence of these factors determined the level of selfitis severity.”A few years ago, stories appeared in the media claiming that the condition of selfitis was to be classed as a mental disorder by the American Psychiatric Association,” said Mark Griffiths, from Nottingham Trent University.”While the story was revealed to be a hoax, it did not mean that the condition of selfitis did not exist,” Griffiths said.”We have now appeared to confirm its existence and developed the world’s first Selfitis Behaviour Scale to assess the condition,” he said.”Typically, those with the condition suffer from a lack of self-confidence and are seeking to ‘fit in’ with those around them, and may display symptoms similar to other potentially addictive behaviours,” said Janarthanan Balakrishnan, assistant professor at TSM.”Now the existence of the condition appears to have been confirmed, it is hoped that further research will be carried out to understand more about how and why people develop this potentially obsessive behaviour, and what can be done to help people who are the most affected,” he said.last_img read more


Make Your Website a Daily Destination

first_imgOpinions expressed by Entrepreneur contributors are their own. Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global Register Now » Every small business loves the exposure, empathy and sense of community that having a website that’s a daily destination for consumers can generate. But getting people to visit on a regular basis can be a challenge, especially if updates are infrequent or all you have to offer is the occasional monotone press release or product announcement. Thankfully, building a website that’s “sticky” enough to keep users engaged and coming back doesn’t have to require investing thousands or reinventing yourself as the next online media empire. All it takes is a little elbow grease and personal touch, as indicated by the simple strategies below, each designed to send your homepage’s daily number of visitors soaring:Connect and Communicate: Make no bones about it: Blogging should be an essential part of any modern website. After all, a few clicks is literally all it takes to post updates in real-time around the clock, creating a steady stream of content that promises something new and exciting with every visit. Better still, professionals at all experience levels have the capability of readily doing it, and the practice also helps put a personal face on your organization, shining the spotlight on the individuals behind it. However, to really captivate an audience enough to keep them returning, take note: You’ll also need to provide content that’s dynamic, unique and offers measurable informational or entertainment value, plus speak in a language that all can understand. In short, the occasional pre-approved sound bite from the HR guy or gal won’t cut it. Rather, you need to address audiences like you’re having a normal conversation, and provide content with meaningful substance to the reader. Making-of articles, features detailing how to get more from your products, partner profiles, project diaries, step-by-step how-to guides, interviews with notable personalities or internal stakeholders: All present compelling ways to connect with audiences while also keeping them interested and informed, providing ample incentive to keep coming back.Emphasize Community Building: As social media insiders well know, creating a sense of community around your website is one of the most powerful tools for engaging and ultimately enthralling prospective fans. But doing so doesn’t simply mean throwing up a sponsored message board then leaving it to stagnate, or e-mailing customers sporadic newsletter updates that regurgitate existing material easily found elsewhere. Rather, you have to not only encourage discussion and actively take part in conversations by dedicating internal time and resources, but also make customers feel as if they truly have a voice in the discussion by listening to their concerns, responding and sourcing feedback at every opportunity. Implementing programs that recognize and reward valued contributors is also vital, as is creating fan-based initiatives that allow community members to contribute and share ideas, concepts and creations of their own. Even simply giving enthusiasts the chance to submit designs for your next fundraiser’s logo or arranging times where they can chat with top execs to provide input on upcoming ventures won’t just engender goodwill. They’ll also excite and empower a legion of amateur brand ambassadors–an essential source of free ongoing updates and constructive conversations, which will both attract users to and keep them enamored with your site.Design for Mass Distribution: Sharing is good–even more so if you’ve got a message worth spreading and it winds up in front of millions of eyeballs. As such, you should be not only updating your website with unique pieces of content (surveys, research reports, custom editorial clips, guides to solving common problems, unique looks behind-the-scenes, etc.) designed to grab viewers’ attention, but also making everything from blog posts to pictures, photos, PDF documents and videos shareable, embeddable and ready to be commented upon or re-tweeted via social media platforms. When it comes to corporate assets, the tendency–especially among hyper-competitive start-ups–is always to tightly hold and control. But often, the more powerful strategy is to design pieces of content with the specific idea in mind of seeding them throughout the user community, as it’s a great way to build brand awareness. Beyond heightened exposure and additional media mentions, using your website to disseminate unique, specially branded pieces of content can also lead to improved search engine optimization results through a larger number of incoming links. And, more important still, generate heightened word of mouth surrounding your homepage, letting countless potential readers know exciting things are happening there on a regular basis.Focus on Value: Exclusive specials, contests, promotions and timed discounts can all be powerful drivers of website traffic, especially in these cost-conscious times. By offering direct bargains and rebate programs on both an ongoing and sporadic basis through your online headquarters, you can keep customers’ interest piqued, and generate additional sales. These marketing programs become even more valuable when coupled with Facebook, Twitter and other social marketing tools, which have the potential to help news spread like wildfire online. Just make sure that the only place such bargains can be found is on your homepage, and be consistent in terms of the pages to which you drive this traffic, to establish in shoppers’ minds the importance of regularly checking a certain destination. Similarly, establishing relationships with key bloggers and members of the media can also help reinforce the message, as can a regular series of e-mail or newsletter updates designed to inform current and prospective buyers. Customers get to save on purchases while you benefit from enhanced publicity and heightened sales, creating a win-win situation for all.Use Targeted Demonstrations: While special membership options, premium subscription packages and frequent buyer programs can all prove great incentives, services that you freely give away are often just as important as those that you reserve for more exclusive clients. Whether you’re looking at offering complimentary computer virus scans by having users visit your homepage, providing a suite of free continuing education resources or simply hosting an archive of complementary, corporate-branded webinars on software engineering, realize: Providing helpful services or information at no charge that solve pressing, evergreen problems or answer important questions can all serve to generate a steady source of online traffic, and provide a ready supply of leads to upsell on premium services. Sometimes you have to give in order to get. It may seem counterintuitive, but ultimately, the practice makes a ready way to demonstrate your organization’s capabilities to a potentially lucrative client base, while also giving them a taste of the benefits to be had by partnering on more advanced or long-term services. Growing a business sometimes requires thinking outside the box.last_img read more