Billy Ehrenberg by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar Programinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Ads When outgoing European Commission president José Manuel Barroso accused David Cameron of potentially making a “historic mistake” with plans to call a referendum on the UK’s membership of the European Union, he may have had a point. Cameron has faced heavy criticism for his increasing focus on curbing immigration in response to Ukip’s growing popularity. According to the Sunday Times, the Prime Minister is planning to cap the number of national insurance numbers issued to unskilled EU migrants. But does the UK really need “regain control of our borders”, as suggested by Ukip? Immigration levels to the UK are high – but according to the most recent data available from Eurostat, it was only slightly above average in 2012. Almost eight people in every 1,000 in the UK had immigrated that year – a total of 496,000 people. Compared with the EU average of 3.4 immigrants per 1,000 people, that is quite high: a bigger rate than other major EU economies such as Germany (7.4), France (5.0) and Spain (6.5). However, there were over 10 countries in the EU with a higher number of immigrants per 1,000 people in 2012: But to gain a clearer picture of migration levels, and what they mean for the UK economy, it’s important to look at net immigration. How high is the UK’s net migration? Net migration or immigration is the result of the number of people leaving the country less the number of people coming in. Let’s use the UK as an example: ONS figures estimate that during 2013, 530,000 people immigrated to the UK and 317,000 left (both on a long-term basis). This means the UK has net immigration: the population is 212,000 greater because of immigration. The figures are rounded, which is why they don’t seem to add up. As the map below shows, some countries, such as Spain, are suffering net migration: more people are leaving than migrating to the country. In Spain’s case this is because of a lack of job opportunities. It’s bad for the Spanish economy because it means educated youngsters are moving abroad to pay taxes in foreign countries and wasting the money Spain invested in their education. The UK is also a big exporter of ex-pats, meaning net immigration is relatively low. In the UK, according to Eurostat, 3.1 people (net) enter the country for every 1,000 people living here. That is below the EU average of 3.3, below the Eurozone average of 4.3 and below Germany’s rate of 5.8 persons. Prosperous Nordic nations Sweden (6.9) and Norway (7.9) have higher rates too. France has a low rate (0.6 people per 1,000 members of the population) despite having high gross immigration. Spain has net migration – 5.5 people left in 2013 per 1,000. All data in the map is from Eurostat, correct for 2013. Some rates are based on preliminary results or estimates. Here are the 10 countries with the highest net immigration: And the 10 with the highest net migration: It may be argued that people moving abroad are often of retirement age and so are unlikely to be freeing up jobs as a direct result of their departures. Furthermore, ex-pats still receive state pensions and often winter fuel allowance but are spending that money in a foreign economy. In the financial year 2012 -2013 for example, the government spent a total of £79.8bn on state pension payments, £2.2bn (in nominal terms) of which went to persons living overseas. £531m of that went to people living in Spain and £495m to people in Australia. In 2011 -2012 £1.7bn was spent on winter fuel payments to Brits living abroad (this data isn’t broken down by country, but we can surmise from the pension data that a large proportion of ex-pats live in warmer climates). Immigrants help the economy Immigration is seen by many economists to be a positive: people coming from overseas tend to be better educated and younger, meaning they contribute more in taxes than they take out in benefits – 35 per cent more according to a study seen by The Economist. Christian Dustmann and Tommaso Frattini, of the Centre for Research and Analysis of Migration, found European immigrants paid a staggering £2,610 more in taxes than they received in benefits each year between 2007 and 2011. Surveys of business leaders have indicated EU workers tend to have skills and commitment that make them attractive to employers and good for the economy. The data also supports foreign workers as contributing to the economy. According to data from the department of work and pensions:As at February 2014, approximately 15 per cent of working age UK nationals were claiming a DWP working age benefit compared to 7 per cent of working age non-UK nationals (at the time they first registered for a National Insurance number [NINo]). It goes on to say:134,000 (11.7 per cent) of Jobseekers Allowance claimants are estimated to have been non-UK nationals when they first registered for a NINo. Of these, 48 per cent are from within the European Union. That 11.7 per cent figure may sound high, but 15.6 per cent of the UK working age population is made up of non-UK nationals, so that’s proportionately better. Here is a visualisation using data from the ONS showing net immigration. The uptick at the end partly comes because restrictions on Romanians and Bulgarians coming to the UK were lifted in January. Their contribution (28,000 in the year to March 2014, up from 12,000 the year before) to the total was labelled “statistically significant” by the ONS. And it’s worth noting that immigration has been this high before. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org UK and European migration map: Why immigration is good for the economy and immigrants aren’t stealing British jobs whatsapp Share Wednesday 22 October 2014 7:24 am Show Comments ▼ Tags: UK immigration whatsapp
More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp whatsapp Jeff Misenti Share Show Comments ▼ Thursday 18 December 2014 4:57 am Lord Myners report: Here’s why the Royal Mail sale wasn’t done on the cheap The much awaited Myners report commissioned by business secretary Vince Cable on the sale of Royal Mail has finally been released.The report concluded that the Royal Mail sale was undervalued by £180m. The Labour party and the trades unions will no doubt scream blue murder about another botched attempt by a Tory-led government to sell off the family silver. However, the former City minister’s report is more nuanced that the critics of privatisation would have you believe. While the report does suggest the shares could’ve been valued at an extra 30p thanks to high demand from individuals and banks, Myners warned this would’ve been a “substantial” risk.Mark Littlewood, director general of the Institute of Economic Affairs, said:The backlash from unsold shares, had the government taken too big a risk, would have been far greater.The benefits of moving Royal Mail to the private sector have been substantial, and this shouldn’t be overshadowed by concerns over the selloff price.Myners said that “if any money had been left on the table it was [a] pretty small [amount]”. Speaking to the BBC this morning, Myners argued that pricing a sale such as this was extremely difficult, and lessons would be learned for the future. The report was, on the whole, supportive of the government’s cautious approach on pricing. It’s also worth pointing out that the £180m underpricing Myners found is well below the £1bn MPs suggested taxpayers had lost in a report published last year.What does it mean?Essentially, critics of privatisation, who accused the government of flogging off an important asset for pittance, were wrong. On the day Royal Mail was listed, the price shot up, leading to knee-jerk criticisms that the price had been set too low.Lord Myners, on the other hand, concluded: “We do not believe a price anywhere near the levels seen in the after-market could have been achieved at a listing”.Adam Memon, head of economic research at the Centre for Policy Studies told City A.M.:It is very easy to complain about the price in hindsight. However, we shouldn’t forget that the threat of industrial action and wider market uncertainty weighed heavily on the IPO.The fact that this new report differs so much from the original report produced by the Business Select Committee is a reflection of the difficulties of pricing and shows that earlier criticism of the privatisation was largely baseless. Moreover, it is impossible to know the “correct” price until the shares are actually traded on the market. Director of the Adam Smith Institute, Eamonn Butler concurred:Nobody could know what a Royal Mail was worth, because nobody had ever sold one before.You get criticised either way – overprice it and the sale is ‘a flop’, underprice it and you are ‘robbing taxpayers’. In fact, taxpayers are far better off with the Royal Mail – and most other state firms – out of the bureaucracy and flourishing in the private sector, paying taxes instead of consuming them.Lord Myners recommended more transparency for future sales and took a dim view of the bookbuilding process used examine the share price.It should also be remembered that the aim of the Royal Mail sale was not to raise revenue for the government, but to move a service from the state sector to the private sector where it could become a flourishing business. Here’s how Royal Mail shares were trading this morning.(Source: Hargreaves Lansdown) Tags: Company Royal Mail
Friday 30 January 2015 5:25 am whatsapp Tags: Spotify Jay Z bids £40m for Swedish music streaming Spotify rival Tidal Emma Haslett by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyConsumer TechSee Everything from Miles Away Like You Are Standing Next to ItConsumer Tech Spotify could be about to become another issue to add to Jay-Z’s list of 99 Problems: the US music mogul has bid half a billion krone, about £40m, for Aspiro, the parent company of Swedish streaming platform Tidal.The platform, which launched in the UK in October, focuses on high quality “lossless” music. At the moment it offers 25m tracks for about £19.99 a month. That’s in comparison to more than 30m on Spotify, at about £9.99 a month. Aspiro’s largest shareholder, Schibsted, which owns 75 per cent of shares in Aspiro’s parent company, has apparently recommended the offer, putting a hefty 59.1 per cent premium on its share price. Trond Berger, Schibsted’s chief financial offers, said there was “a lot of potential further growth”, but that Jay-Z’s company Project Panther Bidco “has adequate financial resources and a high level of competence in the music industry”.Hence, I think they will be a better owner to lift Aspiro and its advanced music streaming service to a new level.Could Jay-Z, aka Sean Carter, be looking to rival Dr Dre for inspiration? Last April, Dre overtook Jay-Z as the world’s highest-earning hip-hop act when sold Beats, his headphone brand, to Apple for $3bn.The brand, whose sale made Dr Dre the first hip hop billionaire, also included Beats Music, a music streaming service. It’s thought this was what Apple was after, as it seeks to position its iTunes music download service as a rival against Spotify. The biggest brand in hip hopJaz-Z once said he’s “not a businessman, I’m a business, man” – but there’s no doubting his entrepreneurial nouse.Valued at $520m by Forbes, his investments include clothing brand Roc Nation, which is said to be “worth a healthy nine figures”, while in November wine and spirits company Sovereign Brands said he had bought its luxury Armand de Brignac champagne brand, whose bottles sell for just short of £200, for an undisclosed sum. His music label, Roc-a-Fella records, represents artists including Kanye West. As president and chief executive of legendary hip hop label Def Jam until 2007, he can also take credit for launching the career of Rihanna. Share Show Comments ▼ whatsapp
whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Quindell’s share price drops after issuing more equity as it buys out Navseeker following legal dispute Catherine Neilan by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesHistory 10[Gallery] The 25 Worst Casting Choices of All-TimeHistory 10High TallyThe US Built A New Submarine The World Is Afraid OfHigh TallyComedyAbandoned Submarines Floating Around the WorldComedyGundry MD Bio Complete 3 SupplementTop Surgeon: This Simple Trick Empties Your Bowels Every Morning (Almost Immediately)Gundry MD Bio Complete 3 Supplement Share whatsapp Quindell’s share price nudged down today after issuing almost 850,000 shares as it moves to fully buy Navseeker, following a legal wrangle with the company. Last week the insurance outsourcer settled a US litigation in which it was claimed that Quindell, its subsidiary Himex and individuals Hassan Sadiq, Ismail Essack and Michael McFall had “misappropriated the entire value of [Navseeker] for themselves, with no compensation to the company of its minority shareholders”. The court documents claimed: “The Himex defendants have effectively sold the rights to the use of the company property to Quindell, with all of the consideration in the transaction going to Himex shareholders and none of it actually going to the company and its minority stockholders who own the company property. The Himex defendants have, in essence, stolen all of the value of the company for themselves.” As part of the settlement, Quindell has to buy Navseeker outright, and has issued 832,946 shares at 15p each in order to acquire the remaining 8.33 per cent. Navseeker will then become a wholly-owned subsdiary of Himex. The new shares will be admitted to Aim on March 20. Quindell will then have more than 440.9m shares in issue. Shares were down two per cent in early afternoon trading. Show Comments ▼ Friday 13 March 2015 8:52 am Tags: Quindell
Joe Hall by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekComedyAbandoned Submarines Floating Around the WorldComedyForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbesGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlush Tags: Elon Musk People Tesla Motors Show Comments ▼ Tesla share price jumps after Elon Musk teases new product line Elon Musk tweets, markets react.Tesla Motors saw its share price rise by over three per cent today after its founder, billionaire investor and inventor Elon Musk, tweeted that the company would be unveiling a “major new product line” next month. Musk added that the product would diverge from Tesla’s main business of designing, manufacturing and selling electric cars. Shares jumped to around $190 per share following the cryptic tweet – roughly three per cent up on the opening price of $185.85 per share. Despite the fact that “not a car” is all investors know for sure about Tesla’s new product line, the spike in stock signals a confidence in the South African-born entrepreneur whose ambitious projects have also included space transport company SpaceX (of which he is currently chief executive) and PayPal, which he co-founded with Peter Thiel and others. Share More From Our Partners Kamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Monday 30 March 2015 2:00 pm whatsapp
Show Comments ▼ Emma Haslett whatsapp Choice, transparency and M&A: FCA outlines terms for investment banking probe by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveLivestlyThe Best Redhead Actresses, RankedLivestlyTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmNovelodgePierce Brosnan’s Wife Lost 120 Pounds – This Is Her NowNovelodgeTotal PastThis Was Found Hiding In An Oil Painting – Take A Closer LookTotal Past whatsapp Share More From Our Partners Institutional Investors Turn To Options to Bet Against AMCvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Tags: FCA Mergers and acquisitions The Financial Conduct Authority (FCA) says it will focus on wide-ranging subjects when it launches a study into the investment and corporate banking market.In a statement today, the FCA said its investigation, which will build on a wholesale sector competition review published in February, will look at “choice, transparency, bundling and cross-subsidisation in debt and equity capital markets”, as well as mergers and acquisitions and acquisition financing. It will also look at the links between those primary market services and related activities, such as corporate lending and broking, and ancillary services.Of those, four areas will be of particular interest: firstly, transparency, with a look at “the transparency of the process in debt and equity issues and the impact of established market practice and regulation on transparency in the IPO process”. The study will also assess client choice and behaviour and the impact of syndication, whether and how bundling and cross-subsidisation affects the competition; and finally the potential benefits of reducing regulatory barriers to firms entering or expanding into primary markets. “We want to see a sector that benefits the real economy by helping businesses of all sizes access capital,” said Christopher Woolard, the FCA’s director of strategy and competition.”That means offering real choice, transparency and good service at every level. It is also essential that the regulatory framework encourages competition, and we will engage with banks, advisers, clients and investors throughout the review to assess which aspects of the market work well, and identify areas for improvement.” Friday 22 May 2015 4:47 am
Share Tuesday 7 July 2015 9:23 pm Show Comments ▼ whatsapp City Moves for 8 July 2015 | Who’s switching jobs Express KCS whatsapp Tags: NULL InvestecThe bank has appointed Chris Hare to its economics team, focusing on both UK and global economic issues. He joins from the Bank of England, where he was responsible for monitoring issues such as the impact of economic uncertainty on activity. Santander Asset ManagementIleana Salas has been appointed global head of institutional sales at the asset management firm. Based in London, she joins from Bradesco Asset Management, where she served as head of business development and sales for Europe and the Middle East. Salas has also held positions at ABN Amro, Gartmore Investment Management, and Schroders. BDOThe accountancy and business advisory firm has promoted Derek Neil to partner and appointed George Byron as a manger in its transaction services division. Neil joined in 2004, having qualified at PwC. He focuses on technology and private equity deals. Byron joins from Deloitte. Legal & General PropertyThe real assets division of Legal & General Investment Management has announced the appointment of three asset managers to its UK Property fund. Alex Waterworth joins as senior asset manager after 10 years at JLL, eight of which were in the Industrial Property Investment fund. Andrew Mercer joins as a senior asset manager from Capita. Peter McNamara joins as an asset manager from Colliers. Bupa GlobalSheldon Kenton has been appointed global commercial director at the health insurance business. He joins from Cigna Corporation, where he was most recently chief commercial officer for its global health benefits business in North America. AlixPartnersThe advisory firm has appointed Kathryn Koorenny as managing director and general counsel. She joins from American Airlines, where she was most recently associate general counsel, litigation and compliance. FRP AdvisoryThe restructuring and advisory firm has appointed John Lowe as partner. He joins from Begbies Traynor, where he spent 11 years as a partner. Lowe has also held positions at EY. To appear in City Moves please email your career updates and pictures to [email protected] Sign up to receive the new City Moves morning update if you haven’t already.
By Mike Wackett 27/01/2015 Container lines serving the US west coast ports of Los Angeles and Long Beach from Asia are suffering docking delays of up to three weeks according to an analysis by Alphaliner.This means carriers must deploy extra vessels and is causing a record spike in spot rates on the alternative Asia-US east coast tradelane.Despite the introduction of a government mediator, agreement on a new labour contract between the International Longshore and Warehouse Union (ILWU) and the port employers, represented by the Pacific Maritime Association (PMA), seems as far away as ever, after eight months of negotiations.Robust consumer demand, the deployment of bigger ships and chassis and truck driver shortages have contributed to terminal congestion at west coast ports – but the problem has been exacerbated by the absence of a new labour contract for the 20,000 dockworkers.The relationship between the ILWU and the PMA has deteriorated since November, culminating in go-slows, a general lack of co-operation and cancelled night shift operations.According to Alphaliner data, port congestion on the US west coast has forced carriers to deploy 36 extra ships, with a combined capacity of 233,000 teu, on the transpacific trade in order to maintain some semblance of schedules and help to reposition empty equipment back to Asia to service export bookings.Moreover, shippers seeking an alternative entry hub for their imports have seen freight rates on the Asia-US east coast route soar. Last Friday’s Shanghai Containerised Freight Index recording spot rates for the USEC hit $4,748 per 40ft – more than double its index for the USWC which stood at $2,063.Unsurprisingly, the attractive rates have encouraged carriers to introduce extra ships to the as-yet-uncongested ports on the east coast. Zim is on example of a carrier that is attempting to take advantage of the market and use its surplus ships to offer ad-hoc sailings.Meanwhile, the southern California ship management and services information organisation, Marine Exchange, reported 18 containerships at anchor in the San Pedro Bay awaiting berths at the weekend, a number likely to increase as the main terminals at Los Angeles and Long Beach approach gridlock.Container lines have so far adopted a strategy of skipping some ports and blanking voyages to help compensate for the extensive delays.However, significant extra vessel operating costs, and not least charter hire for substitute vessels, will negate a generally more profitable period in liner shipping that has come courtesy of a 60% reduction in bunker costs.Indeed, referring to disappointing third-quarter results last year, NOL has blamed much of its $23m net loss on port congestion on the US west coast.The congestion also represents the first test for the newly-formed 2M and Ocean Three mega-alliances, and it will be interesting to see how the vessel-sharing groups manage the challenge.
By Peregrine Storrs-Fox 29/01/2015 Caveat emptor (buyer beware) is the warning from the TT Club to those in the industry who are having containers built..The buyer is fundamentally seeking conformance to a series of requirements, although the focus may be on the detail of the product to be built, rather than defining the measure of quality. The same consideration can be applied to the maintenance of containers.Vigilant container depots, where most maintenance checks are carried out, will register both major and minor damage and wear and tear to a container. When approval is sought from the owner’s local office or agent for repairs to be undertaken, the most suspect work-items and easiest deletions inevitably are resolving minor dents or stiff door hinges. All in the interests of cost savings – operational economies.While understandable, these may be false economies. Just as a lower standard of newbuild specification can often quickly create problems of container failure, so can ignoring the little points of damage or deterioration that occur during a container’s working life, and minor malfunctions can sometimes lead to more serious incidents.One example where poorly constructed or maintained containers have caused problems is with the humble door hinges.General cargo containers are fitted with a pair of swinging doors at the rear end, through which the cargo passes when being packed or unpacked. They are designed to be secured shut with two locking devices on each door and swing approximately 270 degrees to be tied back against the side of the container. The specification for the components used in the assembly of door hinges include readily available materials generally of suitable grades of stainless steel for the blade, lugs and pins, together with bushes that are designed to be maintenance free.In one case, the user of a particular series of containers complained that after a short period of time there had been a serious accident involving at least one door from the series where all four of the hinge pins had sheered. When opening the door, it had broken away, injuring the operator. It transpired that over time the doors had been getting harder and harder to open and close.Anecdotally, in this scenario, it is not unusual that forklift trucks are used to pull stiff doors open or force them shut, which clearly exacerbates any underlying problem.Metallurgic analysis following this incident found that the material used for the hinge pins was not stainless steel and had consequently corroded to such a state that the pins seized within the hinge blade. Unfortunately hinge pins are difficult to see after they have been welded into the j-bar on the container end frame and post-assembly inspection is almost impossible. At the time of acceptance of the container, and before the pins started to corrode, the doors would have operated satisfactorily thus hiding the non-compliance.As an isolated incident it might be viewed as a simple mistake. However, over the last couple of years door hinge failure has recurred at an uncomfortable level. The essential nature of these hinges, combined with a manufacturing process that largely obviates the need for lubrication, should result in a very low failure tolerance. Apart from in-service damage, the problems should be few and the doors should continue to operate with relative ease.In terms of manufacturing, the use of the appropriate material specifications and exact alignment of the components should be managed within a quality control process. Where incidents of this nature occur, the spotlight is inevitably turned on quality at the manufacturing stage.Given the rugged environment in which containers are deployed and their decentralised dispersion, independent assurance at the time of manufacture of “right first time” may be the best way to ensure the asset performs as expected as well as managing the manufacturing risk. While door hinges should be maintenance free, obviously the rugged environment they operate in may give rise damage.So at what point should the container carrier, or his agent, accept the word of the repair yard which says that the hinges are stiff and need attention? Whatever the amount of the 18m or so global units are under the control of any given owner or operator, there needs to be relevant systems in place to sift through the estimated work-items and make appropriate decisions. Over-zealous cost control is at risk of transferring the problem from one repair budget to another – assuming that a given unit passes through a repair depot, rather than ‘triangulating’ directly from a consignee to the next shipper.Of course, every packer should now seek to adhere to the CTU Code and reject a container where the doors do not work properly and with ease.The reality is that the control an owner or operator has over the use and condition of units is delegated to a significant degree. The importance of container integrity is clear. So many stakeholders in the supply chain rely on the equipment performing as expected – and for the driver reaching from the ground to a unit loaded on a chassis, the dynamic forces are extremely dangerous should a failure occur. Quality of manufacture and maintenance should be viewed as entirely appropriate when set in the context of an injury or fatality – the price of doing it right against the value of life.This is the first of a series of monthly guest posts from TT Club’s risk management director Peregrine Storrs-Fox in which he discusses some of the emerging safety and compliance issues in today’s global supply chains
AirBridgeCargo suffered a recent blow with the August departure of Denis Ilin, generally credited with steering the carrier onto the right track over the last three years. Robert van de Weg is to become head of sales and marketing across the Volga-Dnepr group, giving him commercial responsibility for three airlines, ABC, Volga-Dnepr and 737F operator Atran.He has been with AirBridgeCargo as SVP marketing and sales since May 2014, part of a long and impressive career in air cargo, starting at KLM, then with Atlas and Cargolux. He succeeds Wolfgang Meier, who left the Russian group in May and joined Silk Way.It’s an interesting time to take on the sales activity of Volga-Dnepr, as it moves into marketing competition with former partner Antonov Airlines, following the increasingly sour relations between Russia and Ukraine and the end of the Ruslan joint-venture. While greater competition in the AN-124 market will likely to lead to lower pricing, Volga-Dnepr could have the commercial edge over Antonov, with greater sales experience – especially with the oversight of Mr van de Weg into the group’s charter activities.As Mr van de Weg noted earlier this month at FIATA’s World Congress: “Over the past 18 months, market yields have dropped by 30% and load factors are down. Traditional players are no longer investing, and are even exiting the market. It’s now about survival of the fittest. In the last couple of years, very few airlines have purchased new equipment except the Middle Eastern carriers, ABC and Cargolux.” By Alex Lennane 18/10/2016