Monday, February 9, 2009 at 02:48PM Despite arming a number of CMA members with swords, electrifying their clothing and encouraging them to attack each other, after four weeks there have been no major injuries! Ted Riss of J.F.Dillon presently holds the top spot after some very close matches on Sunday, with Joe Gross and Geroge Eden of Charles Weber in second and third places respectively.
Monday, February 9, 2009 at 09:05AM Oil price slips as U.S. employers slashed 598,000 more jobs in January. The unemployment rate in the world’s biggest oil consumer climbs to 7.6%
With unemployment running at the worst levels in 34 years, U.S. Government statistics released Wednesday show America awash with crude with reported stocks (excluding the SPR) in excess of 345 million barrels. As the U.S. economy stands by for approval of the Government stimulus package, every facet of the consumer-driven U.S. economy has reached a virtual standstill.
Some industry leaders have predicted this week that crude could stay as low as $40 for the rest of 2009. That level is too low for members of the Organization of the Petroleum Exporting Countries to generate enough revenue or encourage investment in new supply. It also seriously impacts national revenues earmarked for social and infrastructure projects in not only member countries but also other nation’s dependant on crude revenues.
In a bid to boost prices, OPEC agreed to cut a further 2.2 million barrels per day (bpd) from January. The reduction comes on top of curbs of 2 million bpd in place since September. Despite announced OPEC cuts in excess of 4.2 million barrels a day, this has done little to support the crude price. OPEC sources have indicated that they could cut a further 1 million bpd from output when it next meets on March 15.
As the U.S is facing austerity not seen since the mid seventies and weekly government statistics show no signs of relief the re-emergence of seventies staples: mood rings, lava lamps, Rubik's cubes, Sea Monkeys, and pet rocks can only be weeks away.
Although men are not yet sporting shoulder length hair, the recession beard is now commonplace in maritime circles. Bellbottom pants, hip huggers, hot pants, jumpsuits, platform shoes and clogs are all appearing in designer’s summer collections. It can only be a matter of time before leisure suits for shipbrokers become commonplace.