A Russian-flagged supertanker passed through the Strait of Hormuz into the Persian Gulf, marking a rare passage for one of the nation’s ships as traders scrutinize every transit through the war-hit waterway. The Arhimeda , a 2000-built very-large crude carrier, sailed westward through the conduit late on Thursday, ship-tracking data show. The vessel, which was unloaded, had indicated Iran’s Kharg ...
A Russian-flagged supertanker passed through the Strait of Hormuz into the Persian Gulf, marking a rare passage for one of the nation’s ships as traders scrutinize every transit through the war-hit waterway. The Arhimeda , a 2000-built very-large crude carrier, sailed westward through the conduit late on Thursday, ship-tracking data show. The vessel, which was unloaded, had indicated Iran’s Kharg Island — the Islamic Republic’s main crude-export hub as its destination — before showing “for orders”. That phrase is often used to show a vessel has no clear instructions for its next call. Global investors have zeroed in on activity in strait, as the conflict between the US, Israel and Iran brought marine traffic to a near-standstill , squeezing global energy supplies and spiking prices. Washington and Tehran are set to hold high-stakes talks this weekend in Pakistan after reaching a tentative and fragile ceasefire in the war that erupted at the end of February. The Arhimeda switched to the Russian flag in January, according to a database run on behalf of the International Maritime Organization , making it one of only four VLCC’s that sail under the country’s colors. The move came as the US had blockaded Venezuela and was seizing tankers, prompting some so-called dark-fleet vessels to seek the perceived protection of Moscow’s flag. Read More: Dark Fleet Seeking Russian Protection as US Seizes Oil Tankers Its last known cargo was a shipment of Merey crude from Venezuela last August, a few months before the US snatched former President Nicolás Maduro and asserted control over the South American country’s energy flows. Before that, the Arhimeda was sanctioned by the US Treasury Department in July under its former name, Vizuri, for alleged links to the Iranian oil trade. While almost all Hormuz transits have halted, Iran’s crude cargoes have proceeded as usual. Kharg has been hit by at least two US strikes, although these concentrated on military targets, not facilities vita...
India’s sovereign bond yields rose after the central bank announced its first step this year to drain cash from the banking system, as it seeks to push up overnight borrowing costs to its policy rate. The 10-year benchmark yield rose as much 4 basis points to 7% after the Reserve Bank of India announced plans to withdraw liquidity of up to 2 trillion rupees ($21.6 billion) via a seven-day variable...
India’s sovereign bond yields rose after the central bank announced its first step this year to drain cash from the banking system, as it seeks to push up overnight borrowing costs to its policy rate. The 10-year benchmark yield rose as much 4 basis points to 7% after the Reserve Bank of India announced plans to withdraw liquidity of up to 2 trillion rupees ($21.6 billion) via a seven-day variable rate reverse repo auction — the first since December. Surplus cash with banks was at 4.3 trillion rupees as of Thursday, according to a Bloomberg Economics gauge. The move comes after RBI Governor Sanjay Malhotra on Wednesday said the authority seeks to keep banks’ overnight borrowing costs as close as possible to the policy rate. It had permitted borrowing costs to drift lower to provide comfort to banks but that wasn’t a signal for a rate reduction, he said. As overnight rates were falling well below the policy rate due to extreme liquidity overhang, the auction will suck out excess funds, said Gopal Tripathi , head of treasury at Jana Small Finance Bank. Banks will still be left with surplus cash of about 1.5 trillion rupees to 2 trillion rupees, he said. “There can be some uptick in yields in the shorter end,” said Puneet Pal , head of fixed income at PGIM Asset Management in Mumbai. He expects the 10-year yield in a range of 6.75-7.10%.
LPETTET/iStock Unreleased via Getty Images A Chicago jury has ordered Abbott Laboratories to pay $53M in compensatory damages to a group of families that had accused the company that its premature infant formula caused a serious bowel disease. The verdict came on April 9, in state court, where the families alleged Abbott ( ABT ) knew its cow-milk-based formula for premature babies could cause NEC ...
LPETTET/iStock Unreleased via Getty Images A Chicago jury has ordered Abbott Laboratories to pay $53M in compensatory damages to a group of families that had accused the company that its premature infant formula caused a serious bowel disease. The verdict came on April 9, in state court, where the families alleged Abbott ( ABT ) knew its cow-milk-based formula for premature babies could cause NEC (necrotizing enterocolitis) but marketed it to hospital NICUs without proper warnings. The four families’ lawsuits were consolidated for trial. The affected children, born in Chicago-area hospitals between 2012 and 2019, developed NEC but survived; some required surgery and continue to face long-term health issues. The global healthcare giant ( ABT ) has denied that its formula causes NEC, maintaining that its products are essential for premature infants when breast milk is unavailable. The verdict, first reported by the Chicago Tribune, highlighted that punitive damages were still to be decided , meaning total liability could rise beyond $53M. The jury is set to meet again on Friday to determine punitive damages. More on Abbott Laboratories Abbott Laboratories: A Dividend Aristocrat With A Compelling Valuation And Return Potential Abbott: A Brighter Investment Case Heading Into Q1 Earnings (Rating Upgrade) Abbott Laboratories Offers Long-Term Upside Despite Recent Stumbles Abbott eyes $20B bond sale to fund purchase of Exact Sciences - report Insider trades: Merck, Intel, Micron among notable names