zoom Monaco-based tanker owner Scorpio Tankers has seen its net income for the first quarter of 2016 drop to USD 28 million, in line with forecasts, compared to a net income of USD 40.7 million reported in the corresponding period in 2015.The company added that its vessel revenue for the period reached USD 165.1 million, while it was at USD 160.7 million in the first quarter of 2015.Scorpio Tankers said that diluted earnings per share were at USD 0.18, while its dividend was at USD 0.125 per share.In March, Scorpio Tankers amended and restated its previously announced USD 87 million credit facility with ING Bank N.V. to increase the borrowing capacity to USD 132.5 million.The facility bears interest at LIBOR plus a margin of 1.95 percent per annum, and the proceeds from the upsizing were used in April to partially finance the purchase of an LR2 product tanker STI Lombard and refinance the existing indebtedness on STI Osceola.The company further said that during the first quarter of 2016 it made USD 72.3 million of installment payments on its newbuilding vessels.Scorpio Tankers currently has 11 newbuilding vessel orders, eight of which are MRs and three are LR2s. The vessels will be built by DHSC, Hyundai Mipo Dockyard Co., Ltd. and Sungdong Shipbuilding and Marine Engineering Co., Ltd.
FedEx says one of its pilots was detained in China after an item was found in his luggage before he boarded a commercial flight.The company said Thursday the pilot was later released, and it is working with Chinese authorities to understand what happened at the airport in Guangzhou, in southern China.The Wall Street Journal reported that former U.S. Air Force pilot Todd A. Hohn was detained on Sept. 12 after pellets used in replica air guns were found in his checked bag. The paper cited people familiar with the incident.The newspaper said Chinese authorities allege that Hohn was illegally carrying ammunition, and they have started a criminal investigation.“We are working with the appropriate authorities to gain a better understanding of the facts,” a FedEx spokeswoman said in a statement sent to The Associated Press.FedEx said the pilot was later released, although the company spokeswoman said she did not know where he is now. The Journal reported that Hohn was moved to a hotel and told that he can’t leave mainland China until the investigation is over.FedEx declined to comment further. It would not say whether the incident has affected its schedule in Asia.The Air Line Pilots Association, which represents FedEx pilots, has told its members not to comment on social media because of the sensitive nature of an incident in China.A Federal Aviation Administration database of pilots lists a Todd A. Hohn in Niceville, Florida. He is licensed to fly several different planes including Boeing 757 and 767 jets used by FedEx.FedEx Corp. has been caught up in rising trade tension between the United States and China.This week, FedEx CEO Fred Smith blamed slower worldwide economic growth on trade uncertainty. Shares of FedEx fell 12.9% Wednesday — their worst day since 2008 — after the Memphis, Tennessee-based company reported disappointing quarterly profit and cut its estimate of full-year earnings.On Thursday, the stock finished up $1.54, or 1%, at $152.45.Earlier this year, Chinese technology giant Huawei complained about deliveries that FedEx misrouted. Shortly after that, in June, FedEx sued the Commerce Department to stop enforcement of export rules that restrict shipments to Huawei and other entities. Huawei is on a list of companies barred from receiving U.S. technology without a special license from the Commerce Department.The Associated Press
WASHINGTON – The federal government ran the second highest monthly surplus on record this April as tax revenues were pushed higher by a change in the deadline for corporate tax payments.In its monthly budget report, the Treasury Department said Wednesday that the surplus for April totalled $182.4 billion, the second largest surplus after a record $189.8 billion surplus set in April 2001.The government generally runs surpluses in April reflecting the annual tax deadlines. This year’s surplus was inflated because of a deadline change that allowed corporations until April to make their final tax payments for last year. The deadline had previously been March.Through the first seven months of the current budget year, the government is running a deficit of $344.4 billion, down 2.4 per cent from the same period a year ago.The Congressional Budget Office is projecting that the deficit for the full budget year, which ends on Sept. 30, will decline 4.6 per cent to $559 billion. That would compare to a 2016 deficit of $585.6 billion.The CBO’s deficit estimate is based on current law remaining unchanged. President Donald Trump has called for a program of tax cuts for individuals and businesses, and increased government spending in such areas as the military and repairing the nation’s aging infrastructure.The CBO has not been able to project how much impact Trump’s proposals will have on this year’s deficit or in future years because so far the administration has not released its full budget outline. That document is expected to come out later this month.For the first seven months of this, revenues total $1.93 trillion, up 0.6 per cent from the same period a year ago. Spending totals $2.27 trillion, up 0.2 per cent from the same period last year. FILE – In this Friday, June 24, 2016, file photo, pedestrians and tourists go about their lunchtime routine in front of the United States Treasury headquarters building in Washington. On Wednesday, May 10, 2017, the Treasury Department releases federal budget data for April. (AP Photo/J. David Ake, File) by Martin Crutsinger, The Associated Press Posted May 10, 2017 12:29 pm MDT Last Updated May 10, 2017 at 1:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Federal government records $182.4 billion budget surplus