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Ship insurer says Egypt seeking $916 million over Suez Canal blockage


By Reuters Staff
1 Min Read
FILE PHOTO: Ship Ever Given, one of the world s largest container ships, is seen after it was fully floated in Suez Canal, Egypt March 29, 2021. REUTERS/Hayam Adel
LONDON (Reuters) - One of the insurers of the container ship that was stuck in the Suez Canal last month for nearly a week said on Tuesday that Egypt had filed a compensation claim for $916 million against Japanese owner Shoei Kisen.
UK Club, the protection & indemnity (P&I) insurer for the Ever Given, said in a statement it was disappointed that the ship and its crew were being held in the canal until compensation was paid. ....

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China's H1 excavator sales surge 85%


China s H1 excavator sales surge 85%
Xinhua |
Updated: 2021-04-12 11:07
A China-made excavator is displayed during an industry expo in Shanghai. [Photo by Long Wei/For China Daily]
BEIJING - China s 26 leading excavator makers sold a total of 126,941 excavators in the first quarter, surging 85 percent year-on-year, data from the China Construction Machinery Association showed.
In breakdown, 113,565 excavators were sold in the domestic market, jumping 85.3 percent year-on-year, while exports of the equipment rose 81.9 percent to 13,376.
In March alone, excavator sales came in at 79,035 units, up 60 percent from the same period last year.
Sales of digging machines are an important indicator of the vitality of an economy as demand is usually backed by growth in mining and infrastructure development. ....

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Samsung Electronics says Q1 profit likely rose 44%, matching expectations


4 Min Read
SEOUL (Reuters) -Samsung Electronics Co Ltd on Wednesday said first-quarter profit likely rose 44%, with analysts attributing the surge to brisk sales of smartphones and TVs, albeit tempered by a likely fall in chip earnings after a storm halted U.S. output.
The South Korean technology giant forecast January-March operating profit of 9.3 trillion won ($8.32 billion), matching a weighted average analyst forecast from Refinitiv SmartEstimate.
Analysts said Samsung’s mobile division likely saw operating profit soar more than 1 trillion won to about 4.15 trillion won after its flagship Galaxy S21 smartphone series outsold the previous version by a two-to-one margin in the six weeks since its January launch, according to research provider Counterpoint. ....

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