U.S. hosts record-setting container ship
NORFOLK, Va. -- The largest container ship ever to reach the U.S. has docked in Virginia.
The Theodore Roosevelt, a ship owned by French shipping company CMA CGM, arrived in Norfolk on Monday from Asia after setting another record as the largest ship ever to traverse the newly expanded Panama Canal.
At 1,200 feet, the vessel is longer than the new USS Gerald R. Ford aircraft carrier, and can carry the equivalent of 14,400 20-foot-long cargo containers. That's nearly 10 percent more than China Ocean Shipping's Development, a ship that broke the previous record in May.
The Port of Virginia is one of only four East Coast ports with the 50 feet of depth at low tide desired for the largest container ships. More ports are seeking funds to deepen their channels.
-- The Associated Press
Romania dismisses talk of euro switch
BUCHAREST, Romania -- A senior Romanian politician has downplayed speculation that the country is planning to adopt the euro as its currency by 2022, saying further evaluation work is required before any decision is made.
Liviu Dragnea, chairman of the ruling Social Democratic Party, said Tuesday that the government had not had a "serious analysis" about replacing the leu with the euro, which is currently used by 19 European Union countries. His comments follow a suggestion last week from Foreign Minister Teodor Melescanu that Romania could start using Europe's single currency by 2022.
Dragnea said a study needed to be conducted involving the central bank and parliament before any decision is made.
The foreign minister said later Tuesday that he had simply been expressing an opinion about when Romania would be ready to change its currency. He noted that the budget deficit is forecast to equal 3 percent of Romania's annual gross domestic product this year -- in line with euro rules -- and inflation is low. He also said that introducing the currency could have "a social impact ... especially for those on low incomes."
Romania has one of the fastest-growing economies in the European Union. It's expected to expand by 5 percent this year, more than double the anticipated rate for the eurozone.
Despite that growth, Romania remains one of the poorest members of the 28-country EU.
-- The Associated Press
Denmark calls to cut car taxes to 100%
COPENHAGEN, Denmark -- This city's reputation as a cyclists' paradise isn't just because of a lack of hills: Registration duties of up to 180 percent of the cost of purchase mean Denmark is one of the most expensive countries in which to buy a new car.
But an initiative unveiled Tuesday proposes to lower the tax rate to 100 percent.
The initiative is part of efforts by Prime Minister Lars Lokke Rasmussen's center-right government to expand the labor force by making a monthly salary more attractive.
Right now, the cheapest version of Volkswagen's popular Golf hatchback, the 85-horsepower 1.0 TSI Trendline, is advertised on the carmaker's Danish website with a starting price of almost $34,000. That compares with $21,500 in the carmaker's home of Germany and as little as $18,900 in nearby Poland.
A basic Porsche 911 Carrera sports car will set you back $306,600 versus $117,900 in Germany.
The government has published a list of potential savings, should its plan be approved by parliament. It shows savings of around 7 percent, or $3,240, for a Golf. The government did not provide estimates on how much the Porsche would cost under its proposal.
-- Bloomberg News
Storm threatens to halt oil deliveries
DALLAS -- The mutual dependency of pipeline companies and refiners is being magnified as Tropical Storm Harvey takes its toll on the Gulf Coast, putting at risk the U.S. shale boom.
With a number of refineries in the region closed by the storm, pipelines have fewer places to deliver oil carried from prolific West Texas shale basins. When pipelines close, the refineries still open have less oil to process. Ultimately, producers may find their oil stranded with their route to the coast limited.
A few more days isn't a problem, according to Libby Toudouze, a partner at Cushing Asset Management LP. But if the Gulf Coast closures continue into and past next week, it could spur a ripple effect across the industry, she said.
"If there's no place for it to go, you can't keep jamming more crude into the line," Toudouze said in a telephone interview.
Marathon Petroleum Corp.'s Galveston Bay refinery in Texas City, with a capacity of 451,000 barrels a day, may be forced to halt production within several days because it is running out of crude, a person familiar with operations said on Monday. Its oil comes via Magellan Midstream Partners LP, which suspended use of its pipeline in the area on Sunday.
Magellan didn't immediately respond to a request for comment. Marathon declined to comment on operations at its plant.
-- Bloomberg News
Business on 08/30/2017