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The Morning Risk Report: Tanker Owners Cash In on Iran Sanctions |
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A tanker transported crude oil in March. Crude exports from Iran have fallen about 50% since May when the U.S. pulled out of a deal curbing Iran’s nuclear program. PHOTO: ALI MOHAMMADI/BLOOMBERG NEWS
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Good day. U.S. sanctions on Iran and the trade battle with China have become a boon for owners of tankers, with daily freight rates at their highest level in two years as ships shift their routes to load up crude from other oil-producing countries.
Crude exports from Iran, the world’s fifth-biggest oil producer, have fallen about 50% since May when the U.S. pulled out of a landmark deal curbing Iran’s nuclear program. A new set of sanctions against Tehran took effect at the start of this month.
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Oil traders and tanker brokers said Saudi Arabia has moved to fill the void of more than one billion barrels a day. Meanwhile, China has stopped importing U.S. crude as it pushes back against American tariffs on Chinese-made goods. Beijing is now sourcing crude oil from as far as West Africa.
Before the trade dispute, China accounted for about a quarter of U.S. crude exports. Those are now moving to other markets such as South Korea, the Netherlands and the U.K., according to Peter Sand, chief shipping analyst at Bimco, an international association representing shipowners.
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| From Risk & Compliance Journal |
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U.S. Extends Rusal, EN+ Sanctions Waiver for Sixth Time |
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The Treasury said it would allow until early next year for the sale or transfer of shares in EN+ Group PLC and United Co. Rusal PLC from people under U.S. sanctions to those not on the list. The deadline is now Jan. 7.
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Companies Fail to Meet Human-Rights Benchmark, Study
Finds |
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Major companies in the resource extraction, agricultural and clothing industries are failing to demonstrate respect for human rights, according to a study based on United Nations principles.
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Goldman’s Ex-CEO Blankfein Met With Malaysian in 1MDB Scandal |
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Former Goldman Sachs CEO Lloyd Blankfein attended two meetings with a Malaysian financier at the center one of the world’s largets financial scandals, including one after the bank’s compliance department had raised concerns.
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New York City Raids Condo Building in Crackdown on Airbnb
Rentals |
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New York City law-enforcement officers swarmed a Manhattan condominium last month, issuing 27 notices of violations for illegal hotel use in one of the largest crackdowns on short-term rentals such as those listed on Airbnb.
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Tesla Employee Indicted in Alleged Embezzlement Scheme |
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A federal grand jury indicted a former Tesla Inc. employee accused of engaging in a $9.3 million embezzlement scheme by impersonating a car-parts supplier.
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FBI Probes Company Where Whitaker Was Advisory-Board
Member |
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Federal investigators are conducting a criminal probe of a Florida company accused of scamming millions of customers during a period Matthew Whitaker, the acting U.S. attorney general, served as an advisory board member.
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Juul to Stop Sales of Most Flavored E-Cigarettes in Retail
Stores |
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E-cigarrette startup Juul Labs Inc. plans to stop selling most of its flavored nicotine liquids at retail stores, according to people familiar, as it faces a regulatory crackdown and criticism that its marketing attracted underage users.
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FDA to Propose Ban of Menthol Cigarettes |
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Scott Gottlieb, commissioner of the Food and Drug Administration, plans to pursue a ban on menthol cigarettes, according to senior agency officials. It would be a big blow to British American Tobacco, which sells Newports.
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Facebook to End Forced Arbitration for Sexual-Harassment Claims |
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Facebook Inc. is ending its policy of requiring employee sexual-harassment claims to be settled in private arbitration, a day after Google rolled back a similar policy under employee pressure.
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Why Did Facebook Fire a Top Executive? |
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Facebook Inc. executive and virtual-reality wunderkind Palmer Luckey was a rising star of Silicon Valley when, at the height of the 2016 presidential contest, he donated $10,000 to an anti-Hillary Clinton group.
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His donation sparked a backlash from his colleagues. Six months later, he was out. Neither Facebook nor Mr. Luckey has ever said why he left the social-media giant. Mr. Luckey, it turns out, was put on leave, then fired, according to people familiar with the matter.
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Gab to Rein In Calls for Violence While Allowing Hate Speech |
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The social-media site where the alleged Pittsburgh shooter broadcast his intentions is pledging to curb threats of violence while planning to remain a platform wher hate speechand other extreme content is allowed.
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Federal Reserve to Begin Publishing Financial Stability Report |
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Trump Tariffs Pit Auto Companies Against Each Other |
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Fights are emerging across the auto industry over who should bear the costs of tariffs, leading to new stress along the supply chain. The automotive supply chain is a complex, global network of interdependent businesses.
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UPS Averts Freight Strike as Teamsters Ratify New
Contract |
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United Parcel Service Inc.’s freight workers ratified a final contract offer, averting a work stoppage. UPS said it would immediately resume pickups, which the company has stopped last week, for its freight customers.
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Tech’s Urgent Quest for Women Directors |
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A California law passed in September mandating public companies based in the state to have at least one female board member by the end of 2019 has set off a scramble for candidates.
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Third Point Scales Back Its Demand for Campbell Board
Seats |
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Daniel Loeb’s Third Point LLC backed off its bid to replace the entire 12-person board of Campbell Soup Co. after the hedge fund rejected a settlement offer from the company.
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SAP to Buy Market-Analytics Startup Qualtrics for $8 Billion |
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SAP SE, the German business-software vendor, agreed Sunday to buy Qualtrics International Inc. for $8 billion, taking the market-analytics startup off the market just days before it planned to sell shares to the public.
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Nascar Offers to Buy International Speedway |
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Nascar offered to acquire International Speedway Corp. in a deal that values the Daytona International Speedway owner at $1.85 billion and would combine the companies into a group owned by Nascar’s controlling family.
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Follow the WSJ Risk & Compliance Team on Twitter: @WSJRisk,
Send comments to the Risk & Compliance editor, Jack Hagel, at jack.hagel@wsj.com.
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