The British Parliament emphatically rejected Theresa May's Brexit deal. With the UK due to leave the EU in 10 weeks, there is growing alarm that the impasse will not end in time to avoid the potential economic disaster that would be a no-deal exit.
The European Union and the UK have agreed on a draft Brexit deal. Now Prime Minister Theresa May's Cabinet must decide whether to back it or resign. EU officials caution that the deal is not settled until it is cleared in London.
The EU's chief negotiator Michel Barnier reached out to his British counterparts Tuesday in an attempt to find out how to set up the Irish border after Brexit. But the two parties still insist on different solutions.
Equity fund Hitec Vision plans to spend more than a billion dollars acquiring oil fields in the British part of the North Sea. Massive cost reductions have made the market attractive, says the investment director.
Offshore carriers and salvage companies can look forward to a larger billion-dollar market for the decommissioning of rigs on the UK Continental Shelf ahead of 2024, shows a new report from Oil & Gas UK. A total of 47 new projects are included in the latest survey.
The sale of Royal Bank of Scotland's Greek shipping portfolio is now on hold after the UK voted to leave the EU in a referendum in June. Reuters reports that Credit Suisse and China Merchant have gone into deliberation-mode.
Listed shipping, logistics and transport companies are diving on the stock market after the UK's decision to leave the EU became official Friday morning. The move has a strong impact on players such as DFDS with big business in the UK.
Neither wind turbines nor power plants at Dong will take a blow from the UK's decision to leave the EU. At least not right away. Currencies will be hit hard but the impact will be limited by a coverage of foreign exchange risks, says the company.
London's reputation as a global hub for ship-financing as well as brokerage and insurance business is at risk if the British people vote the country out of the European Union, warn British shipping leaders according to the Wall Street Journal.
Although considered one of the global shipping hubs, London's maritime cluster is threatened by a significant drop in the country's shipping register. Last year alone, the number of flagged ships dropped by 17 percent.
Great Britain is now entering what looks like a North European race to ensure optimal framework conditions, with growth teams and a UK government that "will pull out all the stops" to maintain the British maritime cluster.