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RPT-Tankers running on fumes as shipping fuel switch causes delays

LONDON/SINGAPORE, Dec 5 (Reuters) – Disruption to shipping from the long-anticipated switch to more environmentally friendly marine fuels has finally arrived, exacerbated by logistical problems as much as any shortage of the cleaner fuel. New International Maritime Organization (IMO) rules, referred to as IMO 2020, aim to stop ships from using fuels containing more than 0.5% sulphur unless they are equipped with exhaust-cleaning systems known as scrubbers. From the start of January ships must load very low sulphur fuel oil (VLSFO) or more expensive marine diesel unless they have scrubbers for the old high-sulphur fuel oil (HSFO). …read more […]

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UPDATE 1-FDA probes diabetes drug metformin for carcinogen NDMA

The U.S. Food and Drug Administration is investigating whether the diabetes drug metformin had unsafe levels of a cancer-causing chemical and will recommend recalls as appropriate, the agency said on Thursday. The move is part of the agency’s broader push to investigate a range of drugs for the presence of the carcinogen, known as N-nitrosodimethylamine (NDMA), with popular heartburn medication Zantac being recalled this year for fear it contained NDMA. Metformin is a first-line medication for the treatment of type 2 diabetes. …read more […]

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Asian shares firm, oil near two-month high after deeper output cut

Asian stocks held firm on Friday as U.S. President Donald Trump’s rhetoric kept investors’ hopes up on a trade deal with China, while oil sat near two-month highs after producers led by Saudi Arabia and Russia agreed on further output cuts. Japan’s Nikkei rose 0.28% and MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.19%. Trump said on Thursday that U.S.-China trade talks are “moving right along,” striking an upbeat tone despite a lack of agreement over whether existing tariffs should be dropped as part of a deal. …read more […]

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UPDATE 1-Two ex-Celadon executives charged with fraud at trucking company

Two former top executives at Celadon Group Inc have been charged with fraud and lying to auditors by concealing losses in the trucking company’s aging fleet as the market softened, the U.S. Department of Justice said on Thursday. The charges against former chief operating officer William Eric Meek and former chief financial officer Bobby Lee Peavler follow Celadon’s agreement in April to pay $42.2 million and enter a deferred prosecution agreement to settle related claims. Authorities charged Meek and Peavler with involvement in a 2016 scheme where a Celadon unit, Quality Companies, tried to rid itself of hundreds …read more […]