Companies in the insurance industry have been warned that they could incur increased VAT liabilities and associated costs on certain services bought in from any country outside the UK, under changes to the VAT international services rules which will take…

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• European shipping companies could face increased tax liabilities

    A warning has been issued that European shipping companies could incur increased VAT liabilities and costs on some services bought in from other countries, due to changes to the VAT international services rules due to take effect in the New… Read at European shipping companies could face increased VAT liabilities

• Increased VAT debt warning to European shipping companies

    International accountant and shipping consultant Moore Stephens has warned that, under changes to the VAT international services rules which take effect on 1 January 2010, shipping companies in Europe could incur increased VAT liabilities and costs on certain services bought… Read at Increased VAT liability warning for European shipping companies

• GL issues new rules for Underwater Technology

    Germanischer Lloyd (GL) has upgraded and extended its ‘Rules for Underwater Technology’. The revision of the rules reflects the growing demand for sophisticated regulations covering subsea innovations, in particular down to depths of 6.000 metres or more. Read at GL issues new rules for underwater technology

• RINA shows risk analysis rules for offshore structures

    Genoa-based classification society RINA has published a new set of rules covering offshore units including FPSOs, FSRUs and MODUs. They are based on experience in helping develop the world’s first offshore LNG terminals, both fixed and floating. The Rules for… Read at RINA reveals risk analysis rules for offshore units

• Bar Association supports Rotterdam Rules

    Adoption of the Rotterdam Rules took a significant step forward when the American Bar Association voted to urge Congress to ratify the international shipping liability rules. The rules, which the United States signed last September, would replace the 1924 Carriage of Goods by Sea Act to cover liability for cargo

• RINA sets new rules for risk analysis of offshore units

    A new set of risk analysis rules covering floating production storage and offloading units, floating storage re-gasification units and mobile offshore drilling units has been published by the Italian classification society RINA. The Rules for the Classification of Floating Offshore… Read at RINA sets out new risk analysis rules for offshore

• Oil firm Tatneft posts 55% net profit growth in Jan.-Sept.

    Tatneft, one of Russia’s top 10 crude producers, said on Tuesday its U.S. GAAP net profit increased 55%, year-on-year, in January-September 2009 to 47.15 billion rubles ($1.6 billion).

• GL Announces New Rules for Offshore Service Vessels

     ?The technical evolution of offshore support vessels (OSV) has initiated Germanischer Lloyd (GL) to publish new rules for ships intended for offshore support and supply, offshore towing, well stimulation, and other specialized offshore services.

• The adoption of Rotterdam Rules from 15 countries

    Today, 23 September, fifteen countries have officially expressed their support for the new UN convention â??Rotterdam Rulesâ??. The countries signed the convention that describes the rights and obligations involved in the maritime carriage of goods. Read at Acceptance of Rotterdam Rules by 15 countries

• Angang: Some Chinese factories can result in losses in July

    Zhang Xiaogang, general manager of Liaoning-based Chinese steel producer Anshan Steel (Angang), has stated that in July many Chinese mills may incur losses, and thus more and more domestic steel producers will choose to cut or halt production.