Tuesday, 18 May 2021 - Corfu port authorities said some 600 tourists from countries including Italy, France and Germany were on board the Costa Luminosa, operated by Italy's Costa Cruises, and all safety measures were being adhered to in the port. Some of the passengers expressed their delight at being able to travel again. "It's freedom, enjoying life, you really feel much better. You're not in prison anymore, you're free and that really does you good," said French tourist Robert Maran from Lyon. Greece opened its doors on Saturday to tourists from the EU and other key markets such as the United States, Israel and Britain, lifting the need for people to quarantine as long as they have been vaccinated or tested negative for COVID-19. Costa's first ship to resume cruises in Greece and the second to restart operations overall, is one of four scheduled to resume cruises this summer in the Mediterranean. It set sail from the port of Trieste on May 16, and besides Corfu, will also stop in Athens, Mykonos, the port of Katakolon near Olympia in Greece, and Bari in Italy. It will operate until mid-November for some 27 cruises. According to the company website, safety measures due to the coronavirus include a reduced number of passengers, social distancing, testing before embarking and midway through the cruise, as well as daily temperature checks when passengers disembark and re-enter the ship, as well as during excursions. Masks will be required when necessary. The crew will also undergo frequent tests. Another cruiseship, Mein Schiff 5 with about 1,000 passengers, was the first to dock at Piraeus Port this summer holiday season, Piraeus Port Authority said. Tourists visited the local sites on the island wearing masks and underwent temperature checks at the museums. "At last we're coming back on track to freedom and work," said tour guide Wafaa Spirou. "Safety and hygiene measures are being respected both by us and by our clients." In March, the Costa Luminosa bound for the Italian harbour of Savona, had 36 people on board found to be infected with the coronavirus when tests were undertaken on passengers, during a stop in the French port of Marseille. (Reporting by Spyros Skordilis, Writing by Deborah Kyvrikosaios, Editing by Alexandra Hudson)

Post-Market Wrap: May 18, 2021 - CNBC brings you fast, accurate, and actionable business news and market updates.

Tuesday, 18 May 2021 - S&P 500 opens flat after weaker-than-expected housing data CNBC's "Squawk on the Street" team discusses the market open.

Tuesday, 18 May 2021 - Berkshire Hathaway cuts stakes in Wells Fargo, Chevron and Merck CNBC's Leslie Picker reports on some big moves Berkshire Hathaway made this past quarter.

18:28 GMT - Violent clashes between Palestinians and Israeli troops in Hebron Hebron, May 18 (EFE / EPA) .- (Camera: Abed Al Hashlamoun) Dozens of Palestinian protesters clashed with Israeli troops on Tuesday, during the protest in Hebron against Israel's airstrikes in Gaza. FOOTAGE OF THE CLASHES IN HEBRON. (c) Agencia EFE

Tuesday, 18 May 2021 - BRUSSELS (Reuters) -The European Union's executive on Tuesday adopted a plan for a unified corporate tax regime, saying this would add to economic growth and help create a fairer and more sustainable society. European Commission Vice President Valdis Dombrovskis said the move would "set the foundations for a corporate tax system in Europe that is fit for the 21st century". "Taxation needs to keep up to speed with our evolving economies and priorities. Our tax rules should support an inclusive recovery, be transparent and close the door on tax avoidance", he said in a statement. The Commission proposed that certain large companies operating in the EU publish their effective tax rates to ensure greater transparency, and also proposed new anti-tax avoidance measures to tackle the abusive use of shell companies. Its plan will aim to support the EU's post-pandemic economic recovery by addressing the debt-equity bias in the current corporate taxation, which treats debt financing of companies more favourably than equity financing. It will encourage companies to finance their activities through equity rather than turning to debt. The Commission also proposed that member states allow loss carry-back for businesses to at least the previous fiscal year. This would benefit forms that were profitable in the years before the COVID-19 pandemic, allowing them to offset their 2020 and 2021 losses against the taxes they paid before 2020. (Reporting by John Chalmers, editing by Marine Strauss and Raissa Kasolowsky)

Tuesday, 18 May 2021 - In this week’s report by the Wind Energy Foundation Market Research, we take an inside look into the momentum offshore wind is gaining, and it is real this time? For decades now, America’s offshore wind has had little to no progress, and it has been truly perplexing seeing as to how tremendous resource and technological availability has been. Wind energy in the US has had several false dawns, but Europe, on the other hand, has deployed tech and harnessed it on a large scale with minimum cost and disruptions. What is astonishing is the tremendous offshore wind capacity the US has in its waters. But the Wind Energy Foundation report indicates a nationwide initiative that we all want, and big plans to achieve meaningful amounts of offshore wind energy into the national grid are underway, and it is expected to drive the kilowatt charge further down. Oil & Gas Struggles As the mainstay offshore Oil and Gas companies continue to struggle, the clean and renewable offshore wind prospects keep getting better. Phillip Lewis, director of World Energy Research, has acknowledged that 2021 is the year when the offshore wind gets a head start in the US. He says that based on the March targets set by the Biden team, the US is looking to achieve 30 gigawatts of offshore wind projects completed by 2030 and a further 120 gigawatts in 2050. US Offshore Wind Energy Capacity Lewis further asserts that with these targets set in mind, the energy landscape in the US is about to change. He notes that the US offshore, maritime, and cumulative market logistics are gearing up big time for offshore wind energy, which is expected to drive the energy growth trajectory. The offshore wind energy capacity in the US waters, based on this week's World Energy Report, is 30 megawatts. By comparison, Europe – which is far ahead in its exploration efforts – is 25 megawatts. So, it is hugely ironic we have had a lack of progress for too long. But what initiatives can the government put in place to achieve this goal? Infrastructure Already Underway Cumulatively, offshore exploration, ports, marketplace, and the maritime sectors have geared up to the anticipated growth in offshore wind energy. The report has highlighted infrastructure layout that includes Service Operations Vessels (SOVs) that serve two major functions: SOVs can be commissioned to carry out the general repair, maintenance, and wind farm operations, and inspection (for an estimated service period of 20 to 30 years). Commissioning work of turbines in the construction and expansion phase. Philip Lewis added, however, that the SOVs operational capacity is at 70%, and said chatter for more operation-specific vessels would be needed going forward. The other limitation is that SOVs offshore operational estimation would be within 38 miles from the shore, and that’s because preliminary tests have shown that SOVs are competitive over 38 miles offshore. Therefore, support would be needed to guarantee safety while transitioning between shores and windfarm. Notwithstanding the foreseen logistical challenges, offshore wind energy is finally coming to America. (Edited by: The Decision Maker team)

Tuesday, 18 May 2021 - Today's offshore energy and maritime news highlight how the maritime companies are working to minimize carbon emissions with sights set to net-zero by 2050 globally. Oslo-based Energy analyst, Rystad, has today focused on how offshore contractors are using carbon capture and storage (CCS) to reduce carbon emissions. Firstly, maritime carbon capture and storage (CCS) involves the capture of waste carbon dioxide (CO2), transporting it to offshore storage sites, and depositing it in a way that it doesn’t re-enter the atmosphere. The deposition of carbon deep underground as a means of decarbonization is a relatively new concept, but companies that deal in subsea, offshore wind, shipbuilding, and oil & gas sector have had tremendous pressure to use projects that minimize carbon emissions. And through carbon capture and storage, CO2 (the biggest contributor to global warming) is captured from industrial processes to prevent it from re-entering the atmosphere. Rystad has further added that since governments and industries across the globe introduced CCS in offshore installations to reduce carbon emissions in 2011, the clean energy sector continues to experience a boom, with multinational agencies expected to use as much as $35 billion in capital spending on CCS projects in Europe alone between now 2021 and 2035. Moreover, a significant slice of this investment is expected to go to offshore contractors directly involved in decarbonization efforts. Existing CCS Projects In his report, Rystad said that several offshore companies such as Subsea 7, Technip FMC, Shell, Total, and Saipem are involved in the capture and storage of carbon dioxide in Norway’s heavy industry. And since transportation of CO2 in its form is hazardous, it is compressed into liquid form and shipped from West Norway to the North Sea for storage. The analyst further identified similar CCS projects around Europe, with the majority of those in the UK, Denmark, and the Netherlands, and further projects underway in Italy. The biggest huddle faced so far, however, has been the installation of transport facilities, pipelines, construction, and storage facilities. But Rystad said the next couple of years, probably a timeline of five years, would see the completion and operation of these projects. Call to Action The main challenge with the already existing CCS projects has been the huge investment required for the maintenance of shipping infrastructure such as truck lines. But the analyst has called on the World’s most industrialized states to step up their funding efforts so as to speed up the realization of the net-zero carbon emissions globally by 2050. Health and Safety Concerns While mitigation of fossil fuel use is in line with the global climate conservation accord, lawmakers in scores of Europe (especially in the UK, Italy, and Norway) have had to amend safely laws that govern offshore energy industries. These laws are however particular to the installation that's dedicated to CCS. In the UK, for instance, the Offshore Installation safety case regulation requires that contractors submit structured and systematic approaches that can manage major hazards. (Edited by: The Decision Maker team)

Friday, 14 April 2021 - Official figures from the Office of the National Statistics show that the UK GDP shrank by 1.5% in Q1 of 2021. The UK, for the last few months, has been amid the strict lockdown as a measure to combat the second wave of the Covid-19 pandemic. However, that quarterly contraction on the economy is relatively modest given economic forecasters had predicted a 1.6% contraction or worse. Hits from The Second Wave of The Pandemic The second wave hit the UK in mid-November 2020, causing a high prevalence of infections countrywide, taking a high toll on peoples' lives and the country's public health. Preliminary data indicate that the reintroduction of containment measures that included gruesome lockdowns and other public space restrictions took the biggest hit on the economy. The second wave saw a decline in business investment, consumer savings, and household consumption as citizens tried to live with the fresh COVID restrictions. On the other hand, economic damage was slightly offset by increased government expenditure and an improved balance of trade. Vaccination Rollout and An Economic Upsurge in March With sights set on economic resumption, the turn of 2021 saw a mass rollout of vaccinations that peaked at 845,000 doses per day in mid-March, according to the National Health Service (NHS) UK. The subsequent easing of restrictions in March led to an economic growth of 2.1%. The Office of National Statistics attributes this single-monthly expansion to the post-Brexit trade deal, which came into effect early 2021, that prompted the export of goods and services to the European Union, even as businesses and schools reopened across England and Wales. The Free Post-Brexit Trade Deal The December 2020 Brexit trade deal negotiations and its subsequent trade disruptions, coupled with the pandemic, took an unprecedented hit on the GDP, never seen since the recession. But the stark recovery in March has been accelerated by the return of schools and the rejuvenation of the economic sector. Additionally, the manufacturing and construction sectors have adapted well, especially in the face of the pandemic. Where Does the Economy Stand? Despite the 2.1% GDP bounce back reported in March, more light is expected at the end of the tunnel. The Bank of England has even predicted that the economy could completely recoup all its pandemic losses by the end of the fiscal year. However, the UK economy remains 8.6% smaller, which is considerable damage to the economy had the pandemic never struck. But with the successful rollout of vaccines in Q1 OF 2021, forecasters anticipate a sharp economic boom post-pandemic that will see a spike in household consumption and business investment. Lockdown measures have been eased and, pubs and restaurants, for example, have been allowed to operate outdoors. Moreover, the UK prime minister made the much-anticipated announcement; that sporting events can start welcoming fans to stadiums as from 17th May 2021, albeit partially. But with the sharp fall in infection rates, life is expected to regain normalcy more or less. (Editor: Richard Oyamo)

Thursday, 13 May 2021 - Redfin, the National Brokerage, reports today that US homebuyers who kept up with mortgage payments for second homes rose to 178% this year. This represents the 12th straight month we have had an 80% plus growth rate. The number of vacationers who kept working in holiday destinations was at an all-time peak in April 2021 for the second year in a row when the US economy was heavily hit by the second wave of the pandemic and all real estate activity virtually ground to none. However, second home mortgage rates are still locked in at more than double what it was before the eve of the pandemic. The situation has partly been exaggerated by the volatility of the pandemic, which has seen demand for both primary homes, second homes, and investment properties spike. However, the record increase in demand for second homes is reported to be double that for primary homes. That’s because the extra motivation to keep up with the payments for primary homes has more or less taken a hit during the pandemic as travel restrictions have been in place for both local and international destinations. As a result, buyers who locked in mortgage rates for second homes was 178% whereas mortgage rate locks for primary homes have risen to 78% year over year in May. Redfin's report uses data obtained from Optimal Blue, which is a real estate analytic firm that monitors mortgage rate locks for homes and investment properties. Further data from Redfin today Thursday indicate a sharp rise in demand for vacation homes, which represents the fourth month in a row the demand has remained elevated. Second-Home Demand Drivers The demand has been driven by both the middle class and the wealthy Americans who have enjoyed a substantial amount of freedom working remotely and making a living from trading stocks as well the rising value of home and investment properties. This is expected to be sustained for the next foreseeable future as most Americans plan to keep working remotely, despite the reopening efforts. Remote work has turned into the new normal. This, coupled with the low mortgage rates is anticipated to create a driving demand for vacation homes from wealthy Americans. This, however, will only be a given as long as the economy continues to grow. The Redfin report is further evidence as to the social inequality in the US. That is, some buyers have shown the capacity to own second homes while other Americans have been unable to own homes at all. Nonetheless, the demand for a second home isn't slowing anytime soon. Residential House Prices Are Up Seasonal towns in the US, which are ideal locations for second homes, have seen home prices rise by 27% in May to $455,000. Home prices are also up in the so-called non-seasonal cities by 28% to $420,000. These increases are however marginally inflated due to the slow price growth witnessed in the recent pandemic-related economic lockdowns.

Thursday, 13 May 2021 - Ireland's latest Rental Report (from Daft.ie) indicates a 2.1% average rise in residential rents nationwide as compiled for the first three months of 2021. This represents a steep rise from what the rent value was in Q4 of 2020. The 2.1% represents an increase that implies today's national average for residential rent in Ireland stands at $1900. This figure is further up by 1.6% from the last three months of December 2020. The Daft report has also highlighted the tremendous change that has seen an increase of 100% from a monthly rental low of $960 as was the case a decade ago, pre-pandemic. The Regional Variation The residential rental average nationwide is denoted by 2.1%, but regionally, rent falls back to a monthly low of over 3% in some areas. The capital, Dublin, had a moderate rental rise of 1% in the last five months. However, this rental increase means prices are still lower compared to regions outside Dublin where increases of 2.9% have been recorded. The growth in rental sales and prices represents the ongoing economic boom in Ireland, which is expected to attract international buyers from Asia and the US who are currently enjoying low interests and favourable exchange rates with the Sterling pound. Between December 2020 and April 2021, for instance, regions such as Galway and Cork City have had a rental increase of 6% compared to a similar time last year. Beyond Ireland’s main cities, rents are 8% higher than a year earlier. However, the upsurge in residential rents isn't indicative of a shortage in the supply of rental homes nationwide. In Dublin, for instance, supply has been down from 90% in Q4 of 2020 to 20% in Q1 of 2021. Outside Dublin, the situation is more or less the same as supply has fallen consistently from Q4 2020 towards Q1 2021. The Slump from The Pandemic As noted by the chief economist of Daft Report, Covid-19 hit Ireland's real estate market at varying degrees based on locations, meaning Dublin and the main cities virtually went in different directions to the rest of the country. In Dublin, Galway, and cork, the rental supply grew temporarily stemming from the pandemic containment measures that restricted movement into the cities. Beyond that, the rest of the country has seen its real estate market nearly coming to a halt, apart from the few listings that have subsequently spurred rental prices further. The Return to Normalcy As expected, with the return to normal life in the upcoming months and beyond, the disparities are likely to disappear, although Irelands rental undersupply problem is anticipated to persist. This is expected to further increase the rental prices that will stem from higher interest pressures and the country's long-standing housing policy that hasn't found a solution yet. That is, the double figures of rental prices as seen in the last decade is proof that the problem isn't going away soon.

Thursday, 13 May 2021 - Tesla CEO, Elon Musk, has today suspended vehicle purchases using bitcoin, that’s after he raised concerns over the rapidly increasing application of fossil fuels (especially coal) in bitcoin mining and related transactions, which is detrimental to the global objectives of the Paris Climate Agreement (2015). This turnaround comes a little over a month after the automaker's CEO authorized the purchase of Tesla vehicles in the U.S using Bitcoin, the world’s most popular form of cryptocurrency. And hours after Musk posted the announcement via his official Twitter account, Bitcoin prices plunged 16% early Thursday morning. The knock-on effect has seen the Bitcoin price slump by $3100 and more, whereas shares on Tesla stock declined by 1.3%. The automaker sites the upsurge in the use of coal, which has the worst emissions of all fossil fuels, as a factor in this swift turnaround. Many customers had hailed the acceptance of cryptocurrency as a great idea on multiple fronts, but Musk – Tesla’s wealthy founder, said the promise of a bright future shouldn’t come at the expense of the environment. The Bitcoin Slumps Tesla, on February 8, made public through official accounts that it had bought $1.5 million worth of Bitcoins. Moments later, Musk tweeted that the automaker would start accepting it as payment in the U.S. But after his tweet today, Bitcoin price immediately took a hit from $55,000 to 45,500, which represents the lowest price since March across the U.S and Asian markets. Though, after-hours trading, Bitcoin has recouped some losses already. Musk further added that the automaker wouldn't put up any of its Bitcoin for sale, but would be open to using it once Bitcoin mining transactions transition to other forms of sustainable energy. Meanwhile, he opened the door to other forms of crypto that use sustainable energy to mine. Although it is not definitive as to how much of the $1.5 million cryptos the automaker has sold since, executive reports from last month indicate the disposal of 10% of its Bitcoin holdings, resulting in a profit of over $100 million. Musk later revealed that the sale represented a market liquidity test, and indicated he had no plans to sell more stock. Why the Turnaround? Days after Tesla's purchase of Bitcoin stock, the Center for Alternative Finance at the University of Cambridge reported that the announcement had caused a spike in the electricity required to mine Bitcoin. The report further indicated that Bitcoin mining and related transactions were using tremendous energy (122.1 terawatt-hours), similar to an annualized amount of energy required by countries such as Holland and Argentina. Moreover, Xinjiang – the Chinese company that represents the world’s main center for Bitcoin mining, is reported to largely use coal as fuel. What Now? Despite the Bitcoin crypto suspension – which comes into place in the interest of environmental conservation – Elon Musk has opened the door to other forms of cryptocurrencies that use fewer fossil fuels in mining. Bitcoin has somewhat recovered its losses, but it remains to be seen where we go from here in the coming days.