Update 2: Tianjin Port Disaster Claims 112 Lives

first_imgzoom Rescue crews have found 112 bodies, with 95 people still missing, 85 of whom are firefighters, after two huge explosions leveled parts of the industrial area of China’s Port of Tianjin where dangerous chemicals and goods are stored late Wednesday night, Xinhua news agency reports.24 victims have been identified thus far, rescue coordinators said at a Sunday press conference. Out of the 85 missing firefighters, 13 are in active service, and 72 are employed by Tianjin Port Group Co.The officials also acknowledged the presence of toxic materials at the explosion site, stating that there is no threat to the public outside the two-kilometer evacuation zone.722 people have been hospitalized thus far, 58 of which are in critical condition.The initial blast reportedly erupted at a warehouse owned by Tianjin Dongjiang Port Rui Hai International Logistics, a storage and distribution center of dangerous goods in the Port of Tianjin. The center includes two warehouses, one of them being located next to an office block.Significant areas of the port, the tenth largest in the world, have been destroyed by the explosions and the subsequent fires.The office buildings and warehouses of several shipping companies, including China Offshore Oil Engineering, Cosco Shipping, and Sinotrans have been damaged by the explosions and the fire.The blasts reportedly spread to the port’s vehicle storage area, where around 6,000 new cars have been destroyed.The Shanghai-listed company Tianjin Port Holdings on August 13 said its port work and operations resumed as normal after the blast.However, all chemical, oil, and gas terminals at Tianjin port have closed following the explosions, meaning that operations for these types of cargo and vessels have been suspended. The north part of the Tianjin port has been temporarily closed as well.The domestic media, citing the Tianjin Transportation Committee, reported that operations for dangerous cargoes have been prohibited. The operations include the ones related to dangerous containers export, dangerous liquid cargo import and export, as well as storage, packaging and devanning of containers with dangerous goods.World Maritime News Stafflast_img read more

Targets 1Q profit rises 52 per cent as turnaround efforts start to

NEW YORK, N.Y. – Target reported a nearly 52 per cent increase in its first-quarter profit on strong sales of fashion and baby items, evidence that its efforts to turn around its business are paying off.The retailer, based in Minneapolis, also boosted the bottom end of its annual profit outlook.Target Corp. is aiming to reinvent itself as a more nimble and innovative company and trying to reclaim its reputation as a cheap chic retailer under CEO Brian Cornell, who took the top job last year.Under Cornell, the company ended its money-losing expansion into Canada — recently closing all 133 stores. It also has made other cost-cutting moves, including eliminating 1,700 positions in the United States.The company said Wednesday its discontinued operations, primarily Target Canada, had a $16-million loss during the first quarter compared with a $153 million loss during the comparable period last year.The company told investors in March that it plans to eliminate $2 billion in costs over the next two years and invest money into its online operations and other endeavours.Target is also doubling down on a handful of areas like fashion, children’s products and home furnishings. It’s also reimagining its grocery area and wants to focus on organic, natural, gluten-free and locally produced food.The moves come after Target lost its way during the Great Recession when it aggressively expanded into basic groceries. That helped drive traffic but diluted its cheap chic image. The company also was dragged down by its botched foray into Canada two years ago. And Target was behind other rivals in e-commerce services.The company’s first-quarter results show Target is seeing momentum.Target said it earned $635 million, or 98 cents per share in the quarter ended May 2. That compares with $418 million, or 66 cents per share in the year-ago period.The quarter including a three cent loss from discontinued operations, compared with a loss of 24 cents per share last year.Revenue rose nearly 3 per cent to $17.1 billion. Revenue at store opened at least year a year, marking the third consecutive period of gains.The results surpassed Wall Street estimates. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share. Zacks had forecast revenue of $17.08 billion.The company said that it now expects earnings per share to be in the range of $4.50 to $4.65 for the fiscal year, up from the original forecast of $4.45 to $4.65 per share. Analysts were expecting $4.56 per share for the year, according to FactSet.Target’s stock rose a little more than 1 per cent, or $1.08, to $79 in premarket trading Wednesday.__________________Follow Anne D’Innocenzio at http://www.Twitter.com/adinnocenzio by The Associated Press Posted May 20, 2015 6:58 am MDT Last Updated May 20, 2015 at 1:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email FILE – In this Dec. 19, 2013, file photo, a passer-by walks near an entrance to a Target retail store in Watertown, Mass. Target Corp. reports quarterly financial results before the market opens Wednesday, May 20, 2015. (AP Photo/Steven Senne, File) Target’s 1Q profit rises 52 per cent as turnaround efforts start to pay off read more