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Russian seaborne diesel imports from July 1-15 fell 6% on a monthly basis, according to data
According to LSEG data and other market sources, the Russian seaborne exports of diesel and gasoline fell by 6% in the first 15 day period of July compared to the same period in 2006. Refinery maintenance and a strong domestic demand affected the supply. According to industry sources, calculations have shown that the offline capacity of Russia's primary oil refineries has increased by 20% to 3.9 millions metric tons in July, which includes maintenance at several large and mid-size refining plants. Refineries use less feedstock when idle capacity increases. In the first 15 days in July, diesel loadings through the Russian Baltic Port of Primorsk - the largest outlet of ULSD exports in the country - reached 470,000 tonnes, a 28% drop from the same period last month. Turkey has been the number one destination for Russian port diesel and gasoil exports so far this July. It takes about 44% or approximately 640,000 metric tonnes of total supplies. LSEG shipping statistics show that demand was strong, as it increased 52% between June 1-15. In the first 15 days in July, diesel loadings from Russia into Brazil were only 110,00 metric tons. This is a 56% decrease month-on-month. LSEG data indicates that about 180,000 tonnes of diesel and gasoline from Russian ports is waiting to be discharged or ordered for further destinations during ship-to-ship transfer near the Cypriot Port of Limassol. Market sources say that Russian gasoil and diesel exports may increase in the second half as some refineries finish maintenance. All shipping data is based upon cargo departure dates. David Goodman, Editor in Moscow (Reporting)
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Global shares rise as US consumer confidence holds steady, but yen falls ahead of Japan's vote
The global shares are on track to gain weekly gains this Friday, as strong U.S. corporate earnings and economic data released in the last week have tempered concerns about tariffs for now. Meanwhile, the yen is heading towards a second consecutive weekly loss before a crucial legislative election on Sunday in Japan. The S&P 500 closed at a record high on Thursday, thanks to stronger than expected retail sales data and claims for unemployment benefits, which suggest modest improvements in the economy. MSCI's global stock index edged up by 0.2% on the Friday, and is on track to gain 0.6% on a weekly basis. Asian stocks outside Japan rose 0.9% for the day, while European shares were largely flat. Wall Street futures are also flat before the opening. Eren Osman is the managing director of wealth at Arbuthnot Latham. He said that a solid start to earnings in the U.S., with companies like streaming giant Netflix exceeding forecasts, supports investor confidence. "We are pretty positive on the macro-background (in the U.S.)... We see some scope for growth slowing, but nothing material, and this is giving the markets a nice boost," Osman added, adding that the full potential impact of U.S. Tariffs remains in focus. Next week, Alphabet and Tesla will be among the companies that report their half-year results. This will test the mood of the market. The oil prices rose on Friday, as investors considered new European Union sanctions for Russia. These include measures that aim to deal further blows against Russia's energy and oil industries. U.S. crude climbed 1% to $68.19 a barrel, while Brent rose 0.8% to $70.06 per barrel. The yen is broadly unchanged at 148.5 dollars per yen, but it has been about 0.7% weaker in this week's polls after they showed that the coalition of Japanese Prime Minister Shigeru Shiba was in danger to lose its majority in Sunday's upper house elections. The data released on Friday revealed that Japan's core rate of inflation decreased in June, due to a temporary reduction in utility bills. However, it remained above the central banks 2% target. Ishiba has been losing popularity because of the rising cost of living. This includes the price of rice. Jayati Bharadwaj is the head of FX Strategy at TD Securities. She said that if PM Ishiba resigns due to an election loss, USDJPY would easily rise above 149.7, as this would bring about an initial period political turmoil. The JPY could recover from its recent dramatic weakness, if the ruling alliance wins and can make rapid progress on a deal with Trump. The U.S. Dollar Index fell 0.2% at 98.285, although it was still on track for a second consecutive weekly gain of around 0.4%. This is a rebound from the 3-1/2-year low reached over two weeks ago. Fed Governor Christopher Waller continued to say on Thursday that he believes the central bank should reduce interest rates by the end of the month, despite the fact that most officials have not expressed a desire to do so. Treasury yields in the United States were slightly lower. Benchmark 10-year yields fell nearly 3 basis points, to 4.44%. Two-year yields were also 3 bps lower at 3.89%. The spot gold price increased by 0.4%, to $3353 per ounce.
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Platinum reaches its highest level in more than a decade
Gold prices rose on Friday, despite easing concerns over the independence of the U.S. Federal Reserve and positive U.S. economic data. As of 1013 GMT spot gold rose 0.4% to $3,350.87 an ounce after a 1.1% decline in the previous session. This week, the bullion market has declined by 0.1%. U.S. Gold Futures increased 0.3% to $3.356.70. The dollar fell 0.4% on the day but was headed to a second consecutive weekly increase. Gold is cheaper when the dollar weakens. The European Union has agreed to a 18th package against Russia for its war in Ukraine. This includes measures to deal further blows to the oil and energy industries of Russia. Han Tan, Chief Market Analyst at Nemo.Money, said: "Gold is increasing on the weaker US dollar. However, it remains constrained by the U.S. economic data released this week, which tempered the notion that world's biggest economy remains resilient." The new EU sanctions against Russia remind market participants of the geopolitical risks that remain on the global stage. A source said that Donald Trump, the U.S. president, was willing to fire Fed Chair Powell earlier in the week. Trump said later that he does not plan to fire Powell, but reaffirmed his criticism of the Fed's rate policy. Initial jobless claims also improved, as did retail sales for the U.S. in June. Adrian Ash, BullionVault's head of research, said that the precious metals market has moved from gold, a safe haven, to silver, palladium and platinum, which are industrial, pro-growth alternatives. Spot platinum increased 0.3% to $1.461.77 an ounce, its highest level since August 2014. Palladium rose 4% to $1.329.88. This is its highest price since August 2023. Silver rose 0.5% to $38.31. (Reporting by Anushree Mukherjee, Ishaan Arora and Ashitha Shivaprasad in Bengaluru; Editing by Harikrishnan Nair)
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Talen Energy shares soar on $3.5 billion gas fired power plant deal
Talen Energy shares jumped by more than 15 percent in Friday's premarket trading. This was a day following the announcement of 3.5 billion dollars worth of deals to purchase two gas-fired power plants. On Thursday, the utility company announced that it would buy the Moxie Energy Center and Guernsey Power Station from Caithness Energy in Pennsylvania and BlackRock in Ohio. UBS, a brokerage firm, said that the Talen deals "extends the runway" for assets they can leverage when power demand from data centers using artificial intelligence technologies surges. Gas-fired power plants are a crucial bridge for the U.S. in its energy transition. They provide reliable and dispatchable electricity at large scale. J.P. Morgan stated that the deals will give Talen a "new flexibility" to capitalize on robust demand for data centers contracting and could help increase its value. Talen announced last month a partnership agreement with Amazon.com for the supply of up to 1,920 Megawatts from its Susquehanna Nuclear Plant in Pennsylvania to Amazon Web Services' data centers. Mac McFarland, CEO of the company, said that the deals announced on Thursday add "more than equivalent" to another Susquehanna facility. Analysts at brokerage Evercore estimate that the average cost of purchasing new turbines is 53% higher than the cost of buying two plants. They said that "buy over build is continuing the momentum." Talen said that the two plants which added nearly 3 gigawatts to the PJM interconnection are among the most energy efficient within the PJM, a regional transmission organisation that manages wholesale electricity flow in areas of the Eastern United States stretching from Illinois up to New Jersey. The deals will boost Talen Energy’s core profit in 2026 by over 40%, and its free cash flow is expected to increase by 40% by 2026 and by over 50% by 2029. (Reporting and editing by Arunima Menon and Pooja Kumar in Bengaluru)
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Finance ministry: Russia allocated $800 million for support of coal companies in trouble
The Finance Ministry announced on Friday that Russian coal companies will receive tax incentives worth approximately 63 billion Russian roubles (804.08 millions dollars) this year. This is a measure designed to help producers stay afloat in the face of high interest rates as well as Western sanctions. The ministry released a statement that said, "The proposed tax-support measure for the coal sector will allow companies to release working capital during a specified period if their financial and economic indicators deteriorate." Last December, President Vladimir Putin instructed the government to create support measures after Russia's exports of coal fell by 6% in 2024 due to infrastructure disruptions and sanctions. In a government letter dated April that was seen by, it stated that the financial health of the sector had continued to decline, and 30 companies, employing approximately 15,000 people, and producing about 30 million metric tonnes annually, were at risk. Bankers say that the coal industry and commercial real estate are two of the most affected sectors by Russia's economic slowdown. High interest rates also make it impossible to refinance debt. However, there have been no bankruptcys in this sector. According to the finance ministry, coal companies will also be allowed to delay mineral extraction tax payments up until November 30. Companies will also be able defer the payment of tax debts accrued after June 1, 2025. In the same letter, Alexander Novak, the Deputy Prime Minister, blamed the industry's problems on falling coal prices worldwide, the stronger rouble and Western sanctions, as well as increased logistics costs and import duties in China, India and other countries. $1 = 78.3500 Russian Roubles (Reporting and writing by Darya Kosunskaya, Editing by Andrew Osborn).
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Kremlin's response to new EU sanctions. Russia has developed a certain immunity against such measures
The Kremlin announced on Friday that Russia had developed a certain immunity and adaptability to Western sanctions, following the European Union's approval of an 18th set of sanctions against Moscow. These included measures targeted at the oil industry. Diplomats said that the package is intended to lower G7's price limit for buying Russian crude to $47.6 a barrel. When asked about the new EU sanctions, Kremlin spokesperson Dmitry Peskov called them one-sided, illegal and in line with Europe's "consistently antirussian stance". Peskov said to reporters, "But, at the same, we've already acquired a degree of immunity from sanctions. We have adapted ourselves to life with sanctions." "We will need to analyze the new package to minimize its effects. Each new package of sanctions has a negative impact on the countries who support it. Peskov stated that this is a weapon with two edges. Russian government and trade sources Playing down the impact The new restrictions will not disrupt the Russian oil market, they say. (Reporting and writing by Dmitry Antonov, editing by Gleb Brianski/Andrew Osborn; Writing by Vladimir Soldatkin)
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India's JSW Steel exceeds profit expectations for the first quarter as margins increase
India's JSW Steel announced a higher-than-expected increase in its first-quarter profits on Friday. Lower raw material costs, and firmer domestic prices of steel helped to boost margins. Its consolidated profit net more than doubled to 21,84 billion rupees (253.52 millions) for the quarter ended June 30. This is above analysts' estimates of 20,39 billion rupees. The domestic steel prices remain below the levels of a year ago, but have improved from quarter to quarter after a temporary safeguard duty of 12% was imposed by the government in April in order to stop a flood in cheap imports - primarily from China. Analysts expected that the move would lift local prices, and help margins in light of weak global demand. Iron ore and coal prices, which are essential raw materials to steel producers, have also fallen, helping boost profits. JSW's expenses totaled 403.25 billion rupees in 2013, a 3.3% drop. This was largely due to a decrease in the price of raw materials, which usually accounts for over half of JSW's expenses. The operating profit margins before interest, tax, depreciation, and amortization (EBITDA), which are the company's earnings before interest, tax, depreciation, and amortization, have improved from 12.83% to 17.56%. The company said that it also expects to spend 200 billion rupees on capital expenditures for the fiscal year 2026. JSW Steel's operating revenue remained largely flat at 431.47 bn rupees as lower steel prices year-on-year offset a 9% increase in sales volume. LSEG data shows that analysts had predicted a revenue of 425.07 bn rupees for the quarter. The first-quarter crude steel production of the company was 14% more than a year ago. JSW Steel shares closed at the same level as before the release of quarterly results. ($1 = 86.1475 Indian rupees) (Reporting by Anuran Sadhu in Bengaluru; Editing by Janane Venkatraman and Harikrishnan Nair)
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Officials say Vale Indonesia will seek financing of up to $1.2 Billion in 2026-2027.
Andaru Adi, the head of corporate finances and investor relations at Vale Indonesia, announced on Friday that it plans to raise between $1 billion to $1.2 billion to fund its mines and smelters projects over the period 2026-2027. He said that the first round of funding, which is estimated to be around $500 million in the early part of 2026, would likely come in the form bank loans. The company could also tap the bond market by 2027. This external funding will go towards funding our projects. He told reporters that "we are now developing three mines...we also are building HPAL Smelters with partners." Vale Indonesia has begun developing nickel mines on the island of Sulawesi. Nickel, one of Indonesia’s most prized metals, is used in electric vehicle batteries. Andaru stated that the mine at Bahodopi would begin operations this year. The mine at Pomalaa, on the other hand, will start in 2019. It is also working on facilities to develop a process called high-pressure acid laaching (HPAL), in partnership with Ford, China's Zhejiang Cobalt, and GEM Battery Materials. (Reporting and writing by Fransiska Nanangoy, Editing by David Stanway; Stanley Widianto)
Soy farmers destroy Amazon despite a deforestation agreement with global traders

Brazilian soy farmers have been pushing deeper into the Amazon rainforest in order to plant more crops. This puts pressure on an historic deal signed 20 years ago that was meant to slow down deforestation.
A loophole exists in the Amazon Soy Moratorium. This voluntary agreement was signed in 2006 by the top grain traders of the world that they would no longer buy soy produced on deforested land after 2008.
Moratorium
The law protects the old-growth forest that has not been previously cleared. However, it excludes other types of vegetation or forests that have grown back on land that was cleared in the past, also known as secondary forests.
Farmers can plant soy on this land without violating the Moratorium's terms. They could even sell it as deforestation free.
The latest official annual report, which covers crop year 2022-2023 showed that the soy planted in virgin forests has nearly tripled from 2018 to 2023. This amounts to 250,000 hectares or 3.4% of the total soy grown in the Amazon.
The study is only limited to those municipalities which grow more than 5,000 hectares soy.
Xiaopeng Song is a professor in the Department of Geographical Sciences at the University of Maryland. He has been tracking the expansion of soybeans over the last two decades and found that the forest loss was more than four-times as high.
Satellite data that he exclusively analyzed for shows that 16% or 1.04 million hectares of Brazilian Amazon land is under production for soybeans. This includes areas where trees were cleared since 2008, which was the date set in the Moratorium.
Song said, "I'd like to see secondary forests and recovered forests included in the Moratorium." It creates loopholes, if we limit it only to primary forests.
Abiove overseeing the Moratorium on deforestation said in a press release that the agreement is intended to curb the destruction of old growth forests, while other methods have broader criteria which could lead to inflated interpretations.
Abiove refused to provide granular information, so it was impossible to compare the two.
The data in the Moratorium Report comes from Brazil's National Institute of Space Research. Its assessments are internationally recognized and independently monitored.
Abiove confirmed that it knew some soy had been planted in areas that were replanted after forests were cut.
The difference in how a forest is defined has huge implications on conservation. Climate change-driven deforestation, heat and drought are bringing the rainforest to a tippingpoint beyond which its irreversible transformation begins. Scientists are calling for an end to deforestation and increased efforts in reforestation.
Viola Heinrich is a postdoctoral researcher with the GFZ Helmholtz Centre for Geosciences who has studied extensively secondary forests in Amazon. She said that these are "crucial" to limiting global climate change, even if they were initially less biodiverse.
We cannot achieve our goals
Paris Agreement
"We cannot increase the carbon sink without increasing ecosystems' regeneration." She said.
Carbon storage and absorption
Secondary forests store less carbon than old-growth trees, but they absorb it faster.
'STOLEN AGAIN'
Farmers were clearing land on a hot afternoon in late 2012, near Santarem. Santarem is a port town by the Amazon River. The stacked felled trees, which were ready to be burned, were neatly arranged in rows. Satellite images revealed that some of the trees were over 30 years old and part of an abandoned secondary forest, which was once cleared to make room for cattle.
Gilson Rego of the Pastoral Land Commission (a church-affiliated organization that works with locals who are affected by deforestation) pointed out areas in which soy was planted.
Rego has seen the area dedicated to crops grow in the last five year.
More than a dozen farmers, both subsistence and soy producers, who were interviewed said that the Cargill terminal nearby was the most attractive because it reduced logistics costs. Cargill has not responded to requests for comments.
Brazil is set to surpass the United States as the largest soy exporter in the world by 2020.
Around two thirds is shipped to China. Cofco, the largest buyer in China, has committed to the Moratorium. It is almost exclusively used to fatten livestock for meat production.
Song estimates that if the Moratorium had not been implemented and conservation efforts were not undertaken, an additional 6,000,000 hectares would have been lost in the Brazilian rainforest to soy, based on the rate of expansion. He said that Bolivia was a hotspot for deforestation.
Brazilian farmers have been against the Moratorium for years. They complain that even small amounts of deforestation will cause traders to refuse purchases from whole farms. Abiove has considered changing this policy.
At the moment, thousands of properties covering 10% of the footprint of soy in this region are blocked.
Adelino Avelino noimann, vice president of Para state's soy farmers' association, located in Santarem, said that the soy boom created opportunities for a country in poverty.
Noimann said, "It is unfair that other countries could deforest or grow while we are now held back by laws not even ours."
LEGAL ATTACKS Farming organizations allied with right-wing political parties, which were once a fringe group, launched lawsuits against the Moratorium and legislation in Brasilia and half a dozen agricultural states to weaken the provisions. A justice of Brazil's Supreme Court announced at the end of April that it would allow Mato Grosso to remove tax incentives for signatories of Moratorium.
The full court must still confirm the ruling.
Andre Nassar has hinted at the possibility of a weakening of the rules in order to appease the farmers.
Nassar, in April, told Senators that the solution was not to end the Moratorium. "Something must be done." ADM, Bunge Cargill Cofco, Louis Dreyfus Company, and other global traders signed the agreement in 2006. Abiove, the grain traders that it represents, have refused to discuss details publicly. However, Greenpeace which has been involved in some discussions and is part of Abiove's group, stated last year that traders were pushing to weaken this agreement behind closed doors.
Even with its flaws, environmentalists such as Andre Guimaraes - an executive director of IPAM, a nonprofit organization that monitors the accord - said it was still important.
He said, "We continue to see the expansion in soy in Amazon." But it could have been worse." Environmentalists say that loopholes should be closed to strengthen the law.
Para is a place where farmers have been moving from all over the country. This includes the heartland of soy, Mato Grosso.
Edno Cortezia is the president of a local farmers' union. He said that the farmers can harvest soy, wheat, and corn on the same plot.
In the municipality of Belterra, near Santarem only a cemetery and a school were spared from soy expansion.
Raimundo Edilberto Sousa Freitas (the principal) showed court documents and supporting evidence in two cases where 80 children and teachers displayed symptoms of pesticide poisoning last year.
The records show that a farmer was fined later, but the crop continues claiming more area each year.
The last remnants of the once lush biome are a few large trees, protected by law, that remain in the soy fields. (Reporting and editing by Manuela Andréoni, Brad Haynes, and Claudia Parsons; Additional reporting by Ana Mano, Sao Paulo)
(source: Reuters)