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Ternium CEO upbeat on appeal versus competitor CSN
Steelmaker Ternium expects a Brazilian court to rule in its favor in an appeal against rival CSN regarding its 2011 purchase of a stake in local company Usiminas, the firm's CEO said on Monday. The disagreement originates from Ternium's purchase of what was comparable to a 27.7% stake in Usiminas shares. CSN, which held 12.9% of the business's shares at the time, filed a suit claiming that Ternium needs to have released a tender deal to get shares owned by minority shareholders, as they had tag-along rights. In June, a top court ruled that Ternium turn over 5 billion reais ($ 920 million) to CSN, with Ternium stating it would appeal. I trust that Brazil's justice system will recognize that in this case there is jurisprudence which goes back numerous, many years, CEO Maximo Vedoya told Reuters on the sidelines of an occasion hosted by Brazilian export and financial investment promotion body Pinnacle. I'm truly enthusiastic that this will be resolved, Vedoya said. The executive informed Brazilian daily Valor in August that if Ternium were to lose the appeal, the company could reconsider its investments in Brazil. But he appeared more upbeat on the nation on Monday, highlighting chances for growth with Mexico. Ternium is substantial for trade in between Mexico and Brazil, Vedoya said. We're a car for Brazil to integrate with North America. The executive later told journalists that Mexico and Brazil could upgrade their trade contracts to boost industry, especially as Brazil's had slipped in recent years. Ternium, which is currently broadening its sprawling plant in northern Mexico, likewise sees the industry as standing to benefit with a review of the U.S.-Mexico-Canada trade contract pending in 2026. And with Claudia Sheinbaum set to be inaugurated as Mexico's. president on Tuesday, Ternium is really positive about her. plans for industrialization, Vedoya stated.
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Pete Rose, baseball's hit leader who was caught banking on video games, dead at 83
Pete Rose, baseball's alltime leader in hits who was prohibited from the Hall of Fame after he was caught betting on baseball games, has actually passed away at age 83, the medical examiner in Clark County, Nevada, stated on Monday. The medical examiner did not supply info on Rose's death. Rose played in Big league Baseball from 1963 to 1986. The majority of his profession was invested with the Cincinnati Reds. He later served as a manager for the Reds. The Reds are sad to discover of the passing of baseball legend Pete Rose, the Reds said in a post on X. Rose was disallowed for life from baseball by Commissioner Bart Giamatti in 1989, after an examination into accusations he had actually broken baseball's cardinal rule by gambling on games while he was supervisor of the Cincinnati Reds. Rose announced his innocence for 15 years, before confessing in 2004 he had banked on video games though never ever against his own group.
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US corn, soy stocks reach four-year highs as farmers gather huge crops
U.S. farmers and merchants are sitting on the greatest stocks of grains and soybeans left over from previous harvests in 4 years as they start gathering what are anticipated to be two of the biggest soybean and corn crops on record. In the final figures for soy and corn still in storage bins from last year, the U.S. Department of Farming said on Monday that stocks for both crops were up 29% from a year ago on Sept. 1. Farmers harvested a record corn crop in 2023 and kept much of it in storage as grain rates this year dropped to their least expensive levels since 2020. The depression has actually dragged down farmers' net estimated incomes by 23% from a record high simply two years earlier. Growers have actually likewise faced stiff competition for global export sales from Brazil, keeping more supplies in your home. The United States is the world's biggest exporter of corn and the No. 2 soybean supplier after Brazil. Corn stocks were 1.76 billion bushels on Sept. 1, up from 1.36 billion a year back, and soybean stocks were 342 million, up from 264 million a year previously, USDA said. Experts had expected 1.844 billion bushels of corn and 351 million bushels of soybeans. Although stocks fell short of expectations, products are set to broaden. Farmers this autumn are anticipated to collect a record soybean crop and the 2nd most significant corn crop in history, according to USDA. The federal government next week is slated to update its forecasts for just how much grain and soy will remain in storage before the 2025 harvests, an essential metric in the price of 2 of the world's biggest farming crops. When the combines have actually finished this year's harvests and all the crops have actually been delivered for consumer and exporter requirements, the leftover corn and soybeans ought to go beyond the amount that has actually beinged in U.S. silos for 6 years, according to USDA data. The corn harvest was 21% complete since Sunday and soybeans were 26%. gathered. For wheat, U.S. stocks were 1.986 billion bushels on Sept. 1, up 12% from a year earlier and likewise a four-year high, USDA. said. Analysts anticipated 1.973 billion. In another report, USDA pegged U.S. wheat production at. 1.971 billion bushels, below its previous projection for 1.982. billion. Experts had expected 1.966 billion.
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US purchases 6 million barrels of oil for Strategic Petroleum Reserve
The U.S. has bought 6 million barrels of oil for the Strategic Petroleum Reserve for shipment through May 2025, the Department of Energy said on Monday. The purchases become part of an effort to renew stockpiles after President Joe Biden bought the largest ever sale from the reserve in 2022 of 180 million barrels in an effort to control fuel rates following Russia's intrusion of Ukraine. The U.S. purchased 3.5 million barrels from Exxon Mobil , 2 million from Shell Trading Company, and 500,000 from Macquarie Commodities Trading US, for a total expense of more than $ 411 million, the department said. The sour crude, or oil that many U.S. refineries are engineered to procedure, will be provided at a rate of 1.5 million barrels per month from February to May next year to the Bayou Choctaw site in Louisiana. After that, the department just has adequate money in its fund for SPR purchases to purchase about another 2 million barrels at about $75 per barrel. To continue to keep filling the SPR after that, the department needs to ask Congress for more money and/or persuade it to cancel upcoming congressionally-mandated sales. The department previously worked with Congress almost two years ago to assist replenish the SPR by cancelling sales of 140 million barrels that had been mandated through 2027 to raise money for federal government programs.
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EBay wins dismissal of US lawsuit over sale of damaging products
A federal judge dismissed a U.S. Department of Justice suit accusing eBay of breaching environmental laws by permitting the sale of numerous countless harmful items on its platform, including pesticides and devices to avert automobile contamination controls. U.S. District Judge Orelia Merchant in Brooklyn ruled on Monday that Section 230 of the federal Communications Decency Act, which protects online platforms from liability over user content, protected eBay from liability in the civil lawsuit. The judge said eBay's administrative and technical support to sellers does not materially contribute to the products' alleged unlawfulness and does not make the San Jose, California company a publisher or speaker on sellers' behalf. Merchant also said eBay was not a seller of some of the challenged items, since it did not physically possess them or hold title. She declined the government's argument that eBay was a seller since it exchanged the products for cash. The Justice Department did not right away respond to requests for comment. Ebay and its attorneys did not right away respond to comparable requests. In its Sept. 2023 complaint, the Justice Department accused eBay of illegally permitting the sale of more than 343,000 aftermarket defeat gadgets that assist lorries produce more power and get better fuel economy by averting emissions controls. The company likewise was accused of allowing sales of 23,000 unregistered, misbranded or restricted-use pesticides. EBay also supposedly dispersed more than 5,600 paint and coating elimination items which contained methylene chloride, a. chemical connected to brain and liver cancer and non-Hodgkin. lymphoma. The government stated eBay's conduct breached the Clean Air. Act; the Federal Insecticide, Fungicide, and Rodenticide Act;. and the Toxic Substances Control Act. The case is U.S. v eBay Inc, U.S. District Court, Eastern. District of New York City, No. 23-07173.
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Argentina's YPF decreases gas costs for the first time in over 5 years
Argentina's state oil company YPF said on Monday it will lower gas and gasoil prices starting on Tuesday. The firm's cost decrease will be 4% on fuel and 5% on diesel, however the influence on pump prices will be restricted to reductions of 1% and 2%, respectively, YPF said in a statement. The reduction will not be straight shown at the pump, because there is a 3% boost in the price of gas as a. outcome of the Argentine peso's decline and the tax boost,. YPF stated. The company likewise kept in mind that its choice to cut fuel prices. was taken to reflect global and regional market conditions,. especially a fall in the worldwide rate of Brent crude. oil. This is YPF's very first fuel price decrease since the start of. 2019, a business source said. Gasoline rates in the South American nation have increased a. cumulative 51% up until now this year and signed up a 340% walking. year-on-year in September, according to the source. Argentina faces a complex economic situation however its high. inflation rate has been slowing due to strong austerity procedures. applied by President Javier Milei's government. Internationally, oil prices were on track on Monday to succumb to the. third month in a row as a strong supply outlook and concerns. around demand exceeded worries of a conflict escalation in the. Middle East.
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Barrick Gold and Mali federal government to find resolution for Loulo and Gounkoto cash cow
Barrick Gold Corp and the Mali federal government have decided to discover a resolution to existing claims and disagreements over the Loulo and Gounkoto cash cow in the West African nation, the company said on Monday. The declaration from the world's second biggest miner comes 2 days after the Malian government detained 4 Barrick workers. The 2 parties have actually been working out a brand-new mining contract that proposes to provide Mali's military-led authorities greater control over its resources. Mali is one of Africa's. most significant gold producers. Barrick stated the details of the contract will be made. public as soon as regards to the settlement have actually been settled. Shares of Barrick were trading down by 2% on the Toronto. Stock market at 2:16 p.m ET (1816 GMT). The present negotiations have proved tough however we're. encouraged by the federal government's acknowledgment of the significance of. protecting the long-lasting viability of the Loulo-Gounkoto complex. as a significant factor to the Malian economy, Barrick's. CEO, Mark Bristow, said in a statement. The Mali government was not immediately available for. comment. In July Barrick said it had invested over $10 billion in. the Malian economy over the past 29 years.
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Record run guides gold to finest quarter in 4 years
Gold reduced on Monday, taking a. breather after a historical rally driven by U.S. monetary reducing. and heightened Middle East stress, which put it on course for. its finest quarter since 2020. Spot gold was down 0.9% at $2,634.75 per ounce as of. 02:08 p.m. ET (1808 GMT). U.S. gold futures settled 0.3% lower at $2,659.40. Gold has risen over 13% up until now this quarter, which would be. its finest because early 2020, having actually hit an all-time high of. $ 2,685.42 on Thursday, fuelled by the U.S. Federal Reserve's. half-percentage-point cut and flare-ups in the Middle East. There may be some rotation out of rare-earth elements into. shares, but I do not think that's going to last ... certainly,. the trend is up in gold, stated Peter A. Grant, vice president. and senior metals strategist, Zaner Metals. Analysts said bullion's run was controlled by profit-taking. and a surge in Chinese stocks. When danger appetite increases, investors usually avoid. safe-haven gold, although its current gains have actually come alongside a. increase in equities, particularly after the Fed's oversized cut, as. lower interest rates likewise burnish appeal for zero-yield bullion. Fed Chair Jerome Powell on Monday anticipated a continued. slowdown in the nation's inflation, which could lead to a cut. in the central bank's rates of interest. This move might eventually. lift the restraints on economic activity with time. We see more consolidation (in gold) near term, stated. Requirement Chartered analyst Suki Cooper. At this stage, the primary catalyst appears to be around macro. motorists and financial policy. So, scope for surprises in terms of. the speed of rate cuts would potentially be the primary trigger. If gold costs retreat, especially together with a. strengthening yuan, Chinese physical demand might rebound in the. 4th quarter, Heraeus analysts stated in a note. Goldman Sachs raised its gold price forecast to $2,900 per. ounce from $2,700 per ounce for early 2025. Silver dipped 1.7% at $31.08 per ounce, however was set. for a 6.7% quarterly rise. Platinum shed 2.2% to $977.90. Palladium. declined 1.5% to $996.00, but was headed for a quarterly gain.
Helene shuts poultry plants, twists cotton crops in southeastern US
Typhoon Helene shut at least 2 poultry plants in Georgia and North Carolina and twisted cotton crops in South Carolina in blows to U.S. food and fiber production, company and agriculture authorities stated on Monday.
More than 100 deaths across a half-dozen states have actually been credited to the powerful storm that slammed into Florida's Big Bend area late on Thursday before cutting a destructive path through Georgia and into the Carolinas.
Wayne-Sanderson Farms, the nation's 3rd largest poultry manufacturer, closed a Moultrie, Georgia, processing plant due to a. loss of electrical power from downed transmission lines, company. representative Frank Singleton said.
The complicated procedures 1.3 million chickens weekly and its. timeline for resuming operations depends on Georgia Power. crews bring back power, Singleton stated. The company is. providing fuel shipments to local farms that likewise lost power,. he stated.
In South Carolina, many poultry operations are operating on. backup generators, said Eva Moore, spokesperson for the South. Carolina Department of Farming. The state's cotton crops. took a success, she included.
Open bolls have actually been knocked around, and plants are. twisted, Moore stated. This will produce a complicated harvest. and might affect the grades of the cotton.
Issues over potential crop damage in crucial growing locations. increased ICE cotton futures.
In North Carolina, Smithfield Foods, the world's largest. pork processor, said transportation for its hog production. operations was strained but the company did not suffer product. disturbances.
A chicken plant near Morganton, North Carolina, is down,. said Bob Ford, executive director of the North Carolina Poultry. Federation. Still, the poultry industry was normally fortunate. because feed mills are operating and floods mostly did not. impact farms, he said.
For live chickens around Morganton, they're simply going to. get fatter up until the processing plant reopens, possibly on. Wednesday, Ford stated.
(source: Reuters)