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Document shows that Vietnam will sign U.S. agreements as trade and energy officials meet.
According to a document from the government, Vietnam is expecting to sign pacts this week with the United States after its trade minister met U.S. energy and trade officials. This step follows weeks of conciliation messages Vietnam sent to Washington, in an attempt to avoid tariffs that the Trump administration may impose on Southeast Asian nations due its large trade deficit with the United States. The document dated March 5, from the Trade Ministry, contains the itinerary of Nguyen Hung Dien, the Minister of Commerce's visit to the United States in this week. The list also included energy companies, government departments (customs, tax, etc.) and asked them to send representatives. Dien, the Minister of Energy and Industry Policy, was announced by the government on its portal last week that he would be traveling to the United States to meet U.S. trade representative Jamieson Greer on Thursday. It did not give any details about possible deals or topics that would be discussed. Officials in Vietnam have indicated publicly that they intend to purchase U.S. LNG for their fledgling industries and possibly revise the duties on a number of imports ranging from ethanol, LNG and agriculture products. The document from the Ministry of Energy and Mines shows that PetroVietnam Gas (a trading firm), PetroVietnam Power (a power generator) and EVN, EVN's power distributor, are all state-controlled energy and gas companies. They were asked to send delegates for Dien's U.S. visit. The meeting is part of a regular series of meetings between U.S. and Vietnamese officials on trade and investment under the Trade and Investment Framework Agreement that was signed in 2007. The document stated that Dien will first meet Greer, then work with officials from the U.S. Department of Energy and witness the signing of "a variety of agreements" on the following day. It added that he would then meet with officials from the Commerce Department and groups of industry "interested in Vietnam". However, it did not specify if these meetings were scheduled according to the times in Vietnam or the United States, which might affect the dates. Reporting by Emily Chow and Francesco Guarascio; Editing, Clarence Fernandez
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Sources say that China's new refinery Yulong will test run its second crude unit by the end of March.
Trading sources familiar with the operation of the plant said that Shandong Yulong Petrochemical, China's newest refinedr, is expected to test operate its second crude oil-processing unit by the end of this month. The $20 billion complex will begin full operation in 2025. This will help China increase its crude imports as well as its production of refined products. It would also offset some of the declines caused by a waning Chinese fuel demand, but put pressure on the already thin refinery profits. The refinery is located on an artificial island in Longkou County of the city Yantai. It's the latest addition to the four large chemical-refining complexes China has built since 2018, as Beijing encourages stronger and bigger manufacturers. Two trading sources have confirmed that Yulong will start up its second crude distillation unit (CDU), which can produce 200,000 barrels per day, around 23 March. The refinery launched its first CDU of 200,000 bpd last September. It was running at around 90% capacity. This level has been maintained by the plant since last November. Three sources have confirmed that Yulong started up an ethylene unit of 1.5 million metric tons per year (tpy), one of two units on the site. One source said that other secondary units, such as the reformer which converts heavy naphtha primarily into petrochemicals, will come online in May. Yulong Petrochemical has not responded to an email request for comment. Yulong increased its purchases of alternative grades of oil from West Africa to prepare for the launch of new units and deal with supply disruptions due to U.S. sanctions. Yulong Petrochemical, a private aluminium smelter, is owned 51% by Nanshan Group. Shandong Energy Group, backed by the provincial government and based in Shandong Province has 46.1%. The remaining shares are held by two local firms.
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Russian rouble stands firm against dollar despite sanctions threats
The Russian rouble reached a record high of more than a week on Monday. This was despite the threat by U.S. president Donald Trump to impose large-scale sanctions against Russia, as Washington tries to push Moscow and Kyiv into negotiating a peace agreement. The rouble has risen against the dollar in this year's exchange rate, mainly due to expectations that improved relations between Moscow Washington could lead to a resolution of conflict in Ukraine and a possible easing of sanctions. The rouble reached its highest level since February at 0841 GMT. It was trading up 1.5% to 88.62 dollars on the over-the counter market. Trump, who had just halted military and intelligence assistance to Ukraine and halted military aid, threatened Moscow on Friday with tariffs and banking restrictions. He also expressed a conciliatory attitude towards President Vladimir Putin's military tactics and has offered an alternative view. On Monday, Russian troops advanced in the Kursk area. Denis Popov, analyst at Promsvyazbank, said: "We don't believe that the U.S. authorities' threats of harsher sanctions and negative rhetoric will quickly escalate because negotiations with Russia are still in their initial phase and the Russian authorities are willing and able to negotiate." The rouble rose 0.5% against the Chinese Yuan, which is the most commonly traded currency in Russia. Brent crude oil was down by 0.1% to $70.28 per barrel, the global benchmark. (Reporting and Editing by Bernadettebaum)
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Fitch gives a negative rating to India's Adani Energy due to US probe risk
Fitch Ratings assigned a negative outlook for the Indian energy infrastructure firm Adani Energy Solutions Limited. The rating agency cited concerns about corporate governance as well as potential risks due to ongoing U.S. investigation. The group called the charges "baseless" and said that they were taken months after U.S. officials accused billionaire Gautam Adani, and top Adani Group executives, of paying $265,000,000 in bribes to win Indian power contracts. They also accused them of misleading U.S. Investors during fundraising. Fitch stated on Sunday that the negative findings of the U.S. investigation could lead to a weakening of governance standards, and a possible downgrading of the rating for the company in the short-to-medium term. The rating agency warned that it could reduce the rating if investigations result in regulatory penalties, restrictions or a loss of confidence on the market. Fitch removed the firm from its "rating watch negatively" list. It said that risks related to its funding and liquidity had moderated. Fitch also affirmed their rating of Long-Term Issuer Default Rates in Foreign and Local Currency at 'BBB+'. Fitch stated that while Adani Energy is an independent company, the governance issues at Adani Group could still affect its access to capital markets and liquidity.
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Iron ore prices fall on fears about demand outlook
Iron ore futures prices fell on Monday, as concerns over U.S. Tariffs and China's promise to reduce crude steel production this year clouded the demand outlook. The May contract for iron ore on China's Dalian Commodity Exchange has erased gains and ended daytime trading 0.71% lower, at 769 Yuan ($105.92). As of 0735 GMT, the benchmark April iron ore traded on the Singapore Exchange had fallen below the psychologically important level of $100 per ton to $99.8. Investors, who hoped to see more support measures from Beijing after the latest disappointing inflation figures, calmed down and pared back their gains. China's consumer prices index fell in February at the fastest pace in 13 month, while producer prices continued to deflate. This has raised hopes that China will continue its stimulus program in order to reach its annual economic target for this year. The upcoming 25% tariffs for all steel imported to the U.S. have clouded the demand outlook and dampened sentiment. Iron ore prices are also under pressure due to the growing fear that Beijing may announce specific measures within the next few weeks, after promising to cut its crude steel production this year in order to combat the overcapacity plagued the industry. Iron ore consumption will decrease if steel production is reduced. Coking coal and coke, which are used to make steel, also fell in price, by 1.35% each and 1.97% respectively. The Shanghai Futures Exchange has seen a decline in most steel benchmarks. The rebar fell 1.35%; hot-rolled coil dropped 0.89%; wire rod was down 1.41%, while stainless steel gained 0.45%. ($1 = 7,2605 Chinese Yuan) (Reporting and editing by Sherry Jackson, Lewis Jackson and Amy Lv)
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Indonesia increases royalties for mining companies
The Indonesian mining ministry has said that it is looking at increasing the royalties mine companies pay for commodities such as nickel, copper, and coal. The proposal was made as Indonesia's newly formed government plans to make major budget changes, including the introduction of a free lunch program for schoolchildren. According to a YouTube video of a Saturday public consultation about the proposed changes, the ministry's Tri Winarno stated that the goal is to improve the governance of the industry. Indonesia is rich in natural resources. Mining is one of the major sources of income. The world's largest exporter of nickel and thermal coal products, Indonesia is also a major supplier of tin and cadmium for the global market. Officials at the public consultation proposed that royalty rates be raised by producers and miners of metal products, based on prices. They also suggested introducing progressive rates, such as nickel and copper. According to the public consultation document of the Ministry, the government proposes a nickel ore royalty rate ranging from 14% to 19%, depending on the benchmark price level, as opposed the the 10% flat rate currently charged. This document also contains proposals for nickel matte and Ferronickel at progressive rates. The government will raise coal royalty rates up to 13.5% if the benchmark price is at least $90 a metric tonne. The government charges progressive royalties for coal. The lowest rate is 8% when the price of a ton of coal is at least $90. The proposal proposed increasing the royalty rate on copper ore from 5% to 10%-17%. It also included increases for copper cathode and concentrate. The proposal included increases in royalties for tin as well as gold, platinum, and silver. (Reporting and editing by Jacqueline Wong, Aidan Lewis and Bernadette Christina Suroyo)
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JX Advanced Metals raises $ 2,97 billion by setting IPO price at the upper end of its marketed range
JX Advanced Metals (a unit wholly owned by Japan's Eneos Holdings) raised $438.6 billion through its initial public offering, after the shares were priced above their market range. The company valued its initial public offering (IPO) at 761.3 billion Japanese yen, or 820 yen each share. The Tokyo Stock Exchange will debut the shares on March 19. According to LSEG data, the offering is larger than Tokyo Metro's IPO from October and is Japan's largest listing since SoftBank's Telecoms Unit in 2018. JX Advanced Metals, a leader in the manufacture of sputtering target materials that are used to produce thin metal films for chip production. After suffering massive impairment losses due to its investment in and operation of Chile's Caserones copper mining, the metal company has changed its focus, from mining and smelting, to supplying advanced material, with a particular emphasis on semiconductor parts. It will continue to mine and smelt to ensure the availability of essential metals such as tantalum that are needed for advanced materials. Eneos Japan, the largest oil refinery company in Japan, intends to use the proceeds to increase shareholder returns and for growth investments.
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Palliser calls on Rio Tinto for unification of dual listed structure
Palliser Capital, a London-based hedge-fund, sent a letter to Rio Tinto's chairman on Monday. The letter urged Rio Tinto to take further steps towards unifying the dual-listed structure after an appraisal report. The letter highlighted findings from an appraisal report that concluded "the advantages of unification far outweigh" the disadvantages for the company and shareholders. Rio Tinto operates under a dual-listed company structure. It has separate shareholders in Australia (Limited) and the UK (Public Limited Company). The company must therefore hold two general meetings each year: one in London, on April 3, and one in Perth, on May 1. Shareholders will vote at these meetings on a resolution that was proposed by Palliser and over 100 shareholders. The resolution calls for a review of current structure which has been described by the fund as "value-destructive" and inefficient. The current listing of the company consists approximately 371.2 millions shares on Australia Stock Exchange, and 1.25 billion on London Stock Exchange. The move is similar to that of BHP Group, which under pressure from activists, ended its dual listing structure in 2022. It now lists primarily in Australia. Rio Tinto's future listing structure will depend on the votes that are cast at the annual general meeting.
Indian slums receive 'cool roofs" to combat extreme heat
Over the past two months, hundreds of roofs have been coated with a white reflective coating in informal settlements in western Gujarat. This is to keep the inhabitants cool as the hot season approaches.
This effort involves 400 Ahmedabad households as part of a scientific study to determine how indoor heat affects people's health, and their economic outcome in developing countries.
Aditi Bunker is an epidemiologist from the University of Heidelberg, Switzerland, who leads the project. The Wellcome Trust, based in the UK, is funding the project.
The thing that should have protected them actually increases their exposure to heat.
Ahmedabad, which has experienced temperatures exceeding 46 C (115 F), in recent years, has been affected by climate change.
Residents who are involved in the project such as Nehal Bhil have noticed an improvement. The slum has over 2,000 homes, the majority of which are one-room, airless dwellings.
"My fridge doesn't heat any more, and my house feels cooler." My electricity bill has gone down and I'm sleeping better," said Bhil after his roof was painted.
According to a study published in 2022 in the journal Environmental Research Letters, the likelihood of heatwaves occurring around the globe has increased by nearly threefold.
Bunker's team can prevent the sun's rays from being absorbed by painting the roofs white with highly reflective pigments like titanium dioxide.
Bunker stated that "in many of these homes with low socioeconomic status, there is nothing to stop heat transfer from coming down. There's no barrier insulation on the roof."
Arti Chunara, who was to join Bunker's experimental group, said that she would cover the roof of her house with plastic sheets before joining Bunker.
She and her family would sit outside most days of the day. They would only go inside for a couple of hours if the heat was too much.
Scientists will collect data on health and indoor environments from both residents who live under a cool roofing system and those who don't.
The study also includes Burkina Faso and Mexico, as well as the island of Niue, in the South Pacific. These sites cover a wide range of climates and building materials.
Bunker stated that early results of the Burkina Faso study show that cool roofing reduced indoor temperatures by 1.2 C for tin and mud roofed homes and 1.7 C for tin roofed homes over a period of two years. This, in turn, lowered heart rates in residents. Reporting by Gloria Dickie, Amit Dave, and Shilpa jamkhandikar, in Mumbai, with editing by Barbara Lewis.
(source: Reuters)