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India extends anti-dumping duty for five years on Malaysian glass
India's Trade Watchdog has recommended that anti-dumping duty on glass imports to India from Malaysia be extended for another five years. They warned that removing tariffs would trigger new dumping, and harm domestic producers who are already harmed by cheap imports. Analysts said that while the Finance Ministry must decide whether or not to extend the duty, the recommendation shows India's larger push to protect its local industries against cheap imports coming from Southeast Asia. In 2020, the government will impose duties on clear float-glass from Malaysia. India's construction industry and auto manufacturing sector are experiencing rapid growth, resulting in a surge in demand for this material. The Directorate General of Trade Remedies launched a new investigation at the request of Indian glass producers Asahi India Glass. Saint-Gobain India and Gold Plus Glass Industry. The DGTR released its final findings late Thursday and stated that even with duties in place, India's imports from Malaysia would rise sharply, reaching 361,000 metric tonnes in 2024. This represents about 18% the market. The authority stated that prices of Malaysian glass are up to 40% cheaper than those of Indian manufacturers. It added that domestic producers have suffered losses and increased inventories as a result of the sustained price undercutting. The current deadline for the expiration of duties on imports of Malaysian glass is February 2026. The DGTR, however, warned that their removal would lead to a flood of cheap imports and hurt local production and investments. It recommended that definitive anti-dumping duty be imposed for a period of five years. The DGTR estimated dumping rates of up to 30 percent for certain Malaysian exporters, while injury margins could reach up to 70 percent for other exporters. In September, the trade remedies body released 15 final findings from similar dumping investigations that covered sectors such as glass fibers and steel, solar cells and chemical goods. (Reporting and editing by Joe Bavier; Manoj Kumar)
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Newmont restructures its workforce by 16% after Newcrest acquisition- memo
According to a memo sent to Newmont's staff, the company has reduced its workforce by 16% as part of restructuring after acquiring Australian miner Newcrest. In the memo, it was stated that the reductions included job eliminations, vacancies unfilled, and changes in role levels. This reflected efforts to streamline operations, and integrate both companies. Newmont purchased Newcrest for $17 billion in 2023. Following the acquisition, Canada's largest gold producer, sold over $2 billion worth of Canadian assets. It also cut jobs, and reduced debt to reduce non-core operations. Newmont, as part of its integration process, launched a revamp project known internally by the name 'Project Catalyst.' According to the memo, Newmont has reduced the number of roles at the "Level of Work 2" (supervisors, leaders, specialists) by approximately 12% and at the "Level of Work 1" (advisors, officers and operators), by about 10%. Newmont informed its employees that the restructuring had been completed one month earlier than expected, in order to alleviate concerns over prolonged uncertainty. Newmont will employ approximately 22,200 employees by the end of 2024 and have an additional 20,400 contractors. A spokesperson for the company said, "Moves towards reshaping our structure are one of many steps we will be taking in 2025 to improve our productivity and reduce our cost base." Newmont has also reviewed its portfolio in order to focus on assets and partnerships that will generate high returns, such as the Nevada Gold Mines joint venture with Barrick Gold. Tom Palmer, the CEO of the company who will retire at the end of December, said last month that the company is committed to strengthening its ties with Barrick in order to maximize the output from Nevada operations. Barrick owns 61.5% of the joint venture in northern Nevada, while Newmont holds the remaining 38.5%. (Reporting from Abhinav Paramar in Bengaluru, and Maxwell Adombila at Senegal. Editing by Arun K. Koyyur.)
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Constellation Energy misses quarterly profit estimates, narrows 2025 forecast
Constellation Energy, a U.S. utility company, narrowed its forecast for the full year after it missed third-quarter expectations due to higher operating costs. Following the results, shares of the Baltimore-based company dropped 4% during premarket trading. Constellation Energy's margins are squeezed by higher operating costs, which are driven by maintenance and infrastructure investments. U.S. utilities argue that higher electricity prices are necessary due to the rapid increase in power consumption caused by the expansion of AI data centres, the rise of domestic production, and the electrification industries. Utilities are raising customer bills to pay for infrastructure upgrades as the electrical grids in the United States face extreme weather and a growing demand from industry electrification, data centers and industrial electrification. Constellation expects adjusted operating earnings for the full year in a range between $9.05 and $9.45, up from an earlier view of $8.90 - $9.60. Economic uncertainties fueled by U.S. President Donald Trump's tariff policies could prompt companies to rethink how they spend the billions of dollars earmarked for developing artificial-intelligence infrastructure. Investors are becoming more skeptical of tech companies that spend billions on AI infrastructure because the returns are lower than expected. Constellation's operating expenses increased 7.8% in the quarter July-September to $5.48 Billion. It reported total operating revenue for the quarter of $6.57 Billion, an increase from $6.55 Billion a year ago. LSEG data shows that the utility reported an adjusted profit per share of $3.04 for the three-month period ended September 30. This compares to analysts' average estimates of $3.12, which were based on LSEG data. Varun Sahay, Katha Kalia and Shreya Biwas contributed to the reporting; Shreya biswas edited.
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The Russian rouble gains after the central bank downplays inflation risk
The Russian rouble gained against the U.S. Dollar on Friday, after the central banks stated that the exchange rate dynamics do not carry inflationary risks. In addition, the rally of the rouble this year is already reflected in the prices. At 1215 GMT, the rouble had gained 0.36% against the dollar and lost 0.1% against the yuan at the Moscow Stock Exchange. Minutes of the central bank's October 24 meeting were released on Thursday. The minutes stated that its tight monetary policies are responsible for the rally of 2025 in the rouble. According to the bank, the strengthening of the rouble has mainly been reflected in the prices since the start of the year. It added that, "Therefore in the absence external shocks of any significance, the exchange rate dynamic should not present substantial inflation risk in the coming month." Central bank forex sales to finance budget deficits from the budget reserve funds and restrictions on imports have helped to support the rouble, according to traders. The total daily net forex sales of the state, which include forex operations conducted by both the central bank and ministry, has decreased by 5%, to 9.04 billion rubles ($111.19 millions) per day.
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Bloomberg reports that UAE's oil trading arms plans to rapidly expand globally
Bloomberg News, citing the CEO of ADNOC, reported that the trading division at the Abu Dhabi state oil company plans to double its volume in the next few year as part its international expansion. ADNOC has increased its global expansion over the last few years in order to find new revenue sources for the Gulf State, including by building trading operations. Ahmed Bin Thalith is the chief executive officer of ADNOC Global Trading. He told Bloomberg that the state-owned Abu Dhabi National Oil Company views trading as a means to maximize the value of fuels sold in the emirate or elsewhere. Thalith, speaking to Bloomberg, said: "In just five years we have established offices in Singapore and Geneva, as well as soon in the U.S. Last year, it was reported that ADNOC planned to open a trading desk on the U.S. market as part of its global expansion plans. The United Arab Emirates is the company's largest shareholder. Thalith told Bloomberg the next phase in ADNOC Global Trading expansion will be a Houston office in 2027. ADNOC has two divisions that make up its trading business: ADNOC Trading which focuses on crude oil and ADNOC Global Trading a joint venture between Italy's Eni, Austria's OMV and ADNOC Trading. This joint venture focuses on refined products. Reporting by Hyunsu Yaim in Barcelona. Mark Potter edited the article.
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The daily HS reports that Lukoil Finland's fuel stations are dry because of sanctions
Helsingin Sanomat, citing Teboil's spokesperson, reported Friday that the Finnish petrol station chain Teboil is out of fuel due to U.S. sanctions imposed on its parent company. Donald Trump, the U.S. president, announced on October 22 that Rosneft (Russia's oil company) and Lukoil would be subject to sanctions as a result of a policy shift regarding Moscow's conflict in Ukraine. He also said that companies who do business with these two groups may face sanctions. The U.S. Treasury referred to Gunvor as Russia's "puppet", and indicated that Washington was against the deal. On November 6, a deal between Gunvor, a Swiss commodity trader, and Lukoil for the purchase of foreign assets fell through. Sources have reported that Lukoil struggles to maintain operations at its vast foreign businesses in places like Finland, Switzerland and Iraq. Toni Flyckt is Teboil’s director of marketing and communication. She told HS that Teboil was running out of fuel. Teboil didn't immediately respond to an inquiry for comment. Last month, the Financial Supervisory Authority of Finland said that banks and other Finnish financial institutions are subject to its regulation and should be cautious when dealing with Lukoil or companies owned directly or indirectly by it. According to the website of Teboil (which is owned by Lukoil), it has 430 Finnish service stations, or about one fifth (2250) of all the stations in Nordic countries, according to an industry report from 2024. Annual reports reveal that the company's revenues have fallen in recent years, as Finns chose to use other stations because of Teboil’s connection to Lukoil. Revenues fell to 1,61 billion euros ($1.88billion) in 2024, from 2,36 billion euros in 2020. On Friday, the Kremlin stated that Lukoil’s international interests must be respected.
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Gold prices rise on hopes of a US rate cut and government shutdown problems
Gold prices rose on Friday, as the Federal Reserve's expectations for further interest rate reductions and the U.S. economy outlook in the face of a prolonged shutdown boosted demand. As of 1148 GMT, spot gold was up by 0.6% to $3,999.89 an ounce. U.S. Gold Futures for December Delivery gained 0.4% per ounce to $4,008.20. Independent analyst Ross Norman said, "The bull market is still going on." The central banks' gold purchases and rate cuts are still on the table. Data showed that the U.S. economy lost jobs in October, mainly due to losses in the retail and government sectors. Cost-cutting and artificial intelligence adoption by companies also led to an increase in announced layoffs. Rate cuts are more likely to occur when the job market is weak. The market participants are now predicting a 67% probability of a Fed rate reduction in December. This is up from 60% just before the report. Last week, the Fed cut rates and Chairman Jerome Powell said it could be the last time the borrowing costs are reduced for the year. Soni Kumari is a commodity analyst with ANZ. She said that the focus now is on macroeconomic numbers, and when the U.S. government shutdown will end. This is helping to boost safe-haven gold demand. The longest government shutdown in U.S. history has been caused by a congressional impasse. Investors and the Fed, who rely heavily on data, have had to rely instead on indicators from the private sector. Silver spot rose 1.2% per ounce to $48.58. Palladium rose 0.7% and platinum 0.4%, respectively, to $1384.18. All three metals will lose money this week. (Reporting and editing by Ronojoy Mazumdar, Sahal Muhammed and Ishaan Patel in Bengaluru)
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Duke Energy's electricity rates beat quarterly estimates
Duke Energy, a utility company, beat Wall Street expectations for revenue and profit in the third quarter on Friday. This was due to higher electricity rates and high power demand. Electricity costs will rise as data centers consume more power in the wake of an industrial electrification wave and a manufacturing boom. According to the U.S. Energy Information Administration, a surge in AI- and cryptocurrency-based data centers combined with the accelerating electricification of homes, businesses and other buildings is expected to drive U.S. electricity demand to record levels by 2025 and 2026. Duke Energy is looking at adding large nuclear reactors and extending some coal plants' lives as part of its long-term plan to meet the rapidly increasing electricity demand in the Carolinas. In a press release, CEO Harry Sideris stated that "as load growth materializes in our jurisdictions we expect our new five-year plan to be between $95.9 billion and $105.9 billion when we refresh our plan in February." Duke Electric serves 8,6 million customers in six states across the U.S. and has about 55,100 Megawatts of power capacity. The adjusted earnings for its electric utilities division were $1.69 billion. This is up from $1.46 in the previous quarter. The company's adjusted full-year profit forecast has been reduced from $6.17 to $ 6.42 per share to $6.25 to $6.35. According to data compiled by LSEG, the company's quarterly revenue was $8.54 billion - higher than analysts' estimates of $8.50billion. Charlotte, North Carolina based company reported an adjusted profit per share of $1.81 for the three-month period ended September 30 compared to estimates of $1.75. (Reporting from Bengaluru by Sumit S. Saha; editing by Shailesh K. Kuber)
Haiti fuel terminal operations stopped as gangs seize trucks, source states
AUPRINCE, April 22 () Operations at Haiti's primary fuel import terminal were suspended on Monday as armed guys took trucks and required the port be closed down, according to a source with details on the matter, likely exacerbating existing fuel scarcities.
The source said gangs had actually blocked off numerous roads leading to Varreux.
Fuel stays hard to discover in Port-au-Prince, on and off, stated a spokesperson from the U.N. World Food Programme, caution of long queues at filling station.
We have stock at the minute, and continue to supply fuel to humanitarian partners operating in Haiti, the spokesperson stated.
Armed gangs from the G9 alliance already obstructed the Varreux terminal for almost a month in October 2021, and once again a year later on for more than a month, halting most financial activities and prompting the federal government to require a foreign intervention.
With a lot of companies unable to keep power without their diesel generators, under the previous blockades health centers were forced to close down, radio stations stopped programming, mobile antennas lacked fuel and transport was brought to a stop.
G9 leader Jimmy Barbeque Cherizier has stated he wants unelected Prime Minister Ariel Henry to resign, but since Henry announced his intention to resign on March 11, he has mentioned a more comprehensive revolution against the elites and gang attacks in the capital have actually increased.
He had likewise formerly announced a more comprehensive alliance of gangs, called Viv Ansanm (Cohabiting).
Local media reported that Viv Ansanm gangs were battling police around the National Palace on Monday. A transition council indicated to introduce a brand-new federal government is set to be sworn in at the palace, though a date has yet to be verified.
Although the United Nations six months ago approved the intervention Henry had actually requested back in 2022, this has considering that been postponed. Pending a new federal government, Henry stays nominally in charge though the federal government is mostly absent.
Meanwhile, the U.N. estimates hundreds of thousands are internally displaced - fleeing arson, kidnappings, indiscriminate killings and sexual violence - and millions are going hungry as gangs tighten their grip on the country.
(source: Reuters)