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Coffee growers aim to postpone EU logging requirement
The world's top coffee body is set to request that the European Union postpone a. requirement that imported beans come from areas not linked with. deforestation, the group's head stated on Wednesday. The guideline, set to take effect at the end of the year, would. restriction sales of coffee - as well as cocoa, soy, palm oil, wood,. rubber and cattle - if companies are not able to prove the product. originates from a location where forests have not been cut down in recent. years. We can't fulfill that date, it is not possible, said Vanusia. Nogueira, director of the International Coffee Organization. ( ICO), in an interview. The ICO, a United Nations-linked intergovernmental group,. represents more than 90% of coffee production and more than 60%. of usage worldwide. Top coffee producers such as Brazil,. Vietnam and Colombia are member countries. It's a very ambitious due date, Nogueira stated. We believe. that by working with (EU leaders), they may be more open to. holding off that date. She did not specify for how long the ICO was seeking to. hold off the deadline. Asked about the potential effects if coffee manufacturers. did not fulfill the deadline, Nogueira stated the EU will find some. service. The European people like coffee very much ... they will not. be left without coffee, she included. Nogueira spoke at a coffee top hosted by the Community of. Latin American and Caribbean States (CELAC) in Tegucigalpa. The nearly three-dozen member countries of the CELAC are. anticipated to close the summit with a declaration asking for the. EU to hold off the logging requirement date, Honduran. Deputy Minister of Coffee Growing Carlos Murillo stated.
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Financial Times - Sept 19
The following are the top stories in the Financial Times. Reuters has actually not validated these stories and does not guarantee their accuracy. Headings - Rolls-Royce wins pioneering offer to develop small nuclear plants in Czech Republic - Teamsters withhold endorsement as survey reveals members favour Donald Trump - UK examines prepare for 'not for EU' meat and dairy labelling - IMF scraps mission to Moscow after objections from Kyiv's. allies Introduction - Rolls-Royce is on course to secure the first order. from a European government to develop a fleet of tiny nuclear. reactors after being picked as the favored supplier in a. competitors overseen by the Czech federal government. - The International Brotherhood of Teamsters stated on. Wednesday that the union will not back any U.S. presidential. prospect in spite of polling that revealed a bulk of members. backed Republican prospect Donald Trump over Democrat Kamala. Harris. - Ministers are examining plans set out by the previous. Conservative administration to identify meat and dairy products. sold throughout the UK not for EU intake as part of a deal on. post-Brexit trading plans. - The International Monetary Fund said on Wednesday that it. has actually postponed planned financial assessments with Russia that. was because of start this week to collect more information and analysis to. make sure an extensive assessment.
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Base metals fall on as dollar firms after Fed's bumper rate cut
Rates of many base metals trended lower on Thursday, weighed down by a stronger U.S. dollar after the Federal Reserve revealed its oversized interest rate cut that had been mainly priced in by markets. Three-month copper on the London Metal Exchange moved 0.9% to $9,319.50 per metric load by 0145 GMT, reversing gains in the previous session. The most-traded October copper contract on the Shanghai Futures Exchange was little mvoed at 74,480 yuan ($ 10,479.07) a load. The U.S. reserve bank on Wednesday began its monetary relieving cycle with a larger-than-usual half-percentage-point decrease that Chair Jerome Powell stated was indicated to reveal policymakers' commitment to sustaining a low joblessness rate now that inflation has actually reduced. U.S. dollar rose broadly on Thursday, recuperating from an earlier topple in the instant consequences of the Fed's decision. LME aluminium lost 1.2% to $2,506 a load, zinc moved 1.1% to $2,507.50, nickel was down 0.8% at $ 16,110, lead shed 0.4% to $2,030 and tin decreased 1.5% to $31,125. SHFE aluminium slipped 0.4% to 19,805 yuan a ton, nickel edged 0.2% lower to 123,670 yuan, zinc dipped 0.6% to 23,755 yuan, lead decreased 0.9% to 16,300 yuan and tin dropped 1% to 252,910 yuan. For the leading stories in metals and other news, click or
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Stocks and dollar gain as Fed charts 'soft landing' path
The dollar bounced, longdated bond yields were up and Asian stocks mainly rose after the U.S. Federal Reserve began its alleviating cycle with a. big rate cut, though it tempered that with a balanced outlook. as it looks for to keep the economy ticking over. The S&P 500 struck a record high overnight, before. closing a little lower. Futures rose 0.6% in the Asia day. and Nasdaq futures were up 0.9%. Japan's Nikkei. jumped 2% and Australian shares struck a record high. The Fed decreased its window for the benchmark policy rate by. 50 basis indicate 4.75-5%, where markets had been leaning. before the choice. The dollar instantly struck a. two-and-a-half-year short on sterling, however then recoiled. greatly. It was up almost 1% to 143.55 yen early on. Thursday and well off short on the euro at $1.1081. Ten-year Treasury yields have climbed up nearly. eight basis points from a day previously to 3.719%, while gold. shot to a record high just shy of $2,600 an ounce, in the past. alleviating back to constant at $2,559. The Fed's cut is anticipated to support costs and the U.S. economy. The secret was never going to be about 25 or 50, it's all. about the course forward and I think they've outlined a view where. the economy is still doing pretty well, said BNZ strategist. Jason Wong in Wellington. This wasn't a panicked 50 (bp) cut. Policymakers' changed their typical rates forecast. downwards, compared to their outlook in July, but Fed chair. Jerome Powell emphasised the next relocations would be data driven. I do not think that anybody must look at this and say, oh,. this is the new rate, Powell informed press reporters after the outsized. cut was announced. We're recalibrating policy down in time to a more neutral. level. And we're moving at the speed that we believe is. appropriate, provided advancements in the economy. MSCI's broadest index of Asia-Pacific shares outside Japan. was down 0.4% in early trade, pressured as South. Korean markets returned from holidays with heavy falls. in the chipmaking sector following a downbeat Morgan Stanley. note. SK Hynix shares tumbled 9.6% and Samsung. fell 2.6%. Hong Kong's Hang Seng increased. somewhat while the mainland criteria CSI300 fell. 0.4%. Oil rates fell and benchmark Brent crude futures. were last down 0.3% at $73.42 a barrel. Around the area lower U.S. rates in theory leave room for. emerging markets to cut their policy rates and assistance growth. Bank Indonesia had actually already moved a couple of hours before the Fed,. with a 25-basis-point cut on Wednesday. Chinese bond yields fell. in early trade on Thursday in anticipation of fresh reducing from. Beijing to prop up China's significantly slow economy. The Bank of England fulfills in the future Thursday and is seen. holding rates at 5%, specifically after inflation figures showed. services inflation picked up in August. The Bank of Japan sets. policy on Friday, and is expected to stand pat however line up. future hikes, maybe as quickly as October.
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Australian shares hit record high as Fed cuts rate; local jobs information in focus
Australian shares inched higher to a. fresh record high on Thursday with miners leading gains as. investors cheered on the Federal Reserve's 50 basispoint. interest rate reduction, while likewise keeping track of the regional tasks. data due later on in the day. The S&P/ ASX 200 index inched greater by 0.3% to. 8,168.7 points at 1236 GMT, beating its previous record high of. 8,153.50 points from Wednesday. The world's biggest economy witnessed a rate cut for the. very first time in more than 4 years as the Federal Reserve cut. the rate of interest by 50 basis points, the high side of. estimates. Locally, financiers are on the look for the August jobs information. due at 0130 GMT, for more ideas on the Reserve Bank of. Australia's money rate choice next week. Miners advanced as much as 1.3% with BHP Group. , Rio Tinto and Fortescue getting. between 0.6% and 1.5%. Rate-sensitive financials were up as much as 0.6%,. increasing to its record high level, with the Big 4 banks. getting between 0.4% and 0.9%. Energy stocks were up as much as 0.5% in spite of worldwide. oil prices slipping after the Fed's rate cut. Meanwhile, gold stocks shed as much as 0.8%. Overnight, the U.S. Dow Jones Industrial Average fell. 103.08 points, or 0.25%, at 41,503.10 points on Wednesday. The. S&P 500 lost 16.32 points, or 0.29%, while Nasdaq. lost 54.76 points, or 0.31%. New Zealand's benchmark S&P/ NZX 50 index was up 0.4%. at 12,637.7 points. The nation's gdp fell 0.2% in the June. quarter from the prior quarter as a variety of markets slowed. Looking ahead, these data haven't materially changed our. expectations for the outlook, with growth most likely to remain. anaemic over the rest of 2024, before a progressive recovery through. 2025, said experts at ANZ Research in a note.
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Oil costs fall as US rate cut stops working to increase market belief
Oil costs fell in Asian trading on Thursday after a largerthanexpected Federal Reserve interest rate cut stimulated issues about the U.S. economy. Brent unrefined futures for November fell 34 cents, or 0.46%, to $73.31 a barrel by 0015 GMT, while WTI unrefined futures for October declined to $70.49 a barrel, down 42 cents or 0.59%. The U.S. reserve bank cut interest rates by half a. percentage point on Wednesday, recommending the Fed saw a slowing. job market. That view appeared to exceed the increase that. interest rate cuts generally bring to financial activity. While the 50 basis point cut hints at extreme economic. headwinds ahead, bearish investors were left unhappy after. the Fed raised the medium-term outlook for rates, ANZ experts. stated in a note. Weak demand from China's slowing economy also continued to. weigh. Ongoing need issues from China overshadowed the Fed's. choice, IG market expert Tony Sycamore said. Refinery output in China slowed for a fifth month in August,. data bureau data revealed over the weekend. China's commercial output development likewise slowed to a five-month. low last month, and retail sales and new home rates deteriorated. even more. However, Citi experts said Chinese oil demand may rebound. by 300,000 barrels per day year-on-year in the 4th quarter on. enhanced independent refinery runs and the start-up of new. refiner Shandong Yulong Petrochemical, offering some support to. worldwide need. Markets were watching on events in the Middle East. after walkie-talkies utilized by Lebanese armed group Hezbollah. took off on Wednesday following comparable explosions of pagers the. previous day. Israeli officials did not discuss the attacks, however. security sources stated Israeli spy firm Mossad was accountable,. increasing fears of an escalation in Israel's 11-month war in. Gaza.
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Japanese schoolboy stabbed in China validated dead, NHK reports
A 10yearold boy registered in a Japanese school in Shenzhen, China, has passed away after being stabbed by an assailant on Wednesday, Japanese public broadcaster NHK reported mentioning the Japanese counsel general. The attack happened near the school on the anniversary of an occurrence in 1931 that set off war in between China and Japan, a sensitive date at a time when diplomatic relations are in risk of deteriorating. It was the second such attack near a Japanese educational facility in China in current months. The kid was stabbed on his way to school at about 8 a.m. on Wednesday by the believed 44-year-old aggressor, who was jailed on the spot, according to Chinese authorities. He passed away in the early hours of Thursday, NHK reported. The event follows a similar one in June, when a man assaulted a bus utilized by a Japanese school in the eastern city of Suzhou, resulting in the death of a Chinese nationwide who attempted to shield a Japanese mom and her kid from the assailant. Likewise on Wednesday, a Chinese carrier entered Japan's contiguous waters for the first time, the most recent in a string of military manoeuvres that triggered a demonstration from Tokyo to Beijing.
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US regulator states Michigan nuclear plant requires work before restart
The U.S. Nuclear Regulatory Commission said on Wednesday that inspections found concerns at the Palisades atomic power plant in Michigan, which Holtec LLC wants to restart after a twoyear closure with aid from a $1.52 billion U.S. loan guarantee. Initial results recognized a great deal of steam generator tubes with indicators that need more analysis and/or repair, the NRC said on its website about the two steam generators at the plant. It stated more analysis, screening and repair work would occur over the next couple of months. Holtec, which initially purchased the plant for decommissioning, wishes to resume Palisades late next year as U.S. power demand soars with development in artificial intelligence and electrical lorries. It would be the very first time that a. shuttered U.S. nuclear plant resumed. Holtec stated on its site that inspections of the steam. generators identified the requirement for additional upkeep. activities. A Holtec representative did not immediately react to a. ask for discuss potential delays or extra costs. The U.S. Loan Programs Workplace, part of the Department of. Energy, issued Holtec a conditional loan warranty in March. The administration. of President Joe Biden believes nuclear power is important in the. battle to suppress environment change. Alan Blind, engineering director at the plant from 2006. to 2013, estimated on Wednesday that repair work to the Palisades. steam generators would cost over $500 million and add 2 to. 3 years to the timing of a restart. Edwin Lyman, a physicist and a nuclear security specialist at. the Union of Concerned Scientists, stated more needs to be understood. about the plant's condition. The general public should have the. unvarnished reality ... before more taxpayer and ratepayer dollars. are put down what could be an extremely deep rathole, he said.
Vallourec Boosts Pipe Coating Offering with Latest Acquisition
French tubular solutions supplier Vallourec has entered into a definitive agreement to acquire Matt’s subsidiary Thermotite do Brasil, a specialized provider of thermal insulation pipe coating services for the offshore oil and gas industry.
The acquisition price is $17.5 million, on a cash-free, debt-free basis, subject to customary price adjustments, including working capital.
Thermotite’s facility is located within Vallourec’s existing coating services premises in Serra, Esperito Santo State in Brazil.
The acquisition will support Vallourec’s strategy, reinforce its presence across the industry value chain with an integrated industrial set up and improve its technical expertise, notably for the offshore and particularly deepwater markets.
“This acquisition is a further step forward in our strategy to provide premium integrated solutions for the most challenging offshore projects. Thermotite’s expertise perfectly complements our existing portfolio of anti-corrosion coating solutions, allowing us to offer our customers more complete and tailored line pipe solutions.
“By strengthening our presence in Brazil, a key market for the offshore industry, we are well-positioned to capitalize on the growing demand for premium tubular solutions both in the domestic market and in high-value export markets,” said Philippe Guillemot, Chairman of the Board of Directors, and Chief Executive Officer of Vallourec.