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Turkish economy to contract in Q2, log zero growth this year

Turkey’s economy is expected to shrink in the second quarter, its third straight quarterly contraction as it grapples with the effects of recession, and a Reuters poll on Thursday also pointed to zero growth in 2019 as demand and investment slows. The poll of 18 economists showed the economy shrinking 2% year-over-year in the second quarter, based on the median, and estimated annual growth of 0% for 2019, as last year’s currency crisis continues to weigh on the major emerging market. Forecasts for the second quarter ranged from a 1% ...

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France to begin one-month no deal Brexit dress rehearsal – minister

France will test run measures it has prepared for Britain’s exit from Europe for a month so that companies are fully-prepared ahead of Britain leaving the bloc at the end of October, its minister in charge of customs said on Friday. Gerald Darmanin will meet Michael Gove, the British minister in charge of coordinating ‘no-deal’ Brexit planning, in Calais later on Friday to show how France is preparing for Britain’s departure from the EU on Oct. 31. Businesses have been warning of long tailbacks for lorries transporting goods between mainland ...

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India Just Opened Its Coal Sector To The World, But Is That A Good Thing?

Can coal be India’s savior? That’s what the government is hoping for with its latest move Wednesday when it allowed 100% foreign investment in mining of coal in an effort to give a boost to a flailing economy. Till now, foreign investment was only allowed in coal mines allotted for captive use, meaning for use by the companies themselves. But now with economic growth slowing to 5.8% in the quarter ended on March 31 and a similar figure expected for the following quarter (data for which was not available at ...

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Rising raw material costs eat into Chinese steel makers’ profits

Chinese steel plants reported shrinking profits in the first seven months of this year as rising raw material prices hit. Member enterprises of the China Iron and Steel Association (CISA) raked in 2.43 trillion yuan (about 339 billion U.S. dollars) in sales revenue during this period, up 9.75 percent, while profits fell by 23.93 percent year on year to stand at 123.582 billion yuan. Industrial giant Baoshan Iron & Steel saw its net profit down over 38 percent year on year in the first half of this year. The CISA ...

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Shanghai exchange to launch stainless steel futures on Sept 25

The Shanghai Futures Exchange (ShFE) will launch trading in stainless steel futures on Sept. 25, Chang Depeng, a spokesman for the China Securities Regulatory Commission, said at a regular news briefing on Friday. The Shanghai bourse already has contracts for steel rebar and hot-rolled steel coil, as well as for non-ferrous metals. Source: Reuters

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EU wheat prices fall on hefty supplies, weak exports

European wheat prices hit fresh contract lows on Friday following a sharp fall in Chicago as ample global supplies continued to weigh on sentiment on both side of the Atlantic. Benchmark December milling wheat on Paris-based Euronext was 0.6% lower by 1548 GMT at 168 euros ($187.22) a tonne after setting a contract low of 167.50 euros. “In wheat it’s all good everywhere, there is no reason for prices to go up,” a trader said, adding that the next technical support was at 166 euros a tonne. A lack of ...

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NMDC eyes new iron ore deposits through auction, Govt dispensation route

NMDC Ltd plans to pursue allocation of new iron ore deposits both by participation in auctions and the Government dispensation route, even as it seeks to expand its brownfield mines to increase its production target to 67 million tonnes per annum (MTPA). During its 61st Annual General Meeting, NMDC unveiled plans to increase its production capacity to 67 mtpa. The development of a greenfield mine has been planned through a joint venture with Chhattisgarh State Mineral Development Corporation, for which it has appointed a mining developer. This will add 10 ...

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OOCL: Asia-Europe Trade – Service Update

In response to the expected low demand in the market, we would like to inform you of the withdrawal of the following Asia-Europe sailings: Asia – North Europe Service – Loop 1, o Westbound: ETA Shanghai on October 13 in Week 41 o Eastbound: ETA Felixstowe on November 13 in Week 46 – Loop 3, o Westbound: ETA Xiamen on October 9 in Week 41 o Eastbound: ETA Hamburg on November 12 in Week 46 – Loop 4, o Westbound: ETA Xingang on October 3 in Week 40 o Eastbound: ...

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Sustainable shipping key to India’s future, says CSL chief

With autonomous ships on the anvil, they are going to be driven and even repaired remotely, the CMD of Cochin Shipyard Limited (CSL), Madhu S. Nair, has said. Ships were now controlled digitally. India had produced some of the finest marine engineers, who had created an excellent image for the country worldwide. Still, much had to be done to make optimal use of India’s vast coastline and inland waterways. Care had to be taken to ensure that whatever was done was environmentally sustainable, lest nature hit back in different forms, ...

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Global maritime leaders set for big Dubai event

The Dubai Maritime City Authority (DMCA) has completed its preparations ahead of hosting the UAE Maritime Week 2019, held under the patronage of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, as part of the enhanced efforts to establish the UAE’s leadership as a first-class maritime destination and a strong competitor on the global maritime map. The fifth edition, taking place from September 22 to 26, will highlight the achievements of the UAE’s maritime sector and emphasize Dubai’s leadership in ...

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Concentration on single commodity exports hindering economic growth in Africa: expert

An economic development expert on Friday urged African countries to invest in economic diversification programs because doing so will among other things help to create the much needed employment opportunities. Professor Oliver Saasa told Xinhua in an interview that the over-reliance on single commodity exports has hindered many countries particularly in Africa from exploiting other potentially beneficial economic opportunities. Saasa, who is a renowned Zambian economist, explained that since pre-independence times, Zambia has concentrated on copper exports,while other potentially viable economic undertakings continue receiving little attention. He explained that currently ...

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US mills cancel undelivered August scrap as bearish sentiment grows

Multiple US mills canceled undelivered August scrap on Thursday into Friday, as bearish sentiment continues to build heading into the September ferrous scrap buy week. A Detroit-area mill canceled undelivered August scrap effective August 31 on Thursday morning, with several other mills following. “As expected, I’m starting to get a lot of mill cancellations for end of month,” said one supplier. “They just keep rolling in.” The Detroit-area mill “was first and now everyone is jumping on board, per usual,” said another supplier. The outlook for September was firm following ...

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Indonesian minister expedites ore export ban

Indonesia’s Energy and Mineral Resources Minister Ignasius Jonan said he has signed a new regulation on restricting ore exports, according to a voice recording verified by a ministry spokesman. Jonan, speaking to journalists in Yogyakarta, said nickel ore exports will be allowed until end-December. The ban will be expedited from a previous January 2022 date “according to the President’s direction”, Jonan said in the recording. Indonesian President Joko Widodo in a speech to the parliament earlier this month vowed that the government will push for more onshore processing for its ...

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Over $666m worth of commodities traded at IME in a week

During weekdays ending up to August 29, while 680.291 million tons (MT) of commodities worth over $666 million were traded at Iran Mercantile Exchange (IME), the trading volume and value experienced a growth of 169 percent and 81 percent, respectively. According to the report from IME International Affairs and Public Relations Department, last week, on the domestic and export metal and mineral trading floor of IME, 223.889 MT of various products worth near $281 million were traded. On this trading floor, 219.577 MT of steel, 1.460 MT of copper, 2.720 ...

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U.S. engages in threats to stop Iran oil sales to traditional clients – Zarif

Iran’s foreign minister accused the United States on Twitter on Saturday of engaging in “piracy and threats” to stop Tehran from selling oil to traditional clients, after Washington blacklisted an Iranian oil tanker that it said was headed to Syria. U.S. Secretary of State Mike Pompeo said on Friday the United States had reliable information the Iranian oil tanker Adrian Darya, which the U.S. Treasury Department has blacklisted, was headed to Syria. “US engages in piracy & threats to prevent Iran from selling oil to traditional customers,” Mohammad Javad Zarif ...

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