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Brexit Ruined One of the Most Reliable Bets in the Energy World

The threat of Brexit messed with one of the surest bets in energy. Carbon prices have risen every August for a dozen years as the volume put up for auctions is reduced because of the summer holidays. But this year concern that U.K. emitters will flood the market if Brexit causes them to crash out of the system contributed to a 5.9% price decline. That meant traders probably had to unwind unprofitable trades and make new bets, driving the volume to record levels for the July and August months, said ...

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Sour crude complex steady as traders mull Aramco OSPs

Benchmark Dubai crude futures spreads were steady mid-morning in Asia on Friday, as crude oil market participants evaluated fresh official selling prices released by Saudi Aramco overnight. The Brent/Dubai Exchange of Futures for swaps spread was notionally pegged at $3.51/b at 10 am in Singapore (0200 GMT) Friday. This was little changed from the $3.52/b assessed at 4:30 pm in Singapore (0830 GMT) Thursday. Intermonth Dubai futures spreads were also pegged within a narrow range of Thursday’s assessment, in line with bids and offers seen on the Intercontinental Exchange at ...

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Global gas market dynamics: three key themes

Has the LNG market already witnessed the bottom? Having weathered a significant oversupply, many are asking if this summer marked the bottom of the LNG commodity cycle. We think not. The market still isn’t fully through the five-year supply wave of Australian, Russian and US projects, prompting the worst oversupply since the 2009 downturn. In the US, as many as six new trains are expected to become commercially operational this winter, putting further pressure on next summer’s balance. In Europe, large storage injections have created an inventory overhang that looks ...

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Permian Basin natural gas prices up as a new pipeline nears completion

Natural gas spot prices at the Waha hub in western Texas, located near Permian Basin production, settled at $1.55/million British thermal units (MMBtu) on August 15, the highest price since March 2019. This price increase coincides with the 2 billion cubic feet per day (Bcf/d) Gulf Coast Express Pipeline (GCX) preparing to enter service. GCX will provide much-needed additional natural gas takeaway pipeline capacity from the Permian region of western Texas and southeastern New Mexico. Limited natural gas pipeline takeaway capacity from the region has kept prices very low, or ...

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Japan real wages drop for seventh straight month in July

Real wages in Japan adjusted for inflation fell for a seventh month in July, adding to worries whether consumer spending can be sustained while the economy wrestles with slower global growth. Real wages slumped 0.9% in July from a year earlier, labour ministry data showed on Friday, after a 0.5% annual decline in June. Monthly wage data showed nominal total cash earnings dropped 0.3% in July, falling again after rising for the first time since last December the previous month. Regular pay, which accounts for the bulk of monthly wages, ...

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‘Prompt action’ after ‘water soluble’ liquid spilt from container ship

Prompt action was taken by the authorities after a “water soluble” liquid was spilt from a container ship at the Freeport. A Freeport spokeswoman said the incident happened when a container was ruptured during the loading process. In a statement, the spokeswoman said the Freeport took immediate action to address the spillage. The statement said the contents of the container were water-soluble and there was no material inside that could be classified as hazardous cargo. Members of the Environment Resources Authority oversaw the clean-up operation, and no bathing areas in ...

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Coal carrier held in Qld over wages claim

A Chinese-owned bulk carrier chartered to carry coal to Korea has been detained at the Port of Gladstone. The Australian Maritime Safety Authority has detained the boat for auditing after some crew reported they were owed tens of thousands of dollars in unpaid wages, the International Transport Workers’ Federation says. An ITF inspector boarded the Panama-flagged Fortune Genius when it docked on Thursday, later telling AMSA it had found eight crew members had been underpaid $8,000 each in the past six months. Source: Australian Associated Press

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Central Bank Triple Whammy of Woe Leaves FX Bears Nervous of ECB

Currency bears have been knocked back three times this week by central banks refraining from sounding dovish, putting the euro in the spotlight ahead of next week’s European Central Bank meeting. The common currency has rebounded after hitting a two-year low earlier this week and options traders now expect gains into the ECB’s Sept. 12. decision. Resistance is growing among European policy makers to ECB President Mario Draghi’s bid to reactivate bond purchases, just as central banks from Canada to Australia have backed away from adding more stimulus. “There is ...

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German Industrial Production Unexpectedly Fell in July

German industrial production unexpectedly fell in July amid continuing worries that Europe’s largest economy could slip into a recession. Total industrial output–comprising output in manufacturing, energy and construction–decreased 0.6% in July from the month before, in adjusted terms, Germany’s Federal Statistical Office said Friday. Economists polled by The Wall Street Journal had forecast an increase of 0.1%. “The industrial economy remains weak,” the German economics ministry said. In view of the weak start to the second half of the year and the lack of recovery in incoming orders, no improvement ...

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China premier hopes Germany loosens export rules

Chinese Premier Li Keqiang said on Friday that China hopes Germany will accept more Chinese companies and loosen export rule for certain goods. Li, speaking at a business forum in Beijing with German Chancellor Angela Merkel, added that China will open up its economy even more. Source: Reuters (Reporting by Andreas Rinke; Writing by Ben Blanchard; Editing by Stephen Coates)

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Fitch Downgrades Hong Kong After Months of Protests

Fitch Ratings downgraded Hong Kong, saying months of unrest were testing the city’s relationship with mainland China and had dented its reputation as a well-governed, stable place to do business. The credit ratings company on Friday cut its main rating on Hong Kong by one notch to AA from AA+, saying the turmoil was testing “the perimeters and pliability of the ‘one country, two systems’ framework that governs Hong Kong’s relationship with the mainland”. Fitch said that increasingly close ties would over time imply ratings closer to grades for mainland ...

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U.S. Employers Added 130,000 Nonfarm Payrolls in August; Jobless Rate Held Steady at 3.7%

Employers added to payrolls at a steady pace and unemployment stayed historically low in August, suggesting the U.S. economy held firm during a month when a deepening global slowdown and faltering manufacturing activity stoked fears of a sharp U.S. slowdown. The U.S. economy added 130,000 payrolls in August, the Labor Department reported Friday. The unemployment rate was unchanged at 3.7% for the third consecutive month, remaining near its 50-year low. Average hourly earnings climbed a seasonally adjusted 3.2% from August 2018, down from a recent peak of 3.4% in February ...

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Merkel says Germany is open for Chinese investment

German Chancellor Angela Merkel said on Friday that Germany is open for Chinese investment and she welcomes all Chinese companies to invest in the country. However, she added that Germany checks investments in certain strategic sectors and critical infrastructure. Merkel was speaking in Beijing during a visit to the country. Source: Reuters (Reporting by Andreas Rinke; Writing by Ben Blanchard; Editing by Stephen Coates)

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Turkey Wants Banks to Write Off $1.9 Billion to Boost Credit

Turkey wants its banks to write off loans to some energy projects as part of a larger plan to clear lenders’ books, an effort aimed at boosting credit in the nation’s ailing economy. Banking regulator BDDK wants credit extended to at least three gas-fired power plants to be classified as non-performing loans, according to people with knowledge of the matter. They are ACWA’s $1 billion plant in Kirikkale, Gama Enerji’s $900 million project near Ankara and a $1 billion facility run by Ansaldo Energia SpA and its partners in Gebze, ...

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Trilateral Symposium to address opportunities and challenges of cutting-edge health technologies

Scientific progress and advances in health technologies, including medicines, vaccines, medical devices, diagnostics, assistive products, cell- and gene-based therapies, and other health technologies, have contributed to unprecedented improvements in health outcomes. Biotechnology has created new diagnostic tools and treatment methods as well as innovative biotherapeutic pharmaceutical products. Information technology (IT) has entered all relevant health fields and is used by health administration professionals to facilitate healthcare data management. Medical and assistive devices can produce a wealth of data as they fulfil their therapeutic functions. Such data can be used as ...

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