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No rush to cut agriculture tariffs in Japan-U.S. trade talks, top negotiator Motegi says

Japan’s top trade negotiator said Tuesday there are no plans to cut tariffs on U.S. farm products ahead of a wider bilateral trade deal. “As a rule in trade negotiations, there won’t be an agreement in any particular category before the others,” Toshimitsu Motegi, minister for economic and fiscal policy, told reporters. He made the remark in reference to U.S. Agriculture Secretary Sonny Perdue’s comments last week seeking to prioritize an agreement on farm products to improve the competitiveness of U.S. produce against that of Pacific trade pact members who ...

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Price volatility puts steel makers in a fix over viability of captive ore

Fluctuating iron ore prices amid growing demand for steel in the domestic market has led to a dilemma among primary domestic steel producers on whether or not to have captive iron ore resources. While Tata Steel, the country’s oldest steel producer, is of the view that procuring raw material via auction is a better option, Sajjan Jindal-led JSW Steel is going all out to bid for mines in order to have captive ore resource which can help company strengthen its backward integration. “In an auction, one (the company) has an ...

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Soybeans rise for second session; all eyes on U.S.-China trade talks

Chicago soybeans rose for a second session on Wednesday, with focus on whether the latest round of talks between Washington and Beijing this week will be able to stop an escalation in a festering trade dispute between the two countries. Corn gained more ground as rains have delayed U.S. planting while wheat rose on bargain buying. The Chicago Board of Trade most-active soybean contract rose 0.2 percent to $8.32-3/4 a bushel by 0306 GMT, corn added 0.3 percent to $3.67-1/2 a bushel and wheat was trading 0.5 percent higher at ...

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US steelmakers can’t rest during renaissance: US Steel CEO

The US steel industry is experiencing a golden era of growth and innovation as reduced import pressure has allowed domestic steelmakers to invest in their operations, however it is critical steelmakers remain on their toes to tackle the problems in the industry that persist, US Steel CEO David Burritt said Tuesday. “In order to capitalize on our present, we need to adapt and in fact leverage the technological and societal changes that are all around us while preserving the values, structures and practices that have served us well in the ...

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China plans to close more small coal mines

China plans to shut down more small-scale coal mines due to safety concerns, with a target to cut the number of mines with annual capacities below 300,000 tonnes to less than 800 by 2021, according to a document released by the top economic planner. While weeding out mines that do not meet safety and environmental standards, authorities will also support mines that boast rich resources and high safety standards to upgrade their capacities to higher levels, said the document by the National Development and Reform Commission. To address problems such ...

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Escalation of China trade battle threatens US liquefaction development

US LNG export project developers face new challenges securing financing for construction after President Donald Trump’s threat to escalate a trade war with China, at a time when some are already having trouble signing commercial deals with buyers in Asia. The heightened tensions come during a pivotal moment in America’s evolution as a major supplier of the chilled fuel to global markets. Most of the dozen or so projects under active development for startup in the early to mid-2020s were hoping to make final investment decisions this year or next. ...

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Indonesia sets Apr Minas crude price at $69.44/b, up $4.66/b from Mar

Indonesia’s Ministry of Energy and Mineral Resources has set the price for Minas crude lifted in April at $69.44/b, up $4.66/b from March, according to the monthly selling price notice seen by S&P Global Platts. Other grades were raised by between $4.65/b and $5.01/b for April. Indonesia settles its monthly ICPs retroactively. The ministry revised its crude price formula from July 1, 2018 to reflect the market value of the country’s flagship crude oil grades better. The formula is based on Platts Dated Brent plus/minus an alpha. The alpha is ...

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Iraq becomes Middle East energy investment hotspot

Iraq is again becoming a viable destination for energy investment in the Middle East after the final defeat of Islamic State and the election of a new government revived interest in the region’s second-largest oil producer. The US, Qatar, Saudi Arabia and even Iran are now vying for a share in the spoils. The latest wave of high level energy diplomacy involving Baghdad came on Sunday when oil minister, Thamer Ghadban, met with his counterpart in Qatar to discuss potential investments and cooperation in oil and gas, according to a ...

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Saudi Arabia’s Grand Natural Gas And Electricity Strategy

When we think of Saudi Arabia, we automatically think of oil. As the linchpin of OPEC, a “cartel” that accounts for 40% of the world’s supply, Saudi Arabia continues to have far more influence on global petroleum prices than some want to admit. Tied with Russia, Saudi Arabia accounts for 13% of the world’s oil exports. But for a variety of strategic reasons, The Kingdom has wisely expanded energy goals, namely into the natural gas, nuclear, and renewable sectors This makes perfect sense: for example, natural gas is the world’s ...

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Global Stocks Mixed as Uncertainty Over Trade Talks Persists

U.S. stocks were set to open lower Wednesday as investors closely monitored rising U.S.-China tensions. The Dow Jones Industrial Average and S&P 500 futures were both down 0.4% before U.S. markets opened. In Asia, the Shanghai Stock Exchange dropped 1.1%, Hong Kong’s Hang Seng Index was also down 1.2% and Korea’s Kospi dropped 0.4%. The moves echoed sharp losses in U.S. markets Tuesday. Meanwhile, in Europe, the Stoxx Europe 600 dropped 0.3% in morning trading, with benchmark indexes across the U.K., France and Germany all drifting lower. Companies in the ...

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China may expand stimulus in response to potential US trade war tariff hike, analysts say

China may up the pace and size of its economic stimulus to cushion the impact on already sluggish consumption, following the escalation of trade tensions, analysts said. The options include additional cuts in taxes and fees, incentives for buying big ticket items like appliances and cars, and a further lowering of interest rates to boost lending to the real economy, particularly for small firms that will be hit hardest by increased trade tensions. A further reduction in property sales restrictions in smaller cities, as well as further measures to open ...

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India, US stress on regular talks to ease trade tension

India and the US on Monday agreed to deepen economic cooperation and resolve outstanding issues through regular official engagements in a meeting between commerce secretary Wilbur Ross and trade minister Suresh Prabhu. The development is important given recent rising trade tensions between the two countries. “Both sides also discussed various outstanding trade issues. Both sides agreed to engage regularly at various levels to resolve outstanding trade issues by exploring suitable solutions, which are mutually beneficial and promote economic development and prosperity in both countries,” India’s commerce ministry said. A trade ...

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Banks lose appetite for new Brexit fight

While Britain debates the merits of a second Brexit referendum, London’s financial centre is steering clear of the argument, resigned to the need to shift some business elsewhere. Burned by backing the ill-fated Remain campaign three years ago, major global and British banks told Reuters they would shy away from taking a similar position in a new vote, preferring to spend time and money on “future-proofing” their business, including tackling outdated technology and moving into new markets. A Reuters survey of leadership attitudes at 17 British and global banks found ...

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China trade war ‘will not bring U.S. economy to its knees’: Wells Fargo economist

The U.S. will survive a full-blown trade war with China and the economic consequences are less troubling than some investors fear, according to Wells Fargo Securities senior economist Tim Quinlan. “It’s fair to say that a trade war with China alone is not going to bring the U.S. economy to its knees,” Quinlan told Yahoo Finance, U.S. exports to China account for less than 1% of U.S. GDP, according to a new research note by Quinlan and his colleagues at Wells Fargo. The U.S. Department of Commerce Bureau of Economic ...

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Baltic Dry Index climbs to 940, up 4 points

Today, Wednesday, May 08 2019, the Baltic Dry Index climbed by 4 points, reaching 940 points.

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