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French soft wheat crop rating falls again as dry weather persists

The condition of French soft wheat declined for the second week in a row, data from farm office FranceAgriMer showed on Friday, as a dry spell continues in major crop belts in the European Union’s biggest grain producer. An estimated 88% of soft wheat was rated in good or excellent condition in the week to June 5, compared with 91% the previous week and 93% two weeks ago, the office said in a cereal crop report. The score was well above the 66% registered a year earlier and remained near ...

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Consumers are keeping the U.S. out of a recession. It’s getting harder

The widely predicted U.S. recession remains out of sight as the first half of 2023 winds down, but the consumer sector that has fueled a remarkable recovery from the pandemic shutdowns may finally be showing signs of fraying. The signals that economists lean on to gauge the odds of a recession are contradictory at the moment. The yield curve remains deeply inverted, and manufacturing surveys have been flashing recession signals for months. But layoffs concentrated in the tech sector have not spread widely so far, and there are pockets of ...

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STOCK MARKET SNAPSHOT FOR 10/06/2023

NASDAQ-Adv: 2,222 Dec: 2,172 NYSE-Adv: 2,097 Dec: 1,802 (Source: Nasdaq)

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Argentina’s YPF to focus on oil and gas exports from Vaca Muerta first, petchems projects later – exec

YPF is focused now on “monetising” its shale crude oil and natural gas reserves at the Vaca Muerta formation by exporting as much as it can, with petrochemicals projects potentially developed later, an executive at the Argentinian energy major said. Ariel Andreucci, head of strategy and investments at YPF, said the sheer natural gas reserves at Vaca Muerta – estimated at 300 trillion cubic feet (tcf) (8.5 trillion cubic meters) – would allow Argentina to take an opportunity to develop its crude oil and gas industry by exporting it globally. ...

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Asyad Line Adds Jeddah to REX Freight Service

The Saudi Ports Authority (Mawani) has announced the addition of Jeddah Islamic Port to the REX shipping service operated by Asyad Line, a part of Oman’s global integrated logistics provider Asyad Group. Introduced in May, the new cargo route utilizes two vessels with a capacity of 2,800 TEUs to connect Jeddah to the ports of Nhava Sheva, Mundra, Salalah, and Sokhna. The latest call will boost Mawani’s aims to enhance the competitive edge of the Kingdom’s busiest hub and its container operators besides expanding the Kingdom’s maritime connectivity and trade ...

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China’s central bank upbeat on Q2 GDP growth, confident on 2023 targets

China’s economic growth is expected to be “relatively high” in the second quarter compared to the prior year, mainly due a low base of comparison, while consumer inflation is projected to be above 1% by December, the central bank governor said. As rising interests rates and inflation squeeze demand in the United States and Europe, China’s core CPI has been soft and factory gate prices fell sharply in May, suggesting the world’s second-largest economy is losing steam. Some analysts have predicted the central bank may begin to cut key rates ...

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Britain brings in price floor to North Sea windfall tax

Britain said on Friday a windfall tax on oil and gas producers would run until 2028 but the 75% level would almost half if prices returned to normal levels for sometime, in a move the government hopes will boost energy security. Britain introduced its energy profits levy in May last year, two months after the jump in energy prices which resulted from Russia’s invasion of Ukraine, but the industry has warned the high tax level could hurt output in the long term. The government said on Friday the 75% taxlevel, ...

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Yanmar Works to Support the Ocean on World Ocean Day

On World Ocean Day, Yanmar, a leading provider of advanced marine technology, reaffirms its commitment to protecting and preserving our oceans. With a focus on delivering equipment of the highest quality and minimizing environmental impact, Yanmar is actively working towards a sustainable future. Under the banner of the Yanmar Green Challenge 2050, the company has set forth an ambitious goal to become an “ecological footprint-free, GHG-free corporation based on recycled resources.” This commitment drives Yanmar’s activities and innovations aimed at reducing emissions and promoting environmental stewardship. Yanmar has taken significant ...

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ABS Honors Norwegian Owners for Their Commitment to Saving Lives at Sea

ABS continued its long-standing support for the Amver Awards by sponsoring a ceremony recognizing the contribution of Norwegian owners to the unique AMVER reporting system that supports search and rescue efforts for distress calls at sea. The ceremony at the U.S. Deputy Chief of Mission Residence, was attended by John Kerry, United States Special Presidential Envoy for Climate. The event honored 242 vessels from 31 Norwegian shipowners and operators, who were awarded colored pennants for their role in maintaining maritime safety and in recognition of the owners’ commitment to assisting ...

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China’s factory deflation steepens as demand wanes

China’s factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery. As rising interests rates and inflation squeeze demand in the United States and Europe, China is in contrast battling a sharp decline in prices with factories receiving less for their products from key overseas markets. The producer price index (PPI) for May fell for an eighth consecutive month, down 4.6%, the National Bureau of ...

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Nordea Bank : part of the Net-Zero Asset Owner Alliance steering group

All members of the Alliance have committed to transitioning their investment portfolios to net-zero greenhouse gases emissions by 2050 and the members were the first in the financial industry to set intermediate targets (aligned with the Paris Agreement schedule) to ensure being on the right path. They report on their progress annually. Nordea will now have a seat in the nine-member body, together with executives from some of the world’s largest asset owners (e.g. Allianz, AXA and Nippon Life). The steering group sets the strategic direction for one of the ...

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BOJ set to keep ultra-low rates, may signal inflation overshoot

The Bank of Japan (BOJ) is expected to maintain ultra-loose monetary policy next week and its forecast for a moderate economic recovery, as robust corporate and household spending cushion the blow from slowing overseas demand, sources said. The central bank also may signal that inflation is overshooting its forecasts, which would heighten the chance of an upgrade in its price projections at a quarterly review of its estimates due in July, they said. But any upgrade in its inflation view is unlikely to automatically trigger an interest rate hike, as ...

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Port Arthur asks US FERC to act on Phase II LNG expansion, after second review

Sempra Energy is asking the US Federal Energy Regulatory Commission to act promptly on its application to double the capacity at its Port Arthur LNG facility, pushing back on environmental advocates faulting the regulator’s second environmental analysis released in May. The developer argued that additional concerns raised by the groups are misplaced — regarding air quality, water quality, erosion, vessel traffic and fisheries impacts in FERC’s assessment. The expansion project has already been “inexplicably delayed” since its application was filed in February 2020, Sempra told the regulator. Launched in February ...

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LNG innovation at the forefront: International exhibition showcases industry excellence

A veritable who’s who list of prominent companies in the liquefied natural gas (LNG) sector will be showcasing some of their latest innovations at the global LNG2023 conference and exhibition July 10 – 13 in Vancouver, Canada. The exhibition, like the conference, represents the entire LNG value chain. Key industry players such as Chevron, QatarEnergy, Cheniere, Tellurian, Baker Hughes, ConocoPhillips, and Enbridge will have significant floor space at the event. Conference host, the Canadian Gas Association, will showcase Canadian organizations and innovations in a dedicated Canadian industry pavilion. Additionally, a ...

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Stena Line and Port of Gothenburg take next step towards Arendal

Stena Line and Port of Gothenburg have today signed an agreement for the relocation of Stena Line’s Denmark- and Germany ferry operations to an all-new terminal in Arendal, Gothenburg. The new location will meet the needs of sustainable transport solutions for both Stena Line and Port of Gothenburg. The agreement between Stena Line and Port of Gothenburg includes the construction of the new terminal as well as rent and leasing of the terminal area and a new terminal building. The contract stretches over 25 years. Given new prerequisites for future ...

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