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‘Deeds, not words’: mining firms reshape boardrooms as investors demand sustainability

Under fire after a string of high-profile disasters, mining firms are shaking up their boardrooms in response to criticism that they are failing to meet their own environmental, social, and governance standards. Shareholders are demanding change from an industry whose reputation has been battered by deadly collapses of mine waste storage facilities in Brazil, and Rio Tinto’s destruction of sacred rock shelters in Australia. Companies are responding with changes to the structure and skillset of their senior management – a shift investors and governance experts say is sorely needed to ...

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Are We About To Enter A Commodity Supercycle?

The most prominent commodity index, the S&P GSCI, is up over 86% since last March. While most markets have roared back since the depths of the COVID-19 market scare, commodities have been a frontrunner in the recovery. Talk of a commodity supercycle is already heating up, but investors should be careful not to overreact to recent data. Some commodities are notorious for fleeting booms and busts and typically need fundamental shifts in demand or supply to elevate prices for an extended period. While commodities tend to move together on growth ...

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CORN UP FOR 3RD SESSION, NEAR 8-YEAR HIGH ON ADVERSE WEATHER

Chicago corn futures gained more ground on Thursday to trade near the previous session’s eight-year top, as concerns over cold weather damage to the crop across the U.S. grain belt underpinned prices. Wheat edged lower after Wednesday’s rally which lifted the market to its highest in more than a month, while soybeans extended gains. FUNDAMENTALS * The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.4% to $5.96-1/4 a bushel, as of 0026 GMT, not far from the previous session’s highest since June 2013 at $5.98 a ...

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The Commodities Feed: Demand revisions prove supportive for oil

Energy Oil prices received a boost yesterday, with ICE Brent settling more than 4.5% higher on the day, leaving it to trade well above US$66/bbl, a level last seen almost a month ago. USD weakness has been supportive for oil as well as the broader commodities complex. Although we appear to be seeing some profit-taking in early trading in Asia this morning. Oil fundamentals have also been constructive, with the IEA yesterday revising higher its global demand forecasts for this year by 230Mbbls/d, given the revisions we have seen in ...

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Iran’s NIOC raises all May Asia-bound crude OSPs by 35-50 cents/b

State-owned National Iranian Oil Company has raised the May official selling prices for all its Asia-bound crude grades by 35-50 cents/b from April, according to a notice on the company website seen by S&P Global Platts April 14. NIOC raised the May Iranian Light and Forozan OSP differentials by 35 cents/b each from April to a premium of $1.60/b and 70 cents/b, respectively, to the average of Oman/Dubai assessments in May, while it increased the price of Iran Heavy by 40 cents/b to a premium of 65 cents/b. The May ...

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World stocks stay high, Russia’s rouble buckles under sanctions stress

World stocks were on course to extend a five-day run of record highs on Thursday, while Bitcoin took a breather after its latest surge and Russia’s markets tumbled at the prospect of the harshest U.S. sanctions in years. For traders, it was hard keeping up. Europe’s STOXX 600 opened with a new all-time high as a flurry of positive earnings offset growing worries about a third wave of COVID infections on the continent. The U.S. dollar was at a four-week low ahead of March retail sales data with investors increasingly ...

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Is that it? Markets relax about inflation pop

Just as long-dormant inflation finally rears its head again, there are some signs that financial markets may already have overestimated the impact – or at least the response. One of the biggest fears of the year for global investors has been that a policy-supercharged, post-pandemic recovery of major economies seeds an inflation surge that spooks central banks into tightening credit well before they currently suggest. While there’s some argument for holding stocks during an inflation scare, the worry is central banks get spooked – lifting borrowing costs and dragging on ...

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How can we ensure a just transition to the green economy?

The global shift to a green economy could create 18 million jobs, with the potential to provide high-quality employment and livelihoods around the world. But what about the people and communities whose livelihoods, right now, depend on the fossil fuel or other high-carbon sectors? An estimated 6 million jobs in coal-powered electricity, petroleum extraction and other sectors could disappear by 2030. Many of the new green jobs will require different skills than previous energy jobs or will be in new locations. If this complex transition is not managed in a ...

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What is a global minimum tax and how could it affect companies, countries?

Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation. Yellen said earlier this month that she is working with G20 countries to agree on a global minimum, which she said could help end a “30-year race to the bottom on corporate tax rates.” WHY A GLOBAL MINIMUM TAX? Major economies are aiming to discourage multinational companies from shifting ...

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The World’s Best Banks 2021: Financiers To The Looming Economic Recovery

A year ago, as the Coronavirus pandemic spread, the world entered lockdowns and the economy to ground to a halt. To keep businesses going and households current on their bills, policymakers leaned on banks like never before. The banking system became the crucial cog in which stimulus was filtered into the economy as a bridge to get to the other side of the pandemic. Lenders were able to raise record amounts of debt and equity for businesses building emergency stockpiles of cash, and they were integral in the distribution of ...

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ECB will act on unwarranted rise in borrowing costs, its VP says

The European Central Bank will act on any “detrimental” rise in borrowing costs and considers removing stimulus too early a bigger risk than acting too late, ECB Vice President Luis de Guindos said on Wednesday. With borrowing costs rising last month, the ECB stepped up bond purchases to cap yields but some policymakers are now discussing a cut in bond purchases once the pandemic is brought under control in the second half of the year. “At the moment, risks from the early withdrawal of policies are higher than the risks ...

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MMi Daily Iron Ore Index Report April 15 2021

DCE iron ore futures again performed strongly today, and physical port quotations increased by 20-30 yuan/mt from yesterday. Some steel mills

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Minerva Bunkering CEO says oil tankers lag container recovery

The following are comments by Tyler Baron, CEO of Minerva Bunkering, from an interview with S&P Global Platts last month. Minerva is the wholly-owned subsidiary of Mercuria Energy Group, one of the largest privately owned energy and commodities companies in the world. Where do you see bunkers and bunker demand shaping up for 2021? We’re expecting a continued recovery in 2021. Our volume and inquiry flow troughed late last summer and has recovered since. If we look at 2021 going forward by line of shipping sector, starting with containers, container ...

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Arrested Suez ship fit for onward passage, manager says

The cargo vessel that blocked global shipping in the Suez Canal and is caught in a legal dispute in Egypt is fit to sail once approval is given, its technical manager said on Wednesday. The Ever Given was declared suitable for onward passage from the Great Bitter Lake to Port Said, where she would be assessed again before departing for Rotterdam, Bernhard Schulte Shipmanagement (BSM) said in a statement. The ship has been in the lake, which sits between two sections of the canal, since being dislodged on March 29. ...

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