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Global cenbanks lift rates by nearly 1,200 bps in July

Major developed and emerging market central banks around the globe delivered nearly 1,200 basis points in interest rate hikes in July alone, ramping up their fight against multi-decade high inflation with Canada surprising markets with an outsized move. Central banks overseeing five of the 10 most heavily traded currencies delivered 325 basis points of rate hikes between them last month. This brings the total volume of rate hikes since the start of the year across G10 central banks to 1,100 basis points. However, July’s tally was less than the 350 ...

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Eurozone retail sales continue to slide as inflation bites

Sales fell by -1.2% month-on-month in June, rounding out a serious contraction for the quarter. Declines were seen across sales categories but were largest in non-food products. All large eurozone economies saw contracting sales, with the sharpest declines seen in Germany and the Netherlands. As 2Q GDP growth surprised on the upside, it is expected that tourism and other consumer services performed very strongly, marking a sharp contrast with slumping sales on the high street. Retail sales have been declining steadily since November and have slid well below the pre-pandemic ...

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4.2 million people quit in June despite recession worries: ‘A paradox in our economy’

A cooldown in the job market is underway: The number of job openings dropped in June while near-record numbers of people continued to quit and get hired into new roles, according to the Labor Department’s latest Job Openings and Labor Turnover Summary. The labor market posted 10.7 million new job openings in June, which is down from 11.3 million in May but also much higher than a year ago and a more than 50% increase from before the pandemic. Despite the drop, there are still roughly 1.8 open jobs for ...

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Inflation beaten? ‘Team Transitory’ re-emerges

The post-pandemic inflation surge clearly persisted too long for central banks to ignore – but investors sceptical of some multi-year regime change or paradigm shift still feel emboldened. After a bruising start to the year, world markets caught a break in July. Some relief was perhaps due after Ukraine-related energy and food price shocks in February compounded a post-pandemic inflation spike and forced months of dramatic re-pricing of interest rate, bond and stock markets. The sort of synchronised monetary policy tightening investors braced for – described by the International Monetary ...

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Effective implementation is key, says ICC, as grain export deal comes to life

The deal comes to life after months of ICC advocating for safe passage for agricultural products and working closely with the United Nations on it from the earliest days of the war. ICC has been pushing so hard for the deal – publicly and behind closed doors – because of its importance for the global economy and businesses all around the world. It is a good example of the utility of bringing the private sector institutionally into the UN’s Global Crisis Response Group. Until this deal was activated, Ukrainian food ...

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CargoWise and ZIM connect to improve customer experience

WiseTech Global, provider of world-leading logistics execution solutions, has partnered with ZIM Integrated Shipping Services, a leading global container liner shipping company, to improve customer experience through a direct data connection between their systems. While supply chain visibility is increasingly important for logistics businesses, access to real-time, operational data is what drives critical decision making in an ever-changing industry landscape. The CargoWise–ZIM data connection now provides CargoWise customers with direct electronic messages for schedules, booking, tracking, verified gross mass, shipping instructions, and bill of lading data. Removing the limitations of ...

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KNOT’s First LNG Dual Fuel Shuttle Tanker Delivered

A dual-fuel LNG (liquefied natural gas) shuttle tanker1 ordered by Knutsen NYK Offshore Tankers AS,2 which is an affiliate of NYK, was delivered on August 2 at Daewoo Shipbuilding & Marine Engineering Co. Ltd. The vessel has been named “Frida Knutsen.” The shuttle tanker will be chartered to ENI Trade & Biofuels S.p.A, a subsidiary of Ente Nazionale Idrocarburi S.p.A (ENI), 3 and will be engaged in oil transportation in the North Sea and Barents Sea. The vessel will be KNOT’s first dual-fuel shuttle tanker that can use not only ...

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Oxfam reaction to first shipment of grain leaving Ukraine

In response to reports that the first shipment of grain left Ukraine today, Eric Munoz Oxfam America Food and Agriculture expert said: “Oxfam welcomes this news but warns that lifting the grains blockade alone will not solve the global hunger crisis. The recent hostilities in Odessa and Mykolaiv show that the exports agreement is still fragile and we call on all parties to ensure the swift delivery of grains. “What the world is facing today is not a new crisis. While the war in Ukraine has contributed to skyrocketing food ...

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Drought adds to capacity problem for Dutch river barges

Low water levels in the Rhine are worsening capacity shortages at Dutch river barges, a spokeswoman for the industry said. Demand for the largest barges, in the class of 135 meters, has surged as German users seek to import more coal, said Maira van Helvoirt of Netherlands Royal Inland Shipping (KBN). However, due to low water levels on the Rhine, many can only carry half their normal loads or less. In addition, out of the roughly 150 such ships usually on Dutch waterways, 15 have recently been sold or leased ...

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ChartWorld Extends the content of its unique CIO+ Data Service

The newly-published OCIMF Ship Inspection Report Programme, SIRE 2.0, includes a direct recommendation to ship inspectors: they are urged to audit the shipping company policies and procedures for the OOW to display T&P Notices to Mariners in the ECDIS. SIRE 2.0 also highlights that the Admiralty Information Overlay (AIO) might not provide complete information that is contained in the T&P NtM but that might also be absent from the ENC charts. Where there are conflicts of scale between UKHO products (AIO) and the areas covered by T&P, AIO will display ...

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Colourful debut: Hapag-Lloyd’s first “Rainbow Container” has arrived!

After 175 years, Hapag-Lloyd is injecting a bit more colour into the shipping industry with the first Rainbow Container in the company’s history. This is just one of the many ways that we are displaying our commitment to more diversity, inclusion and tolerance. In summer, Hapag-Lloyd will also take part in the Christopher Street Day (CSD) Parade in Hamburg for the first time with its own “float” – a truck that will naturally be carrying the Rainbow Container! For a few days now, the CMR (Container Maintenance Repair) depot in ...

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DP World Southampton Connects UK And Central America With Major New Reefer Service

DP World announces that Maersk’s Costa Rica Express (CRX) service will make its first call at Southampton this week, giving fruit suppliers in Central America enhanced access to the UK and Western Europe. The primary import product for the new service is bananas, which will be carried in refrigerated containers (reefers) to ensure a constant temperature from the farms to the ripening facilities and retail distribution centres in the UK. These will be delivered to DP World Southampton – the most productive container terminal in the UK, capable of turning ...

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World’s largest dual-fuelled LNG ISO tank carrier makes Bintulu Port its maiden port of call

The world’s largest and first dual-fuelled LNG ISO tank carrier, the Tiger Bintulu, has made Bintulu Port its maiden port of call. In a statement on Tuesday (Aug 2), Bintulu Port Sdn Bhd (BPSB) said the 192-metre-long vessel arrived at BPSB’s Bintulu International Container Terminal on July 26, carrying 400 units of empty LNG ISO tanks. The vessel belongs to Tiger Gas Group. Bintulu Port Holdings Bhd group chief executive officer Datuk Mohammad Medan described the maiden voyage of Tiger Bintulu to BPSB’s Bintulu International Container Terminal as another milestone ...

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King Abdullah Port reports growth in container shipping operations during first half of year

King Abdullah Economic City: King Abdullah Port has announced the details of its improved performance regarding the container shipping operations during the first half of 2022. Throughout the six-month period between January and June, the port handled a total of 1,502,720 twenty-foot equivalent units (TEU), an increase of 6.69 per cent compared to the same period last year. The announcement of the most recent container transshipment figures in H1 2022 indicated an upward trend of growth for King Abdullah Port, which operates within King Abdullah Economic City (KAEC). In May ...

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India’s July soyoil imports jump to record on duty free buying-dealers

India’s soyoil imports in July more than doubled from a month ago to a record high as refiners ramped up purchases to take advantage of New Delhi’s move to allow duty free imports of the vegetable oil to calm all-time high prices, five dealers said. Higher soyoil purchases by the world’s biggest edible oil importer will support U.S. soyoil prices BOc1, but will dent rival palm oil’s FCPOc3 share in Indian buying and force Malaysian and Indonesian sellers to offer discounts to regain the market share, trading sources said. The ...

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