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On 1 February 2023, the British International Freight Association (BIFA) is partnering with Descartes Systems, a leading provider of on-demand, software-as-a-service solutions, to deliver a members-only webinar that provides important insight and guidance on the forthcoming introduction of the Import Control System Release 2, which is due to go live on 1 March 2023. ICS2 is a new and updated customs electronic import system that is applicable to all modes of transport and is designed to manage the advance safety and security risk analysis for all goods entering and transiting ...

Iron ore futures rose on Wednesday in a bargain-buying bounce from a slump in previous sessions after investors stayed on the sidelines following China’s state planner’s decision to clamp down on excessive market speculation. The most-traded May iron ore on China’s Dalian Commodity Exchange ended day-time trade 0.9% higher at 841.5 yuan ($124.27) a tonne. On the Singapore Exchange, the benchmark February iron ore was up 0.7% at $121.40 a tonne, as of 0703 GMT. China’s state planner issued on Wednesday its third warning this month against excessive speculation in ...

NASDAQ-Adv: 2,411 Dec: 2,258 NYSE-Adv: 2,238 Dec: 1,910 (Source: Nasdaq)

China’s top economic regulator vows to further strengthen supervision on iron ore futures and spot markets, and severely crack down on market violations to maintain normal market order. The National Development and Reform Commission, the State Administration for Market Regulation and China Securities Regulatory Commission have recently held a conference with iron ore trading enterprises and futures companies and cautioned them of legal operation and ensuring accuracy of published information instead of spreading false content. The government will study and adopt effective measures to ensure stable iron ore prices. They ...

China’s diesel exports rose for a second month in December, while gasoline exports climbed for a third month, as the country’s COVID outbreak limited domestic fuel demand, and refiners utilised their expanded yearly export quotas. China exported 2.79 million tonnes of diesel in December, representing a 32.8% increase on November’s 2.10 million tonnes, data from the General Administration of Customs showed on Wednesday. That is the highest since March 2021. Total diesel exports for the year amounted to 10.92 million tonnes, versus 17.21 million tonnes for 2021. Gasoline exports were ...

British inflation eased last month after hitting a 41-year high in October, offering some comfort to the Bank of England, but the pressure on households remained intense as food and drink prices rose at the fastest pace since 1977. Annual consumer price inflation fell to 10.5% in December from November’s 10.7%, the Office for National Statistics said on Wednesday, a drop in line with economists’ forecasts in a Reuters poll. However, while lower prices for petrol and clothing pushed down the headline rate, the cost of food and non-alcoholic beverages ...

Federal Reserve Bank of New York leader John Williams said on Tuesday that the economy does better when everyone gets a shot at participating. “An inclusive economy doesn’t just help those that are in need of more or different opportunities, rather, it boosts the economy more broadly,” Williams said in opening remarks for a conference at his bank. Williams did not comment on the monetary policy outlook in his brief remarks. Source: Reuters (Reporting by Michael S. Derby; Editing by Leslie Adler)

Global oil demand is set to rise by 1.9 mb/d in 2023, to a record 101.7 mb/d, with nearly half the gain from China following the lifting of its Covid restrictions. Jet fuel remains the largest source of growth, up 840 kb/d. OECD oil demand slumped by 900 kb/d in 4Q22 as weak industrial activity and weather effects lowered use, while non-OECD demand was 500 kb/d higher. World oil supply growth in 2023 is set to slow to 1 mb/d following last year’s OPEC+ led growth of 4.7 mb/d. An ...

The similarities between Goldman Sachs and Morgan Stanley are drawing attention to what makes them different. It’s a problem for Goldman Chief Executive David Solomon. Both Wall Street giants on Tuesday reported a slump in fourth-quarter earnings. Investment banking fees halved year-on-year for each, though Goldman generated roughly 50% more from deal advice and underwriting stocks and bonds than its archrival. Goldman’s trading revenue also increased nearly one-fifth from the last three months of 2021, while Morgan Stanley’s fell 12%. When investment banking activity wilts, investors scrutinize the other businesses. ...

US spot natural gas prices in a few regions rebounded coming off the Martin Luther King Jr. Day holiday weekend, with traders now anticipating prices well above $20/MMBtu throughout the US West for the remainder of January. Spot gas prices for next-day flows across the US Southwest and Pacific Northwest rose at multiple locations in Jan. 17 trading, including a $6 rise at the PG&E city-gate hub in Northern California, to $21.16/MMBtu, according to preliminary settlement data from S&P Global Commodity Insights. Prices at hubs in the Rocky Mountains soared ...

More than a third of European investors plan to cut their allocations to real estate in the next two years, trade body INREV said on Wednesday, as rising interest rates and falling valuations make the sector less attractive. Thirty-seven percent of European investors intend to reduce their exposure, compared with 20% of North American and 5% of Asian Pacific investors, according to an INREV survey of 82 investors with nearly 800 billion euros ($867.84 million) in assets under management. At the start of 2022 only 4% of European investors planned ...

China’s reopening from pandemic restrictions could drive global growth beyond expectations and help avoid a broader recession even as some of the world’s largest economies struggle to overcome a downturn, top finance officials at the World Economic Forum said. China has lifted many of the most debilitating restrictions after abruptly jettisoning its strict “zero COVID” policy, fuelling hopes that the world’s second largest economy can resurrect global growth even as the United States, the euro zone and Britain flirt with a recession over the coming quarters. “The reopening of China ...

The good news, at least, is that it seems like UK headline inflation is slowing. At 10.5% in December, the latest CPI figure is below October’s 11.1% peak. We expect this headline measure to stay roughly where it is for the next couple of months before showing more dramatic signs of easing as we approach Easter, which is when electricity/gas base effects begin to become more favourable. Last year’s near-50% increase in bills won’t be matched, and if anything it looks like the Treasury will either need to lower unit ...

Trade growth is set to slow sharply in 2023, according to World Trade Organization (WTO) forecasts, as the global economy faces persistent inflation, high energy costs, monetary policy tightening, food and fertiliser shortages, and debt distress in developing countries. Amid these challenges, urgent climate action is needed to avoid even more distress. Trade and investment are engines of growth that can be harnessed for sustainable development. But with these engines spluttering, it will be much harder to deliver the innovation, capital, know-how and jobs we need. What can we do ...

Revenue gains from the implementation of a historic agreement to reform the international tax system will be higher than previously expected, according to new OECD analysis released today. The two-pillar solution to address the tax challenges arising from the digitalisation and globalisation of the economy will lead to additional taxing rights for market jurisdictions and put a floor on tax competition through the creation of a global 15% minimum effective corporate income tax rate. The proposed global minimum tax is now expected to result in annual global revenue gains of ...