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How Wall Street is preparing for possible US debt default

As talks over raising the U.S. government’s $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. The financial industry has prepared for such a crisis before, most recently in September 2021. But this time, the relatively short time frame for reaching a compromise has bankers on edge, said one senior industry official. Citigroup (NYSE:C) CEO Jane Fraser said this debate on the debt ceiling is “more worrying” than previous ones. JPMorgan Chase (NYSE:JPM) & CO CEO Jamie Dimon said ...

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FX Daily: A key day for debt-limit negotiations

USD: Last real chance to make progress on the debt ceiling? The dollar has started the week on the soft side as risk sentiment enjoyed some stabilisation and the FX market followed a playbook risk on dynamics, with safe havens under pressure and commodity currencies strengthening. Within this last group, we are keeping a close eye on AUD this week. The Reserve Bank of Australia (RBA) minutes opened the door to more tightening if necessary, and tomorrow we’ll see the first quarter wage price index in Australia, which is expected ...

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EU economy greenhouse gas emissions: -4% in Q4 2022

In the fourth quarter of 2022, EU economy greenhouse gas emissions totalled 938 million tonnes of CO2-equivalents (CO2-eq), a 4% decrease compared with the same quarter of 2021 (978 million tonnes of CO2-eq). This decrease is accompanied by some economic rebound, as shown by the 1.5% increase in the EU’s gross domestic product (GDP) in the fourth quarter of 2022, compared with the same quarter of 2021. It is also positive that compared with the pre-pandemic fourth quarter of 2019, EU economy greenhouse gas emissions decreased by 6% (from 994 ...

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China holds rates, adds more liquidity as recovery struggles

China’s central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged on Monday, as expected, but markets expect monetary easing may be inevitable in the coming months to support the economic recovery. The People’s Bank of China (PBOC) said it was keeping the rate on 125 billion yuan ($18.08 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.75% from the previous operation. Monday’s operation was meant to fully meet financial institutions’ needs and to “maintain reasonably ample banking system ...

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China’s recovery lifts U.S. companies’ sales as domestic consumers pull back spending

China is leaving behind pandemic lockdowns, and U.S. companies like Procter & Gamble, Starbucks and MGM Resorts International say the country’s recovery is boosting their overall sales as consumers in their home markets watch their wallets. With its large population and swelling middle class, China is a desirable market for many multinational companies that have seen their U.S. businesses mature. But its zero-Covid policy, which imposed harsh restrictions to stop the spread of the virus, hurt the country’s economy — and revenue for the many U.S. companies that sell their ...

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EU exec sees stronger 2023, 2024 euro zone growth, but higher inflation

Euro zone economic growth will be faster than previously expected this year and next thanks to faster expansion in Italy and Spain, but inflation will also remain stubbornly high, the European Commission forecast on Monday. In its regular economic forecast for the 20 countries that share the euro, the EU executive said gross domestic product would increase 1.1% this year and 1.6% in 2024. Last February, it forecast growth of 0.9% and 1.5% respectively. “The EU economy is managing the adjustment to the shocks unleashed by the pandemic and Russia’s ...

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Recession? Here’s why top industrial CEOs are super bullish on the economy

What U.S. recession? The industrial economy is on solid footing and activity is expected to pick up later this year, top CEOs in the space exclusively told Yahoo Finance at the Goldman Sachs Industrial and Materials conference this week. “Super bullish,” Goldman Sachs analyst Joe Ritchie told Yahoo Finance when asked to sum up the vibe at the two-day event in New York City. “We are at the start of a very significant infrastructure build in the U.S. Some might call it a U.S. manufacturing renaissance.” Several big catalysts are ...

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Global recession blues on a rise and these economies are the most vulnerable

The world economy has been grappling with numerous challenges, including trade tensions, geopolitical uncertainties, and the lingering effects of the COVID-19 pandemic. The risk of a global recession has increased in recent times, and investors need to be cautious. In an interview with CNBC-TV18, Rupal Agarwal, Senior Research Analyst-Asia Quantitative Strategy, Bernstein said that the risk of a global recession has increased. She said, “We do think that the risk of a global recession has increased since the beginning of the year and hence we are still taking more of ...

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Green Silk Road drives sustainable development in BRI landscape

The Belt and Road Initiative (BRI) remains one of China’s most important global programs. In the past, most efforts were related to promoting the primary targets of the initiative, the land-based Silk Road Economic Belt and the sea-based 21st Century Maritime Silk Road. In recent years, China has expanded its efforts with the introduction of the Digital Silk Road, Green Silk Road, Health Silk Road and Polar Silk Road. Developments in these four areas have already changed the BRI landscape. Delving into these specific dimensions of the BRI will further ...

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Baltic Dry Index falls to 1476 down 46 points

Today, Tuesday, May 16 2023, the Baltic Dry Index decreased by 46 points, reaching 1476 points.

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EuroDry Ltd. Reports 38.6% Lower First Quarter Net Revenues

EuroDry Ltd., an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2023. First Quarter 2023 Highlights: Total net revenues of $11.3 million. Net loss of $1.5 million or $0.55 loss per share basic and diluted, respectively. Adjusted net income1 for the quarter of $0.4 million or $0.14 earnings per share basic and diluted, respectively, before unrealized loss on derivatives. Adjusted EBITDA1 was $2.4 million. An average of 10.0 vessels were owned and operated ...

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Pyxis Tankers Announces 139% Increase of TCE Revenues

Pyxis Tankers Inc., an international pure-play product tanker company, announced unaudited results for the three months ended March 31, 2023. Summary For the three months ended March 31, 2023, our Revenues, net were $11.6 million. For the same period, our time charter equivalent (“TCE”) revenues were $9.2 million, an increase of approximately $5.4 million or 139% from the comparable quarter in 2022. Our net income attributable to common shareholders for the three months ended March 31, 2023 was $8.7 million, representing an increase of $12.4 million from a net loss ...

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Report on west Australia – East Asia iron ore green corridor

Oldendorff Carriers has welcomed the release of a green corridor feasibility report on the West Australia – East Asia iron ore trade route, in partnership with other consortium partners including BHP, Rio Tinto, Starbulk and the Global Maritime Forum. The green corridor project focuses on the feasibility of ammonia as a low emission marine fuel option to reduce seaborne transport emissions on this major iron ore trade route. The feasibility report can serve as an inspiration for further development of other green corridor initiatives, through public-private partnerships and regulatory follow-up ...

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LNG shipping stocks: All options are still open

The UP World LNG Shipping Index (UPI), the world’s only stock index focused on LNG shipping companies, gained 0.5% last week. U.S. stocks represented by the S&P 500 (SPX) index lost 0.28%. Both indices are in the picture below. UPI hasn´t chosen its future way yet, and both directions – up and down – are still open. This fact is reflected by the constituents of UPI. There is also no direction, and many of them just go sideways. Only Qatar´s Nakilat (QSE: QGTS) is rising. Its rise started in April, ...

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“K” LINE Concludes Long-Term Time Charter Agreement with Diamond Gas International Pte. Ltd. for One New LNG Vessel

Kawasaki Kisen Kaisha, Ltd. (“K” LINE) is pleased to announce the signing of a 15-year longterm time charter contract (with an option to extend the contract up to 10 additional years) with Mitsubishi Corporation subsidiary Diamond Gas International Pte. Ltd. (DGI) on May 12th. “K” LINE has also concluded a shipbuilding contract with Samsung Heavy Industries Co., Ltd. (Samsung) for a 174,000 m3 LNG carrier. This is the first long-term time charter contract between DGI and “K” LINE involving a newly built vessel. The plan is for this new vessel ...

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