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India’s mineral production up 23% in June, says mines ministry

India’s mineral production rose by 23.1 per cent in June over the same month a year ago, according to the mines ministry. The index of mineral production of mining and quarrying sector for the month of June 2021 at 105.5, was 23.1 per cent higher as compared to the level in the month of June 2020, the ministry said in a statement. “The cumulative growth for the period April-June period of 2020-21 over the corresponding period of the previous year has increased 27.4 per cent,” the statement said. Production level ...

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Soaring gas prices ripple through heavy industry, supply chains

Global record high natural gas prices are pushing some energy-intensive companies to curtail production in a trend that is adding to disruptions to global supply chains in some sectors such as food and could result in higher costs being passed on to their customers. Some companies, including steel producers, fertiliser manufacturers and glass makers, have had to suspend or reduce production in Europe and Asia as a result of spiking energy prices. That includes two of the world’s largest fertiliser makers, which said they would cut production in Europe. The ...

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Canadian Pacific And Kansas City Southern Execute Agreement To Combine, Creating First Single-Line Rail Network Linking U.S.-Mexico-Canada

Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) (“CP”) and Kansas City Southern (NYSE: KSU) (“KCS”) today announced they have entered into a merger agreement, under which CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD$31 billion1, which includes the assumption of $3.8 billion of outstanding KCS debt. The transaction, which has the unanimous support of both boards of directors, values KCS at $300 per share, representing a 34% premium, based on the CP closing price on Aug. 9, 2021, ...

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Egypt hopes to plant 3.5 mln feddans of wheat in 2021-2022 season -official

Egypt hopes to plant 3.5 million feddans (3.63 million acres) of wheat in 2021-2022 season to produce at least nine million tons of wheat, an agriculture ministry official said on Thursday. The government aims to raise the amount of local wheat it procures to 4 million tonnes from 3.4-3.7 million tonnes, said Abbas al-Shennawi, a senior ministry official. The planting target is the same as that set last year. The wheat planting season begins in mid-November. Source: Reuters (Reporting by Momen Saeed Atallah; writing by Aidan Lewis; editing by Jason ...

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Euro zone business activity slowed in Sept, input costs hit over two-decade high

Euro zone business activity grew at its weakest pace in five months in September as curbs to limit the Delta variant of coronavirus hit demand and supply-chain constraints pushed input costs to a more than two-decade high, a survey showed on Thursday. Despite daily infection rates slowing significantly over the past month, most remaining restrictions are unlikely to be lifted anytime soon in major economies, including Germany and France, on concerns over how the pandemic might develop in the months ahead. IHS Markit’s Flash Composite Purchasing Managers’ Index, a good ...

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Sterling PlanB Appoints New Vice President, Inland Waterways Europe

Sterling Plan B (SPBES) is excited to announce the appointment of long-time inland waterways shipping consultant, Leen Schipper, to the position of Vice President, Inland Waterways Europe with SPBES. SPBES sees increasing opportunities for marine battery use in the inland waterway shipping market, as customers move toward decreasing their climate change impacts through electrification: adding Leen Schipper, an internationally recognized expert in short sea shipping to the team has become crucial. Schipper, who is Dutch, has an abundance of knowledge regarding inland waterway shipping in the Netherlands and in Europe ...

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Making the economy of Europe’s cities more circular

Residents in the Portuguese city of Porto get help making their own compost, and urban metabolism is analysed as an important tool in transitioning to a circular economy. The EU-funded CityLoops project is piloting a series of actions to close the loop of two of Europe’s major waste streams: biowaste, and construction and demolition waste. About 50 % of the waste generated worldwide comes from cities, and experts believe this number to be even higher in Europe. The project is focusing on several European cities for a simple reason. Although ...

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Fitch cuts China growth forecast on property woes

Ratings agency Fitch on Thursday (Sept 23) cut its growth forecast for China’s economy this year citing a slowdown in the country’s colossal property sector, which is also facing headwinds over faltering real estate giant Evergrande. China enjoyed a swift economic rebound from the Covid-19 pandemic, but strict new rules on the country’s developers have caused a deleveraging rush and helped push housing giant Evergrande to crisis point. Financial markets have tumbled over fears that the Chinese group could collapse, leading to possible contagion in the world’s second-biggest economy and ...

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Grindrod Shipping Holdings Ltd. Announces Pricing of Secondary Offering of Ordinary Shares

Grindrod Shipping Holdings Ltd., a global provider of maritime transportation services predominately in the drybulk sector, today announced the pricing of the previously announced underwritten public secondary offering of 1,841,962 ordinary shares by certain existing shareholders of the Company (the “Selling Shareholders”) at a public offering price of $13.50 per share, for an aggregate purchase price of $24,866,487. The Offering is expected to close on September 27, 2021, subject to customary closing conditions. The Selling Shareholders will receive all of the proceeds from the Offering. Grindrod Shipping is not selling ...

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Taiwan says ‘risk’ to its Trans-Pacific trade pact application if China joins first

There is a “risk” to Taiwan’s application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) if China joins first, Taiwan’s chief trade negotiator John Deng said on Thursday. Taiwan formally applied to join on Wednesday, less than a week after China, the world’s second largest economy. Taiwan is excluded from many international bodies because of China’s insistence that it is part of “one-China” rather than a separate country. Deng told reporters that China always tries to obstruct Taiwan’s participation internationally, but that there was no direct connection ...

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Developing Asia growth outlook revised lower on virus concerns – ADB

The Asian Development Bank (ADB) lowered its 2021 economic growth outlook for developing Asia, amid continuing concerns over the COVID-19 pandemic. ADB forecasts growth of 7.1% this year, with the outlook for 2022 raised to 5.4% from 5.3%, according to an update of its flagship economic publication, Asian Development Outlook (ADO) 2021. New COVID-19 variants, renewed local outbreaks, the reinstatement of various levels of restrictions and lockdowns, and slow and uneven vaccine rollouts are weighing down the region’s prospects. “Developing Asia remains vulnerable to the COVID-19 pandemic, as new variants ...

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Miner Vale drops prospects rights on indigenous lands in Brazil

Brazilian miner Vale SA has given up all rights to mining prospects on indigenous lands in Brazil, recognizing that they require the consent of the communities and legislation regulating such activity, the company said on Wednesday. Vale said in a statement that since last year it has returned to the National Mining Agency 89 licences for mineral research and mining activities in lands that interfere with indigenous reservations. In the coming days, the company will file withdrawals and waivers for 15 remaining mining prospects that overlap with part of the ...

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Taiwan applies to join Pacific trade pact CPTPP: Report

Taiwan has formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the official Central News Agency said on Wednesday (Sept 22), less than a week after China said it too had submitted an application. Economy Minister Wang Mei-hua will give details on Thursday, the agency quoted Deputy Economy Minister Chen Chern-chyi as saying. It gave no other details and there was no immediate comment from the Economy Ministry. Ms Wang last week expressed concern about China’s “sudden” decision to apply to join it, and said she ...

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Upstream Leads Recovery in Chinese Corporate Earnings; Likely to Moderate

China’s upstream sectors have recorded a strong recovery in 2Q21, pushing A-share corporates’ aggregate operating margin to the highest level in over a decade, says Fitch Ratings. The strong recovery, however, was at the expense of downstream sector margins, as many companies found it difficult to fully pass through costs amid intense competition, regulatory control or still-weak consumption. A-share corporates’ aggregate operating margin rose by 1.2pp to 8.7% in 2Q21, the highest level since 2007, as strong fuel and commodity prices more than doubled profit from operation in the energy ...

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Norway’s Eksfin breaks new ground with innovative financing package for service purchase

The Norwegian export credit agency, Export Finance Norway (Eksfin), is opening up new territory for state-backed financing with a cutting-edge solution that enables international customers to purchase ongoing services from a Norwegian exporter – a step beyond just capital goods and solutions that have been traditional recipients of its portfolio of loans and Triple A-rated risk guarantees. Jotun sets precedent Eksfin has kicked off its new line of competitive service financing with world-leading provider of marine coatings Jotun and its revolutionary antifouling technology brand, Jotun Hull Skating Solutions (HSS). Jotun ...

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