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India’s economic growth outlook stagnates, stuck in lower gear

India’s economy will grow well below its potential over the next two years, with inflation staying above the mid-point of the Reserve Bank of India’s tolerance band despite recent interest rate rises, according to a Reuters poll of economists. While growth was expected to be faster than many other economies, it would be too slow for the job creation needed to pull tens of millions of people out of poverty in a country typically ranked one of the worst in the world for hunger. Growth likely slowed sharply to an ...

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Japan imports surge on weaker yen, fanning inflation fears

Japan’s imports grew more than 40% for a fifth straight month in September to hit the largest value on record, Ministry of Finance (MOF) data showed on Thursday, as a slump in the yen added to already high fuel import costs. The surge in imports overwhelmed growth in exports, resulting in a 2 trillion yen ($13.34 billion) trade deficit and extending the run of shortfalls to 14 months, which could add to downward pressure on the Japanese currency. Persistent deficits will worsen Japan’s terms of trade, causing a shift of ...

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The Nordic Marine Insurance Plan of 2013, Version 2023

The Nordic Marine Insurance Plan is a collaboration between The Nordic Association of Marine Insurers (Cefor), Danish Shipping, the Finnish Shipowners’ Association, the Norwegian Shipowners’ Association, and the Swedish Shipowners’ Association. The Plan is regularly updated every 4 years. The 2023 Version of the Nordic Plan was launched at the beginning of October 2022 and can be utilised immediately. Before highlighting the 2023 changes, it is valuable to summarise the key factors lying behind the Nordic Plan, and its accompanying explanatory text – the Commentary. The Nordic Plan is a ...

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India’s mineral output shows 4.2 pc growth in Apr- Aug period

India’s mineral production has recorded 4.2 percent cumulative growth during the period April- August, 2022-23 over the corresponding period of the previous year. However, as per the provisional statics of the Indian Bureau of Mines (IBM), Ministry of Mines, the index of mineral production of the mining and quarrying sector for the month of August 2022 (Base: 2011-12=100) at 99.6, was 3.9 percent lower as compared to the level in the month of August, 2021, the Ministry of Mines said. Production level of important minerals in August, 2022 were: Coal ...

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China to auction 40,200 tonnes of wheat from state reserves on Oct 26

China will sell 40,200 tonnes of wheat from its state reserves on Oct. 26, the National Grain Trade Center said on Thursday. The country sold 41,359 tonnes of wheat at an auction of its reserves held on Oct. 12. Source: Reuters (Reporting by Siyi Liu and Dominique Patton; Editing by Christian Schmollinger)

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Pakistan tenders to buy 500,000 tonnes wheat – traders

A government agency in Pakistan has issued a new international tender to purchase and import 500,000 tonnes of wheat, European traders said on Wednesday. The deadline for submission of price offers in the tender from the Trading Corporation of Pakistan (TCP) is Oct. 26. Shipment is sought in 2022 in consignments of at least 100,000 tonnes between Nov. 13-Nov. 18, Nov. 21-Nov. 26, Nov. 29-Dec. 4, Dec. 7-Dec. 12 and Dec. 15-Dec. 20. The shipments must be organised so that the wheat purchased arrives in Pakistan by Jan. 10, 2023. ...

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Argentina grains exchange cuts wheat harvest forecast to 15 mln tonnes

Argentina’s Rosario grains exchange cut its 2022/23 wheat harvest to 15 million tonnes, down from the 16 million tonnes estimated by an analyst from the exchange, it said on Wednesday, amid a protracted drought that has hammered farmers. The wheat harvest projection – already set to be the worst in seven years – is “very critical and could still get worse,” the exchange said in the monthly report. Argentina had produced 23 million tonnes of wheat last season. The Rosario exchange kept its projections for 2022/23 corn harvest at 56 ...

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Wan Hai Lines Holds Naming Ceremony for 13,100TEU Newbuilding Accompanied by a Charity Donation

Wan Hai Lines Ltd. held ship naming ceremony for WAN HAI A07 and WAN HAI A08 accompanied by a charity donation today (20TH October) at Samsung Heavy Industries Geoje shipyard. WAN HAI A07 and WAN HAI A08 are the first two vessels in the series of 13,100 teu containerships built by Samsung Heavy Industries Geoje shipyard. Ms. Iris Choi, Vice President of Global Sales Department, LOTTE Confectionery Co., Ltd and Ms. Jeongmin Lee, SC Improvement Manager (North Asia) of Logistics, Dow Chemical Korea Ltd., named these two vessels respectively during ...

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Palm snaps four-day rally, global supply worries cap losses

Malaysian palm oil futures reversed early gains on Thursday as investors booked profit after prices hit a seven-week high, but uncertainties over global edible oil supply kept the market supported. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange fell 18 ringgit, or 0.44%, to 4,100 ringgit ($867.36) a tonne, snapping a four-session rise. Investor sentiment was also weighed down by data from cargo surveyor Societe Generale de Surveillance that showed exports for Oct. 1-20 fell 8.4% from the month before. Meanwhile, another cargo surveyor, ...

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Biden says oil companies should ramp up production and cut prices at the pump instead of buying back stock, paying dividends

President Joe Biden said oil companies need to use their record profits to ramp up production rather than to enrich shareholders. “My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging,” Biden said. “You should be using these record-breaking profits to increase production and refining.” Profits at the six largest publicly traded oil companies topped $70 billion in the second quarter, Biden said, adding that in the first half ...

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Norway’s September oil, gas output fall, lag forecast

Norway’s crude oil and gas output fell in September from the previous month and lagged official forecasts, preliminary data from the Norwegian Petroleum Directorate (NPD) showed on Thursday. Crude oil output fell to 1.64 million barrels per day (bpd) in September from 1.78 million bpd in August, compared to a forecast of 1.82 million bpd, the NPD said. Natural gas production in September averaged 303 million cubic metres (mcm) per day, down from 345 mcm per day in August, and below the expected 323.9 mcm per day. The full-month gas ...

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Demand concerns send U.S. natgas to 7-month low before storage report

U.S. natural gas futures dropped more than 3% to their lowest since March on Thursday, as investors awaited a federal report that is expected to show a larger-than-usual storage build in the face of moderating weather that will likely reduce fuel usage. Front-month gas futures NGc1 were down 12.2 cents, or 2.2%, to $5.34 per million British thermal units (mmBtu) at 9:24 a.m. EDT (1324 GMT), after sliding to $5.253 per mmBtu earlier in the session. Analysts forecast that U.S. utilities likely added 105 billion cubic feet (bcf) of natural ...

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Workers end strikes at all but two TotalEnergies sites – union

Workers at TotalEnergies TTEF.PA ended their strikes at all but two sites in France on Thursday, a CGT union representative told Reuters, adding morning staff at the Normandy and Feyzin refineries were the only ones to continue the stoppage. While roughly one in five petrol stations in France is still grappling with shortages, supplies have been improving after the government increased imports and requisitioned some staff following almost four weeks of disruption. “We have been seeing a significant improvement of the situation recently”, government spokesperson Olivier Veran told LCI television, ...

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Hedge funds see $26 bln in net outflows in Q3 – HFR

Global investors redeemed $26 billion from hedge funds in the third quarter, in the second consecutive quarter of net asset outflows, industry data provider HFR said on Thursday. In the year, investors pulled out $33.7 billion from hedge funds worldwide, HFR showed, as poor performance has spooked pension funds, endowments and family offices. The HFRI fund-weighted composite index is down 6.66% this year through September, as portfolio managers struggle to navigate highly volatile markets. Assets in the hedge fund industry fell almost $220 billion since the end of 2021, to ...

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Philadelphia Fed finds factory activity pulled back in October

Factory activity in the Federal Reserve Bank of Philadelphia’s district contracted again in October, the bank said in a report Thursday. The bank’s index for general activity stood at -8.7 for last month, a modest improvement from September’s -9.9 reading. Economists had expected a better performance, however, at a forecasted reading of -5. The bank said the negative reading was the fourth such performance over the last five months and noted “nearly 24 percent of the firms reported decreases in general activity this month, while 15 percent reported increases,” while ...

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