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Australia, Singapore sign ‘green economy’ pact

Australia and Singapore agreed on Tuesday on a “green economy” deal to boost cooperation on climate investment, financing and technology. Singapore Prime Minister Lee Hsien Loong told a news conference in Canberra that the agreement would start with initiatives such as developing a list of environmental goods and services that could be given preferential trade treatment. It will support the transition of our countries to net zero emissions as well as create jobs and growth opportunities in green sectors promote the development and commercialisation of green technologies,” Lee said. Australian ...

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India faces trade challenges on weakening global demand

India’s industries face growing challenges in the second half of its current fiscal year ending March 2023 amid continued weakness in global demand for goods combined with the rupee’s plunge. • Fiscal H1 trade deficit nearly doubles on year to $148.5bn • September fertilizer imports up 48%; coal imports up 61% • Rupee trades at above Rs80 versus US dollar The global geopolitical situation needs to improve drastically, Federation of Indian Export Organisations (FIEO) president A Sakthivel said over the weekend, following the release of India’s September 2022 trade data, ...

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German investor morale sees surprise rise in October – ZEW

German investor sentiment rose slightly in October, even as the current economic situation was assessed as significantly worse than the previous month, leaving little room for optimism. The ZEW economic research institute said on Tuesday its economic sentiment index grew slightly in October, to -59.2, from -61.9 in September, beating a forecast by analysts polled by Reuters of a reading of -65.7. In contrast, the institute’s current conditions index fell by 11.7 points in October to a reading of -72.2. “The probability that real gross domestic product will decline in ...

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How Algeria is to turning to its mineral resources to diversify its economy

With deposits of gold, zinc, copper and phosphates, Algeria has significant mineral resources. Many of them have been left unexploited, but now the country is counting on them to diversify its economy. One of the largest iron ore deposits in the world To achieve its industrial ambitions, Algeria has relaunched several large mining projects. The one at Gara Djebilet in the Sahara is among the most pivotal. The desert landscape is covered by a blackish layer. It’s the surface of one of the largest iron ore deposits in the world. ...

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Paris wheat down on bets that Ukraine’s safe shipping channel will stay

European wheat futures fell on Monday, hit by increasing expectations that the safe shipping channel for Ukraine’s grain exports will continue to operate, traders said. A firm euro, which makes EU wheat less competitive in global markets, also pressured prices, they added. Benchmark December wheat BL2Z2 on the Paris-based Euronext exchange unofficially closed down 1.4%, or 5.00 euros, at 345.75 euros ($340.32) a tonne. Russia’s deputy defence minister and the UN Secretary General discussed the possibility of extending the shipping corridor deal on Monday. “The corridor is driving the market ...

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Japan seeks 97,482 tonnes of food wheat via tenders

Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) is seeking to buy a total of 97,482 tonnes of food-quality wheat from the United States, Canada and Australia in regular tenders that will close on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second most important staple behind rice and buys the majority of the grain for milling via tenders typically issued three times a month. Source: Reuters (Reporting by Fumika Inoue Editing by Kirsten Donovan)

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DHL: Ocean freight rate moving towards manageable levels

The DHL Ocean Freight Market Update report is now available. Below are highlights of the latest developments of the global ocean freight market in this monthly analysis by DHL Global Forwarding. A muted peak shipping season in 2022 has prompted a downward shift for freight rate levels as effective vessel supply increases, demand into some key import markets slows. “This year, we did not see the normal rush for space ahead of Golden Week when factories close in China,” said Kelvin Leung, CEO, DHL Global Forwarding Asia Pacific. Easing bottlenecks ...

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Fitch slashes U.S. growth forecast for 2022 and 2023 – CNN

Ratings agency Fitch has slashed growth forecasts for the United States for this year and next and will warn on Tuesday that the Federal Reserve’s interest rate hikes and inflation will drive the U.S. economy into a 1990-style recession, CNN said. U.S. GDP is now expected to grow by just 0.5% next year, down from 1.5% in the firm’s June forecast, CNN reported, citing a Fitch report obtained by them. Economists at Fitch expect recession in the country to be quite mild and the rise in unemployment rate from 3.5% ...

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Major UAE Organisations to Participate in WUWM Abu Dhabi 2022

Organisations from across the nation are set to participate in the World Union of Wholesale Markets (WUWM) Conference taking place in Abu Dhabi this week, profiling the remarkable work being undertaken to support food security in the UAE. The event, which is being held in the Middle East for the first time, is a major meeting of the world’s largest network of wholesale markets and is set to attract leading fresh food producers, retailers, food logistics companies, air and maritime freight providers and startups as well as local, national and ...

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Dry Bulk FFAs: Weekly Options Summary

Pretty active week with the Panamaxs seeing the majority of the action. Mostly bullish across the board, although we did see a Cape Dec 3way trade pretty high with a view to a downwards move. This week sees the 20th National Congress of the Chinese Communist Party so it may well be worth keeping your eyes fixed in that direction for any news. CAPESIZE: Only two trades this week. Q1 7000 Call x7250 trades 2350 forcing us to raise the Q1 vols to 135. Although this may seem high, given ...

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Turbulent markets jolt currency hedge funds from decade-long slumber

Veteran hedge fund manager John Taylor describes one of his favourite Gary Larson cartoons, where one vulture sitting on an animal carcass says to another as more descend: “good friends flying in from all over…this is the best of times”. There is, he says jokingly, a resemblance to the hedge funds currently circling foreign exchange markets, where a sudden rise in volatility offers to boost returns for the few specialist investors who survived the decade-long period of calm that forced many from the sector. Taylor’s former firm, FX Concepts, rode ...

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China to keep more LNG, but still buy less than last winter

China’s inadvertent support for global liquefied natural gas (LNG) markets is likely drawing to a close, as the world’s second-biggest buyer of the fuel cuts back on re-selling unneeded cargoes. Europe has been the major beneficiary of China cutting its LNG imports in 2022, as the gas-starved continent has been able to buy both spot cargoes that China didn’t take, as well as some contracted cargoes that China re-sold. China has asked state-owned LNG importers to stop reselling cargoes to buyers in Europe and Asia in order to ensure sufficient ...

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Allied Shipbroking – Weekly SnP Statistics Report Week 41 2022

Allied Shipbroking – Weekly SnP Statistics Report Week 41 2022

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Rio Tinto tempers annual iron ore shipments outlook as demand weakens

Rio Tinto forecast annual iron ore shipments at the lower end of its guidance on Tuesday, after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China. Rio has been battling with a surge in production costs, while iron ore prices are on track to end 2022 at their lowest in the last three or four years, as China and Europe cut steel output amid mounting pressure from additional supply. Weakness in prices and cooling China demand had led Rio to more than halve its ...

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NYK Presents Its Efforts for the Introduction of Ammonia as Marine Fuel at Two International Conferences

NYK recently participated in two conferences held as part of Tokyo GX Week* to talk about the possibility of a demand increase for ammonia as a marine fuel and to introduce the company’s efforts toward social implementation of fuel ammonia. Second International Conference on Fuel Ammonia (September 28) The International Conference on Fuel Ammonia, organized by Japan’s Ministry of Economy, Trade and Industry (METI) and the Clean Fuel Ammonia Association (CFAA) , aims to strengthen the foundation for international public-private partnerships to build a stable and flexible market and supply ...

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