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China’s factory activity seen expanding at fastest pace in a year

China’s factory activity likely expanded at the fastest pace in a year in July, a Reuters poll showed on Friday, as production in COVID-hit manufacturing hubs resumed after emerging from lockdowns while supply chain disruptions eased. The official manufacturing Purchasing Manager’s Index (PMI) is expected to have risen to 50.4 in July – the highest in 12 months – compared with 50.2 in the previous month, according to the median forecast of 24 economists polled by Reuters. A reading above 50 indicates expansion from the previous month, below 50 means ...

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Key events in developed market next week

US: Business survey results and jobs report are set to confirm the economy is slowing quite quickly Between now and the 21 September FOMC meeting, there are two US job reports, two inflation prints and the Jackson Hole annual symposium. Consequently, it isn’t surprising that the Fed chose to be vague in its forward guidance after hiking rates by 75bp on Wednesday. The Federal Reserve has made it clear it is prepared to sacrifice growth as it looks to beat inflation down toward target, but now that the US is ...

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Wintermar Offshore (WINS:JK) Reports 1H2022 Results

(ACN Newswire) – Wintermar Offshore Marine (WINS:JK) has announced results for 1H2022. Total revenue was up 25%YOY to US$25 million, helped by higher chartered vessels revenue. Revenues rebounded in 2Q2022 by 39%QOQ as several vessels commenced operations after delays in 1Q2022. All Divisions turned in positive gross profit for the 2nd quarter reflecting higher demand for OSVs. Owned Vessel Division After recording a loss for 1Q2022, gross profit for 2Q2022 rebounded to US$2.1 million on revenues of US$7.9 million, +19%QOQ. This reflects a higher utilization rate for Owned Vessels in ...

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Southern CEO Fanning to exit, hunt on for successor – Bloomberg News

U.S. utility Southern Co (SO.N) Chief Executive Tom Fanning is expected to step down by the end of this year and the company has launched a search for his successor, Bloomberg News reported on Friday, citing people familiar with the matter. Fanning is expected to remain with Southern in some capacity after stepping down as CEO, the report said. Fanning, 65, told Bloomberg in an interview that he wants to remain CEO until Southern’s Vogtle nuclear plant expansion is complete, the report said. A company spokesperson said that no timelines have been ...

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Glencore lowers full-year copper output guidance

Miner and trader Glencore GLEN.L on Friday cut its full-year copper guidance, partly due to reduced output from its Katanga mine in the Democratic Republic of Congo (DRC), but pointed to a strong financial performance on high coal and oil prices. Total copper production fell by 15% to 510,200 tonnes in the first half of this year, but battery material cobalt output increased 40% to 20,700 tonnes. Cobalt is mainly produced as a by-product of copper in the DRC. Geotechnical problems at the Katanga open-pit mine led the London-listed miner ...

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Kolkata port to undertake trial runs for cargo movement using B’desh ports

The Kolkata port will undertake four trial runs before the implementation of an agreement on the use of neighbouring Bangladesh’s Chittagong and Mongla ports by India for trade, an official said. The initiative will help boost business flow on inland waterways via the Indo-Bangla Protocol route, he said. The decision to conduct trial runs was taken after the 13th India-Bangladesh Joint Group of Customs (JSC) meeting held in March, said the official of the Kolkata Port, now rechristened as Syama Prasad Mookerjee Port (SMP). It was also decided that ships ...

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Brazil’s Petrobras smashes profit estimates amid divestments, Ukraine War

Brazil’s Petrobras smashed second quarter profit and margin estimates, boosted by divestments and higher margins in its fuel and natural gas businesses, the company said on Thursday. In a securities filing, Petroleo Brasileiro SA , as the state-run oil firm is formally known, reported a net income of 54.33 billion reais ($10.5 billion). That represented a 26.8% increase from the same period last year, and was well above the Refinitiv consensus estimate of 38 billion reais. Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for certain non-recurring factors, ...

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India’s April-June fiscal deficit at $44 billion – govt

India’s fiscal deficit for the three months through June touched 3.5 trillion rupees ($44.17 billion) or 21.2% of annual estimates while tax collections rose at a faster-than-expected pace, government data showed on Friday. Net tax receipts rose to 5.06 trillion rupees while total expenditure was 9.48 trillion rupees, the data showed. In February, while presenting the annual budget, Finance Minister Nirmala Sitharaman set the fiscal deficit target at 6.4% of GDP for 2022/23 starting April, compared to 6.7% in the previous fiscal year. Source: Reuters (Reporting by Manoj Kumar and ...

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Italy’s Fincantieri to cut debt, focus on core business after H1 loss

Italian shipbuilder Fincantieri vowed to lower its debt in the coming months by delivering new cruise ships, after reporting a first half net loss of 234 million euros ($237 million). Chief Executive Pierroberto Folgiero, who took over earlier this year from long-serving predecessor Giuseppe Bono, said the company would focus on its core business in order to reap benefits from expected growth in defence spending and a post-pandemic recovery in the cruise market. Intesa Sanpaolo analysts said the proposed strategic review of Fincantieri’s non-core businesses, such as infrastructure construction activities, ...

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STOCK MARKET SNAPSHOT FOR 30/7/2022

  NASDAQ-Adv: 2,671 Dec: 1,888 NYSE-Adv: 3,103 Dec: 1,063 (Source: Nasdaq)

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U.S. consumer inflation expectations ease in July, UMich says

U.S. consumers lowered their views of where inflation is headed in July, a closely watched survey showed on Friday, a downshift in expectations that will be welcome news at the Federal Reserve in its battle with the highest inflation rate in four decades. Consumers responding to this month’s University of Michigan Consumer Sentiment Index survey indicated they see inflation in the next year easing to a rate of 5.2% from their previous expectation of 5.3% in June. That is the lowest one-year price increase expectation since February. More importantly for ...

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Vessels of Ukrainian Danube Shipping Company carrying smaller cargoes due to low water levels

The middle and lower parts of the Danube River have been closed to navigation since July 25 due to a sharp decrease in water levels, a circumstance that makes vessels of the Ukrainian Danube Shipping Company to transport smaller cargoes, the Ukrainian media said. The largest number of vessels of the Ukrainian Danube Shipping Company’s fleet is concentrated in these districts, company general director Dmytro Moskalenko said. “Convoys of the Ukrainian Danube Shipping Company now have to operate in extreme conditions. This exceptionally challenging navigation situation has caused our vessels ...

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Damen Shipyards wins tender to supply high performance support vessel for Royal Navy’s NavyX innovation team

In a ceremony held at Her Majesty’s Naval Base (HMNB) Portsmouth on 29th July, the UK’s Royal Navy ‘NavyX’ innovation team took delivery of a modified Damen Fast Crew Supplier (FCS) 4008. Named XV Patrick Blackett after a distinguished naval officer and scientist, the 42-metre, high-speed vessel will have a crew of five and will be used as a trials ship, supporting innovation and experimentation with novel technologies. NavyX, the Royal Navy’s innovation, autonomy and lethality accelerator which has been established to rapidly develop, test and trial cutting-edge equipment, ran ...

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Moscow says Russia and Saudi Arabia ‘firmly committed’ to OPEC+ goals

Russia and Saudi Arabia remain firmly committed to the goals of the OPEC+ agreement to preserve market stability and balance supply and demand in the global oil markets, the Russian government said in a statement on Friday. Russian Deputy Prime Minister Alexander Novak met Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman to discuss the two countries’ cooperation within the OPEC+ agreement, which sets quotas for oil production in a bid to balance global prices. Source: Reuters (Reporting by Reuters)

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Oil prices surge $4/bbl as chances of OPEC+ supply boost dim

Oil prices jumped more than $4 a barrel on Friday as attention turned to next week’s OPEC+ meeting and dimming expectations that the producer group will boost supply. Brent crude futures for September settlement, due to expire on Friday, gained $3.29, or 3.1%, to trade at $110.43 a barrel by 11:05 a.m. (1505 GMT) after touching their highest since July 5. The more active October contract was up $4.42 at $106.25. U.S. West Texas Intermediate (WTI) crude futures rose $4.85, or 5%, to $101.27 a barrel. Both contracts were set ...

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