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India cenbank to retain cash surplus, may announce GSAP auction

India’s central bank is likely to retain a surplus of liquidity in the banking system and announce another round of bond purchases, but will avoid adding incremental cash in the near future, two sources said on Friday. Funds parked with the Reserve Bank of India (RBI), in its reserve repo window, have averaged about 7 trillion rupees ($95 billion), while the government’s cash balances with the central bank are about 3.4 trillion. This fiscal year, the RBI has bought bonds worth 2.05 trillion rupees in auctions forming part of its ...

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China’s inaugural SPR auction unlikely to impact global crude oil markets

China begins the sale of its Strategic Petroleum Reserves (SPR) today. According to Wood Mackenzie, a Verisk business (Nasdaq:VRSK), the SPR auction is unlikely to have material impact on crude oil markets globally. The released batch of crude oil was mostly bought and stored in the period from April to May 2020, coinciding with the oil price crash last year. Hence, a relatively low transaction price is expected. Wood Mackenzie senior consultant Alex Sun said: “We think total SPR capacity is around 330 million barrels and the current utilisation rate ...

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Thai August exports miss forecast on coronavirus curbs

Thailand’s exports rose less than expected in August as coronavirus restrictions affected manufacturing and logistics, the commerce minister said on Friday, even though a weaker baht THB=TH provided a boost. The curbs were imposed in July and August to contain the Southeast Asian nation’s worst coronavirus outbreak to date. But they have been relaxed from this month as the outbreak eases. Exports, a key driver of Thailand’s growth, rose 8.93% in August from a year earlier, missing a forecast for a rise of 13.5% in a Reuters poll, and against ...

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India’s crude imports rebound in August on strong demand outlook

India’s crude oil imports rose to a three-month peak in August, rebounding from a near one-year low hit in July, as refiners stocked up to boost runs in expectation of higher demand around the festival season. Crude oil imports last month rose 15.8% versus July and were also 3.1% higher than a year-ago at 17.39 million tonnes, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Friday. Last month’s increase in imports came despite a monthly fall in domestic fuel consumption and refiners’ crude oil ...

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The fork in the road for Asia’s oil and gas demand

At the current pace of policy change and decarbonisation, the long-term oil and gas demand outlook for Asia looks remarkably robust. Under Wood Mackenzie’s base case energy transition outlook (ETO), which sees the world broadly on a 2.5-degree warming trajectory, Asian oil demand doesn’t peak until the mid-2030s, while natural gas demand growth powers ahead through to 2050. But things could play out differently. Our accelerated energy transition (AET-2) scenario offers a view on how to achieve a 2 ˚C world aligned with the upper temperature limit of the 2015 ...

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Navigator Holdings Ltd. Announces Retirement Of David Butters, Chairman Of Navigator Gas And Appointment Of Dag von Appen

Navigator Holdings Ltd. announces today the retirement of David Butters as Executive Chairman of the Board of Directors and the appointment of Dag von Appen as Non-Executive Chairman, effective September 23, 2021. Mr. Butters will no longer serve as a director but will remain in an advisory capacity to Navigator as Chairman Emeritus and Special Advisor to the Board of Directors. Mr. Butters, who has been a member of the Board since September 2008, served as Executive Chairman of Navigator from August 22, 2019. Prior to that, he was the ...

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Who pays? Lebanon faces tough question in IMF bailout bid

In its bid for IMF support, Lebanon must address a question it has evaded since the economy imploded two years ago: how should it distribute the huge losses caused by its financial collapse? Till now, the answer has been brutally simple: ordinary Lebanese have paid the price as they watched savings evaporate, the currency crumble and basic goods disappear from the shelves. When a plan was drawn up last year that identified a $90 billion hole in the financial system, it was shot down by banks which complained it made ...

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Spot and term, Australian supply and Asian demand: Indelible links in the LNG market

When it comes to the trading of LNG cargoes, why do stakeholders see long-term and spot as two separate markets? To answer this question, one can examine the differences in the pricing basis between the two. But this may not provide the most accurate view since one can’t separate the two sides of the same coin. As the LNG market matures, the commodity’s spot price has emerged as the driving force behind prices of all contract types, including long-term contracts. This is especially relevant for exporting countries like Australia that ...

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UK has 10 days to save Christmas, retail industry says

The lobby group that represents Britain’s retail industry said on Friday that unless more drivers are found in 10 days to alleviate an acute shortage then significant disruption in the run-up to Christmas is inevitable. “HGV drivers are the glue which hold our supply chains together. Without them, we are unable to move goods from farms to warehouses to shops,” said Andrew Opie, director of food & sustainability at the British Retail Consortium. “Unless new drivers are found in the next ten days, it is inevitable that we will see ...

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EIA expects increasing consumption of natural gas by U.S. industry in 2021 and 2022

Based on our September Short-Term Energy Outlook, we expect industrial sector natural gas consumption to rise throughout 2021 and to exceed pre-pandemic 2019 levels. We forecast the growth to continue into 2022, and natural gas delivered to industrial consumers will average 23.8 billion cubic feet per day (Bcf/d) that year. If realized, this amount would be near the current record high for annual industrial natural gas consumption set in the early 1970s. Many industrial processes have limited or no alternatives to natural gas for use as both fuel and feedstock, ...

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Govt undertaking second generation of reforms; economy moving towards double-digit growth: BJP

All major economic indicators suggest that the Indian economy is undergoing V-shaped recovery and has reached at the pre-Covid level, BJP spokesperson Gopal Krishna Agarwal said. The BJP Thursday said the country’s economy has come “out of woods” in the post-Covid period and is moving towards double-digit growth and sustainable higher rate of growth. All major economic indicators suggest that the Indian economy is undergoing V-shaped recovery and has reached at the pre-Covid level, BJP spokesperson Gopal Krishna Agarwal said. Addressing a press conference at the BJP headquarters, he said ...

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Nomura cuts China 2021 growth forecast to 7.7% from 8.2%

Analysts at Nomura cut their forecast for China’s annual gross domestic product (GDP) growth in 2021 to 7.7% from 8.2% on Friday, citing the impact of factories pausing operations amid power outages and environmental policies. “Over recent weeks, a surging number of factories across China have been forced to cease operations,” due to higher coal prices hitting power supplies and government mandates to meet carbon emission reduction targets, they said in a note. This downward pressure on growth comes on top of curbs on the property sector which have added ...

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Agora Shipbroking Corporation: Snapshot of Commercial Indicators Report – Week 37 2021

Agora Shipbroking Corporation: Snapshot of Commercial Indicators Report – Week 37 2021

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Rates Spark: Central bank palooza

The Fed’s dots have been shuffled forward, but the back end is asking some tough questions The impact effect of the FOMC outcome was a mild ratchet higher on front end rates and a mild nudge lower in longer tenor rates. But there is also some volatility evident as the market digests that while nothing has actually changed, the timing of the first hike is now sooner and a more complete taper announcement is more probable from the November meeting. Risk assets seem quite unbothered about the Fed’s intentions, which ...

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Italy business confidence slips in Sept but consumer morale hits record high

Morale amongst Italian businesses slipped for a second month running in September but consumer confidence jumped to its highest level for more than 23 years, data showed on Friday. National statistics institute ISTAT’s manufacturing confidence index edged down to 113.0 in September from 113.2 in August, but was still above a median forecast of 112.6 in a Reuters survey of eight analysts. ISTAT’s composite business morale index, combining surveys of the manufacturing, retail, construction and services sectors, came in at 113.8 in September, down from August’s reading of 114.0. However, ...

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