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World Bank: China’s Belt and Road can speed development, needs transparency

China’s massive Belt and Road infrastructure drive could speed up economic development and reduce poverty for dozens of developing countries, the World Bank said on Tuesday in a new report that called for deep policy reforms and more transparency for the initiative. The long-delayed report said that the Belt and Road – a string of ports, railways, roads and bridges and other investments connecting China to Europe via central and southern Asia – could lift 32 million people out of moderate poverty conditions if implemented fully. Still, there are “significant ...

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Platts China Steel Sentiment slumps to second-lowest score of 8.42 pts

The outlook for China’s steel market is the bleakest it has been for several years as high steel production, falling new orders and rising inventories combine to put intense pressure on domestic steel companies, latest S&P Global Platts data shows. S&P Global Platts China Steel Sentiment Index fell to just 8.42 points out of a possible 100 in June, the second lowest reading since the index began in early 2013. The headline CSSI, which measures the outlook for new steel orders over the coming month, fell by 4.37 from 12.47 ...

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Dalian iron ore hits record high on revived trade optimism

China’s iron ore futures surged nearly 6% to hit a record high on Wednesday, following a broad rally in prices across assets, as investors hoped that trade talks between Beijing and Washington would restart after a recent lull. China and the United States are rekindling trade talks ahead of the G20 meeting in Japan next week between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, the two countries said late Monday. The lingering trade tensions between the world’s two largest economies have roiled markets and affected global economy. ...

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Rio Tinto Reduces Iron Ore Production Guidance

Rio Tinto Iron Ore is currently experiencing mine operational challenges, particularly in the Greater Brockman hub in the Pilbara. This is resulting in a higher proportion of certain lower grade products, partly to protect the quality of our flagship Pilbara Blend. Around 1.5 million tonnes of these products were sold in the first quarter, as noted in the 2019 Quarterly Operations Review, 16 April 2019. Additional sales of these products will be made during 2019. In light of these challenges, there has also been a review of mine plans, resulting ...

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India’s GSPC seeks two spot LNG cargoes for August delivery – sources

India’s Gujarat State Petroleum Corp (GSPC) is seeking two liquefied natural gas (LNG) cargoes for delivery in August, two trade sources said on Wednesday. The first delivery window is between Aug. 5-12 and second is at the end of August, one of the sources added. The tender closes on June 20, with offers valid until June 21. Source: Reuters (Reporting by Ekaterina Kravtsova, editing by Louise Heavens)

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OPEC Meeting Preview

The OPEC+ countries will not be able to increase their collective oil production levels in the second half of 2019 without having a detrimental effect on oil prices. However, the production cuts required by OPEC+ in order to support prices need not be as much as 1.5 million barrels per day (bpd), according to Rystad Energy. That is contrary to what traditional supply-demand balances suggest, owing to a tight market for medium and heavy barrels and the fast-approaching shipping fuel changes known as IMO 2020, which are expected to cause ...

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OPEC sets July 1-2 as date for its next meeting

OPEC and its allies have fixed the date of their upcoming meetings in Vienna for July 1-2, ending a protracted scheduling spat that the organization’s president had said was keeping the oil market on edge. OPEC announced the change Wednesday in an email to reporters and analysts, and its website has also been updated with the new dates, which replaced the previously scheduled June 25-26 meetings. With 11 days left before the OPEC/non-OPEC coalition’s 1.2 million b/d production cut agreement is set to expire at the end of June, several ...

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Global LNG export terminals awaiting approval in 2019

U.S. energy company Anadarko has approved the construction of a $20 billion gas liquefaction and export terminal in Mozambique, reflecting a global boom in LNG trade. Its announcement late on Tuesday underscored the industry’s conviction that global LNG demand, particularly in Asia, will rise sharply despite a slump in prices this year. But the race is on for LNG producers to approve their own projects before the market is deemed oversupplied. A total of 60 million tonnes a year (mtpa) in liquefaction capacity, including Anadarko’s 12.88 mtpa, has now been ...

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Jersey, Guernsey and the Isle of Man to reveal company ownership amid tax haven crackdown

The three British Crown Dependencies – Jersey, Guernsey and the Isle of Man – said on Wednesday they would move to reveal publicly the true ownership of firms based in their jurisdictions, a change welcomed by anti-corruption campaigners. The three island territories pledged action consistent with European Union anti-money laundering rules that include a requirement for a public beneficial ownership register, which is key to efforts to combat the misuse of shell companies to hide money. Jersey, Guernsey and the Isle of Man said in a joint statement they would ...

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The Terrible Human Cost Of Greece’s Bailouts

When writing about Greece, it is all too easy to look only at the economic figures and miss the human impact. What does a 27% fall in GDP feel like to the people who are living through it? How does turning a fiscal deficit of 15% of GDP into a primary surplus of 3.5% affect the public services on which people’s wellbeing – and even their lives – depend? Some people justify Greece’s terrible depression and severe fiscal austerity on the grounds that they are necessary to “reform” the Greek ...

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U.S. companies warn on Trump’s tariffs

A host of U.S. consumer companies have warned that costs related to tariffs on goods imported from China will hit their profits. The United States increased tariffs on $200 billion (£159 billion) worth of Chinese goods to 25% from 10% in May. President Donald Trump has also threatened an additional round of tariffs on $300 billion worth of goods that would cover nearly everything imported from China to the United States. BEST BUY CO INC: “The impact of tariffs at 25% (proposed to be enacted) will result in price increases ...

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Quang Ngai to build $160 mln container port

Construction of a VND3.77 trillion ($158 million) port in the central province of Quang Ngai will begin this year. The port, to be built in the Dung Quat Economic Zone, will have a cargo throughput of between 5-6 million tons a year, according to the provincial People’s Committee. The port concentrates on activities such as oil refining, petrochemical, chemical, and other large-scale heavy industries. The project will be built in two phases. A 300m berth suitable for ships of up to 50,000 deadweight tons (DWT) along with technical and auxiliary ...

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ICTSI Mexico, Honduras units gets “fair logistics” seal

Two subsidiaries of International Container Terminal Services, Inc. (ICTSI) were recently given the international seal of fair logistics, ensuring transparent and competitive services for customers and port users alike. Contecon Manzanillo S.A. de C.V. (CMSA) in Colima, Mexico and Operadora Portuaria Centroamericana (OPC) in Cortes, Honduras were certified internationally with the seal of “fair logistics” by Texas-based World Organization of Cities and Logistics Platforms (OMCPL – Organizacion Mundial de Cuiadades y Plataformas Logisticas), after a rigorous review of logistics services being offered to stakeholders. CMSA operates the Second Specialized Container ...

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Pakistan: Ship agents fear hike in freight cost

Pakistan Ship’s Agents Association (PSAA) has asked the government that strict implementation of axle load for goods carriers will create shortage of vehicles/trucks resulting in higher freight and hampering cargo movement to and from ports across the country. PSAA Chairman Tariq Haleem on Saturday said that the Ministry of Com­munications has recently issued a statement to strictly enforce axle load limit from June 1. However, he said, it seems that the decision has been made without giving any alternative because up to 96 per cent of goods are being shipped ...

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U.S. refiner Phillips 66 enters offshore oil export race -document, source

U.S. oil refiner Phillips 66 is proposing a deepwater crude export terminal off the U.S. Gulf Coast, challenging at least eight other projects aiming to send U.S. shale oil to world markets, according to a memo and a source who asked not to be named. The project, called Bluewater Texas Terminal LLC, signals another major expansion of its logistics operations. The fourth largest U.S. refiner last week formed joint ventures to build pipelines linking shale fields in West Texas and North Dakota to the Cushing, Oklahoma, oil hub and the ...

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