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Ukrainian steelmakers suffer as natural gas prices boom, but Russian metals companies unscathed

Ukrainian metal companies have started to feel the effects of rising natural gas prices on their production costs, but their Russian peers are relatively shielded because of state regulation of the natural gas market and because of the sheer number of gas providers, according to several industry sources. European and Turkish steel mills have raised concerns this month over elevated electricity and gas costs, with Spanish and Italian power prices at all-time highs. The rising costs have now become an issue in Ukraine, too. A spokeswoman for Ukrainian steel pipe ...

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Best Oasis Weekly Recycling Market Report, 24 September 2021

The ship recycling market witnessed very limited activity this week as the owners and end buyers are both trying to ascertain the future

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Bank of England hints at tightening but rate hike still some way off

The latest BoE statement will fuel talk of an early-2022 rate hike Financial markets have already been toying with the idea of a first Bank of England rate hike coming in February next year. And while there are no huge bombshells in the latest policy statement, it will probably only reinforce the market’s rate hike timeline. Admittedly, there’s clearly a wide range of views on the committee – particularly on how problematic the forthcoming rise in inflation is likely to prove. The accompanying meeting minutes contain plenty of ‘some people ...

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GenSan’s Makar port up for more upgrade

More major projects are lined up at the Makar Port here in the coming months in line with the continuing modernization of the country’s port operations. Transportation Secretary Arthur Tugade said the development plans are being finalized for the further upgrading and expansion of the existing facilities at the port, which is a key part of the country’s domestic and international shipping routes. Tugade personally led on Thursday afternoon the inauguration of the wharf’s new PHP62.8 million Port Operations Building (POB) and other support facilities implemented by the Philippine Ports ...

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UK consumer morale wilts under cost-of-living crisis: GfK

Growing worries over energy bills, food costs and tax hikes prompted a hefty drop in British consumer confidence this month as people became more downbeat about the economic outlook, a survey showed on Friday. The GfK Consumer Confidence Index fell to -13 in September from -8 in August, the lowest reading since April and the biggest monthly drop since October 2020, when a surge in COVID-19 cases led to renewed lockdown restrictions. A Reuters poll of economists had pointed to an unchanged reading. The readings come a day after the ...

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Japan factory output seen down again in August on supply chain disruption

Japan’s factory output likely fell again in August as the country’s manufacturing sector faced supply chain disruptions driven by a global chip shortage and the spread of the Delta coronavirus variant in Southeast Asia. Retail sales also likely eased in August after a sharp rise in July, according to the poll, underscoring the fragility of domestic consumption and shattering policymakers’ hopes that Japan’s export-based recovery from the coronavirus pandemic would become more broad-based. Separate data is expected to show Japan’s jobless rate inched up in August and job availability eased ...

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UK retail sales growth slows to 6-month low in Sept

British retailers reported much slower growth in September after strong demand over the summer months, though shops expect a rebound in October despite growing supply chain difficulties, the Confederation of British Industry said on Friday. The CBI’s monthly distributive trade survey showed the headline sales balance for retailers tumbled to +11 in September from +60 in August, its lowest level since March and below all forecasts in a Reuters poll of economists. “Low stock adequacy remains a concern across the distribution sector,” CBI economist Ben Jones said. “Respondents to our ...

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China is too large to ignore, but here’s why it differs from most other investments

Tread carefully in the China trade, says one top exchange-traded fund provider. Asia markets bounced back Thursday after a week of selling spurred by debt issues at Evergrande, one of China’s largest property developers. Evergrande’s problems shouldn’t render China a no-touch zone for investors, said DWS Group’s Arne Noack, one of the brains behind the Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR). “China is very much investable. However, we would definitely caution that China should not be looked at as a market like the U.S. or, let’s say, most ...

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Investments Bringing Increased Business To Kingston Container Terminal

Jamaica is reaping dividends from the investments that have been made in the development of the Kingston Container Terminal (KCT). These investments, in dredging and other expansion activities, have enhanced the terminal’s productivity and competitiveness and have attracted new transhipment volumes to Kingston, said President and Chief Executive Officer of the Port Authority of Jamaica (PAJ), Professor Gordon Shirley. “Not only have transhipment volumes been increasing but with a newly dredged channel, larger vessels are now being deployed to Kingston in growing numbers by the shipping lines,” he informed. He ...

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French maize harvest off to slow start

French farmers have begun gathering this year’s grain maize crop, in a slower start to the harvest than last year, farm office FranceAgriMer said on Friday. In the week ending Sept. 20, 1% of the crop area had been cut compared with 15% a year earlier, the office said in a weekly cereal report. The pace of growth has been curbed this year by cool spells during spring and summer, while heavy rain in the southwest since last week has held up early harvest work. Harvesting is expected to accelerate ...

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Euronext grain prices return after data glitch

Prices for Euronext’s grain futures reappeared on trading screens on Friday after an hour and a half technical glitch. Euronext, whose wheat futures are a widely used benchmark for the European grain market, said the issue related to real-time market data dissemination and its Market Data Snapshot Service. The problem affected commodity derivatives but not other market segments, it said. The glitch had prevented some market participants from seeing Euronext commodity prices on screens from the start of the session at 0845 GMT until just after 1020 GMT. Euronext said ...

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EU must respond to UK’s demand on Brexit deal urgently, minister says

The European Union must respond urgently to Britain’s demands for changes to the deal overseeing problematic post-Brexit trade involving Northern Ireland, British Brexit Minister David Frost said. The Northern Ireland protocol was part of the Brexit divorce settlement negotiated by Prime Minister Boris Johnson. But Britain has said it must be rewritten less than a year after it was signed because of difficulties that businesses in the British province were facing. In July, Frost put forward a “command paper” calling for changes to the protocol and raised the prospect of ...

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Sailors’ Society to hold mental health and wellbeing conference for India’s next generation of seafarers

Maritime charity Sailors’ Society is to hold an online Wellness conference for maritime colleges in India and their current students, next Thursday 30 September. Designed especially for maritime schools, the Wellness at Sea: Positive wellbeing for a rewarding seafaring career conference will explore the all-important subject of wellbeing and mental health, helping to prepare cadets for a long and fulfilling career at sea. Hundreds of cadets will benefit from the conference, which is sponsored by Seaspan Corporation and being hosted online by The UK P&I Club. Mr. Amitabh Kumar, Director ...

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Electronic (Paperless) Trading Systems: Corda eBL replacing E-Title

Notification of change in ownership of E-TITLE The International Group had previously approved E-TITLE. This circular notifies Members to the following: (1) a change in ownership of the E-TITLE electronic trading system and its underlying legal framework to software technology firm, R3; (2) a change in trading name of the e-TITLE electronic trading system to Corda eBL; and (3) members are invited to take note of how the Corda eBL software will operate. Corda eBL Corda eBL is a software development kit (SDK), that provides a mechanism to facilitate the ...

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WFW advises DeA Capital on Monteverde and Montegreen restructurings

Watson Farley & Williams (“WFW”) has advised DeA Capital Alternative Funds SGR S.p.A. (“DeA Capital”) as creditor in relation to a restructuring agreement with Monteverde di Navigazione S.p.A. (“Monteverde”) and Montegreen S.r.l. (“Montegreen”) pursuant to article 67, paragraph 3, letter (d) of Royal Decree 267 of 16 March 1942. The restructuring plan will allow Monteverde and Montegreen to ensure the ongoing continuity and operation of their Mediterranean-based dry cargo fleets. DeA Capital is Italy’s leading independent alternative asset management platform, with an extensive portfolio of assets under management and offering ...

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