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NMDC registers impressive performance in third quarter

NMDC Ltd, India’s largest iron ore miner in public sector, has registered an impressive performance for the 3rd quarter (2018-19), a press statement of the company informed on Thursday. NMDC’s turnover for the third quarter 2018-19 is Rs.3,649 crore, against Rs.2,469 crore, in 2017-18 (Q3) registering growth of 48%. Profit Before Tax (PBT) is Rs.2,211 crore against Rs.1,377 crore in 2017-18 (Q3) registering growth of 61%. Profit After Tax (PAT) is Rs.1,577 crore against Rs.887 crore in 2017-18 (Q3) registering growth of 78%. The Company’s production of iron ore for ...

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SGX TSI Iron Ore 62% Derivatives volume hits 20 million mt on Jan 30

SGX Iron ore 62% swap volume hit a new daily record since 2018, with 16.6 million tons futures and swaps traded Wednesday. The total volume including options and screen trades was over 20 million tons, as confirmed by SGX. The iron ore derivative market saw strong reactions Wednesday as further concerns over Vale’s reduced supply intensified. While the prompt March contract was traded heavily at 43,274 lots, the deferred months from April to December 2019 also saw increased volumes of 19,924 lots to 7,199 lots. This was mostly sentiment-driven amid ...

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South Korea to cut LNG taxes by 74% in April, raise thermal coal tax by 27%

South Korea has decided to lower taxes on LNG by as much as 74%, while raising taxes on thermal coal by 27%, from April this year as part of efforts to reduce the country’s heavy reliance on coal in power generation, government officials said Friday. “The government approved the tax rate revision so as to reduce consumption of coal blamed worsening air pollution,” a senior official at the Ministry of Trade, Industry and Energy said. Under the measure, taxes on LNG that include consumption tax and import tax will be ...

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Shutdown Had Little Impact on Strong Jobs Picture

The partial government shutdown, which closed many federal offices for a record-setting 35 days, did little to dent a robust U.S. labor market. U.S. employers added 304,000 workers to payrolls in January, the Labor Department said. That was well above the average monthly gain of 223,000 in 2018, suggesting most private-sector businesses shrugged off the shutdown. Wage growth remained strong and the average workweek was unchanged. “There were no discernible impacts of the partial federal government shutdown on the January estimates of employment, hours or earnings,” William Wiatrowski, acting commissioner ...

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U.S. Factory Activity Picked Up in January

Growth picked up for U.S. manufacturers in January, a sign strong factory-sector demand and output overrode uncertainty surrounding the partial government shutdown in the first month of the year. The Institute for Supply Management’s manufacturing purchasing managers index rose to 56.6 in January from 54.3 in December. Readings above 50 indicate expansion whereas readings below that level denote contraction. Economists surveyed by The Wall Street Journal had expected the index to slip slightly to 54.0. “The manufacturing sector continues to expand, reversing December’s weak expansion, but inputs and prices indicate ...

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U.S.-China trade talks had ‘good vibe’, much work remains – Kudlow

White House Economic adviser Larry Kudlow said on Friday that U.S.-China trade talks “had a good vibe” and covered a lot of specific technology transfer issues, but much work remained before a deal to ease the countries’ trade war could be nailed down. Kudlow, speaking on Fox Business Network, said both sides agree that any trade deal must have “unambiguous enforcement.” “Progress was made. We covered a lot of specifics, and so I think it’s a hopeful story right now, but much work is still in front of us,” Kudlow ...

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White House says March 1 is hard deadline for China trade deal

President Donald Trump sees March 1 as a hard deadline to reach a trade deal with China, the White House said, saying U.S. tariffs on Chinese goods will be hiked if an agreement is not reached by then. “President Donald J. Trump has reiterated that the 90-day process agreed to in Buenos Aires represents a hard deadline, and that United States tariffs will increase unless the United States and China reach a satisfactory outcome by March 1,” the White House said after two days of trade talks between top U.S. ...

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ECB’s combined stress test results show improved resilience

The 87 euro zone banks covered in last year’s European banking stress test would see their common equity tier 1 capital fall to 10.1 percent in an adverse scenario, an improvement on the 8.8 percent seen in a 2016 test, the European Central Bank said on Friday. Results of the stress test were announced in November but the new ECB figure combines data for the banks it tested with data for euro zone lenders tested by the European Banking Authority. Smaller banks tested by the ECB then showed CET1 under ...

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Rush to stockpile sweeps UK factories ahead of Brexit: PMI

British factories stockpiled goods in January at the fastest rate since records began in the early 1990s as they braced for a potentially chaotic Brexit in less than two months’ time, a business survey showed on Friday. The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) also showed deepening pessimism across the sector which saw output grow by the smallest amount since July 2016. Sterling slipped against the dollar after the PMI fell to 52.8 from 54.2 in December, a three-month low and below the consensus forecast in a Reuters ...

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Skirting U.S. sanctions, Europeans open new trade channel to Iran

France, Germany and Britain have opened a new channel for non-dollar trade with Iran to avert U.S. sanctions, although diplomats say it is unlikely to allow for the big transactions that Tehran says it needs to keep a nuclear deal afloat. Washington’s major European allies opposed last year’s decision by U.S. President Donald Trump to abandon the 2015 deal, under which international sanctions on Iran were lifted in return for Tehran accepting curbs on its nuclear programme. Iran has threatened to pull out of the deal unless the European powers ...

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New mechanism for European trade with Iran is legitimate – Germany’s BGA

A new channel for non-dollar trade with Iran that France, Germany and Britain have opened to avert U.S. sanctions is legitimate and sends an important signal of Europe’s reliability as a trade partner, Germany’s BGA trade association said. BGA President Holger Bingmann said on Friday that questions nonetheless remained about the exact structure of the Instrument In Support Of Trade Exchanges, or INSTEX. Source: Reuters (Reporting by Riham Alkousaa and Tassilo Hummel; Writing by Michelle Martin; Editing by Joseph Nasr)

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India lets fiscal deficit targets slip this financial year and next

India set a fiscal deficit target of 3.4 percent of gross domestic product (GDP) for 2019/20, higher than a previous estimate, and also said it would breach this year’s target, as an interim budget presented on Friday boosted spending for the rural sector. The deficit for the year ending on March 31 was expected to come in at 3.4 percent of gross domestic product (GDP), slightly higher than the targeted 3.3 percent, the country’s acting finance minister Piyush Goyal told the lower house of parliament. The new targets the government ...

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Eurozone Inflation Continues Downward Trend as Slowdown Drags On

The eurozone’s annual rate of inflation fell for the third straight month in January as the currency area’s economic slowdown entered its second year. The European Union’s statistics agency on Friday said consumer prices were 1.4% higher in January than in the same month a year earlier, a decline from the 1.6% rate of inflation recorded in December and the lowest reading since April 2018. The fall in inflation in recent months has been largely due to lower energy prices. Excluding such volatile items, the core rate of inflation edged ...

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Japan’s economy set to rebound on capex, consumer spending in fourth quarter – Reuters poll

Japan’s economy likely rebounded in the fourth quarter led by capital expenditure and consumer spending but weak exports could dampen the momentum, a Reuters poll showed on Friday. Slowing global demand and U.S.-Sino trade frictions have already taken their toll on the trade-reliant economy, and rising external pressures are expected to drag on growth this year. Gross domestic product (GDP) was seen expanding an annualised 1.4 percent in the October-December quarter, the poll found, after the third quarter shrank 2.5 percent – the most in more than four years as ...

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Neptune P2P Group: Weekly Intelligence Report 24th January – 31st January

Indian Ocean HRA Overview No incidents reported in the High Risk Area during the reporting period. The threat of piracy still exists in the waters off the Southern Red Sea/ Bab el Mandeb, Gulf of Aden including Yemen and the northern Somali coast, Arabian Sea/ of Oman, Gulf of Oman and off the eastern and southern Somali coastline. Although the opportunity for attacks has reduced, Somali pirates continue to possess the motivation and capability to carry out attacks. Increasingly, vessels in the HRA are subjected to incidents that appear to ...

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