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☆ Vanke: China scrambles to prevent another big property developer going bust
▼ + stars: | 2024-03-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Vanke’s stock soared in Hong Kong and Shenzhen following the reports of potential new financing. On Monday, Moody’s cut Vanke’s rating to Ba1, which is often referred to as a junk rating. Residential buildings being built by Vanke in Nanjing STR/AFP/Getty ImagesFounded in 1984 in Shenzhen, Vanke is a flagship company in China’s property sector. It was the first listed property company in mainland China, boasting a high-profile IPO in 1991 on the still-nascent Shenzhen Stock Exchange. In 2023, property sales dropped 6.5% from 2022.

Persons: Moody’s, China Vanke, Vanke, Kaven Tsang, Fitch, Wang Shi, Donald Trump, Refinitiv Eikon, Vanke’s, it’s, —, Ni, ”, ” Nomura Organizations: Hong Kong CNN, Economic Observer, CNN, Getty, Time, Shenzhen Stock Exchange, Shenzhen Metro, National People’s Congress Locations: China, Hong Kong, Beijing, Evergrande, Shenzhen, Nanjing, Vanke

NatWest Group bank logo and decreasing stock graph are seen in this illustration taken March 12, 2023. "I will explore options for a NatWest retail share offer in the next 12 months subject to supportive market conditions and achieving value for money," Hunt said on Wednesday. NatWest shares dipped on Hunt's comments and were last down 1.1% at 204.7 pence, compared with a 0.2% fall in the FTSE 100 (.FTSE) index. The stock is the worst performing FTSE 100 British bank stock this year, down more than a fifth, according to Eikon data. That investment turned sour for many and shares in the renamed holding company International Distributions Service (IDSI.L) are now worth 25% less than its 330 pence offer price.

Persons: Dado Ruvic, Jeremy Hunt, Hunt, Sid, Alasdair Haynes, Nigel Farage, Alison Rose, Iain Withers, Sinead Cruise, David Milliken, Sarah Young, William James, Elaine Hardcastle, Alexandra Hudson Organizations: NatWest Group, REUTERS, Companies, NatWest, Aquis, Royal Mail, Distributions Service, Alexandra Hudson Our, Thomson

☆ Morning Bid: Sidestepping Moody's rating twist
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. It's the last of the three major rating agencies to maintain a top rating for the U.S. Treasury as Fitch lowered its rating in August and S&P removed its AAA in 2011. On one level, there's some relief the AAA rating was maintained despite the darker outlook. And that would at least keep the Federal Reserve at bay despite its warnings last week that another rate hike was still on the table. Line chart with data from LSEG Eikon show the U.S. consumer price index inflation, core CPI inflation and federal funds target rate from Jan. 2019 to Sep. 2023.

Persons: Brendan McDermid, Mike Dolan, Fitch, William Foster, Mike Johnson, China's, Joe Biden, Xi Jinping, Suella Braverman, David Cameron, Lisa Cook, Bank of England policymaker Catherine Mann, Tyson, Henry Schein Organizations: New York Stock Exchange, REUTERS, U.S . Treasury, AAA, Reuters, . House, Republican, Treasury, Federal Reserve, Tyson Foods, Walmart, Bank of England, Moody's, U.S . AAA, Thomson Locations: New York City, U.S, Wall St, San Francisco, New York

☆ Take Five: That rate cut trade
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Nov 10 (Reuters) - Markets are keen to trade rate cuts and big central banks are pushing back, shining a new light on upcoming data in that tug of war. Traders, anticipating roughly three quarter-point Fed rate cuts next year, will now turn their attention to Tuesday's inflation data to confirm their view on the outlook. A sharper cooling could fan the peak rate talk, fuelled by October's employment report, which pointed to an easing in labor markets. Reuters Graphics Reuters Graphics3/ ONCE BITTENThe robust dollar suddenly appears vulnerable to the push and pull in the market's Fed rate cut bets. The data could also help justify, or challenge, recent remarks from BoE chief economist Huw Pill that mid-2024 could be the time for rate cuts.

Persons: Brendan McDermid, Lewis Krauskopf, Kevin Buckland, Danilo Masoni, Alun John, Dhara, Jerome Powell, Ping, Powell, Rishi Sunak, Sunak, BoE, Huw Pill, Sumanta Sen, Pasit, Riddhima Talwani, Prinz Magtulis, Jayaram, Dhara Ranasinghe, Tomasz Janowski Organizations: New York Stock Exchange, REUTERS, Traders, Reuters, Beijing, Reuters Graphics Reuters, Bank of England, Thomson Locations: New York City, U.S, China, New York, Tokyo, Milan, London, Washington, September's, Germany, Europe, ITALY, Italy

☆ Morning Bid: Powell pushback puts cloud 9 beyond reach
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +5 min

Federal Reserve Board Chairman Jerome Powell answers a question during a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Curiously, there was little change in that basic market pricing after Powell spoke - with end-2024 futures still pointing at a rate of 4.50-4.75% versus the current 5.25-5.50%. But the Treasury market did suffer a bigger jolt - as they were also undermined by poor demand at the latest long bond auction. But others pointed to a ransomware attack on the U.S. arm of The Industrial and Commercial Bank of China, which reportedly disrupted trades in the Treasury market on Thursday. Whatever the main cause, fresh bond market jitters were enough to knock the S&P500 out of its winning streak and close almost 1% lower.

Persons: Jerome Powell, Kevin Lamarque, Mike Dolan, Jerome Powell's pushback, Powell's, Powell, 5bps, Sterling, Janet Yellen, Lorie Logan, Raphael Bostic, Christine Lagarde, Joachim Nagel, Elaine Hardcastle Organizations: Federal, Committee, Federal Reserve, REUTERS, Veterans, Commercial Bank of China, Treasury, University of Michigan, Dallas Federal, Atlanta Fed, European Central Bank, Financial Affairs, Reuters, Thomson Locations: Washington , U.S, U.S, United States, HK, Washington, Beijing, Atlanta

☆ China FDI: Foreign investors are really frustrated with country’s economic challenges
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —The world’s second largest economy is struggling to attract foreign companies and investments, despite Beijing’s efforts to address its myriad economic challenges, according to new data from China. A gauge of foreign direct investment (FDI) into China has slipped into the red for the first time since 1998, underscoring the country’s failure to stem capital outflows. It suggests foreign companies may be taking their money out of the country, instead of re-investing in their operations. Direct investment liabilities include profits belonging to foreign companies that have not yet been repatriated or distributed to shareholders, as well as foreign investment in financial institutions, according to the government. Late last month, China’s legislature approved one trillion yuan ($137 billion) in sovereign bonds to support the economy.

Persons: Refinitiv, Ant, “, Xu jingbai, ICHPL, Xi Jinping, ”, ” Carlo D’Andrea, Shanghai —, JP Morgan, Tesla Organizations: Hong Kong CNN, State Administration of Foreign Exchange, Commerce Ministry, Vanguard, BlackRock, CNN, Bloomberg, China, European Union Chamber of Commerce, People’s Bank of, HSBC, American Chamber of Commerce Locations: China, Hong Kong, Shanghai, Beijing, outflows, People’s Bank of China

☆ Country Garden and China's housing market struggle will weigh on global growth
▼ + stars: | 2023-10-19 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s real estate market remains a drag and will put pressure on global growth. The data comes at a time when Country Garden, once the country’s biggest homebuilder, is fighting for its life. The property slowdown will impact not just China, but also global growth, the International Monetary Fund (IMF) said on Wednesday. Global impactThe IMF said China’s property downturn will weigh on global growth prospects. Country Garden issued a statement on Thursday, threatening to pursue legal action against anyone spreading “malicious rumors” about its founder fleeing the country.

Persons: Hong Kong CNN —, ”, Krishna Srinivasan, Srinivasan, Yang Huiyan, Yang Guoqiang Organizations: Hong Kong CNN, National Bureau of Statistics, International Monetary Fund, NBS, IMF, Pacific Department Locations: China, Hong Kong, Beijing, Ukraine, Asia

☆ Exclusive: Russia’s Lukoil lends Socar $1.5 billion in deal to supply its Turkish STAR refinery
▼ + stars: | 2023-10-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +3 min

A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. Turkey has not imposed sanctions on Russia and continues to import Russian oil and gas. The STAR refinery, however, had to cut Russian crude imports this summer due to complications arising from international financial restrictions on business with Moscow. Neither Lukoil, Socar nor STAR responded to requests for comment. Since cutting imports of Russian oil, it has relied on Kazakh, West African and Iraqi oil grades, according to LSEG data.

Persons: Lukoil, Celeste, Ocean Faye, Socar, Dmitry Zhdannikov, Nailia Bagirova, Kirsten Donovan Organizations: REUTERS, Turkish STAR, Moscow, STAR, Fidelity, Thomson Locations: Volgograd, Russia, Ukraine, MOSCOW, Russian, Turkish, Turkey, Moscow, Urals, Primorsk, Bulgaria, Romania, Dubai, Geneva, Kirkuk, Kazakh, West African, LONDON

☆ OPEC oil output rises for second month on Nigeria, Iran - Reuters survey
▼ + stars: | 2023-10-02 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Last month, the Organization of the Petroleum Exporting Countries pumped 27.73 million barrels per day (bpd), the survey found, up 120,000 bpd from August. Iran, which has been boosting supply despite U.S. sanctions, also pumped more, with output hitting the highest level since 2018. The second-largest increase came from Iran, the survey found, which pushed output to 3.15 million bpd. Output from the 10 OPEC members that are subject to OPEC+ supply cut agreements rose by 80,000 bpd, the survey found. Top exporter Saudi Arabia kept August and September output close to 9 million bpd, the survey found, as the country extended a voluntary 1 million bpd output cut to provide extra support for the market.

Persons: Ramzi Boudina, Ahmad Ghaddar, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, LONDON, Reuters, Analysts, OPEC, Saudi, United Arab, Petro, Logistics, Thomson Locations: Algiers, Algeria, Nigeria, Iran, Saudi Arabia, Washington, OPEC, Iraq, United Arab Emirates, Angola

☆ China Risks Property Debt
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +8 min

Source: China Real Estate Information Corp. (CRIC)The physical size of Country Garden’s real estate portfolio is enormous. The Weight of Debt The ballooning debt crisis could delay the prospect of a recovery of both the property market and the broader Chinese economy, in which real estate is a core pillar. China property sector slump China’s property sales, investment and funds raised by property developers slid in January - August 2023 after a sharp fall in 2022. China's property sector accounts for more than half of global new home sales and home building, according to Nomura. Any contraction in the property sector will affect China’s growth, thus sending ripple effects around the globe as the world’s factory slows.

Persons: Evergrande, homebuyers, Nomura, David Stanway, Jason Lee, –, Moody's, Yawen Chen, Amr Alfiky Organizations: Country, Garden, Estate Information Corp, CIFI Holdings, Sunac, National Bureau of Statistics, China, Investment, REUTERS, International Monetary Fund, Nomura, JPMorgan, Dubai, National Bureau of Economic Research Locations: China, Burj, Burj Khalifa, Sunac China, Kunming, Yunnan province, Beijing, Xuchang, Henan province, United Arab Emirates

☆ LSEG's Refinitiv Eikon platform suffers outage in Europe
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

Sept 25 (Reuters) - Users of London Stock Exchange's (LSEG.L) Refinitiv news and data platform Eikon said on Monday they experienced brief outages across some countries in Europe. LSEG said it was working to resolve the issue. We are working diligently to identify the problem and resolve it as soon as possible," a Refinitiv customer support executive said in an email. As of 1119 GMT live prices appeared to be updating and some Eikon users also said the service had resumed. Reporting by Danilo Masoni; Editing by Amanda Cooper and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: LSEG, Danilo Masoni, Amanda Cooper, Susan Fenton Organizations: London Stock, Thomson Reuters, Reuters, Thomson Locations: Europe, LSEG

REUTERS/Michael Swensen Acquire Licensing RightsCHICAGO, Sept 21 (Reuters) - United Auto Workers (UAW) members rallied against the Detroit Three automakers in multiple U.S. states on Thursday afternoon as Friday's deadline loomed for a threatened expansion of the union's strikes. The UAW last week launched unprecedented, simultaneous strikes at one assembly plant each of General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI). UAW workers want to end a tiered wage structure that they say has created a large gap between newer and older employees, forcing some to work two jobs to make ends meet. On Thursday morning, Fain posted a video message on X, formerly known as Twitter, to UAW members about the Friday deadline, showing scenes from several Hollywood movies with the characters saying "tick tock." Fain has said Detroit automakers have not shared their huge profits with workers while enriching executives and investors.

Persons: Phaedra Grant, Michael Swensen, Ayanna Dixon, Shawn Fain, Fain, Ford, Stellantis, Joe Biden, Karine Jean, Pierre said, Ram, Morgan Stanley, Adam Jonas, Eikon, Mark Reuss, Reuss, Tesla, Bianca Flowers, Hyunjoo Jin, David Shepardson, Ben Klayman, Kannaki, Peter Henderson, Jamie Freed, Nick Zieminski, Matthew Lewis Organizations: Ford, UAW, REUTERS, Rights, United Auto Workers, Detroit Three, General Motors, Chrysler, Reuters, GM, GM's, Silverado, Detroit, Detroit Free Press, Toyota, Tacoma, EV, Thomson Locations: Louisville , Kentucky, U.S, Chicago, San Francisco, Louisville, Washington, Detroit, Bengaluru

☆ Detroit Three under pressure to progress UAW talks, avoid wider auto strikes
▼ + stars: | 2023-09-21 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +3 min

Striking United Auto Workers members picket outside the Stellantis Jeep plant in Toledo, Ohio, U.S. September 19, 2023. The UAW last week launched unprecedented, simultaneous strikes at one assembly plant each of General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI). The city is home to Ford's Louisville assembly plant and its Kentucky truck plant. Ford CEO Jim Farley has previously said the Kentucky truck plant, which assembles F-Series trucks, is the company's most profitable plant globally. Fain has said Detroit automakers have not shared their huge profits with workers while enriching executives and investors.

Persons: Rebecca Cook, Stellantis, Shawn Fain, We're, Jim Farley, Ram, Eikon, Fain, Mark Reuss, Reuss, Hyunjoo Jin, Jamie Freed Organizations: United Auto Workers, REUTERS, UAW, Detroit Three, General Motors, Ford, Chrysler, Wednesday, GM, GM's, Silverado, Detroit, Detroit Free Press, Toyota, Tacoma, EV, Thomson Locations: Toledo , Ohio, U.S, furloughing, Louisville , Kentucky, Louisville, Kentucky, San Francisco

☆ U.S. revives Cold War submarine spy program to counter China
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +21 min

The original network of fixed spy cables, which lie in secret locations on the ocean floor, was designed to spy on Soviet submarines seven decades ago, the three people said. China, meanwhile, is working on its own maritime spy program, known as the Great Underwater Wall, two U.S. Navy sources told Reuters. Sense of urgencyAmerica’s underwater espionage program was launched in the 1950s with a submarine detection system known as the Sound Surveillance System. The U.S. Navy’s Undersea Surveillance System The United States is expanding and upgrading its anti-submarine surveillance capabilities as tensions rise with China. Japan also operates a fleet of three ocean surveillance ships, fitted with U.S. SURTASS cables, the two U.S. Navy sources said.

Persons: Captain Stephany Moore, Richard Seif, Moore, Seif, ”, Tim Hawkins, Mariana Trench, Brent Sadler, We're, Sadler, ” Jon Nelson, Phillip Sawyer, Sawyer, United States –, SOSUS, SubCom, Stephen Askins, Lockheed Martin, Chuck Fralick, Leidos, ” Fralick, Hawkins, Richard Jenkins, Saildrone, Joe Brock, Mohammad Kawoosa, Simon Scarr, Edgar Su, Catherine Tai Design, Eve Watling, Marla Dickerson Organizations: U.S . Navy, Navy, Undersea Surveillance Command, Undersea Surveillance, United, Submarine Force U.S . Pacific Fleet, Reuters, U.S . 5th Fleet, U.S, Pacific, China Academy of Sciences, China’s Ministry of Defense, Foreign, China Naval, U.S . Naval Forces Korea, The Heritage Foundation, Department of Defense, Naval Air Station Whidbey, Processing, Undersea, Undersea Warfare, Naval Postgraduate School, Taiwan, Ships, Titan, Navy’s, CS, U.S . Department of Defense, Lockheed, U.S . State Department, An Australian Defense, Self, Defense Force, Leidos Locations: Seattle, U.S, Whidbey, China, Taiwan, Beijing, United States, Australia, Pacific, South China, Mariana, Yap, Federated States, Micronesia, Guam, Russian, Ukraine, Washington . U.S, Washington, Soviet Union, Washington State, Virginia Beach , Virginia, Monterey , California, Japan, India, States, London, Taiwan Strait, Virginia, San Francisco

A general view of Chevron's Wheatstone LNG facility in Pilbara coast, Western Australia, as seen in this undated handout image obtained by Reuters on September 8, 2023. Chevron/Handout via REUTERS/File Photo Acquire Licensing RightsSummaryCompanies No changes to scheduled LNG deliveries, Chevron saysLNG exports continued over the weekend - LSEG EikonStrikes extended until mid-OctSYDNEY, Sept 18 (Reuters) - Chevron (CVX.N) said on Monday full production had resumed at its strike-hit Wheatstone liquefied natural gas (LNG) facility in Western Australia after a fault last week cut production by about one-fifth. "During (the fault), LNG continued to be produced at approximately 80% of usual rates, and vessel loading continued," a Chevron spokesperson said in an emailed statement. "There has been no change to scheduled LNG deliveries. Wheatstone has an export capacity of 8.9 million tonnes a year and Gorgon has an export capacity of 15.6 million tonnes a year.

Persons: Wheatstone, Eikon, Renju Jose, Lewis Jackson, Florence Tan, Muralikumar Anantharaman Organizations: Reuters, Chevron, Handout, REUTERS, Tanker, Offshore Alliance, Saturday, South, Thomson Locations: Wheatstone, Western Australia, SYDNEY, Japan, Australia, China, South Korea, Taiwan, Sydney, Singapore

A representative for Co-op Bank declined to comment. The sale is being closely watched as one of the first examples of long-touted consolidation among Britain's midsize lenders. Co-op Bank had a book value of 1.3 billion pounds ($1.6 billion) at the end of December. Despite interest from financial investors, Co-op Bank is more focused on a deal with a competitor, two people said. Aldermore, OSB, Paragon and Shawbrook declined to comment.

Persons: Toby Melville, Aldermore, JC Flowers, Bain, Pablo Mayo Cerqueiro, Andres Gonzalez, Anousha Sakoui, Sharon Singleton Organizations: Bank, REUTERS, Reuters, Paragon Banking Group, Paragon, Bain Capital, Co, Fenchurch Advisory, PJT Partners, Thomson Locations: London, British, Aldermore

☆ J.M. Smucker nears deal to buy Twinkies-owner Hostess Brands - WSJ
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) is nearing an agreement to buy Twinkies-owner Hostess Brands (TWNK.O) in a deal that would likely be in the neighborhood of $4 billion, the Wall Street Journal reported on Sunday, citing sources. Hostess' shares have risen nearly 27% since Reuters reported that the company was exploring a sale after fielding takeover interest from major food makers. Hostess became an acquisition target after it raised prices on some of its products to boost revenue, fueling investor concerns over its prospects. Both Hostess and J.M.

Persons: Brendan McDermid, Smucker, Dimpal, Rashmi Organizations: REUTERS, Hostess Brands, Wall Street, Reuters, Thomson Locations: Manhattan, New York City, U.S, Bengaluru

REUTERS/Raquel Cunha Acquire Licensing RightsMEXICO CITY, Sept 11 (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Mexico's Finance Ministry Rogelio Ramirez de la O, Marcela Guerra, Raquel Cunha, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Dave Graham, Diego Ore, Noe Torres, Jamie Freed Organizations: Mexico's Finance Ministry, Mexican, REUTERS, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of, Thomson Locations: Mexico City, Mexico, MEXICO, Bank of Mexico

☆ Mexico's Election Year Deficit Plan Fuels Fear Over Finances
▼ + stars: | 2023-09-11 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

By Dave Graham and Diego OréMEXICO CITY (Reuters) - The Mexican government's plan to run up the biggest budget deficit in decades during the 2024 general election year could put pressure on public finances and eventually threaten its credit rating, analysts said on Monday. Lopez Obrador last week backed former Mexico City Mayor Claudia Sheinbaum as his party's candidate to succeed him. Historic data show the projected budget deficit for 2024 will be the highest since 1988 as a proportion of GDP. The government's higher spending plans should bolster Latin America's second-biggest economy, which has outpaced forecasts this year, brightening the outlook for 2024. He also noted that since Mexico's current account deficit is currently considerably lower than foreign direct investment, there was a pool of untapped demand in the economy that the government could temporarily offset via higher spending.

Persons: Dave Graham, Diego, Andres Manuel Lopez Obrador, Lopez, Patricia Terrazas, Lopez Obrador, Mexico City Mayor Claudia Sheinbaum, Gabriela Siller, Alberto Ramos, Goldman Sachs, Ramos, Raul Feliz, Feliz, Diego Ore, Noe Torres, Jamie Freed Organizations: MEXICO CITY, Lopez Obrador's, Action Party, PAN, Mexico City Mayor, Banco Base, Bank of Locations: MEXICO, Mexico, Bank of Mexico, Mexico City

El Salvador's President Nayib Bukele speaks during a ceremony to lay the first stone of a new public hospital, in San Salvador, El Salvador June 15, 2023. El Salvador's debt repurchases last year and a still-light payments calendar were behind a rally that shrank the premium to hold Salvadoran government debt (.JPMEGDELSR) from above 3,200 basis points in July last year to about 1,000 a year later. Katrina Butt, a senior economist at AllianceBernstein, said that even as the size of the investment is yet to be made public, "Google Cloud's announcement could significantly improve macro fundamentals in El Salvador over time". "Though outperformance of El Salvador has been impressive we think the carry is still attractive given the low default risk." BNP's Marshik said the next leg of the rally could come from good news on El Salvador's relationship with the International Monetary Fund - where the United States is the largest shareholder.

Persons: Nayib Bukele, Jose Cabezas, Nathalie Marshik, Katrina Butt, Shamaila Khan, BNP's Marshik, Siobhan Morden, Rodrigo Campos, Nelson Renteria, Angus MacSwn Organizations: El, San Salvador , El, REUTERS, SALVADOR, Reuters, BNP Paribas, Google, United States, U.S . Embassy, Peace Corps, Central American, U.S, Asia Pacific, UBS Asset Management, International Monetary, IMF, Santander US Capital Markets, Thomson Locations: San Salvador ,, San Salvador , El Salvador, El Salvador, America, Peace, El Salvador's, Asia, United States

☆ Chinese rare earth prices hit 20-month high on Myanmar supply worry
▼ + stars: | 2023-09-07 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

BEIJING/HANOI (Reuters) -Chinese rare earth prices jumped to their highest in 20 months, as mining suspension in major producer Myanmar sparked stockpiling ahead of the peak consumption season, analysts said on Thursday. A mining machine is seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China July 16, 2011. Rare earth is a prized group of 17 minerals used in consumer electronics and military equipment. Myanmar accounted for 38% of rare earth imports into China in January-July, Chinese trade data showed, while the Southeast Asian country was the fourth biggest source of rare earth mining in 2022, data by the U.S. Geological Survey showed. ($1 = 7.3275 Chinese yuan renminbi)

Persons: Stringer, Eikon, SMM, “, ”, Yang Jiawen, David Merriman, Merriman, ” Merriman, SMM’s Yang Organizations: REUTERS, Shanghai Metals, Mines, U.S . Geological Survey, Reuters Locations: BEIJING, HANOI, Myanmar, Bayan, Inner Mongolia, China, Myanmar’s Pangwa, Kachin State, Chipwi, Pangwa, Kachin, Southern China, Laos, Jiangxi province

File Photo Acquire Licensing RightsSept 4 (Reuters) - Venezuela's oil exports in August fell 38% from a three-year high in July as state-run oil company PDVSA struggled to keep its heavy crude upgraders in service, according to vessel monitoring data and internal company documents. Venezuela's oil exports in August dropped to about 544,000 barrels per day (bpd) from more than 877,000 bpd in July, according to LSEG Eikon vessel tracking data. China remained the main destination for most of the OPEC member's crude and fuel exports, including cargoes transshipped through Malaysia. At the Petropiar crude upgrader, operated by PDVSA and Chevron and that processes extra heavy oil, maintenance affected a vacuum distillation unit. PDVSA boosted shipments of crude, fuel oil, gasoline blend stock and gas oil to ally Cuba to some 65,000 bpd, from 53,000 bpd in July.

Persons: PDVSA, Russia's Roszarubezhneft, Marianna Parraga, Marguerita Choy Organizations: American, Chevron, U.S, PDVSA, China National Petroleum Corp, Italy's Eni, Thomson Locations: Venezuela, U.S, China, Malaysia, Cuba, Houston, Maracay

☆ UBS shares jump to 2008 highs after profit beat, job cuts announcement
▼ + stars: | 2023-08-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

UBS posted a second-quarter profit of $28.88 billion in its first quarterly earnings since Switzerland's largest bank completed its takeover of stricken rival Credit Suisse. UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. UBS paid a discounted 3 billion Swiss francs ($3.4 billion) to acquire Credit Suisse in March. "Credit Suisse has excellent people, clients, and product capabilities, but the business model was not sustainable any longer and needs to be restructured." UBS delayed reporting its second-quarter results — initially scheduled for July 25 — until after completing the Credit Suisse takeover on June 12.

Persons: Eduardo Munoz Alvarez, Ermotti, CNBC's, CNBC's Joumanna, — Organizations: UBS, View Press, Getty, Credit Suisse, Analysts, Suisse, Suisse's, Credit, The Credit Suisse, Swiss Locations: Manhattan, New York City, Zurich, Swiss, Switzerland

☆ Exclusive: Poland charters tankers used for Russian oil to import Arab crude
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +4 min

Many oil majors have avoided contracting tankers that have carried Russian crude because of the risk of sanctions and self-imposed restrictions. Under the price cap, western companies can ship and provide insurance for Russian oil and products provided they are sold at less than $60 per barrel. "Dead freight is one of the issues when working with Russian oil as not all companies agree to use ships involved in Urals deliveries," the trader said. Orlen said it was not involved in any Russian oil shipping and it screened all vessels it uses to ensure no Russian sanctions are violated. Russian oil has been mostly shipped to Asia following the EU embargo.

Persons: Orlen, Russia's Zarubezhneft, Sidi Kerir, Nissos Delos, Marek Strzelecki, Maha El, Barbara Lewis Organizations: MOSCOW, Group, European Union, Botafogo, TMS, Kyklades, Saudi Aramco, Reuters, Thomson Locations: Asia, Lithuania, Poland, Russian, Russia, Ukraine, Moscow, ASIA, Poland's Gdansk, Lithuania's, Russian Baltic, Baltic, Primorsk, Mundra, West India, Saudi, Sidi, Gdansk, Waikiki, Bonita, Nissos, Calida, Butinge, Russia's, Ust, India, Warsaw, Maha, Maha El Dahan, Dubai

[1/2] The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. Under the revised terms, Eni and Repsol can supply the state company with fuels, potentially helping Venezuela ease an intermittent scarcity that has led to long lines at gasoline stations in recent years. Eni and Repsol were not immediately available to respond to a Reuters request for comment. Crude received by Eni and Repsol under their swap deal has mostly been sent to Repsol's refineries in Spain. The field is run by the Petrosucre joint venture between Eni and PDVSA.

Persons: Afolabi, Repsol, PDVSA, Joe Biden's, Perla, Marianna Parraga, Francesca Landini, Pietro Lombardi, Mircely, Matt Spetalnick, David Holmes Organizations: Eni, Nigeria International Petroleum Summit, REUTERS, Companies, U.S . State Department, Kuwait Petroleum, Repsol, U.S . Treasury, PDVSA, Perla, Washington, Thomson Locations: Nigeria, Abuja, HOUSTON, Venezuela, Europe, Venezuelan, PDVSA's, Italy's Milazzo, Kuwait, U.S, Spain, Chevron, American, Venezuela's Gulf, Colombia, Milan, Madrid, Maracay, Washington

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