DIRS.INFO The most relevant business & tech news

☆ Australia Records Its 8th Warmest Year as Climate Change Lifts Temperatures
▼ + stars: | 2024-02-07 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

CANBERRA (Reuters) - Australia experienced its eighth-warmest year in 2023, with the influence of climate change pushing average temperatures almost 1 degree Celsius (1.8 degrees Fahrenheit) above the 1961-1990 average, the weather bureau said on Thursday. Forecasters warn that climate change will make Australia hotter and increase the severity of weather extremes. "Climate change continues to influence Australia's climate," the Bureau of Meteorology said. The national mean temperature was 0.98 C warmer than the 1961–1990 average, with the winter average 1.53 C above the 1961–1990 average, the bureau said. Forecasters expect El Nino to fade and perhaps swing later this year into its opposite, La Nina, which makes wetter weather more likely in Australia.

Persons: El, Nina, Peter Hobson, Christian Schmollinger Organizations: CANBERRA, Meteorology Locations: Australia, 473.70mm, Western Australia, El Nino, South America, Southeast Asia

☆ Ship Carrying 16,000 Sheep and Cattle Stranded off Australia
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

"It's very hard to imagine that that is consistent with the animal welfare standards that Australians expect to be applied to Australian animals." ROUGH WEATHERAustralia is a major exporter of live animals, shipping more than half a million sheep and half a million cattle last year. Most cattle go to Asian markets such as Indonesia and Vietnam but the Middle East is by far the biggest destination for Australian sheep. Israel is a key market, receiving 86,100 sheep worth $6.5 million and 10,848 cattle worth $14 million from Australia in the first three months of last year, trade data show. Australia's Labor government has pledged to outlaw exports of live sheep in coming years but faces angry pushback from farm groups who say this would put people out of work and destroy farming communities.

Persons: Peter Hobson CANBERRA, Yemen's, Josh Wilson, Bassem, Geoff Pearson, Canberra, Peter Hobson, Stephen Coates Organizations: Fremantle, WA Farmers, Reuters, Korkyra Shipping, Labor Locations: Australia, Israel, Africa, Red, Europe, Asia, Indonesia, Vietnam, New Zealand

☆ Australian sheep, cattle prices slump as El Nino scorches pastures
▼ + stars: | 2023-11-29 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

After three years of plentiful rain and rising livestock numbers, dry weather has withered pastures across Australia. The extreme change in conditions has helped trigger the fastest plunge in cattle and sheep prices in decades, threatening livelihoods in Australia's A$75 billion ($50 billion) red meat and livestock industry. While farmers suffer, falling livestock prices have brought some relief to Australian households hurting from high inflation. Falling U.S. beef production means demand for Australian beef should rise, helping support livestock prices, said Angus Gidley-Baird, an analyst at Rabobank in Sydney. Agricultural consultants Episode 3 estimate that Australian beef processors are reaping their best profits in at least two decades thanks to low local cattle prices and high sale prices in export markets.

Persons: Angus Hobson, Peter Hobson, Angus, Hobson, Stuart Austin, Wilmot, Angus Gidley, Baird, Teys, Mat Larkings, gaunt, haven't, they'll, Sonali Paul Organizations: Livestock, New, REUTERS, Beef, Livestock Australia, Woolworths, Data Monitor, Rabobank, Meat packers, Teys Australia, Farmers, Thomson Locations: Delegate, New South Wales, Australia, Angus Hobson's, Australia's, United States, El Nino, Japan, China, Sydney, Walcha

☆ Australia records driest October since 2002 due to El Nino
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

In its regular drought report, the Bureau of Meteorology said last month was Australia's driest October since 2002, with rainfall 65% below the 1961–1990 average. It said every part of Australia except the state of Victoria had below-average rainfall and Western Australia state -- by far the biggest grain-exporting region -- saw its driest October on record. After three years of plentiful rain, the El Nino weather phenomenon has brought hot and dry weather to Australia, with September the driest since records began in 1900. "Areas of (rainfall) deficiency have generally expanded and become more severe in south-west Western Australia, south-eastern Queensland, and parts of the Top End in the Northern Territory and far north Queensland. Its long range forecast predicts below-median rainfall through to at least January in northern, western and southern Australia.

Persons: Jill Gralow, Peter Hobson, Michael Perry Organizations: REUTERS, Meteorology, El, Thomson Locations: Moree, Australia, El Nino, Victoria, Western Australia, Queensland, Northern Territory, Tasmania

Overall, China's 2023 imports are likely to reach around 12 million tons, two Singapore-based traders said, topping 2022's record 9.96 million tons, and the avid buying is expected to continue into 2024. read moreBeijing has not provided a crop quality assessment. MORE TO COMEChina's January-September wheat imports jumped 53.6% to 10.17 million metric tons, customs data showed, including 6.4 million tons from Australia and 1.8 million tons from Canada. Chinese wheat purchases have stabilised global wheat prices, one of the Singapore traders said. Given lower output in Australia, traders and analysts said China is likely to import significantly higher volumes of French wheat in the coming months.

Persons: China's, Muyuan, Stefan Meyer, Ma Wenfeng, Price, Rosa Wang, Jeffrey McPike, Naveen Thukral, Dominique Patton, Peter Hobson, Gus Trompiz, Julie Ingwersen, Tony Munroe, Simon Cameron, Moore Organizations: Traders, Russia, Reuters, El, Beijing Orient, Shanghai JC Intelligence Co, U.S, WASDEA Commodities, Thomson Locations: China, SINGAPORE, BEIJING, Chicago, Singapore, Australia, Beijing, Sydney, StoneX, Canada, Indonesia, Japan, North America, U.S, Canberra, Paris

☆ Australia says EU trade deal is likely years away after rejecting terms
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

The two sides have been negotiating since 2018, with Australia eager to boost agricultural exports by removing EU tariffs and expanding quotas, and Europe likely to gain greater access to Australia's critical minerals industry. "I came to Osaka with the intention to finalise a free trade agreement," Farrell said in a statement. "Negotiations will continue, and I am hopeful that one day we will sign a deal that benefits both Australia and our European friends." Watt said it would be some time before the Australian government and EU leadership would be able to negotiate a deal because of upcoming elections in EU. The EU signed a trade deal with New Zealand last year that lowered tariffs for EU exports including clothing, chemicals and cars, and allowed more New Zealand beef lamb, butter and cheese into the EU.

Persons: Don Farrell, Valdis Dombrovskis, Farrell, Murray Watt, Watt, David Jochinke, Peter Hobson, Gerry Doyle Organizations: CANBERRA, EU, Australian Trade, Australia, ABC Radio, New Zealand, Farmers ' Federation, Thomson Locations: Australia, Europe, Osaka, EU, Australian, New Zealand, Canada, South America, Zealand

☆ Farm groups call on Australia to not sign 'dud' trade deal with EU
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

CANBERRA, Oct 23 (Reuters) - Australian farm industry groups on Monday called on the government to not sign a trade deal with the European Union unless it offered much greater market access for Australian agricultural products. Australia, one of the world's biggest exporters of farm goods from wheat and beef to wool and wine, has been negotiating a trade deal with the EU since 2018. "The message from Australian farmers is clear and united: if it's a dud deal, keep the signing pen in your pocket." Farrell said in a statement that he had made it clear that Australia wants a trade agreement with the EU, but not at any cost. While Australia wants access to EU markets for its farm output, much of which is now subject to tariffs and quotas, the EU is likely to gain simplified investment access to Australia's critical minerals industry.

Persons: Don Farrell, Farrell, Fiona Simson, Peter Hobson, Jamie Freed Organizations: CANBERRA, European Union, Trade, EU, National Farmers ' Federation, Livestock Australia, Australia, Reuters, Thomson Locations: Australia, Canberra, Osaka

☆ Australia PM to visit China, taking steps to resolve wine dispute
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +3 min

China announced in November 2020 it would impose anti-dumping and countervailing duties of up to 218% on most Australian wine, causing trade to collapse. The measures were part of a barrage of trade restrictions that China imposed after Australia called for an inquiry into the origins of COVID-19. Most of the trade restrictions have been lifted since a change of government in Canberra last year. Aside from wine, China maintains barriers on imports of lobsters and meat from some abattoirs. In 2019, Australia shipped wine worth around $800 million to China, its trade data show.

Persons: Anthony Albanese, Xi Jinping, Li Qiang, Albanese, Xi, Premier Li, Sam McKeith, Peter Hobson, Chizu Nomiyama, Sonali Paul Organizations: SYDNEY, Australian, Australia's, Huawei, Saturday, Trade Organization, China, Thomson Locations: China, Beijing, Shanghai, Canberra, Australia

☆ Australia PM to visit China, reaches deal to resolve WTO wine dispute
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +2 min

"Australia and China have agreed we will suspend the dispute on wine in the WTO pending the outcome of this review." The measures were part of a barrage of trade restrictions that China imposed after Australia called for an inquiry into the origins of COVID-19. Most of the trade restrictions have been lifted since a change of government in Canberra last year. Aside from wine, China maintains barriers on imports of lobsters and meat from some abattoirs. In 2019, Australia shipped wine worth around $800 million to China, its trade data show.

Persons: Anthony Albanese, Xi Jinping, Li Qiang, Albanese, Xi, Premier Li, " Albanese, Sam McKeith, Peter Hobson, Chizu Organizations: SYDNEY, Australian, Australia's, Trade Organization, China, Thomson Locations: China, Beijing, Shanghai, Australia, Canberra

Those shipments sometimes accounted for more than half of Chinese malting barley demand, depending on the year. "The return of Australian barley means everyone will be happier," said Miller Meng, brewmaster at Shanghai craft beer bar, The Brew. "Australian malt in the market return prices back on the right track," he said. But in the absence of Australian malting barley, many Chinese craft brewers turned to alternatives such as French or Canadian malt. That meant a perilous thinning of margins and the hope is that Australian imports will reverse this trend, craft brewers told Reuters.

Persons: Miller Meng, brewmaster, Trueman, Yang Zhenglong, Matthew Jimenez, Duvel, Casey, Dominique Patton, Peter Hobson, Edwina Gibbs Organizations: Canberra, EqualOcean International, Reuters, Casey Hall, Thomson Locations: SHANGHAI, BEIJING, China, Shanghai, Tianjin, Mongolia, Ukraine, Australian, Australia, Europe, Saudi Arabia, Beijing, Canberra

☆ Global warming will hit Australian crop yields and GDP, treasurer says
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

Harvesting machinery can be seen behind a wheat crop in a paddock located on the outskirts of the South Australian town of Jamestown, in Australia, December 1, 2017. Global warming is leading to hotter and more extreme weather in Australia, one of the world's largest exporters of agricultural products. "The latest analysis out of Treasury tells us that disasters and a warming climate have big, economy wide effects," Chalmers told an agricultural conference in Queensland dedicated to drought. "If further action isn't taken, Australian crop yields could be 4 per cent lower by 2063 – costing us about A$1.8 billion in GDP in today's dollars." ($1 = 1.5569 Australian dollars)Reporting by Peter Hobson; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Jim Chalmers, Chalmers, Peter Hobson, Michael Perry Organizations: REUTERS, Thomson Locations: Jamestown, Australia, Queensland, decarbonisation

☆ Australia Abandons Efforts to Eradicate Deadly Honey Bee Parasite
▼ + stars: | 2023-09-20 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

Commercial crops including almonds, apples and avocados are dependent on pollination by European honey bees, with huge numbers of hives moved during spring flowering to bring bees to plants. "The potential to eradicate is no longer possible ... We now need to work collaboratively to manage and minimise the impact of Varroa." Varroa is a reddish-brown mite around 1 mm in diameter that attaches itself to European and Asian honey bees and feeds on them, weakening them and killing colonies. The mite also carries viruses and has caused the collapse of honey bee populations around the world. Varroa does not target native Australian honey bees.

Persons: Peter Hobson, Miral Fahmy Organizations: CANBERRA, National Management Group, New South, South Locations: Australia, New South Wales, South Wales

☆ Australia abandons efforts to eradicate deadly honey bee parasite
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Persons: Peter Hobson, Miral Organizations: CANBERRA, National Management Group, New South, South, Thomson Locations: Australia, New South Wales, South Wales

☆ Banking turmoil means recession fears are creeping back
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +5 min

Here's what some closely watched market indicators say about recession risks:1/ CRUNCH TIME? Central bankers are closely monitoring the potential for banking stress, on top of lending conditions that were already tightening, to trigger a credit crunch. European Central Bank boss Christine Lagarde has also said the market turmoil may help fight inflation. Reuters Graphics3/ BANK STOCK ROUTWorld shares down just 0.1% in March and still sitting on gains this year seem to signal little recession risk, but worries are mounting under the surface. Global bank stocks, which had outperformed the MSCI World Stock Index before the turmoil, are down nearly 15% this month (.dMIWO0BK00PUS).

☆ Switzerland sent $3.6 bln of gold to Turkey in Jan, the most since at least 2012
▼ + stars: | 2023-02-21 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

It shipped 188 tonnes of gold worth 10.1 billion Swiss francs last year to Turkey, up from only 11 tonnes in 2021. Switzerland's gold exports to Turkey have never previously exceeded 34 tonnes in a single month, Swiss data shows. India and China are the two biggest gold consumer markets and demand often rises when gold prices are low and falls when gold prices increase. Gold prices rocketed from a low of $1,615.59 an ounce in early November to as high as $1,959.60 on Feb. 2 before slipping back to around $1,840 by Tuesday. SWISS GOLD EXPORTS, MONTHLY (KG)EXPORTS TO KEY MARKETS, MONTHLY (KG)* Source: Swiss customs.

☆ Central banks bought the most gold since 1967 last year, WGC says
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Central banks bought 1,136 tonnes of gold in 2022Emerging economies were main buyersPurchases predicted to fall next yearTotal global gold demand highest since 2011LONDON, Jan 31 (Reuters) - Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, the World Gold Council (WGC) said on Tuesday. Gold also enables central banks to diversify away from assets like U.S. Treasuries and the dollar. Charting the change in global central bank gold holdings since 1950. But around two-thirds of the gold bought by central banks last year was not reported publicly, the WGC said. The central bank purchases took total gold global gold demand last year to 4,741 tonnes, up 18% from 2021 and the highest for any year since 2011.

☆ Electric vehicles throw Palladium's mega-rally into reverse
▼ + stars: | 2023-01-27 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

(Graphic: Palladium's rally, )Powering the rally was rising demand from automakers who needed more palladium per vehicle to meet tightening emissions standards. Electric vehicles (EVs) that do not need palladium are gaining market share and automakers are substituting some palladium for cheaper platinum in combustion engine vehicles. (Graphic: Palladium supply from recycled vehicles, )That will shift the roughly 11 million ounce a year market to a surplus of nearly a million ounces in 2027, they said. (Graphic: Palladium market balance, )But it is too early to rule out short-term upward moves. (Graphic: Palladium speculators, )

☆ Switzerland sent 524 tonnes of gold to China last year, the most since 2018
▼ + stars: | 2023-01-24 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

Last year, it exported 524 tonnes of gold worth around $33 billion at current prices to mainland China and Hong Kong, up from 354 tonnes in 2021 and the most since 2018, Swiss customs data showed. Switzerland shipped 69 tonnes of gold to Singapore, up from 33 tonnes in 2021 and the most since 2017, and 92 tonnes to Thailand, up from 56 tonnes in 2021 and the most since 2013. Switzerland sent 224 tonnes of gold to India last year, down from 507 tonnes in 2021. But if prices remain high, India's appetite for gold will likely remain weak, he said: "They are real bargain hunters. SWISS GOLD EXPORTS, ANNUAL (KG)SWISS GOLD EXPORTS, MONTHLY (KG)* Source: Swiss customs.

☆ Gold prices seen rising towards record highs as rate rises near end
▼ + stars: | 2023-01-16 | by ( Peter Hobson | ) www.reuters.com time to read: +3 min

Fast-rising interest rates hammered gold prices last year, kicking them as low as $1,613.60 in September from a high of $2,069.89 in March - just shy of a record peak in 2020. ,Charting gold prices, the U.S. dollar index and U.S. inflation-adjusted 10-year bond yields. The weakening U.S. currency and bond yields "will become macro tailwinds for the yellow metal, pushing gold above $2,000/oz in the coming months," said analysts at Bank of America. Speculators who in November were betting gold prices would fall have amassed a net long position in COMEX futures of 8.3 million ounces of gold, worth $16 billion, helping push up prices. Charting gold prices and technical indicatorsReporting by Peter Hobson; Editing by Pratima Desai and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Russian gold taken out of exchange-traded fund stockpiles
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +4 min

In an analysis about investors shunning Russian gold, Reuters examined lists of gold bars owned by eleven large funds. By late November, the proportion of Russian gold in the stockpiles of eight had fallen. SPDR Gold MiniShares, whose gold is stored by ICBC Standard, saw an almost 50% fall in the amount of Russian gold it holds. Russian gold bars refined before March 7 this year are still eligible to own and trade, it said. GRANITESHARESGraniteShares said it did not distinguish between different brands of good delivery gold including pre-war Russian gold, and that it had not asked its custodian, ICBC Standard, to reduce its holdings of Russian bullion.

☆ Analysis: Russian gold removed from some Western funds after Ukraine
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.

☆ Analysis: Turbulence still haunts LME nickel, months on from trade debacle
▼ + stars: | 2022-12-12 | by ( Pratima Desai | ) www.reuters.com time to read: +5 min

Months after turbulence highlighted shortcomings in LME oversight, the nickel contract remains broken. Declining liquidity, together with low stocks, has led to high LME nickel prices this year, pushing up costs for industrial users already grappling with surging inflation. LIQUIDITY SLUMPSMany investors, traders, consumers and producers have abandoned LME nickel in the aftermath of the chaos in March. LME nickel typically trades at a discount to the Shanghai Futures Exchange (ShFE) contract because China is a net importer of nickel and the ShFE nickel price takes into account logistical costs and local taxes. "There's a major disconnect between LME nickel (futures) and the physical market," a nickel trader said.

☆ China's reported gold reserves rise for first time since 2019
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - China's central bank said on Wednesday it had added 32 tonnes of gold worth around $1.8 billion to its reserves, the first time it has disclosed an increase since September 2019. The additions bring China's reported holdings at the end of November to 1,980 tonnes, worth around $112 billion. China has the world's sixth-largest official national gold reserves after countries including Russia, Germany and the United States, which is the biggest with 8,133.5 tonnes. China's reported holdings have risen to 1,980 tonnes worth around $112 billion. The reported increase in China's gold reserves was part of data released by the People's Bank of China showing its foreign exchange reserves rose more than expected in November.

☆ HSBC will have to share custody with JPMorgan of $52 bln in gold bars
▼ + stars: | 2022-12-01 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

[1/2] Gold bars are displayed during a photo opportunity at the Ginza Tanaka store in Tokyo September 7, 2009. HSBC had been the sole custodian for SPDR Gold Trust, also known as GLD, since it launched in 2004. The bank currently stores about 910 tonnes of gold for GLD in London -- around a quarter of all the gold held for ETFs globally. Cavatoni said the WGC's agreement with JPMorgan allowed it to store gold in the United States and Switzerland but for the time the fund intended continue storing all its gold in London. HSBC said: "We're pleased to continue acting as a custodian for the World Gold Council's SPDR Gold Trust."

☆ Platinum deficit expected in 2023 after bumper surpluses, WPIC says
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 22 (Reuters) - The World Platinum Investment Council (WPIC) said on Tuesday it expected a deficit of the metal used in vehicle exhausts, industry and jewellery in 2023 after a hefty surplus this year. The World Platinum Investment Council expects the market to swing into deficit in 2023. Manufacturers are also replacing palladium with cheaper platinum to save money, with such substitution accounting for 340,000 ounces of platinum demand this year and just over 500,000 ounces in 2023, the WPIC said. "This could lead to an even further tightening of the platinum market next year," he said. ANNUAL PLATINUM SUPPLY/DEMAND ('000 oz)*QUARTERLY PLATINUM SUPPLY/DEMAND ('000 oz)** Source: World Platinum Investment Council, Platinum Quarterly Q3 2022Reporting by Peter Hobson.

Search resuls for: "Peter Hobson"

25 mentions found