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☆ Oil prices tick up on sharp fall in U.S. crude inventories
▼ + stars: | 2024-08-08 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week. Brent crude futures rose 23 cents, or 0.3%, at $78.56 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude gained 29 cents, or 0.4%, to $75.52. U.S. crude inventories fell for a sixth week in a row last week, dropping by 3.7 million barrels to 429.3 million barrels last week, government data showed, against analyst expectations in a Reuters poll for a 700,000-barrel draw. While no supply has been impacted so far, attacks on ships in the Red Sea have forced tankers to take longer routes meaning more oil stays on the water for longer. Meanwhile, Libya's National Oil Corporation has declared force majeure in its Sharara oilfield from Tuesday, a statement said, adding that the company had gradually reduced the field's production due to protests.

Persons: Brent, majeure Organizations: Brent, U.S, West Texas Intermediate, . Energy, National Oil Corporation Locations: U.S, Iran, Israel

☆ The best Delta customers can hope for is a simple refund
▼ + stars: | 2024-07-23 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

This story is available exclusively to Business Insider subscribers. The best Delta customers can hope for is a refund. AdvertisementCompensation policies for cancellations and delays are in the fine print of contracts between airlines and customers buying tickets. For airline customers in the US, Green recommended keeping receipts for tickets, cabs to connecting flights, and other expenses that Delta may reimburse for rebooked flights. Ordinary airline customers, he said, ought to consult their travel insurance policies.

Persons: —, They're, Pete Buttigieg, Mary Schiavo, Schiavo, Motley Rice, Justin T, Green, Mark Dombroff, Fox Rothschild, CrowdStrike, Buttigieg, Delta Organizations: Service, Business, Federal Aviation Administration, US Department of Transportation, Transportation, Falcon, Microsoft, Department of, Airlines, Kreindler LLP, Fox, of Transportation's, of Aviation, Protection, Delta Locations: FlightAware, Federal, Europe, Delta

☆ Oil extends losses as strong dollar weighs on commodities markets
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Monday for a second straight session, weighed down by a stronger dollar after concerns of higher-for-longer interest rates resurfaced and cooled investors' risk appetite. Brent crude futures slid 40 cents, or 0.5%, to $84.84 a barrel by 0036 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude futures were at $80.34 a barrel, down 39 cents, or 0.5%. In Ecuador, state oil company Petroecuador has declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains, sources said on Friday. In the U.S., operating oil rigs fell three to 485 last week, their lowest since January 2022, Baker Hughes said in its report on Friday.

Persons: Brent, Tony Sycamore, Petroecuador, Baker Hughes Organizations: Midland, . West Texas, U.S, PMI, IG, greenback, ANZ Locations: Odessa, Texas, Sydney, U.S, Gaza, Ecuador

☆ Baltimore port crisis: World's largest container ship company, MSC, dumps diverted cargo problem on US companies
▼ + stars: | 2024-03-28 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

MSC, the largest ocean carrier in the world, has joined the list of ocean carriers terminating the delivery of diverted containers outside of the port for shipping clients as a result of the container ship accident near the Port of Baltimore that led to the tragic bridge collapse. With the Baltimore port indefinitely closed, the decision places the onus of cargo pick up at a diverted port and transport to its final destination on the shipper. MSC added that "passage to and from Baltimore is at this time impossible and will not be reestablished for several weeks if not months." Maersk is the only major carrier to say it will provide transport from diverted ports for customers. Maersk was the charter of the Dali, 10,000-container capacity containership that lost control and crashed into the Francis Scott Key Bridge in the early hours of Tuesday.

Persons: Francis Scott Key Organizations: CNBC, MSC, Port, CMA, Evergreen, Maersk Locations: Port of Baltimore, Baltimore, Dali

☆ Baltimore port bridge collapse: Global ocean carriers declare 'force majeure,' leaving U.S. companies on hook for urgent cargo pickup
▼ + stars: | 2024-03-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

"The impact of the Baltimore port stoppage on construction and contractor supply chains may be significant," said William George, director of research for ImportGenius. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. COSCO announced Wednesday morning that its services would "be concluded" once the diverted container arrives at the alternate port. Out of the diverted ports, New York/New Jersey and Savannah, are included. One of the biggest concerns among logistics companies is availability of chassis for both truck and rail to handle the diverted cargo.

Persons: Dali, Francis Scott Key, William George, ImportGenius, Maersk, COSCO, majeure, CGM, Paul Brashier, Brashier, Matt Castle, Robinson, Val Noel, Mike Wilson, Noel, Alan Baer, Baer, Stephen Edwards, Edwards Organizations: Francis Scott Key Bridge, Logistics, CNBC, Baltimore, Evergreen, CMA, ITS Logistics, U.S Department of Transportation, Home Depot, Nike, Walmart, Union Pacific, BNSF, Robinson, DHL, FedEx, Port, DOT's, Rail, TRAC, Freight, Consolidated Chassis Management, USA, Norfolk . Our Midwest Locations: Baltimore , Maryland, Baltimore, The Port, U.S, Port of Baltimore, Target, East, , New York, New Jersey, Savannah, Chicago, Brunswick, Virginia, Charleston, New York, Philadelphia, Norfolk, Wilmington , Savannah, Jacksonville, UAE, Saudi, Doha, India, Bangladesh, NY, Montreal, Port of Virginia, Port

☆ Love or Hate Valentine’s Day?
▼ + stars: | 2024-02-12 | by ( Esther Zuckerman | ) www.nytimes.com time to read: +3 min

He leaps to her defense in a hairy situation with an agitated traveler, and then they flirt over cocktails. It’s a reminder never to trust that cute stranger, because there just might be menace behind those ocean eyes. ‘My Best Friend’s Wedding’ (1997) Stream it on Netflix. Hogan’s “My Best Friend’s Wedding” has a reputation as one of the great 1990s romantic comedies, but it’s far nastier than its brethren. After all, it’s less about its protagonist trying to find love than it is about her on a mission to ruin lives.

Persons: ‘ Midsommar ’, Max, Ari Aster’s, Dani, Florence Pugh, Christian, Jack Reynor, we’ve, Wes Craven’s, Rachel McAdams’s Lisa Reisert, Cillian Murphy’s Jackson Rippner, Jackson, P.J, Hogan’s, Don’t, Julia Roberts, Julianne Potter, Dermot Mulroney, Cameron Diaz, Julianne, Hogan, ’, Ruben Ostlund’s, Tomas, Johannes Kuhnke, Ebba, Lisa Loven Kongsli, gaslit Organizations: Paramount, Netflix, Amazon Prime, Force Locations: Valentine’s, Swedish, French

☆ Oil prices steady as investors weigh Libya oilfield restart, Mideast tensions
▼ + stars: | 2024-01-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices were little changed on Monday as the market weighed the reopening of a key oilfield in Libya against ongoing tensions in the Middle East. Libya's National Oil Corporation resumed full production at the Sharara oilfield on Sunday after protests shut down output for two weeks. "The sentiment is sourer this morning because the force majeure on Libya's Sharara oil field has been lifted," Tamas Varga with PVM Oil Associates wrote in a note. OPEC, on the other hand, has presented a stronger outlook with oil demand forecast to grow by 2.2 million barrels per day, while production outside OPEC will grow by 1.3 million barrels per day.

Persons: Brent, Tamas Varga Organizations: Operations, The West Texas Intermediate, National Oil Corporation, PVM Oil Associates, U.S, U.S . Central Command, Houthi, International Energy Agency Locations: El, Sharara, Libya, The, Iran, Iraq, U.S, Syria, Gaza

☆ Oil prices fall 1% after surprise US storage build
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell nearly a dollar a barrel on Wednesday after a surprise jump in U.S. crude stockpiles raised worries about demand in the largest oil market. Global benchmark Brent crude oil futures settled 79 cents, or 1%, to $76.80 a barrel. Early in the session, both contracts had risen by more than a dollar before the U.S. Energy Information Administration reported a surprise build in crude oil stockpiles and larger-than-expected jumps in storage of gasoline and distillates. Gasoline stocks rose by 8 million barrels while distillate stocks jumped by 6.5 million barrels, the EIA reported. Europe's weak economic outlook also added to oil demand concerns.

Persons: Rob Haworth, Haworth, Luis de Guindos, majeure Organizations: U.S . West Texas, Brent, U.S . Energy Information Administration, U.S, Bank Asset Management, EIA, European Central Bank, National Oil Corporation Locations: Nolan , Texas, U.S, Israel

☆ Oil slides as Saudi price cuts counter Middle East worries
▼ + stars: | 2024-01-08 | by ( ) www.cnbc.com time to read: +2 min

In an aerial view, oil storage tanks at the Enterprise Sealy Station are seen on August 28, 2023 in Sealy, Texas. Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. On Sunday rising supply and competition with rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. A Reuters survey on Friday found that OPEC oil output rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. "However, that doesn't take into account the fact that geopolitical tensions in the Middle East are undeniably rising again, which will mean limited downside."

Persons: John Evans, Tony Sycamore, Antony Blinken, Vandana Hari Organizations: Enterprise, Brent, West Texas, PVM, Reuters, West, Vanda Insights, Libya's National Oil Corporation Locations: Sealy , Texas, Saudi Arabia, Yemeni, Red, Asia, Iraq, Angola, Nigeria, OPEC, Saudi, Gaza, West Bank, Lebanon, Syria

☆ First Quantum CEO: long-term sustainability uncertain if Panama operations end
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The company has notified buyers it will not be able to meet agreements due to force majeure, Pascall added. Panama's top court issued a ruling deeming First Quantum's contract with the government to operate a key copper mine unconstitutional. The Canadian miner said on Friday it has initiated arbitration against Panama, with Pascall noting the company still does not know the amount it will be asking from the country during the process. Reporting by Elida Moreno and Valentine Hilaire; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Pascall, majeure, Pascall, Laurentino Cortizo, Elida Moreno, Valentine Hilaire, Brendan O'Boyle Organizations: Minerals, REUTERS, Aris, Panamanian, La Prensa, Panama, Thomson Locations: Panama, Donoso

☆ Environmental groups urge funding halt for TotalEnergies' Mozambique project
▼ + stars: | 2023-11-17 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

TotalEnergies signs are seen at a petrol station in Nice, France, October 10, 2022. The letter, seen by Reuters, comes at a crucial juncture for the French energy company as it prepares to relaunch Africa's largest foreign direct investment project. Activists warn the project may worsen climate change and fuel human rights abuses in the impoverished southern African nation. TotalEnergies said before Friday's letter that arrangements for project finance remain in place despite a 'force majeure' halt in 2021 when Islamist militants threatened the project site. The project delay has led some investors to reassess their previous cost assumptions in light of inflation and global gas market swings.

Persons: Eric Gaillard, Banks, TotalEnergies, Ntshengedzeni Maphula, Reta Jo Lewis, Wendell Roelf, Toby Sterling, Nellie Peyton, Forrest Crellin, Mathieu Rosemain, Yuka Obayashi, Tim Cocks, Olivia Kumwenda, Elaine Hardcastle Organizations: REUTERS, Reuters, ActionAid International, Greenpeace, African Development Bank, Societe Generale, Africa's Export Credit Insurance Corporation, Thomson Locations: Nice, France, Mozambique, Greenpeace France, Netherlands, U.S, Exim, Cape Town, Amsterdam, Johannesburg, Paris, Tokyo

☆ Sainz hit with Las Vegas grid drop after drain damage
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Formula One F1 - Las Vegas Grand Prix - Las Vegas Strip Circuit, Las Vegas, Nevada, U.S - November 16, 2023 Ferrari's Carlos Sainz Jr. walks into the pits REUTERS/Mike Blake Acquire Licensing RightsLAS VEGAS, Nov 17 (Reuters) - Ferrari's Carlos Sainz will have a 10 place grid penalty at the Las Vegas Grand Prix after a loose drain cover wrecked his car and forced the cancellation of Thursday's opening practice. Race stewards turned down the Italian team's request for penalty-free repairs because they said they were obliged to apply the regulations as written. "I think it's tough for a team to arrive in Vegas and to have this kind of incident," he said. First practice lasted only eight minutes before Sainz's Ferrari hit the drain cover in a storm of sparks. "You've got to say that's force majeure, that's nothing of their own doing," he told Sky Sports television.

Persons: Ferrari's Carlos Sainz Jr, Mike Blake, Ferrari's Carlos Sainz, Spaniard Sainz, Ferrari, Fred Vasseur, Sainz's Ferrari, McLaren, Zak Brown sympathised, You've, Alan Baldwin, Toby Davis Organizations: Las Vegas, Las Vegas Strip, LAS VEGAS, Ferrari, Sky Sports, Thomson Locations: Las Vegas , Nevada, U.S, Vegas, London

☆ Plug Power shares dive on raising going concern doubts
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - Shares of Plug Power (PLUG.O) plunged nearly 30% in premarket trading on Friday after the hydrogen fuelcell maker raised going concern doubts. Plug has been facing liquidity issues and has lost more than half of its market capitalization since the start of the year. Its annual financial performance has also been impacted by "unprecedented" supply challenges in the hydrogen network in North America. The Latham, New York-based Plug said cash and equivalents at the end on Sept. 30 stood at $110.8 million. Plug on Thursday also reported a bigger loss for the three months ended Sept. 30 and its revenue of $198.7 million widely missed estimate of $228.2 million, according to LSEG data.

Persons: The Latham, J.P, Morgan, Bill Peterson, Tanay, Maju Samuel Organizations: U.S . Department Of Energy, Thomson Locations: North America, New York, Bengaluru

☆ Israel-Hamas war rocket attacks are leading oil tankers to make unusual moves near ports
▼ + stars: | 2023-10-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Giant gantry cranes and tracks in a container port, viewed from a moored cruise ship in Ashdod, Israel. The moves to evade detection come as shipping lines are also being advised to wait further offshore with rocket attacks reported at the ports of Ashdod and Eilat in Israel. Israel has closed the Port of Ashkelon, the country's biggest oil-importing port, because of rocket attacks. "This suggests that container lines are avoiding the Port of Ashdod, and potentially relying more on the Port of Haifa instead," Woitzik said. The ports of Ashdod and Haifa are the key ports for food imports.

Persons: There's, Homayoun Falakshahi, Ambrey, Falakshahi, Port, Mirko Woitzik, Woitzik, majeure Organizations: Getty, AIS, Israel, CNBC, tanker Sea Galaxy, Port, ICL Group, ICL, Rockets, Army, Evergreen Locations: Ashdod, Israel, Eilat, Port, Port of Haifa, Ashkelon, Haifa, Kpler, Gaza, Suez, Aqaba

☆ JetBlue might pay for your Uber trip if your flight is delayed. Here's how to get a free ride.
▼ + stars: | 2023-10-06 | by ( Hannah Towey | ) www.businessinsider.com time to read: +2 min

If your JetBlue flight is delayed or canceled you could qualify for a free Uber to a local hotel. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementJetBlue passengers impacted by overnight flight delays or cancelations could qualify for a free Uber voucher to a local hotel. In the case that JetBlue is unable to secure ground transportation itself, passengers have 10 days to submit receipts of their expenses to be reimbursed by the airline.

Persons: — Organizations: JetBlue, Service, Department of Transportation, Frontier Airlines

CNN —China appears to have suspended its surveillance balloon program following a major diplomatic incident earlier this year, when one of the country’s high-altitude spy balloons transited the United States, multiple sources familiar with US intelligence assessments told CNN. The apparent suspension of the program comes as both the US and China have sought to stabilize an increasingly tense relationship. The US assessed at the time that the spy balloon was part of an extensive surveillance program run by the Chinese military, CNN has previously reported. “We believe that (the balloon) did not collect while it was transiting the United States or flying over the United States, and certainly the efforts that we made contributed,” Pentagon Press Secretary Brig. The more sensitive radar systems led the US military to spot more unidentified objects in US airspace, however, leading to three additional shootdowns of unidentified high-altitude objects in the weeks following the Chinese balloon incident.

Persons: Liu Pengyu, majeure, ” Liu, Joe Biden, Xi Jinping, Xi “, Xi, ”, Biden, Antony Blinken, Nancy Pelosi, enraging Xi, Christopher Johnson, Johnson, ’ ” Johnson, Pat Ryder Ryder, Trump, Glen VanHerck Organizations: CNN, Communist Party, US, Economic Cooperation, CIA, Center for Strategic, International Studies, Foreign Ministry, FBI, Pentagon, Northern Command, North American Aerospace Defense Command Locations: China, United States, American, Beijing, Taiwan, Hainan, Alaska, Canada, Idaho, Montana, Asia, San Francisco, United

☆ A former Obama aide who advised Succession writers on their chaotic presidential election outcome hopes 'that ultimately, life does not imitate art'
▼ + stars: | 2023-08-29 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

Schultz wrote about how he helped craft the show's fictional presidential election. A former Obama White House aide who worked with writers on crafting the chaotic end to the show's fictional presidential election expressed hope that the brief chapter in the Roys' saga doesn't become real life. "With Succession, I can only hope we didn't predict the future and that, ultimately, life does not imitate art." Roman Roy, played by Kieran Culkin, teases his sister Shiv by saying "False Flag" repeatedly when she raises the possibility of a pro-Mencken plot. AdvertisementAdvertisement"So much for my political expertise," Schultz wrote of how he dismissed concerns about arson in actual political circles.

Persons: Eric Schultz, Schultz, doesn't, fixating, Eric Shultz, Jeryd Mencken, Kendall, Roman Roy, Jesse Armstrong, Armstrong, Darwin Perry, Adam Godley, Kieran Culkin, Shiv, Mencken, Politico's Zach Montellaro, Donald Trump, Mike Pence Organizations: HBO's, Service, Obama White House, White, Hollywood, HBO, Republican, ATN, Democratic, Electoral College Locations: Wall, Silicon, Milwaukee

Brent crude was down 36 cents at $84.10 a barrel by 11:45 a.m. EDT (1545 GMT). China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Amplifying demand concerns, U.S. central bank officials have not ruled out further interest rate hikes to contain inflation. A preliminary Reuters poll showed that crude oil and gasoline inventories were expected to have fallen last week, with data from American Petroleum Institute due later on Tuesday. Separately on Monday, Shell (SHEL.L) said it was investigating a possible leak on the 180,000 bpd Trans Niger oil pipeline, though no force majeure has been declared.

Persons: Lucy Nicholson, Brent, Jim Ritterbusch, majeure, Natalie Grover, Paul Carsten, Muyu Xu, Katya Golubkova, Tomasz Janowski, David Evans, David Goodman, David Gregorio Our Organizations: REUTERS, Companies Shell, West Texas Intermediate, Saudi, Ritterbusch, Associates, American Petroleum Institute, of Commerce, Shell, Thomson Locations: Bakersfield , California, China, Russian, Galena , Illinois, U.S, Iraqi, Turkey, Iraq, Saudi, Niger, London, Singapore, Tokyo

It's likely that workers at the Chevron (CVX.N) plants will join their Woodside colleagues in authorising industrial action, which could then be launched with a seven-day notice period. The worst-case scenario is that industrial action is prolonged and forces a total shutdown of the three plants. The most likely outcome for the time being remains limited industrial action, ongoing negotiations and an eventual settlement that sees the unions get some of what they want, most likely in exchange for some longer-term guarantees. LNG imports by Asia, Europe vs spot Asia priceASIA IMPORTS RISINGAsia's imports for August are expected to lift to 22.86 million metric tons, according to data compiled by commodity analysts Kpler. This would be up from 21.61 million metric tons in July and would be the strongest month since January's 23.37 million.

Persons: Dado Ruvic, It's, Europe's, Shri Navaratnam Organizations: REUTERS, Rights, Woodside Energy, West, Offshore Alliance, Chevron, Woodside, Kpler, Reuters, Thomson Locations: Rights LAUNCESTON, Australia, Woodside, Western Australia, Asia, Europe, North Asia, ASIA, Japan, South Korea, South, Russia, Ukraine

☆ Tennessee natgas pipeline declares force majeure due to fire
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

The headquarters of U.S. energy exporter and pipeline operator Kinder Morgan Inc. is seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams Acquire Licensing RightsAug 18 (Reuters) - Kinder Morgan (KMI.N) unit Tennessee Gas Pipeline on Friday declared force majeure due to an explosion and fire caused by equipment failure at a compressor station near Centerville in Hickman County. The fire was extinguished, and there were no injuries and all personnel had been evacuated, the company told Reuters in an email, adding that Highway 48 has been isolated and closed as a precaution. Tennessee Pipeline is an interstate natural gas pipeline system that gathers gas from basins between Texas and Alabama and delivers it to the Northeast, Midwest and Southeast. Reporting by Seher Dareen and Rahul Paswan in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Gary McWilliams, Kinder Morgan, Seher Dareen, Rahul Paswan, Marguerita Choy Organizations: Kinder Morgan Inc, REUTERS, Tennessee Gas Pipeline, Reuters, Tennessee Pipeline, Thomson Locations: Houston , Texas, U.S, Centerville, Hickman County, Texas, Alabama, Midwest, Bengaluru

FRANKFURT/LONDON, July 26 (Reuters) - German industry is finding new ways to transport cargoes from coal to chemicals as increasingly frequent low water levels on the Rhine disrupt Europe's largest economy. At Kaub , the critical chokepoint for Rhine barges, water levels fell to their lowest this year earlier this week. ARTERY OF THE ECONOMYThe impact of low water levels is not limited to big business. But logistics firms are benefiting from rising demand for vessels adapted to lower river levels. "We expect, due to climate change, that the extremes on the river Rhine will happen more often," said Maickel Uijtewaal, general manager at Stolt-Nielsen (SNI.OL).

Persons: Uwe Arndt, Barbara Hoyer, majeure, Roberto Spranzi, Maickel Uijtewaal, Steffen Bauer, Christoph Steitz, Vera Eckert, Ludwig Burger, Patricia Weiss, Rene Wagner, Nette, Tom Kaeckenhoff, Matthias Inverardi, Vincent Flasseur, Barbara Lewis Organizations: Federal Waterways, Shipping Agency, Reuters Graphics, Cologne, BASF, Reuters Graphics Reuters, Kiel Institute, Deutsche Bank, Reuters, Stolt, Nielsen, HGK Shipping, Daniels, Midland Co, Chemicals, Thomson Locations: FRANKFURT, LONDON, Kaub, Europe, Reuters Graphics Germany, Ludwigshafen, HGK, Frankfurt, Berlin, Duesseldorf, London

Four dealers confirmed that export contracts of around 2 million metric tons of rice, worth $1 billion, are at the risk of being cancelled. Before the export ban, India used to sell around 500,000 tons of non-basmati white rice every month, Gupta said. Now, prices are likely to drop, and the traders are likely to suffer losses, said a New-Delhi-based dealer with a global trade house. Traders say while global prices will go up because of India's export ban, local rates are likely to drop. Top buyers of Indian non-basmati rice include Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh and Nepal.

Persons: Nitin Gupta, Gupta, B.V, Krishna Rao, Rao, Rice, Rajendra Jadhav, Mayank Bhardwaj, Sharon Singleton Organizations: Traders, Olam Agri India Ltd, Reuters, Rice, Association, El, Thomson Locations: MUMBAI, India, Mumbai, Delhi, Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh, Nepal, Asia

☆ Putin says Russian economy faring better than expected
▼ + stars: | 2023-07-05 | by ( Lidia Kelly | ) www.reuters.com time to read: +2 min

July 5 (Reuters) - President Vladimir Putin said late on Tuesday that the Russian economy was performing better than expected after Prime Minister Mikhail Mishustin reported to him that gross domestic product growth and inflation have been surprisingly positive. GDP growth may exceed 2% this year and consumer price inflation may not rise above 5% in annual terms, Mishustin told Putin at a meeting at the Kremlin. The International Monetary Fund expects the Russian economy to grow 0.7% this year. "Our results, at least for the time being, let's say, cautiously, are better than previously expected, better than predicted," Putin said, according to a transcript on the Kremlin's website. On Tuesday, Mishustin told Putin that he had confidence that if there was no force majeure circumstances, the economy would perform well this year.

Persons: Vladimir Putin, Mikhail Mishustin, Mishustin, Putin, Kyiv's, Russia's technocrats, Vladimir Vladimirovich, Anton Siluanov, Lidia Kelly, David Gregorio, Michael Perry Organizations: Kremlin, Monetary Fund, Reuters, Moscow, Monetary, Thomson Locations: Ukraine, Russia, Melbourne

☆ The Chinese spy balloon shot down by the US military was rife with off-the-shelf, American-made technology: reports
▼ + stars: | 2023-06-30 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +3 min

The Chinese spy balloon that flew over the United States was reportedly loaded with American tech. That technology assisted in the gathering of photos and videos, The Wall Street Journal reported. The balloon was shot down off the coast of South Carolina by the US military earlier this year. The Pentagon said on Thursday, however, that the Chinese balloon did not collect information as it flew across the country. Chinese officials have admitted the downed balloon belonged to China but have repeatedly insisted it was a weather balloon that blew off course.

Persons: —, Biden, Patrick Ryder, majeure, Mao Ning Organizations: Street Journal, Service, FBI, NBC, US Air Force, US, Wall Street Journal, Pentagon, CNN, Foreign Ministry Locations: United States, South Carolina, Alaska, Canada, Beijing, China

☆ Lithium miner Premier's shares slide on Zimbabwe force majeure
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

HARARE, June 26 (Reuters) - Shares in Premier African Minerals (PREM.L) plunged 40% on Monday after the company declared force majeure at its Zimbabwe lithium mine, citing a defect at its processing plant. Premier said it issued a force majeure notice to Canmax on June 25 because milling problems at its recently completed plant had affected production plans. "The company is unable to deliver product within the stipulated dates as set out in the agreement," Premier said. Triggering a force majeure clause in contracts allows certain terms of an otherwise legally binding agreement to be ignored because of unavoidable circumstances. However, in the context of the current stage of discussions with Canmax in respect of the amended agreement, Premier will now engage with these other interested parties," it said.

Persons: majeure, Canmax, Nelson Banya, David Goodman Organizations: African Minerals, China's, Premier, Canmax, Thomson Locations: HARARE, Zimbabwe, Canmax, China, Europe

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