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☆ UAE oil giant raises climate goal ahead of key UN summit
▼ + stars: | 2023-07-31 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

The United Arab Emirates supplies nearly 3% of global oil, which is a major source of greenhouse gases. ADNOC said its upstream carbon intensity was around 7 kilograms of carbon dioxide equivalent per barrel of oil equivalent, which is among the lowest in the world. On Monday, it said it aimed to cut carbon intensity by 25% by 2030. Intensity-based targets measure the amount of GHG emissions per unit of energy or barrel of oil and gas produced. It said on Monday its 2022 methane intensity was about 0.07% and its upstream carbon intensity was around 7 kilograms of carbon dioxide equivalent per barrel of oil equivalent, its first such disclosures.

Persons: Sultan, Jaber, ADNOC, Yousef Saba, Hadeel Al Sayegh, Ron Bousso, Nadine Awadalla, Louise Heavens, Alexander Smith Organizations: Abu Dhabi National Oil Company, United Arab Emirates, Dubai, United, Saudi Aramco, U.S, Exxon, Aramco, Thomson Locations: DUBAI, Abu Dhabi, UAE, United Nations, Saudi

LONDON, July 11 (Reuters) - Global hedge funds not specialising in crypto assets have grown skittish from recent industry turmoil and this has lead to an exit from the sector, a survey showed on Tuesday. The proportion of traditional hedge funds investing in crypto-assets has dropped to 29% this year from 37% in 2022, the report by PWC and the Alternative Investment Management Association (AIMA) said. Traditional hedge funds that avoided trading in crypto said deterrents included reputational risk, a lack of clear guidance from regulators and tax authorities and unreliable data. Hedge funds that are invested in crypto mostly use bitcoin or Ethereum. Almost half of hedge funds that were already trading crypto said they would put more money in, but that crypto only accounted for 2% of assets under management.

Persons: PWC, bitcoin, Jack Inglis, Nell Mackenzie, Elizabeth Howcroft, Dhara Ranasinghe, Alexander Smith Organizations: Global, Alternative Investment Management Association, Investors, Reuters, Thomson

Foxconn (2317.TW) withdrew from the JV with the Indian metals-to-oil conglomerate on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem." India expects its semiconductor market to be worth $63 billion by 2026, but Modi's plan has so far floundered. The $3 billion ISMC project is stalled because Tower is being acquired by Intel, while another $3 billion plan by IGSS was also halted because it wanted to re-submit its application, Reuters has reported. Like Foxconn, the Indian government has said the breakup of the JV had "no impact" on India's semiconductor plans, adding that both companies were "valued investors" in the country.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, IGSS, Ann Wang, Vedanta, Anil Agarwal, Vedanta's, Yimou Lee, Ben Blanchard, Tanvi Mehta, Aditya Kalra, Jacqueline Wong, Sonali Paul, Alexander Smith Organizations: India, JV, Vedanta, TW, Semiconductors, IGSS Ventures, ISMC, Intel, Reuters, REUTERS, Vedanta's, Vedanta Ltd, Vedanta Resources, Thomson Locations: chipmaking, India, TAIPEI, MUMBAI, Singapore, New Taipei City, Taiwan, Vedanta's India, Vedanta's London, Taipei, Mumbai, New Delhi, Pandya, Bengaluru

ZURICH, July 11 (Reuters) - A rare Swiss parliamentary investigation due to start this week aims to establish what went wrong before the dramatic fall of Credit Suisse, once Switzerland's second biggest bank. It was apparent that Credit Suisse was in difficulties over the last two years after a string of scandals, with customers withdrawing money on a massive scale at the end of 2022. Could the central bank have done more, for example by promising Credit Suisse unlimited liquidity to reassure customers and stem the outflow of funds? It is unclear whether Credit Suisse and UBS executives are obliged to appear if asked, but they are expected to do so due to intense political and public pressure. POSSIBLE OUTCOMESWhile some experts have said the inquiry offers the Swiss authorities an opportunity to redeem themselves, others have warned it could simply become political theatre.

Persons: Peter V Kunz, Isabelle Chassot, Franziska Ryser, John Revill, Tomasz Janowski, Alexander Smith Organizations: Credit Suisse, UBS, Bern University, Swiss, Swiss National Bank, Suisse, Swiss People's Party, Social Democrats, Greens, Green Liberals Party, Thomson Locations: ZURICH, Swiss, Switzerland, Mitte

☆ S&P Global's top economist sees dollar dominance diminishing
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 11 (Reuters) - The dollar's grip as the dominant global currency is loosening, credit rating agency S&P Global's top economist said on Tuesday. The dollar "doesn't have quite the pull it used to," Paul Gruenwald, S&P's chief economist, said at a conference hosted by the ratings firm in London. Gruenwald pointed to a number of examples where countries were now circumventing the dollar: "We've got other things happening outside of the dollar world". "The U.S. (dollar) will continue to be a leading world currency, (but) it will no longer be the dominant world currency," Gruenwald said. Reporting by Libby George; Editing by Marc Jones and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Gruenwald, We've, Gruenwald, Libby George, Marc Jones, Alexander Smith Organizations: Asia Infrastructure Investment Bank, New Development Bank, Thomson Locations: London, China

LONDON, July 11 (Reuters) - Europe's gas consumption has fallen by 10% to 15% compared with the decade before Russia's invasion of Ukraine as high prices enforce sharp cuts, especially by energy-intensive industries. Chartbook: Europe gas consumptionBy May 2023, prompt gas prices had fallen by 85% from their August 2022 peak as panic-buying for storage ended and a mild winter left Europe with record gas stocks at the end of winter. Some capacity has yet to re-open fully because long-term gas prices are too high to make resuming operations profitable. Europe averted gas shortages during winter 2022/23 but at the cost of significant de-industrialisation, which will be hard to reverse unless prices fall significantly. Related columns:- Europe’s gas storage space is filling too fast (July 6, 2023)- Europe’s gas prices stabilise as storage additions slow (June 8, 2023)- Europe's extraordinary good fortune with winter weather (April 18, 2023)- Europe only has space for a small gas refill in 2023 (April 14, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Alexander Smith Organizations: Eurostat, Thomson, Reuters Locations: Ukraine, Europe, Germany, France, Spain, Italy

☆ France to supply Ukraine with long-range cruise missiles
▼ + stars: | 2023-07-11 | by ( John Irish | ) www.reuters.com time to read: +2 min

A French diplomatic source said they were talking about 50 SCALP missiles produced by European manufacturer MBDA. The missiles would come from existing French military stocks, a French military source told reporters, adding that it would be a "significant number". Paris has previously supplied Mistral shoulder-launched anti-aircraft missiles to Ukraine and Crotale short-range anti-air missiles, which are used to intercept low-flying missiles and aircraft. The missiles were being integrated into Ukrainian Russian-made warplanes, the French military source said. "There are guarantees for (restricting) the use of these missiles to internationally-recognised borders of Ukraine," the military source said.

Persons: Emmanuel Macron, Macron, MBDA, Paris, John Irish, Sabine Siebold, Alex Richardson, Alexander Smith Organizations: NATO, Franco, Thomson Locations: VILNIUS, France, Ukraine, French, Lithuania, Paris, United States, Britain, British, Ukrainian Russian, Russia, Kyiv

☆ Oil steady as demand woes from weak economic data offset by OPEC+ cuts
▼ + stars: | 2023-07-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, July 10 (Reuters) - Oil prices were little changed on Monday in choppy trading as demand woes after weak economic data from top consumers the United States and China were offset by expected crude supply cuts from Saudi Arabia and Russia. "Oil traders may be cautious ahead of the U.S. CPI (Consumer Price Index) and China's slew of economic data later this week," CMC Markets analyst Tina Teng said of inflation data due on Wednesday. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. However, crude prices could rebound after producer group OPEC+ announced plans to reduce supply further, Teng added. Money managers stepped up net long positions in oil futures and options contracts in the latest weekly data.

Persons: Brent, Tina Teng, Loretta Mester, Teng, Ole Hansen, Hansen, Arathy Somasekhar, Noah Browning, Florence Tan, Emily Chow, Alexander Smith, David Goodman, Peter Graff Organizations: . West Texas, U.S . CPI, Consumer, CMC, U.S . Federal Reserve, Federal Reserve Bank, Cleveland, OPEC, International Energy Agency, Saxo Bank, Money, Thomson Locations: United States, China, Saudi Arabia, Russia, ., Saudi, WTI, Brent

TAIPEI/BENGALURU, July 10 (Reuters) - Taiwan's Foxconn said on Monday it has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi's home state of Gujarat. "Foxconn (2354.TW) has determined it will not move forward on the joint venture with Vedanta," the electronics maker said in a statement, without elaborating on the reasons. India, which expects its semiconductor market to be worth $63 billion by 2026, last year received three applications to set up plants under a $10 billion incentive scheme. These were from the Vedanta-Foxconn joint venture, a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner and from Singapore-based IGSS Ventures.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Vedanta, Foxconn, Modi, STMicro, IGSS, Munsif, Ben Blanchard, Aditya Kalra, Louise Heavens, Jason Neely, Alexander Smith Organizations: Vedanta, Apple, Reuters, IGSS Ventures, Intel, Thomson Locations: TAIPEI, BENGALURU, India, Gujarat, Singapore, Bengaluru, Taipei, New Delhi

☆ Foxconn withdraws from $19.5 bln Vedanta chip plan in India
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Here is a timeline of how events have unfolded since the signing of the $19.5 billion joint venture:* Feb. 14, 2022: Foxconn partners with Vedanta to make semiconductors in India in a bid to diversify its business. * Sept. 13, 2022: Vedanta and Foxconn sign pacts to invest $19.5 billion to set up semiconductor and display production. * Sept. 14, 2022: Vedanta's Anil Agarwal says the Indian metals-to-oil conglomerate does not see funding problems for the JV. * May 31, 2023: Reuters reports that Vedanta-Foxconn JV proceeding slowly as talks to involve STMicroelectronics (STMPA.PA) are deadlocked. * July 10, 2023: Foxconn drops Vedanta chip JV, without specifying a reason.

Persons: Foxconn, Narendra Modi's chipmaking, Vedanta, Vedanta's Anil Agarwal, Chandrasekhar, Tanvi Mehta, Alexander Smith Organizations: Vedanta, Indian, JV, Reuters, Thomson Locations: DELHI, India, Gujarat

☆ Saudi National Bank was denied taking 40% Credit Suisse stake, Blick reports
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

VIENNA, July 9 (Reuters) - Saudi National Bank wanted to increase its stake in Credit Suisse to around 40% from 9.88%, but was prevented from doing so by Swiss regulator FINMA, Blick newspaper reported on Sunday. FINMA must give its approval for a foreign investor to take a stake of more than 10% in a major Swiss bank. Credit Suisse declined to comment. FINMA and Saudi National Bank (1180.SE) were not immediately available for comment. The deal converted Saudi National Bank's stake in Credit Suisse into just 0.5% of UBS.

Persons: FINMA, Blick, Francois Murphy, Rachna Uppal, Alexander Smith Organizations: Saudi National Bank, Credit, UBS, Credit Suisse, Swiss, Saudi National, Thomson Locations: VIENNA, Credit Suisse, Swiss, Saudi, Dubai

"There's no real consensus at the moment about the increase in interest rates among economic actors," Jeremie Delecourt, chief operating officer at French private equity fund Ardian, told Reuters. In the euro zone, the peak is near after a combined 4 percentage points rise in the past year, ECB policymaker and French central bank governor Francois Villeroy de Galhau said on a panel at the conference. But he also said that rates would be left high for as long as necessary to ensure that inflation is headed back to the European Central Bank's 2% target by 2025. The ECB raised interest rates to their highest level in 22 years last month and promised another hike this month, with possibly another in September. "I see quite a bit of optimism in the short term, but I see a lot of downside risks if there is a policy mistake, especially from the central banks," she added.

Persons: Jeremie Delecourt, Francois Villeroy de Galhau, Jean, Louis Girodolle, Lazard, Mario Draghi's, Somersan Coqui, Daniel Barneix, Barneix, Veronika Grimm, Leigh Thomas, Alexander Smith Organizations: Reuters, ECB policymaker, Central, ECB, Atlantic, Allianz Trade, Thomson Locations: PROVENCE, France, United States, Europe, Aix, Provence

☆ French central bank head warns against raising ECB inflation target
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

AIX-EN-PROVENCE, France, July 9 (Reuters) - France's central bank head Francois Villeroy de Galhau pushed back on Sunday against a suggestion from some French economists to raise the European Central Bank's (ECB) 2% inflation target. The aim is to bring inflation down to the 2% target by 2025, Villeroy said at an economics conference in the southern French city of Aix-en-Province. Former IMF chief economist, Frenchman Olivier Blanchard, has long called for a higher inflation target than the 2% shared by most major central banks, arguing that the increased flexibility that would provide would outweigh the costs. In response, Villeroy said that a higher inflation target was a "false good idea" and would lead to higher rather than lower borrowing costs. "If we announced our inflation target is no longer 2% but 3%, lenders would immediately demand higher interest rates, at least 1% (more)" in anticipation of higher inflation and uncertainty Villeroy said.

Persons: Francois Villeroy de Galhau, Villeroy, Frenchman Olivier Blanchard, Patrick Artus, Bruno Le Maire, Andrew Bailey, Leigh Thomas, William Schomberg, Elaine Hardcastle, Alexander Smith Organizations: Bank's, Former IMF, Veteran, French Finance, Bank of England, Thomson Locations: PROVENCE, France, French, Aix, Province, London

☆ Libya says Rome lifts civil aviation ban in Italian airspace
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

TRIPOLI, July 9 (Reuters) - Italy has lifted a 10-year-long ban on Libyan civil aviation using Italian airspace, with flights due to resume from September, the Libyan government said on Sunday. There are currently few airlines operating flights in and out of Libya, a country that has suffered more than a decade of chaos and conflict since Muammar Gaddafi's downfall in 2011. Italian Prime Minister Giorgia Meloni informed her Libyan counterpart Abdulhamid al-Dbeibah of the decision on Sunday, the Libyan government said in a statement. Flights out of Libya have long been limited to destinations such as Tunisia, Jordan, Turkey, Egypt and Sudan, with the European Union banning Libyan civil aviation from its airspace. Libyan and Italian authorities agreed that flights would be operated by one carrier from each country, the statement said.

Persons: Muammar Gaddafi's, Giorgia Meloni, Abdulhamid, Adam Makary, Tom Perry, Elaine Hardcastle, Alexander Smith Organizations: Italian, Libyan, Union, Thomson Locations: TRIPOLI, Italy, Libya, Tunisia, Jordan, Turkey, Egypt, Sudan, Cairo, Beirut

☆ Boat sinking off Tunisia leaves one dead, at least 10 migrants missing
▼ + stars: | 2023-07-09 | by ( Tarek Amara | ) www.reuters.com time to read: +1 min

TUNIS, July 9 (Reuters) - At least 10 Tunisian migrants were missing and one died after their boat sank off Tunisia as they tried to cross the Mediterranean to Italy, a judicial official said on Sunday. The latest tragedy raises the number of dead and missing off the North African country's coasts to more than 600 in the first half of 2023, far more than in any previous year, according to figures compiled by Reuters. Tunisia's coastguard rescued 11 people from the boat, which set off from the coast off the town of Zarzis, Faouzi Masmoudi, a judge in the city of Sfax, told Reuters. Tunisia is under pressure from European countries to stop large numbers of people departing from its coasts. Reporting by Tarek Amara; Editing by Alison Williams and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Faouzi, Kais Saied, Tarek Amara, Alison Williams, Alexander Smith Organizations: Reuters . Tunisia's coastguard, Reuters, Tunisian, Economic, Social Rights, coastguard, Thomson Locations: TUNIS, Tunisia, Italy, Libya, Africa, Europe, African, Zarzis, Sfax, sinkings, Tunisia's

☆ The 21 new cardinals named by Pope Francis on Sunday
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

VATICAN CITY, July 9 (Reuters) - Pope Francis announced on Sunday that he would induct 21 churchmen to the high rank of cardinal in September. The following are set to become cardinals:Cardinal Electors under 801 - Archbishop Robert Prevost, American, Vatican official, head of the Dicastery for Bishops2 - Archbishop Claudio Gugerotti, Italian, Vatican official, head of the Dicastery for the Eastern Churches3 - Archbishop Víctor Fernández, Argentine, Vatican official, head of the Dicastery for the Doctrine of the Faith4 - Archbishop Emil Tscherrig, Swiss, Vatican ambassador to Italy5 - Archbishop Christophe Pierre, French, Vatican ambassador to the United States6 - Archbishop Pierbattista Pizzaballa, Italian, Latin Patriarch of Jerusalem7 - Archbishop Stephen Brislin, South African, Archbishop of Cape Town8 - Archbishop Ángel Rossi, Argentine, Archbishop of Córdoba9 - Archbishop Luis Aparicio, Colombian, Archbishop of Bogotá10 - Archbishop Grzegorz Ryś, Polish, Archbishop of Lodz11 - Archbishop Stephen Mulla, Sudanese, Archbishop of Juba, South Sudan12 - Archbishop José Cano, Spanish, Archbishop of Madrid13 - Archbishop Protase Rugambwa, Tanzanian, Archbishop of Tabora14 - Bishop Sebastian Francis, Malaysian, Bishop of Penang15 - Bishop Stephen Chow Sau-Yan, Bishop of Hong Kong16 - Archbishop François-Xavier Bustillo, Spanish-French, Bishop of Ajaccio, Corsica. 17 - Bishop Américo Alves Aguiar, Portuguese, Auxiliary Bishop of Lisbon18 - Father Ángel Fernández Artime, Spanish, head of the Salesian orderOver 80 and not eligible to enter a conclave19 - Archbishop Agostino Marchetto, Italian, former Vatican diplomat20 - Archbishop Diego Padrón Sánchez, Venezuelan, Archbishop Emeritus of Cumaná. 21- Father Luis Dri, Argentine priestReporting by Philip Pulella and Federico Maccioni; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Pope Francis, Cardinal, Robert Prevost, Claudio Gugerotti, Víctor Fernández, Emil Tscherrig, Christophe Pierre, Pierbattista Pizzaballa, Stephen Brislin, Ángel Rossi, Luis Aparicio, Grzegorz Ryś, Stephen Mulla, of, José Cano, Protase Rugambwa, Bishop Sebastian Francis, Bishop Stephen Chow Sau, Bishop, François, Xavier Bustillo, Bishop of, Bishop Américo Alves Aguiar, Ángel Fernández, Agostino Marchetto, Diego Padrón Sánchez, Luis Dri, Philip Pulella, Federico Maccioni, Alexander Smith Organizations: CITY, Cardinal Electors, Vatican, Bishops, Cape, Argentine, Salesian, Cumaná, Thomson Locations: Argentine, Italy, Vatican, United States, Jerusalem, South, Córdoba, Bogotá, Lodz, of Juba, South Sudan, Madrid, Tabora, Bishop, Penang, Hong Kong, Spanish, Bishop of Ajaccio, Corsica, Portuguese, Lisbon

☆ Paris protest over police violence banned in aftermath of riots
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +3 min

PARIS, July 8 (Reuters) - Paris police banned a protest on Saturday against violence by the force, a week after France was rocked by riots sparked by the killing of a teenager in a suburb of the French capital. French authorities and politicians including President Emmanuel Macron have denied institutional racism within the country's law enforcement agencies. The demonstration against alleged police violence and racial discrimination was initially planned as a march in Beaumont-sur-Oise, another Paris suburb, where Traore died in 2016. Separately, the French foreign ministry on Saturday denied a UN Committee on the Elimination of Racial Discrimination (CERD) allegation of racial discrimination and excessive use of force by French law enforcement officials. "Any accusation of systemic racism or discrimination by law enforcement in France is unfounded", the foreign ministry said, echoing similar statements it has made previously.

Persons: Emmanuel Macron, Nahel, Adama Traore, Frenchman, George Floyd, Traore, Mathilde Panot, Tassilo Hummel, Alexander Smith Organizations: la Republique, UN, Thomson Locations: Paris, France, la, United States, Beaumont, sur, Oise, Marseille, Strasbourg, Nahel

☆ Russian defence minister Shoigu shown inspecting troops
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 8 (Reuters) - Russian Defence Minister Sergei Shoigu has inspected troops and overseen training of newly formed units made up of contracted servicemen, his ministry said on Saturday. The ministry released video footage on its Telegram channel showing Shoigu in khaki military fatigues inspecting soldiers at a shooting range, in his first public appearance with troops since last month's aborted mutiny by the Wagner mercenary group. The ministry did not say when the video was filmed or when the inspection took place. Shoigu said on Monday that the mutiny did not affect Russia's "special military operation" in Ukraine. "The Minister of Defence of the Russian Federation personally checked the training of contract servicemen in combat operations in various conditions, including urban combat," the defence ministry said on Saturday.

Persons: Sergei Shoigu, Wagner, Shoigu, Yevgeny Prigozhin, Valery Gerasimov, Alexander Lukashenko, Vladimir Soldatkin, Alexander Smith Organizations: Russian Defence, Moscow, Kremlin, Defence, Russian Federation, Thomson Locations: MOSCOW, Ukraine, Russian, Rostov

LONDON, July 7 (Reuters) - As Thames Water's financial troubles raise questions about such investments, Britain will next week try to persuade pension schemes to plough billions of pounds into infrastructure and start-ups in its next leg of post-Brexit reforms. British Finance Minister Jeremy Hunt will on Monday set out the government's latest thinking on getting cash locked up in pension pots to work in the economy. The Conservative government's long-trailed policy focuses on persuading pension schemes to invest a portion of their money in infrastructure, start-ups and 'green' technology. But the problems at Thames Water, which is battling for survival under 14 billion pounds ($18 billion) of debt, would leave some pension schemes that had made large investments in it embarrassed, said independent pensions consultant John Ralfe. The finance ministry had no immediate comment on Hunt's speech, but the pensions industry has already said it opposes mandatory investment quotas.

Persons: Jeremy Hunt, Hunt, John Ralfe, Ralfe, Nobody, Huw Jones, Alexander Smith Organizations: Thames, British, Conservative, Amsterdam, London, EU, Thomson Locations: Britain, London's, New York, London

RBI has not yet outlined its plan to supervisors at the European Central Bank (ECB), two people with knowledge of its dealings with the central bank said, making a spin-off unlikely by September. Furthermore, the approval of Russia's central bank, finance ministry and, in the event of a sale, even Russian President Vladimir Putin, will be needed before RBI acts. The ECB urged RBI not to pay a dividend this year because of its concerns over Russia, one of the people said. Austria's central bank and the ECB declined to comment. Another source said he has urged the U.S. not to pressure RBI.

Persons: Raiffeisen, Vladimir Putin, UniCredit, month's Wagner, Robert Holzmann, Christine Lagarde, Magnus Brunner, Brian Nelson, Francesco Canepa, John O'Donnell, Alexander Smith Organizations: Raiffeisen, Reuters, Austrian, European Central Bank, ECB, Treasury, Foreign Assets, OFAC, U.S, Thomson Locations: VIENNA, Russia, Austria, Moscow, U.S, Ukraine, Europe, Washington, Vienna, Soviet, Austrian, United States, Frankfurt

☆ Saudi Arabia hikes most August oil prices to Asia after supply cuts
▼ + stars: | 2023-07-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowJuly 7 (Reuters) - Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/Dubai quotes, the state oil giant said in a statement. Saudi Arabia on Monday announced it would draw out its 1 million barrels-per-day (bpd) voluntary cut to oil production to August and left the door open to extend the trim further. The more expensive Saudi oil would further weigh on the thin refining margins in Asia and prompt refiners to seek alternatives from other Middle Eastern suppliers or from regions such as the U.S. and West Africa, considering the spread between Brent- and Dubai-pegged oil has narrowed. Meanwhile, the OSP to the United States was also raised by 10 cents in August from the prior month at $7.25 versus ASCI.

Persons: refiners, Muyu Xu, Brijesh Patel, David Goodman, David Evans, Alexander Smith Organizations: Saudi Arabian Oil, Saudi Aramco, Reuters, Saudi, Monday, Renaissance Energy, Thomson Locations: Saudi Arabia, OPEC, Saudi, Asia, Oman, Dubai, West Africa, Brent, Singapore, Europe, United States

☆ Germany says preparing for possible China export control impact
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

In 2022, China supplied 27 tonnes of gallium to Germany, accounting for 55% of total imports. Regarding germanium, China supplied 3 tonnes, or 75%, according to data supplied by the Federal Institute for Geosciences and Natural Resources (BGR). A German industry representative said earlier on Wednesday that China's decision may be in response to U.S. trade restrictions, but its impact will also be felt in Europe. "It is not yet possible to predict whether these measures will have an impact on our supply of these raw materials," Franziska Brantner, state secretary in Germany's economy ministry, told Reuters. "Based on what is known so far is initially only an export control measure, not restrictions," Brantner said.

Persons: Holger Kunze, Kunze, Franziska Brantner, Brantner, Germany's, Christoph Steitz, Riham, Rachel More, Friederike Heine, Alexander Smith, David Gregorio Our Organizations: Federal Institute for Geosciences, Natural Resources, Reuters, Thomson Locations: BERLIN, China, Beijing, United States, Germany, U.S, Europe, Brussels

☆ Oil prices rise 2% as market weighs supply cuts against economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 4 (Reuters) - Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. The total cuts now stand at more than 5 million bpd, or 5% of global oil output. "Clearly, the Saudis are taking proactive and pre-emptive steps to stabilize the price of crude oil as well as see gains to reach $80 a barrel to sustain their domestic budgets," said Andrew Lipow, president of Houston-based Lipow Oil Associates. Even so, the market will wait to verify Russia's announced cuts, and concerns continue that high interest rates will weigh on global demand, Lipow said. Oil benchmarks settled about 1% down in the previous session, as a gloomy macroeconomic outlook served to erase early gains.

Persons: Tamas Varga, Andrew Lipow, Russia's, Lipow, Craig Erlam, Natalie Grover, Rod Nickel, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith, David Goodman, Bill Berkrot Organizations: Brent, . West Texas, Houston, Lipow Oil Associates, Independence, International Energy Agency, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Winnipeg , Manitoba, Houston, Singapore

The London Metal Exchange (LME) index of base metals has sunk from a January high of 4,356 to 3,704. LME metals relative performance in H1 2023RELATIVE WEAKNESSOnly one core LME metal bucked the generally weaker trend in the first half of the year. Not that you would know it from LME nickel stocks, which fell by 16,872 metric tons, or 32%, over the first six months of 2023. LME copper stocks also fell by 18,850 metric tons over the first half of the year to 69,700 metric tons, half of which is cancelled and awaiting physical load-out. Indeed, LME zinc stocks have seen heightened cancellation activity over the last couple of weeks with 20% of registered inventory now awaiting load-out.

Persons: Tin, Sweden's, Goldman Sachs, Alexander Smith Organizations: PMI, London Metal Exchange, Citi . Grid, Citi, Shanghai Futures Exchange, Reuters, Thomson Locations: China, Europe, United States, Ireland, CHINA

☆ Oil up as market weighs supply cuts against gloomy economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 4 (Reuters) - Oil prices ticked higher on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against a weak global economic outlook. However, oil benchmarks settled down about 1% in the previous session, after an initial rally, on the back of a gloomy macroeconomic outlook. Tuesday morning trade suggests little has changed in oil dynamics despite Monday's announcements, Craig Erlam, OANDA analyst told Reuters. Even before these new cut announcements, International Energy Agency (IEA) data suggested the oil market was set to show a supply deficit of roughly 2 million bpd in the third and fourth quarters, noted Commerzbank analysts. Still, oil prices did not jump significantly on the news, largely due to demand concerns, particularly given sluggish economic recovery in China following the lifting of coronavirus restrictions.

Persons: Tamas Varga, Craig Erlam, Natalie Grover, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith Organizations: Brent, . West Texas, Reuters, International Energy Agency, Independence, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Houston, Singapore

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