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☆ Exclusive: Russia's Taman port set to suspend LPG exports over drone danger
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Rail operators in Russia and Kazakhstan have already declared plans to restrict cargo shipments towards Taman, which accounts for around 7.5% of Russia's total LPG exports. "Taman is suspending LPG transhipment as it is dangerous after all those (drone) attacks - the gases are most explosive," one of the sources said. Tamanneftegaz, the operator of the Taman transhipment complex, which also handles crude oil and oil products, did not respond to a request for comment. Two of the sources said LPG operations at the Taman transhipment complex, which has a capacity of 20 million tonnes of cargoes per year, would be mothballed indefinitely. According to the available data, railway supplies of LPG to Taman from Russia's and Kazakhstan's suppliers stood at 192,000 tonnes in January - May.

Persons: Guy Faulconbridge, Barbara Lewis Organizations: Reuters, Rail, Taman, Thomson Locations: MOSCOW, Taman, Russia, Moscow, Crimea, Ukraine, Kazakhstan, Black, Russia's, Kazakh, Poland, China

STOCKHOLM, June 1 (Reuters) - IKEA stores owner Ingka group has announced the official start of work on its delayed first store in New Zealand, which it predicts will be followed by other outlets as the Asia-Pacific region recovers from the COVID-19 pandemic and macro-economic shocks. Head of Retail at Ingka group Tolga Oncu told Reuters preliminary opening dates were often subject to change. Asked about possible stores in other parts of New Zealand, Oncu said he did not expect the one in Auckland to be enough. "So one can expect that IKEA in the long term is going to continue to look for opportunities to expand in New Zealand," he said. Globally, there are more than 450 IKEA stores, most of which are owned by the Ingka group.

Persons: Oncu, Ingka, Marie, Lucy Craymer, Barbara Lewis Organizations: IKEA, Reuters, Marie Mannes, Thomson Locations: STOCKHOLM, New Zealand, Asia, Pacific, Auckland , New, Auckland, Europe, Australia, Stockholm, Wellington

☆ Getty asks London court to stop UK sales of Stability AI system
▼ + stars: | 2023-06-01 | by ( Sam Tobin | ) www.reuters.com time to read: +1 min

LONDON, June 1 (Reuters) - Stock photo provider Getty Images has asked London's High Court for an injunction to prevent artificial intelligence company Stability AI from selling its AI image-generation system in Britain, court filings show. Stability AI has yet to file a defence to Getty's lawsuit, but filed a motion to dismiss Getty's separate U.S. lawsuit last month. London-based Stability AI released Stable Diffusion, an AI-based system for generating images from text inputs, and image generator DreamStudio in August 2022. In its London lawsuit, Getty says Stability AI has relied on infringing its copyright "for the successful operation of its business". It is also asking the High Court to order Stability AI to hand over or destroy all versions of Stable Diffusion that may infringe Getty's intellectual property rights.

Persons: London's, Getty's, Getty, Sam Tobin, Barbara Lewis Organizations: Court, Getty, Stability, U.S, Thomson Locations: Britain, Seattle, London, California

LONDON/DUBAI, June 1 (Reuters) - OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. It brought total output cuts to 3.66 million bpd, or about 4% of global consumption. In March 2020, it abandoned production quotas altogether, launching a Saudi-Russian price war at the onset of the COVID-19 pandemic that sent oil prices 25% lower. It quickly re-established quotas with its biggest output cut to date of about 10 million bpd, agreed in April, 2020. OPEC has said it expects oil demand growth to reach 2.33 million bpd this year as non-OPEC supplies grow by 1.4 million bpd.

Persons: Brent, Prince Abdulaziz bin Salman, Alexander Novak, Goldman Sachs, Ahmad Ghaddar, Alex Lawler, Rowena Edwards, Maha El, Simon Webb, Barbara Lewis Organizations: LONDON, OPEC, Reuters, Organization of, Petroleum, West, Brent, Saudi Energy, Saudi, HSBC, Thomson Locations: DUBAI, Russia, West African, Nigeria, Angola, Kurdistan Region, Iraq, Vienna, Russian, China, 2H23, OPEC, London, Maha El Dahan, Dubai, Moscow

☆ Economic fears to cap oil prices below $90 through 2023 - Reuters poll
▼ + stars: | 2023-05-31 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73. Most analysts expect oil to trade around the $80-level per barrel this year, with data and analytics firm Kpler noting that "macroeconomic concerns are a major driver of crude prices this year, overshadowing relatively tight fundamentals." West Texas Intermediate (WTI) U.S. crude is expected to average $79.20 a barrel in 2023, down from the previous month's $82.23 consensus. "Even if OPEC+ does not cut in June, the threat of production cuts will remain as long as oil remains significantly below $80 per barrel," EIU'S Sherwood said. OPEC+ surprised the market in April with output cuts that briefly drove up oil prices.

Persons: Brent, Matthew Sherwood, Suvro, EIU'S Sherwood, Kavya Guduru, Noah Browning, Barbara Lewis Organizations: bbl, West Texas, Organization of, Petroleum, DBS Bank, Thomson Locations: OPEC, U.S, Russia, Vienna, Bengaluru

☆ Cargill to sell China poultry unit to private equity firm DCP Capital
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 31 (Reuters) - U.S. agribusiness giant Cargill has agreed to sell its poultry business in China to private equity firm DCP Capital, it said in a statement on Wednesday. The sale of the unit known as Cargill Protein China is subject to regulatory approvals but is expected to close this year, it added. The U.S. company started its China poultry operations in 2011, breeding, raising and processing the chickens. China's DCP Capital has invested in several other food and agriculture businesses including one of China's top poultry producers Fujian Sunner Development(002299.SZ), its website says. It also said the private equity firm was focused on Greater China and led by former members of the KKR and Morgan Stanley private equity businesses.

Persons: Cargill, Morgan Stanley, Dominique Patton, Christian Schmollinger, Barbara Lewis Organizations: Cargill, DCP, Cargill Protein China, Wellhope, Fujian Sunner, KKR, Thomson Locations: BEIJING, China, United States, Chuzhou, Anhui, U.S, Fujian

☆ Factbox: Companies invest in EV battery factories in Europe
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +6 min

Below are recent investments announced by companies:GERMANYSweden's Northvolt said on May 13 it will invest 3-5 billion euros ($3.3-5.5 billion) in an EV battery plant in Heide in the northern state of Schleswig-Holstein as long as subsidies are approved. Volkswagen (VOWG_p.DE) plans to build six battery factories in Europe totalling 240 gigawatt (GWh) of capacity by 2030. Production at its first battery plant, "SalzGiga", in Salzgitter in the Lower Saxony region will start in 2025. Slovakian battery manufacturer InoBat said last October it had signed a declaration of intent with the Spanish government to set up an EV battery factory in central Spain's city Valladolid, expected to cost 3 billion euros. POLANDLG Chem EV battery in Wroclaw started production in the second half of 2017, with a capacity of 100,000 batteries per year.

Persons: Helena Soderpalm, GERMANY Sweden's Northvolt, China's CATL, Germany's, Mercedes Benz, Elon Musk, Berclau, Taiwan's ProLogium, Jean, Luc Monfort, Mata, BASQUEVOLT, InoBat, China's BYD, AEHRA, Poland's, Alessandro Parodi, Tiago Brandao, Matteo Allievi, Barbara Lewis, Milla Nissi Organizations: REUTERS, Volkswagen, EV, Germany's BASF, Automotive Cells Company, ACC, Stellantis, Tesla, FRANCE Joint, France, Renault, Basque Country, Spanish, India's Tata Group, ITALY Joint, POLAND LG, European Commission, SWEDEN Northvolt's Skelleftea, Thomson Locations: Vasteras, Sweden, Europe, Asia, United States, GERMANY, Heide, Schleswig, Holstein, Salzgitter, Lower Saxony, China, Erfurt, Thuringia, Schwarzheide, Brandenburg ., Ludwigsfelde, Berlin, Kaiserslautern, Rhineland, Palatinate, Gigafactory, FRANCE, Billy, France, Dunkirk, Douai, Ruitz, Ergué, Quimper, Montreal, SPAIN Spain, Europe's, Germany, Navalmoral de, Extremadura, Sagunto, Valencia, Spain, Basque, Slovakian, Spain's, Valladolid, Britain, ITALY, Termoli, POLAND, Wroclaw, HUNGARY

☆ France inaugurates first of four gigafactories in the north
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

[1/4] French Finance Minister Bruno Le Maire visits the gigafactory of Automotive Cells Company (ACC), a joint venture of Stellantis, TotalEnergies and Mercedes, during its inauguration in Billy-Berclau-Douvrin, northern France, May 30, 2023. REUTERS/Pascal Rossignol/PoolBILLY-BERCLAU, France, May 30 (Reuters) - France will inaugurate on Tuesday a battery-making gigafactory, the first of four such plants European and Asian companies plan to build in the north of the country. It highlights the race between European governments to attract global car makers as they seek to bring the supply of components for electric vehicles closer to their main markets. French President Emmanuel Macron, who personally lobbied to secure at least one the gigafactories in the Dunkirk region, has set a production target of 2 million electric vehicles made in France by 2030. ($1 = 0.9084 euros)Reporting by Gilles Guillaume, writing by Silvia Aloisi; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Beyond the Sistine Chapel, Vatican Museums says 'we are much more'
▼ + stars: | 2023-05-30 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

[1/4] Barbara Jatta, director of the Vatican Museums, speaks to a reporter during the opening of a new exhibit of ceramic jars and other utensils used in a 17th century pharmacy that was once at the Benedictine monastery, at the Vatican, May 25, 2023. Jatta wants visitors to slow down and enjoy such... Read moreVATICAN CITY, May 30 (Reuters) - Barbara Jatta, the first woman to head the Vatican Museums, wants visitors to avoid being suffocated by the crowds and take in the lesser-known - but spectacular - attractions she helps to oversee. The Vatican Museums, a UNESCO World Heritage Site that closed or limited openings during the COVID-19 pandemic, have almost returned to their pre-pandemic level of about six million visitors a year. Many, particularly day trippers on fast-paced package tours of Rome, head straight for the Sistine Chapel, bypassing the museums' other wonders. She added that the museums, which close at 6 p.m. on most days, may extend opening hours.

Persons: Barbara Jatta, Jatta, Read, Cecilia, Luca Pesante, Raphael, Pope Francis, Philip Pullella, Gerry Doyle, Barbara Lewis Organizations: Vatican, CITY, UNESCO, Heritage, Sistine, Reuters, Thomson Locations: Vatican, Rome, Rome's Trastevere

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

☆ Exclusive: EU's Breton to discuss AI rules with OpenAI CEO in June
▼ + stars: | 2023-05-30 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 30 (Reuters) - EU industry chief Thierry Breton will meet OpenAI CEO Sam Altman in San Francisco next month to discuss how the company will implement the bloc's world-leading rules on artificial intelligence (AI), EU officials said on Tuesday. Breton will also discuss an AI pact with Altman with the goal of getting OpenAI to join a group of European and non-European companies to apply the AI rules ahead of their enforcement in 2026, the EU officials said, asking not to be named. "Breton will discuss the practical aspects of the implementation of the AI Act. It will be a working session, with an in-depth discussion on datasets," one of the EU officials said. Last week, after meeting Alphabet CEO Sundar Pichai, Breton said the U.S. tech giant and the European Commission will discuss a voluntary AI pact to help companies anticipate implementation of the AI legislation.

Persons: Thierry Breton, Sam Altman, Breton, Altman, OpenAI, irked Breton, Sundar Pichai, Foo Yun, Mark Potter, Barbara Lewis Organizations: European, Thomson Locations: BRUSSELS, San Francisco, U.S

[1/2] Trade visitors walk past an advertisement for BAE Systems at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. REUTERS/Toby MelvilleNEW DELHI, May 29 (Reuters) - India has filed a graft case against Britain's BAE Systems plc (BAES.L) and Rolls-Royce Holdings (RR.L) for "criminal conspiracy" in the procurement and licensed manufacturing of 123 advanced jet trainers, a federal police document showed. The case is based on the findings of an investigation launched by India's Central Bureau of Investigation (CBI) in 2016, the document dated May 23 said. In its response BAE said it would be inappropriate to comment on an ongoing probe. Between 2008 and 2010, it said the Indian government approved the licensed manufacturing of an additional 57 jets for 95 billion rupees ($1.16 billion) under a separate agreement with BAE Systems (Operations) Ltd.

☆ Polish president signs 'Tusk Law' on undue Russian influence
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +3 min

Opposition figures have nicknamed it Lex Tusk, using the Latin word for law. "In a normal democratic country, somebody who is president of that country would never sign such a Stalin-esque law," PO lawmaker Marcin Kierwinski told private broadcaster TVN 24. CONCERNSThe Polish Judges' Association Iustitia said the law breached European Union values and could prompt more punitive EU measures over democratic backsliding in Poland. Poland's dependence on Russian energy has progressively declined, even before Russia invaded Ukraine in February 2022. The construction of a liquefied natural gas (LNG) import terminal, allowing the import of non-Russian gas, started when Tusk was in power.

☆ China issues guidance for basic elderly care system by 2025
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 21 (Reuters) - China has issued guidance to all provinces to build a basic elderly care system by 2025, state-run Xinhua news agency said on Sunday, in the latest step to prevent a demographic crisis. "Promoting the construction of the basic elderly care service system is an important task for implementing the national strategy of actively responding to population ageing and achieving equalisation of basic public services," Xinhua said. It said the guidelines require all provinces to implement a list of basic elderly care services, based on factors such as economic and social development level and financial situation. Provinces must improve the basic pension system service and implement a long-term care security system that connects insurance, welfare and assistance, the statement said. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035.

☆ 'Killers of Flower Moon' star says Native Americans need allies like Scorsese
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

[1/4] The 76th Cannes Film Festival - Photocall for the film "Killers of the Flower Moon" Out of Competition - Cannes, France, May 21, 2023. In the film "Killers of the Flower Moon", which premiered at this year's Cannes Film Festival, Gladstone plays Mollie Burkhart, a member of the Osage Nation whose family members die under suspicious conditions in 1920s Oklahoma. Because of his global reputation, Scorsese was uniquely placed to dispel the myths that have prevailed, she said. Referring to deceptions that have prevailed, Gladstone asked: "Why the hell does the world not know about these things? In the film, Gladstone marries her white driver Ernest Burkhart (Leonardo DiCaprio), whose uncle is the "King of the Osage Hills" William Hale (Robert De Niro).

☆ Cholera outbreak claims ten more lives in South Africa
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, May 21 (Reuters) - The provincial health department in the South African province of Gauteng on Sunday announced 19 new cases of Cholera in Hammanskraal, including 10 deaths. South Africa reported its first cholera death in February, after the virus arrived in the country from Malawi. It was unclear how many cholera cases there was nationally as of Sunday, but the most populous province of Gauteng, where Johannesburg and Pretoria are situated, has been hardest hit. Cholera can cause acute diarrhoea, vomiting and weakness and is mainly spread by contaminated food or water. The last outbreak in South Africa was in 2008/2009 when about 12,000 cases were reported following an outbreak in neighbouring Zimbabwe, which led to a surge of imported cases and subsequent local transmission.

☆ Nearly half of UK firms to defer investment due to tax rises, survey finds
▼ + stars: | 2023-05-21 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, May 22 (Reuters) - Almost half of medium-sized British companies plan to delay investment plans due to last month's rise in corporation tax, a survey published on Monday found. Britain's headline rate of corporation tax rose to 25% in April from 19% the year before, under the enactment of a policy announced in March 2021. "The recent rise in the headline corporation tax rate will dampen current business investment plans although the positive reaction to the new full expensing capital allowances regime suggests this may only be a short-term effect," said Paul Falvey, a tax partner at BDO. The BDO survey was based on responses from 512 companies polled between March 30 and April 16. ($1 = 0.7923 pounds)Reporting by David Milliken; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Mount Etna eruption halts flights to Sicily's Catania airport
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: 1 min

ROME, May 21 (Reuters) - Flights serving the eastern Sicilian city of Catania were halted on Sunday after an eruption from nearby Mount Etna spewed volcanic ash onto its runways, airport authorities said. The 3,330 metre (10,925 ft) high volcano can burst into spectacular action several times a year, firing lava and ash high over the Mediterranean island. Flights to and from Catania, a popular tourist destination, would be suspended until normal safety conditions could be guaranteed, the airport said on Twitter. Cars in the city were covered in a layer of dark gritty dust, images in the Italian media showed. Writing by Keith Weir; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Ukraine would only allow Russian ammonia exports if it gets expanded grain deal
▼ + stars: | 2023-05-19 | by ( Pavel Polityuk | ) www.reuters.com time to read: +2 min

The comments are the first time Kyiv has publicly laid out its stance on Russian ammonia, which Moscow wants shipped via the Black Sea under the agreement. The Ukrainian government source, who asked not to be named, told Reuters the language of the deal does not cover the transit of Russian ammonia across Ukraine. Despite Russian threats to pull out of the deal, the Black Sea deal was extended for two months on Wednesday a day before it was due to expire. MORE PORTS, MORE GOODSOnly three of Ukraine's major Black Sea ports are included in the agreement. Officials have previously said the country, which used to export steel across the Black Sea, needs to export steel products.

LONDON, May 18 (Reuters) - More than half of the world's large lakes and reservoirs have shrunk since the early 1990s, chiefly because of climate change, intensifying concerns about water for agriculture, hydropower and human consumption, a study published on Thursday found. Climate scientists generally think that the world's arid areas will become drier under climate change, and wet areas will get wetter, but the study found significant water loss even in humid regions. Scientists assessed almost 2,000 large lakes using satellite measurements combined with climate and hydrological models. Scientists and campaigners have long said it is necessary to prevent global warming beyond 1.5 degrees Celisus (2.7 degrees Fahrenheit) to avoid the most catastrophic consequences of climate change. Water levels rose in a quarter of the lakes, often as a result of dam construction in remote areas such as the Inner Tibetan Plateau.

But Michelin, Continental and Pirelli (PIRC.MI) told Reuters they are pursuing alternatives to 6PPD, with Michelin and Continental adding collective industry action may be necessary to find solutions. Continental said its dandelion tyres were developed to find a sustainable form of natural rubber, and addressing 6PPD was a separate focus. The worst-performing rival tyres Michelin has tested so far emit around 8 kg per year. Michelin and Continental said they are already focused on making their tyres more durable - Michelin cut its tyre emissions 5% between 2015 and 2020, Roget said. "The advent of the EV is the time to make this change," to improve tyres," Enso's Erlendsson said.

Inventories of gasoline and diesel are particularly low for the time of year, which has kept prices firm even as crude prices have slipped back since the middle of April. Total inventories stood at 1,597 million barrels on May 5, which was -289 million barrels (-15% or -2.52 standard deviations) below the prior ten-year seasonal average. Commercial crude inventories remained close to the long-term average owing to the large-scale drawdown from the strategic reserve. Commercial crude stocks were +7 million barrels (+1% or +0.12 standard deviations) above the prior ten-year seasonal average on May 5. But the overall picture is one in which fuel inventories are low, supporting prices despite the deteriorating economic outlook.

Hedge funds and other money managers sold the equivalent of 17 million barrels in the six most important futures and options contracts over the seven days ending on May 9. The combined position was cut to just 285 million barrels (6th percentile for all weeks since 2013) down from 534 million barrels (38th percentile) on April 18. Funds sold the equivalent of 37 billion cubic feet over the seven days to May 9, taking total sales over the most recent three weeks to 206 billion cubic feet. The combined position slipped to 120 billion cubic feet net short (28th percentile for all weeks since 2010) down from 87 billion cubic feet net long (35th percentile) on April 18. The surplus was basically unchanged from +256 billion cubic feet (+15% or +0.60 standard deviations) eight weeks earlier on March 5.

☆ Holy cow! Endangered seal draws dozens to Jaffa shore
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

[1/4] An endangered and rare female Mediterranean monk seal visits the shore of Jaffa in Israel, May 15, 2023. REUTERS/Amir Cohen TPX IMAGES OF THE DAYJAFFA, Israel, May 15 (Reuters) - An endangered Mediterranean monk seal swam onto a beach in Jaffa, south of Tel Aviv, to rest on the beach and shed her skin, drawing an excited crowd to watch. The female seal, or cow, was named Yulia by the boy who found her before notifying the Nature and Parks Authority. She will likely stay for a few days until she has finished shedding her skin, marine ranger Harel Baz said. The global Mediterranean monk seal population is estimated at between 400 and 500, placing it among the rarest marine mammals, Baz said.

To revive its fortunes, the government late last year published its Edinburgh Reforms agenda comprising over 30 proposed changes to existing rules. "There are a variety of factors that keep somewhere attractive in terms of investment, listing and being an international finance centre." "We want the UK to be the world's most innovative and competitive global financial centre," the spokesperson added. CHALLENGING ASSUMPTIONSSupporters of a more vibrant UK stock market are also increasing pressure on bankers managing IPO processes to challenge assumptions about London's poorer liquidity or post-IPO performance, relative to rival venues. Proposed changes to UK listings are encouraging, but may not be enough, said Steve Bates, BIA CEO.

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