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Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.

Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo

☆ The BRICS are better off disbanding than expanding
▼ + stars: | 2023-07-31 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

(South Africa wasn’t on his list.) O’Neill likes to tease the BRICS that their economic performance subsequently went downhill - particularly after the much smaller South Africa joined in 2011. Since then, Russia, Brazil and South Africa have all struggled economically. The fault line between India and China, which fought a small war in the Himalayas in 2020, is one reason the BRICS club has done so little. Besides, most developing countries don’t want to be forced to choose sides in a showdown with the United States.

Persons: Jim O’Neill, Goldman Sachs, O’Neill, Vladimir Putin, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Africa wasn’t, Reuters Graphics Reuters, New Development Bank, Bank, Global, U.S ., Thomson Locations: TINOS, GREECE, Brazil, Russia, India, China, South Africa, Johannesburg, Africa, Africa’s, Saudi Arabia, Argentina, Egypt, Iran, Cuba, Kazakhstan, United States, Iraq, Republic, Ukraine, Russian, New Delhi, Soviet, Philippines, Mexico, Indonesia, Thailand, Nigeria, Vietnam, Malaysia, Bangladesh

JOHANNESBURG, July 20 (Reuters) - A BRICS currency will not be on the agenda of the bloc's summit in South Africa next month, but Brazil, Russia, India, China and South Africa will continue to switch away from the U.S. dollar, South Africa's senior BRICS diplomat said on Thursday. "There's never been talk of a BRICS currency, it's not on the agenda," Anil Sooklal, South Africa's Ambassador at Large: Asia and BRICS, told a media briefing. "What we have said and we continue to deepen is trading in local currencies and settlement in local currencies." This has pushed countries to find alternatives to the dollar, especially among non-U.S. allies. "BRICS started a process that has been expedited as a result of the conflict, as a result of unilateral sanctions," Sooklal said.

Persons: There's, it's, Anil Sooklal, Luiz Inacio Lula da Silva, Sergei Lavrov, BRICS, Sooklal, Rachel Savage, Carien du Plessis, Tim Cocks, Angus MacSwan Organizations: U.S ., South, Thomson Locations: JOHANNESBURG, South Africa, Brazil, Russia, India, China, South, Asia, Russian, Ukraine, U.S

"We're keeping a particularly close eye on the current tensions between the U.S. and China," said Florent Menegaux, chief executive of French tyremaker Michelin. "When we see the impact that the IRA will have (on European companies), I think we haven't talked enough about it at this conference," a senior banker said. "There is a big risk that European companies will shift their investments (from Europe to the United States)." Some say the main concern is the time taken by European Union authorities to respond. "I understand the frustration, but when you look at the details of the extent to which the United States is subsidising its domestic industry, it is not greater than what the Europeans do themselves," Boushey said.

Persons: Jean, Dominique Senard, Ludovic Marin, Florent Menegaux, Menegaux, Christel Bories, Bories, Veronika Grimm, Heather Boushey, Boushey, Mathieu Rosemain, David Holmes Organizations: Renault SA, U.S, French, Michelin, Renault, European Union, Reuters, White House Council, Economic Advisers, Thomson Locations: Japan, Douai, France, PROVENCE, United States, China, Europe, Indonesia, America

☆ Rice to get costlier as weather, India's farm perks threaten supply
▼ + stars: | 2023-07-06 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +5 min

"As Indian prices moved up because of the new minimum support price, other suppliers also started raising prices." Yet even before the weather phenomenon can disrupt production, the global rice price index of the Food and Agriculture Organization hovers above an 11-year high. The price of Indian rice exports has jumped 9% to a five-year high, following a hike of 7% last month in the price the government pays farmers for new-season common rice. "Rice prices have already been rising due to limited supplies," added Olam's Gupta. Last month Indonesia signed a rare pact with India to import 1 million tons if El Nino disrupts domestic supply.

Persons: El Nino, Krishna Rao, REA, Rice, El, Nitin Gupta, Gupta, Rosa Wang, Narendra Modi's, Modi, Himanshu Agarwal, Rajendra Jadhav, Qin Ningwei, Tony Munroe, Clarence Fernandez Organizations: Rice, Association, Reuters, El, Food and Agriculture Organization, U.S . Department of Agriculture, El Nino, Reuters Graphics, Shanghai JC Intelligence, Narendra Modi's Bharatiya Janata Party, BJP, Satyam Balajee, Vietnam, Thomson Locations: MUMBAI, India, Ukraine, Asia, Bangladesh, China, Indonesia, Thailand, Vietnam, New Delhi, Singapore, Myanmar, Pakistan, Indian, Philippines

A net 1,400 lots of short positions were covered by the time the market was suspended at 08:15. Xiang Guangda, the charismatic head of China's Tsingshan Holding Group, has attracted much media attention for being the big nickel short. The existence of at least once big nickel short wasn't exactly a secret in the market. LME nickel crisis had turned into potential LME clearing house crisis with Chamberlain having to juggle both parts of the meltdown while also being a nickel market specialist. The handful that remained, as one participant later recalled, knew nothing whatsoever about what was going on in the nickel market so decided to call everyone else back into the room.

Persons: Elliott, Street, Matthew Chamberlain, Chamberlain, Jane Street, Oliver Wyman's, Xiang Guangda, wasn't, Oliver Wyman, John Maynard Keynes, Xiang, doesn't, David Evans Organizations: London, Royal, of Justice, Hong Kong Exchanges, HK, Elliott Associates, Jane, Global, Tsingshan Holding, SEE, Bloomberg, Thomson, Reuters Locations: U.S, Ukraine

☆ A.I. and crypto are in focus at the annual gathering of the Wall Street trading community
▼ + stars: | 2023-06-07 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

It's time for the annual gathering of the trading community. Here's a rundown of some of the hot topics: Crypto in focus: SEC Chair Gary Gensler will be speaking at noon on Thursday. Electronic trading changed the trading world 30 years ago, is AI poised to do the same? Two pioneers of electronic trading, Virtu Financial founder Vinnie Viola and Peterffy, will be speaking at noon today, reflecting on the past and future of trading and will certainly be asked about the role AI will play in future trading. Tradeweb CEO Billy Hult and MarketAxess CEO Chris Concannon will discuss the growth in Treasury trading and the increasing electronification of the bond market.

Persons: I'm, Piper Sandler, Gary Gensler, Gensler, Binance, Michael Novogratz, Jean, Marie Mognetti, Vlad Tenev, Doug Cifu, Thomas Peterffy, Vinnie Viola, Peterffy, Ed Tilly, Terry Duffy, Billy Hult, Chris Concannon, Rich Repetto's, Rich Repetto Organizations: Piper, Piper Sandler Global Exchange, New York City, NYSE, Nasdaq, Cboe, London Stock Exchange, SEC, Galaxy Digital, Virtu, Global, Treasury, CME, Citadel, CNBC PRO Locations: New York

The exchange offers spot and derivatives trading and a host of services from non-fungible tokens (NFTs) to crypto loans and asset management. FINANCESBinance's global trading platform, Binance.com, is by far the world's biggest cryptocurrency exchange. Last year it processed crypto trades worth about $65 billion a day, Binance said, dominating the crypto trading landscape with more than half of the market, CryptoCompare data shows. Binance last year extended its reach beyond the crypto sector in 2022, investing $500 million in Tesla boss Elon Musk's takeover of Twitter. A top Binance executive told the Wall Street Journal in February that the company expected to pay penalties to resolve U.S. investigations.

Persons: Changpeng Zhao, Binance, Zhao, Yi He, Yi, Noah Perlman, Morgan Stanley, Richard Teng, Teng, Elon Musk's, Cristiano Ronaldo, Tom Wilson, Hannah Lang, Marguerita Choy, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, Binance, Reuters, Twitter, Lazio, Argentina national, of Nations, U.S, Justice, Wall Street, Thomson Locations: WASHINGTON, U.S, Shanghai, Tokyo, Malta, Cayman Islands, Canadian, China, United States, Italian, London, Washington

June 5 (Reuters) - The world's largest crypto exchange Binance and its CEO Changpeng Zhao operated a "web of deception" that included artificially inflating its trading volumes and diverting customer assets, the U.S. Securities and Exchange Commission alleged on Monday. The agency on Monday sued Binance and Zhao for failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls, as well as for operating an unregistered securities exchange. "We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” said SEC Chair Gary Gensler said in a statement. The world's biggest crypto exchange, Binance was founded in Shanghai in 2017 by CEO Changpeng Zhao, a Canadian citizen born and raised until the age of 12 in China. Binance's global trading platform, Binance.com dominates the crypto trading landscape, last year processing trades worth about $65 billion a day with up to 70% of the market.

Persons: Zhao, Binance, ”, Gary Gensler, BNB, Changpeng Zhao, Jonathan Stempel, Hannah Lang, Tom Wilson, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, Washington , D.C, SEC, Sigma, Binance, U.S . Commodity Futures Trading Commission, Justice, Reuters, Silvergate, Thomson Locations: Washington ,, Shanghai, Canadian, China, Cayman Islands, Silvergate Bank, New York, Washington, London

May 30 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The onshore yuan traded weaker than 7.00 per dollar for the eighth straight day, as markets position for another hike in U.S. interest rates and potential policy easing from Beijing. The dollar nudged 141 yen before closing slightly lower on the day, with traders' hawkish Fed forecasts relative to the Bank of Japan's policy outlook again keeping dollar bulls on the front foot. At the time of writing, U.S. stock futures pointed to gains on Wall Street of up to 0.5% on Tuesday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

While paying bonuses at bailed-out energy groups raises questions around the use of taxpayers' money, it also highlights the need for the companies to remain competitive. One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper. Uniper confirmed that bonuses were paid to trading staff for 2022 but below the level of the previous year. The Finance Ministry, which is responsible for the government's ownership of Uniper, also referred questions on operating issues including staff remuneration to the company.

☆ Vast China-Russia resources trade shifts to yuan from dollars in Ukraine fallout
▼ + stars: | 2023-05-11 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

[1/2] Model of natural gas pipeline, Russian and Chinese flags and Yuan and Rouble banknotes are seen in this llustration taken, September 7, 2022. "For now, and for the foreseeable next few years, I think the trade using RMB will predominantly be used for commodity and energy trade." Russian President Vladimir Putin has said that two-thirds of trade between Beijing and Moscow is now settled in roubles or yuan. Surging commodity imports pushed China's trade deficit with Russia to $38 billion last year, although the gap has narrowed in the first four months of 2023. Gazprom, which said last September it had agreed with CNPC to settle gas trade in roubles and yuan, did not respond to requests for comment.

May 2 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The White House said First Republic was "severely mismanaged," the takeover protects depositors and the current banking turmoil bears no resemblance to 2008. Anyone who went long mega tech and short regional U.S. banks on Dec. 31 will be sitting pretty today. Expectations for further tightening this year are far from certain, and are gradually being pushed into the third quarter. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Watch CNBC's full interview with Exxon Mobil CEO Darren Woods on
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Exxon Mobil CEO Darren Woods onExxon Mobil CEO Darren Woods joins 'Squawk Box' to discuss the company's first-quarter earnings results, production outlook, the establishment of a new global trading division, and more.

☆ Facing fallout from nickel crisis, LME appoints 'interim' chairman
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 21 (Reuters) - The London Metal Exchange (LME) said on Friday it had appointed John Williamson, currently a non-executive director, as interim chairman from the end of April, when current Chair Gay Huey Evans steps down. Williamson's appointment comes as the world's largest and oldest metals forum grapples with slumping nickel volumes after the chaos in March 2022 when the LME suspended nickel trading for more than a week. Metal industry sources are surprised that Williamson's appointment is on an interim basis, which they say creates uncertainty during a tumultuous time. The LME declined to comment on why the appointment was on an interim basis. A lawsuit brought by Elliott Associates and Jane Street Global Trading against the LME for cancelling nickel trades will be heard in a London court on June 20-22.

☆ US prosecutors seek a 7-year sentence and $740 million in forfeiture for an ex-NFL investor in crypto scam case
▼ + stars: | 2023-04-19 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

US prosecutors are seeking a seven-year jail sentence for an ex-NFL investor for his involvement in crypto-related bank fraud. Reginald Fowler, who owned 3% of the Minnesota Vikings, is on trial for helping crypto firms side-step money laundering rules. Now, along with the jail sentence, prosecutors are demanding Fowler give up $740 million, according to a Monday court document. Fowler allegedly opened Global Trading Solutions, a firm that worked with Crypto Capital that exchanged cash and crypto. Banks like Silvergate and Signature knowingly took exposure to the cryptocurrency industry; the banks Fowler lied to were also exposed to the volatility of the industry but were unaware of that fact," the court document said.

☆ WTO panel rules against India in IT tariffs dispute with EU, others
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

GENEVA, April 17 (Reuters) - A World Trade Organization panel said on Monday that India had violated global trading rules in a dispute with the European Union, Japan and Taiwan over import duties on IT products. "We recommend that India bring such measures into conformity with its obligations," the WTO panel's report said. The EU is India's third largest trading partner, accounting for 10.8% of total Indian trade in 2021, according to the European Commission. The WTO panel said that India had already brought some of the challenged tariffs into line with global trading rules since last year. While the panel broadly backed the complaints against India, it rejected one of Japan's claims that New Delhi's customs notification lacked "predictability".

☆ Factbox: Binance, world's top crypto exchange, at the center of US investigations
▼ + stars: | 2023-03-27 | by ( Tom Wilson | ) www.reuters.com time to read: +3 min

LONDON, March 27 (Reuters) - The world's biggest cryptocurrency exchange Binance and its CEO Changpeng Zhao have been sued by the U.S. Commodity Futures Trading Commission (CFTC) over regulatory violations, according to a court filing on Monday. The exchange offers spot and derivatives trading and a host of services from non-fungible tokens (NFTs) to crypto loans and asset management. FINANCESBinance's global trading platform, Binance.com, is by far the world's biggest cryptocurrency exchange. Last year it processed crypto trades worth about $65 billion a day, Binance said, dominating the crypto trading landscape with more than half of the market, CryptoCompare data shows. Binance last year extended its reach beyond the crypto sector in 2022, investing $500 million in Tesla boss Elon Musk's takeover of Twitter.

☆ US-ASEAN Business Council 'biggest' mission to Vietnam joined by companies including Netflix and Boeing
▼ + stars: | 2023-03-21 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Senior executives from 52 US firms are taking part in the biggest business mission ever organized by the US-ASEAN Business Council, the trade lobby told CNN. The trip, held annually and currently led by former US Ambassador to Vietnam Ted Osius, began Tuesday and runs to Thursday. The council did not specify who was attending, but corporate heavyweights Boeing (BA) and Netflix (NFLX) confirmed they had joined the delegation. The discussions “will focus on Boeing’s growing partnership with Vietnam and ways to strengthen the country’s aviation and defense capabilities,” it added. Netflix’s streaming service is available to viewers in Vietnam, though it does not have a direct presence there.

☆ Weather threatens Indian winter crops just before harvesting
▼ + stars: | 2023-03-15 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

MUMBAI, March 15 (Reuters) - Untimely rains and hailstorms could damage India's key winter-sown crops such as wheat, rapeseed and chickpeas just before harvesting begins for plants that have already suffered some heat stress, industry and weather department officials said. India's weather department has warned key growing states in central, northern, and western regions could receive more rain and hailstorms in the next 10 days. "Rainfall and hailstorms are raising concerns, since harvesting of winter crops just started. Farmers usually start planting wheat, rapeseed and chickpeas in October and November, and harvest them from the end of February. The maximum temperature in some wheat growing areas jumped above 39 degrees Celsius earlier this month, nearly seven degrees Celsius above normal, according to weather department data.

LME SPECIAL COMMITTEEA day earlier, on March 7, when LME benchmark nickel prices had soared 66% to nearly $50,000 a tonne, the LME's Special Committee had met, Jane Street's document said. The Committee, which has emergency powers, "concluded that the nickel market remained orderly, since there were geopolitical and macroeconomic reasons for the price increases". The next day, however, when nickel prices skyrocketed, the committee did not meet, the document said. Jane Street executed nickel trades from 1:37 a.m. on March 8 and was due total proceeds on those trades of $32.7 million, it said in the document. The LME is also facing fresh lawsuits from ten hedge funds and asset managers for cancelling nickel trades.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

[1/2] Traders work on the floor of the London Metal Exchange, in London, Britain September 27, 2018. The world's largest and oldest metals market annulled all nickel trades in March last year after chaotic price action and suspended trading for the first time since 1988. "It does look from the statement that the FCA is not going to look at the cancelled trades," said a regulation lawyer. The LME faces lawsuits from U.S. hedge fund Elliott Associates and Jane Street Global Trading, which are suing the exchange for $456 million and $15.3 million, respectively, for the cancelled nickel trades. "Neither the Bank of England or the FCA have been clear about whether the LME should have cancelled the trades," said Harold de Boer, managing director at investment firm Transtrend.

☆ Paxos ordered to cease minting Binance stablecoin by New York regulator
▼ + stars: | 2023-02-13 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Cryptocurrency firm Paxos will cease issuing new Binance USD, or BUSD , stablecoins under the direction of New York state's financial regulator, Binance founder Changpeng Zhao said Monday. "We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services," Zhao said on Twitter. Paxos' BUSD product is related to, but separate from, Binance's self-issued Binance-pegged BUSD. "The Department has not authorized Binance-Peg BUSD on any blockchain, and Binance-Peg BUSD is not issued by Paxos," NYDFS said. Last week, the Securities and Exchange Commission settled with crypto exchange Kraken over allegations of unregistered offering and sale, in connection with Kraken's crypto staking platform.

☆ UK's accession to the CPTPP would turn it into a 'global trading bloc': Trade minister
▼ + stars: | 2023-02-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK's accession to the CPTPP would turn it into a 'global trading bloc': Trade ministerGreg Hands, Britain's international trade minister, says the country's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership would change the nature of it.

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