South Korea's FLC tenders to purchase up to 69,000 T corn, traders say

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• South Korea's FLC tenders to purchase up to 69,000 T corn, traders say

  South Korea's Feed Leaders Committee (FLC) has actually provided a tender to acquire 52,000 to 69,000 metric lots of corn sourced from optional origins, European traders stated on Tuesday. The deadline for submission of price deals in the tender is also Tuesday, Dec. 17, and arrival in South Korea is looked for in one consignment around March 20, 2025. Shipment is looked for between Feb. 5 and March 5 if sourced from the U.S. Pacific Northwest coast, between Jan. 16 and Feb. 14 if sourced from the U.S. Gulf, in between Jan. 11 and Feb. 9 if from South America or between Jan. 21 and Feb. 19 if from South Africa. Black Sea/European corn was not noted among origins but traders said it could be offered and could be bought if cheapest. Price deals were sought in both per ton cost and freight

• Mexican senate authorizes work advantages for app chauffeurs

  Mexico's Senate on Thursday authorized reforms to enhance conditions for chauffeurs with ridehailing and shipment services such as DiDi, Rappi and Uber, ensuring access to social security and a. Christmas reward, to name a few advantages. The reform passed all with 113 votes in favor, and. will be forwarded to the executive power to get enacted. President Claudia Sheinbaum had actually sent out the proposition to. lawmakers in early December and it was fast-tracked to a plenary. vote ahead of Congress' Christmas recess on Dec. 15. Mexico's judgment Morena celebration and its allies, which won a. landslide success in the June basic election, delight in a large. bulk in both houses. They have since pressed through a number of reforms proposed. under the present and previous administrations. The most recent would include Mexico to the ranks of nations such. as Chile and Spain that currently control overcome digital. platforms, ensuring basic labor rights such as a minimum. wage and social security. It would ensure that workers who make at least a minimum. wage on an app - around $414 each month starting in 2025 - have. the right to unionize and have access to benefits such as social. security, mishap insurance coverage, pensions, maternity leave, the. right to get business profits, or a Christmas perk. Employees making less than base pay would not have access. to all the advantages however would be protected in case of. work-related mishaps. Around 658,000 people are utilized throughout Mexico on digital. platforms, main numbers reveal. Of these, some 41% make more. than minimum wage. Alianza in Mexico, an organization representing driving and. delivery apps including Uber, Didi and Rappi, has actually required. wider discussion. Some chauffeurs told local media they felt excluded of talks. and were worried the reform would impact their work flexibility,. a leading priority for many part-time employees. According to Uber, around 70% of its chauffeurs link for. fewer than 10 hours a week, numerous using the app as a. supplemental income between other dedications.

• Mexico's lower house authorizes labor reform for app workers

  Mexico's lower house on Tuesday authorized a reform that seeks to regulate labor conditions for shipment employees and motorists working for apps such as DiDi, Rappi and Uber by ensuring access to social security and a Christmas reward to name a few benefits. The reform passed in basic with 462 votes in favor, with no abstentions and no one voting against, following a two-hour argument. Today is a day that ought to go down in history, said ruling Morena celebration legislator Ariadna Barrera, saying the reform would advantage hundreds of thousands of employees and even more the celebration's. efforts to enhance employees' rights. Around 658,000 people are utilized throughout Mexico on. digital platforms, according to tax authority data. Of these,. some 41% earn over the minimum wage. President Claudia Sheinbaum sent out the proposal to. legislators early December and the law was fast-tracked to a. plenary vote ahead of Congress' Christmas recess on Dec. 15. After being authorized in general, the lower house moved. on to talk about the reform's particular terms. The legislation. should then pass through the Senate which will vote whether to. endorse any modifications. The ruling Morena celebration and its allies, who won a landslide success in the June basic election, delight in a big bulk in. both homes. They have actually because sped through a number of reforms. proposed under the present and previous administrations. The reform would include Mexico to the ranks of nations. such as Chile and Spain that already regulate work through. digital platforms, ensuring fundamental labor rights such as a. minimum wage and social security.

• EU opens examination into TikTok over election interference

  The European Commission opened official procedures on Tuesday against social media firm TikTok over its suspected failure to limit election disturbance, significantly in the Romanian presidential vote last month. The Commission said it will request information and appearance into TikTok's policy on political ads and paid-for political material as well as TikTok's systems to generate recommendations and the risks of them being manipulated. The opening of official procedures empowers the Commission to take more enforcement actions and to accept commitments made by TikTok. There is no specific due date to complete proceedings. China's Bytedance-owned TikTok stated it had secured the stability of its platform through more than 150 elections worldwide and had actually supplied the European Commission with comprehensive info on its efforts. It added it did decline paid political advertisements and proactively removed content breaking its policies on false information and hate speech. The Commission bought TikTok on Dec. 5 to freeze data connected to the Romanian elections under the bloc's sweeping Digital Provider Act (DSA), which regulates how the world's. greatest social media business operate in Europe. Romania's leading court subsquently annulled the governmental. election after accusations of Russian meddling and the victory. of pro-Russia ultranationalist Calin Georgescu in the first. round. The Commission is conscious of the threat of disturbance. in the German parliamentary election in February and the. presidential election in Croatia beginning on Dec. 29. Commission President Ursula von der Leyen stated the brand-new. examination followed major indications that foreign stars. interfered in the Romanian presidential election. We should safeguard our democracies from any kind of. foreign interference. Whenever we believe such disturbance,. specifically throughout elections, we have to act quickly and securely,. she said in a statement. This is the 3rd examination the Commission has actually introduced. against TikTok under the DSA, both related to dangers for minors. One has actually been closed after TikTok devoted to eliminate TikTok Lite. Rewards from the EU.

• South Korea's FLC buys about 66,000 T corn, traders say

  South Korea's Feed Leaders Committee (FLC) acquired about 66,000 metric tons of animal feed corn to be sourced from optional origins in an worldwide tender on Tuesday, European traders said. The corn was purchased at an approximated $235.99 a lot cost and freight (c&& f) consisted of plus a $1.50 a heap surcharge for extra port discharging, they said. The seller was said to be trading home Olam. The corn was bought for arrival in South Korea around March 15, 2025. This was slightly earlier than the March 20 arrival originally looked for. The volume supplied can differ according to the source the seller picks, traders stated. The seller has the choice to decide the source. If sourced from the United States or South America, the complete 66,000 heaps must be supplied but only 53,000 lots require be shipped if sourced from South Africa. Delivery was sought in between Feb. 5 and March 5 if sourced from the U.S. Pacific Northwest coast, in between Jan. 16 and Feb. 14 if sourced from the U.S. Gulf, in between Jan. 11 and Feb. 9 if from South America or between Jan. 21 and Feb. 19 if from South Africa. Black Sea/European corn was not noted among requested origins but traders said it could be used in the tender. Reports show evaluations from traders and even more estimates of rates and volumes are still possible later.

• British Organization - Dec 17

  The following are the top stories on business pages of British papers. Reuters has not validated these stories and does not vouch for their accuracy. The Times - The UK government is to take a golden share in Royal Mail as part of a contract with Czech billionaire Daniel Kretinsky that paves the way for a 3.6 billion pounds ($ 4.57 billion). overseas takeover of the previous state postal operator. - Arm Holdings chief executive Rene Haas has actually been. selected as a non-executive director of AstraZeneca as. part of a refresh of the board of Britain's most important public. business. The Guardian. - Nearly 90% of the UK labor force at telecoms company Lycamobile. have been told they might lose their jobs in an announcement. that leaves more than 300 personnel fearing for their functions soon. before Christmas. - British Prime Minister Keir Starmer is to visit British soldiers. serving on Russia's border after saying that Ukraine will. need more financing and ability. The Telegraph. - Card Factory snubbed needs to oust chairman Paul. Moody after a reaction from investors over an absence of diversity. - Chinese business person Yang Tengbo was called in court as. being a suspected Chinese agent by the British authorities after. a court order providing him privacy was raised. Sky News. - NatWest Group's retail banking chief executive, David. Lindberg, will step down next year as the company prepares for a. return to full private ownership. - Thames Water is looking for High Court approval today for a 3. billion pound emergency loan to keep the struggling energy. afloat, in an important 48-hours for the business and the industry. The Independent. - The Office for Environmental management stated the Environment. Department (Defra), the Environment Company (EA) and Ofwat stopped working. to abide by ecological law over managing discharges from. combined sewer overflows (CSO) into England's rivers and seas.

• US to need drug, alcohol screening for foreign aviation-repair stations

  The Federal Aviation Administration stated on Monday it has actually completed guidelines needing aviationrepair stations in foreign nations to conduct drug and alcohol screening for workers performing safetysensitive upkeep functions for U.S. airline companies. The guideline, which needs compliance by December 2027, will impact about 977 repair work stations in 65 countries, the FAA said. The firm said foreign governments or repair stations can obtain a waiver based upon existing testing and requirements. This rule will guarantee these workers are held to the equivalent high level of security requirements, regardless of where they are physically situated, stated FAA Administrator Mike Whitaker. The guideline, which requires repair stations to send their screening data digitally to USDOT, was proposed in December 2023 by the FAA, and Congress needed the agency to implement its arrangements. The FAA has been considering the issue for years. Air travel unions for years have actually called for screening for upkeep functions that are contracted out to fix stations outside the United States. Transportation Employee Union President John Samuelsen said last year the proposal would close a huge security space. Airline company mechanics in China and other lower-wage, lower-standard nations who deal with U.S. business aircraft will have to undergo alcohol and drug screening - just like mechanics here, he stated at the time. Airline companies, which formerly said personal privacy and work laws in foreign countries might conflict with U.S. alcohol and drug testing requirements, raised issues the federal government might not be able to handle waivers and exemptions submitted. They stated the guideline might contravene laws in the UK, Ireland, Germany, the European Union, China, Singapore, Peru, Japan, Chile, Brazil and others. Chinese repair stations noted that China has extremely strict management and control of the prohibited use of drugs, forbidding any misuse of prohibited drugs. Some stated, however, that drug testing is not frequently requested by companies in China.

• British Business - Dec 16

  The following are the leading stories on business pages of British newspapers. Reuters has not validated these stories and does not vouch for their precision. The Times - Newcastle airport is preparing to offer 49% shareholding owned by Infrabridge for as much as 1 billion pounds ($ 1.26. billion) and Saudi financiers are tipped as the front-running. bidders. - Tata Steel has struck its first green steel. deal with construction equipment producer J.C. Bamford. Excavators as it pushes ahead with the decommissioning of its. blast heaters. The Guardian - Britain has actually revealed 50 million pounds ($ 63.11 million). of humanitarian aid for susceptible Syrians across the Middle. East after the overthrow of Bashar al-Assad's regime. - The UK home secretary, Yvette Cooper, has admitted the. government has a complex arrangement with China since of the. need for economic cooperation, versus the backdrop of the. exemption of a supposed Chinese spy with links to Prince Andrew. The Telegraph - TalkTalk is to cut numerous jobs as the debt-laden. broadband business scrambles to remove out 120 million pounds. ($ 151.46 million) in costs. Sky News - Partners at the UK's fifth-biggest accountancy firm Grant. Thornton have actually voted to back the sale of a bulk stake to. Cinven, the private equity firm. - British Prime Minister Keir Starmer will reveal a new. green energy handle Norway to boost growth and secure. versus spikes in global energy costs like those seen. when President Vladimir Putin attacked Ukraine. The Independent - UK high street merchants have been implicated of recruiting. young workers as store assistants without basic work. rights over the hectic Christmas period. - The British government has actually authorized Czech billionaire. Daniel Kretinsky's 5.3-billion-pound ($ 6.69 billion) takeover of. Royal Mail owner International Circulation Solutions.

• China says Philippines has 'provoked problem' in South China Sea with United States backing

  China accused the Philippines on Friday of having actually provoked difficulty in the South China Sea with U.S. support, which Manila denied, as tensions between the two neighbours continue. The Philippine side, with U.S. support and solicitation, has been stirring up trouble in numerous spots in the South China Sea, Wu Qian, a spokesperson for China's defence ministry, stated on its official WeChat account. The Philippines is well aware that the scope of its territory is determined by a series of worldwide treaties and has never ever consisted of China's Spratly Islands and Scarborough Shoal, he included. The Philippines denied China's claims. Such declarations coming from the Ministry of Defense are clear proof of bullying, Jay Tarriela, Philippine Coast Guard representative for the South China Sea, posted on social media platform X on Saturday. China, which intends to intimidate the Philippine government into withdrawing its assistance for its own fishermen, is intensifying its rhetoric by advising its defense ministry to problem warnings about using more powerful countermeasures, he included. Beijing and Manila have actually been involved this year in a series of conflicts at reefs and outcrops in the South China Sea, which China declares practically in its whole. The Philippines, Brunei, Malaysia, Taiwan and Vietnam likewise claim parts of the sea. They are worried China's expansive claim intrudes into their unique economic zones (EEZ),. non-territorial waters that extend 200 nautical miles (370 km). from the coasts of a nation's land. The U.S. Navy's 7th Fleet, the largest of the U.S. Navy's. forward-deployed fleets that runs in the Indo-Pacific, did. not immediately respond to an ask for comment. Philippines authorities stated recently that Chinese coast. guard vessels had actually fired water cannon and side-swiped a Manila. fisheries bureau boat on the way to deliver supplies to Filipino. fishermen around the Scarborough Shoal, a relocation that drew. condemnation from the U.S. China's Coast Guard stated that four Philippine ships had. tried to enter waters it described as its own around the. Scarborough Shoal, which Beijing calls Huangyan Island. China submitted nautical charts earlier this month to the. United Nations that it said supported its claims to the waters,. which a 2016 worldwide tribunal found to be a. long-established fishing ground for fishermen of many. nationalities. Following the charts' submission, a representative for the. Philippines' National Maritime Council said China's claims were. unwarranted and unlawful. The 2016 tribunal ruled that China's claim had no basis. under the U.N. Convention on the Law of the Sea (UNCLOS), and. that its blockade around the Scarborough Shoal remained in breach of. worldwide law. Beijing has never ever acknowledged the choice. Sovereignty over the Scarborough Shoal has never ever been. developed. The Philippines and other members of the Association of. Southeast Asian Countries have invested years working out a code of. conduct with Beijing for the strategic waterway, with some. nations in the bloc firmly insisting that it be based on UNCLOS. EEZs give the seaside nation jurisidiction over living and. non-living resources in the water and on the ocean flooring.

• Asian area LNG falls on muted demand, strong inventories

  Asian spot liquefied natural gas (LNG) rates fell this week amid weak need and the availability of more supply in the spot market. The average LNG price for January delivery into north-east Asia was at $14.50 per million British thermal units ( mmBtu), down from $15.00/ mmBtu last week, industry sources approximated. The price for February shipment was approximated even lower at $ 13.50/ mmBtu, the sources said. Rates in Asia have actually continued to move due to weak demand, combined with sufficient storage, and exacerbated by majors using out for prompt into Q1 freights. We're most likely to see further dips as the winter season has been reasonably moderate, stated Toby Copson, an independent LNG specialist. Samuel Good, head of LNG prices at Argus, stated that acquiring interest across Asia more broadly has actually deteriorated in the face of current greater prices. There has actually likewise been more supply provided on the area market both from the Asia-Pacific and also the Atlantic as sellers in the basin look to Asia amid weaker European need. In Europe, gas rates have fallen nearly 9% over the week on a sell-off in net long positions by investment funds and milder weather forecasts reducing heating demand. Incremental revisions to weather report for north-west Europe over the rest of this month have taxed heating need expectations, assisting to relieve issues for the region's quick underground gas storage withdrawals in recent weeks, which would need to be made up once again next summertime, Excellent stated. EU gas storage inventories are presently around 80.16% full, data from Gas Facilities Europe showed, down from 91% at the very same time last year and listed below the 5-year average of 83%. The question now is at what levels stocks will be at completion of the winter season and whether there will suffice time to reconstruct before the next winter season, said Hans Van Cleef, chief energy economist at PZ - Energy. The fact is that the forward curve remains in contango (where. the LNG futures cost is greater than the spot rate) leaves no. incentive to start buying gas in the summer for storage and. use in winter season 25-26. This could result in even more upward cost. pressure in the course of next year, Van Cleef stated. S&P Global Commodity Insights examined its everyday North West. Europe LNG Marker (NWM) price benchmark for cargoes provided in. January on an ex-ship (DES) basis at $12.962/ mmBtu on Dec. 12, a. $ 0.14/ mmBtu discount to the January gas cost at the Dutch TTF. hub. Argus assessed the price at $12.900/ mmBtu, while Glow. Products examined it at $12.914/ mmBtu. The U.S. arbitrage to north-east Asia through the Panama Canal. is presently closed, signalling U.S. freights are incentivised to. provide to north-west Europe, stated Spark Commodities analyst. Qasim Afghan. In LNG freight, Atlantic rates increased for the 3rd week. running to $22,750/ day on Friday, while Pacific rates was up to. $ 21,250/ day, Afghan added.

• Trump tariffs could intensify United States trucking industry slump, experts state

  Presidentelect Donald Trump's threatened tariffs on the top trade partners China, Mexico and Canada would deal a blow to the $1.7 trillion U.S. transportation industry and worsen a nearly threeyear trucking recession, sector experts stated. The market that moves whatever Americans make and buy is considered a financial bellwether, and will be amongst the first to signify any unexpected consequences of trade policies that Trump says will assist, not hurt, U.S. organizations. Tariffs like those proposed will raise costs, and higher rates suggest less need. Less demand equates to less freight, stated Jason Miller, interim chair of the department of supply-chain management at Michigan State University's service college. Practically every transportation business running in the United States is exposed to tariff-related revenue slumps. The greatest include trucking and shipment firms J.B. Hunt Transportation Services and United Parcel Service as well as railway operators Canadian Pacific Kansas City and Union Pacific. J.B. Hunt did not react to ask for comment and UPS decreased remark. The railway operators stated they were prepared to respond when and if tariffs come through. Trump is keen to utilize tariffs to produce jobs and raise profits to replace that will be lost with planned tax cuts, despite the fact that those import levies would in impact function as a new tax on consumers, whose costs represents the nation's most effective financial motorist. However he also seems using tariff risks to require U.S. trade partners to relent on nontrade issues like border security, economic experts and transportation executives said. China and other U.S. trade partners have actually not backed down, stating the tariffs would serve only to harm all involved. Trump has stated he would slap tariffs of 25% on products from Mexico and Canada unless those federal governments punish the flow of immigrants and fentanyl into the U.S. He has also sworn to add tariffs of at least 10% on top of what is already imposed on Chinese products. The United States is the world's No. 1 importer and No. 2 exporter. Trump's threatened tariffs would decrease flows in both instructions, said Mary Lovely, a senior fellow of the Peterson Institute for International Economics, who studies the effect of the U.S.-China trade war. We anticipate that the brand-new administration will get to work immediately, said Lovely, who added that Trump's brand-new tariffs might begin hitting in the 2nd or 3rd quarters of next year. TRUMP TARIFFS - THE FOLLOW UP Trucking accounts for about one-third of U.S. transportation, more than any other sector. Tariffs imposed by Trump during his previous term added to a trucking economic crisis that lasted for the majority of 2019. We have actually seen this motion picture before, so we know how this plays out, said Dean Croke, primary expert at DAT Freight and Analytics, which connects trucking companies with shippers. All I see is more disturbance and tit-for-tat tariffs, Croke said, echoing a broadly held belief in transport. U.S. trucking is in a down cycle that has lasted almost three years, the longest and inmost considering that the worldwide financial crisis, stated Michael Castagnetto, president of North American surface transportation at C.H. Robinson Worldwide. Any new import levies are on a collision course with stubbornly flat industrial production - a crucial driver of domestic and international volume from sectors that consist of mining, manufacturing, chemicals and electricity - and remaining overcapacity from the COVID shipping boom, experts stated. Trump's new tariffs on Mexico and Canada, in particular, would strike one of the rare development locations for trucking. The value of freight that moves between those countries and the U.S. - which includes completed lorries, auto parts and avocados from Mexico along with steel and lumber from Canada - reached $ 88.5 billion in September 2024, up 7.7% from the year-earlier, according to the U.S. Department of Transport's Bureau of Transportation Stats (BTS). Many of our consumers-- especially vehicle consumers--. treat The United States and Canada as one incorporated supply chain, with a few of. their freight really crossing both the Mexico and Canada. borders, C.H. Robinson's Castagnetto said. That interrelation makes the U.S. susceptible to retaliatory. tariffs. TRANS-BORDER TRADE Trump's tariff threats might also hinder railway business. plans to switch from cost-reductions and efficiency efforts to. growth, said independent railroad analyst Anthony Hatch. North American trans-border rail freight was $17 billion in. September, down 5.4% from the year previously, according to BTS. data, but remains an opportunity for the market. Canadian Pacific bought Kansas City Southern for $31 billion. in 2021, combining the business into an entity referred to as CPKC and. producing the very first train to connect Canada, the United States and. Mexico. The merged business aimed to capitalize on China's. factory expansion in Mexico, which recently surpassed China as. the No. 1 U.S. trade partner. While there was rhetoric and headlines, eventually free. sell The United States and Canada increased substantially throughout the first. Trump term and a new free trade arrangement was developed, a. CPKC spokesman stated. Union Pacific, which covers much of the U.S. West, also has. connections to and investments in Mexico. If it slows down, we have the capability to get rid of a great deal of. costs, Union Pacific CEO Jim Vena stated at a current investor. conference, referring to any tariff-related need decline.

• Iranian oil prices to China hit new multi-year highs as sanctions hit shipping, sources say

  The cost of Iranian crude oil offered to China has increased to the greatest in years as fresh U.S. sanctions have actually tightened shipping capacity and increased logistics expenses, trade sources and analysts said. Rising prices for Iranian oil as well as Russian crude are raising expenses for independent Chinese refiners that account for about a fifth of need at the world's leading unrefined importer, highlighting difficulties ahead as the Trump administration is anticipated to increase pressure on Iran. Some of the refiners are switching to supplies not under sanction constraints, consisting of from the Middle East and West Africa, to satisfy seasonal winter season and pre-Lunar New Year need, traders said. Discounts for Iranian Light crude have narrowed to about $ 2.50 per barrel against ICE Brent on a provided ex-ship (DES). basis to China, versus discount rates narrower than $4 in early. November. Discounts for Iranian Heavy crude have actually likewise narrowed. to around $4-$ 5 a barrel from about $7 in early November,. traders stated. Iranian oil rates have actually been climbing up given that October when. exports from the OPEC manufacturer dropped following concerns of. Israeli attack on Iranian oil facilities. A ramp-up in sanctions by the Biden administration last week. on Iran froze some ships that deliver Iranian oil to China via. ship-to-ship oil transfers off Singapore and Malaysia, according. to the sources and LSEG shipping data. China's imports of Iranian crude oil and condensate dropped. by 524,000 barrels daily (bpd) to a four-month low of 1.31. million bpd in November versus the previous month, data from. shiptracking firm Kpler showed. Tougher U.S. sanctions on tankers involved in Iranian oil. flows have tightened shipping capacity, Xu Muyu, a senior. expert at Kpler, composed in a report. This was particularly intense throughout the 2nd leg of the. journey, where vessels in the greater Singapore area transfer. onboard freights from Iran and head to China, she said, adding. that drifting storage in the region has actually been rising in the past. three weeks. Washington sanctioned 45 of the 147 tankers involved in. Iranian crude oil shipments this year, Xu said. Several of the approved Huge Unrefined Carriers (VLCCs),. including feet Island, Vanity and Elva, are drifting off Malaysia,. delivering data on LSEG showed. Ceres I, the VLCC which was. involved in an accident off Singapore in July and has previously. provided Iranian oil to China, has actually likewise been designated. Another sanctioned tanker, Phonix, sailed away from China on. Friday, LSEG data revealed. The VLCC has actually considering that released its. freight at Rizhao port in Shandong province, trade sources said. NEED PICKS UP Iranian oil prices were also partly supported by a healing. in China's need as independent refiners bought more crude. after getting additional import quotas from the federal government. and have raised their fuel output slightly, analysts stated. In Shandong, the hub for the independent refiners, operating. rates increased slightly considering that mid-November after run cuts in October. on weak margins, a study by consultancy JLC revealed. Regardless of greater prices for Iranian oil, their margins from. processing imported crude turned to a revenue of 123 yuan. ($ 16.93) per lot in the week to Dec. 11, following losses in. October and November, according to JLC. Consultancy Oilchem said gasoline and diesel shipments from. Shandong to other Chinese ports hit a three-year high in. November, another sign of need improving. Chinese crude imports grew yearly for the first time in. 7 months in November, driven by lower prices and. stockpiling.