Latest News
-
South Korea uses Equinor drifting wind power contract
Norwegian energy business Equinor has actually gotten an offer from the South Korean government for a fixedprice power purchase arrangement for a. 750megawatt (MW) drifting offshore wind task, the business. stated on Thursday. We have actually gotten an offer for an offtake agreement for our. Bandibuli task, an Equinor representative told Reuters. The business will now deal with the South Korean authorities. on the details of the offer before possibly signing a. agreement, the representative included. Floating overseas wind is still an immature technology. requiring government assistance and, at 750 MW, Bandibuli is among. the most significant drifting overseas wind projects internationally. A final investment decision for the project, located 70 km. ( 43.5 miles) off the south-east coast of South Korea, is at. least one to 2 years away and is dependent on making sure a. competitive return, the representative said. Equinor is likewise seeking a partner for the task, he included. South Korea's Ministry of Trade, Industry and Energy (MOTIE). announced earlier on Thursday that the 2024 bidding round had. awarded 1,886 MW of fixed-price contracts for overseas wind,. including a very first award for a floating wind job. The ceiling price for the tender had actually been set at 176,565 won. ($ 121.96) per megawatt hour (MWh). However, consisting of a multiplication factor to reflect. innovation and area of jobs, the deal for drifting wind. was around 500,000 won, roughly $350/MWh, a source acquainted with. the conditions said. By contrast, a 400-MW floating overseas wind farm off. Scotland was awarded a strike price of 139.93 pounds ($ 176.35),. quoted in 2012 rates, at an auction round in September.
-
Amazon workers strike at seven United States facilities ahead of Christmas rush
Amazon.com employees at 7 U.S. facilities walked off the task early on Thursday during the holiday shopping rush, intending to press the merchant into contract talks with their union. Warehouse employees in cities including New York, Atlanta and San Francisco are participating in the largest strike against Amazon, stated the International Brotherhood of Teamsters, which represents about 10,000 workers at 10 of the company's facilities. The business, nevertheless, said it does not anticipate any effect on its operations throughout among the busiest times of the year. Unions represent only about 1% of the workforce of Amazon, among the largest companies in the U.S. by market value, and it has multiple places in lots of city areas. The union had given Amazon a Dec. 15 due date to start negotiations and storage facility employees had actually recently voted to license a strike. If your plan is postponed during the vacations, you can blame Amazon's pressing greed, Teamsters' General President Sean O'Brien stated late on Wednesday. We provided Amazon a clear due date to come to the table and do right by our members. They overlooked it. This strike is on them. The retailer's shares were trading nearly 1% higher in premarket hours, a sign that financiers do not expect a big disturbance from the strike. The Teamsters have purposefully misguided the public and threatened, daunted and tried to persuade workers and third-party drivers to join them, an Amazon spokesperson said on Thursday. Observers said Amazon was not likely to come to the table to deal as that might unlock to more union actions. It uses more than 1.5 million people worldwide and has stated it chooses direct relationships with workers. Still, the company has actually responded to current organization efforts with legal obstacles. Amazon has actually filed objections with the National Labor Relations Board (NLRB) over a 2022 union vote in Staten Island, alleging bias amongst company authorities. It likewise challenged the constitutionality of the NLRB in a. September federal claim. Earlier this year, the business revealed a $2.1 billion. financial investment to raise spend for fulfillment and transport. staff members in the U.S., increasing base salaries for employees by at. least $1.50 to around $22 per hour, a roughly 7% boost.
-
Barington chooses Mitarotonda and two others as directors at Matthews, sources say
Activist investor Barington Capital Management chose its founder, James Mitarotonda, and 2 other executives with public board experience as director prospects at casket maker Matthews International, individuals acquainted with the matter stated. In addition to Mitarotonda, Barington nominated Ana Amicarella, who currently serves on the boards of Forward Air and Warrior Met Coal, and investment market seasoned Chan Galbato, who runs Cerberus Operations and Advisory Business and served on the board of grocer Albertsons till recently, stated the people, who asked to remain anonymous to expose the private discussions. Matthews did not instantly react to a request for remark. Barington owns about 2% of the exceptional stock of Matthews, which makes items for cemeteries, funeral homes and crematories. It wants the business to replace Chief Executive Joseph Bartolacci, who has been running the company for nearly two decades, the hedge fund said last week. It also wants Matthews to consider divesting its SGK Brand name Solutions segment, follow through with its review for its Storage Facility Automation and Product Recognition companies and find a partner for its Energy Storage (dry cell lithium-ion battery) manufacturing organization. 3 Matthews directors who rest on the 11-member board are expected to mean reelection at the company's annual meeting early next year. Barington likewise desires the business to ensure that all directors mean election yearly and plans to send a. proposal to de-classify the board, individuals said. Matthews stated recently that its business outlook is strong. It formerly revealed it had employed JPMorgan Chase and. was checking out tactical options. That news pushed the stock. cost up more than 20%. Given that January, the company's shares have. lost almost 25% to close at $27.77 on Wednesday.
-
Spain's Navantia to purchase shipyards of Titanic contractor Harland & Wolff
Spanish stateheld shipbuilder Navantia will acquire the shipyards of Britain's. Harland & & Wolff, the Belfastbased company best understood for. developing the Titanic, the British government stated on Thursday. The government said in a statement the offer, which is. subject to regulative approval, would secure all 4 of Harland. & & Wolff's shipyards - in Belfast, Arnish and Methil in Scotland,. and Appledore in southwest England - and protect around 1,000. tasks. This financial investment is fantastic news for Belfast, for the Northern. Ireland economy and, above all, for Harland and Wolff's hugely. competent shipbuilding workforce, said Northern Ireland minister. Hilary Benn. In a different declaration, Navantia confirmed the offer and. said it anticipates to finish it by the end of January. Neither Navantia nor the British government revealed the. cost the Spanish business will pay for the shipyards. In September, Harland & & Wolff contacted administrators after. failing to secure financing to run business, as energy cost. rises and wage increases consumed into profits and rose debt. Trading in its shares on the London Stock Exchange was. stopped in October and in July the British government declined. the business's request for a credit center of 200 million. pounds ($ 253 million). Harland & & Wolff, established in 1861, signed a production. subcontract with Navantia in 2015 relating to the 1.6 billion. pound-project to construct support ships for Britain's Royal Navy. The government said the offer would guarantee three ships to. transportation munitions, spares and products to UK warship. would be developed and delivered.
-
Amazon employees go on strike in US ahead of Christmas rush as union seeks agreement talks
Amazon.com employees at seven U.S. centers strolled off the job early on Thursday during the vacation shopping rush, intending to push the merchant into contract talks with their union. Storage facility employees in cities consisting of New york city, Atlanta and San Francisco are participating in the biggest strike against Amazon, said the International Brotherhood of Teamsters, which represents about 10,000 employees at 10 of the firm's facilities. If your bundle is delayed throughout the holidays, you can blame Amazon's pressing greed, Teamsters' General President Sean O'Brien stated late on Wednesday. We gave Amazon a clear deadline to come to the table and do right by our members. They disregarded it. This strike is on them. The union had provided Amazon a Dec. 15 deadline to begin settlements and storage facility employees had just recently voted to license a strike. Amazon said it does not anticipate any effect to its operations. The union has deliberately deceived the public and threatened,. intimidated and attempted to coerce workers and third-party. motorists to join them, a company representative said. Unionized facilities account for simply 1% of Amazon's hourly. labor force and locations such as New York City have multiple. warehouses and smaller delivery depots, which might assist Amazon. blunt any potential strike impact. Observers said Amazon was not likely to come to the table to. deal as that might open the door to more union actions. It. utilizes more than 1.5 million people globally and has said it. prefers direct relationships with employees. The merchant's shares were trading slightly higher. in premarket hours, an indication that financiers do not expect a big. disturbance from the strike. Previously this year, the company revealed a $2.1 billion. investment to raise pay for fulfillment and transportation. staff members in the U.S., increasing base incomes for workers by at. least $1.50 to around $22 per hour, a roughly 7% boost.
-
South Korea's NOFI purchases estimated 136,000 T corn, traders say
Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 136,000 metric tons of animal feed corn in a worldwide tender on Thursday, European traders stated. The corn was bought in 2 consignments estimated at 68,000 lots. One was purchased an estimated straight-out price of $234.19 a. heap cost and freight (c&& f) for March 15 arrival, the second at. an approximated outright cost of $234.90 a c&& f for March 25. arrival. The seller of both consignments was thought to be trading. home Viterra. Both have an additional $1.50 a ton additional charge for. extra port discharging. If the March 15 consignment is sourced from the U.S. Pacific. Northwest coast, delivery is looked for between Feb. 10 and March 1,. if from the U.S. Gulf in between Jan. 21 and Feb. 9, from South. America in between Jan. 16 and Feb. 4, or from South Africa in between. Jan. 26 and Feb. 14. If the March 25 consignment is sourced from the U.S. Pacific. Northwest coast, shipment is in between Feb. 20 and March 11, from. the U.S. Gulf between Jan. 31 and Feb. 19, from South America. between Jan. 26 and Feb. 14, or from South Africa between Feb. 5. and Feb. 24. Asian purchase interest has been triggered as Chicago corn. futures have actually fallen from their greatest in more than 5 months. struck last week, due in part to forecasts of smaller sized U.S. stocks. Two other Korean corn purchases were also reported on. Thursday. Reports reflect assessments from traders and further. estimates of prices and volumes are still possible later on.
-
Tunisia gets deals in soft wheat, durum tender, traders say
The most affordable rate used in the worldwide tender from Tunisia's state grains company on Thursday to purchase around 100,000 metric lots of soft wheat was thought to be $255.39 a heap cost and freight (c&& f). included, according to initial assessments from European. traders. The most affordable wheat deal was believed to have been submitted. by trading home Viterra for 25,000 loads, they said. Other soft wheat offers were reported from Viterra for other. 25,000 ton consignments at $256.39 and $257.39 both per heap c&& f. Viterra was also stated to have actually made an offer for the full 100,000. lots at $257.67 a lot c&& f. Trading home Buildcom likewise offered soft wheat in between. $ 256.77 and $257.77. Many other deals were over $260. The most affordable offer for 100,000 lots of durum wheat likewise looked for. in the tender was examined at $339.49 a ton c&& f. The offer was. thought to have been submitted for 25,000 tons by Viterra,. traders said. Casillo provided the complete 100,000 tons of durum at $342.67 a. heap c&& f. The wheat and durum are both looked for in 4 25,000 heap. consignments for 2025 delivery between Jan. 15 and Feb. 25,. depending upon origin supplied. In its last reported tender on Nov. 27, Tunisia's state. grains agency purchased about 100,000 tons of soft wheat and. about 100,000 lots of durum after seeking deals for the very same. volume. Offers are still being thought about and no purchase has yet. been reported. The lowest deal is not always accepted if. conditions connected to it are considered unattractive. Reports show assessments from traders and even more. quotes of prices and volumes are still possible later on.
-
South Korea's MFG purchases about 67,000 T corn in private deal
South Korea's Major Feedmill Group (MFG) bought an approximated 67,000 metric lots of animal feed corn in a private deal on Thursday without releasing an worldwide tender, European traders said. One consignment was bought at an estimated $246.99 a heap expense and freight (c&& f), also including an additional charge for extra port discharging. The purchase was expected to be sourced just from South America with an additional rate surcharge of about $10 a load for high South American quality. The seller was thought to be trading home CJ International, with arrival in South Korea around April 5 and shipment from South America in between Feb. 1 and March 1. The offer followed a purchase of 136,000 lots of corn in an global tender by Korean importer NOFI on Thursday. Reports show evaluations from traders and further estimates of prices and volumes are possible later on.
3 South Korean groups buy 180,000 T soymeal, traders say
3 South Korean groups purchased an overall 180,000 metric tons of soymeal in to be sourced from optional origins in a deal on Thursday, European traders said.
Three 60,000 ton consignments were purchased $355.95 and $ 355.85 a heap expense and freight (c&& f) included and also consisting of a surcharge for extra port dumping, they stated.
Buyers were the Major Feedmill Group (MFG), the Feed Leaders' Committee (FLC) and Korea Feed Association (KFA).
The MFG purchased one consignment from trading home Bunge for July 6 arrival, the FLC one consignment from Cofco for June 29 arrival and the KFA's Busan area one likewise from Cofco for July 5 arrival.
The soymeal is expected to be sourced from either the United States, South America or China. Reports show assessments from traders and further price quotes of rates and volumes are still possible later.
(source: Reuters)