Latest News
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Canada - Oct 24
These are some of the most important stories in selected Canadian newspapers. These stories have not been verified and we cannot vouch for the accuracy of these stories. THE GLOBE AND MAIL Capital Group Canada, an independent asset manager, has launched a new group of exchange traded funds to better serve advisors who prefer to work with fewer managers that offer a broader range of options. Paper Excellence Group, a Canadian paper manufacturer, has adopted Domtar as the name of its company. After a bitter dispute with a major tenant, the Port of Vancouver called a truce and allowed GCT Global Container Terminals a chance to bid for the operation of an import and export facility. NATIONAL POST The Canadian government of Justin Trudeau will announce a cut in immigration on Thursday. This follows years of increasing immigration targets.
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Indonesia offers to buy rice worth 500,000 t, traders claim
European traders reported on Thursday that the Indonesian state purchasing agent Bulog had issued an international bid to purchase an estimated 500,000 tons of rice. They said the deadline for price proposals is Nov. 1. Price negotiations are expected to continue for several days until a final decision. Bulog cancelled an earlier tender for 340,000 tonnes of rice, traders reported on Thursday. In November and December, rice is needed in Indonesia. The rice can come from Thailand, Cambodia or Vietnam. The tender is part of Indonesia's extensive purchases of rice on global markets in order to cool down domestic prices following a disappointing harvest. The country's Statistics Bureau estimates that Indonesia's rice production in 2024 will be 30.34 millions metric tons. This is down by 2.43% compared to last year. The production decline in January-April was nearly 15% less than in 2023. Indonesia plans to import 3.6 million tonnes of rice to boost the supply this year. In 2025, the country plans to increase its planted area by a large amount. Bulog wants white rice that is 5% broken grade and milled no more than six months old from the 2024 crop, traders say. Michael Hogan, reporting and David Goodman, editing.
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Global wind power set to get record share of electricity market: Maguire
Global windpowered electrical energy generation could set a new record in 2024, as winter sets in throughout the northern hemisphere and wind speeds pick up throughout a majority of the world's wind farms. This, in turn, might assist wind power grab a record-high share of the worldwide electricity generation market. Worldwide wind electrical power generation in the first nine months of 2024 has actually only climbed around 7% versus the same period in 2023, according to energy think tank Cinder. However historic patterns suggest this figure could surge in the last months of the year, pushing yearly generation to a new record. A late-year pick-up in wind output is most likely since the yearly peak in wind generation tends to happen during the northern hemisphere winter, as over 90% of running wind farms are located in Asia, Europe and The United States And Canada. If wind production increases in line with these expectations, it would likely account for more than 10% of monthly global electrical power output in November and December. This would be the very first time it has ever eclipsed this level. LOCAL PERIOD Wind power's generation potential in the last months of 2024 will depend mainly on wind speeds in China, the United States and Germany, which collectively are home to 64% of current global wind generation capacity, according to Global Energy Screen (GEM). China alone has a 43% share of global capability (around. 400,000 megawatts (MW)), making it without a doubt the most essential. wind generation market. Over the very first nine months of 2024, China's wind-powered. electricity generation was 712 terawatt hours (TWh), according. to Ember. That total was 11% higher than the same duration in 2023,. suggesting China's full-year output is on track to increase by over 10%. as soon as generation throughout the last months of the year is complete. The United States is the second-largest wind market, with. around 145,000 MW of capacity. From January through September, wind-powered electrical power. output was 333 TWh, up 6.2% from the exact same months in 2015. Germany, Europe's largest wind manufacturer, has around 47,000. MW of existing wind capacity, which has actually created around 94 TWh. of electrical power up until now in 2024. That's an increase of 7% versus. the very first 9 months of 2023. WINDS OF CHANGE? There are numerous reasons to think wind power will gain. further ground in the electrical power generation market in the. coming years. Global wind generation capacity has been among the. fastest-growing forms of electrical energy production so far this. century. It broadened around 20% each year from 2001 through 2021,. according to Cinder. Real, international capacity development has dropped to around half that. rate considering that 2022 due to a mix of factors, consisting of scarcities of. crucial components and steep inflation for parts and labour. The downturn has actually been particularly acute in North America. and Europe, where utility-scale wind capacity broadened by just. 5% and 7%, respectively, last year, according to Cinder. This unfavorable trend has actually persisted through the very first half of. 2024. From January through August of this year, wind capacity in. the United States broadened by just 2.4% year-on-year, according. to information portal Cleanview. And wind capacity growths in Germany were also down. a little throughout the very first half of 2024 compared to the very first six. months of 2023, according to WindEurope. But specialists think this trend may soon reverse. Installations in Germany are forecasted to rebound later this. year, thanks in part to the repair of the A27 freeway that is a. key channel for wind turbine parts. It was partly shut in the. initially half of the year after a water tunnel collapse. And in the United States, the speed of wind setups is. set to speed up as project developers there rush to end up. tasks ahead of a possible change in governmental administrations. next year following the Nov. 5 elections. The capacity growth story is also quite robust in Asia. Wind capacity there grew by over 19% last year. This was the. fastest yearly growth in the continent given that 2020. China has been the main chauffeur of this trend, and this looks. set to continue, as the country has actually currently set up 39,000 MW. of new wind capability so far this year, according to the Centre. for Research and Clean Air (CREA), which is up 17% from 2023. While optimism surrounding wind power's possible dimmed in. current years, the anticipated jump in output in the coming months. and forecasted capability growths in 2025 may imply that, in this. corner of the energy market, the winds are changing. << The viewpoints revealed here are those of the author, a. writer .>
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Union Pacific's Q3 earnings increases on improving volumes and robust pricing
U.S. railway operator Union Pacific reported a 9% rise in thirdquarter earnings on Thursday, as greater shipments and rate walkings offset declines in coal freight volumes. The company's earnings rose to $1.67 billion, or $2.75 per share, in the quarter, from $1.53 billion, or $2.51 per share, a. year previously. The Omaha-Nebraska based company took advantage of higher grain. and intermodal volumes, which were led by a strong harvest. season and greater west coast imports. The railway has said it handled record intermodal volumes. in August at the ports of Los Angeles and Long Beach as carriers. moved freight to the west coast, remembering the strikes. at the U.S. east and gulf coast ports. The business reported an operating ratio of 60.3% for the. third quarter, an enhancement from 63.4% a year earlier. The. ratio is a keenly viewed metric that suggests operating. expenditures as a percentage of revenue.
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Swiggy cuts evaluation target for IPO to $12.5 billion-13.5 billion, sources state
Indian food delivery giant Swiggy is internally going for a business assessment of $ 12.5 billion13.5 billion for its upcoming IPO, cutting its target by 1016% due to market volatility, two people with direct knowledge said on Thursday. Swiggy was earlier targeting a $15 billion valuation for its $ 1.4 billion November IPO which will be the country's second greatest stock offering this year, behind Hyundai India's. launching today. Recent market volatility and a correction in Indian stock. markets have prompted Swiggy to think about a lower appraisal, as. it wants to ensure a lot of worth is left on the table for. investors who bid, said the first source with direct knowledge. of the matter. India's benchmark Nifty 50 index is on course to log. 4 straight weeks of losses, having actually dropped 7.15% from record. high levels hit on Sept. 27, due to relentless foreign selling. Hyundai India shares fell 7.2% on their market debut on. Tuesday after retail financiers offered a lukewarm reception amidst. issues about a lofty appraisal and a vehicle industry downturn. The two sources said Swiggy is anticipated to note on Nov. 13. on Mumbai bourses, and open the IPO for subscriptions in the. week before that, though the date might change a little. Swiggy, which is backed by SoftBank and Prosus. , did not react to requests for comment. In spite of current jitters, India's IPO market has been buoyant. with around 270 companies raising $12.57 billion this year. already, eclipsing the $7.4 billion raised in all of 2023. Swiggy plans to perform roadshows for its stock offering in. many Indian cities starting Oct. 30, said the 2nd source. Swiggy takes on Zomato in India's online. restaurant and coffee shop food deliveries sector, and both have actually made. major bets on the new so-called fast commerce boom where. groceries and other items are being delivered in 10 minutes. Swiggy's last funding round, led by Invesco in 2022, valued. it at $10.7 billion.
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Airlines suspend flights as Middle East stress increase
Concerns over a wider conflict in the Middle East have actually triggered global airlines to suspend flights to the area or to avoid afflicted air area. Below are some of the airlines that have cancelled services to and from the area: AEGEAN AIRLINES The Greek airline company has actually cancelled flights to and from Beirut till Dec. 17 and to and from Tel Aviv till Nov. 12. AIR ALGERIE The Algerian airline company has actually suspended flights to and from Lebanon up until more notice. AIRBALTIC Latvia's airBaltic has cancelled flights to and from Tel . Aviv until Nov. 30. AIR FRANCE-KLM Air France has extended its suspension of Paris-Tel Aviv. flights up until Oct. 29 and Paris-Beirut flights until Nov. 30. KLM has extended the suspension of flights to Tel Aviv until. the end of the year a minimum of. The Franco-Dutch group's affordable unit Transavia has. cancelled flights to and from Tel Aviv, Amman and Beirut till. end-March. AIR INDIA The Indian flag carrier has actually suspended flights to and from. Tel Aviv until more notice. BULGARIA AIR The Bulgarian carrier has actually cancelled flights to and from. Israel until Dec. 23. CATHAY PACIFIC Hong Kong-based Cathay Pacific has cancelled flights to Tel . Aviv till Oct. 25, 2025. DELTA AIR LINES The U.S. carrier has actually stopped briefly flights between New York and Tel . Aviv through March 2025. EASYJET The UK spending plan airline company has suspended flights to and from Tel . Aviv till March. EGYPTAIR The Egyptian provider in September stated it had actually suspended. flights to Beirut up until the situation stabilises. EMIRATES UAE's state-owned airline company has actually cancelled flights to Beirut. through Oct. 31 and flights to Baghdad and Tehran up until Oct. 30. ETHIOPIAN AIRLINES The Ethiopian provider has suspended flights to Beirut up until. further notice, it said in a Facebook post on Oct. 4. FLYDUBAI The Emirati airline has actually suspended Dubai-Beirut flights until. Oct. 31, a flydubai representative stated. IAG IAG-owned British Airways has cancelled flights to and from. Tel Aviv through Oct. 26. IAG's affordable airline company Iberia Express has actually cancelled flights. to Tel Aviv till Oct. 31, while Vueling has cancelled. operations to Tel Aviv up until Jan. 12 and to Amman up until even more. notice. IRAN AIR The Iranian airline has cancelled Beirut flights until. even more discover. IRAQI AIRWAYS The Iraqi national provider has suspended flights to Beirut. until more notification. ITA AIRWAYS The Italian provider has actually extended the suspension of Tel Aviv. flights through Nov. 30. LOT The Polish flag provider has actually cancelled flights to Tel Aviv. until Oct. 26. Its very first set up flight to Beirut is planned. for April 1. LUFTHANSA GROUP The German airline company group has actually extended the suspension of. flights to Tel Aviv up until Nov. 10, while its low expense provider. Eurowings has actually suspended them till Nov. 30. Flights for Tehran. are cancelled until Jan. 31, 2025, and to Beirut until Feb. 28. SWISS, part of Lufthansa Group, individually stated its flights. to Beirut would be cancelled till Jan. 18. SunExpress, a joint venture between Lufthansa and Turkish. Airline companies, has suspended flights to Beirut through. Dec. 17. PEGASUS The Turkish airline company has actually cancelled flights to Beirut till. Oct. 28. QATAR AIRWAYS The Qatari airline company has actually temporarily suspended flights to and. from Iraq, Iran and Lebanon, while flights to Amman will run. throughout daytime hours just. RYANAIR Europe's biggest spending plan airline has cancelled flights to and. from Tel Aviv until completion of December. Group CEO Michael. O'Leary on Oct. 3 stated the suspension was most likely to be extended. up until end-March. SUNDAIR The German airline cancelled flights to Beirut from Berlin. until Dec. 8, from Bremen up until March 26, and from. Muenster/Osnabrueck until March 29. TAROM Romania's flag provider has suspended Beirut flights up until. Nov. 15. UNITED AIRLINES The Chicago-based airline has actually suspended flights to Tel Aviv. for the foreseeable future. VIRGIN ATLANTIC The UK provider has suspended Tel Aviv flights up until. end-March. WIZZ AIR The Hungary-based airline company has actually suspended Tel Aviv flights. through Jan. 14.
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American Airlines raises 2024 revenue forecast on better rates
American Airlines raised its yearly revenue forecast on Thursday, on resilient travel need and improved prices power as airline companies trim capacity, sending out its shares up 3% before the bell. Excess supply of airline company seats in the domestic market throughout the U.S. summertime travel season had actually required airlines to use seats at a discount to fill their aircrafts, denting their profits. Ever since U.S. airline companies have moderated capability. Annual domestic seat growth has slowed to 1.5% in October and November from 5.5% in July, according to BofA analysts. The company expects an adjusted revenues per share of $1.35. to $1.60, compared with its previous forecast of 70 cents to $1.30. American is likewise recovering from a previous sales and. distribution technique fiasco. The airline company looked for to rework its. contracts with corporate travel bureau and clients, cutting. perks and discount rates. Nevertheless, this strategy backfired, leading to an exodus of. business tourists that dented revenue, injured the airline's. image, and provided its peers a benefit Because the misstep, the airline company has actually taken a number of measures to. win those corporate customers back. In July, it stated it was. renegotiating agreements with travel agencies and corporate. clients. The Texas-based carrier reported a net loss of $149 million,. or 23 cents per share, compared to $545 million, or 83 cents. per share, a year earlier. The airline's overall operating income increased 1.2% to $13.65. billion.
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Southwest Airlines reports surprise Q3 earnings on better rates
Southwest Airlines reported a. surprise thirdquarter profit on Thursday, gaining from. enhanced rates and demand, along with rebookings from. travelers stranded due to the global cyber blackout in July. During the U.S. summertime travel season, an oversupply of. airline company seats in the domestic sector obliged airlines to sell. seats at lower costs to fill their aircrafts, denting their. earnings. Since then U.S. airlines have actually moderated capability. Annual. domestic seat development has actually slowed to 1.5% in October and November. from 5.5% in July, according to BofA experts. Southwest reported an adjusted revenue of $89 million, or 15. cents per share, compared with analysts' average price quote of a. loss of $12.65 million, or a break-even on a per share basis,. according to information compiled by LSEG. Shares of the carrier increased 1.5% in premarket trading. Southwest is likewise nearing a settlement with activist. investor Elliott, a report stated, after the hedge fund promoted. a revamp of the airline's board and a replacement of top. executives. That, in addition to inflated costs, has actually pushed it to take actions. to bring back stable success and find high-margin income. streams, including vacation packages, over night flights and. appointed and superior seating. It anticipates fourth-quarter income per offered seat mile, a. proxy for prices power, to be up 3.5% to 5.5%, on a predicted. capacity decrease of about 4%. We are laser-focused on delivering the robust set of. tactical and tactical initiatives consisted of in. our strategy and going back to the strong financial performance we. anticipate, CEO Bob Jordan said. The airline has been hit hard by Boeing's jet. delivery delays and is reeling from elevated operating costs,. including high labor and airplane upkeep costs. It continues to expect about 20 new jets from Boeing this. year. Southwest Airlines' operating earnings rose 5.3%, to $6.87. billion in the 3rd quarter.
The US Permian oil is becoming lighter and this could cause it to lose favor with refiners
The West Texas Midland crude, the oil that made the U.S. the world's largest producer of oil, is becoming lighter. This could make the crude less attractive to refiners.
The super-light crudes will have to be blended into heavier grades in order to produce gasoline, diesel fuel and jet fuel. Demand for WTI Midland could be reduced by a lack of heavy crude or high prices. The global Brent benchmark, of which WTI is now a part, could see its prices fall.
Its low sulfur content and similarity to other benchmark grades have made the U.S. flagship crude a favorite among refineries in Asia, Europe and beyond.
Brent is a grouping of North Sea grades that are used to price more than 75% of all crude oil in the world.
The Permian Basin in west Texas and New Mexico has been producing lighter crude. Sources who refused to identify themselves because the data was confidential said that recent testing showed the oil's density or gravity is between 41-44 degrees.
WTI Midland crude has historically had a gravity between 38 and 42 degrees. The higher the number the lighter the crude oil.
As they move from the first tier of production to second tier, shale producers pump lighter oil. These wells produce more natural gas and crude oil is moving into lighter territory.
In general, lighter crudes are more valuable than heavier ones, but refineries have been designed for certain densities and not usually super-light crude. Refiners are looking for crudes that will deliver the highest margins with their existing equipment. To run lighter crudes at a profit, units would need to invest in new equipment.
When refined, lighter crude produces more naphtha for petrochemical feedstocks and less diesel or jet fuel. Refining towers that are not designed to handle high volumes of naphtha may have to be modified to accommodate higher volumes. This may force refiners to reduce the amount of crude they use.
Viktor Katona, Kpler's lead crude analyst, said that if crude were lighter, hydrocrackers - units which break down heavy molecules using high heat and pressure - would not be used as much. Reformer units that turn naphtha to a component in finished gasoline would have to work harder.
Hydrocrackers, while more expensive to operate, produce diesel and jet fuel with higher margins that refiners want to sell.
Katona said that no one had the money to build the new refinery. "One would have to reconfigure it, build completely different unit, bigger units for lighter distillates like naphtha, smaller units for middle distilates like diesel, and no one has the funds for that."
As more people are working from home, the demand for gasoline is expected to increase.
Adopt electric vehicles
Sources and analysts have said that refiners do not want to invest large amounts of money in their plants.
Two to Tango
Rommel Oates is the founder of Refinery Calculator, a software company that specializes in refining. He said: "Refiners must blend it (lighter WTI Middle) to make it heavier and more aligned to processing units they have invested in."
Analysts said that pipeline companies who buy crude from shale producers may also blend it with other grades, such as West Texas Sour, to meet export specifications.
Katona stated that "WTI's (Midland's) need a partner, a heavy crude, to dance with. Otherwise, you wouldn't want it to be run. But we may reach a point where the heavies become too expensive to blend with WTI.
Cost of mixing crudes may cause a drop in demand for WTI Midland. This would, in turn depress the price for dated Brent unless Platts removed WTI Midland or limited acceptable gravity.
Robert Auers, RBN Energy analyst, said: "A lighter WTI Midland won't do anything but weaken the benchmark since WTI Midland is now slightly less valuable." Dated Brent prices may fall by up to 50 cents per barrel if WTI Midland becomes lighter, Robert Auers added.
Platts (part of S&P Global) currently assesses and publishes prices for WTI Midland, with an API gravity of 40-44 degrees. A spokesperson stated that they monitor the quality and could launch a standard consultation with industry if quality review was required.
Sources said that refiners, pipeline operators, and others are discussing the need for an oil benchmark with a lower gravity. This would allow buyers to distinguish WTI Midland from super light streams of crude. (Reporting from Arathy S. Somasekhar, Houston; additional reporting by Ahmad Ghaddar. Editing by David Gregorio.)
(source: Reuters)