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Algeria purchases durum wheat at tender, traders claim
European traders reported on Wednesday that Algeria's state grain agency OAIC was believed to have bought durum wheat at an international auction on Tuesday. Estimates of the tonnage purchased were a bit vague, with a range. The volume was estimated to be between 300,000 and 450,000 metric tonnes. Other estimates were as low as 200,000 metric tons. The initial estimates for the purchase price ranged from $356 to $357 per ton, including freight. It was thought that the origin could be either from Canada, United States or Australia. The bidder requested shipment over four dates: May 1-15 and May 16-31. The tender sought shipment in four periods: May 1-15, 16-30 and 31-June. Algeria does not reveal the results of its bids, and those reported are based solely on traders' assessments. Later, more detailed estimates on prices and volumes are possible. Reporting by Michael Hogan, Hamburg, and Gus Trompiz, Paris
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Greek strikes stop trains, planes and ships
The strike of Greek workers, which began on Wednesday, caused ferries to dock at ports, flights into and out of the country to be grounded, and trains to stop running. Greece's biggest trade unions demanded higher wages in order to deal with rising costs. Greece is emerging from the 2009-2018 debt crises that saw wage and pension cuts and bailouts of 290 billion euro. The economic growth in Greece this year was 2.3%, which has been higher than other economies in the Eurozone. The conservative government, recognizing the progress of the country, has raised the minimum monthly wage to 880 Euros. The labour unions claim that many households are still struggling to pay their bills due to rising costs for food, electricity and housing. In a press release, GSEE (which represents over 2 million private workers) said that prices have risen so high that people are buying 10% less goods than they did in 2019. "We are striking to make the obvious clear." "Pay rises and collective labor contracts now!" Athens bus and metro workers also stopped work during the one-day strike. Eurostat, the EU statistics office, reported that Greece's minimum wage in terms of purchasing-power was the third lowest in the European Union, after Portugal and Lithuania. The average monthly salary in Greece is 1,342 euro, which is 10% less than it was when the financial crises broke out in 2010. The government has pledged to increase the minimum wage to 950 euro, as it aims to reach a monthly average salary of 1,500 euro to be closer to the EU's average. The public sector workers claim that monthly expenses such as food, utilities, and housing are increasing rapidly. They demand the immediate reinstatement the annual bonuses which were scrapped over the last decade. The government rejected their request, citing fiscal constraints. (Reporting and editing by Angeliki Koutantou, Renee Maltezou)
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US sanctions still hit Serbian oil company NIS operations despite waivers
Sources familiar with the situation say that Serbian oil company NIS struggles to find oil traders overseas, and its former clients in Serbia are looking for alternative fuel suppliers because of the impact of U.S. sanctions on operations. NIS is owned by Gazprom Neft, a subsidiary of Gazprom, and is therefore one of Russia's remaining oil assets in Europe. The only oil refinery in the Balkan nation is vital to Serbia's energy safety. NIS's dominant position on the Serbian market, combined with the logistical challenges of the landlocked nation, makes it difficult for other companies. NIS is the supplier of around 80% or more of Serbian gasoline, diesel and jet fuel, as well as 90% of heavy fuel oil and jet fuel, according to a trader. The company's recent struggles are a warning of what could happen if U.S. Sanctions take effect. President Aleksandar Vucic has warned that Serbia may lose its access to oil imports. On January 10, the Office of Foreign Assets Control of the U.S. Treasury designated NIS AD Novi Sad as a sanctioned organization. It gave Gazprom Neft a 45-day deadline to withdraw its investment. This deadline was then extended by 30 days in two consecutive waivers. NIS, which normally buys crude oil in long-term agreements, has cancelled its tender for 2025, according to the site of its procurement. Two sources said that it is making short-term purchases on the spot market, from international trading companies still willing to work with it. The crude changes in NIS's procurement have never been reported before. NIS stated that it had recently closed a successful deal to purchase oil according to the waiver and that they were sourcing crude from a number of suppliers. It didn't give any details. The company said that it was adapting to new circumstances. According to Kpler, the global provider of real-time data analytics and data, NIS has imported around 28,000 barrels of crude oil per day via Croatia's Omisalj Port. This is where 80% the company's supply comes via the Janaf Pipeline. This compares to 40,000 bpd by 2024 and 70,000 in 2023. Fuel suppliers OMV from Austria and Greek-owned Eko import key transport fuels to their Serbian retail network instead of buying them from NIS. This move was not previously reported. OMV imports fuels from other European refineries on barges along the Danube River, according to its statement. Meanwhile, Eko supplies products from Greece, said a company official who asked not to be identified. The U.S. sanctions have caused both companies to suspend fuel purchases from NIS, they stated. One Serbian fuel dealer said that imports would not be able to meet Serbia's demand for diesel and gasoline, which is between 44,000 and 49,000 bpd, due to the limited infrastructure and capacity of barges, trucks and railcars. NIS said it was "prepared" to fulfill its contractual obligations with clients, such as corporate buyers and major purchasers like other oil companies. It also stated that the Pancevo oil refining plant was running normally. Reporting by Robert Harvey from London and Aleksandar Vasovic from Belgrade. Ahmad Ghaddar contributed additional reporting. Dmitry Zhdannikov, Mark Potter and Mark Potter (Editing)
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New York Times Business News - April 9, 2019
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Jenner & Block, and WilmerHale are two of the largest law firms in the United States. Both have been attacked by the Trump Administration and filed documents on Tuesday to block the executive orders which threaten their business and ability to represent federal clients. A senior Panamanian official said on Monday that he found evidence of misconduct from a Hong Kong-based company. This finding could cause a delay or even the cancellation of a port deal which has China at odds with the United States. The U.S. Supreme Court blocked on Tuesday a California federal judge's ruling that ordered the Trump Administration to rehire thousands fired federal employees who were on probationary status. Daniel Battsek, a British film executive, has been appointed as the new president of Film at Lincoln Center. This nonprofit organization is responsible for the New York Film Festival. (Compiled Bengaluru Newsroom)
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Panama's Attorney General will investigate CK Hutchison port contract
Panama has launched an investigation into a contract awarded to CK Hutchison, based in Hong Kong, for the operation and management of two ports within the Central American nation. Attorney General Luis Carlos Gomez announced this on Tuesday. Gomez announced the deal after Panama's comptroller-general criticized the contract renewed in 2021 earlier this week. Anel Flores, the Comptroller of Panama's Office, said that Panama had "left $1.3billion on the table" in terms of tax incentives and other benefits given by the government to CKHutchison. Gomez wrote in a Tuesday letter to Flores that the office of the prosecutor was conducting an 'ex-officio' investigation into the alleged commission a crime against the public administration as well as other crimes against State. Since January, the 25-year concession contract for Balboa Port and Cristobal Ports, awarded to Panama Ports Company (in which CK Hutchison holds 90%), has been audited. Flores announced on Monday that the audit was nearing completion. He also said that a lawsuit will be filed against officials of the government who approved the contract. The Panama Supreme Court has been discussing the concession since February. The contract reviews could be a roadblock in a $22.8 billion deal that was announced by a group of investors led by U.S. firm BlackRock in March to gain access to CK Hutchison’s port business across 23 countries including two ports in Panama. CK Hutchison, and BlackRock have not responded to comments immediately. BlackRock CEO Larry Fink said earlier this week, at a New York conference, that the deal wasn't made for geopolitical purposes, but they were aware of the fact that China would be reviewing it just as much as any other jurisdiction. Fink added that he is optimistic about the approval of the deal. China's Embassy in Panama posted on social media Tuesday that it respects Panama's sovereignty and will continue to do so. It also added that there should be no "excluding" in the relationship between Panama and the U.S. Lawyers and experts say that if the government of Panama confirms irregularities with the renewal concession or if the Supreme Court declares it unconstitutional the concession may be revoked. (Reporting and writing by Marianna Pararaga, with additional reporting by Tatiana Bautzer. Leslie Adler and Lisa Shumaker edited the story. Ni Williams provided additional reporting.
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Sources say that the US is considering adjusting its port fees plan for Chinese vessels in response to pushback.
Six sources claim that the Trump administration may soften its proposed fee for China-linked vessels visiting U.S. port after receiving a lot of negative feedback. The industries said it could be financially devastating. Six sources familiar with the issue said that the six changes being considered include a delayed implementation as well as new fee structures aimed at reducing the cost of visiting Chinese vessels. Sources asked to remain anonymous due to the sensitive nature of the subject. The White House, and the Office of the U.S. Trade Representative(USTR), the government agency involved in the draft of the proposal, have not responded to requests for comments. The U.S. trade representative Jamieson Greer said that not all the multi-million dollar fees proposed by the agency for Chinese-built vessels to dock in U.S. port will be implemented, and they may not be cumulative. She was speaking at a hearing of U.S. Senate Finance Committee on Tuesday. The USTR proposed fees of up to $3 million per port call in the U.S. for vessels built or associated with China. The USTR made its proposal after completing an investigation into China’s maritime sector, including development plans beginning in April 2024. Trump's administration claims that the fees will curb China's increasing commercial and military dominance in the high seas, and promote U.S. maritime industry. Representatives from a wide range of industries, including coal and agriculture, said during public hearings held last month that if the proposed fee is implemented, it could be impossible to transport anything from soybeans to coal. This was due to the large number of vessels with Chinese links in the global shipping fleet as well as the time required to replace these vessels. All six sources confirmed that the administration is also considering changes to fees in order to reduce their burden and impact on U.S. business. One source stated that the administration is considering charging a fee based on how many Chinese-built vessels a company has in its fleet. This would result in lower fees for companies that have fewer Chinese-built ships. Two sources stated that the administration was considering a fee based on tonnage rather than a fixed amount. It would be cheaper for smaller vessels to pay flat fees, as opposed to all ships paying the same fee. This could ease the burden for ship owners who have smaller vessels that are involved in niche trading, such as transporting grain or other commodities. Sources said that the USTR had developed the proposed fee with the larger container ships transporting retail goods in mind. They said that the impact on commodity flows was not fully considered. In a note dated April 2, Jefferies analyst Omar Nokta stated that "the most affected sectors are container and car shipping, due to their consolidated nature and the high proportion of fees payable under the proposed framework." The shipping industry would be affected by the disruption that is likely to occur as operators move vessels to reduce their exposure to U.S. fees." (Reporting and editing by Richard Valdmanis, David Gregorio and Georgina Baertlein. Additional reporting by Georgina Maltezou and Lisa Baertlein.
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Brazil protesters lift the blockade on Amazon grain shipping routes
Abiove, the traders' association, and a toll-road operator announced on Tuesday that indigenous Brazilian protesters had lifted their blockade of Brazil's Trans-Amazonian Highway. This reopened a vital grain shipping route connecting farmers to the Miritituba River Port. On March 25, Munduruku activists shut down the road (also known as BR-230) to pressure Brazil's Supreme Court into overturning a law that limits indigenous land rights in 2023. Grain traders reported that the protests prevented the shipment of around 70 000 metric tons worth nearly $30 million of grains every day. Abiove reported that it had learned on Tuesday morning the indigenous leaders secured a meeting between Gilmar Mendes, the Supreme Court Judge and the end of the blockade. Via Brasil BR-163, a company that manages 1,009 km (627 miles), of highway connecting farms in Mato Grosso to the riverport, has also confirmed the end the protest. Mendes's office confirmed that a meeting would be held on April 15. Last year, 15 million tonnes of corn and soy were loaded on barges at Miritituba bound for larger shipping ports downriver. This is over 10% of Brazil’s total grain exports. The river port is expected to see a 20% increase in shipments this year, as Brazilian farmers who will benefit from the escalating U.S.-China trade war market a bumper soybean harvest and bumper corn crop. The BR-230 was in poor condition even before the protests began, making it difficult to reach Miritituba. ANATC, a group that represents freight companies, reported on Tuesday that trucks from farms were blocked for up to three days by bottlenecks along a five-kilometer unpaved stretch of road near the port. Via Brasil BR-163 has said that a new road will be constructed when the courts give it permission to expropriate lands for new construction. (Reporting and editing by Joe Bavier; Ana Mano)
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Metinvest, a Ukrainian steelmaker, receives coking coal from the US
The company announced on Tuesday that Ukrainian steelmaker Metinvest had received the first shipment of U.S. coal to compensate for the suspension in production at Ukraine's sole coking coal mine. Metinvest's United Coal Company in the U.S. delivered 80,000 tons of coal via its bulk carrier Bison, according to a company statement. Metinvest stated that "this shipment is intended to support the sustainable steelmaking activities of the Group in Ukraine after the suspension of Pokrovsk Coal's operations." The company said it was expecting one vessel to carry 80,000 tons per month of U.S. coal coking "to cover a share of demand at Zaporizhstal JV" and Kamet Steel. Metinvest has suspended its operations at the coking coal mine it operates in Pokrovsk, in eastern Ukraine. The company cited a deteriorating situation in security as Russian forces advanced. The Ukrainian Steel Producers' Union reported last month that despite the loss in coking coal production from Pokrovsk during the first two-month period of 2025, the country still produced more steel. (Reporting and editing by Mark Potter.)
Iraq seizes a rare ship suspected of fuel-smuggling on the Gulf
Iraqi Naval Forces have seized an unidentified vessel in Iraqi territorial water in the Gulf, suspected of smuggling gasoline. The naval forces announced this in a press release.
It is not uncommon for Iraqi authorities seize vessels when they discover fuel smuggling in Gulf waters. Fuel heavily subsidised by some countries is sold to buyers throughout the region on the black-market.
According to a statement released late Tuesday, a naval patrol boat intercepted he ship after receiving intelligence regarding suspected illegal activities.
According to the navy, an Iranian captain and eight Indian crew members, as well as two Iraqi crewmembers, were aboard the ship.
The navy released an image of the vessel, but no name could be seen. The navy did not provide any further information about the ship.
The navy reported that the ship was towed back to Umm Qasr Naval Base for further investigation and the crew had been turned over to local police.
(source: Reuters)