Latest News
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Algeria offers to purchase soft milling wheat of nominal 50,000 T
European traders reported on Monday that Algeria's state grain agency OAIC had issued an international tender for the purchase of soft milling wheat from origins other than Algeria. Algeria usually buys more than the indicated volume in its tenders. The deadline to submit price offers for the tender is on Wednesday, February 12. Offers must remain valid until Friday, February 13. Wheat is shipped in two phases from the main supply areas, including Europe: April 16-30 and April 1-15. The shipment date is one month sooner if the wheat comes from South America or Australia. Algeria is an important customer of wheat imported from the European Union and France in particular, but Russian exporters as well as those from other Black Sea regions have seen a strong expansion on the Algerian market. Algeria bought an estimated 1,17 million tons of soft wheat in its last tender reported on December 26. Reporting by Michael Hogan, Gus Trompiz and Tomaszjanowski.
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Bosnian students protest government inaction after deadly floods
On Monday, hundreds of students in Sarajevo, the capital of Bosnia protested against the authorities for failing to accept responsibility for the death of 27 people during the devastating floods that occurred in early October. On October 4, heavy rains caused landslides and flooding in parts of central and south Bosnia and Herzegovina, destroying roads and homes. Only in Donja Jablanica, a village located in southern Serbia, 19 people died after an illegal quarry collapsed and trapped people under heavy stones. Investigations have not yet been launched. The Balkan country's fragmented governments struggled to respond. The authorities have taken a long time to begin reconstruction or distribute the aid that has been donated by the European Union, and other foreign governments. Where are the donations?" Where is the rehabilitation? Where is the transparency? "Where is the responsibility?" A large banner was carried by protesters in front of state parliament. Imran Pasalic is the president of Sarajevo University Students Parliament. "The students came to demand accountability from all those directly or indirectly responsible for the deaths of 19 people following the slide of an illegal quarry over Donja Jablanica," Imran Pasalic said. Bosnia is still trying to overcome its ethnic divisions after the devastating war of the 1990s that killed about 100,000 people. Some students protested in solidarity with the students of Serbia who held anti-government demonstrations in November over a train station disaster which killed 15 people and quickly escalated into a crisis.
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The LME's available Russian-origin aluminum stocks rose in January
LME data on Monday showed that the number of Russian-made aluminium in London Metal Exchange storage warehouses was up in January compared to December. The amount of Indian metal, however, fell. According to traders, the majority of the aluminium in LME registered warehouses at Port Klang in Malaysia is of Indian origin. This is what Western consumers are looking for, as many have refused to purchase metal made in Russia after it invaded Ukraine almost three years ago. Stocks of aluminium with Russian origin, or those on warrant At the end January, the total reached 164 475 metric tonnes, or 67%, as compared to 163,450 metric tons, or 56%, at the end December. The remaining Russian aluminum warrants - title documents which confer ownership - have been cancelled. This means that they are destined to leave the LME System. Metal produced in Russia from April 13 to 2024 is banned by the LME. However, metals made before this date are still allowed to be traded. Several companies that held Russian aluminum before April 13 have deposited their stock in LME warehouses. The number of cancelled warrants and metals marked for delivery in ISTIM UK’s LME approved warehouses at Port Klang was 234,900 tonnes. LME data indicated that the waiting list to receive this metal at end-January was 166 day. LME data revealed that at ISTIM's Gwangyang warehouses, there were 97,750 tonnes of cancelled warrants and 81 days in the queue for load-out at the end of January. In December, there was no queue at this location. At the end of January, Indian-origin aluminum accounted for 31% of all on-warrant stock in the LME System, compared to 120,225 tonnes and 41% respectively at end December. About half of the LME's available stocks were copper and nickel. (Reporting and editing by Kevin Liffey; Polina Devtt)
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The LME's available Russian-origin aluminum stocks rose in January
LME data on Monday showed that the number of Russian-made aluminium in London Metal Exchange storage warehouses was up in January compared to December. The amount of Indian metal, however, fell. According to traders, the majority of the aluminium in LME registered warehouses at Port Klang in Malaysia is of Indian origin. This is what Western consumers are looking for, as many have refused to purchase metal made in Russia after it invaded Ukraine almost three years ago. Stocks of aluminium with Russian origin, or those on warrant At the end January, the total reached 164 475 metric tonnes, or 67%, as compared to 163,450 tons, or 56%, at the end December. The remaining Russian aluminum warrants - title documents which confer ownership - have been cancelled. This means that they are destined to leave the LME System. The LME has not banned Russian metal produced before April of last year. Many companies that held Russian aluminium had deposited their stock in LME storage facilities, with a large portion of them in Gwangyang, South Korea. The number of cancelled warrants and metals marked for delivery in ISTIM UK’s LME approved warehouses at Port Klang was 234,900 tonnes. LME data indicated that the waiting list to receive this metal at end-January was 166 day. LME data revealed that at ISTIM's Gwangyang warehouses, there were 97,750 tonnes of cancelled warrants and 81 days in the queue for load-out at the end of January. In December, there was no queue at this location. At the end of January, Indian-origin aluminum accounted for 31% of all on-warrant stock in the LME System, down from 120 225 tons and 40% at the end December. About half of the LME's available stocks were copper and nickel. (Reporting and editing by Kevin Liffey; Polina Devtt)
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India's GAIL revives plans to buy US LNG after Trump lifts export ban
GAIL India Ltd. will look to purchase a stake or long-term supply of U.S. Liquefied Natural Gas after the Trump Administration lifted its ban on export permits. Gupta said ahead of India Energy Week that "their (Washington) decision to lift their ban will improve LNG supplies and we will revive plans to buy a stake in U.S. LNG or to buy U.S. LNG through long-term contracts." He said that the company will make a final decision following a long-term LNG purchase tendering process. India is currently the fourth largest LNG importer in the world. It aims to increase the gas share to 15% of the energy mix by 2030, up from the current 6.2%. GAIL is India’s largest gas distributor. GAIL was forced to stop its process for buying a stake up to 26 percent in an LNG plant located in the United States in 2023 after Joe Biden, then president of the United States, halted approvals on pending and future requests to export LNG. Gupta stated that global LNG prices may soften after 2026, as new projects in the U.S. are expected to be brought online and increase supply. Asia Spot LNG Prices Last week, the price of British thermal units (BTUs) reached a new high for two months at around $15. This was in response to a rise in European gas prices. Analysts say that the U.S. will provide ample supply to limit prices in this decade. Qatar will expand its liquefaction capability to 142 millions metric tons annually by 2027, from the current 77 million. Hardeep Singh Puri, the Indian oil minister, said that by 2030 India's gas consumption is expected to reach over 500 million standard cubic meters per day (mmscmd). According to the Petroleum Planning and Analysis Cell of the Oil Ministry, India's gas demand increased by approximately 12.5% in fiscal year 2024 compared to the previous year. Gupta stated that India's consumption would increase if the government brought gas under the goods and service tax regime instead of the current multiple taxes on gasoline, in order to make the prices cheaper and uniform throughout the country. GAIL, in its annual report 2023-24, has agreed to purchase 15.5 million tonnes per annum of LNG, including supplies from the U.S.A., Qatar and Australia, as well as traders Vitol Adnoc. The long-term agreements with American companies include the purchase by Berkshire Hathaway Energy of Cove Point and Cheniere Energy Sabine Pass in Louisiana, each receiving 5.8 million tonnes per year (tpy) of LNG. Sources said that in December, Qatar was also awarded a 5-year tender for the purchase one LNG cargo per month starting April. Sources in December said that Qatar was also awarded a five-year tender for the purchase of one LNG cargo a month starting April.
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Baltic States switch to European grid and end Russia's ties
Estonia, Latvia, and Lithuania announced on Sunday that they successfully synchronised the electricity systems of their countries to the European continental grid. This comes one day after Estonia, Latvia, and Lithuania severed decades-old energy links with Russia and Belarus. The complex switch from the grid that was used by their former Soviet Imperial overlord has been planned for many years. It is intended to bring the three Baltic countries closer to the European Union, and boost energy security in the region. In a social media post, Latvian President Edgars Rinkovics stated: "We did it!" The Baltic countries cut high-voltage cross-border transmission lines in eastern Latvia on Saturday, just 100 metres from Russia's border. They gave away pieces of wire as souvenirs to passers-by. Kaja Kallas - the Estonian EU Foreign Policy chief - called this switch, made earlier this week, "a victory of freedom and European unity". After power cable, telecommunication links, and gas pipelines between the Baltics and Sweden and Finland went down, the Baltic Sea region has been on high alert. The Baltic Sea region is on high alert after power cable, telecom links and gas pipeline outages between the Baltics and Sweden or Finland. Russia has denied involvement. After an undersea cable from Finland to Estonia, which was damaged in December 2012, Poland and the Baltics deployed elite police units, helicopters, and navy assets. Lithuanian military started drills to secure the land connection to Poland. Analysts believe that more damage to the links could drive power prices to levels seen in the Baltics since the invasion of Ukraine when energy prices spiked. The IPS/UPS Grid was the last remaining link between Russia and the three countries. These nations reemerged in the early 90s as independent nations after the fall of the Soviet Union. They joined the European Union in 2004 and NATO in 2007. After the invasion of Ukraine by Russia in 2022, three of Kyiv's staunchest supporters stopped purchasing power from Russia but still rely on its grid to stabilise and control frequencies to prevent outages.
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Lithuania cuts Russian grid connections as Baltics prepares to link up with EU
Lithuania announced on Saturday that it had disconnected its power system from the Russian grid. This is part of a larger plan, which the Baltic states claim will help them integrate more closely with Europe and improve security. After operating independently, Latvia and Estonia will be expected to follow suit at 0700 GMT Saturday. Subject to any last-minute testing, they should synchronise their grids with the EU on Sunday. A spokesperson for Lithuanian grid operators Litgrid stated, "We have disconnected." After the annexation by Russia of Crimea, plans to decouple the Baltics from their former Soviet imperial master gained momentum. The grid was the last remaining link between the three countries and Russia, who reemerged after the fall the Soviet Union as independent nations and joined the European Union in 2004. In order to prevent outages, the Baltic countries depend on the Russian grid for frequency control and network stabilisation. After the invasion of Ukraine by Russia in 2022, three of Kyiv's staunchest supporters stopped buying power from Russia. Lithuania's Energy Ministry has said that it has prepared contingency plans for heavy energy consumers, such as factories. These plans could temporarily disconnect some heavy energy users from the grid if there is a power shortage, in order to maintain essential supply. (Reporting and editing by Terje Solsvik, Andrius Sytas)
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Trump delays meeting with Panamanian president as tensions over canals simmer
The U.S. president Donald Trump postponed his phone call with Panamanian leader Jose Raul Mulino because of last-minute changes to the agenda. This was announced by the Panamanian government on Friday amid tensions surrounding U.S. threats that it would take over the Panama Canal. The government of Panama said that the foreign office would share the details about the new date after it had been coordinated. Mulino accused the U.S. government of spreading "lies" and falsehoods after it claimed that its vessels could pass through the Panama Canal for free. He also denied claims that China controls and has troops in the Canal, which is a vital shipping waterway connecting the Atlantic Ocean and Pacific Ocean. Panama Canal Authority is an autonomous agency under the supervision of the Panamanian Government that controls and operates the canal. Both leaders were scheduled to address the media at 3:30 pm local time, on Friday afternoon. Mulino announced that following a visit by U.S. Secretary Marco Rubio to his country, it would not be renewing a broad agreement in order to contribute to China’s signature. Belt and Road Initiative , a global infrastructure development plan. (Reporting and writing by Elida Morland, editing by Kyry Madry).
British Business - February 10
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports.
The Times
British Airways, Virgin Atlantic and other airlines are asking the Civil Aviation Authority (CAA) to examine Heathrow costs before building a new runway. They fear that passenger fees will increase.
AstraZeneca continues to pay Russian doctors and healthcare organisations despite the Ukraine War, citing a need to provide medicine globally and stating medicines are not under sanctions.
The Guardian
Great British Energy, the state-owned energy company in Britain, faces a difficult search for a new CEO. It will begin recruiting this month. Six months after it was established with 8.3 billion pound ($10.28 billion), there are no obvious front-runners.
Stuart Machin is the CEO of Marks & Spencer. He has urged the UK government not to implement the planned taxes and recycling fees, claiming that the retail industry was unfairly burdened.
The Telegraph
Activist Elliott, a financier who is known for his activism, has acquired a stake in BP. He hopes to influence strategic changes at BP as it struggles with its "net-zero" approach.
Virgin Atlantic tripled the number of applications for its status-matching offer, after British Airways announced tighter conditions for its frequent flyer program. The new system will be based on spending from April.
Sky News
UK Chancellor Rachel Reeves summoned executives of Barclays, HSBC and Lloyds to a meeting on Wednesday, where they will discuss Labour's growth strategy for financial services.
(source: Reuters)