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China tightens up payment rules to automakers
Chinese regulators have introduced stricter rules governing automakers’ payments to suppliers. They are aiming to close loopholes, such as delays in product acceptance procedures and the use of non-cash instruments. In an effort to end the brutal price war in the auto industry, major Chinese manufacturers pledged last year to pay their suppliers within 60-days, after complaints from steelmakers and other suppliers. The Ministry of Industry and Information Technology said in a press release that payment cycles are still longer than those of multinational carmakers and there is room for improvement. The new rules are more than a simple limit on payment terms. They require 'clearer starting point for payment calculation, deadlines for acceptance procedures, and encourage faster cash settlements, especially for small and mid-sized suppliers. The new rules also include service providers and engineering firms in addition to parts suppliers. Automakers are prohibited from forcing suppliers to accept supply-chain notes, commercial bills or other non-cash payment instruments. The MIIT will, along with the State Administration for Market Regulation, conduct a joint regulatory interview with automakers who have large account payable balances or are suspected of?intentionally extending payment periods?, or that receive complaints repeatedly from small and mid-sized suppliers. The regulators said that companies identified as problematic will be required to rectify payment practices, and those found to violate laws or regulations, they will face penalties. The automakers will be required to submit?semiannual and annual reports on supplier payments, while regulators are expected to publish annual third-party assessment to strengthen oversight.
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Police officers in the eastern German state of defuse 21 explosives near power grid
Prosecutors from the German state of Saxony in eastern Germany said that they had found a total?21 explosives devices?in their investigations of attacks on the electrical grid which have kept authorities alert for several days. The total number of homemade explosive devices discovered by investigators has now reached 21. Germany is the focal point of European concerns about the vulnerability critical infrastructure. It experienced a number of sabotage events on the power grid in the last week after a drone strike in August at Leipzig/Halle, for which the German government officially blamed Russia. German police announced on Friday that they are searching for a suspect who claimed responsibility for a number of sabotage attempts?on the electricity grid last week in letters sent to him. They found what looked like explosives in his home. The man is still at loose. Spiegel reported that the initial findings of an investigation into a fire at a transformer substation earlier in Berlin on Monday showed it was caused by a "technical failure". Police Commissioner Barbara Slowik Meisel was quoted as saying this. Separately Bild reported that the police in the western city of Wesl have started major?assessment ops after it was discovered that the security fence surrounding another transformer substation had been cut.
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China's soybean processors are facing high costs and low margins ahead of Xi’s US visit
China's private soy processors are facing a difficult fourth quarter as Brazil, the top soybean exporter, is experiencing a tightening of its inventories and because tariffs have kept U.S. cargoes out of their reach. China's shrinking pig population is putting pressure on the world's largest oilseed processing industry. It's already facing negative margins, and a weakening demand for 'feed'. Processors hope that President Xi Jinping’s visit to Washington in this month will lead Beijing to relax a 10% tariff on U.S. agriculture goods. U.S. trade representative Jamieson Greer stated on Thursday that the two countries will make "some announcements" on agriculture and nontariff barriers during the summit. However, he did not provide specifics. Johnny Xiang of AgRadar Consulting in Beijing said: "As South America approaches the end of their marketing season, private crushing companies will need to access U.S. soya beans." "That depends on either tariff reductions, or, if that fails, on Sinograin Reserve?auctions, to keep their factories operating," he said. He was referring to China’s state stockpiler. However, the relief is still uncertain. A crusher in China said, "We do not consider U.S. soya beans because of the tariffs." If tariffs are lowered, we will recalculate crushing margins to determine whether U.S. cargoes could be profitable. Traders claim that China's state owned traders purchased about 11 million metric tonnes of U.S. soya beans after Xi met with U.S. President Donald Trump in May. Private crushers have avoided North American cargos due to tariffs. The Chinese Commerce Ministry has been contacted for comment. RISING PRICES AND NEGATIVE MARGINS Benchmark U.S. soy futures are up nearly 12% since their June lows. This is due to adverse weather in the U.S., Chinese government purchases and expectations of El Nino weather affecting global supplies. Brazilian soybeans were quoted for shipment in November at a premium of between $3.15 and $3.20 per bushel over the Chicago Board of Trade's November soybean contract. This included cost and freight to China. Similar U.S. Gulf cargoes, excluding tariffs, were offered between $3.20 and $3.25 per bushel. Buyers expect that the U.S. harvest, which is expected to begin in the coming weeks, will increase supply and lower prices. "The price of U.S. soya beans is still highly uncertain as China has not yet made large-scale purchasing inquiries," said Xiang. The next harvest in Brazil isn't due until 2027. Even without the 10% tariff, imports of U.S. beans for October-through-January shipment would generate negative crush margins at current prices, according to Rosa Wang, an analyst at Shanghai JC ?Intelligence Co. and three other traders and analysts. Wang stated that "theoretical crush margins" for Brazilian and U.S. soya beans, excluding a 10% additional tariff, ranged from 150 to 230 Yuan ($22.35-$34.27) per ton for October to December shipments. China's pig population is expected to decrease in the fourth quarter, as Beijing intensifies its efforts to reduce inventory and limit hogs weights to stabilize a market oversupplied. Two Asia-based traders reported that importers have completed their October purchases and booked 4.8 millions?tons of goods for November. This is around 60% the projected demand. However, buying for December and early January has only just begun. Limited BRAZILIAN Supply Two Brazilian analysts stated that Brazil's ability to increase fourth-quarter sales of crushed stone to China is limited due to the demand from other buyers and strong domestic crushing activity. Rafael Silveira, an analyst at Safras & Mercado, says that by the end July, farmers had sold 82% (compared to?78%) of the crop for 2025/26. This figure is now likely to be close to 85%, he adds. He said that domestic crushers competed with the exporters and paid prices sometimes above the export parity. Brazil's soybean exports to China were down by 2.6 million tons compared to a year ago, but shipments to all other destinations increased by a whopping?6 millions tons, according to Eduardo Vanin senior agriculture strategist with Marex, in Curitiba. According to Chinese customs, Argentina shipped an extra 7.9 million tonnes of soybeans to China, a 92.4% increase from 2024. However, this buffer is expected shrink in 2026 if similar incentives are not implemented.
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The worst air crashes of recent years around the world
On Sunday, five people were killed when a Boeing 767-3000 cargo plane operated by 21 Air on behalf of Amazon's Prime Air network overran the runway at Miami International Airport. The plane also struck several vehicles before catching fire. Here are some details about other fatal accidents that have occurred in recent years. UNITED STATES Air Canada Express'?pilot and?co-pilot?were killed and dozens of people were injured when the regional jet collided with an oncoming fire truck at New York LaGuardia Airport on March 22, On June 12, 2025, hundreds of people died when an Air India flight to London crashed just minutes after it took off from Ahmedabad in western India. The 242 passengers on board, except for one, were all killed. 19 people on the ground also died. UNITED STATES On November 4, a UPS cargo plane crashed shortly after it took off from Louisville, Kentucky. The three crew members aboard and 12 people on ground were killed. On January 29, more than 60 people died when an American Airlines regional jet collided into a U.S. -Army Black Hawk helicopter and crashed in the Potomac River, near Ronald Reagan Washington National Airport. SOUTH KOREAN Jeju Air flight 7C2216 crashed into Muan International airport on December 29, 2024 killing all of the 175 passengers as well as four out of six crew members. LITHUANIA Swiftair Boeing 737-4000 freighter operated by DHL crashed in Vilnius Airport on 25 November after a flight from Leipzig, Germany. The plane crashed short of the runway, hitting a residential area and killing the captain. KAZAKHSTAN Azerbaijan Airlines flight J2-8243 crashed on December 25 after it was diverted from Russia to Kazakhstan. It killed 38 people. Ilham Aliyev, the president of Azerbaijan, said that the plane had been damaged accidentally by a Russian ground fire. Moscow hasn't confirmed this. On January 2, a Japan Airlines aircraft collided with an Air Force Coast Guard aircraft at the Haneda Airport in Tokyo. The JAL Airbus A350-941 plane carrying 379 passengers escaped from the burning aircraft. Five out of six crew members on the smaller plane were killed. On March 21, 2022 a China Eastern Airlines Boeing 737-801 crashed into a mountainous area in the southwestern 'Guangxi Region, killing all 132 passengers. Iran's Revolutionary Guards destroyed a Ukraine International Airlines Boeing 737-801 on January 8, 2020, shortly after the plane took off from Tehran Airport. All 176 passengers were killed. Iran's civil aviation body blamed an incorrectly aligned radar system and an error made by an air defense operator. ETHIOPIA All 157 passengers and crew aboard a Boeing 737 MAX 8, Ethiopian Airlines, were killed in a crash on March 19, 2019. Boeing 737 MAX fleet grounded for safety concerns. UNITED STATES On February 23, 2019, an Atlas Air flight, a Boeing 767-3000 freighter?operating for Amazon Prime Air, from Miami to Houston entered a rapid descent before crashing into Trinity Bay in Texas, killing the three people aboard. INDONESIA On October 29, 2018, a Boeing 737 MAX Lion Air aircraft crashed into the Java Sea shortly after departing from Jakarta, killing all 189 people aboard. MALAYSIA Malaysia Airlines Flight MH17 departed 'from Amsterdam to Kuala Lumpur, on 17 July 2014 and was shot down over eastern Ukraine during a battle between pro-Russian rebels and Ukrainian forces. All 298 passengers were killed. On March 8, Malaysia Airlines Flight MH370 disappeared on its journey from Kuala Lumpur, Malaysia to Beijing. The Boeing 777 with its 239 passengers and crew has not yet been located.
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Major Gulf bourses edge higher despite U.S.-Iran maritime flare-up
The major Gulf stock markets rose in early Monday trading. Investor sentiment, however, remained cautious after a weekend of maritime strikes between the U.S. and Iran. The U.S. Central Command attacked three Iranian oil tanks, including one close to Iran's important Kharg Island export facility. Iran's Revolutionary Guard Navy responded by announcing that it had targeted "three tankers" who were navigating unofficial routes in the Strait of Hormuz as well as three other U.S. ships in nearby waters. Saudi Arabia's benchmark index rose 0.1% thanks to a 0.4% increase in Al Rajhi Bank. Flynas, a Saudi budget airline, rose 1.3% in value after it agreed to buy a 10% stake in Swissport Saudi Arabia. The deal was worth $13.3 million and included a five-year ground handling contract for the entire country starting in March 2027. Saudi Ground Services Co, however, fell over 5% when flynas announced that it would?terminate the ground handling agreement with effect from March 2027. Yanbu National Petrochemical Co, on the other hand, fell 4.4% as it traded ex-dividend. Dubai's main stock index rose by?0.5% with blue-chip developer Emaar Properties rising 0.7%. In Abu Dhabi the index rose by 0.1%. Anwar Gargash, UAE's presidential adviser, said at the Hili Forum in Abu Dhabi on Monday, that he was concerned about the friction around vital shipping routes, but that energy exports from the country would not be held to ransom. He also warned that it could take years for Iran and other countries to rebuild trust. The Qatari Index rose by 0.3%.
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Japanese sushi chain stops Chiikawa Rollout after Staff Caught Selling Freebies Online
After staff members stole free items to resell online, a Japanese sushi chain had to cancel its popular marketing campaign featuring cute "hamster-like" characters from the hit series "Chiikawa". Conveyor-belt ?chain Kura Sushi launched its Chiikawa campaign on August 21 with plans to distribute a limited number of branded items like pouches and plates on a first-come-first-served basis through the end of September. Customers could also win prizes by exchanging empty sushi plates with a game machine that yielded key chains, magnets, and other trinkets. Hiroyuki KOSAKA, Kura Sushi's spokesperson, said that the Chiikawa giveaways were so popular in its restaurants that they had sold out for the remainder of the month. On Sunday, however, the company ended the campaign abruptly after confirming what many fans suspected: that staff members had stolen goods from the store and sold them on the internet. Kosaka reported that Kura Sushi stores have received a flood of?calls cancelling reservations since then. He said, "We're truly sorry that we caused the inconvenience and disappointed customers." Kura Sushi shares fell 2.5% to 1,696 yen in Tokyo on Monday, compared with a rise of 0.55% for the TOPIX index. The marketing debacle shows how collaborations between corporations and popular franchises can go wrong. McDonald's Japan caused controversy last year after tie-ups between Chiikawa, and Pokemon led many customers to purchase large quantities of Happy Meals in order to receive the free toys, which they then resold, while throwing away the food. CULT LIKE POPULARITY Chiikawa, a truncated form of the Japanese phrase "something small and cute", was created in 2020. It has since risen to a level that is dizzyingly popular, becoming one of Asia's top licensing properties. Chiikawa's characters, despite their cute appearance, live stressful lives. They struggle with exams, worry about salaries and search for day-labor jobs. Fans of all ages have been drawn to the jarring contrast between their cute appearance and their grim situations. According to entertainment news site Mantanweb's report, the first film in the franchise, "Chiikawa : The Secret of the Mermaid Island", grossed $12 billion yen (about $78 million) over the course of a little more than a month in Japan. This has further increased the popularity of the franchise. Chiikawa has 5.4 millions followers on his X account, including the Japanese Finance Minister Satsuki katayama. Kura Sushi's sales increased by 23% in March 2024 when it teamed up for the second time with?Chiikawa. The response from customers was beyond what Kosaka, the spokesperson, had expected. The company declined to elaborate on the investigation. Chiikawa's freebies are now highly collectible and fetch high prices. Mercari, Japan’s largest online second-hand marketplace, listed a four-piece set of Chiikawa and Kura Sushi plates and cups for 13,333 yen (US$85.54), and a three-piece set for 9,500 yen. Kura Sushi reported that it had asked Mercari successfully to remove from its website the collaboration items which were acquired illegitimately.
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TASS reports that North Korea and Russia have opened their first road link, a sign of growing ties.
North Korea and Russia officially opened their 'first road bridge' on Monday. According to the Russian state news agency TASS, this'structure spans a river called Tumen. Both sides hailed it as a milestone in their strategic relationship. The bridge is near the "Friendship Bridge", an existing rail bridge that was built in 1959, after the Korean War. Direct rail and air links already exist between Moscow and Pyongyang. The Russian Prime Minister, Mikhail Mishustin, said that the bridge would spur development in various spheres between the two nations - including tourism and new jobs. Mishustin was quoted by TASS as saying, "I am convinced that 'the expansion of cross border transport infrastructure will provide a strong impetus for further development of the trade, economics, scientific, technical and cultural cooperation," at the bridge's opening ceremony. The construction of the new bridge began in April '18 after it was decided to build during President Vladimir Putin's visit to North Korea in 2024. Since the beginning of the Ukraine war?in 2022, the two countries have developed stronger ties. Pyongyang has sent thousands of troops to Russia's Kursk Region in order to repel an Ukrainian incursion that occurred there in 2024.
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Berlin Police investigates substation fire after series of attacks against grid
The police in Berlin said that they are investigating an incident at a transformer substation. This raises security concerns due to a recent series of attacks against Germany's grid. Separately Bild reported that the police in the western city Wesel had?launched a major assessment operation after it was discovered that the security 'fence around a transformer substation has been 'cut open. Berlin police stated?on X that they are attempting to determine whether the fire that affected a construction site in Moabit and a nearby substation was an accident?or deliberate. The authorities added that power supply is currently not affected. German police announced on Friday that they were searching for a suspect who had sent letters to the German power grid last week claiming responsibility for a series of sabotage attempts. They found what looked like explosives in his home.
Consultancies report that Ukraine's weekly exports of important grains are increasing despite high freight rates.
APK-Inform, a consultancy, reported on Monday that Ukraine's weekly wheat, barley, and corn exports increased by 80% between August 27 and September 2. This equates to?433,700?metric tons.
The volume of corn exports increased by 212%, to 184.100 tons. Exports of wheat also increased by 40%, to 243,000 tonnes.
Since late July, Ukrainian grain exports have dropped sharply after Russian missiles and drones attacked Ukrainian Black Sea ports near Odesa.
APK-Inform data showed that in early July, when ports operated as usual, Ukraine exported approximately 760,000 tons per week.
Ukraine redirected grain shipments after the closure of its seaports to ports along the Danube River and its western borders. However, officials and analysts claim that these alternative routes are not enough to compensate for the lost seaports.
Ukrainian traders' union UGA stated last week that Ukraine's combined grains and oilseeds exports dropped to 1.2?million tonnes in August from 2.5 million tons in July.
Before the blockade, Ukraine exported 4 million tons per month of grains and oilseeds via its seaports.
Exports are expensive
APK-Inform reported that traders have increased grain cargo shipments to the Danube port by 12% in the past week. However, the export growth has been constrained due to a lack of vessels and high shipping rates.
Analysts and traders have previously stated that logistics costs for Black Sea ports are $40-$50 higher per ton than those from Danube port.
The grain must be transported via rail to river ports and then loaded onto barges or small vessels bound for the port of Constanta in Romania, where it will be transferred to larger ships.
The ASAP Agri consulting firm said on Monday that grain freight rates from Ukrainian Danube port ports are continuing to increase sharply.
The report stated that "the limited availability of coaster-tonnage willing to make such voyages combined with the?steadily growing waiting times for passage through Sulina Canal" is forcing charterers 'to accept owners' freight ideas.
The report said that the rates of short-haul shipments to Marmara and East Coast Greece ports had risen by $10 in the past week. Meanwhile, rates for long-haul destinations like Italy and Spain were up by $20 to $25 a ton.
The barge rate has increased by EUR5 per tonne.
The report noted that barges are also in high demand. However, fleet availability is very limited. Freight rates have continued to rise.
(source: Reuters)