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Cocoa grinders cut their purchases in Ivory Coast by 20 percent as margins contract
Sources from the industry said that cocoa grinders have cut their purchases of cocoa beans by 20% in Ivory Coast since January due to shrinking margins caused by a surge in global prices. Exporters and grinders have told us that the drop in cocoa production has also affected processing volumes. This has increased competition between exporters, processors and blenders. Five Ivory Coast grinders and eight Ivory Coast exporters claim that the beans of the current mid-crop are lower quality with less fat and butter, which prevents factories from operating at full capacity. The processors now only buy what they need and operate with minimal inventory, abandoning their larger stockpiles from previous seasons. A source from the Coffee and Cocoa Council said, "We reserved, as usual the mid-crops for grinders. But they bought less than last year." They blame the higher cocoa prices in the world and the bean quality which is less butter and more acidic. The director of a company that exports to Abidjan said butter has become expensive and that sales have been slow. It's not worth buying expensive beans just to make butter that is hard to sell. He said that we had to reduce our activity in order to maintain margins and profits. CCC data show that Ivory Coast processes 750,000 tons of cocoa per year. This year, the country has seen a decrease in grinding, with April and may down 7.5% and 8.5%, respectively. In the mid-crop period, bean counts per 100 grams increased from between 106 to 110 to 150, further reducing processing yields. Grinders are struggling to pass on higher costs of beans and processed goods to chocolate makers, and ultimately to consumers. One executive of a processing company said, "Nobody wants to pay for inferior beans." Butter is so expensive, that customers are buying less of it and looking for alternatives. A second industry participant said: "Nobody has six months' worth of stock as before." We only have stock for a couple of weeks, and we process it as we go in smaller quantities. (Reporting and editing by Ayen deng Bior, David Goodman and Ange Aboa)
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Flights to Bali, Indonesia cancelled due to Mount Lewotobi Laki Laki eruption
Officials said that at least 24 flights were cancelled Monday to and from Bali, an Indonesian island resort. An eruption of Mount Lewotobi Laki Laki volcano sent volcanic ash up to 18 km (11 miles). Volcanology agency says that the alert level for Lewotobi Laki Laki, which is located in Indonesia's East Nusa Tengarra Province, remains severe. The warning advised tourists to keep their distance and stay out of a 6-km-radius around the volcano. Ahmad Syaugi Shahab said that 22 international flights between Bali and Australia, South Korea and Singapore were either cancelled or delayed. He added that two domestic flights from Bali to Labuan Bajo - another tourist destination of East Nusa Tenggara - were also cancelled by AirAsia. Virgin Australia's spokesperson confirmed that it had cancelled certain Bali flights due to the eruption, and that they were closely monitoring the activity in the ash cloud. Virgin Australia has cancelled at least three return flights due to the eruption. Qantas has delayed two flights. JetStar, its low-cost carrier, announced in a press release that multiple flights between Bali and Australia have been cancelled. According to a post on social media, the airport operator stated that the government had closed Fransiskus Xaverius Seda Airport, located in Maumere in East Nusa Tenggara Province, until Tuesday. Avelina Manggota Halan, a local official in the disaster mitigation agency, said that the eruption did not cause any casualties or damage. She added that there were no evacuations because all residents of the villages closest to the volcano have been relocated. When the volcano erupted last November, at least nine people died and thousands of people were evacuated. Indonesia is located on the Pacific “Ring of Fire,” an area of intense seismic activity, atop several tectonic plate. More than 120 volcanoes are active in the country. (Reporting and editing by David Stanway, Sharon Singleton and Stanley Widianto)
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INDIA RUPEE - Tariff worries and Trump's BRICS swipe cause rupee to fall the most in three weeks
The Indian rupee fell on Monday, as uncertainty over U.S. trade policies resurfaced. President Donald Trump's threats of a new 10% levy against BRICS nations compounded pressure on the local currencies alongside peers such as South African rands and Chinese yuan. Concerns over U.S. Trade Policies dented risk sentiment, pushing Asian currencies into the red and Asian equities to the downside. U.S. Equity Futures indicated a weaker return after the long weekend. The rupee fell to an all-time low of 86.0275 against the dollar in the course of the session, but it recovered to close the day at 85.85, down by 0.5%. This was its worst performance since the middle of June, when the currency traded under the shadow of the military conflict between Israel, Iran and Syria. In a post on social media, Donald Trump announced that the U.S. will begin delivering tariffs letters at 12:00 noon ET (1600 GMT), Monday. In another post, he announced a completely new tariff policy. He called for all countries that "align themselves with the Anti-American Policies" of the developing BRICS nations to pay an additional 10% tariff. It wasn't immediately clear if Trump’s tariff threat was going to derail trade negotiations with India and the other BRICS countries. After Trump's threats, the South African rand dropped 1% while offshore Chinese yuan fell 0.2%. Dilip Parmar is a foreign currency research analyst at HDFC Securities. He said that the absence of progress in trade negotiations over the past weekend was a surprise to the markets. Trump's BRICS remark hurt the rupee the most. Parmar believes the Reserve Bank of India will step in and support the rupee, if volatility continues to rise due to the uncertainty surrounding U.S. Trade Policies. On that day, traders pointed out the strong dollar demand by a large private bank in the area which pushed the local currency. A trader from a state-run banking institution said that a fall below 85.80 triggered stop-losses, which accentuated the movement of the day. In the absence of any positive trade developments, he expects the currency will weaken in the short-term to 86.50.
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Operator says crew of Greek ship that was hit by Yemen is safe, but vessel could sink.
The operator of the Greek bulk carrier said that the 19-member crew, which was severely damaged by repeated attacks in the Red Sea, likely carried out by Houthi militants are safe. They will arrive at Djibouti on Monday evening. Michael Bodouroglou said that the fate of the Liberian Magic Seas, which is flying the Liberian flag, was uncertain. The vessel could sink, according to Bodouroglou. The first incident of this kind to be reported since mid-April was Sunday's attack off the southwest coast Yemen. The Magic Seas was targeted by gunfire, rocket-propelled missiles, and skiffs for more than four hour. Bodouroglou said that Stem Shipping, the company responsible for the ship, was unaware of any warnings prior to this attack. He said, "It hit us like lightning." The Houthis claim that they are acting in solidarity with Palestinians by firing at Israel, as well as at ships in the Red Sea since the Gaza war began in October 2023. Israel responded by striking Houthi targets, the first strikes in almost a month. Israel was not included in the May ceasefire agreement between the U.S. and Houthi. Bodouroglou stated that the Magic Seas made port calls to Israel before, but the most recent transit was low-risk because it had nothing to with Israel. He said that a passing vessel picked up the crew of the lifeboats, and in the next few hours would transport them to Djibouti. The operation was coordinated by UK Maritime Trade Operations. Bodouroglou continued, "We were fortunate to have no injuries." The crew reported that there were fires in the vessel's forward. The crew reported that the engine room, as well as at least two of the vessel's holds, were inundated. Electricity was also cut. Bodouroglou stated that "we don't know any more information" since the crew abandoned the vessel after being terrorized. Reporting by Renee Maltezou and Yannis Souliotis; editing by Aiden Lewis
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German antitrust watchdog drops investigation into DHL's corporate mailing consolidation
Germany's antitrust regulator dropped its investigation into the alleged anticompetitive behavior at the nation’s largest postal service group DHL, after the company severed ownership ties with another competitor that handled letters for businesses. The Federal Cartel Office’s two-year investigation focused on mail consolidation. DHL’s Deutsche Post InHaus Services collects letters from multiple companies and processes them, offering discounts based on the total volume. DHL competes in this market with Max-Ventures, a postal services group. However, the two also hold 26% and 74% respectively in Compador, another player in this segment. DHL's antitrust authority stated that it had allayed concerns by selling Compador to Max-Ventures, and by canceling contracts to process Max-Ventures orders that they could now renegotiate with no ownership ties. DHL welcomed the conclusion of the proceedings. It added: "We have always believed that Deutsche Post AG, Deutsche Post InHaus Services and the competition laws were not broken. Now we are able to confirm this." (Reporting and writing by Matthias Inverardi; editing by Thomas Seythal, Miranda Murray, and Ludwig Burger)
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Lawyer sources claim that the Indian court has rejected Celebi's application for airport security clearance.
Three lawyer sources confirmed that an Indian court on Monday rejected a petition by Celebi, a Turkish-based firm, against a government decision revoking its clearance to provide aviation services in South Asia. In May, the Turkish government supported Pakistan in its conflict with India. This angered many Indians. New Delhi then revoked Celebi’s clearance for "national security reasons". Celebi Airport Services India asked the Delhi High Court, in a filing dated May 16, to overturn the decision. The company argued that it would have a negative impact on 3,791 jobs, investor confidence and the company, and had been issued without warning. Three lawyers who were involved in the case said that the Delhi High Court on Monday rejected the company’s request to reverse the revoking security clearance. Online details about the court proceedings will be released. India claimed that the courts had previously ruled that national security can sometimes override fairness. In May, Solicitor-General Tushar Mehta stated that airport ground operators had detailed access to both the physical infrastructure and passenger information including VIP movements. Celebi didn't immediately respond to my request for a comment. (Reporting and writing by Arpan chaturvedi; editing by YPrajesh).
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Kenyan capital blocked by police on anniversary of prodemocracy demonstrations
Kenyan media and witnesses reported that police blocked major roads to Nairobi on Monday and severely restricted vehicle traffic, as Kenya prepared for protests marking the anniversary of the pro-democracy rally. Every year, activists gather on the 7th of July to commemorate the 1990 date when Daniel Arap Moi's opponents launched an attempt to turn the country into multiparty democracy. Due to the date, this protest is known as "Saba Saba", which means "seven sevens" in Kiswahili. The rally this year follows a series of mostly youth-led demonstrations that took place in June, last year. These protests initially focused on taxes but soon expanded to include issues like corruption, police brutality, and unexplained disappeared government critics. Kipchumba Mukomen, the Interior Minister, said on Sunday on his X Twitter account that the government is committed in protecting lives and property during protests. He said that "our security agencies are on alert" to deal with criminals or other elements who have ill intentions and may try to infiltrate peaceful procession to cause mayhem, destruction of property, havoc, etc. Unidentified individuals forced their way in to the Kenya Human Rights Commission offices on Sunday. They wanted to stop a planned press conference before Monday's demonstrations. Ernest Cornel who works for the commission said that at least one person was injured. A request for comment from the police spokesperson Muchiri Nyaga was not responded to immediately. Witnesses reported that most schools, and at least one mall remained shut on Monday. Witnesses said that the death of Albert Ojwang in police custody, a blogger and teacher, in June, gave new impetus for protests. The government-funded Kenya National Commission on Human Rights reported 19 deaths in Kenya during demonstrations in the last month. Six people, including three officers of the police, were charged with murder in connection with Ojwang's demise. All six people pleaded innocent. (Reporting and editing by Ammu Kanampilly, Sharon Singleton, Edwin Okoth; Reporting by George Obulutsa)
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South Korean car manufacturers seek to reduce US port fees for vehicle carriers
South Korea's auto industry and its association asked for relief on Monday from the U.S. plan that would levy port charges on all foreign-built vehicles carriers. They said it would be a burden on an automobile industry which has made large investments in the United States. The U.S. trade representative announced the fees on 17 April as part of a continuing effort to penalise certain China-linked vessels calling at U.S. port with fees in order to fund a domestic vessel building revival and counter China’s dominance on high seas. These fees are not just aimed at Chinese-owned and Chinese-built ships, but have a wide impact on the entire vehicle carrier industry. According to comments made to the USTR, the Korea Automobile & Mobility Association represents Hyundai Motors, Kia, and the South Korean subsidiaries of General Motors, and Renault. It also expressed concern that the fees imposed "additional burdens" on automobiles imported that already face 25% tariffs. Separate comments from the South Korean trade ministry and maritime minister stated that "such a measure could impose undue costs to companies, workers and customers in both countries." The association also highlighted Hyundai Motor Group’s $21 billion investment plans announced by its chairman at the White House and U.S. president Donald Trump in March. It said that the rule "may adversely affect the contributions made by Korean firms to U.S. trade." Reporting by Hyunjoo Ji Editing by Ed Davies
Ukraine's stressed out mobile service providers get ready for more and longer power cuts
When Russia attacks Ukraine's. energy system, it not only knocks out electrical power and running. water but likewise, typically, phone signals.
Moscow's restored assault on power grids and transmission. lines in the last 3 months has knocked out about half. Ukraine's offered generation capability, triggering day-to-day blackouts. of up to 12 hours in significant cities including the capital Kyiv. As soon as winter season increases energy usage, the circumstance will just get. even worse.
As the huge mobile operators battle to keep their base. stations running, official pressure is growing; President. Volodymyr Zelenskiy has ordered a review of their activities and. the regulator states that, by February, they need to have the ability to cover. a blackout of as much as 10 hours - rather than 4, as now.
All are hurrying to purchase more generators and batteries for. Ukraine's 10s of thousands of stations however state that the longer. the blackout, the more complex the task of preserving complete. protection.
Analysts state the evaluation might reflect Zelenskiy's desire to. program that he understands the critical need for good. interaction during tough times, rather than any big. failings on the operators' part. But the review may likewise call. for additional financial investments.
Early in the war, the mobile suppliers established nationwide. strolling to change calls to another operator if the subscriber's. one was unavailable.
Now, in spite of the financial investments in strength, they are. recommending customers to limit usage and adhere to basic. communications like text messages to conserve bandwidth when others. might have more pushing needs.
Maybe if you prevent watching TikTok during the blackout,. your neighbours will be able to call an ambulance in a crucial. scenario, Vodafone, among 3 significant mobile providers. gotten in touch with , said in a message to users.
BATTERIES AND GENERATORS AIDS KEEP COMMUNICATIONS GOING
The sector has actually currently needed to handle a major cyber attack. along with damage to its equipment during the war with Russia,. now almost 30 months old.
3 companies representing most of users -. Vodafone, Kyivstar and Lifecell - have prepared to invest 2.7. billion hryvnias ($ 66 million) to reduce the effect of Russian. drone and rocket strikes on the power sector.
They have currently installed tens of countless new. accumulators and purchased hundreds of generators to increase their. networks' resilience.
Kostyantyn Sotnikov, who heads network maintenance at. Lifecell, said majority its base stations across Ukraine. had actually been fitted with new lithium batteries since 2022, and. hundreds were being connected to generators.
Two other operators - Kyivstar and Vodafone - said they had. made comparable improvements.
Kyivstar is the largest Ukrainian operator with about 24. million subscribers, and is owned by Amsterdam-listed Veon .
After spending over a billion hryvnias on network. resilience, it says it has more than 2,300 generators and strategies. to purchase another 848 quickly.
Vodafone Ukraine, the 2nd biggest operator with about 16. million clients, stated it prepared to channel 438 million hryvnias. into energy devices.
(source: Reuters)