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China's Guangzhou Port opens shipping route to Peru
China's Guangzhou Port opened a direct shipping route to Chancay Port in Peru on February 2, according to state broadcaster CCTV. The move, it reported, would reduce logistic costs and boost trade with Latin America. Chancay, located north of Lima and offering non-stop trips to Asia, is now open for business. It can accommodate the largest vessels along South America's Pacific Coast. Beijing announced the announcement as it aims to strengthen its relationship with Latin America, a resource-rich region, amid trade tensions between the United States and China. CCTV reported that on Tuesday the 300-metre COSCO Volga vessel was loading 400 containers with refrigerators, auto parts, household appliances, and other goods produced in Guangdong, onto a ship. The broadcaster stated that the direct route would reach Peru in 30 days or less and would reduce logistics costs by 20%. The new route will speed up the connection between Guangzhou Nansha Port, Mexico's Port of Manzanillo, and Chile's Port of San Antonio. CCTV reported that exports of household appliances, electronic goods, furniture, and toys to Latin America are increasing. They also said that red wine and high-quality fruits and seafoods from the Andes and Pacific coasts would be more readily available in China. The first phase of the Chancay port, which was built by Cosco with a $1.4billion investment, has been inaugurated by Peruvian president Dina Boluarte, and Chinese president Xi Jinping, during the Asia-Pacific Economic Cooperation summit (APEC), held in Lima, in November. Xi hailed a 15-berth deep-water port as the start of a 21st century maritime Silk Road and part of China’s Belt and Road Initiative. This initiative is a modern revival of China’s ancient Silk Road trading routes. China will spend more than $1 billion to make Lima a major hub for shipping between Asia and South America. Farah master in Hong Kong, Beijing and the newsroom. Michael Perry edited.
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South Korea's MFG bids up to 140,000 t corn, traders claim
European traders reported on Tuesday that the Major Feedmill Group of South Korea (MFG) had issued an international bid to purchase up 140,000 metric tonnes of animal-feed grain. Also, the deadline for submitting price offers is Tuesday, April 29, 2019. Two consignments of between 55,000 and 70,000 tons are expected to arrive in South Korea during July and August. Shipping of one consignment to arrive in South Korea on July 28 was requested between June 24-July 13, if it is sourced from U.S. Pacific Northwest Coast, between June 4-23, if it is sourced from U.S. Gulf coast, May 30-June 18, if it comes from South America, and between June 9-28, if coming from South Africa. A second consignment was requested for arrival on August 3, if it came from the U.S. Pacific Northwest Coast, the U.S. Gulf coast between June 10 and 29, South America between June 5 and 24 or South Africa between June 15 to 4. The tender is seeking price offers both in terms of outright cost per ton and freight included (c&f), or at a higher premium than the Chicago corn contract for July 2025. Chicago Board of Trade corn contracts sparked Asian interest in corn imports, traders said. On Monday, a group from Taiwan purchased 65,000 tons U.S. origin corn as a result of the spillover pressure caused by falling wheat prices. (Reporting and editing by Michael Hogan)
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Taiwan's MFIG purchases about 65,000 t corn from the U.S.
European traders reported that the MFIG group of Taiwan bought 65,000 metric tonnes of animal feed corn in a Tuesday international auction. The corn was expected to come from the United States. It was thought that the seller would be CJ International, a trading house. They said that the yellow corn was bought at a premium estimated to be 208.80 U.S. Cents per bushel, cost and freight included (c&f), over Chicago's September 2025 corn contract. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Traders said that the only corn offered was Argentine and U.S. corn, with U.S. supplies dominating. The traders said that 11 other trading companies offered 65,000 tonnes of U.S. Corn in the tender. The next lowest offer was assessed at 212.04cents per bushel, c&f by Pan Ocean and 212.33 cents from ADM. Traders said that due to concerns over poor quality, Argentine Corn would only be accepted if the price was the lowest offered, and the bushel price at least four cents below the next cheapest offering from another origin. They reported that Cargill had offered 65,000 tons Argentine corn at a price of 228.33 cents a bushel c&f. Traders said that shipments were needed between June 20th and July 9th if corn was sourced from Brazil, Argentina or the U.S. Gulf. Shipments from the U.S. Pacific Northwest Coast or South Africa were sought between July 5 to July 24. The last report corn tender On March 26, the MFIG Group purchased about 65,000 tonnes, which were also expected to come from the United States. (Reporting and Editing by Louise Heavens, Michael Hogan)
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Maguire: Europe's clean energy woes are worsened by a lack of snow cover
The below-average snowfall in continental Europe during the winter of 2018-19 has deprived regional utilities in this region of a vital source of clean energy that can be dispatched this spring. This is on top of an alarming drop in wind power generation in 2025. According to LSEG the snow-fed hydro production in the Alps has fallen by over a third compared to last year's same dates. This is due to a decrease in winter precipitation. Ember data shows that the lower hydro supply follows a period of low wind production lasting several months, which forced European utilities (utilities) to increase their fossil fuel generation by 7% compared to last year's levels. The continued weakness of hydro means that regional utilities will need to increase output from coal and natural gas-fired power stations, which are Europe's main sources of energy. Nuclear reactors can also be sent on demand. The Peak Has Been Passed The output of snow-fed hydro assets peaks in the spring and early-summer, when temperatures rise and melt snow to refill reservoirs and boost run-of river turbine system output. LSEG's seasonal snow-fed hydromodel data suggests that the output of the Alps as a region peaked at the end of March and will continue to decline steadily until the late summer, before recovering during the fall and the winter. The peak hydro output in the Alps area was around 30% lower than the long-term norm, and nearly 40% less compared to the same period of 2024. This is due to the thin snow cover in key areas during this winter. The cumulative snow-fed production of Austria's major regions fell by 44% from 2024 to the present. LSEG data indicates that Switzerland, France, Italy, and the entire Danube Catchment Area are all expected to see output declines of 30 or more percent. KNOCK ON THE IMPACTS According to Ember, by 2024, Europe will generate around 18% the electricity it needs. This is a higher percentage than the 23% of gas-fired power plants, the 20% of nuclear plants and both the 13% and wind farms. Solar farms produced around 7%, bioenergy plants about 3% and other renewables and fossil plants another 3%. Europe's utilities have become accustomed to the volatile output of hydro assets and are adept at replacing lost hydro production with higher production from assets other than hydro. However, since Europe's wind farm output has already declined by more than 10% in the first quarter of 2025 compared to the same quarter in the year 2024, clean energy is in short supply this year. It is possible to maintain clean electricity even when wind and hydro power production are low, thanks to the large nuclear reactors in some systems. In order to compensate for the loss of wind and hydro, most other European networks have increased fossil fuel generation. In Europe, the production of electricity from gas fired power plants increased by 26% in the first three month of 2025 compared to the same period in 2024. Coal-fired power generation was also up 15%. Gas production in Austria increased by 75% between January and March 2024 compared to the same period in 2024, as utilities sought to balance the system during the recent hydro slump. In Germany, France, and Italy, fossil fuel generation is also up this year compared to last year, partly due to the reduction in hydropower supplies. SOLAR OFFSET? Solar farms in Europe are on course to break previous records by 2025. They will also be able offset at least partially the reduced supply from other assets. Solar farms cannot replace hydro power in full because they can only produce solar energy when the sun shines. It's possible that utilities who could dispatch bursts during peak demand may have to rely on fossil fuels rather than solar farms in order to replace the lost supply, especially at times when solar output is low. It is true that the European power grids are adding more battery storage capacity, which allows utilities to store solar energy and then sell it to their customers later. Batteries can also be used to limit fossil fuel use and the increase in emissions from the power sector. With wind and hydro power under pressure, Europe's energy firms will continue to rely heavily on fossil fuels, which could result in a rise in fossil-fired power generation by 2024. These are the opinions of the author who is a market analyst at.
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Grid collapse due to failure of interconnection between Franco-Spanish grids
According to Spanish grid operator REE, the massive blackout which hit the Iberian Peninsula Monday was caused by a sudden and large drop in electricity supply, which caused the grid interconnection to trip between Spain France. Energy Ministry, Monday evening, said that the network lost 15 gigawatts in just five seconds, at 1033 GMT. It did not explain the cause of the loss. REE's System Operations Chief Eduardo Prieto informed reporters that the power outage was greater than what European systems were designed to handle. This caused the Spanish grid to be disconnected from the French grid, which led to the collapse the Spanish electricity system. He said at a press conference that the electrical system had collapsed as a result of the disconnection, and the imbalance in band generation in our electrical system. In his national address, Pedro Sanchez stated that the ultimate causes behind the massive power outage on Monday morning have not been identified by REE and no hypothesis has been ruled out. The blackout, which lasted several hours, caused major disruptions throughout Spain and Portugal. On Monday evening, power was gradually restored to most parts of Spain and Portugal. (Reporting by Joan Faus, Inti Landauro and editing by Aislinn laing and Sonali paul)
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Access to the back sea for landlocked Burkina Faso, Mali and Niger through Morocco
Morocco's official news agency reported that the foreign ministers of Burkina Faso and Niger, three Sahel-dominated states ruled by military forces, said they endorsed an initiative on Monday offering them access through Morocco's Atlantic port to global trade. It said that the foreign ministers of their respective countries expressed their positions during a meeting in Rabat with Morocco's King Mohammed VI. Last year, the West African nations run by juntas who have been in power through coups for the past few years withdrew themselves from ECOWAS and formed a new alliance called the Confederation of Sahel States. Morocco, a major player in West Africa’s agricultural and financial sectors, announced in November 2023 its initiative to open up trade after ECOWAS imposed restrictions on trade with the three countries. Abdoulaye Diop, Mali's Foreign Minister, told state media that the initiative would "diversify our access to sea". Morocco's official news agency stated that the meeting was part of "the strong and longstanding relationships of the Kingdom with three brotherly nations of the Alliance of Sahel States". Visit takes place at a time when relations between AES and Algeria - Morocco's regional competitor - are deteriorating. Algeria has severed ties with Morocco, and now supports the Polisario Front in its quest for an independent Western Sahara. Morocco claims this territory as its own. It is also building a $1 billion port there. The AES group expelled French forces and other Western forces, and turned to Russia for military assistance. Morocco helped secure the release of four French agents held in Burkina Faso five months after Paris recognized Rabat as the sovereign authority over Western Sahara. Ahmed Eljechtimi, Sonali Paul (Editing)
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Iberia's power outage leaves people stuck in lifts, trains and supermarkets
Major power outages in Spain and Portugal have left many people stuck in lifts, on trains and in supermarkets. Others are walking home or stocking up in the supermarkets. At Atocha station, the main Madrid railway station, trains were at a complete standstill. The ATM screens were blank, and the police tried to direct people towards central gathering areas. Ana Cordero was a Puerto Rican tourist who had just left Madrid to go to Barcelona when the electricity went out. She and her partner were stuck on the train in Barcelona for three hours. She said, "After an hour or so the emergency battery (of the train) died. Then - the bathrooms didn't work." It was so stupid, because everything on the train was electronic. Even to wash your hand. The train was eventually evacuated, and the passengers walked along the tracks back to the station. She was concerned that the hotel rates would "go up, up, and up" in Madrid. Many supermarkets have closed in Portugal's capital Lisbon, as well as in Vilamoura, a resort town in southern Portugal. In a Madrid supermarket, shoppers were stocking up water, milk, and eggs. Some shelves were empty, and long queues formed at the checkouts. Joanly Perez is a 33-year old doctor from Madrid. "I left my job and power went out suddenly. People started buying," she said. "People don't know what could happen, so they buy basic necessities just in case." Oliver Ortiz (45), a butcher from the city of Madrid, also said that he bought tins "just in case". Some local shops in Madrid gave credit to customers who were frequent shoppers. In Spain, messaging services started registering the pleas of people stuck in elevators. One X user said: "I don't have much battery left. Someone advise me. I'm stuck in a lift and the LED light has its own battery. It's about to go off at any moment." Another person said that they were stuck in the lifts for over an hour, and added: "The worst part was not knowing when I would be out." A post online, which we could not confirm, showed window cleaners clinging to the Torre de Cristal in Madrid, Spain's tallest skyscraper. The lights at major intersections had failed and there was gridlock on many roads. Staff from the local padel-tennis equipment store used stop signs at a major intersection to manage traffic flow. The streets were crowded with pedestrians, and there was a long line at the bus stops. Beatriz Sanchez, 40 said that she had walked across Madrid for five kilometers (three miles) to pick up her two daughters from school. I picked them up one hour before the scheduled departure time. I was worried, but they were happy. "I didn't know whether the bus would run because all of the stops were packed, and I couldn’t get my car out of the parking lot." One father found that his children were not happy after he left them at school. His son then complained about the coldness of his school lunch. (Reporting and writing by Catarina Demony; writing by Charlie Devereux, editing by Kevin Liffey; reporting by Jennifer O'Mahoney; Elena Rodriguez, Corina Poons, David Latona)
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Tennis at Madrid Open cancelled due to large-scale power failure
The Madrid Open was called off on Monday due to a widespread outage in the Spanish capital. This forced the 15th seed, Grigor Dimitrov, and his British opponent Jacob Fearnley from the court. Scoreboards and overhead cameras were also without power. A spidercam that was left too close to court in the round of 32 match between Dimitrov and Fearnley, where Dimitrov won 6-4 5-4, had to be removed. The Madrid Open announced on X that "the nationwide power outage experienced in Spain on Sunday 28 April forced the cancellation both of the day and the night sessions." The microphone on Coco Gauff's post-match interview was cut short at the Arantxa-Sanchez Stadium after it lost power. She had defeated Belinda Bencic by a score of 6-4, 6-2, to reach the quarterfinals. The ATP reported that electronic line-calling systems were also affected, and spectators posted pictures of the dark hallways in the Manzanares Park Tennis Center. The ATP announced on its website that "two singles matches and a doubles match were in progress at the ATP Masters 1000 tournament when power was cut at 12:34 p.m., local time." Aryna Sablalenka and Iga Swaatek were due to play in the round of 16 in the women's singles later that day, but their match was postponed. Marta Kostyuk, a former Australian Open quarterfinalist, wrote in an Instagram post that her match against Anastasia Potapova had also been postponed. Matteo Arnaldi's round of 32 match with Damir Dzumhur was temporarily suspended because there was a power outage on Court Four. The match, however, was completed and Arnaldi won 6-3 6-4. Local media reported that the power outage affected also traffic lights, oil refineries and some airports as well as part of the Madrid Underground. Red Electrica, the Spanish grid operator, said that it was working closely with energy companies to restore electricity. (Reporting by Chiranjit Ojha in Bengaluru Editing by Christian Radnedge)
FAB, UAE's largest lender, beats expectations on the strength of non-funded income
First Abu Dhabi Bank, the largest lender in the United Arab Emirates by assets, exceeded first-quarter profit expectations on Tuesday. This was boosted by a strong increase in non-interest revenue from fees and commissions.
Sources say that the results are part of a reorganization by FAB aimed at strengthening their business in Gulf and increasing shareholder returns.
Sources told us last month that FAB will split its operations into four divisions, and have appointed Citi dealmaking veteran LinosLekkas to be its new head for investment banking.
Hana Al-Rostamani, the new head of FAB since 2021, is following a number of departures of senior managers, including the former chief of global markets and its chief operating officer, both of whom left earlier this year.
The company stated that it reorganized all of its segments in the period between January and March.
In the quarter ending March 31, net interest income increased 3%, to 5 billion dirhams. Non-interest income rose 22%, to 3.8 billion.
The income from fees and commissions increased by 23% compared to a year ago.
LSEG data shows that the net profit rose by 23%, to 5.13 billion Dirhams. This was higher than analysts' expectations, which averaged 4.24 billion Dirhams.
The bank's assets totaled 1.31 trillion dirhams, an increase of 6%.
(source: Reuters)