|Day's Range||128.73 - 134.45|
The irony of the EU’s suppression of African migration isn’t lost on fisheries analysts given the EU’s role in advocating for harmful fisheries subsidies
US president Donald Trump has arrived in India with high hopes of inking a “fantastic trade deal.” Trump was speaking at the “Namaste Trump” event in Ahmedabad’s newly-built Motera cricket stadium, shortly after his arrival in the country today (Feb. 24). In 2018-19, India had a nearly $17 billion trade surplus with the US, which is a pain-point for relations between the two nations as the US seeks to narrow its overall trade deficit.
We may be moving us toward a model of programmable money that incorporates an automated internal governance of common resources and encourages collaboration among communities.
Hormel this week became the second major US meat processor to phase out a controversial drug that, for years, has been fed to its pigs to make them grow bigger and leaner faster. It’s part of an ongoing rejection of growth-promoting drugs: The announcement by the sixth-largest global meat company followed similar ones by Tyson Foods and Brazil-based JBS in October 2019. For the last three months, the Chinese pork industry has struggled with the devastating spread of African swine fever, a highly contagious virus that has wiped out more than a third of China’s hog population.
The blockchain center at the University of Wyoming will feature a Plutus development facility, providing blockchain developers with an applied laboratory for writing code in cardano's smart-contract language.
Apple’s mobile wallet is gobbling up a growing chunk of card payments around the world. As the service grows, it’s becoming a greater challenge to rivals like PayPal and attracting the attention of competition watchdogs. Apple Pay accounts for about 5% of global card transactions and is on pace to handle 1-in-10 such payments by 2025, according to recent trend data compiled by Bernstein, a research firm.
German automakers Volkswagen and Daimler have launched a study to push for more "sustainable" lithium mining in Chile, according to lobbyist filings reviewed by Reuters, a sign of growing supply chain concerns ahead of an expected electric vehicle boom. Chile's Atacama salt flat is by far the biggest source of supply of the ultralight battery metal in South America's so-called "lithium triangle." The region, whose fragile ecosystem relies on a limited water supply, is home to the globe's top two producers, U.S.-based Albemarle Corp and Chile's SQM .
Green Plains Inc, one of the biggest U.S. ethanol producers, is planning to flip its business model upside down to survive a crash in prices for the corn-based fuel. The company will invest some $400 million in the next two to three years at its 13 plants to make high-protein, corn-based animal feeds its new flagship product, relegating ethanol to a low-margin byproduct. The plan upends the company's years-long strategy of pumping out the fuel and selling off the remnants as a low-quality feed known as distillers dried grains (DDGS) for cows and pigs.
(Bloomberg) -- Global emissions from energy held steady in 2019 for the first time in three years. But the restraint all came from the U.S. and Europe as developing countries boosted use of the most polluting fossil fuels.The findings from the International Energy Agency show energy-related carbon dioxide emissions remained at a record 33.3 billion tons. While industrial countries cut pollution levels to the lowest since 1993, the developing world led by India and China offset those declines.The result leave a glimmer of hope that policy makers can contain the greenhouse gases damaging the atmosphere. That would require China, which is the biggest polluter, and India, whose emissions are growing rapidly, to embrace the economy-wide limits that European countries are adopting. Scientists say increasing heat waves and more violent storms are likely without rapid cuts in greenhouse gases.“This welcome halt in emissions growth is grounds for optimism that we can tackle the climate challenge this decade,” Fatih Birol, IEA executive director, said in a statement. “We now need to work hard to make sure that 2019 is remembered as a definitive peak in global emissions, not just another pause in growth.”Burning coal, oil and natural gas accounts for the bulk of the greenhouse-gas pollution. Other activities such as raising livestock and deforestation contribute smaller amounts.A separate study from the World Meteorological Organization indicated an unprecedented warming of the planet is on the way in the next decade because of building carbon concentrations in the atmosphere. Global temperatures are already consistently breaking records, with 2016 the warmest ever followed by 2019, the United Nations agency said.The IEA report shows a divergence in policy between industrial and developing nations. While lawmakers are pushing toward a goal to zero out fossil fuel emissions in the EU, Asian nations, especially China and India, are continuing to burn more coal.U.S. President Donald Trump wants to scrap more environmental limits, but market forces in that nation are pricing out coal as a power generation fuel.More difficult to control are the emissions given off by catastrophic wildfires seen from the Amazon to Sydney and California. Research showed that the fires that swept Australia have probably doubled the nation’s annual greenhouse-gas emissions, producing as much climate-damaging pollution as all the airplanes in the world.The emissions being pumped into the air now will linger for decades to come. Global temperatures have already risen about 1 degree Celsius since the start of the industrial revolution, marking the quickest shift in the climate since the last ice age ended some 10,000 years ago. Envoys to the UN’s annual climate talks are looking at how to limit global warming to 1.5 degrees Celsius, the most ambitious target in the Paris Agreement.Emissions in numbers:The U.S. reduced emissions by 2.9%, led by a 15% drop in coal power as cheap natural gas eroded its market share and milder weather subdued overall electricity demand.The EU lowered emissions by 5%, with three quarters of that coming from the power sector increasing renewables and switching from coal to gas. Emissions from Japan fell 4.3%, the most since 2009, as output from recently restarted nuclear reactors climbed.Despite the stagnation, global emissions still matched a record high set in 2018. Asia accounted for about 80% of the increase from the developing world. Coal demand there remains robust, particularly in Southeast Asia.China’s emissions rose but were tempered by slowing economic growth and gains in renewable energy and nuclear power. India saw a slight reduction in power-sector emissions that were offset by increases from transport.(Updates with context from the first paragraph.)\--With assistance from Rob Verdonck.To contact the reporters on this story: Dan Murtaugh in Singapore at email@example.com;Jeremy Hodges in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ramsey Al-Rikabi at email@example.com, Reed Landberg, Jonathan TironeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Returning from a morning feeding his sheep, Jeff McCole, a 70-year-old farmer, paused to take in the bittersweet scene – a few droplets of rain falling onto the remains of his fire-ravaged home. Seasonal bushfires have struck Australia in a way like never before, making for months of monster blazes and toxic haze, and fuelling a polarizing debate over climate change. Climate change was "a load of crap", said McCole, an idea pushed by city folk with "no experience in the bush" and no understanding of Australia's punishing, cyclical climate.
French banks have provided almost two billion euros of financial backing to agribusiness groups implicated in deforestation despite a law preventing firms from funding environmental damage, according to new analysis seen by AFP. Three years after France adopted landmark legislation compelling companies to identify and prevent human rights abuses and nature degradation throughout their supply chain, the analysis showed how large lenders nonetheless financed projects linked to deforestation in the Brazilian Amazon, the Congo Basin and Papua New Guinea. The investigation conducted by watchdog Global Witness concluded that BNP Paribas, Natixis and Credit Agricole "all have policies or commitments in place on agricultural commodities which are at risk of causing deforestation".
The coronavirus is wreaking havoc on already-battered liquefied natural gas prices, as a mild winter in the U.S. combines with concerns that the outbreak in China is eroding overseas demand. LNG prices hit $3 per million British thermal units late last week, a record low, according to S&P Global Platts.
China consumer prices rose at their highest rate in more than eight years, official data showed Monday, with inflation more than expected on the back of Lunar New Year demand and a deadly virus outbreak. Beijing had already been battling a slowing domestic economy before the new coronavirus emerged, disrupting businesses, travel and supply chains. Analysts expect China's struggle to contain the spread of the virus over the Lunar New Year holiday, which started in late January, to keep prices higher than usual.
The odds still favor an eventual bullish reversal for USD/CNY and resumption of the breakout of the falling trend channel that occurred on Monday.
The China virus has caused havoc in the Chinese economy and domestic production of beef has plummeted. This has presented an opportunity for cattle-producing nations such as Mexico to help meet Chinese demand.
A technical committee advising OPEC and its allies led by Russia, known as OPEC+, has agreed to recommend a provisional additional cut in oil output of 600,000 barrels per day (bpd)
(Bloomberg) -- At 10 p.m. on the second Sunday in December, a criminal platoon armed with AK-47 and R6 assault rifles stormed one of the largest gold mines still operating on South Africa’s fabled Witwatersrand basin.Moving with military precision, the 15 attackers took hostages and plundered the smelting plant at Gold Fields Ltd.’s South Deep mine. While failing to break into the main vault, the gang escaped three hours later with gold concentrate worth as much as $500,000.Violent crime soared through a decade of kleptocracy and graft under South Africa’s former President Jacob Zuma. Gold mines offer soft targets for syndicates that previously specialized in cash-in-transit heists. Their foot-soldiers outgun a demoralized police force and pile woes on a gold industry in the final stages of a decades-long death spiral.“Mining companies are being attacked by thugs and armed gangs and there is a lack of police response,” said Neal Froneman, chief executive officer of Sibanye Gold Ltd., which repelled an attack on its Cooke mine two weeks ago. “It eventually has a knock-on impact into society, it’s lawlessness, it’s anarchy.”There were 19 attacks on gold facilities last year, almost double the number in 2018, according to South Africa’s Minerals Council. More than 100 kilograms (3,527 ounces) of gold was stolen in 2019 as bullion rose to a five-year high, although not all companies disclose their losses, said the council, which represents the nation’s largest miners.The attacks are part of a wave of violent crime. Murders in South Africa climbed to the highest in a decade, with an average of more than 50 people killed each day. Violent robbery has surged and last year President Cyril Ramaphosa’s government deployed the army in Cape Town to quell gang-related killings.Ramaphosa has made combating crime a top priority since taking office in one of the world’s most unequal societies in 2018. While the violence is partly a legacy of apartheid rule that ended in 1994, his efforts have been hindered by the gutting of the National Prosecuting Authority and other law-enforcement agencies under his predecessor Zuma.“The fundamental problem is police are not getting on top of organized violent crimes,” said Gareth Newham, who heads the justice and violence prevention program at the Institute for Security Studies in Pretoria. “We are seeing a deterioration in our policing capacity.”After meeting with gold mining companies in October, Minister of Police Bheki Cele is considering plans to set up a task force to tackle the violence, said Lirandzu Themba, a spokeswoman for the ministry.When 50 robbers overwhelmed security at Gold One International Ltd.’s smelting plant in May, the police held back from engaging with the gang after they were fired on, according to Jon Hericourt, vice president of operations at the Chinese-owned miner. Since the gang made off with an unspecified quantity of gold, the police have only provided scant information on its investigations, he said.Gold One has beefed up security and switched its focus from thwarting internal theft to combating all-out assaults. Still, Hericourt doubts that will be enough.“It’s not a mining company’s job to take on gangs like this, it’s the government’s job,” he said.Sibanye has also strengthened its defenses after the nation’s biggest gold producer repelled several attacks last year, said Head of Security Nash Lutchman. Combat training is now standard practice for guards, who wear bulletproof jackets and patrol in armored vehicles at night.Still, their shotguns and 9-millimeter pistols can’t compete with the automatic weapons used by gangs. The raids take months to plan, with the gangsters coercing mine employees into providing inside knowledge, Lutchman said.“It’s military precision in terms of planning and execution,” he said. “No smelting plant is going to have sufficient manpower and fire power to defend an onslaught from 20 or 30 attackers.”In the final quarter of 2019, both Harmony Gold Mining Co Ltd. and DRDGold Ltd. suffered fatalities during assaults.The attacks are putting additional pressure on South Africa’s 130-year-old gold industry, forcing companies to increase spending at often marginal mines that were already battling against incursions by illegal miners. That’s compounding the geological challenges of the world’s deepest mines, deterring investors already concerned by the country’s power-supply crisis.“It can potentially have a knock-on effect to potential investors as well because they are not going to invest in gold in South Africa because it’s too risky,” said Gold One’s Hericourt.\--With assistance from Samuel Dodge.To contact the reporter on this story: Felix Njini in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, Dylan Griffiths, Antony SguazzinFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
In the search for resources to make up for India’s sluggish tax revenue growth, one source to which finance minister Nirmala Sitharaman can legitimately turn to in her upcoming union budget is the country’s central bank. The controversy over how much of the RBI’s annual surpluses it should retain, and how much should be transferred to the central government as “dividend,” was settled for five years by a committee chaired by former RBI governor Bimal Jalan in July last year. When the aggregate surplus of the RBI is positive, the government has a legitimate claim on it as its dividend.
When newly-elected Member of Parliament from the East Indian state of Odisha, Pramila Bisoyi spoke in the House in her mother-tongue Odia, it was the subject of many jibes. Odisha chief minister Naveen Patnaik fielded the grassroots conservationist as a political candidate in a tribute to the hundreds of thousands of women involved in the state’s “Mission Shakti” movement that empowers women through creation of Women self-help Groups (WSHGs). The diminutive septuagenarian, who lacks formal education, hails from the village of Chermaria in Aska block of Ganjam district, on the foothills of the Pakidi hill range, which is around 200 km from Odisha’s capital Bhubaneswar.