2024-08-19 22:10
DAKAR, Aug 19 (Reuters) - Senegal has set up a commission of legal, tax, and energy sector experts to review its oil and gas contracts and work to rebalance them in the national interest, Prime Minister Ousmane Sonko said on national television on Monday. President Bassirou Diomaye Faye, who defeated the ruling coalition candidate in a landslide victory in March, ordered an audit of the oil, gas and mining sectors after coming into office, and vowed to renegotiate the terms of contracts with foreign operators in the country if needed. Authorities have not shared details on the audit or updates on any renegotiation plans. Sonko said they were committed to their promise to the Senegalese people "to come back to these various agreements to re-examine them and work to rebalance them, obviously in the national interest." He said the commission will have sufficient resources to look into the contracts and hire experts from abroad if necessary. He did not say how long the review would take. The move comes soon after Senegal became an oil producer for the first time. Australia's Woodside Energy (WDS.AX) , opens new tab announced in June that its Sangomar oil and gas field had produced its first oil. Gas production is also due to begin by the end of the year at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, operated by BP (BP.L) , opens new tab. Sign up here. https://www.reuters.com/business/energy/senegal-sets-up-commission-review-oil-gas-contracts-2024-08-19/
2024-08-19 21:51
Aug 20 (Reuters) - A look at the day ahead in Asian markets. All signs point to another solid day of gains across Asian markets on Tuesday, with investors' appetite for risk whetted by a lower dollar, subdued volatility and the S&P 500 and Nasdaq chalking up their longest winning streaks this year. The major exception may be Japanese stocks, which could come under pressure again thanks to the yen's rise against the dollar, although it should be noted that the dollar's decline on Monday was broad-based and even steeper against other major and emerging currencies. Chinese stocks crept higher for a third day on Monday, edging away from last Thursday's six-month low, as investors turn their attention to the People's Bank of China's latest interest rate decision on Tuesday. Asia's calendar on Tuesday also includes minutes of the Reserve Bank of Australia's last policy meeting, New Zealand trade data, Hong Kong inflation, and export and current account figures from Taiwan. Although China's economy may be crying out for more stimulus, the PBOC is expected to eschew a repeat of July's surprise rate cuts and keep borrowing costs on hold. In a Reuters survey of 37 market watchers, all respondents expected both the one-year and five-year loan prime rates to be left on hold at 3.35% and 3.85%, respectively. China surprised markets by cutting major short- and long-term interest rates in July, its first such broad move in almost a year, signaling policymakers' intent to strengthen economic growth. But shrinking interest margins at lenders remain the key constraint discouraging commercial banks from further lowering the lending benchmarks, market watchers said, and policymakers are also wary that lower interest rates may weaken the yuan further and spur capital outflows. China's bond market continues to signal lower policy rates ahead. The 10-year yield closed on Monday at 2.16%, near the 2.10% low from Aug. 5, which is the lowest since comparable records began nearly a quarter of a century ago. The mood in Asia beyond China, however, is much brighter. Stocks are poised to continue their rebound from the Aug. 5 slump and post their ninth daily gain in the 11 sessions since. The S&P 500 and Nasdaq on Monday both chalked up their eighth consecutive rise, marking their best runs this year. U.S. Treasury yields did ease slightly on Monday, but the feel-good factor for investors in Asia will have been boosted more by the dollar's broad depreciation. The dollar index, a measure of the dollar's value against a basket of major currencies, fell to its lowest since Jan. 2, which helped lift MSCI's international emerging market currency index 0.8% to a record high. It was the EM currency index's biggest rise this year, and Asian currencies like the Korean won, Malaysian ringgit and Thai baht led the charge. Here are key developments that could provide more direction to Asian markets on Tuesday: - China interest rate decision - RBA minutes - Taiwan exports (July) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphic-pix-2024-08-19/
2024-08-19 21:00
Aug 19 (Reuters) - Pilgrim's Pride (PPC.O) , opens new tab, one of the largest U.S. poultry processors, agreed to pay $100 million to settle claims it conspired with rivals to underpay chicken farmers, the final and by far the largest settlement in the seven-year-old antitrust case. A preliminary settlement was filed on Friday with the U.S. District Court in Muskogee, Oklahoma. It requires approval by U.S. District Judge Robert Shelby, who normally sits in Utah. Pilgrim's Pride denied wrongdoing in agreeing to settle. The litigation addressed accusations that large poultry producers conspired to keep farmers' pay artificially low, by sharing confidential information about compensation and by agreeing not to actively recruit each others' farmers. Pilgrim's Pride is the last remaining defendant. If its settlement is approved, the total recovery will be $169 million, minus legal fees and other expenses. Tyson Foods (TSN.N) , opens new tab, Sanderson Farms, Koch Foods and Perdue Foods previously settled for $21 million, $17.75 million, $15.5 million and $14.75 million, respectively. Pilgrim's Pride, based in Greeley, Colorado, did not immediately respond to a request for comment. Gary Smith, a lawyer for the farmers, called the settlement an "outstanding" result that he believed was the largest antitrust settlement by any meatpacker or poultry processor. The settlement covers a certified class of 24,354 so-called growers from Jan. 27, 2013, through Dec. 31, 2019, court papers show. Growers provide land, labor and equipment to raise chickens until the animals are ready for slaughter, and then return the animals to poultry producers. The case is In re: Broiler Chicken Grower Antitrust Litigation (No. II), U.S. District Court, Eastern District of Oklahoma, No. 20-md-02977. Sign up here. https://www.reuters.com/legal/pilgrims-pride-100-million-settlement-over-chicken-farmers-pay-2024-08-19/
2024-08-19 20:48
BUENOS AIRES, Aug 19 (Reuters) - An Argentine federal judge on Monday ordered a three-month suspension of deforestation in northern Chaco province, a rare step to protect one of the world's woodland ecosystems that is most rapidly being destroyed to make way for farmland. The unusual though not unprecedented move, announced officially , opens new tab on the public prosecutor's office website, comes amid an investigation into an alleged public-private corruption scheme involving both business people and local officials profiting from illegal land clearance. The province of Chaco is part of the American Gran Chaco, the largest forested region in South America after the Amazon and spans between Argentina, Paraguay, Bolivia and Brazil. It has some of the worst deforestation rates in the world. This dry forest ecosystem is home to a wide range of wildlife, including jaguars, foxes, manned wolves, ocelots, tapirs, armadillos, capybaras and pumas, among others. Prosecutors are investigating former and current local officials along with major companies, especially in the grains sector, for making illegal profits, abuse of authority and failure to fulfill the duties of public officials. "The judge ordered the total suspension of clearing in the province of Chaco," said Enrique Viale, president of the Argentine Association of Environmental Lawyers (AAdeAA), which brought the initial complaint. "This will ensure that environmental damage is not caused while the investigation is carried out. We will continue until we dismantle this land-clearing mafia and stop deforestation." The main economic activities of Chaco province, which has an area of about 100,000 square km (24.7 million acres), are forestry, soy and cattle, cotton production, firewood and tannins. The Chaco government did not immediately respond to a request for comment. According to data from NGO Fundación Vida Silvestre (Forest Life Foundation), despite Argentina having a Forest Protection Law, the Gran Chaco has lost 30% of its forests, with 76% of the deforestation carried out illegally between 2007 and 2021. Sign up here. https://www.reuters.com/world/americas/argentina-judge-halts-deforestation-chaco-forest-rare-move-2024-08-19/
2024-08-19 20:42
Aug 19 (Reuters) - An offshore natural gas pipeline that exploded near Venice, Louisiana, on Saturday night, killing one person, was owned by Whitney Oil and Gas, the U.S. Coast Guard said on Monday. The company was not immediately available for comment. "The explosion resulted in the death of 40-year-old Joshua Nichols of Lake Charles ... The pipelines have been blocked, and one remains on fire, burning the remaining natural gas in the line," the Louisiana State Police said in a statement earlier on Monday. A preliminary investigation revealed that Nichols was operating a mud boat near a natural gas pipeline. For reasons still under investigation, an explosion and fire occurred while Nichols was believed to be working on the pipeline, according to police. "Mr. Nichols was a contractor for Petroleum Co-Ordinators Inc," Louisiana State Police told Reuters in an emailed statement. "Coast Guard Sector New Orleans watchstanders received a report of an explosion and fire, Saturday evening, near South Pass, Louisiana," the U.S. Coast Guard said in an email on Monday. "The Coast Guard launched a Coast Guard Station Venice boatcrew and a Coast Guard Air Station New Orleans aircrew to search," it added. Sign up here. https://www.reuters.com/world/us/one-killed-offshore-natural-gas-pipeline-explosion-louisiana-say-police-2024-08-19/
2024-08-19 20:36
OTTAWA, Aug 19 (Reuters) - Canada's labor minister will meet with the country's two main railway companies and the Teamsters union in Montreal on Tuesday and Calgary on Wednesday to try to avert a crippling rail transport stoppage. Unless labour agreements are reached, both Canadian National Railway (CNR.TO) , opens new tab and Canadian Pacific Kansas City (CP.TO) , opens new tab will shut all freight rail services in Canada at the same time early on Thursday for the first time in history. Federal Labour Minister Steven MacKinnon's office said on Monday evening he will urge the companies and union "to fulfill their responsibility to Canadians, reach agreements at the bargaining table, and prevent a full work stoppage." Canada - the world's second-largest country by territory - relies heavily on CN and CP to ship food grains, fertilizers and other commodities, along with manufactured goods such as chemicals and automobiles. The country's main business lobby group said it estimates losses would hit C$1 billion ($733 million) a day in case the rail stoppages proceed. Federal mediators are working with the companies and the union, but those involved in the discussion say little progress has been made. The union says CN Rail and CPKC want to dilute safety provisions, a charge the companies deny. MacKinnon has the power to force the union and railway companies into binding arbitration, but has so far said he wants them to sort out their differences at the negotiating table. In a statement on Monday, the left-leaning New Democratic Party called on Prime Minister Justin Trudeau to not intervene in the labour disputes. Trudeau's government is being kept in power by the New Democratic Party, which has traditionally enjoyed strong union support. Labour talks started early this year, but progress has been slow, with both the union and the companies accusing each other of bad faith. CN Rail and CPKC have already stopped accepting shipments of hazardous goods and have begun phased shutdowns of operations in Canada. Maersk said on Monday it would stop accepting some Canada-bound shipments. Separately, U.S. freight forwarder C.H. Robinson (CHRW.O) , opens new tab, said on Monday it was diverting some of its U.S. customers' ocean cargo away from Canadian ports as the threat of a rail strike looms. "Both railroads simultaneously being out of commission would paralyze the ports and put instant pressure on trucking," the company said. Canada is a major agricultural producer, and farmers will start bringing in their harvests in August and September. Quorum Corp, which monitors grain handling and transportation, said daily volumes in early September would increase to 138,000 metric tons with a value of around C$75 million. "After a period of time, sales will be lost and the value of Canada's grain will decrease ... the largest concern is a further degradation of Canada's reliability as a supplier, which is already suffering due to past labor disruptions," Quorum President Mark Hemmes said in an emailed statement. Refrigerated containers with meat and some highly perishable produce are of particular concern because delays would likely mean spoilage. Shippers of such items have already begun holding back containers, said Peter Friedmann, an executive director at the Agriculture Transportation Coalition. In a statement, the Greater Vancouver Board of Trade warned a full work stoppage would drive up prices and exacerbate an affordability crisis in the country. "Every facet of daily life would be impacted as our national economy grinds to a halt," it said. ($1 = 1.3641 Canadian dollars) Sign up here. https://www.reuters.com/business/canada-rail-companies-union-must-work-hard-reach-deal-says-ottawa-2024-08-19/
