Tag Archives: Industrial & Commercial Services (TRBC level 2)

UPDATES 2-Euro bonds yield flat, new Italian issuance in focus | Instant News


* Eurozone suburban government bond yields tmsnrt.rs/2ii2Bqr (Updating prices, adding backgrounds)

LONDON, April 7 (Reuters) – Eurozone bond yields were flat on Wednesday, with southern European debt steady after a sell-off in the previous session as markets braced for fresh supplies from Italy and Portugal.

Italy began the process of selling its new 50-year and 7-year bonds through a syndicate of banks on Wednesday, after marking new issues the previous day.

Portugal raised, through a bank syndicate, 4 billion euros of 10-year bonds on the back of a demand of 30 billion euros, according to a memo of the chief manager.

The tone on eurozone debt markets was largely weak, with most 10-year bond yields down 1-2 basis points (bps) on the day following falling overnight US Treasury yields.

“Overall, the higher pull from US interest rates is still alive and well and the rebound in eurozone bond markets is largely technical and temporary,” said ING senior rates strategist Antoine Bouvet.

The yield on the German 10-year Bund was flat at -0.32%, down from recent highs around -0.26%.

The IHS Markit Eurozone Purchasing Managers’ Index (PMI) rose to 49.6 in March from February 45.7, higher than the flash forecast of 48.8 and just below the 50 mark that separates growth from contraction.

The eurozone economy is on track for a strong recovery in the second half of this year that could allow the European Central Bank to start phasing out its emergency bond purchases in the third quarter, said Dutch central bank head Klaas Knot.

The ECB bought net assets of 6.178 billion euros ($ 5.20 billion) last week as part of a quantitative easing program, below the 23.995 billion euros it bought a week earlier.

The yield on Italy’s 10-year bond was unchanged at 0.70%, after rising sharply on Tuesday as investors braced for new supplies. The difference in the yield on the German Bund is just over 100 bps.

Analysts said bond spreads are back in focus, especially after last month’s decision by Germany’s constitutional court to stop ratification of the EU Recovery Fund prompted investors to reassess some of the risks to peripheral bonds.

“Tesoro’s (Italian Treasury’s) announcement of a new 50-year BTP syndication caught the market off guard, with 10-year and 30-year spreads versus the Bund widened by 7 bps to its highest level in nearly a month,” said Michael Leister, chief interest rate strategist. at Commerzbank, referring to Tuesday’s market moves.

“While thinner Easter liquidity may also play a role, this move adds weight to our short tactics in Italy versus semi-core (bonds) and Spain as the risk of indigestion is exacerbated by doubts about the NGEU (Next Generation EU), the ECB’s settles and makes a difference. the less generous. “(Reporting by Dhara Ranasinghe; Additional reporting by Yoruk Bahceli; Editing by Pravin Char)

.



image source

Australian stocks extended gains as commodity-exposed companies shone | Instant News


April 7 (Reuters) – Australian stocks on Wednesday extended gains for a fourth session, driven by commodity-exposed stocks to strong crude oil and metals prices and as investors bet on improving prospects for a global economic recovery.

The S & P / ASX 200 index rose 0.5% to 6,920.2 points in early trading, hitting a new high since mid-February. Elsewhere in Asia, Nikkei futures were up 0.4%.

On Tuesday, the International Monetary Fund raised its forecast for global economic growth to 6% this year, a level not seen since the 1970s.

Strong economic data from China and the United States lifted oil prices by 1%, while a weaker dollar and lower US Treasury yields boosted bullion.

Meanwhile copper prices rose on supply concerns after a major Chilean producer closed its borders following a spike in coronavirus infections.

Strong commodities lifted sentiment despite the pullback on Wall Street overnight. All three major US stock indexes closed in the red, retreating from previous session record highs, while Treasury yields edged down.

The ASX 300 metals and mining index was up 0.67%, while the gold sub-index was up 1%, led by Resolute Mining Ltd. which was up 4.4%.

Tech shares rose 1.8%, led by EML Payments Ltd, up 10.7%, followed by NEXTDC Ltd which rose 3.6%.

In New Zealand, the benchmark S & P / NZX 50 index was up 0.68% to 12,484.3.

The highest percentage gainer in the benchmark index was Contact Energy Ltd, up 2.8%, followed by Pushpay Holdings Ltd and Air New Zealand Ltd which rose 2.5% and 1.9%, respectively.

Reporting by Shruti Sonal in Bengaluru, Editing by Sherry Jacob-Phillips

.



image source

Australian securities regulators search the offices of coal miners TerraCom | Instant News


MELBOURNE, March 29 (Reuters) – Australian securities regulators ransacked coal miners TerraCom Ltd on Monday with assistance from Queensland state police, according to a report in the Australian Financial Review.

The investigation came after regulators confirmed it was investigating the ALS testing laboratory, whose internal review last year found that about half of the certificates awarded for export coal samples over the past decade had been altered to improve demonstrated quality.

The laboratory review made no mention of associates, but began after the unfair dismissal of TerraCom – which bought the Blair Athol coal mine in 2017 from Rio Tinto – that the miner had worked with ALS to fabricate export documentation.

TerraCom, which sells coal to Japan, Korea and China, has denied the allegations that have arisen in the case. Deputy Chairman Craig Ransley told Reuters that TerraCom will continue to work with authorities on industry-wide investigations.

Australia is the world’s largest coal exporter and ALS is one of the largest coal testers. “I can confirm that a warrant was issued today on behalf of ASIC, with the assistance of the Queensland Police,” said a spokesman for the Australian Securities and Investments Commission (ASIC), on condition of anonymity TerraCom.

Queensland Police, asked if Blair Athol TerraCom’s operation had been searched, said ASIC was leading the matter and referred any questions to regulators.

Last week, local media reported that ASIC Commissioner Cathie Armor told a Senate forecast hearing that she was “well aware” of allegations that the ALS lab had improved coal quality results on export certificates.

Armor did not provide further information due to ASIC’s policy of not commenting on issues being investigated, according to a report by the Australian Associated Press. South Korean electricity provider South-East Power banned ALS from certifying its coal tender last year. (Reporting by Melanie Burton; Editing by Tom Hogue)

.



image source

Atlantia Italia extended talks on unit sales to March 27 | Instant News


FILE PHOTOS: Infrastructure group Atlantia logo seen outside their headquarters, in Rome, Italy October 5, 2020. REUTERS / Guglielmo Mangiapane

MILAN (Reuters) – Atlantia agreed to extend talks with a consortium led by state lender CDP regarding the sale of its 88% stake in highway unit Autostrade per l’Italia until March 27, the Italian infrastructure group said on Tuesday.

CDP, along with co-investors Macquarie and Blackstone, and Atlantia have been negotiating Autostrade since last year as part of efforts to end a dispute sparked by the 2018 collapse of the bridge run by the unit.

Atlantia hopes for “substantial improvements” in the consortium’s offering, the group said in a statement, adding that, if a compromise is reached, they could submit new proposals to its shareholders.

Last month the consortium presented a binding proposal valuing all Autostrades at 9.1 billion euros but Atlantia advisers said the fair value of the business was at least 10.5 billion euros, three sources close to the matter said.

The consortium also asked Atlantia to guarantee up to 700 million euros in potential damage claims and another 800 million euros in pending legal cases, making the offer less attractive.

To date there has been no concrete improvement to the proposals submitted, said two sources with knowledge of the matter, adding that there was still room for negotiations.

The Benetton family, which controls Atlantia with a 30% stake, last week supported extended talks with the CDP, asking the group chair to negotiate an increase in the offer, said a source close to the matter.

Minority investors, including hedge fund TCI, even asked the group to reject the consortium’s offer which was considered too low.

Tuesday marked an earlier deadline for Atlantia to decide whether to accept or reject the binding offer made by the consortium.

Reporting by Andrea Mandalà, Francesca Landini and Stephen Jewkes; editing by Cristina Carlevaro and David Gregorio

.



image source

In Australia, Japan started producing hydrogen from brown coal | Instant News


MELBOURNE, March 12 (Reuters) – A Japan-Australia venture has started producing hydrogen from brown coal in a $ 500 million ($ 387 million) test project aimed at demonstrating liquid hydrogen can be produced and exported safely to Japan, sponsors said. project on Friday.

Japan’s Kawasaki Heavy Industries is running a pilot project with government financial support from Japan and Australia in the state of Victoria, home to a quarter of the world’s brown coal reserves.

This project is key to helping Japan meet its net carbon emissions target by 2050. The world’s fifth largest energy consumer aims to increase its annual hydrogen demand tenfold to 20 million tonnes by 2050, equivalent to about 40% of its current power generation. . .

At the same time, Australia is pushing to become a major hydrogen exporter, ultimately competing with its dominance in the global liquefied natural gas (LNG) trade, potentially providing it with a greener market for its coal and gas.

Brown coal is considered the lowest-ranking coal due to its relatively low energy content and has long fueled some of Australia’s dirtiest power stations, some of which have closed or are scheduled to close.

The project produces hydrogen by reacting coal with oxygen and steam under high heat and pressure in a process that also produces carbon dioxide and other gases.

If the project is commercial, the plan is to bury carbon dioxide off the coast of Victoria, KHI previously said. The Australian and Victorian state governments are running a parallel project to test the transport and injection of carbon dioxide under the ocean floor.

The hydrogen produced in the pilot project will be transported to the port location where it will be liquefied for export.

The next big step is to deliver cargo on the world’s first liquid hydrogen carrier, built by KHI. Voyages have been delayed until mid-year, due to COVID-19 restrictions that slowed final checks on tankers.

“The eyes of the world will be on Victoria when liquid hydrogen deliveries begin in mid-2021,” said Hirofumi Kawazoe, of KHI’s Australian Hydrogen Engineering unit, in a statement.

Partners on the Australian side of the project include Japan’s Electric Power Development Co (J-Power), Iwatani Corp, Marubeni Corp, Sumitomo Corp and Australia’s AGL Energy Ltd, whose mines supply brown coal. ($ 1 = Australian dollar 1.2922) (Report by Sonali Paul; editing by Richard Pullin)

.



image source