2024-02-26 12:35

NEW DELHI, Feb 26 (Reuters) - India is considering an export tax on low-grade iron ore after small steel producers urged the government to curb its overseas sales, two sources directly involved in the matter said. China typically accounts for more than 90% of overall shipments of iron ore from India, which is the world's fourth largest producer of the steel-making ingredient. Demand for steel in India, the world's second-biggest crude steel maker, has raised iron ore consumption in the country and earlier this month small steel producers petitioned the Ministry of Steel to take measures to restrict exports to help ensure sufficient local supplies at affordable rates, the sources said. A decision on whether to impose an export tax will depend on the recommendations of the Ministry of Steel, which did not respond to a Reuters request for comment on Monday. The government was examining the issue, including iron ore export data and small steel producers' demands, the sources, who are directly involved in decision-making, told Reuters. They declined to be identified as the deliberations are not public. India in May 2022 raised the export tax on low-grade iron ore lumps and fines - with iron content below 58% - to 50% from zero, and hiked the duties on pellets to 45% from zero, as part of efforts to meet rising local demand. But when exports trickled to a halt, the government scrapped these taxes November 2022 , opens new tab and currently allows duty-free exports of low-grade iron ore or ore with iron content below 58%. India primarily exports low-grade iron ore. Indian iron ore exports touched 32.2 million metric tons during the first nine months of the current fiscal year that began in April 2023 - worth $2.7 billion - from 9.5 million tons a year ago, government data reviewed by Reuters shows. India's steel demand is likely to stay strong as the government expects economic growth to outpace the global economy in the next fiscal year. In 2023, China's iron ore imports hit a record high of about 1.18 billion metric tons as Chinese demand surged and its steel exports picked up, with a lot of shipments of finished steel coming into India. The Federation of Indian Mineral Industries (FIMI), an industry body of mining firms, has written to the federal steel minister asking the government not to curb iron ore exports. "We request that any proposal for banning/restricting exports of iron ore and pellets may kindly not be considered and status quo of nil export duty on these products be maintained," FIMI's letter, which was seen by Reuters, says. FIMI also said India ships out only low-grade iron ore, which is not widely consumed within the country, and overseas shipments of this grade should not be restricted. Small steel producers insist that they use low-grade iron ore, unlike big steel mills, and steady supplies at reasonable prices are vital for their relatively small profit margin. India is expected to produce 330 million tons of iron ore in the fiscal year beginning April 2024, according to industry estimates, an 18% increase from an estimated 280 million tons this year, as more mines become operational. https://www.reuters.com/markets/commodities/india-considers-export-tax-low-grade-iron-ore-sources-say-2024-02-26/

2024-02-26 12:30

WARSAW, Feb 26 (Reuters) - Polish farmers protesting against European Union regulations and cheap food imports from Ukraine blocked the A2 highway at a border crossing with Germany on Monday. Farmers across Europe have been protesting for weeks against constraints placed on them by European Union measures to tackle climate change, as well as rising costs and what they say is unfair competition from outside the EU, particularly Ukraine. Polish farmers planned to block the Swiecko crossing with Germany until early afternoon, said Adrian Wawrzyniak, a spokesperson for the Solidarity farmers' union. "As far as I know, there are also German farmers on the German side, the crossing is blocked from both sides," he said. "This is a show of common solidarity, that both Polish and German farmers will not allow these goods from Ukraine to continue to enter the European market. It's a common cause." Farmers' trade unions plan a big protest in the Polish capital Warsaw on Tuesday. Prime Minister Donald Tusk and President Andrzej Duda said on Monday farmers' problems needed fixing at an EU level. "Poland is the first EU country (on the border with Ukraine), but in fact it is a problem of the EU as a whole, of EU agriculture as a whole, and it should be considered in this context," Tusk told a press conference. "The EU should stand firm and resolve this issue at the European level, including supporting Polish farmers." Ukrainian Deputy Prime Minister Oleksandr Kubrakov has urged Poland to punish those responsible for spills of a Ukrainian grain cargo on the Polish side of the border at the weekend. Private Polish radio RMF FM reported on Monday that police were investigating an incident in which hundreds of nails and screws were scattered on a road near the Polish-Ukrainian frontier point of Hrebenne-Rawa Ruska. https://www.reuters.com/world/europe/polish-farmers-block-highway-border-crossing-with-germany-2024-02-26/

2024-02-26 12:28

ATHENS, Feb 26 (Reuters) - Greece's frigate Hydra departed for the Red Sea on Monday to participate in a mission to protect merchant ships from attacks by Yemen's Iran-backed Houthi militia, a defence ministry official said. Earlier on Monday, the Greek government approved the country's participation in the European Union naval mission dubbed Eunavfor Aspides in the Red Sea. Many commercial shippers have diverted vessels following attacks by the Houthis who control much of Yemen and say they are acting in solidarity with the Palestinians as Israel and Hamas wage war in Gaza. Greece's security council approved a proposal by Defence Minister Nikos Dendias for participation in the EU mission, government spokesman Pavlos Marinakis said in a statement. The government said it was important to join the mission as the Houthi attacks have disrupted Greek-owned commercial vessels' activities at the country's biggest port Piraeus and some container ships have stopped using it. France, Italy and Germany are also taking part in the EU mission, under the code name "Aspides", the Greek word for shields. Participating countries will be mandated to protect commercial ships and intercept attacks, but not take part in strikes against the Houthis on land. Several Greek-owned merchant ships have been hit off Yemen since November, suffering damages but no casualties. https://www.reuters.com/world/greece-approves-military-participation-eu-red-sea-mission-2024-02-26/

2024-02-26 11:45

Farmers stage protest at EU headquarters Demand action to address low food prices, cheap imports EU ministers meet to consider more help for sector Farmers also stage protest in Madrid BRUSSELS/MADRID, Feb 26 (Reuters) - Farmers set fire to piles of tyres in Brussels on Monday in a protest to demand action on cheap supermarket prices and free trade deals, as agricultural ministers from across the EU met to discuss the crisis in the sector. Riot police fired water cannon at protesters throwing bottles and eggs, while about 900 tractors jammed parts of Brussels, a short distance from the cordoned off area where ministers were meeting. Farmers have been protesting for weeks across Europe to demand action from policymakers on an array of pressures they say the sector is under - from cheap supermarket prices, to low-cost imports that undercut local producers, to strenuous EU environmental rules. Another protest took place on Monday in Madrid, where farmers from across Spain blew whistles, rang cowbells and beat drums, urging the EU to cut red tape and drop some changes to its Common Agriculture Policy (CAP). "It's impossible to stand these rules, they want us to work on the field during the day and deal with paperwork at night - we're sick of the bureaucracy," said Roberto Rodriguez, who grows cereal and beetroots in the central province of Avila. "The new CAP is ruining our lives," said Juan Pedro Laguna, 46,who grows olives, cereal and vegetables near Madrid. "We want to produce like we've always done, but they don't want us to produce." TIME AT DESK Agriculture ministers were set to debate a new set of EU proposals to ease the pressure on farmers, including a reduction in farm inspections and the possibility to exempt small farms from some environmental standards. German Agriculture Minister Cem Ozdemir said the EU needed to ensure farmers could earn good money if they opted for biodiversity and green measures and talked of existing EU farm policy as being a "bureaucracy monster". "The average farmer spends a quarter of their time at their desks," he said. In response to weeks of protests by angry farmers, the EU has already weakened some parts of its flagship Green Deal environmental policies, scrapping a goal to cut farming emissions from its 2040 climate roadmap. The EU has also withdrawn a law to reduce pesticides and delayed a target for farmers to leave some land fallow to improve biodiversity. Local grievances vary, and not all farmers call for an end to green rules. Morgan Ody, General Coordinator of farming organisation La Via Campesina, said at the Brussels protest that for most farmers: "It's about income." "It's about the fact that we are poor, and that we want to make a decent living," she said. She called on the EU to set up minimum support prices and exit free trade agreements that enable imports of cheaper foreign produce. "We are not against climate policies. But we know that in order to do the transition, we need higher prices for products because it costs more to produce in an ecological way," she said. https://www.reuters.com/world/europe/protesting-farmers-jam-brussels-with-tractors-ministers-meet-2024-02-26/

2024-02-26 11:37

Vale Indonesia shares valued at 3,050 rupiah a piece, minister says Divestment is key condition for permit extension Indonesia government aims to issue permit extension in 10 days JAKARTA, Feb 26 (Reuters) - Indonesia's mining industry holding company, MIND ID, agreed on Monday to acquire a 14% stake in Vale Indonesia (INCO.JK) , opens new tab from Vale Canada and Japan's Sumitomo Metal Mining (5713.T) , opens new tab, to become the top shareholder at one of the country's largest nickel miners. The divestment is a key condition for the extension of Vale Indonesia's mining permit beyond 2025, with foreign investors required to transfer 51% of their combined stakes to local buyers after a certain period of operation. Upon completion, MIND ID will be the largest shareholder in Vale Indonesia, with its stake rising to 34% from 20%. Vale Canada will hold 33.9% and Sumitomo 11.5%, down from 43.79% and 15.03%, respectively. About 20% of the shares are publicly traded. The shares were valued at 3,050 rupiah ($0.1952) each, senior minister Luhut Pandjaitan told reporters. They were traded at 3,830 rupiah by Monday's closing on the local stock exchange, down 3.1% from the previous session. Vale Canada would receive around $160 million in cash upon completion, the company said in a separate statement. The government will work on issuing the new mining permit for Vale within ten days after the signing on Monday, Dadan Kusdiana, senior mining ministry official said, offering certainty to the company's future operation. Vale Indonesia will get ten years to operate under the new permit after 2025, which can be extended. Asked about the make up of the board of directors, Deshnee Naidoo, chief executive of Vale Base Metals, the parent of Vale Canada, said all parties are in further discussion, but have agreed on the chief executive and chief operating officers. "For now, the CEO will come from MIND ID and the COO from us," Naidoo said. Vale is committed to maintaining its environmental, social and governmental standards for its operation in Indonesia, she added. ($1 = 15,625.0000 rupiah) https://www.reuters.com/markets/deals/mind-id-acquire-14-stake-vale-indonesia-foreign-investors-2024-02-26/

2024-02-26 11:27

Feb 26 (Reuters) - Domino's Pizza (DPZ.N) , opens new tab beat Wall Street targets for quarterly results on Monday as a revamp of its loyalty program and a delivery partnership with Uber Eats boosted appetite for its pizzas and chicken wings, sending its shares up 8% premarket. After struggling with a sales slowdown in early 2023, the company has rolled out multiple initiatives in recent months including promotions and offering more redeemable points to its loyalty program users, helping it turn the tide and attract more consumers. The global pizza giant recorded higher customer transactions at its U.S. stores in the fourth quarter. Domino's entry into third-party delivery through the national rollout of its partnership with Uber Eats (UBER.N) , opens new tab has also helped it capture new customers and swiftly grow its market share. It already held a 19% market share among pizza chains on the Uber Eats platform in December, according to research firm M Science. "The Uber Eats and Domino's loyalty program revamp are paying immediate dividends. (The Uber Eats partnership) has delivered on its promise," said Zak Stambor, senior analyst at Insider Intelligence, adding that the two initiatives would continue to power sales throughout the first half of 2024. U.S. same-store sales at Domino's rose 2.8% in the quarter, beating a 2.2% increase estimated by analysts, according to LSEG data. The company also lifted its quarterly dividend by 25% to $1.51 per share and announced an additional $1 billion share buyback plan. Still, like other fast-food majors including McDonald's (MCD.N) , opens new tab and KFC-parent Yum Brands (YUM.N) , opens new tab, which have taken a hit to overseas business amid the conflict in the Middle East, Domino's international same-store sales growth of 0.1% lagged estimates of about 3%. Higher wage rates and expenses tied to the loyalty revamp ate into Domino's U.S. company-owned store-level margins, but lower food costs drove quarterly earnings per share to $4.48, above estimates of $4.38. https://www.reuters.com/business/retail-consumer/dominos-pizza-beats-quarterly-sales-estimates-demand-bounces-back-2024-02-26/