2024-01-10 11:30

JAKARTA, Jan 10 (Reuters) - Indonesia has delayed plans for an initial public offering (IPO) of palm oil producer PalmCo, an official from its parent, state agricultural group Perkebunan Nusantara (PTPN) III, said on Wednesday. Indonesia's ministry for state-owned enterprises, which oversees the company, said in July last year that PalmCo would launch an IPO, which would be used to expand refining capacity. Sources told Reuters the IPO could raise about $500 million. Bambang Agustian, PTPN corporate secretary, told Reuters the IPO would be delayed, citing market uncertainty but gave no further details on the timing. Meanwhile, PalmCo aims to start construction this year of its biodiesel plant, which is expected to have 443,000 metric tons per year capacity by 2026, PalmCo CEO Jatmiko Krisna Santosa said. "We have chosen the technology and we are near a decision for the contractor. It's almost ready," Jatmiko told reporters, without providing details on how much the project will cost. Jatmiko said PalmCo also expects to commission a new cooking oil plant this year, and seeks to add two more cooking oil production facilities in the next two years. https://www.reuters.com/business/energy/indonesias-palmco-plans-invest-biodiesel-plant-2024-01-10/

2024-01-10 11:30

BANGKOK, Jan 10 (Reuters) - Thailand is canvassing public opinion on a draft bill outlawing recreational use of cannabis after more than a year in which marijuana-related businesses flourished following legalisation and insufficient regulation. The first Southeast Asian nation to decriminalise cannabis in 2021, Thailand spawned an industry worth up to a projected $1.2 billion in the next few years, as thousands of dispensaries sprang up, along with spas, restaurants and festivals. Rushed and piecemeal rules adopted within a week of decriminalisation sought to curb its use but left loopholes for recreational use. The changes, aiming to deliver on an election promise, come after Prime Minister Srettha Thavisin spoke out against recreational use amid concerns of drug abuse and vowed that his government would only support medical use. "We drafted this law to prohibit the wrong usage of cannabis," Health Minister Cholnan Srikaew told media this week. "All recreational usage is wrong." Published on the health ministry's website on Tuesday, the new draft will allow only medical and health uses of cannabis, while outlawing all types of recreational use. It provides for fines of up to 60,000 baht ($1,700) for recreational use while advertisement or marketing campaigns regardng such use could draw jail terms of up to a year or fines ranging as high as 100,000 baht. It also toughens punishment for cannabis farming without a licence, ranging from jail terms of one to three years as well as fines from 20,000 baht to 300,000 baht. The fate of unregulated weed shops and dispensaries is unclear, however, as well as the risks facing those who planted cannabis on a household scale - which is currently allowed after notifying authorities, though without requiring a permit. The government did not immediately respond to a request for comment on the draft. The deadline for public feedback is Jan. 23, after which the cabinet will weigh both the draft legislation and suggestions received before it goes to parliament for further deliberation. ($1=34.9400 baht) https://www.reuters.com/world/asia-pacific/thailand-seeks-public-opinion-draft-end-recreational-cannabis-use-2024-01-10/

2024-01-10 11:26

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine MOSCOW, Jan 10 (Reuters) - Russian state-controlled oil pipeline monopoly Transneft (TRNF_p.MM) said on Wednesday that Russian crude exports via its pipelines were down 6.5% last year, while total oil deliveries through its network in 2023 had remained flat from 2022. Transneft handles more than 90% of all oil produced in Russia. It also said oil supplies via its pipelines to China in 2023 amounted to 40 million metric tons, unchanged from the previous year. The company said that oil exports via the Black Sea port of Novorossiisk rose last year by 3.1% to 30 million tons despite weather-related disruptions as storms prevented oil loadings during 110 full days in 2023 from the outlet. Oil exports from the Baltic Sea ports of Primorsk and Ust-Luga were up by 6.5% and 9% to 44.4 million tons and 34 million tons respectively. Crude supplies via the Pacific port of Kozmino jumped 9.4% to 42.8%. The deliveries include transit volumes from other countries such as Kazakhstan. The supplies' rise of 7.2% via the ports was offset by a 60% collapse of exports through the Soviet-built Druzhba pipeline to Europe. Russian pipeline oil supplies to Europe are excluded from an EU embargo, but the route crosses Belarus and Ukraine and has been under constant risk of disruption since Russia sent thousands of troops into Ukraine in 2022 in what Moscow calls a "special military operation". Germany and Poland also decided to ditch Russian oil amid the severe political fallout over Ukraine. Kazakhstan has agreed to provide its oil to Germany via the route, seeking to raise it to 1.2 million tons in 2024. https://www.reuters.com/markets/commodities/transneft-russian-oil-exports-via-its-network-down-65-2023-2024-01-10/

2024-01-10 11:23

WASHINGTON/LONDON, Jan 10 (Reuters) - U.S. and British naval forces shot down 21 drones and missiles fired by Yemen-based Houthis on Tuesday towards international shipping lanes in the southern Red Sea, the United States said. Britain's defence minister said it was the largest attack in the area by the militants to date as the three-month-long war between Israel and Hamas in Gaza spills over into other parts of the Middle East. U.S. Central Command said no injuries nor damage were reported, adding that this was the 26th Houthi attack on commercial shipping lanes in the Red Sea since Nov. 19. The Houthis, who control most of Yemen, have been targeting the route to show their support for Hamas, a Palestinian Islamist group. The attacks have seriously disrupted international commerce on the key route between Europe and Asia that accounts for about 15% of the world's shipping traffic. Many shipping companies have been forced to reroute their vessels, taking the longer journey around Africa, although several oil majors, refiners and trading houses have continued to use it. U.S. Central Command said 18 drones, two anti-ship cruise missiles and one anti-ship ballistic missile were shot down by the two navies in the incident. British defence minister Grant Shapps said on Wednesday: "Overnight, (Royal Navy ship) HMS DIAMOND, along with U.S. warships, successfully repelled the largest attack from the Iranian-backed Houthis in the Red Sea to date." Shapps repeated a warning from Britain and its allies, including the U.S. and Germany, that the attacks were unacceptable, telling the militant group that it would "bear the consequences" if they continue. "We will take the action needed to protect innocent lives and the global economy," he said. The Iranian-backed Houthis have vowed to continue attacks until Israel halts the conflict in Gaza, and warned they would would attack U.S. warships if the militia group itself was targeted. German shipping group Hapag Lloyd said on Tuesday it would continue to avoid the Suez Canal and around the Cape of Good Hope for security reasons, while its Danish rival Maersk (MAERSKb.CO) has said it would avoid the route "for the foreseeable future". Retailers across the world have also been stocking up on goods before China's Lunar New Year holiday and seeking air or rail alternatives to avoid empty shelves this spring. https://www.reuters.com/world/us-uk-forces-shoot-down-houthi-missile-drone-attack-red-sea-us-military-2024-01-10/

2024-01-10 11:12

A look at the day ahead in U.S. and global markets from Mike Dolan Roaring Japanese stocks at 21st century highs shone in an otherwise subdued day for world markets, with Wall St bracing for Thursday's critical inflation update and bitcoin swinging wildly on statements from a seemingly hacked SEC account. With most of the rest of Asia's stock markets under a cloud, and China's relentless declines (.CSI300) continuing ahead of the weekend elections in Taiwan and amid property sector woes, the Nikkei 225's (.N225) latest surge to 34-year highs was an eye-catching outlier. Historically cheap Japanese stocks have been the 'best of the rest' behind Wall St's major indexes over the past year, gaining almost 20% over 12 months as the Bank of Japan resisted the G7 central bank rush to tighten interest rates, and the yen weakened sharply. A gradual rowback on its super-easy money policy ensued, and the standing assumption for this year was that the BOJ would end its negative rate policy. But the latest soft inflation and wage numbers from Japan suggest there's no need to rush. The yen has fallen back once again, and the stock market enlivened. Wednesday's latest data showed Japanese workers' real wages kept shrinking for a 20th month in November, falling some 3% over the year as total cash earnings grew only 0.2%. Earlier in the week Tokyo's consumer inflation, a leading indicator of nationwide price trends, showed a further slowdown. The other excitement overnight was bitcoin's latest wild ride after the 'X' account of the U.S. Securities and Exchange Commission was hacked with a false message saying it had approved exchange-traded funds (ETFs) for cryptocurrency. An ETF decision has long been awaited by the crypto industry and was expected to come this week, lifting bitcoin prices in advance. After eventually removing the erroneous social media posting, the SEC said it had not yet approved spot bitcoin ETFs. Bitcoin slid 1.3% to $45,516 after surging to a 21-month peak of $47,897 on the fake post. With the December U.S. consumer price report due on Thursday and fourth-quarter U.S. bank reports kicking off the earnings season on Friday, markets elsewhere were less frenetic. The first of the week's big Treasury auctions seemed to go smoothly late on Tuesday, with $52 billion of 3-year notes sold without a glitch and some $37 billion of 10-year notes up for grabs later on Wednesday. Ten-year yields slipped back below 4% in advance of both the auction and the CPI release tomorrow. The dollar was higher against the yen but softer against the other majors. S&P500 futures were marginally higher ahead of the bell, after a 0.14% retreat on Tuesday. Boeing (BA.N) CEO Dave Calhoun acknowledged errors by the U.S. planemaker as more than 170 jets remained grounded for a fourth day after a mid-air Alaska Airlines panel blowout last week, telling staff the company would ensure such an accident "can never happen again". After an 8% drop on Monday, Boeing stock continued to fall a further 1% on Tuesday and was in the red again in Frankfurt early on Wednesday. With election anxiety dominating the island, Taiwan's mega chipmaker TSMC (2330.TW) reported largely flat fourth-quarter revenue on Wednesday, but that still beat both the company's and market's expectations. Key diary items that may provide direction to U.S. markets later on Wednesday: * New York Federal Reserve President John Williams speaks * Bank of England Governor Andrew Bailey and members of the BoE's Financial Policy Committee answer questions in parliament on the half-yearly Financial Stability Report * U.S. Treasury auctions $37 billion of 10-year notes * U.S. Secretary of State Antony Blinken visits West Bank to meet Palestinian President Mahmoud Abbas https://www.reuters.com/markets/us/global-markets-view-usa-2024-01-10/

2024-01-10 11:09

LONDON, Jan 10 (Reuters) - E-scooter rental firms Tier Mobility and Dott said on Wednesday that they will merge to form the largest European operator, with their investors injecting an additional 60 million euros ($66 million) into the combined business. The combined entity, which will initially continue to operate the two brands, will operate e-scooter rental services in 20 countries with annual revenue of 250 million euros. Tier and Dott offer rides in many cities including Berlin, Brussels, Dubai, London, Paris and Rome. The merger may require some regulatory approval and the two companies said it was subject to several conditions being met. After an early period of rapid expansion, e-scooter rental firms have toughening regulations and more demanding customers, with further rounds of consolidation predicted for the app-based industry as many operators have struggled to make a profit. Amsterdam-based Dott has raised more than $210 million, while Berlin-based Tier announced a $250 million fundraising round in 2020 that was led by Softbank (9984.T). The new combined company will be headquartered in Berlin, with Tier CEO Lawrence Leuschner serving as chairman and Dott CEO Henri Moissinac as CEO. "By bringing Tier and Dott together, we are well positioned to capture the next phase of growth and further accelerate our path to profitability," Moissinac said in a statement. The deal is backed by a mix of existing shareholders, led by Abu Dhabi state investor Mubadala Capital and Belgian investment company Sofina (SOF.BR). The two largest global e-scooter rental firms are Lime and Bird, both U.S. based. Bird announced last month that it would restructure its business to focus on profitability as part of Chapter 11 bankruptcy proceedings. ($1 = 0.9137 euros) https://www.reuters.com/business/autos-transportation/tier-dott-form-europes-largest-e-scooter-rental-firm-2024-01-10/