2024-07-23 12:28
July 23 (Reuters) - Russian forces are conducting drills involving Yars mobile nuclear missile launchers, Russian media reported on Tuesday, in what would be the second such exercise in less than a month. Missile launcher crews in the Volga river basin, some 700 kilometres (435 miles) east of Moscow, were set to move over 100 kilometres (62 miles) and practice camouflage and deployment, the Interfax news agency reported. The drills follow similar exercises in early July in at least two different regions and are taking place less than two months after Russia held tactical nuclear weapons deployment exercises alongside ally Belarus. Russia's Kommersant newspaper reported on Tuesday that the systems, equipped with a missile with multiple warheads, can hit targets at a distance of 11,000 kms. It also reported that the systems can be mounted onto truck carriers or deployed in silos. Since launching an invasion on Ukraine in February 2022, Russia has conducted numerous military exercises on its own or with other countries including China or South Africa. It has also increased military training with Belarus, which borders both Russia and Ukraine, conducting a series of comprehensive drills. (This story has been refiled to clarify that Russia launched an invasion in February 2022, in paragraph 5) Sign up here. https://www.reuters.com/world/europe/russia-conducts-second-mobile-nuclear-missile-launcher-drills-this-month-2024-07-23/
2024-07-23 12:23
BENGALURU, July 23 (Reuters) - ArcelorMittal's India joint venture urged the federal government to implement measures to curb steel imports at predatory prices. "We remain hopeful that the government will take decisive actions to curb steel imports at predatory prices, which is a serious and immediate concern," ArcelorMittal Nippon Steel India CEO Dilip Oommen said on Tuesday. Earlier in the day, JSW Steel CEO Jayant Acharya told Reuters that the Indian steel industry is in talks with the government for trade measures to combat rising imports, particularly from China and Vietnam. Sign up here. https://www.reuters.com/markets/commodities/arcelormittals-india-jv-ceo-urges-curbs-steel-imports-predatory-prices-2024-07-23/
2024-07-23 11:57
KAIROUAN, Tunisia, July 23 (Reuters) - A tiny insect is ravaging Tunisia’s prickly pears, a critical source of revenue for the North African country's agriculture sector and economy. "Our biggest fear, which has caused me insomnia, is the fear of the cochineal insect that threatens our harvest," says Bassem Sahnoun, a farmer struggling, like many others, to protect the popular fruit. The insect, known to some as the prickly pear cochineal, has devastated vast areas of plantations and caused concerns about its economic impact since it was first discovered in the country in 2021, farmers and agricultural experts say. The bug sucks the sap from cactus pads, causing yellowing and eventual death of the plants. Agriculture expert Faouzi Zayani inspected dying prickly pear trees. "The cochineal insect affects the prickly pear tree. As you can see, the trees are dying, and consequently, we are losing the essence of things, which is the cultivation of prickly pears," he said. The insect, whose scientific name is dactylopius opuntiae, was first discovered in Mexico, he said. "It was present there, and they treated it and had prevention methods," he added. "Then it spread to Morocco in 2015. This insect also came to Tunisia in October 2021 in the city of Mahdia." He estimates that prickly pears represent about 12% of Tunisia's agricultural land, making it second only to olive trees in agricultural wealth. The pears cover approximately 600,000 hectares and are a significant source of income for thousands, particularly women who harvest and sell the fruit. “This is our livelihood, it requires a lot of labour, and it's not just the farmer who benefits from it," Sahnoun said. The Tunisian government and international organizations are now taking steps to try to mitigate the insect’s impact. The Food and Agriculture Organization initiated a $500,000 emergency project to introduce biological control methods such as ladybugs, predators of the insect. The Tunisian Ministry of Agriculture is promoting sustainable control measures, including changes in agricultural practices, pruning, and cleaning in production areas. "We must have a sustainable solution for the cochineal insect. This situation should not continue in this way," said Naima Mahfoudhi, an official at the ministry of agriculture. At his farm, Sahnoun takes measures to clean and protect his healthy prickly pear trees. But it will be a daunting task if the crisis persists and keeps drying up prickly pear trees. "It starts at the bottom of the tree," he said. Selma Jridi, who owns prickly pear trees, says the problem is out of her control. "God's will prevails, this is God's judgment. Even the part that grows anew is affected by this disease, it deteriorates as if it had been cut with a saw," she said. Sign up here. https://www.reuters.com/business/environment/insect-wreaks-havoc-tunisias-crucial-prickly-pear-industry-2024-07-23/
2024-07-23 11:56
ISTANBUL, July 23 (Reuters) - Turkey's central bank held its policy rate steady at 50% on Tuesday as expected and repeated it remains highly attentive to inflation risks, even as it expects disinflation to gain strength after a welcome turnaround last month. The central bank last raised interest rates in March, by 500 basis points, and has since held steady while vowing to tighten policy more if it predicts the inflation outlook will worsen, a hawkish pledge it repeated on Tuesday. Most analysts expect rate cuts to begin before year end, though some expect the central bank will wait longer. Starting to see results from a year-long tightening drive, the bank said the underlying monthly inflation trend showed a notable decline in June, though added that it could rise "temporarily" this month due to one-off factors. "The decisiveness regarding tight monetary stance will bring down the underlying trend of monthly inflation through moderation in domestic demand, real appreciation in Turkish lira, and improvement in inflation expectations," its monetary policy committee said. "As a result, the disinflation process will gain strength." Since June last year, the bank has raised its policy rate (TRINT=ECI) , opens new tab by a total 4,150 basis points in a tightening cycle that reversed years of monetary stimulus supported by President Tayyip Erdogan to boost economic growth. Turkey's annual inflation rate began what is expected to be a sustained fall in June, dipping to 71.6%. Officials and analysts predict a gradual decline in the remainder of 2024 with economists forecasting a year-end level of around 43%. "Leading indicators suggest that monthly inflation will rise temporarily in July due to adjustments in administered prices and taxes as well as supply-side factors in unprocessed food prices," the bank said. In a Reuters poll last week, all 26 economists expected the central bank to hold rates this month and not to ease until the next quarter. The policy rate was expected to drop by 500 basis points to 45% by the end of 2024. No significant easing in rates was expected to come until next year, the poll showed, with the central bank forecast to reduce rates by 2,250 basis points to 27.50% by end-2025. S&P Global Market Intelligence said in a note that it expects "a cautious cutting cycle" to begin in December. Many Turks are struggling with eroding living standards after six years of soaring inflation, combined with a sharp clampdown on credit over the last year, which has left them paying the price for past economic missteps. Before he backed last year's policy reversal, Erdogan had championed a low rates policy for five years to lift economic growth despite soaring prices, which led to the lira shedding more than 85% to the dollar since 2018. The lira was little changed at 32.9450 against the dollar after the rates decision. The central bank added that the monetary transmission mechanism will continue to be supported via additional macroprudential measures, while sterilization will be implemented effectively by adding to the tool set whenever needed. Sign up here. https://www.reuters.com/markets/rates-bonds/turkish-central-bank-holds-rates-50-expected-2024-07-23/
2024-07-23 11:39
MOSCOW, July 23 (Reuters) - Russia's Tuapse oil refinery is still operating, Russian Deputy Prime Minister Alexander Novak said on Tuesday, a day after local authorities reported that the refinery had been damaged in a Ukrainian drone attack. The Tuapse plant, Russia's biggest refinery on the Black Sea, was damaged in a major Ukrainian drone attack on Monday which sparked a fire. The extent of the damage is still unclear. Ukraine has been systematically targeting Russian energy infrastructure in an attempt to disrupt Russia's economy and its ability to fund Russia's war in Ukraine, something the Kremlin calls a special military operation. The refinery, which has a processing capacity of 240,000 barrels per day (bpd) of oil, has been a target of several Ukrainian air attacks since the start of the conflict. Sign up here. https://www.reuters.com/world/europe/russias-tuapse-oil-refinery-is-still-operating-deputy-pm-says-after-ukrainian-2024-07-23/
2024-07-23 11:28
Q2 revenue of $12.31 bln vs est. of $11.76 Q2 adjusted profit of 84 cents vs est. of 81 cents Shares up nearly 2% in early trading July 23 (Reuters) - Coca-Cola (KO.N) , opens new tab raised its annual sales and profit forecasts on Tuesday, as the beverage maker expects to benefit from price hikes and an advertising blitz, mainly in international markets where demand for its sodas and juices has been relatively strong. Shares of Coca-Cola rose nearly 2% as the company also posted a surprise increase in second-quarter revenue. The company has been trying out newer versions of its drinks such as Coke Spiced and Georgia Coffee to cater to varied tastes, while sponsoring music festivals and sporting events such as the Euro 2024 Football Championship and the Paris Olympics to attract younger consumers. "With Summer Olympics coming every four years ... you expect really bigger effect in the market ... and a part of that is baked into (Coca-Cola's) guidance," said Christian Greiner, senior portfolio manager at F/m Investments, which owns shares in the company. The company's selling, general and administrative expenses jumped nearly 7% to $3.55 billion during the quarter as it doubled down on marketing campaigns in the run-up to the Paris Olympics while also promoting budget-friendly options such as 12-ounce slim cans globally. "Fundamentally, Coca-Cola is a marketing machine ... A continued rise in marketing spend suggests the group isn't taking its foot off the pedal," said Aarin Chiekrie, equity analyst at Hargreaves Lansdown. PepsiCo (PEP.O) , opens new tab, which missed second-quarter revenue estimates in July, is also launching new flavors of its snacking brands such as Lay's and Doritos and offering products across different price tiers, as customers become more price-conscious. Coca-Cola's average selling price rose 9% in the second quarter, the Sprite maker said, while unit case volumes increased 2%. However, volumes in the North American region fell by 1% as consumers turned cautious about spending and dining out. Coca-Cola CEO James Quincey said that consumer sentiment was "pretty resilient" in North America although there were some signs of pressure in various segments across developed markets. The company forecast fiscal 2024 organic sales to grow between 9% and 10%, compared with its previous expectation of a rise of 8% to 9%. It expects annual adjusted profit to increase between 5% and 6%, compared with its prior forecast of a 4% to 5% rise. Coca-Cola's second-quarter net revenue rose 2.9% to $12.31 billion, beating LSEG estimates of $11.76 billion. Its adjusted profit came in at 84 cents per share, topping expectations of 81 cents. Sign up here. https://www.reuters.com/business/retail-consumer/coca-cola-raises-annual-organic-sales-forecast-2024-07-23/
