2024-07-12 13:01

SAO PAULO, July 12 (Reuters) - Brazil's leading logistics company JSL (JSLG3.SA) New Tab, opens new tab is expanding its international operations beyond Latin American borders, eyeing new markets in Africa, chief executive officer Ramon Alcaraz told Reuters. JSL, which ended 2023 with 8.9 billion reais ($1.64 billion) in revenues, is about to announce it opened its second operation in the continent, setting foot in Ghana after entering South Africa about three years ago. "We want to grow in Africa, in countries where there are plenty of opportunities," Alcaraz said in an interview. JSL currently operates in nine countries, including Brazil, Paraguay, Argentina, Peru, Chile, South Africa and now Ghana. Founded in 1956, it focuses on cargo transport, storage and urban distribution of goods, among other activities. The company has about 300 trucks operating in South Africa, while in Ghana it is starting activities with 40 trucks. But it plans to double in size in the country in the next two years, according to Alcaraz. JSL is also aware of opportunities in other African nations, including populous and troublesome Nigeria when possible, the executive said. "Africa has a great number of countries, heavily populated, where even a small economic upgrade can lead to huge hikes in consumption," Alcaraz said. "In Africa, we can double, triple, all it takes is a little improvement in general conditions." The Brazilian company has also been quickly expanding its domestic operations not only through organic growth, but also via acquisitions. In the last four years, it has acquired eight competitors in the country. JSL is still open to new deals in Brazil, aiming mainly at companies with annual revenues reaching up to 1.5 billion reais, Alcaraz said. Extremely fragmented, the Brazilian logistics market has few entry barriers and activity strongly correlated to the economic cycle. It also lacks rail networks, relying heavily on roads. Similarly, several African countries face huge infrastructure challenges, making roads a crucial mode of transportation, the executive noted. JSL is controlled by holding company Simpar (SIMH3.SA) New Tab, opens new tab, and its shares are down 16% so far this year. ($1 = 5.4398 reais) Sign up here. https://www.reuters.com/business/brazil-logistics-firm-jsl-enters-ghanaian-market-africa-expansion-2024-07-12/

2024-07-12 12:49

WASHINGTON, July 12 (Reuters) - U.S. producer prices increased moderately in June, further confirmation that inflation had resumed its downward trend and strengthening the case for a September interest rate cut. The producer price index for final demand rose 0.2% last month after being unchanged in May, the Labor Department's Bureau of Labor Statistics said on Friday. Economists polled by Reuters had forecast the PPI nudging up 0.1%. In the 12 months through June, the PPI increased 2.6% after advancing 2.4% in May. The government reported on Thursday that consumer prices fell for the first time in four years in June amid cheaper gasoline and a broad deceleration in the costs of goods and services, including rents. The tame inflation data followed news last week of a rise in the unemployment rate to a 2-1/2 year high of 4.1%. With the Federal Reserve now wary of labor market weakness, economists and financial markets are increasingly betting on a rate cut in September, with another reduction in borrowing costs expected in December. Fed Chair Jerome Powell acknowledged the improving inflation environment during his testimony before lawmakers this week, but also highlighted the risks to the labor market saying "we have seen considerable softening." The U.S. central bank has maintained its benchmark overnight interest rate in the current 5.25%-5.50% range since last July. It has hiked its policy rate by 525 basis points since 2022. Sign up here. https://www.reuters.com/markets/us/us-producer-prices-rise-moderately-june-2024-07-12/

2024-07-12 12:19

NEW DELHI, July 12 (Reuters) - India's industrial output (INIP=ECI) New Tab, opens new tab grew at a stronger-than-expected 5.9% year-on-year in May amid a higher growth in the mining and electricity sectors, government data showed on Friday. Economists polled by Reuters had expected growth of 4.9%. Industrial output grew 5% in April. Electricity generation in May was up 13.7%, compared with a 0.9% rise a year earlier. Manufacturing output in May rose 4.6%, slower than the 6.3% growth reported a year earlier. Mining activity increased 6.6%, compared with a year-ago rise of 6.4%, the data showed. Industrial output in the April-May period was up 5.4%, against a 5.1% rise a year earlier. Sign up here. https://www.reuters.com/world/india/indias-industrial-output-up-59-yy-may-2024-07-12/

2024-07-12 12:04

MUMBAI, July 12 (Reuters) - The Indian rupee edged higher on Friday, aided by a broadly weaker dollar after U.S. inflation data boosted expectations of policy easing by the Federal Reserve, although dollar demand from importers capped further gains in the local currency. The rupee closed at 83.5350 against the U.S. dollar, up from its close at 83.56 in the previous session. The local unit was largely flat week-on-week. The dollar index was at 104.3 on Friday, on course for its second consecutive weekly loss, after U.S. economic data, including the consumer inflation print on Thursday, lifted hopes for a Fed rate cut later this year. Investors are currently pricing in a nearly 93% chance of a reduction in rates in September, up from about 78% a week earlier, according to CME's FedWatch tool. Most Asian currencies gained week-on-week as Fed rate cut hopes weighed on the dollar and U.S. bond yields. The rupee's gains were capped on Friday due to sustained dollar demand from importers, including local oil companies, traders said. Importers have "been on bid below 83.50 (on USD/INR) while there is little expectation that Reserve Bank of India will allow much of a rise above 83.60," a foreign exchange trader at a state-run bank said. Dovish remarks from Fed officials could open up "some more downside (on USD/INR)," the trader added. Fed Chair Powell is scheduled to speak on Monday, followed by other policymakers during the week. Meanwhile, dollar-rupee forward premiums rose on the day, aided by a decline in U.S. bond yields. The 1-year implied yield hit a more than one-month peak of 1.70% before edging lower. Market participants now await U.S. producer price inflation data, due later in the day. "We think another leg lower in the dollar is possible given markets' growing conviction on Fed easing, and (the dollar index) could retest the June 104.0 lows," ING Bank said in a note. Sign up here. https://www.reuters.com/markets/currencies/rupee-ends-tad-higher-importers-limit-gains-currency-flat-on-week-2024-07-12/

2024-07-12 11:46

July 12 (Reuters) - A Chevron-chartered oil tanker seized by Iran more than a year ago is heading toward the Sohar port in Oman, LSEG ship tracking data showed on Friday. On Thursday, ship tracking data showed the vessel moving to international waters, with the destination showing as Khor Fakkan in the United Arab Emirates. The Marshall Islands-flagged Advantage Sweet was boarded by Iran's military in the Gulf of Oman in April 2023 after an alleged collision with an Iranian boat. There was no immediate comment from Chevron. The U.S. State Department called in March for the immediate release of the tanker. Sign up here. https://www.reuters.com/world/middle-east/oil-tanker-seized-by-iran-2023-bound-oman-port-tracking-data-shows-2024-07-12/

2024-07-12 11:43

July 12 (Reuters) - Adani Ports (APSE.NS) New Tab, opens new tab expects to complete the first of four phases of a key transshipment container port in southern India this year, it said on Friday, firming the timeline for a project already delayed by six years due to protests by locals. The Vizhinjam deep-sea port at the southern tip of the country is of strategic importance due to its proximity to international shipping routes and will help India rival Dubai, Singapore and Sri Lanka. Adani Ports, a part of billionaire Gautam Adani's ports-to-power conglomerate, aimed to start operations New Tab, opens new tab at the port in the state of Kerala in 2018 but faced delays due to land acquisition issues as locals protested the port led to coastal erosion, which even led to clashes with the police New Tab, opens new tab in 2022. With those issues sorted, the first phase of the Vizhinjam port will be completed by December and the port will be fully ready by 2028-29, said Karan Adani, the company's managing director and son of Gautam Adani. The MD reaffirmed a total investment of 200 billion rupees ($2.39 billion) in the port by the company and the Kerala state. Adani Ports will invest 100 billion rupees ($1.2 billion) in the second phase of the project, Bloomberg News reported earlier in the day. The company did not respond to a Reuters' request for comment on the specific investment. The port, which takes the company's total count to 13 ports and terminals in the country, received its first large cargo ship from Maersk on Friday. Adani Ports will start work on the remaining phases as early as October once environmental clearance and other regulatory approvals are in place, Karan Adani said. Sign up here. https://www.reuters.com/world/india/indias-adani-ports-invest-12-billion-new-transshipment-terminal-bloomberg-news-2024-07-11/