2024-06-24 19:57
SAO PAULO, June 24 (Reuters) - Brazil's privately owned Grupo Potencial will invest 200 million reais ($37 million) to build two "green fuel" pipelines in the south of the farm powerhouse, the company's Vice-President Carlos Hammerschmidt said on Monday. The biofuel pipelines, which will be built starting next year if all permits are granted, will stretch 55 kilometers (34.2 miles) each and will the longest of the kind in the country. One of the new pipelines will transport biodiesel and the other biofuels like ethanol, connecting the company's Lapa biodiesel plant to a cluster of fuel distributors. It will spare the environment of use thousands of tanker trucks and enable Potencial to boost its own clean fuels portfolio. The plant sells 65,000 cubic meters of biodiesel monthly on average, and intends to transport half of this via one of the new pipelines. Potencial's investment signals confidence that overall biofuels demand will rise as consumers demand less pollutant sources of energy, requiring efficient delivery options. "It's a question of humanity's survival," Hammerschmidt said by telephone referring to the importance of growing global biofuels supplies to prevent ever-more common environmental disasters. Brazilian biodiesel producers, with access to abundant raw materials like soy, are clearly at an advantage. Cargill and ADM (ADM.N) New Tab, opens new tab, among others, already produce biodiesel New Tab, opens new tab here while BP (BP.L) New Tab, opens new tab is expanding its biofuels clout. Potencial's project will also be transformational for the state of Parana, a traditional farm region and home to Brazil's biggest biodiesel plant, the firm's own Lapa compound, with capacity for 900 million liters. The investment is likewise a boost to Brazil's underdevelopment energy pipeline network, which is about 5% of that of the United States, Hammerschmidt said. Potencial makes biodiesel at Lapa and plans to sell corn ethanol and soy-based sustainable aviation fuel in the future. By 2027, Hammerschmidt said, the country will also start demanding 1% of the fuel used on airplanes be "sustainable aviation fuel" known as SAF. Brazil's current mandatory biodiesel mix into diesel is 14% and is slated to be 15% next March. Potencial also announced a 100 million reais investment to grow Lapa's production of glycerine, which derives from biodiesel and is exported to China. ($1 = 5.3878 reais) Sign up here. https://www.reuters.com/sustainability/climate-energy/private-group-announces-brazils-two-longest-green-fuel-pipelines-2024-06-24/
2024-06-24 19:51
WASHINGTON, June 24 (Reuters) - The National Transportation Safety Board said on Monday it is inspecting key electrical components that were removed from the cargo ship Dali that crashed into a Maryland bridge in March, killing six people and destroying the Patapsco River crossing. In May, the NTSB said the Dali lost electrical power several times before the crash into the Francis Scott Key Bridge, including experiencing a blackout during in-port maintenance and shortly before the crash. The NTSB said it is continuing to examine the electrical components at its materials laboratory and added that its investigators have completed in-person interviews of the vessel’s crew. The board added it will "continue to evaluate the design and operation of the vessel’s electrical power distribution system, and investigate all aspects of the accident." On Monday, the Bay Bridge was briefly closed to motorists as the Dali passed beneath the bridge on its way to Norfolk, Virginia, for repairs, the Maryland Transportation Authority said. The board said last month the cargo ship had other outages, including about four minutes before the crash when electrical breakers unexpectedly tripped causing a loss of power to all shipboard lighting and most equipment when it was 0.6 mile (1 km) from the bridge. The Dali crew restored power, but another blackout occurred 0.2 mile (about 320 meters) from the bridge, which stopped all three steering pumps. The crew was unable to move the rudder to steer. Two weeks ago, full access to the channel was restored after the removal of 50,000 tons of debris and the Dali. A replacement bridge will cost an estimated $1.7 billion-$1.9 billion, and federal officials are working to fast-track environmental approvals. Maryland hopes it will be completed by late 2028. In April, the FBI opened a criminal probe into the collapse while the U.S. Coast Guard is evaluating whether other bridges nationwide are at risk after the Maryland bridge collapse. Sign up here. https://www.reuters.com/world/us/ntsb-inspecting-key-components-ship-that-struck-maryland-bridge-2024-06-24/
2024-06-24 19:47
MEXICO CITY, June 24 (Reuters) - Officials in Mexico and the United States agreed to new security terms to protect U.S. health safety inspectors of avocados and mangos after an incident earlier this month prompted a pause on the checks, the governor of Mexico's top avocado growing state said on Monday. Avocados, in particular, are a top Mexican farm export worth billions of dollars each year, as demand among U.S. consumers has steadily grown in recent years. U.S. inspections of the two fruits were suspended a little over a week ago after a security incident in western Michoacan state, Mexico's top avocado grower, which put exports to the country's northern neighbor at risk. Following a meeting, Michoacan Governor Alfredo Ramirez and U.S. Ambassador to Mexico Ken Salazar told reporters that the two nations would also collaborate on curbing illegal deforestation, as well as environmental certification for farm products and labor issues. "The Mexican government's plan is to work hand in hand with us to ensure that each of our employees is safe so that they can do their job," said Salazar. The officials did not share specific details of how security would be enforced. Mexican Agriculture Minister Victor Villalobos also participated in the meeting. He suggested that in future Mexican inspectors could take the place of the U.S. personnel who currently handle the checks. Michoacan has for years dealt with extortion rackets perpetrated by powerful organized crime groups seeking to profit from the lucrative agricultural trade. Senior Mexican officials have said a June 15 incident involving U.S. staff stemmed from a protest by local police in which the inspectors were not allowed to pass. Ramirez has previously said the inspectors were "improperly detained." The new security plan also features coordination with Mexico's main avocado exporters association APEAM, officials said on Monday. APEAM declined to comment on the new security plan. On Friday, Salazar released a statement announcing inspections were gradually restarting, but important issues remained outstanding. Sign up here. https://www.reuters.com/world/americas/mexico-us-officials-agree-security-plan-protect-avocado-inspectors-2024-06-24/
2024-06-24 19:28
MEXICO CITY, June 24 (Reuters) - The governor of Mexico's Michoacan state, Alfredo Ramirez, said on Monday that state and federal officials had agreed with U.S. authorities on a security model to protect U.S. health safety inspectors of avocado and mango in Mexico. U.S. Ambassador to Mexico Ken Salazar, who was present at the news conference with Ramirez, said the U.S. was supporting and working with Mexican officials on security, deforestation and labor issues in the state. Sign up here. https://www.reuters.com/world/americas/us-mexican-officials-agree-security-model-avocado-mango-inspectors-2024-06-24/
2024-06-24 19:17
Canadian dollar gains 0.3% against the greenback Touches its strongest since June 4 at 1.3651 Price of U.S. oil settles 1.1% higher Canadian bond yields trade mixed across the curve TORONTO, June 24 (Reuters) - The Canadian dollar strengthened to a near three-week high against its U.S. counterpart on Monday as investors took stock of recent broad-based gains for the greenback and the Bank of Canada said the economy could grow as inflation cools. The loonie was trading 0.3% higher at 1.3651 to the U.S. dollar, or 73.25 U.S. cents, its strongest level since June 4. "We are seeing a little bit of position squaring," said Michael Goshko, senior market analyst at Convera Canada. "Traders are very long of U.S. dollars." The U.S. dollar (.DXY) New Tab, opens new tab pulled back from a seven-week against a basket of major currencies, while the price of oil, one of Canada's major exports, settled 1.1% higher at $81.63 a barrel. There is enough slack in the Canadian labor market to allow for growth and the creation of more jobs even as the inflation rate continues to decline, said Bank of Canada Governor Tiff Macklem. "Governor Macklem believes that a soft landing is still in the cards," Tiago Figueiredo, a macro strategist at Desjardins, said in a note. Canada's consumer price index report, due on Tuesday, is expected to show inflation easing to an annual rate of 2.6% in May from 2.7% in April. Data in line with expectations could make a rate cut next month "a virtual certainty," Convera Canada's Goshko said. Investors see a 72% chance that the BoC would cut interest rates further at the next policy decision on July 24, swaps market data shows. Earlier this month, the BoC became the first G7 central bank to ease policy, cutting its benchmark rate by 25 basis points to 4.75%. Canadian government bond yields were mixed across a more deeply inverted curve. The 2-year was up 1.8 basis points at 3.941%. Sign up here. https://www.reuters.com/markets/currencies/c-climbs-3-week-high-boc-eyes-soft-landing-2024-06-24/
2024-06-24 18:14
By David Ljunggren and Promit Mukherjee OTTAWA, June 24 (Reuters) - There is enough slack in the Canadian labor market to allow for growth and the creation of more jobs even as the inflation rate continues to decline, Bank of Canada Governor Tiff Macklem said on Monday. Earlier this month the central bank trimmed its key policy rate for the first time in more than four years and said more cuts were likely if inflation continued to show it was on a sustainable path back down to the 2% target. Macklem told the Winnipeg Chamber of Commerce that some people, in particular younger workers and newcomers, were finding it harder to obtain employment. "With some slack in the economy, there is room for the Canadian economy to grow and add more jobs even as inflation continues to move closer to the target," he said. Macklem said the bank did not think a large rise in the jobless rate was needed to hit the 2% inflation target, a combination of factors he called a soft-landing scenario. "It has always been a narrow path and we have yet to fully stick the landing," he said The fact that some newcomers are finding it harder to get a job could help the federal government, which is cutting back the number of people allowed in after levels spiked during the pandemic, driving up accommodation costs and population growth. "(This job search difficulty) suggests the government has some room to slow the growth of non-permanent residents without tightening the labor market too much and causing significant labor shortages," Macklem said. The bank has long fretted about year-on-year wage growth but Macklem said there were signs it was starting to moderate. He made no mention of a timeline for possible further easing. Before he spoke, money markets were expecting a 73% chance of another rate cut in July and a total of another three 25 basis point reductions this year. The annual inflation rate slowed to a three-year low of 2.7% in April, marking four consecutive months of below 3%. The core measures of inflation - which are closely tracked by the bank - also continued to ease. Statistics Canada is due to release the May inflation data on June 25. The BoC's next monetary policy decision is scheduled for July 24, when it will also update its economic forecasts. (([email protected] New Tab, opens new tab)) Keywords: CANADA CENBANK/ Sign up here. https://www.reuters.com/business/finance/bank-canada-economy-can-add-jobs-growth-even-inflation-slows-2024-06-24/
