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The Sun
an hour ago
- The Sun
Cadbury parent Mondelez seeks EU deforestation law delay
CADBURY chocolate maker Mondelez is urging a one-year delay in the implementation of the European Union's deforestation law, a senior company executive said. The company supports the EU Deforestation Regulation (EUDR) in principle, Massimiliano Di Domenico, vice president of corporate and government affairs for Europe said, but urged policymakers to account for 'on-the-ground realities.' Di Domenico was speaking at the European Parliament last week and later posted his comments on LinkedIn. In July last year, Reuters reported that Nestle, Mars Wrigley, and Ferrero backed the law in a joint paper, while urging Brussels to provide clearer guidance and support to help companies meet the compliance deadline. The proposed law, which aims to end 10% of global deforestation fuelled by EU consumption, requires companies and traders importing soy, beef, cocoa, coffee and related products to prove their supply chains do not contribute to the destruction of the world's forests, or face hefty fines. Di Domenico said the cocoa sector is 'under huge pressure' due to soaring prices, declining production, and digital infrastructure gaps in origin countries which could affect compliance and disrupt supply chains. 'That's why we are respectfully, transparently and responsibly calling for a 12-month delay — not to dilute ambition, but to enable practical, inclusive, and effective implementation,' Di Domenico said in his post. The EU has already delayed its launch by a year to December 2025, following complaints from trading partners including Brazil and the U.S., and cut back reporting rules after industry criticism. - Reuters
The Star
2 hours ago
- The Star
Hong Kong's de facto central bank intervenes to defend currency peg
A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo HONG KONG: Hong Kong's de-facto central bank said it intervened twice on Friday and sold $3.78 billion against the Hong Kong dollar after the local currency hit the weak end of its trading band. The city's currency is pegged between 7.75-7.85 to the U.S. dollar, and the Hong Kong Monetary Authority (HKMA) intervenes at both ends to underpin the peg. The aggregate balance, the key gauge of cash in the banking system, will shrink by a total of HK$29.6 billion to HK$114.5 billion next Monday, HKMA said in a statement. This follows $2.25 billion sold earlier this week and $1.2 billion last week to defend the peg. The Hong Kong dollar traded at 7.8479 against the greenback in early Asia trade. - Reuters
The Star
2 hours ago
- The Star
Oil falls as Iran affirms commitment to nuclear treaty
NEW DELHI: Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend. Brent crude futures were down 35 cents, or 0.51%, to $68.45 a barrel by 0730 GMT, while U.S. West Texas Intermediate crude fell 25 cents, or 0.37%, to $66.75. Trade was thinned by the U.S. Independence Day holiday. U.S. news website Axios reported on Thursday that the U.S. was planning to meet with Iran next week to restart nuclear talk, while Iran Foreign Minister Abbas Araqchi said Tehran remains committed to the nuclear Non-Proliferation Treaty. "Thursday's news that the U.S. is preparing to resume nuclear talks with Iran, and Araqchi's clarification that cooperation with the U.N. atomic agency has not been halted considerably eases the threat of a fresh outbreak of hostilities," said Vandana Hari, founder of oil market analysis provider Vanda Insights. Araqchi's comments came a day after Tehran enacted a law suspending cooperation with the U.N. nuclear watchdog, the International Atomic Energy Agency. "But the price correction may have to wait till Monday, when the U.S. reopens from a long weekend and takes in Sunday's OPEC+ decision, which is likely to be another 411,000 barrels per day target hike in August," Hari said. OPEC+, the world's largest group of oil producers, is set to announce an increase of 411,000 bpd in production for August as it looks to regain market share, four delegates from the group told Reuters. Meanwhile, uncertainty over U.S. tariff policies was renewed as the end of a 90-day pause on higher levy rates approaches. Washington will start sending letters to countries on Friday specifying what tariff rates they will face on goods sent to the United States, a clear shift from earlier pledges to strike scores of individual trade deals. President Donald Trump told reporters before departing for Iowa on Thursday that the letters would be sent to 10 countries at a time, laying out tariff rates of 20% to 30%. Trump's 90-day pause on higher U.S. tariffs ends on July 9, and several large trading partners have yet to clinch trade deals, including the European Union and Japan. The U.S. imposed sanctions on Thursday against a network that smuggles Iranian oil disguised as Iraqi oil and on a Hezbollah-controlled financial institution, the Treasury Department said. Saudi Arabian Defense Minister Prince Khalid bin Salman met with President Trump and other officials at the White House, however, to discuss de-escalation efforts with Iran, media reports said. Trump also said on Thursday that he would meet with representatives of Iran "if necessary". Separately, Barclays said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand. - Reuters
