Latest news with #KatyaGolubkova
USA Today
2 days ago
- Automotive
- USA Today
Mitsubishi invests nearly $1 billion in salmon farming to diversify beyond fossil fuels
Japanese trading house Mitsubishi 8058.T said on Thursday it would expand its salmon farming by acquiring additional businesses in Norway and Canada, as Japanese companies continue to grow in the food sector, with a focus on protein. Faced with volatile fossil fuel markets and in search of stable revenue streams, Mitsubishi and its rivals have been diversifying into the food business, where demand is set to grow alongside a rising world population. "In recent years, securing food resources has become a critical global challenge driven by population growth," Mitsubishi said in a statement. In case you missed it: Mitsubishi recalls nearly 200,000 SUVs. See impacted vehicles. The acquisition of three companies from Norwegian Grieg Seafood ASA was made via Cermaq Group, Mitsubishi's salmon farming company with assets in Norway, Canada and Chile. It will boost salmon production to around 280,000 tons in the 2027 fiscal year, up from some 200,000 tons produced by Cermaq annually now. The acquisition price is 10.2 billion Norwegian crowns ($988.33 million), Cermaq said in a separate statement. Salmon is among the most popular sushi items in Japan, but the bulk of it is imported from other countries, including Norway and Chile. Japan aims to raise the share of locally sourced seafood it consumes to 94% in 2033 from 54% now. In October, Marubeni 8002.T began selling salmon from a farm operated near Mount Fuji by its Norwegian partner, adding to the seafood business where its rivals Mitsubishi and Mitsui 8031.T are also present. ($1 = 10.3204 Norwegian crowns) Reporting by Katya Golubkova; Editing by Sharon Singleton and Rachna Uppal
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Business Standard
5 days ago
- Business
- Business Standard
India's new copper cathode rule risks supply shortages, says trade body
India's quality control order on copper cathodes is likely to reduce domestic availability due to "costly and unnecessary compliance burdens" on foreign suppliers, the Bombay Metal Exchange said. India, the world's second-largest importer of refined copper, imposed quality controls on copper cathode imports in December, requiring all suppliers, foreign and domestic, to ensure there were checks on substandard products in the country. The quality control curbs have led to a decline in imports, the Bombay Metal Exchange (BME) said - a claim rejected by the government. "With domestic licensees unable or unwilling to supply the market and unreliable foreign alternatives, the downstream sector faces real and immediate shortages," the BME said. India's federal Ministry of Mines did not immediately respond to an email seeking comment. To meet the quality control rules, suppliers have to get a licence from the Bureau of Indian Standards, which oversees quality control in India. The quality controls have faced a legal challenge from trade bodies in India, including the BME and the Bombay Non-Ferrous Metals Association. The government has defended the quality control order in court against claims that it would lead to supply shortages and create a supply monopoly. The BME said all five domestic licensees use copper cathodes entirely for their own consumption. "As for foreign ... licensees, four of the 10 do not supply copper cathodes at all, offering only ingots or semi-finished forms," the BME said in a statement to Reuters. Among the 10 foreign suppliers who have secured certification under the new rules, seven are from Japan, two from Malaysia, and one from Austria, the Indian government said last month. Japan accounts for about two-thirds of India's refined copper imports, followed by Tanzania and Mozambique. The BME said there are growing indications the Japanese licensees will withdraw from the Indian market due to costly and unnecessary compliance burdens. Japanese trading house Marubeni, which was involved in the licensing process for six Japanese smelters, said: "No particular issues have arisen concerning supply to India." Copper is one of 30 minerals identified as critical by India in 2023, with domestic demand expected to double by 2030. Major domestic suppliers include Hindalco Industries and state-owned Hindustan Copper. (Reporting by Neha Arora in New Delhi and Katya Golubkova in Tokyo; Editing by Mayank Bhardwaj and Jane Merriman)
Yahoo
10-07-2025
- Business
- Yahoo
Oil falls as Trump's expanded tariffs cloud demand outlook
By Katya Golubkova TOKYO (Reuters) -Oil prices dropped on Thursday as the latest tariff announcements by U.S. President Donald Trump were perceived by market participants to threaten global economic growth and demand for the resource. Brent crude futures were down 22 cents, or 0.31%, at $69.97 a barrel by 0052 GMT. U.S. West Texas Intermediate crude lost 27 cents, or 0.39%, to $68.11 a barrel. On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the U.S., after a public spat with his Brazilian counterpart Luiz Inacio Lula da Silva. Earlier, Trump announced plans about tariffs on copper, semiconductors and pharmaceuticals and his administration sent tariff letters to the Philippines, Iraq and others, adding to over a dozen of letters issued earlier in the week including for powerhouse U.S. suppliers South Korea and Japan. As policymakers remain worried about the inflationary pressures from Trump's tariffs, only "a couple" of officials at the Federal Reserve's June 17-18 meeting said they felt interest rates could be reduced as soon as this month, the minutes released on Wednesday showed. Higher interest rates make borrowings more expensive and reduce demand for oil. Providing some support to prices, U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Gasoline demand rose 6% to 9.2 million barrels per day last week, the EIA said. Global daily flights were averaging 107,600 in the first eight days of July, its all-time high, with flights in China reaching a five-month peak with port and freight activities indicating 'sustained expansion' in trade activities from last year, J.P. Morgan said in a client note. "Year to date, global oil demand growth is averaging 0.97 million barrels per day, in line with our forecast of 1 million barrels per day," the note said. Sign in to access your portfolio
Yahoo
11-06-2025
- Business
- Yahoo
Japan's JERA agrees to buy US LNG to rebalance supply portfolio
By Yuka Obayashi, Katya Golubkova and Kentaro Okasaka TOKYO (Reuters) -JERA, Japan's biggest power generator, has agreed to new supply deals for U.S. liquefied natural gas (LNG) from four projects to diversify its global portfolio away from its reliance on Australia, it said on Thursday. JERA plans to buy up to 5.5 million metric tons per annum (mtpa) of U.S. LNG under 20-year contracts, with deliveries starting around 2030. That total includes some previously reported deals as well as newly announced agreements. The move illustrates Japan's efforts to seek stable and flexible LNG supply to strengthen energy security and meet growing electricity demand driven by expanding data centres. The country is the world's second-largest LNG importer after China. JERA, Japan's biggest LNG buyer, has signed a heads of agreement with Sempra Infrastructure for 1.5 mtpa from its Port Arthur LNG phase 2 project and a HOA with Cheniere Marketing for up to 1 mtpa from Corpus Christi LNG and Sabine Pass LNG. The Japanese utility also signed a 20-year sales and purchase agreement (SPA) with U.S. LNG developer Commonwealth LNG for 1 mtpa from its Louisiana project. On Tuesday, sources familiar with the negotiations told Reuters about the deal though both companies declined to comment at the time. The 5.5 mtpa figure also includes its deal announced on May 29 with NextDecade to buy 2 mtpa from its Rio Grande LNG project. All four are 20-year, free-on-board contracts with no destination restrictions, although the Cheniere deal could go beyond 20 years, JERA said. "We made these decisions because cost-competitive and flexible LNG is essential as we look towards the 2030s," JERA's Global CEO and Chair Yukio Kani told Reuters. He added that LNG has become increasingly important amid rising power demand from data centres and the soaring costs of cleaner alternatives like hydrogen and ammonia. "We were also aiming to secure contracts with the projects already under development and tied to the EPC (engineering, procurement, and construction) agreements before the recent surge in LNG project costs and interest rates," he said. The announcement comes amid ongoing trade talks between Japan and the United States, though Kani stressed there was no government pressure behind the deals which he said were purely private sector decisions. "We are rebalancing towards the global supply mix," he said, to reduce its weighting toward Australia. After the new deals, the U.S. will supply nearly 30% of JERA's LNG mix, up from 10% now. Oceania and Asia, including Australia, currently account for more than half. JERA, jointly owned by Tokyo Electric Power and Chubu Electric Power, already buys U.S. supply from Freeport LNG and Cameron LNG. In 2023, it signed a 20-year contract to buy 1 mtpa from Venture Global's CP2 project. Sign in to access your portfolio
Yahoo
05-06-2025
- Business
- Yahoo
Oil slips on US stockpile build, Saudi Arabia price cuts
By Katya Golubkova TOKYO (Reuters) - Oil prices slipped in early trade on Thursday after a build in U.S. gasoline and diesel inventories and Saudi Arabia's cut to its July prices for Asian crude buyers. Brent crude futures fell 21 cents, or 0.3%, to $64.65 a barrel at 0047 GMT. U.S. West Texas Intermediate crude lost 29 cents, or 0.5%, dropping to $62.58. Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. [EIA/S] Adding to the weakness, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in four years. The price cut by Saudi Arabia, key oil producer within OPEC+ - the oil producing group that includes members of the Organization of the Petroleum Exporting Countries and allies such as Russia - follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July. The strategy of OPEC+ group leaders Saudi Arabia and Russia is partly to punish over-producers and to wrestle back market share, Reuters has reported. Meanwhile, Canada prepared possible reprisals and the European Union reported progress in trade talks as new U.S. metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. "Uncertainty fuelled by President Trump's shifting stance on tariffs has intensified fears of a global economic slowdown," analyst Ole Hansen at Saxo Bank said in a note. Sign in to access your portfolio
