Brazil's Petrobras to raise diesel output by 120,000 bpd this year, says director
RIO DE JANEIRO, Feb 18 (Reuters) - Brazilian state-run oil firm Petrobras (PETR4.SA), opens new tab expects to boost its diesel output by some 120,000 barrels per day (bpd) this year due to the expansion of S-10 diesel production in some of its refineries, the firm's industrial processes head said.
The expansion of S-10 production, a type of low-sulfur diesel, would take place in Petrobras' Abreu e Lima, Replan and Revap refineries through the year, director William Franca told Reuters in an interview on Monday.
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Scottish Sun
2 hours ago
- Scottish Sun
Boss of car brand ‘facing crisis' reveals ‘comeback plan' in ‘stormy' meeting after 20,000 jobs axed & factories shut
The manufacturer has put losses down to costs of carrying out new CEO's strategy SHIFTING GEAR Boss of car brand 'facing crisis' reveals 'comeback plan' in 'stormy' meeting after 20,000 jobs axed & factories shut Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE boss of a reportedly struggling major car firm has laid out plans for the company's 'comeback' during a "stormy" meeting. On Tuesday, Nissan's annual general meeting was held in Tokyo, Japan, weeks after announcing it will be axing 20,000 jobs. Sign up for Scottish Sun newsletter Sign up 5 Ivan Espinosa took over as CEO of Nissan in April this year Credit: EPA 5 Nissan shares have fallen by 36% in the last year Credit: Reuters 5 Espinosa plans to make big cuts in a bid to revive the company Credit: David Shepherd Photographer shep@ It marked the first for new boss Ivan Espinosa who hopes to halt the Japanese company's decline through his plans for big cuts. These cuts also include closing seven plants and cutting a total of around 25% of Nissan's workforce. One shareholder reportedly accused the board of trying to 'shift its responsibility to frontline workers' by cutting jobs while retaining their own positions. Espinosa, who replaced Makoto Uchida as CEO in April, is a Nissan veteran, and all eyes are currently on him to revive the company. This comes after shares have fallen some 36% over the last year and dividend payments have been suspended, according to Reuters. Reuters also claim that shareholders vented their frustrations over the automaker's poor performance at the annual meeting, with some allegedly demanding greater management accountability for the deepening crisis at Japan's third largest company. Nissan reported a $4.5billion net loss in the last financial year, with there being no guarantee it will return to profit this year. In fact, so far, it has reportedly declined to give a full-year earnings forecast, and has estimated a first-quarter loss of $1.36billion. The firm also told MPs earlier this year that it is due to round up 2025 with debts of £10billion. All the same, Reuters reported that shareholders voted down a number of proposals that the company had opposed, including an activist-shareholder proposal that would have forced Nissan to take action on listed subsidiary Nissan Shatai. Luxury automaker to convert once-beloved sports bar left abandoned for years into an 'exclusive' motorcycle dealership The manufacturer has put losses down to costs to carry out a strategy planned by Espinosa. Earlier this year, he made way for a £2.6billion decrease in the value of production and forked out £316million in restructuring costs. The restructuring included moves to axe 9,000 jobs internationally and the scrapping of a factory in Sunderland. Tokyo-based activist shareholder, Strategic Capital, allegedly pressed Nissan to take action on its listed subsidiary as part of its overhaul. While the proposal was defeated, the breakdown of the vote won't be known until next year. According to Reuters, Japanese companies are under increasing pressure from the Tokyo Stock Exchange and regulators to clear up so-called 'parent-child listings,' as they are seen as unfair to minority shareholders and a drag on governance. Strategic Capital had proposed that Nissan change its articles of incorporation so that it would be required to annually examine its relationship with listed subsidiaries and disclose what action it plans to take. Nissan's board have reportedly opposed this proposition, saying changing its articles of incorporation would hinder its flexibility. This follows Nissan announcing they were on the brink of collapse at the beginning of the year, as it entered a make-or-break 12 months. In addition to the new plans to cut back, bosses also have already announced that the management team will transition to a single-layer, non-officer framework, which means a 20 percent reduction in top positions. A spokesperson said in March, the move will create a 'streamlined and borderless organisation.' These changes were implemented on April 1 this year. The Sun has reached out to Nissan for comment. 5 Shareholders are demanding greater management accountability Credit: Reuters
Reuters
9 hours ago
- Reuters
Will analysts break their 10-year streak on US soybean acres?
NAPERVILLE, Illinois, June 25 (Reuters) - The U.S. Department of Agriculture next Monday will publish one of its most important surveys of the year, which also happens to be among the more difficult to forecast. But amid all the noise the June acreage report can create, there has been one constant for ten years running: the trade overestimating soybean acres. New-crop Chicago soybean futures last Friday were less than 2 cents per bushel away from inking new yearly highs, though they have since tumbled 5%. Meanwhile, December corn futures notched contract lows on Wednesday, settling 12% off their February high. To boot, the next few weeks are a seasonally heavy period for U.S. corn futures and Corn Belt weather forecasts are looking decent for now. This means that a much larger-than-usual report shock may be needed on Monday for the corn or bean market to consider a change of course. That's not the most likely outcome, but history suggests it's not impossible. The upcoming numbers are not easy to predict. U.S. corn and soybean plantings have landed outside the pre-report range of estimates in four of the last six Junes, though not necessarily in the same years. Soybean acres have come in below the average trade estimate for the last 10 Junes, while corn acres landed above it in seven of the last 10 years, including the latest four. On average, analysts expect U.S. corn plantings at 95.35 million acres in Monday's report, up very slightly from the March figure of 95.326 million. Ten of the 24 estimates pegged corn acres declining from the March survey, interesting given that whisper numbers back in the spring exceeded 96 million acres. The average trade guess reflects the typical lean as June corn acres have been higher than in March in 15 of the last 20 years. The latest two instances where June acres were lower happened in 2019 and 2020, featuring one of the wettest Midwestern springs and then the pandemic. The trend on whether soybean acres rise or fall from March to June is perfectly split over the last two decades. But recently, the bias is for June soybean acres to be smaller than the March ones, having occurred in five of the last six years (not 2020). That makes this year's expectations interesting as analysts peg soybean acres at 83.655 million acres, up slightly from 83.495 million in March. Fourteen of the 24 analysts voted for a larger June bean acreage versus March. The sentiment shift away from corn and toward beans since March likely comes as super wet conditions in eastern areas delayed corn planting, potentially favoring soybeans. But nationally, corn planting was average to faster than average for the entire spring. However, it should be noted that while corn profitability had been significantly better than that of soybeans since last fall, corn prices by themselves were not exactly attractive. This could keep a lid on any corn acreage gains on Monday. The analyst estimate ranges on corn and soybean acres are wider than in the past couple years, reducing but not eliminating the chance of a complete miss. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Enjoying this column? Check out Reuters Open Interest (ROI), opens new tab, your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI, opens new tab can help you keep up. Follow ROI on LinkedIn, opens new tab and X., opens new tab
Reuters
12 hours ago
- Reuters
TRADING DAY Whirlwind fades, calm returns
ORLANDO, Florida, June 25 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist After two days of strong gains in world stocks amid the widespread relief over cooling Middle East tensions, relative stability was the hallmark of trading on Wednesday, with major asset classes moving in much narrower ranges. In my column today I look at U.S. foreign direct investment - was the sharp decline in the first quarter an anomaly, or a warning of what's to come in the brave new tariff world? More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Whirlwind fades, calm returns The MSCI All Country index and Nasdaq 100 touched new record highs for a second session, and Asian and emerging market stocks posted solid gains earlier in the day. But the Dow, U.S. small caps and benchmark European indexes all fell. The euro's march higher is taking its toll, and European stocks have underperformed since the brief Israel-Iran war broke out on June 13. The euro on Wednesday rose for a fifth straight day to $1.1665, its highest since October 2021. Sterling hit its highest since February 2022 at $1.3670, and Britain's FTSE 100 slipped to its lowest this month. Bank of England policymakers may be secretly cheering the pound's rally, however, if it helps tame inflation pressures. The latest Citi/YouGov survey of UK consumers' inflation expectations on Wednesday showed that long-term inflation expectations among the British public rose to the highest since September 2022. One sector faring better in Europe on Wednesday, though, was defense, after NATO leaders agreed big increases in defense spending, especially from Europe. U.S. defense stocks have moved in the other direction this week following the Iran-Israel ceasefire. On the policy and macro front, Fed Chair Jerome Powell's second day of congressional testimony passed off without fireworks, although there were sparks in his exchanges with some lawmakers. He reiterated his view that the central bank is right to wait and see what the impact is from tariffs before considering further rate cuts. U.S. foreign investment slump - anomaly or warning? Much of the 'de-dollarization' debate has focused on foreign exposure to U.S. securities like stocks and bonds. But investors shouldn't ignore foreign direct investment flows, the traditionally sticky capital that may also be sending out warning signals. Foreign direct investment typically involves an overseas entity acquiring the assets of a company in another country or increasing its holdings, often via the purchase of machinery, plants or a controlling stake. FDI is therefore considered a longer-term investment compared to portfolio flows, which can be more volatile. U.S. President Donald Trump says he has attracted record foreign investment into the country. Indeed, the White House has a page on its website with a "non-comprehensive running list of new U.S.-based investments" since Trump's second term began. The running total is in the trillions of dollars and includes pledges from several foreign countries. Included are more than $4 trillion in U.S.-bound investments pledged by the United Arab Emirates, Qatar, Japan and Saudi Arabia. During Trump's trip to the Middle East last month, he said the U.S. is on track to receive $12-$13 trillion of investments from countries around the globe, which includes "projects mostly announced ... and some to be announced very shortly." These flows may emerge in full, in time. But official figures on Tuesday showed that FDI in the first quarter actually fell to $52.8 billion, the lowest total since the fourth quarter of 2022. That's well below the quarterly averages of the past 10 and 20 years. The Commerce Department figures also showed that the U.S. current account deficit widened to a record $450.2 billion in the quarter, or 6% of U.S. GDP, meaning FDI inflows barely covered 10% of that shortfall. Should the Trump administration be worried? The short answer is probably not, at least not yet. FDI flows are typically far smaller than portfolio flows into equity and fixed income securities, so from the perspective of funding the current account deficit, the drop in FDI is not as pressing a concern. On the other hand, if foreign investors are also buying fewer U.S. securities, capital from elsewhere will be needed to fund that deficit. Additionally, America's balance of payments data in the first quarter was hugely distorted by domestic consumers and businesses front-running Trump's tariffs, loading up on imports before the duties kick in later this year. Trump's bet is that the deficit will shrink this year and beyond as his 'America First' policies spur more "onshoring" from domestic firms as they bring production back home and the weakening dollar helps U.S. manufacturing by making exports more competitive. The subsequent boom will attract investment from companies and governments overseas. In theory. However, these dynamics work both ways. For example, the European Union is by far the largest provider of U.S. FDI, accounting for 45% of the total in 2023, according to Citi. The combination of the continent's German-led fiscal splurge, U.S. tariffs and 'de-dollarization' concerns could easily crimp that flow, perhaps significantly. Another potential risk to U.S.-bound FDI is 'Section 899' - the possible tax of up to 20% on foreigners' U.S. income that could be part of Trump's budget plans. A Tax Foundation report in May found that Section 899 would "hit inbound investment from countries that make up more than 80 percent of the U.S. inbound FDI stock." Industry pushback may water down Section 899, but it remains a cloud on the U.S. investment horizon. The U.S. is the world's biggest recipient of FDI, with a 25% share of global volumes in 2023, up from around 15% before the pandemic, according to Citi. Its economy is the largest in the world, a thriving hub of innovation, pioneering technology, artificial intelligence and money-making potential. That will always attract FDI. Whether it attracts as much in this new environment remains to be seen. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
