Latest news with #EFP
Mid East Info
5 days ago
- Business
- Mid East Info
Tariff shock sends gold futures soaring – yet spot market holds the real signal – Saxo Bank - Middle East Business News and Information
Ole Hansen, Head of Commodity Strategy, Saxo Bank Gold futures on the COMEX exchange in New York soared overnight relative to the London spot price after an article in the Financial Times suggested the US would now—counter to expectations—apply tariffs on imports of 1 kg and 100 oz bars adding a fresh blow to Switzerland, the world's largest refining hub. One-kilo bars are the most common form traded and accepted into vaults monitored by the COMEX exchange, and Switzerland is often used as the refining hub between the London bullion market, which generally trades in 400-ounce bars (12.44 kg), and the smaller sizes mostly traded and accepted in the US market. It's worth noting that the US futures market is often used by bullion banks globally as a highly liquid, around-the-clock hedging tool for transactions in the physical bullion market. This is the main reason why we're once again seeing the spread—reflected in the exchange for physical (EFP)—widen sharply, as short positions originally intended as hedges suddenly blow up. In the short-term the main driver has been short-covering and once that is completed the premium may ease back a bit. We saw similar dislocations during COVID, when the transatlantic bullion supply chain briefly stalled, and again earlier this year amid speculation that Trump's tariffs might include precious metals. For now, it's worth watching whether another 'TACO moment' will emerge. If not, the spread may need to settle at a new level that reflects the tariff landscape. In parallel, much like the recent events in the NY copper market, these developments raise serious questions about the ability of the NY futures markets to offer a stable and trustworthy trading environment that offers the best price discovery—one that increasingly appears vulnerable to being hijacked by Trump's shifting tariff agenda. The December futures (GCZ5), the main traded contract on COMEX, hit a fresh record high overnight at USD 3,534, with the premium above the London spot blowing out to more than USD 100 from around USD 40 this time last week. All developments that—for now—solidify the London spot price (XAUUSD) as the most reliable source telling us what the real value of gold is. Do not look at technical breakouts in the futures market as the price action is currently taken hostage by movements in the EFP. What counts is what the spot price is doing, and it remains stuck in a range since April, with a break above USD 3,450 needed to change that. Also supporting silver and platinum early in the month was a surge in High-Grade copper prices in New York, which hit a record $5.8955/lb on July 8. This followed President Trump's surprise suggestion of a 50% tariff on copper imports—double what markets had priced in. The remark drove the premium over LME copper in London to a record 34%, sparking a rush to ship copper into the U.S. ahead of the deadline. That trade unraveled last week when Trump, in a sudden reversal, announced that refined copper—traded on futures exchanges—would be excluded from the tariff until at least January 2027. The New York premium collapsed within minutes, leaving traders nursing losses and U.S. warehouses with copper inventories at a 21-year high. With imports set to dry up, U.S. prices may now fall below global benchmarks to clear the excess.
Hamilton Spectator
10-07-2025
- General
- Hamilton Spectator
OSCIA to release fifth iteration of Environmental Farm Plan
Ontario's Environmental Farm Plan (EFP) is receiving its first update since 2013 with the release of the fifth version. The plan enables farmers to complete an assessment and determine their standing on environmental issues on their farm. Allowing farmers to assess their strengths and weaknesses in 23 different areas of their farms. The EFP was developed in 1993 by farmers in collaboration with what was then called the Ontario Farm Environmental Coalition to take the initiative on environmental issues. The program is now delivered by the Ontario Soil and Crop Improvement Association (OSCIA). 'The idea was that farmers were sort of getting ahead of the game, as they were starting to see, you know, some political pressures about environmental issues and that kind of thing,' said the OSCIA's Melanie Hunter. 'Farmers could take the initiative on promoting and assessing their farms to, you know, maintain and build healthy soils and keep, you know, water quality safe and that kind of thing.' The assessment covers aspects such as how farmers store manure or pesticides, and how efficiently their farm operates. Hunter told the Observer that the recent update to the EFP encompasses all policy changes since 2013, and also includes a few new sections. 'Increased focus in this fifth edition is on natural areas, so woodlands, wetlands and the habitat support for species at risk and other wildlife that occurs in those areas. Really, a whole-farm risk assessment,' added Hunter. Farmers do not have to fill out every section of the EFP. For example, there is a chapter on horticulture production. If you are not a part of that industry, then you can skip that portion of the worksheet. 'Each question has had four different reading options, and so number four is always the best or lowest environmental risk rating, down to number one being the highest risk rating for potential environmental contamination and potentially in violation of legislation.' There are many ways that farmers can complete the newest edition, including attending a two-day workshop led by OSCIA staff, with opportunities to network with fellow farmers. Two two-hour online interactive webinars delivered by OSCIA staff are also available. For people who renew a previously verified fourth edition EFP independently online, they can also do it online. Hunter added that she feels the best way for farmers to do the EFP is the in-person workshop. 'Because our field representatives are available to share as much information as possible about the various worksheets, and also it provides a great opportunity for farmers to network with one another and have some discussion, and what have you.' According to Statistics Canada in the 2021 census, 42 per cent of Ontario farmers have an EFP. Last year, OSCIA had 856 EFPs verified. Filling out the EFP not only comes with environmental and future benefits but also with some financial benefits, noted Hunter. 'There are several cost-share programs that farmers can access that require them to have an environmental farm plan.' Additionally, many environmental and agricultural groups that provide funding, including OSCIA, require farmers to complete the EFP. The EFP being free to fill out and complete makes it a very viable option, added Hunter. 'It started in Ontario, and it's expanded to provinces across Canada and some countries throughout the world that are utilizing the concept that was originally developed in Ontario.' The plan that was developed in Ontario also relied on expertise from staff of the Ontario Ministry of Agriculture, Food and Agribusiness (OMAFA) and other provincial ministries and federal departments. 'Our government is proud to support the development of the newly updated Environmental Farm Plan workbook, which helps farmers identify and apply the latest farm management practices to improve productivity, protect the environment, and strengthen the long-term success of Ontario's agriculture,' said Trevor Jones, Minister of Agriculture, Food and Agribusiness, in a release. 'The EFP is an important tool to assess, enhance and protect the environmental sustainability of Ontario farmlands and provides valuable information and guidance to Ontario farmers.' For more information, or to see if the EFP is right for you, go to . Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Arab News
03-07-2025
- Business
- Arab News
Pakistan central bank reserves rise to $14.51 billion, surpass IMF target
KARACHI: Pakistan's central bank foreign exchange reserves rose to $14.51 billion by the end of June, an increase of $5.12 billion over the previous fiscal year, the State Bank of Pakistan (SBP) said on Wednesday, marking a key milestone as the country closed out its 2024-25 financial year. The new figure exceeds the International Monetary Fund's (IMF) June 2025 reserves target under Pakistan's ongoing $7 billion Extended Fund Facility (EFF), and reflects a significant turnaround in the country's external account after years of balance-of-payments stress. Pakistan's forex reserves stood at $9.39 billion at the end of FY24, and have now climbed to their highest level since early 2018. The increase also pushes Pakistan's import cover — a key indicator of external sector strength — to 2.5 months, up from 1.7 months a year ago and less than one month during the 2022-23 crisis period. The rise in reserves was driven largely by non-debt inflows, including improved exports, growth in IT services, higher foreign direct investment, and record remittances from overseas Pakistanis, according to government finance adviser Khurram Schehzad. 'Reserves rising. Debt falling. Stability strengthening,' Schehzad posted on X, formerly Twitter, noting that the central bank's reserves now exceed the IMF's end-June target. He added that the debt-to-GDP ratio has declined from 75 percent in FY23 to an estimated 69 percent in FY25, reflecting improved macroeconomic management. Pakistan entered FY25 facing a challenging external financing outlook, with over $20 billion in debt repayments due during the year. However, a combination of improved current account discipline, fiscal consolidation, and bilateral inflows helped ease pressure on the rupee and shore up confidence in the central bank's position. Pakistan's economy grew an estimated 2.4 percent in FY25, up from 0.3 percent in the previous fiscal year, as inflation cooled and the rupee stabilized after a steep depreciation cycle in 2022-23. The IMF has encouraged Pakistan to maintain exchange rate flexibility and strengthen domestic revenue collection in order to ensure macroeconomic resilience. The improvement in external buffers is likely to boost investor sentiment at a time when the government is stepping up efforts to attract foreign direct investment and privatize state-owned enterprises. Further inflows, particularly from Gulf countries and China, are expected in the first half of FY26, which could help Pakistan meet its gross financing needs without resorting to expensive commercial borrowing. Despite the progress, risks remain. Pakistan's external debt servicing burden remains high, and its ability to maintain reserve adequacy will depend on continued inflows and fiscal discipline. Still, the end-June reserve level marks a notable turnaround from just two years ago when Pakistan was on the brink of default and foreign reserves had fallen below $4 billion, barely enough for three weeks of imports. With reserves now exceeding $14.5 billion, the country has gained critical breathing space to manage its external obligations and restore market confidence.
Observer
26-06-2025
- Business
- Observer
In Oman, a Woman's Vision Turns Waste into a Sustainable Business Model
In a country where recyclable materials are often discarded with general waste, one woman dared to ask: What if we turned it into something beautiful and useful? That question sparked a movement. When Sadiya Al Bakri returned to Muscat in 2022 after 35 years in London, she was struck by how little recycling existed in everyday life. 'I lived in London for 35 years where recycling was second nature. When I moved to Muscat in 2022, I was genuinely surprised to see everything going into a single bin — no separation, no system,' she recalled. 'That shock became my spark.' In Oman, a Woman's Vision Turns Waste into a Sustainable Business Model With a deep passion for sustainability and a fresh perspective, she began looking for ways to turn environmental challenges into enterprise solutions. Her cousin, an environmental engineer, suggested turning waste paper into egg trays. It was a simple idea, but a powerful one. Oman imported most of its egg trays despite generating large amounts of paper waste. Sadiya researched the opportunity and got to work. Eco-Friendly Packaging (EFP) Oman was born and quickly became more than a business. 'The decision was purely demand-driven. I personally visited nearly every poultry farm across the Sultanate and confirmed that egg trays were consistently needed and largely imported,' she said. 'It was the ideal product to showcase how Oman's waste can be transformed into something practical, sustainable, and proudly local.' In Oman, a Woman's Vision Turns Waste into a Sustainable Business Model Launching EFP Oman came with challenges. 'The biggest challenge we faced — and continue to address — is the lack of waste segregation in Oman,' she said. Raw materials were difficult to source because paper wasn't collected separately. Her team built a collection network, launched awareness campaigns, and partnered with recyclers to bridge the gap. 'There was no existing recycling ecosystem we could plug into. We had to build it ourselves.' As a woman entering a traditionally male-led industry, Sadiya faced scepticism. 'But I'm proud to say we've turned those early doubts into results.' In Oman, a Woman's Vision Turns Waste into a Sustainable Business Model One of EFP Oman's Instagram Reels went viral, reaching more than 1.5 million viewers. The video offered more than just a look at production — it reflected a mindset. 'It showed us that the public is ready,' said Sadiya. 'People want to engage. They just need the right entry point. That Reel wasn't about going viral. It confirmed that what we're doing matters. We were already operating sustainably. The video simply gave people a glimpse of what's already possible in Oman.' In Oman, a Woman's Vision Turns Waste into a Sustainable Business Model This year, EFP Oman joined a delegation of Omani businesses at Expo 2025 in Osaka, Japan, a global hub of innovation in sustainability. For Sadiya, the experience resonated on a deeper level. 'Expo Japan reminded us that Oman's future is rooted in its past,' she said. 'For over 5,000 years, our culture has lived in harmony with nature — reusing, conserving, and respecting every resource. What we saw in Osaka wasn't just innovation. It was a mirror reflecting what Oman already knows deeply: sustainability isn't new to us, it's in our DNA. The Expo gave us global tools to match our ancestral mindset, and now it's time to lead the region forward.' One standout technology was a waste-to-oxygen system that neutralises both general and hazardous waste. 'What impressed me most was the waste-to-oxygen technology — a breakthrough that not only neutralises general waste but can also safely eliminate hazardous materials,' she said. 'For a country like Oman, the second largest in the GCC by land area, this innovation is game-changing. It could be deployed at remote oil and gas sites to treat waste on-site, significantly reducing transportation costs and CO₂ emissions. It's practical, scalable, powerful, and fully aligned with Oman Vision 2040. This is absolutely something we can use to build a greener Oman for generations to come. As a woman representing Oman in global green forums, I left Japan confident that we're not just keeping pace. We're ready to lead.' Back home, EFP Oman continued to grow. During Oman Climate Week, Sadiya and her team launched Go Green Oman, the country's first recycling app. 'We realised people wanted to recycle but didn't know how,' she said. 'So we made it simple. The app brings recycling straight to your door.' The company is also building partnerships across the private sector — including hotels, hospitals, universities, and schools — to embed sustainability into everyday operations. Institutions like Crowne Plaza Qurum and MCBS University have partnered with EFP Oman to implement paper recycling initiatives, creating models that others can follow. For Sadiya, the mission is long-term. 'I envision EFP Oman as a national leader in reducing recyclable waste to landfill, and a regional pioneer in circular economy innovation, especially around ESG reporting and carbon credit generation,' she said. Their environmental impact already speaks volumes. 'By recycling 3,125 metric tonnes of paper, we have saved 53,125 trees enough to offset the emissions of 25,000 cars,' she said. 'We also saved 12.8 million kWh of electricity, 82.5 million litres of water, and diverted 10,312 cubic metres of waste from landfill. We're not just recycling paper. We're recycling perceptions.' She believes Oman's green economy depends on agile, purpose-driven businesses like hers. 'SMEs are the beating heart of innovation. We move faster, connect more deeply with communities, and aren't afraid to experiment,' she said. 'By succeeding on a small scale, we create proof points that larger systems can adopt.' And to Omani entrepreneurs, especially women, she offers this advice: 'Start with purpose. Understand the problem you're solving and why it matters. Be patient and persistent, because changing habits and systems takes time — but it is possible. Build partnerships. Collaborate with ministries, corporates, NGOs, and the public. You don't have to do it alone. Trust your voice. Omani women are ready to lead the future in sustainability, innovation, and business. Our perspectives matter, and our leadership is essential.' Sadiya's message is simple and powerful. 'This isn't just about recycling paper — it's about recycling mindsets.' With purpose, persistence, and partnerships, she's showing that a greener Oman isn't just possible. It's already taking shape.
Yahoo
14-03-2025
- Business
- Yahoo
Engineered Foam Packaging unveils $31.5m expansion in South Carolina
Engineered Foam Packaging (EFP), an American provider of protective and consumer packaging solutions, is set to extend its operations in Lee County, South Carolina, US. The $31.5m expansion includes a 200,000ft² extension to EFP's current facility at 277 Browntown Road in Bishopville. Scheduled to start operations by April 2026, the expanded facility is expected to generate 57 new job opportunities in the area. Once operational, the expansion is anticipated to enhance the company's production capacity for advanced expanded polystyrene (EPS) and expanded polypropylene (EPP) solutions, allowing EFP to better meet the needs of its customers. The US' Coordinating Council for Economic Development has approved job development credits for the project, alongside a $750,000 grant from the Rural Infrastructure Fund to Lee County, for improving water and sewer infrastructure and site preparation. EFP specialises in the design, prototyping, and production of protective packaging and affiliated components. It caters to a diverse array of industries, including pharmaceuticals, food distribution, furniture, and others. EFP president John Hoeper said: 'EFP is looking forward to the significant expansion at our Bishopville facility, where we will be adding 200,000ft² to our existing operations. 'This growth is essential in supporting the increasing demand for our high-quality solutions used in protective packaging, automotive applications, and the cold-chain industry. With this enhanced capacity, we are well-positioned to continue driving innovation and delivering exceptional products to our customers. 'The project is set to go live in April 2026, and we are excited to welcome new talent to join our expanding team. We deeply appreciate the support from the state, Lee County, and TheLINK Alliance, which will help ensure the continued success of this initiative and help to benefit the community of Lee County.' "Engineered Foam Packaging unveils $31.5m expansion in South Carolina" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
