Latest news with #Rabobank
CNBC
a day ago
- Business
- CNBC
Sterling inches up against euro, dollar but remains near multiweek lows
The British pound edged higher against the dollar and euro on Monday, but remained close to the multiweek lows it reached against both currencies last week as investor attention remains on Bank of England policy and the deteriorating fiscal picture. The pound was up 0.3% against the dollar at $1.3452, just above last week's eight-week low of $1.33655. Britain's economic data was mixed on balance last week - the labour market showed signs of a further cooling, while consumer price inflation unexpectedly rose to its highest in more than a year. A quarter-point rate cut from the Bank of England at its meeting on August 7 remained almost fully priced after the data, with about 50 basis points of easing priced in by the end of the year. The pound was also up about 0.2% at 86.575 pence per euro , having touched a 14-week low last week. "We think a rising fiscal risk premium is the main driver of the recent outperformance of EUR/GBP," said Goldman Sachs FX strategists in a note. Britain remains in a precarious fiscal position, exacerbated earlier this month after the government suffered a major rebellion against welfare reforms which fed doubts about its ability to cut spending. Many economists and analysts believe the government will have to raise billions of pounds in taxes later this year to meet its fiscal rules as growth remains elusive. "The pound's struggle to keep pace with the euro this year reflects a shift in market optimism in favour of Germany and the euro zone," said Rabobank senior FX strategist Jane Foley. "In view of the UK's fiscal concerns, we continue to favour buying EUR/GBP on dips," Foley added. Deloitte on Monday said its consumer confidence index dropped to its lowest since the first quarter of 2024, reflecting increased worries about job security and income growth. Retail sales data due on Friday could give a clearer picture on the state of the consumer, while a preliminary survey of purchasing managers on business activity is set for release on Thursday.
Yahoo
5 days ago
- Business
- Yahoo
EIB, Rabobank and DLL collaborate to offer $1.1bn for SMEs and mid-caps
The European Investment Bank (EIB), Dutch lender Rabobank, and its asset finance subsidiary DLL have partnered to enhance access to finance for small and medium-sized enterprises (SMEs) and mid-caps across Europe. The collaboration aims to provide €1bn ($1.16bn) in funding, with a focus on projects relevant to climate and agriculture. EIB director general Jean-Christophe Laloux said: 'We have to look at the bigger picture, which is that climate change is disrupting business and economic behaviours. 'We have a long track record with Rabobank and DLL in terms of climate-relevant financing, and hope that this facility can convince other financiers to make available more support for entrepreneurs developing more sustainable projects.' Rabobank will get €250m from the EIB and match it with its own funds, resulting in €500m to support Dutch SMEs and mid-caps. The emphasis will be on sustainability and agriculture, with at least 40% of investments earmarked for climate projects and another 40% directed towards bioeconomy sectors, including agriculture. DLL has also secured €250m from the development bank, and it will match it with its own funds. Its initiative focuses on countries such as France, Germany, Italy, Spain, Belgium, Sweden, Poland, Ireland, and the Netherlands. The funding targets investments in sustainability by local companies. DLL operates as a global asset finance company for equipment and technology, managing a portfolio exceeding €47bn. Established in 1969 and based in Eindhoven, Netherlands, DLL delivers financial services across sectors such as agriculture, construction, and energy transition in more than 25 countries. Rabobank member of the managing board, and DLL CEO and chair of the executive board Lara Yocarini said: 'As a transition partner for a better world, DLL believes that sustainability is fundamental to long-term business success. 'The attractive funding from the European Investment Bank will enhance our ability to provide more accessible, affordable, and tailored leasing solutions, ultimately reducing barriers for our partners and customers to invest in more sustainable equipment and technology.' In May, DLL released its 2024 annual financial results, showcasing portfolio growth and an increase in net interest income despite facing economic difficulties in some areas. The company's portfolio grew by 7% from 2023, reaching €47bn. The growth was driven by all global business units and regions, with the exception of Latin America, which encountered substantial challenges over the year. DLL's net income increased to €1.9bn, a 7% rise from 2023. However, profitability was affected by higher impairment charges, notably in Brazil's food and agricultural sector. As a result, DLL's net profit for 2024 was €407m, a decrease from €438m in 2023. "EIB, Rabobank and DLL collaborate to offer $1.1bn for SMEs and mid-caps" was originally created and published by Leasing Life, 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. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Zawya
5 days ago
- Business
- Zawya
Soybeans edge lower as plentiful supply stifles gains
CANBERRA - Chicago soybean futures fell on Thursday as expectations of ample supply reasserted themselves after hopes for increased demand for U.S. exports helped drive prices up nearly 2% in the previous session. Corn futures edged higher, supported by short-covering and technical buying, and wheat held its ground despite pressure from ongoing harvests in the Northern Hemisphere. All three markets — corn, wheat, and soybeans — are well supplied, holding prices near multi-month or multi-year lows. Brazilian farmers will likely favour soybeans over corn when they plant later this year because of the price differential between the two crops and the higher fertiliser cost of growing corn, said Vitor Pistoia, a Rabobank analyst in Sydney. Coming on the heels of large harvests this year in Brazil and the United States, that should dispel any thought of tighter supply, he said, adding: "There is no upside for soybeans." However, increased crushing of soybeans in the U.S. for oil to make biofuel would also limit any downside for prices, he added. The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.3% at $10.17 a bushel by 0338 GMT. Adjusted for inflation, month-to-date price averages for CBOT soybeans and corn are at their lowest July levels since 2006, underscoring the difficulties of U.S. farmers who face competition from rising production in Brazil. Wednesday's soybean rally was aided by a U.S. Department of Agriculture (USDA) notification that exporters had sold 120,000 metric tons of U.S. soybeans to undisclosed destinations. This triggered speculation that the purchases were made by China, whose soy imports from the U.S have been slow this year. Meanwhile, U.S. President Donald Trump said Indonesia, a top-five U.S. soybean importer, had committed to purchasing $4.5 billion in American agricultural products in a trade deal. In other crops, CBOT corn was up 0.1% at $4.24-1/2 a bushel after rising from a contract low of $4.07-1/2 on Monday. Wheat was unchanged at $5.41-1/4 a bushel.
Business Recorder
5 days ago
- Business
- Business Recorder
Soybeans edge lower as plentiful supply stifles gains
CANBERRA: Chicago soybean futures fell on Thursday as expectations of ample supply reasserted themselves after hopes for increased demand for US exports helped drive prices up nearly 2% in the previous session. Corn futures edged higher, supported by short-covering and technical buying, and wheat held its ground despite pressure from ongoing harvests in the Northern Hemisphere. All three markets — corn, wheat, and soybeans — are well supplied, holding prices near multi-month or multi-year lows. Brazilian farmers will likely favour soybeans over corn when they plant later this year because of the price differential between the two crops and the higher fertiliser cost of growing corn, said Vitor Pistoia, a Rabobank analyst in Sydney. Coming on the heels of large harvests this year in Brazil and the United States, that should dispel any thought of tighter supply, he said, adding: 'There is no upside for soybeans.' However, increased crushing of soybeans in the US for oil to make biofuel would also limit any downside for prices, he added. The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.3% at $10.17 a bushel by 0338 GMT. Adjusted for inflation, month-to-date price averages for CBOT soybeans and corn are at their lowest July levels since 2006, underscoring the difficulties of US farmers who face competition from rising production in Brazil. Wednesday's soybean rally was aided by a US Department of Agriculture (USDA) notification that exporters had sold 120,000 metric tons of US soybeans to undisclosed destinations. This triggered speculation that the purchases were made by China, whose soy imports from the U.S have been slow this year. Meanwhile, US President Donald Trump said Indonesia, a top-five US soybean importer, had committed to purchasing $4.5 billion in American agricultural products in a trade deal. In other crops, CBOT corn was up 0.1% at $4.24-1/2 a bushel after rising from a contract low of $4.07-1/2 on Monday. Wheat was unchanged at $5.41-1/4 a bushel.
ABC News
6 days ago
- Business
- ABC News
Why chocolate is so expensive and how long it will last
If you've done a double take recently at the price of a block of chocolate, you're probably not alone. Supermarkets are selling standard 180-gram milk chocolate blocks for about eight dollars. Two years ago, the same chocolate blocks sold for about six dollars. Given our almost universal obsession with the sweet treat, this can come as a bit of a shock to the system. So why is chocolate so expensive and will the price come down again? Cocoa, the key ingredient in chocolate, is in short supply globally. That's what's driving a spike in prices on supermarket shelves. Paul Joules, an agricultural commodities research analyst from Rabobank in Sydney/Gadigal, says it is going to take a while for on-the-shelf chocolate prices to return to "more normal levels". "We are seeing [cocoa] production improve a bit, but still global supplies are fairly tight," he says. "There are really two key suppliers/countries; Ivory Coast and Ghana, both centred in West Africa. "They had some pretty severe weather issues a year or so ago [impacting production]." And even though the "cocoa commodity price has come down a little bit" since then, Mr Joules says the high chocolate prices won't come down at the same time, because chocolate companies often buy cocoa supplies well in advance. "They'd hedge for about a year [in advance] to secure their volumes, so if you go back a year ago cocoa prices were still very high," he says. "And they're probably still hedged at very, very high prices now … so they can only absorb those costs for so long." He says this means we could actually see higher prices in the months to come. Chocolatier Igor Van Gerwen has been making and selling chocolate at his factory at Latrobe in Lutruwita/Tasmania since 1989. He says he is trying to remain "optimistic" about the future, despite the cocoa prices having a big impact on his business. "Cacao prices increased fourfold last year during the month of March," he says. "We increased pricing gradually, but we refused to pass on the full extent to our customers … [so] have absorbed the costs with reduced margins for the last 16 months." Source: Macquarie Dictionary Igor says he still has a very loyal customer base, but he has noticed a change in spending habits. "People are still buying [our] products but are opting for the smaller, more cost-effective, box options." The cocoa price increase was too much for small business owner Lauren Jordan from Kabi Kabi lands on the Sunshine Coast. Two-and-a-half years after launching her natural cacao drinking product, she and her business partner have put production on hold. "Two-and-a-half years ago, 15 kilos of [cacao] nibs cost $180, and if we wanted to buy it today it is $635," Lauren says. "It just wasn't viable." Mr Joules believes some of the bigger chocolate operators are being forced to adjust their business model and recipes. "They certainly wouldn't want to raise prices or adjust prices, that is not something that chocolate companies like to do," he says. "But if they've been dealing with higher costs for close to a year now, then it doesn't leave them with many options other than recipe adjustments — making those products lighter — or raising costs. "We probably have seen a bit of that play out over the past few months." Igor says he will not be changing his products through recipe adjustments. "When many [larger companies] started introducing more confectionery-style products such as dipped lollies, caramel-based ingredients and chocolate biscuits, we actually launched a chunky chocolate block range, which has been enormously popular," he says. Mr Joules says in the long term we could expect chocolate prices to "move back down on the consumer side, but it will just take quite a bit of time". Mondelez, the parent company of Australia's Cadbury, is hopeful that over the long term, cocoa prices will trend downward. Chief financial officer Luca Zaramella says, "I look at cocoa butter, which is what we buy the most, as opposed to cocoa powder — cocoa butter prices are already coming down for 2026." The company, which also owns Toblerone and Oreos, says in the meantime it is responding to rising costs through price increases and diversifying its packaging. "It means that we will offer a whole range of pack sizes … so the consumer certainly has many more options as it relates to price points."
