AI leader: Regulate us | Black Sea grain pact | Debt-limit talks | Worker requirements
Reuters quoted the RIA news service from Russia as saying that Black Sea Grain pact talks were continuing and that a decision today on the grain deal cannot be ruled out. But Bloomberg says a deal will be announced today, citing Turkish sources. Ukraine has said Moscow is purposefully slowing the pace of exports, while vessel inspections have been repeatedly disrupted. The number of ships that cleared inspection fell to a record low of 2.9 a day on average in early May.
President Joe Biden vetoed a congressional resolution to overturn a two-year tariff pause on solar panel imports from Southeast Asia following a bipartisan push from lawmakers that are concerned about unfair competition from China. The pause is set to continue until at least June 2024, after which Biden said he intends to allow the tariffs to take effect.Equities today: Asian and European stock markets were mixed overnight. U.S. Dow opened up around 140 points. In Asia, Japan +0.8%.
Japan has just begun to benefit from postpandemic pent-up demand of the kind the U.S. experienced more than a year ago. Tokyo waited until last October to remove border controls for overseas tourists and lifted restrictions on big events earlier this year. Federal Reserve Vice Chair for Supervision Michael Barr said during a House Financial Services Committee hearing that the central bank plans to release stronger capital and liquidity rules for large regional U.S. banks this summer. Federal Deposit Insurance Corp.
Ohio sampling of soil around rail crash site show no plant contamination. Ohio officials said that plant tissue samples collected from agricultural sites near the site of the East Palestine, Ohio, train derailment did not detect any hazardous chemicals. The tests centered on winter wheat, pasture grasses, malting barley, and forage covers within a five-mile radius of the train derailment site.
• EU member states approve the world's most expansive crypto regulations to date. The rules will require companies involved in issuing, trading or managing crypto assets in the 27-nation bloc to obtain a license as early as 2024. From 2026, the names of senders and beneficiaries must be disclosed in crypto transactions. The move may put pressure on other countries, including the United States, to adopt similar rules to regulate the industry. Reuters.
Kremlin spokesman Dmitry Peskov was quoted by Russian media Tuesday as saying there were"still a lot of open questions" on the deal relative to portions for helping Russia export fertilizer and agricultural products. Russia has complained Western sanctions have hampered its ability to export those products.
Market impact: Wheat futures in the fell to the $6.40 per bushel mark, heading toward the two-year low of $6 touched on May 2 amid renewed expectations of abundant supply among the world's top producers. The developments will preserve Ukraine's access to key foreign markets and increase price competition with other major producers.
It adds:"Buried among the details and data points in many press reports is the reality that despite the export record, Russia's monthly oil revenues were down 27% from last year, according to the IEA. And the Russian government's tax receipts from the oil and gas sector have fallen 64% over the past year. Why is that? In response to Russia's invasion of Ukraine, Europe has stopped buying Russian oil exports, some 80% of which now go to China and India.
OMB can take up to 90 days to review the EPA plan which given the court agreement, it is doubtful they will use that full 90 days. BP has set a target of increasing its biofuel output to 100,000 barrels per day by 2030. Dunn said part of the plan centers on construction of five biofuel plans to process waste feedstocks known as hydroprocessed esters and fatty acids ."They make perfect feedstocks for HEFA. The problem is there's only so much of them in the world. And the more HEFA plants that get built, the more challenging the dash for those feedstocks is going to get.
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