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Monday morning FX – 24 September 2018

The Australian dollar is on the slip from late Friday levels  early trade had it around 0.7260 and its still there

This is weighing on the opening hot potato game:

Check out the link, its not just trade tensions but a diplomatic spat also – surrounding China perhaps contravening US sanction on Russia 

This is a negative for risk, exacerbated by the very thin liquidity conditions that will be tested further today with Japan out on holiday (and others) 

With risk a bit on the nose (smelly) yen is a bit better so far, USD/JPY around 112.45, down from late Friday just a few points.

ForexLive

Fonte: https://www.forexlive.com/news/!/monday-morning-fx-24-september-2018-foreign-exchange-prices-aud-update-20180923

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Rotterdam port: “Europe’s gateway to the world” | Brazil Modal

Nothing has a bigger influence on this city than its port, as Rotterdam is located at the mouth of the Rhine-Meuse-Delta as well as surrounded on all sides by water, including the North Sea and several rivers. With roughly 630,000 inhabitants, Rotterdam is the second-largest city in the Netherlands and is particularly known for its extravagant architecture.

What’s more, the “Haven van Rotterdam” is of great historical and economic importance to the Netherlands. Founded in the 14th century, it is considered the most important trading point for crude oil in Europe, and it contributed a full 7 percent to the Dutch gross domestic product (GDP) in 2017. In addition to handling oil, the port is also known for handling an enormous volume of containers, which totaled 142.6 million metric tons last year.

The Port of Rotterdam is of great importance not only to the Netherlands itself, but also to Hapag-Lloyd AG, which has one of its most important branch offices in the port. Europe’s largest deepwater port can even be approached by large container ships with a draft of up to 24 meters. In total, more than 25 liner services of Hapag-Lloyd AG – including the NBS, AL2, SAX and SW3 – call at the Port of Rotterdam as part of rotations offering shipping options to locations across the world.

Fonte: http://brazilmodal.com.br/2015/internacional/rotterdam-port-europes-gateway-to-the-world/

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The United States of Free Trade

The Constitution requires free trade, the U.S. Supreme Court held in 1824. In Gibbons v. Ogden, the state of New York had awarded a monopoly in its …

Fonte: https://www.wsj.com/articles/the-united-states-of-free-trade-1537566912

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Rail infrastructure for all Nigeria ports | Brazil Modal

Buhari announced this when he declared open the International Association of Ports and Harbour’s Africa Regional Conference in Abuja.

The President expressed the Federal Government’s commitment to rebuilding infrastructure that would complement the means of transportation from the ports to the hinterland.

He said: “We understand that this inter-connectivity will improve the country’s economic competitiveness as targeted under the Economic Recovery and Growth Plan.

“So for starters, I have directed that every port must have the complement of rail infrastructure.

“Our projection is that by the end of year 2021, we will have standard gauge railway across the main North-South trading route.

“The same level of serious attention is being given to the improvement of road infrastructure.”

 

 Source: The Eagle Online

Fonte: http://brazilmodal.com.br/2015/internacional/rail-infrastructure-for-all-nigeria-ports/

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America and China are in a proper trade war

ANOTHER week, a further ratcheting up of trade tensions between America and China. On September 17th President Donald Trump announced that he had approved another wave of tariffs on Chinese imports. From September 24th, imports of products which in 2017 were worth as much as $189bn, including furniture, computers and car parts, will be hit with duties of 10%. The Chinese have promised to retaliate on the same day with duties on $60bn of American exports. Unless peace breaks out before the new year, the American rate will increase to 25% on January 1st.

Mr Trump regularly rants about how the Chinese have taken advantage of Americans for too long. But American bureaucrats stress that these duties come after careful deliberation. The Office of the United States Trade Representative (USTR) took seven months to write a report detailing China’s unfair trade practices. Each tranche of tariffs has been consulted on and then revised. The latest set came after the USTR’s office received 6,000 written submissions and held six days of hearings.

Compared with an earlier proposal, the latest tariff list excludes products worth up to $30bn. Child-safety seats and safety headgear were exempted. Antiques more than a century old were spared, too. (Some had pointed out that the Chinese government restricted their export anyway.) Despite Mr Trump’s warning on September 8th that prices of products made by Apple may increase as a result of his tariffs, smartwatches and bluetooth devices were removed from the list.

The Trump administration claims that these deliberations have helped to minimise the impact on the American consumer. The staggered tariff rate is supposed to give importers time to change their suppliers. Wilbur Ross, the commerce secretary, was mocked online for claiming that, because the tariffs are spread over thousands of products, “nobody’s going to actually notice it at the end of the day”. But in support of his claim economists at Goldman Sachs, a bank, estimate that the 10% tariff rate will boost inflation by only around 0.03 percentage points, and the increase to 25% by a further 0.05 next year.

Still, this diligence was not welcomed by all. More than three-quarters of the products that will be affected on September 24th are intermediate and capital goods, which means the most immediate impact will be to push up American businesses’ costs. Mr Trump’s announcement triggered complaints from industry representatives including the US Chamber of Commerce, the American Chemistry Council and the American Apparel and Footwear Association, all of which warned that Americans would end up footing the tariff bill, and pleaded for a different approach.

Although it claims to be following due process, the Trump administration’s actions are far removed from the procedures of the rules-based global trading system. Ordinarily, members of the World Trade Organisation (WTO) would take their complaints to the body’s judges. If such accusation are upheld, then those judges allow limited retaliation.

In 2012, for example, the American government complained to the WTO that the Chinese government was breaking the rules by restricting the export of rare-earth elements. China’s dominance in their global supply meant that this hurt American manufacturers by pushing up prices for their inputs. After the WTO’s judges sided with the Americans, the Chinese government dropped the measures.

The Trump administration claims that the WTO’s incomplete rule book makes it incapable of addressing China’s alleged misdemeanours, which include the practice of forcing foreign companies to hand over their technology. But America is simultaneously weakening the system by which the WTO’s rules are enforced, by blocking the appointment of judges to the body’s court of appeals. From October only three will be left—the minimum needed to rule on a case.

On September 18th Cecilia Malmström, the European Union’s trade commissioner, unveiled a “concept paper” outlining reforms that could plug some of the gaps in the WTO’s rules, as well as ways to reform dispute settlement. But it is far from clear whether either Mr Trump or the Chinese government will take the bait.
And without the multilateral rules-based system to contain the conflict, the trade war between China and America could get much bloodier. In his announcement on September 17th Mr Trump threatened to hit another $267bn-worth of Chinese imports if China retaliated against his latest tranche of tariffs. For their part the Chinese show little sign of backing down, and have promised to use fiscal policy to soften any domestic blow.

Although they are running out of American exports to target, they have other ways to fight. On September 17th, for example, reports emerged of a Chinese official musing about China repeating its trick of imposing export restrictions on raw materials which American manufacturers depend on. The next day, Craig Allen, chairman of the US-China Business Council, warned that the WTO had made clear its opinion that such restrictions were illegal. But why, when America is acting outside the rule book, should others stick to it? 

Fonte: https://www.economist.com/finance-and-economics/2018/09/19/america-and-china-are-in-a-proper-trade-war

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GPA approves $92m rail expansion | Brazil Modal

The Georgia Ports Authority (GPA) moved 375,833 Twenty-foot Equivalent Unit containers (TEUs) in August, an 8 percent increase over August 2017.  In addition, the GPA handled 86,200 intermodal TEUs, a 33 percent jump.

“A strengthening economy and a greater reliance on GPA in major inland markets is driving growth at the Port of Savannah,” said GPA Executive Director Griff Lynch. “We expect this trend to continue as more customers take advantage of Garden City Terminal’s central location and efficient terminal operations.”

For example, in August alone, rail cargo to and from Atlanta leapt by 34 percent, while Nashville saw an increase of 72 percent.

During a meeting of the Georgia Ports Authority Board of Directors in Atlanta on Monday, the GPA approved $92 million for the Mason Mega Rail Terminal. The project will double the Port of Savannah’s annual rail capacity to 1 million containers and deliver the largest on-terminal rail facility in North America by 2020.

“It is no accident the GPA is constructing rail capacity as the demand for rail is growing,” said GPA Board Chairman Jimmy Allgood. “As part of our strategic planning two years ago, our team identified the growing role intermodal cargo would play in GPA’s long-term success and put into place this plan for expansion.”

The work approved by the board Monday includes 124,000 feet of new track, 88 automated switches and rail control devices, as well as the rail and power infrastructure to support the operation of rail-mounted gantry cranes.

The added rail capacity will better accommodate 10,000-foot long unit trains on Garden City Terminal.  These more cost-effective trains will provide faster, more frequent service over greater distances. This will extend the territory best served by the Port of Savannah along an arc of cities ranging from Memphis to St. Louis, Chicago and Cincinnati.

 

 Source: Georgia Ports

Fonte: http://brazilmodal.com.br/2015/internacional/gpa-approves-92m-rail-expansion/

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Abu Dhabi’s 6-month non-oil foreign trade surges to Dhs80.1b



ABU DHABI: In yet a fresh sign of a positive economic outlook for the country, Abu Dhabi’s non-oil foreign trade during H1 2018 amounted to Dhs80.1 billion, with the month of June recording a growth of 30 per cent.

According to figures recently released by the Statistics Centre- Abu Dhabi, the emirate’s non-oil exports stood at around Dhs11.08 billion during H1, up 10.5 per cent from Dhs10.9 billion in the corresponding period of 2017, with re-exports significantly increasing by 10.5 per cent from Dhs11.12 billion to Dhs12.3 billion during the same monitored period.

In the meantime, imports dropped to Dhs56.7 billion in June against Dhs58.4 billion on the same month last year, corroborating a rationalised consumption trend across the emirate.

The statistics cover the emirate’s non-oil trade conducted through its land, sea and air ports, and do not include all the emirate’s trade with the outer world, nor do they include Abu Dhabi’s trade with the country’s other emirates.

On a monthly level, Abu Dhabi’s non-oil trade jumped to a one-month peak of Dhs12.4 billion in June, a growth of 30 per cent from the same month last year.

WAM

Fonte: http://www.gulftoday.ae/portal/f37b0a21-9711-4e90-b88e-664c7d50abb9.aspx

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Port of Alaska must be reconstructed | Brazil Modal

On a recent Friday afternoon, a large bright pink and red container ship was docked at the Port of Anchorage. In just a few hours, it would begin its long journey back to Asia after leaving behind goods bound for all regions of the state.

But what port officials want Alaskans to know is that the port is aging out of relevance quickly, perhaps to the point of obsolescence in the next 10 years. The question now is can port officials secure money needed to rebuild or replace key port infrastructure before major problems emerge?

“We’re certainly optimistic that we can,” said Port Director Stephen Ribuffo. “It’s a little bit of a race, but the whole thing does not have to be finished in order to make that deadline.”

Read more on KTUU.

Fonte: http://brazilmodal.com.br/2015/internacional/port-of-alaska-must-be-reconstructed/

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Fonte: https://m-us.gearbest.com/bedding-sets/pp_009736973296.html

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DCT berths deepening | Brazil Modal

Addressing stakeholders at a business breakfast in Durban on Tuesday, representatives of Transnet National Ports Authority (TNPA), Transnet Port Terminals (TPT) and Transnet Group Capital (TGC) provided a project update to stakeholders ahead of anticipated site establishment by end October 2018.

The contract for the multi-billion-rand Main Marine Construction Works package has been awarded to CMI Emtateni Joint Venture, which boasts a Level 2 BEE status and is made up largely of four entities.

These include Italian construction company CMC Di Ravenna and its 51% black-owned South African company CMI Infrastructure, which is a 10-year old unincorporated Joint Venture with PG Mavundla Engineering (PTY) Ltd.

Also included in the partnership are Omame Emtateni Empowerment Group Consortium, which is a combination of five local, independently owned, black- woman-owned companies that have been working as a collective for the last fifteen years, and Masinya Emtateni Empowerment Group Consortium which was also formed through a combination of five local black companies.

An independent Environmental Compliance Officer (ECO) package was awarded to GIBB to audit environmental compliance on the project.

Transnet Chief Capital Officer, Krishna Reddy, said the R7 billion mega project would help to sustain the existing container operations at the Port of Durban, specifically DCT Berths 203 to 205.

“In the Port of Durban which handles approximately 65% of the total containerised cargo of South Africa, we have a critical need to provide modern, safe, deeper and longer container berths to accommodate the ever-increasing size of container vessels we are now servicing. This will ensure that our flagship Port of Durban and South Africa as a whole remain competitive within the industry, while catering safely for the needs of the marine sector,” he said.

The Main Marine Construction Works to be carried out by CMI include the reconstruction, deepening and lengthening of berths 203 to 205 to provide safe docking capacity. Currently Super Post Panamax vessels 9200 TEU and larger take up two berths on the North Quay, shrinking port capacity, while larger vessels can only enter the channel at high tide. This results in delays and vessel queues at outer anchorage.

Read more on R News.

Fonte: http://brazilmodal.com.br/2015/internacional/dct-berths-deepening/

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