supply chain – Aisa Net Mon, 14 Mar 2022 07:26:34 +0000 en-US hourly 1 supply chain – Aisa Net 32 32 Everest Medicine license agreement extended to include South Korea Mon, 14 Mar 2022 06:33:40 +0000

STOCKHOLM, March 14, 2022 /PRNewswire/ — Calliditas Therapeutics AB (Nasdaq: CALT, Nasdaq Stockholm: CALTX) (“Calliditas”) today announced that the company has expanded its licensing agreement with Everest Medicines II Limited (HKG: 1952) (“Everest”) to expand the territory covered to include South Korea.

“We continue to have a fruitful and positive collaboration with Everest and we are delighted to have reached an agreement also around South Korea“said CEO Renée Aguiar-Lucander.

The extension entails an initial payment of $3 million to Calliditas as well as additional payments and royalties related to potential future approvals and commercialization of Nefecon in South Korea. Calliditas and Everest entered into a licensing agreement in 2019 to develop and commercialize Nefecon in Greater China and Singapore for chronic autoimmune kidney disease IgA nephropathy (IgAN).

For more information, please contact:

Mary GalayHead of International Relations, Calliditas

Phone. : +44 79 55 12 98 45, email:

The information was sent for publication, through the contact persons indicated above, on March 14, 2022 at 07:00 CET.

About Calliditas

Calliditas Therapeutics is a biopharmaceutical company based in Stockholm, Sweden focused on the identification, development and commercialization of new treatments in orphan indications, with an initial focus on kidney and liver diseases with significant unmet medical needs. Calliditas’ lead product, TARPEYO, has been approved by the FDA as the first and only treatment for IgA nephropathy (IgAN), indicated for the reduction of proteinuria in adults with primary IgAN at risk for rapid progression of disease, usually a UPCR of ≥ 1.5 g/gram. Calliditas has also submitted a Marketing Authorization Application (MA) to the European Medicines Agency (EMA) for this medicine. In addition, Calliditas has initiated a clinical trial in primary biliary cholangitis and also plans to initiate a trial in head and neck cancer with the NOX inhibitor product candidate, setanaxib. Calliditas is listed on Nasdaq Stockholm (ticker: CALTX) and the Nasdaq Global Select Market (ticker: CALT).

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding strategy, marketing efforts, business plans, regulatory submissions, clinical development plans and Calliditas direction. The words “may”, “will”, “could”, “would”, “should”, “expect”, “plan”, “anticipate”, “intend”, “believe”, ” estimates”, “predicts”, “project”, “potential”, “continue”, “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements contained in this press release are based on management’s current expectations and beliefs and are subject to a number of important risks, uncertainties and factors that may cause actual events or results to differ. differ materially from those expressed or implied by any forward-looking statement. forward-looking statements contained in this press release, including, without limitation, those relating to the business, operations of Calliditas, the continued FDA approval for TARPEYO, market acceptance of TARPEYO , clinical trials, supply chain, strategy, objectives and anticipated timelines, competition from other biopharmaceutical companies, and other risks identified in the section titled “Risk Factors” in the Calliditas reports filed with the Securities and Exchange Commission. Calliditas cautions you not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Calliditas disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which such statements may be based, or which may affect the likelihood that actual results will differ from those statements. in forward-looking statements. All forward-looking statements contained in this press release represent the views of Calliditas only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

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Principle or pragmatism? Big brands are leaving Russia Wed, 09 Mar 2022 18:15:50 +0000

This article is an on-site version of our The Road to Recovery newsletter. register here to receive the newsletter directly in your inbox three times a week

Good evening,

McDonald’s, Coca-Cola, PepsiCo, Starbucks, Unilever: The list of mainstream brands leaving Russia has accelerated in recent days, joining what a Yale professor called a ‘trade blockade’ by Russian President Vladimir’s regime Putin.

The departure of names such as McDonald’s and Levis is loaded with historical significance. The sight of crowds queuing for Big Macs in Moscow was seen as a marker of the end of the Soviet Union, while Levi’s 501 jeans had become a symbol of dissent behind the Iron Curtain.

There were some notable exceptions, such as Danone boss Antoine de Saint-Affrique, who defended his decision to stay in Russia, arguing that he had a “responsibility to the people we feed, the farmers who supply us milk, and the tens of thousands of people who depend on us.

It’s not just mainstream brands. Shell said yesterday it would pull out completely and stop any further purchases of Russian oil. French company Total is under pressure to follow suit.

Russian companies are starting to feel the heat, especially in financial services. The international ambitions of state-backed institutions VTB and Sberbank have been hampered by sanctions, but at home – where the two lenders account for almost half of the banking market – they are hit even harder. JPMorgan Chase has joined MSCI, S&P Dow Jones and FTSE Russell in removing Russian debt from their bond indexes.

On the other side of the economic war, European companies – especially those in energy-intensive sectors such as metals – are preparing for a severe fallout.

For automakers, which already face high input costs and supply chain issues, rising energy bills — their highest costs after labor and materials raw materials – is another blow to their competitiveness.

Airlines, the most oil-consuming sector of all, now faces a second serious crisis in less than two years as the price of fuel rockets and flight cards must be redrawn. “We faced the plague, only to be visited by a war,” said Ryanair boss Michael O’Leary.

Fertilizer and chemical companies are also hard hit. Norway’s Yara warned of a food crisis. Russia is a key source of fertilizer materials that power global agriculture. Petrochemical companies are also likely to suffer from soaring prices for naphtha, which is made from crude oil and used to create resins and plastics. Almost half of European naphtha imports come from Russia.

European banks with large exposure to Russia, such as Italy’s UniCredit, France’s Societe Generale and Austria’s Raiffeisen Bank, are also expected to be affected. UniCredit said an “extreme scenario” in which all of its Russian business was wiped out would leave it with losses of 7 billion euros.

But back to this corporate exodus. Despite the big-name McFlurry heading for the exit, many more have yet to take a stand, our Moral Money newsletter reports.

Either way, argues trade writer Alan Beattie, many of those who leave are motivated more by the threat of sanctions damage than their virtue suggests. He points out that many are happy to do business with other autocracies that do some pretty dastardly things.

“Jumping out of Russia before being pushed is a personal interest: it’s not an act of principle,” he said.

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For last minute updates, visit our live blog

Need to know: the economy

The American and British decision to ban Russian oil imports has opened a new front in the economic war against Vladimir Putin – here’s our explanation of what that means for global energy markets. Our great read examines whether coal could be the big winner as Europe scrambles to find alternatives. Calls are also growing for more fracking. Meanwhile, UK consumers are urged to reduce their energy consumption by turning down the heating and driving more slowly.

The threat to the economic recovery is the uncomfortable backdrop to tomorrow’s political meeting of the European Central Bank. However, European stocks were boosted by hopes that further stimulus from the EU could be on the way. The gravity of the situation was underscored by economics writer Chris Giles, who compares Russia’s oil shock to those of the 1970s and examines its potential to lead to stagflation – the toxic combination of slow growth and high inflation.

Annotated graph of oil prices, nominal and real prices

Latest UK and Europe

Ahead of her March 23 spring statement and as the economic fallout from Ukraine begins to deepen the cost of living crisis, the British Chancellor Rishi Sunak is under increasing pressure to cut taxes. consumer spending strengthened in February with the reopening of offices and the resumption of social life, according to the payment company Barclaycard, supported by similar findings from the British Retail Consortium. However, the cost of living moves up the list of consumer concerns.

British MPs have accelerated a new economic crimes bill, but Foreign Secretary Liz Truss admitted the country had been “slower” than the EU and US in imposing sanctions on Russian oligarchs. UK taxpayers could be owed £50m in loan guarantees to several of them.

Latest World

Decades of work by China Globalizing its currency by increasing its use in international finance is bearing fruit as investors turn to new safe-haven assets amid the current turmoil. The renminbi, the currency of Russia’s closest strategic ally and main trading partner, has remained remarkably stable throughout the crisis. Still, the Lex column is skeptical of Beijing’s ability to provide financial infrastructure like card payments to help Moscow circumvent sanctions.

Line chart of dollar exchange rate (pegged to 100) showing Chinese currency ignoring Ukraine crisis

Need to know: business

The Global nickel The market, which was already booming due to the conflict in Ukraine, came to a halt today after soaring prices prompted China’s main commodities exchange to freeze trading in some of its most heavily traded contracts. assets. Russia is the world’s third largest supplier of nickel with 13% of global capacity.

Cathay PacificHong Kong’s chief executive said the airline plans to burn up to HK$1.5 billion ($192 million) a month due to Hong Kong’s tough pandemic restrictions, as it reported a net loss of HK$5.5 billion for 2021. Meanwhile, local residents are stuck in limbo waiting for authorities to act as Covid cases soarreports Ravi Mattu, associate news editor for Asia, from our office in the city.

Losses at UK furniture retailer more than doubled to £31.4m as supply chain pressures and rising shipping costs started to take their toll. The furniture sector has been particularly hard hit by freight pressures, as many of its large bulky items, or their raw materials, come from China and elsewhere in Asia.

The world of work

The experience of confinement and working from home has prompted many people to change jobs, but what are the pitfalls? Work and careers columnist Lucy Kellaway has four big lessons for making the most of a career change.

working women, who already have the lion’s share of domestic burdens, have been disproportionately affected by the coronavirus crisis, usually taking on additional childcare and teaching responsibilities as schools were closed – all at the detriment to their career. “As the world emerges from the pandemic, now is the time to ensure that the cost of care appears elsewhere than in women’s wealth,” says the FT editorial board.

“The pandemic has hit the female talent pool hard,” writes Eleanor Mills, founder of a platform for middle aged women. Companies need to do more to support women through ‘pinch points’, such as divorce, added family responsibilities and the experience of menopause, if they are to reap the benefits of their hard-earned wisdom, she argues. .

Menopause is also the subject of the latest Working It podcast. Isabel Berwick and her guests discuss pioneering politics on Channel 4, as well as the downsides of women being open about their health.

Read our Women in Business special report to learn more about how women’s working lives have been altered by the pandemic.

Covid cases and vaccinations

Total number of global cases: 441.8mn

Total doses administered: 10.9 billion

Get the latest global picture with our vaccine tracker

And finally . . .

Has all that doomscrolling on your phone got you swaying? Find out how European tech correspondent Madhumita Murgia pulled off her digital diet attempt.

© Paul Pateman

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]]> Russia’s invasion of Ukraine could change the global economic game Sat, 05 Mar 2022 20:01:45 +0000

But the long-term consequences of the war could be deeper. Even before Russian President Vladimir Putin sent tanks and missiles to Ukraine, years of deteriorating US-China relations and failed global trade talks had blocked closer integration of financial and trade flows. that had been anticipated at the height of globalization.

The sequel is unlikely to mirror the distinct blocks of the Cold War. Even as the global economic order fractures, no rival ideology vies for supremacy. And China’s harsh authoritarian turn under President Xi Jinping coexists with extensive trade ties with the United States, Europe and Japan. But governments, businesses and investors are all adjusting to a new reality.

“It’s the end of one era and the beginning of another, which is a less complete form of globalization than what we had in the immediate post-Cold War era,” said Michael Smart, Rock’s chief executive. Creek Global Advisors. “We need to think differently about what we mean by the global trading system. There are certain requirements that, if you don’t meet them, you don’t belong. You can’t be in the club.

In just over a week, Western allies imposed one of the fastest sanctions campaigns in modern history against Russia. (Luis Velarde/The Washington Post)

As the US, Europe, Canada, Britain and Japan unite to punish Russia with unprecedented financial sanctions, the war has sparked a ‘major geopolitical realignment’ similar to the aftershocks of the attacks 9/11 terrorists, according to Citibank analysts.

Virtually overnight, most major Russian banks were blocked from transferring money across borders. The Moscow Stock Exchange has been closed for a week. Russian customers are cut off from many of the most advanced technologies in the world.

On Friday, Russia’s isolation deepened when the country’s communications regulator blocked access to Facebook, one of the few news sources the government already did not control, saying it had discriminated against Russian media.

In Washington, leading Democrats and Republicans have begun demanding that the United States stop importing oil from Russia, a move that would worsen Moscow’s financial situation if European nations follow suit. Meanwhile, the International Monetary Fund warned on Saturday that the war and rapidly accumulating sanctions against Russia “would have a serious impact on the global economy”.

Russia’s financial exile caps more than a decade of erosion of globalization, which began with the 2008 financial crisis and continued with the rise of Xi in 2012, the trade war between the United States and China which began in 2018 and the repeated failures of diplomats to agree on trade liberalization. . The coronavirus pandemic, which has highlighted the risk of ocean supply lines and restricted international travel, has further reduced cross-border connections.

Together, Russia and Ukraine account for 3% of global production, according to JPMorgan Chase. Putin’s brutal invasion of its neighbor will have broad economic repercussions, however, economists and government officials have said.

“There is a chance – increasing with every human rights outrage committed by Putin – that Russia will be shut out of the global economy for a long time. … You take out that big part of the global economy and go back to the situation we had during the Cold War when the Soviet bloc was pretty much closed,” said Maury Obstfeld, professor of economics at the University of California, Berkeley. “But that doesn’t mean the rest of the world can’t be tightly integrated in terms of trade and finance.”

Expectations of a lasting era of peace and prosperity were high in the early 1990s. After the demise of the Soviet Union in December 1991, Russia embarked on a series of disorderly economic reforms, including the creation of the country’s leading stock market, and welcomed foreign investors.

China, meanwhile, was also following a market-oriented path that relied on access to foreign technology, capital and executives.

From the outset, many American officials saw a connection between political freedom and economic freedom. In 2000, as Congress debated China’s entry into the World Trade Organization, President Bill Clinton saw trade ties herald “a very profound change,” including in the country’s political system.

“By joining the WTO, China is not just agreeing to import more of our products; it is accepting to import one of the values ​​most dear to democracy: economic freedom”, Clinton said at the time. “The more China liberalizes its economy, the more it will fully unleash the potential of its people – their spirit of initiative, their imagination, their remarkable entrepreneurial spirit. And when people are empowered not only to dream but to achieve their dreams, they will demand a greater voice.

Hopes for the steady advancement of free markets and free peoples have proven unrealistic. Overall, democracy is broken. Poverty is on the rise.

The number of countries considered “not free” by the non-profit organization Freedom House and those whose average annual economic growth is less than 3% have increased in parallel.

Even before the pandemic pushed the developing world deeper into poverty, around 70% of the world’s countries were experiencing below-average growth, about three times the 2008 figure, according to the World Bank. Undemocratic rule has also spread across much of the globe.

In 2020, for the first time in more than two decades, global poverty has increased, according to World Bank data. The Russian recession will intensify this trend, including in the Central Asian republics that were once part of the Soviet Union. Remittances from Central Asian migrant workers working in Russia make up around 30% of the Kyrgyz Republic and Tajikistan’s economy and are almost certain to fall as Russia plunges into a deep recession and the ruble sinks .

“We came out of this benign era some time ago. But this [war] brought it home with great force,” said World Bank Chief Economist Carmen Reinhart. “The golden age of globalization ended with the global financial crisis of 2008.”

Global trade and financial ties have also plateaued.

According to data from the CPB Netherlands Bureau for Economic Policy Analysis, an independent research institute, global trade volumes would be almost twice as high today if they had continued on their trajectory from 2000 to 2008.

Similarly, major cross-border financial flows have virtually stagnated even as the global economy has grown by around 30% since 2008. Major banks now have $31.1 trillion in foreign exposure, a little more than the $30.4 trillion at the start of 2008, according to Bank data. for international settlements in Basel, Switzerland.

According to MSCI research, financial markets that rose and fell at nearly the same pace increasingly went their own way. Ten years ago, markets in different regions moved together about 80% of the time. Today, the correlation is just over 50%, reflecting “a less globalized economy,” according to Peter Zangari, global head of research and product development at MSCI.

It’s not that globalization is over. But it will be different.

“It closes the door to a chapter that never had a strong intellectual foundation,” said economist Joseph Stiglitz of Columbia University. “It won’t be the same. What we are going to see is a process of disconnection, of disengagement. But it’s going to be slow, especially in the case of China.

Indeed, since 2018, the United States has limited the flow of high-tech goods to China and increased tariffs on Chinese imports. Chinese authorities, watching the United States and its allies deliberately plunge Russia into a deep recession, should step up efforts to become more self-sufficient in the production of goods such as semiconductors.

The United States, too, is moving in this direction with President Biden’s “made in America” ​​initiative designed to boost domestic manufacturing.

China’s economy, however, is 10 times larger than Russia’s and is much more closely tied to the outside world, making it unlikely that Beijing or its trading partners will seek a full divorce.

The immediate impact of the war on the US recovery is likely to be limited. Last year, total US two-way trade with Russia and Ukraine was $40 billion, and Wall Street banks have less than $15 billion at stake in loans to borrowers Russians.

But there will be collateral damage from the sweeping US and allied sanctions that have cut most of Russia’s ties to global trade and finance. Gasoline prices in the United States, which have currently averaged $3.84 a gallon for nine years, could soon hit $4, according to Capital Economics.

Russia is also a major producer of other raw materials, including wheat and industrial metals. The price of palladium, which is used to make catalytic converters, has risen more than 60% this year for automobiles.

Further supply chain disruptions will also put upward pressure on inflation. Federal Express and United Parcel Service have both halted shipments to and from Russia. Maersk, the giant ocean freight carrier, stopped accepting new bookings this week for goods bound for Russia, causing cargo to back up at terminals across Europe.

“Freight is being delayed and our already congested transshipment centers are under increasing pressure,” Maersk said in a notice to customers. “This is a global impact, and not just limited to trade with Russia.”

Japan’s JAL and ANA cancel all European flights on Thursday Thu, 03 Mar 2022 06:26:57 +0000

TOKYO (Reuters) – Japan Airlines Co Ltd and ANA Holdings Inc said on Thursday they would cancel all flights to and from Europe, citing security concerns following Russia’s invasion of Ukraine .

The airlines, which normally use Russian airspace for their flights within Europe, join a growing number of carriers that have canceled or re-routed flights between Europe and North Asia in the wake of the crisis.

“We are constantly monitoring the situation, but considering the current situation in Ukraine and the different risks, we have decided to cancel the flights,” a JAL spokesperson told Reuters.

ANA Cargo’s website said the suspension of flights was due to “the strong possibility that its operations may not be able to fly over Russia due to the current situation in Ukraine”.

Airlines from the European Union and Canada have been banned from Russian airspace in response to their restrictions on Russian airlines, but Japan has not made a similar announcement to date.

ANA and JAL operate around 60 flights a week in Russian airspace between Tokyo and London, Paris, Frankfurt and Helsinki, according to a spokesperson for flight tracking website FlightRadar24.

Finnair, which had initially canceled flights to Tokyo after losing access to Russian airspace, announced on Wednesday that it would resume four weekly Helsinki-Tokyo flights with a new route and a 13-hour flight time, up from about 9.5 hours ago.

Longer airline routes will increase fuel costs and reduce the amount of cargo that can be carried in a tight air cargo market that is exacerbating pandemic-related issues in the global supply chain.

Korean Air Lines was still flying over Russian airspace on Thursday, according to Reuters monitoring by FlightRadar24, but Taiwanese carriers are now avoiding Russian airspace and flying over China and Central Asia.

ANA said it would also cancel eight flights to and from London, Paris and Frankfurt on Friday.

A Tokyo-Brussels flight due to carry vaccines on the return trip will be routed over Central Asia, he said, adding that all cargo flights will operate.

China moves to secure war-shattered commodities in Ukraine Wed, 02 Mar 2022 14:00:01 +0000

(Bloomberg) – Senior Chinese government officials have issued an order to prioritize the security of energy and raw material supplies, prompted by concerns over disruptions resulting from the war between Ukraine and Russia.

Bloomberg’s Most Read

Government agencies, including the country’s main economic planning body – the National Development and Reform Commission – have been ordered to push public buyers to scour markets for materials such as oil and gas , iron ore, barley and corn to fill potential gaps. caused by the conflict, according to people familiar with the matter. Officials made no mention of pricing, the people said, indicating the cost of imports is not a concern at this time.

Securing supplies is a priority for the country, with officials worried about the impact that soaring global commodity prices will have on China’s economy, the people said, requesting anonymity as they are not authorized to speak to the media. Beijing is stepping up its focus on energy and food security after already feeling the strain of the pandemic, supply chain pressures and geopolitics like the diplomatic row with Australia. Officials did not provide specific guidance on how to secure supplies, leaving it up to agencies to map, the people said.

The NDRC did not respond to a fax requesting comment. Oil prices in London rose 8.6% on Wednesday, while aluminum extended its advance to 3.4%. Chicago corn futures jumped 3% to their highest level since 2012, and wheat jumped 7.6%.

Soaring commodity prices due to the war are likely to complicate measures to support Chinese growth. Officials are expected to unveil new measures to support the economy as the National People’s Congress begins this weekend, and the Industry Ministry has warned of indiscriminate production curbs disrupting raw material supplies of the industrial sector.

China is heading into a season of peak demand for many commodities, and the risk of supply disruptions due to Russia’s invasion of Ukraine will exacerbate rising prices for everything from metals to fertilizer.

Buyers are already looking beyond Russia and Ukraine for supplies as disruptions take hold. With the Belarusian potash sector under US and EU sanctions, China is now paying 139% more than a year ago to secure imports from Canada and Israel.

In energy, Chinese power plants and steelmakers are seeking alternatives to Russian coal after some domestic banks suggested avoiding purchases due to mounting sanctions on Moscow. Russia is China’s second largest overseas coal source after Indonesia.

Russia, which rivals Saudi Arabia as China’s top oil seller, has strengthened its trade ties with Beijing over the past decade. China has doubled its purchases of energy products from its neighbor over the past five years, to nearly $60 billion.

During a meeting between Xi Jinping and Vladimir Putin last month, the two leaders signed a series of agreements to boost Russian supplies of gas and oil, as well as wheat. China is also a big buyer of Ukrainian corn and barley. It bought more than 8.2 million tons of Ukrainian maize last year, which represents 29% of its total maize imports. It also shipped about 18 million tons of iron ore from Ukraine, about 1.6% of overseas purchases.

Russia accounted for almost 18% of China’s refined nickel imports at the end of last year, and accounted for about 12% of aluminum and 26% of its palladium shipments. China also got almost 30% of its sunflower oil from Russia, while Ukraine provided the rest.

Food security is a key priority for Beijing, especially as its imports of corn, soybeans and wheat have reached record levels in recent years, increasing China’s vulnerability to trade tensions and supply shocks. Efforts to preserve the country’s food supplies range from increasing local production to diversifying imports, developing its seed industry and reducing food waste.

(Updates with price movements in the fourth paragraph)

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

COLUMN-Surge in electric vehicle battery demand supercharges nickel: Andy Home Mon, 21 Feb 2022 15:09:15 +0000

By Andy Home

LONDON, Feb 21 (Reuters) – Nickel hit its highest level in more than a decade on Monday morning.

The London Metal Exchange (LME) three-month nickel broke January’s high of $24,435 a tonne to hit $24,610, a level last traded in 2011.

Time spreads remain in the grip of fierce compression, with the cash premium closing last week at $465 a tonne.

The huge LME delivery incentive pulled metal into exchange warehouses, but not enough to stop the downtrend.

The possibility of sanctions against Russia, which accounts for around 7% of global production and is a major exporter to Western and Chinese markets, is in the bullish mix.

But the underlying driver of rising nickel prices is electric.


According to Adamas Intelligence, a record 286.2 gigawatt hours (GWh) of electric passenger vehicle (EV) battery capacity was deployed on roads around the world last year.

This represents a 113% increase compared to 2020, as sales of new energy vehicles continued to grow strongly in China, the world’s largest market, and exploded in Europe.

The electric vehicle battery sector uses less nickel than the stainless steel sector, but is growing much faster.

Not all batteries use nickel. A new generation of cheaper lithium-iron-phosphate batteries is gaining market share in China.

But 54% of battery capacity deployed last year used high-nickel cathode chemistry, according to Adamas Intelligence. Low-nickel chemicals accounted for 26% and nickel-free products only 20%.

The amount of nickel deployed in new electric vehicles last December was a record 19,651 tonnes, up 44% year-on-year and 29% month-on-month, the report said. consulting firm.

The electric vehicle revolution appears to be rapidly approaching a state of critical mass, which translates into record prices for cathode inputs such as nickel and cobalt and, of course, lithium itself.


The growing demand for battery metals reflects both the exponential increase in electric vehicle sales and the building of a global battery manufacturing industry, with each new gigafactory representing additional pull on metal stocks.

This traction is complicated in the case of nickel because not everything is suitable for conversion into sulphate which is mixed with the precursor mixture.

Class I nickel, defined as containing at least 99.8% metal, is just the ticket. It is also what is traded and stored on both the LME and the Shanghai Futures Exchange.

This is why there has been such a rush for the metal of exchange. Shanghai stocks have been running empty for many months and currently stand at just 5,301 tonnes.

At this time last year, LME warehouses held nearly 295,000 tonnes of nickel, 250,000 tonnes in the form of registered inventory and 45,000 tonnes of fictitious off-market inventory.

LME stocks today stand at 83,274 tonnes, of which 52% has been canceled and is awaiting physical loading.

Shadow stocks had fallen to just 2,687 tonnes by the end of December, according to the LME’s latest out-of-mandate stock report.

The stock rush keeps the time spreads volatile and the offset high. The absence of fresh warrantage – only 600 tons have been delivered so far this month – points to a simultaneous tightening of the physical supply chain, where premiums are also rising.


The latest high nickel prices follow news that China’s Tsingshan has made its first delivery of Indonesian nickel matte to Zhejiang Huayou Cobalt Co Ltd.

This is a landmark development, marking a new way of processing laterite ore to battery-grade material.

Indonesia is the world’s largest nickel producer, but has historically supplied it in the form of nickel pig iron to the stainless steel industry.

It is now the experimental heartland of the global battery-grade nickel industry, with some operators following Tsingshan down the matte processing path and others opting for high-pressure acid leaching technology.

The magnitude of nickel accumulation in Indonesia is difficult to overestimate. The country’s mining output jumped 35% to 936,000 tonnes in the first 11 months of 2021, according to the International Nickel Study Group.

This meteoric expansion should, in theory, mean a much improved availability of battery-grade materials and a consequent drop in demand for Class I nickel.

Most analysts are optimistic on prices for the first half of the year, but more cautious thereafter due to this wave of Indonesian construction supply.

The reality, however, can be more complicated.


What is mined and processed in Indonesia will not go anywhere near an exchange warehouse.

It won’t be in the right shape to qualify for exchange delivery, meaning its impact on the market will be muted until it displaces enough Class I metal to keep visible stocks from slipping. .

In the meantime, the price of nickel will be determined by how much or how much of the metal is in the exchange warehouses.

A more fundamental question, perhaps, is whether Indonesia’s nickel rush will do much to satisfy Western demand for battery-grade metal.

The country’s production sector is dominated by Chinese entities, which means most of the additional nickel supply will eventually flow to Chinese battery makers to meet domestic demand.

Even if Western players wanted to bulk up, it’s not clear that their end customers, the automakers, would want them to.

Indonesian nickel has a high carbon footprint due to the energy-intensive processing route and the fact that coal is an essential part of the country’s energy mix.

Also there is heightened scrutiny -boom of wider environmental and social impacts of nickel mining in Indonesia.

Tesla has off-take agreements with BHP Group for Australian nickel, Trafigura for Caledonian nickel and Talon Metals for metal mined in the United States.

That says a lot about where the green pioneer thinks they can get green metal.

If other automakers come to the same conclusion, the impact of the supply surge in Indonesia could be significantly mitigated outside of China.

Ironically, just as Tsingshan closes the chemical gap between Class I and other forms of nickel, the end-user market gap could widen.

The opinions expressed here are those of the author, columnist for Reuters.

(Editing by David Clarke)

China plans to feed 80 million people with ‘seawater rice’ Sat, 19 Feb 2022 11:00:22 +0000

(Bloomberg) —

Bloomberg’s Most Read

Jinghai District in northern China is not a rice-growing paradise. Located along the coast of the Bohai Sea, more than half of the region’s land consists of saline and alkaline soils where crops cannot survive. Yet last fall, Jinghai produced 100 hectares of rice.

The secret to this bountiful harvest lies in new salt-tolerant strains of rice developed by Chinese scientists in hopes of ensuring food security threatened by rising sea levels, increased demand for cereals and supply chain disruptions.

Known as “saltwater rice” because it is grown in salty soil near the sea, the strains were created by overexpressing a selected wild rice gene that is more resistant to salt solution and to alkalis. The trial fields in Tianjin – the municipality that encompasses Jinghai – recorded a yield of 4.6 metric tons per acre last year, above the national average for producing standard rice varieties.

The breakthrough comes as China seeks ways to secure its food and energy supplies, as global warming and geopolitical tensions make imports less reliable. The nation has one-fifth of the world’s population and as many mouths to feed, with less than 10% of the Earth’s arable land. Meanwhile, grain consumption is increasing rapidly as the country becomes wealthier.

“Seeds are the ‘chips’ of agriculture,” said Wan Jili, director of the Qingdao Saline-Alkali Tolerant Rice Research and Development Center, drawing a parallel between the crucial role semiconductors play in developing new technologies and their role in ongoing development. trade war between the United States and China. Seawater rice could help improve China’s grain production in the face of an “extremely complicated situation regarding climate change and global food security”, she said.

China has been studying salt-tolerant rice since at least the 1950s. But the term “saltwater rice” only began to gain mainstream attention in recent years after the late Yuan Longping, once the the nation’s top agricultural scientist, began researching the idea in 2012.

Yuan, known as the “Father of Hybrid Rice”, is considered a national hero for boosting grain harvests and saving millions of people from hunger through his work on high-yielding hybrid rice varieties in the years 1970. In 2016, he selected six locations across the country with different soil conditions that were turned into test fields for salt-tolerant rice. The following year, China established the research center in Qingdao where Wan works. The institute’s goal is to harvest 30 million tons of rice using 6.7 million hectares of dry land.

“We could feed another 80 million people” with salt-tolerant rice, Yuan said in a documentary released in 2020. “Agricultural researchers like us should take responsibility for maintaining food security,” he said. to a local newspaper in 2018.

Climate change has made the task more urgent. China’s coastal waters have risen faster than the global average over the past 40 years, a worrying trend given the country’s heavy reliance on its long, low eastern coast for grain production. Successful cultivation of salt-tolerant rice on a large scale would allow the country to make more use of the region’s increasingly saline land.

According to the Intergovernmental Panel on Climate Change, global sea levels could rise by up to 59 centimeters by the end of the century if the planet warms by 2 degrees Celsius. The oceans surrounding the United States will swell faster over the next three decades than over the past century, according to a report released this week by the National Oceanic and Atmospheric Administration.

President Xi Jinping has stressed in several recent meetings with senior government officials that securing the supply of primary goods is a “major strategic issue” given climate and geopolitical pressures. “The food of the Chinese people must be made by and stay in the hands of the Chinese,” he said at a meeting of the Politburo Standing Committee in December.

Chinese scientists are betting that land once considered barren can be turned into productive grain plots. About 100 million hectares of land in the country, roughly the size of Egypt, is rich in salts and alkalis. Meanwhile, arable land has shrunk by 6% from 2009 to 2019 due to urbanization, pollution and overuse of fertilizers.

To utilize the salty soil, farmers traditionally dilute their fields with copious amounts of fresh water. The approach is still commonly used in some coastal regions. But the method requires large amounts of water and often does not improve yields enough to make economic sense.

“China is currently studying another method to develop grain varieties that can withstand soil salinity,” said Zhang Zhaoxin, a researcher with China’s Ministry of Agriculture. While seawater rice has been mainly planted in trial fields so far, Zhang said he believes commercial cultivation will soon take off with government support.

The Qingdao research team said last October that they could achieve the goal of cultivating 6.7 million hectares of sea rice within ten years. In 2021, the group was put in charge of 400,000 hectares of land to develop the production of sea rice.

“If China can be more self-sufficient in staple foods, that would also be a contribution to global food security,” Zhang said. “The less China imports, the more other countries will have.”

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

Finance and accounting outsourcing market 2022-2030, by main key company profiles – Datamatics, Genpact, Vee Technologies, Accenture, Sutherland Global Services, Tata Consultancy Services (TCS) Thu, 10 Feb 2022 11:11:22 +0000

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GLOBAL MARKETS – Asian stocks fall as US jobs stunner hammers bonds Mon, 07 Feb 2022 02:00:01 +0000

* Asian stock exchanges:

* Nikkei Slips, Wall St Futures Flat; China is jumping

* Bonds deteriorated after U.S. jobs stun, CPI looms

* The euro keeps its gain after the hawkish turn of the ECB

By Wayne Cole

SYDNEY, Feb 7 (Reuters) – Asian stock markets generally eased on Monday after incredibly strong U.S. jobs data eased worries about the global economy but also raised the risk of a aggressive tightening by the Federal Reserve.

Geopolitics also remained a concern as the White House warned that Russia could invade Ukraine any day and French President Emmanuel Macron prepared for a trip to Moscow.

The cautious mood saw the broadest MSCI index of Asia-Pacific stocks outside of Japan plunge 0.1% in early trade. Japan’s Nikkei fell 0.9% and South Korea’s 0.8%.

Chinese markets came back from the Lunar New Year break with a rebound, with the blue chip CSI300 and the Shanghai Composite both up around 2% in morning trading, catching up on last week’s gains on the global stocks. The Hang Seng, who returned from the break on Friday, was flat.

S&P 500 and Nasdaq futures both fell slightly, after last week’s market turmoil saw Inc gain nearly $200 billion while Facebook owner Meta Platforms Inc , lost as much.

BofA analyst Savita Subramanian noted that the company’s forecast for 2022 had weakened significantly, with most stocks falling following earnings reports.

“Comments suggest worsening labor shortages and supply chain issues, with more headwind expected in the first quarter than in the fourth,” Subramanian said in a note. Since wages are the main cost component for companies, the pressure on margins was to continue.

January’s payrolls report showed annual growth in average hourly wages fell from 4.9% to 5.7%, while payrolls in previous months were revised up by 709,000 to change radically the hiring trend.

“The report not only indicated that the payroll was far higher than anyone could have imagined, but there was exceptional strength in earnings, which must add to growing concern among Fed officials about the pressure to the upside on inflation,” said Kevin Cummins, chief U.S. economist at NatWest Markets. .

Consumer price figures for January are due on Thursday and could well show core inflation accelerating at the fastest pace since 1982 to 5.9%.

As a result, the markets decided to price-fix with a one-in-three chance that the Fed could hike 50 basis points in March and the real rate outlook hitting 1.5% by the end of the year.

That sent two-year yields up 15 basis points for the week, the biggest rise since late 2019, and they last stood at 1.327%.

In currency markets, the euro continued to enjoy the glow of a newly hawkish European Central Bank as markets brought forward the likely timing of a first rate hike and propelled bond yields sharply higher.

Klaas Knot, president of the Dutch central bank and member of the ECB’s governing council, said on Sunday that he expects a rise in the fourth quarter of this year.

The single currency was in sight at $1.1456, having surged 2.7% last week in its best performance since early 2020. Technically, a break of resistance around $1.1482 would open the way for 1, $1600 and up.

The dollar fared better against the Japanese yen as the market still sees little chance of the Bank of Japan tightening this year. It was flat at 115.27 yen, while the euro was up at 132.06 yen after climbing 2.7% last week.

The euro’s wild swing left the US dollar index down at 95.436, after losing 1.8% last week.

Gold was a bit firmer at $1,808 an ounce, but is struggling to weather higher bond yields.

Oil prices rose near seven-year highs amid supply concerns due to freezing weather in the United States and ongoing political unrest among the world’s major producers.

Brent added another 32 cents to $92.97 a barrel, while U.S. crude rose 42 cents to $91.89.

(Additional reporting by Tom Westbrook. Editing by Sam Holmes and Lincoln Feast.)