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Speculators Cut Short Dollar Bets to Lowest Since July -CFTC, Reuters | Investing News

October 9, 2020

NEW YORK (Reuters) – Speculators reduced their net short dollar positions in the latest week to the lowest level since late July, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.

The value of the net short dollar position fell to $28.35 billion in the week ended Oct. 6, compared with a net short of $30.47 billion the previous week. U.S. net shorts hit a more than nine-year high of $33.68 billion in late August.

U.S. dollar positioning was derived from contracts of International Monetary Market speculators in the Japanese yen, euro, British pound, and Swiss franc, as well as the Canadian and Australian dollars.

In a broader measure of dollar positioning

that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real, and Russian ruble, the U.S. dollar posted a short position of $28.56 billion, down from net shorts of $30.41

Thai Petrochemicals Giant to Add Green Power to Cut Carbon Print

October 9, 2020

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(Bloomberg) — Indorama Ventures Pcl, the world’s top producer of material used in plastic bottles and polyester, plans to quadruple its use of renewable energy over the next decade as part of efforts to lower greenhouse gas emissions.

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The Bangkok-based company will increase solar, wind and other renewable energy sources at its more than 120 manufacturing facilities worldwide to 30% of it power bill in 2030, said Chief Sustainability Office Yash Lohia. That’s an increase from 6%, he said, adding the move will help the company’s efforts to reduce its carbon footprint.

“We are going to install more solar panels at our facilities in Thailand, India and many other countries,” Lohia, the 33-year-old son of Indorama’s billionaire founder Aloke Lohia, said in an interview Tuesday. “We will also buy more clean energy from other developers to demonstrate our effort to reduce greenhouse gas emissions.”

Thai power producers including

American Airlines CEO Says Co. Will Be Forced To Cut Flights Without New Relief Package: CNBC

October 8, 2020

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(RTTNews) – American Airlines Group Inc. (AAL) will be forced to discontinue service to additional U.S. markets unless new coronavirus relief package is received, CEO Doug Parker told CNBC on Thursday.

The airline has already cut service to 13 cities through the month of November.

The airlines received aid under the federal Payroll Support Program or PSP under the CARES Act passed by Congress in March, that banned furloughs. They were hoping for an additional $25 billion in funding.

However, House Speaker Nancy Pelosi on Thursday said that there won’t be a stand-alone airline aid package without a larger coronavirus stimulus package.

Early this month, with the expiration of US federal payroll program on September 30, American Airlines and United Airlines started to furlough their employees, that is expected to affect around 32,000 workers in total.

However, the companies in their memos to employees reportedly said they will be recalled

Strike Could Cut a Quarter of Norway’s Oil and Gas Output Next Week | Investing News

October 8, 2020

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OSLO (Reuters) – An oil workers strike in Norway could cut output by almost a quarter next week, operators said on Thursday, though the union behind the industrial action in western Europe’s biggest crude and gas producer said a resolution was possible.

In total, 966,000 barrels of oil equivalent per day were expected to go offline by Oct. 14, the Norwegian Oil and Gas Association (NOG) said, triple the level of outages so far due to the strike over pay and conditions.

The strike has helped lift benchmark Brent crude

above $43 a barrel this week and the prospect of more shutdowns was one of the factors behind a 2.6% jump on oil prices on Thursday, as well as higher gas prices.

Crude oil and natural gas liquids will account for about 70% of the planned cuts with natural gas making up almost 30%, a Reuters calculation based on Norwegian

Danske Bank to Cut 1,600 Jobs to Reduce Costs

October 8, 2020

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(Bloomberg) — Danske Bank A/S will cut 1,600 jobs as part of its ongoing effort to save money amid spiraling compliance costs and long-term negative interest rates.

a person standing in front of a building: Pedestrians pass a Danske Bank A/S bank branch in Aalborg, Denmark, on Monday, Sept. 14, 2020. Denmark is re-introducing a number of coronavirus-related restrictions following the worst spike in infections since the height of the pandemic.

© Bloomberg
Pedestrians pass a Danske Bank A/S bank branch in Aalborg, Denmark, on Monday, Sept. 14, 2020. Denmark is re-introducing a number of coronavirus-related restrictions following the worst spike in infections since the height of the pandemic.

“It is never easy to reduce the number of colleagues, and we will do our best to ensure that we do this in the most decent and respectful way,” Chief Executive Officer Chris Vogelzang said in a statement on Thursday. “However, we need to adapt to the structural changes that the financial sector is experiencing.”

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Danske is still being investigated for a vast money laundering scandal, which triggered a jump in the lender’s compliance costs. More recently, Denmark’s biggest bank admitted it overcharged

Car insurance UK: Road users can ‘cut the costs’ and reduce monthly premiums with this tip

October 8, 2020

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Car insurance customers could secure top savings if they are registered on the electoral roll as companies could view this as a sign of stability. Experts at uSwitch claim that simply appearing on the electoral roll can add up to 50 points on your Experian credit score.

Credit history is vital for insurance policies with those showing poor scores more likely to male claims on a policy.

Because of this, costs are traditionally higher for those with poor credit ratings meaning bringing this score down is vital to secure affordable terms.

Experts at uSwitch claim that signing up to the electoral roll is one of the easiest ways to instantly boost credit ratings which will run down to premium costs.

uSwitch spokesperson Florence Codjoe said taking some simple steps could see drivers “cut the cost” of their policy.

READ MORE: Car insurance: Getting married can reduce yearly costs

This can

Greene King to cut around 800 jobs and shut 79 pubs following 10pm curfew

October 7, 2020

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Greene King called on the government to provide support to prevent further pub closures and job losses. Photo: PA

Pub company Greene King has announced plans to axe around 800 jobs and shut 79 of its pubs after business declined due to the introduction of 10pm hospitality curfew.

A spokeswoman for Greene King said: “The continued tightening of the trading restrictions for pubs, which may last another six months, along with the changes to government support was always going to make it a challenge to reopen some of our pubs.

“Therefore, we have made the difficult decision not to reopen 79 sites, including the 11 Loch Fyne restaurants we announced last week.

“Around one-third will be closed permanently and we hope to be able to reopen the others in the future.”

WATCH: What are the new COVID-19 measures for pubs?

The UK’s largest pub retailer and brewer runs about 1,700

Top global traders push to cut shipping emissions

October 7, 2020

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By Jonathan Saul

a large ship in the water: FILE PHOTO: Shipping containers sit at the Port of Long Beach in Long Beach, California

© Reuters/Bob Riha Jr
FILE PHOTO: Shipping containers sit at the Port of Long Beach in Long Beach, California

LONDON (Reuters) – Some of the world’s biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry’s carbon footprint.

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About 90% of world trade is transported by sea, and the UN shipping agency – the International Maritime Organization (IMO) – aims to reduce overall greenhouse gas emissions by 50% from 2008 levels by 2050.

Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, the latest IMO-commissioned study showed, mounting pressure on the industry to bring levels down.

Under the Sea Cargo Charter, 17 companies, including agrigroups Cargill, ADM and Bunge, oil majors Royal Dutch Shell and Total and

Unite decides to cut Labour affiliation money amid frustrations

October 7, 2020

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Image caption

Len McCluskey (pictured) has expressed concern about the direction the Labour Party is taking

A meeting of the Unite union executive has decided to cut its affiliation money to the Labour Party by about 10%, BBC Newsnight understands.

Unite is the Labour Party’s single biggest donor, providing the party with millions in funding every year.

But there is anger in the union about Labour’s direction under Sir Keir Starmer with a source saying he and his inner team were “just not listening”.

The Labour Party has so far not commented on the decision.

Unite threatens to review donations to Labour
Labour pays damages to anti-Semitism whistleblowers

Len McCluskey, general secretary of Unite, was a major ally of the former Labour leader, Jeremy Corbyn, and is a stalwart of the party’s Left.

Ahead of the meeting of Unite’s executive, he told Newsnight another cut in funding might happen if

ExxonMobil To Cut European Workforce 11% With 1,600 Layoffs

October 5, 2020

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ExxonMobil has struggled amid a drop in crude price globally as well as the shift... — ExxonMobil has struggled amid a drop in crude price globally as well as the shift to renewable energy

BRUCE BENNETT

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US oil and gas giant ExxonMobil announced Monday it would slash 1,600 jobs in Europe, more than 11 percent of its workforce in the region, as it struggles with the hit from the coronavirus downturn.

“The impact of Covid-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work,” the Texas-based company, said in a statement.

The company said the job cuts would happen by the end of next year but did not any additional details saying only that “Country-specific impacts will depend on the company’s local business footprint and market conditions.”

Facing decreased demand for crude caused by the coronavirus pandemic as well as the growing shift to green energy, ExxonMobil has seen its share value on Wall Street plummet by more

ExxonMobil has struggled amid a drop in crude price globally as well as the shift to renewable energy