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On August 21, the Chongqing Municipal Peoples Government issued the "Chongqing Municipal 15th Five-Year Plan for the Construction of a Beautiful Chongqing (2026-2030)," which proposes to promote the low-carbon upgrading of transportation equipment. The plan calls for actively promoting new energy vehicles, advancing the electrification of public sector vehicles, and promoting the application of pure electric and hydrogen fuel cell commercial vehicles. It also calls for the construction of zero-carbon transportation corridors, establishing "zero-carbon corridors," implementing the scrapping and replacement of old operating vessels, and promoting new energy and clean energy-powered vessels. Furthermore, it aims to promote energy-saving and carbon-reducing retrofits of existing transportation infrastructure and construct a number of low-carbon stations, wharves, and highway service areas.Market news: Members of the SK Hynix South Korean labor union will vote on the provisional wages and labor agreement for 2026 from August 24 to 25.On August 21, analysts at Daiwa Capital Markets noted in a report that European Central Bank policymakers may have been somewhat relieved so far by the relatively limited indirect impact of the energy shock on other commodity prices. "Of course, the pressure is mainly concentrated in the early stages of the production chain and in industries most vulnerable to oil and gas prices," they stated. However, with wholesale oil and gas prices rising again in recent weeks, the risk of further exacerbation of the indirect transmission effect and a second round of price impacts lasting longer is also increasing.The Ukrainian border guard service said that Russian drones attacked a border crossing in Moldova last night.On August 21st, economists at Sumitomo Mitsui Nikko Securities stated that the Bank of Japan (BOJ) is likely to raise its policy rate from the current 1% to 1.25% at its next meeting in September. They noted that the BOJ is expected to raise rates again in January and June 2027, eventually reaching a policy rate of 1.75%. They added, "After next summer, import-driven inflationary pressures are expected to ease, making it unlikely that the BOJ will raise the policy rate to 2%—a level higher than the markets average estimate of the neutral rate." The overnight index swap market currently indicates an 84% probability of a BOJ rate hike in September, with two more hikes expected by early 2027.

FTC sues pesticide-makers for price-fixing

Haiden Holmes

Sep 30, 2022 10:54

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The FTC sued two pesticide makers Thursday for allegedly negotiating exclusive distribution deals that raised farmer prices.


Russia's invasion of Ukraine caused rising costs and supply chain disruptions, Reuters reported.


FTC: Syngenta and Corteva Inc. bribed distributors not to give farmers generic insecticides, herbicides, and fungicides.


The agency official said farmers paid 20% more for firms' products, or hundreds of millions of dollars a year.


FTC Chair Lina Khan said these companies bribed distributors to keep generic providers from the market.


Syngenta's Saswato Das said the discounts were "voluntary and industry-standard."


Syngenta disagrees with the FTC's complaint, which is contrary to facts and law, said Das. "We're disappointed the FTC didn't acknowledge rebate programs' benefits for our channel partners and producers."


Corteva spokeswoman Kris Allen dismissed the complaint.


"We'll defend Corteva's antitrust-legal customer marketing," Allen said.


10 AGs joined the FTC action.


As prices rise, farmers seek alternatives to chemical herbicides and pesticides.


This year, the USDA solicited public input on pesticide, seed, and fertilizer competition.

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