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Italian Industry Minister: The next EU summit will discuss energy reform, including revisions to the carbon emissions trading system.On March 4th, Converas Antonio Ruggiero noted in a report that the pound faces significant risks if the Middle East conflict continues. He stated that while it is too early to assess whether the conflict will have a substantial negative economic impact, its performance is particularly noteworthy given the UKs fragile political and economic backdrop. He believes that rising oil prices due to the war could drag down economic growth while pushing up inflation. "This will lead to lower tax revenues and increase government borrowing costs due to rising risk premiums," he pointed out, noting that the improved fiscal space announced in Tuesdays spring budget would become meaningless in this context.On March 4th, Federal Reserve Governor Milan stated that he believes continued interest rate cuts remain appropriate, as it is too early to assess the impact of the Middle East wars on the US economy. In an interview on Wednesday, Milan said, "I believe it is appropriate to continue taking action. So far, the events of the weekend have not caused me to change any of my forecasts for the labor market or inflation." Oil prices surged after the US-Israeli attacks on Iran over the weekend, and investors lowered their expectations for a Fed rate cut in 2026. Some Fed officials who spoke this week suggested that this increased uncertainty about the outlook—which Fed watchers interpreted as the central bank potentially keeping rates unchanged for a longer period. Even before the attacks on Iran, several officials highlighted signs of stabilization in the labor market, suggesting waiting for further signals that inflation would fall back to the 2% target before authorizing further rate cuts. Milan holds the opposite view. "When you look at the overall data for the labor market, I still have reason to believe it needs more support from monetary policy," he said.Israel Defense Forces: Missiles originating from Iran have been identified and the interception system has been activated.The Polish złoty rose slightly against the euro after the countrys central bank cut interest rates.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."


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