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March 24th - ING economists stated that the Bank of Japan may ignore the recent slowdown in inflation and focus instead on price risks. Initial wage negotiations were encouraging, and the Middle East conflict appears to have had little impact. The decline in the preliminary PMI reflects recent oil supply shocks and a decrease in new orders, which has indeed increased concerns about the outlook. However, the overall data remains above 50, indicating that businesses believe geopolitical risks are temporary. Stubborn core inflation, PMI data, and wage negotiations increase the likelihood of an April rate hike, but the specific timing remains uncertain. The Middle East situation will play a key role in the Bank of Japans decision-making. If the situation stabilizes and there are no signs of a decline in production or consumption, an April rate hike would be more likely.Philippine Economic Planning Secretary: If oil prices continue to rise, this years inflation rate may exceed the target range of 2% to 4%.US Critical Minerals Advisor Kroon: The US will continue to provide financing support for Australias strategic metals projects.Fitch: If oil prices rise to $128 per barrel in the second quarter of 2026 and to $100 per barrel for the whole of 2026, some sovereign countries in the Asia-Pacific region may face negative rating pressure.On March 24, Li Chenggang, Vice Minister of Commerce and International Trade Representative, met with Temasek Holdings Chairman Zhang Zhixian on March 23. The two sides exchanged views on Chinas economic development, the international situation, and China-Singapore economic and trade cooperation. Li Chenggang stated that the current world is fraught with uncertainty, with rising unilateralism and protectionism, and escalating geopolitical conflicts severely disrupting the international economic and trade order and impacting international economic and trade cooperation. China firmly supports multilateralism and free trade, upholds the multilateral trading system with the World Trade Organization at its core, promotes a more just and reasonable international economic and trade order, and achieves inclusive economic globalization. Li Chenggang pointed out that Chinas formulation and implementation of the 15th Five-Year Plan will further promote high-level opening-up, using the certainty of high-quality development to address various uncertainties. China will continue to embrace the global market, focusing on building a super-large domestic market to provide more opportunities for multinational corporations. Temasek is welcome to continue investing in China to achieve win-win cooperation.

U.S. EPA Shortly to Announce Judgment on Small Refinery Biofuel Waivers

Charlie Brooks

Apr 07, 2022 09:40

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The EPA has accumulated a backlog of more than 60 requests for so-called Small Refinery Exemptions, which are sought by refineries that argue the cost of blending biofuels such as ethanol into their fuel could drive them out of business, following a 2020 court decision that narrowed the criteria for qualifying for the relief.


The EPA proposed in December to reject 65 outstanding SRE applications. According to the EPA's website, the agency currently has 69 outstanding SRE petitions.


According to the sources, the EPA is on the verge of announcing a decision on some or all of the outstanding SREs as soon as Thursday. It was unknown if the agency's conclusion would be consistent with the December suggestion.


The agency did not respond to a request for comment.


The EPA under former President Donald Trump significantly boosted such exemptions to refiners, infuriating biofuel producers who said the administration was misusing the program to benefit its oil business cronies at the cost of farmers. The EPA under Trump's administration refuted the assertion.


Oil refineries must either mix billions of gallons of corn-based ethanol and other fuels into the fuel pool or acquire credits from those that do. The initiative aims to assist farmers while also reducing fuel imports.

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