Two sanctioned supertankers laden with Iranian crude have dropped anchor off Indian ports, marking what could be the first such cargoes to arrive in the country in nearly seven years, just as the US escalates efforts to curb Tehran’s exports. India hasn’t received Iranian oil since 2019, because of US sanctions. A waiver last month, however, allowed purchases of crude already on the water, a bid t...
Two sanctioned supertankers laden with Iranian crude have dropped anchor off Indian ports, marking what could be the first such cargoes to arrive in the country in nearly seven years, just as the US escalates efforts to curb Tehran’s exports. India hasn’t received Iranian oil since 2019, because of US sanctions. A waiver last month, however, allowed purchases of crude already on the water, a bid to ease the impact of the war in the Middle East on global supply. The world’s third-largest crude importer has since said it would buy cargoes from Iran, among other countries, to navigate the energy crisis. It is unclear how US President Donald Trump’s plan to blockade vessels coming through the Strait of Hormuz — an effort to choke off Iranian shipments after peace talks broke down — will impact the waiver or existing purchases. The Felicity has dropped anchor off Sikka in western India late Sunday, ship-tracking data show. A very-large crude carrier that’s owned by the National Iranian Tanker Company, according to database Equasis, it is laden with 2 million barrels of Iranian crude that it lifted from the oil-export hub of Kharg Island in mid-March. The Jaya began signaling on Sunday that it is moored near Paradip on India’s east coast. The ship had picked up 2 million barrels of crude from Kharg Island in late February before the US and Israel began attacking Iran. Jaya’s owner is listed as unknown on Equasis, a common feature of the shadow tankers serving Tehran’s oil industry. The US had allowed the temporary sale of Iranian oil and petrochemical products already loaded on tankers in late March, as it sought to put a lid on rising oil prices due to the Middle East war. Under the waiver, state-owned refiner Indian Oil Corp. has purchased a cargo of Iranian oil, Bloomberg reported last week, though the vessel was not named. The buyers of the two shipments are unclear. IOC runs operations that use Paradip for crude deliveries. Reliance Industries Ltd. uses Sikka, as doe...
China has launched a national action plan to embed AI across its education system, in a strategic push to future-proof its workforce amid intensifying global competition in advanced technologies. The “AI+ Education” action plan, unveiled by the Ministry of Education and four other ministerial-level bodies, mandates the integration of artificial intelligence at every stage of learning – from primar...
China has launched a national action plan to embed AI across its education system, in a strategic push to future-proof its workforce amid intensifying global competition in advanced technologies. The “AI+ Education” action plan, unveiled by the Ministry of Education and four other ministerial-level bodies, mandates the integration of artificial intelligence at every stage of learning – from primary schools to lifelong education. The initiative builds on China’s long-term education plan to the...
Shares in Chinese rare earth companies advanced after key producers announced a sharp increase in second-quarter product prices, signaling tighter supply conditions and stronger demand amid heightened geopolitical tensions. Inner Mongolia Baotou Steel Union Co. rose as much as 8.5%, while China Northern Rare Earth Group High-Tech Co. gained 3.1% at one point and China Rare Earth Resources and Tech...
Shares in Chinese rare earth companies advanced after key producers announced a sharp increase in second-quarter product prices, signaling tighter supply conditions and stronger demand amid heightened geopolitical tensions. Inner Mongolia Baotou Steel Union Co. rose as much as 8.5%, while China Northern Rare Earth Group High-Tech Co. gained 3.1% at one point and China Rare Earth Resources and Technology Co. added 2.5%. The moves followed company filings by China Northern Rare Earth and Baotou, which set second-quarter concentrate prices at 38,804 yuan ($5,678) per metric ton, up about 45% from the first quarter. The hike comes amid escalating tensions over rare earths in the past year, as Beijing tightened export controls and introduced licensing regimes, disrupting global supply chains. The US and its allies have stepped up efforts to diversify supply, with access to rare earths set to be a key focus when President Donald Trump meets Chinese leader Xi Jinping on May 14-15. The increase marks the largest quarterly jump since China reformed its rare earth pricing mechanism in 2023, according to data compiled by Bloomberg based on company filings.
memoriesarecaptured/iStock Editorial via Getty Images Shares of Scotts Miracle-Gro ( SMG ) have been a solid performer over the past year, gaining over 20%. After years of struggles that left the company with a weak balance sheet, SMG has made material progress in reducing leverage, optimizing inventory, and exiting an ill-fated venture into the cannabis supply business. I last covered shares in N...
memoriesarecaptured/iStock Editorial via Getty Images Shares of Scotts Miracle-Gro ( SMG ) have been a solid performer over the past year, gaining over 20%. After years of struggles that left the company with a weak balance sheet, SMG has made material progress in reducing leverage, optimizing inventory, and exiting an ill-fated venture into the cannabis supply business. I last covered shares in November , rating SMG a “buy,” and shares have performed nicely since then, adding 11% while the market is down slightly. Shares reached my $68-70 price target and have since pulled back modestly. With updated financials and an ever-changing macro environment now is a good time to revisit Scotts Miracle-Gro. Seeking Alpha Now, given the recent developments in the Middle East, there has been concern about a potential slowdown in consumer spending as higher gasoline prices crowd out discretionary activity. While the duration of the disruption is unknowable, I expect prices to remain above pre-war levels for quite some time, given the magnitude of the lost output, and I view the risk as being a more prolonged disruption rather than a quicker return to normal. The first question is how this will impact demand for SMG’s lawn-and-garden oriented products. I would describe this segment as being “quasi-discretionary.” In other words, demand clearly has some linkage to economic activity, but spending is not nearly as discretionary as other categories, like travel. In particular, it depends on whether a recession is housing centric or not. If it is not, consumers often spend more time and more of their budget around their home. As you seen see below, spending in the category did not shrink during the 2001-2002 recession, and it actually surged during the COVID recession. However, in 2008-2010, spending plunged as foreclosures surged and the homeownership rate fell. St. Louis Federal Reserve To the extent we see an economic downturn, housing is unlikely to be the cause in my view. Hous...