Agricultural Bank News

A deal allowing Ukraine to export grain via the Black Sea will expire at the end of Monday after Russia said it will suspend its participation.The deal, brokered by the United Nations and Turkey last July, aimed to alleviate a global food crisis by allowing Ukrainian grain blocked by the Russia-Ukraine conflict to be exported safely.WHY IS IT IMPORTANT?Ukraine is a major producer of grains and oilseeds and the interruption to its exports at the outbreak of war pushed global food prices to record highs.

Russia refused on Monday to extend the agreement that has enabled Ukraine to export grain from its Black Sea ports for the past year, complaining that promises to free up its own shipments of food and fertilisers had not been kept.Russia's Foreign Ministry said it had notified Ukraine, Turkey and the United Nations that "without Russia's participation, the 'Black Sea Initiative' ceases to function from July 18".This meant the withdrawal of safety guarantees for shipping, the ending…

The European Commission is helping the United Nations and Turkey try to extend a deal allowing the Black Sea export of Ukraine grain and is open to "explore all solutions," a European Union spokesperson said on Thursday, ahead of the deal's possible expiration on Monday.The U.N. and Turkey brokered the Black Sea Grain Initiative with Russia and Ukraine in July 2022 to help alleviate a global food crisis worsened by Moscow's invasion and blockade of Ukrainian ports. Ukraine and…

U.N. Secretary-General Antonio Guterres has proposed to Russian President Vladimir Putin that he extend a deal allowing the safe Black Sea export of grain from Ukraine in return for connecting a subsidiary of Russia's agricultural bank to the SWIFT international payment system, sources told Reuters.Russia has threatened to ditch the grain deal, which expires on Monday, because several demands to dispatch its own grain and fertilizer abroad have not been met. The last two ships…

A deal allowing Ukraine to export grain via the Black Sea expires on July 17 and with Moscow saying it sees no grounds for an extension there are fears it may collapse.Why is it important?Ukraine is a major producer of grains and oilseeds and the interruption to its exports at the outbreak of war pushed global food prices to record highs. The current deal, agreed in July 2022 some five months after the war started, helped to bring down prices and ease a global food crisis.Ukraine grain has also played a direct role with 725…

The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday.With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said.The European Commission had no comment while the Kremlin on Monday, in response to a question about the report, said it had…

United Nations Secretary-General Antonio Guterres said on Monday he is concerned that Russia will on July 17 quit a deal allowing the safe wartime export of grain and fertilizers from three Ukrainian Black Sea ports.Moscow has been threatening to walk away from the deal known as the Black Sea grain initiative - brokered by the United Nations and Turkey in July last year - if obstacles to its own grain and fertilizer shipments are not removed."I am concerned and we are working…

The United Nations expressed concern on Monday that Ukraine's Black Sea port of Pivdennyi (Yuzhny) has not received any ships since May 2 under a deal allowing the safe wartime export of grain and fertilizer.U.N. spokesman Stephane Dujarric did not say who was to blame for the lack of ships traveling to the port, near Odesa, which is also where Russia used to pump up to 2.5 million tonnes of ammonia annually for export via a pipeline from Togliati.That pipeline has been shut down since Moscow's February 2022 invasion of neighboring Ukraine.

The Black Sea grain corridor designed to ensure the safe supply of Ukrainian food to world markets has not yet resumed operation despite statements by Turkey and Russia on extending the agreement, a senior Ukrainian official said on Thursday.The deal has been extended for two more months, in what U.N. Secretary-General Antonio Guterres hailed on Wednesday as “good news for the world,” a day before Russia could have quit the pact over obstacles to its grain and fertiliser exports.“This was announced yesterday…

The Kremlin has said the outlook is "not so great" for extending beyond May 18 a deal that allows the safe wartime export of grain from some Ukrainian Black Sea ports, raising concerns over what happens next with the U.N.-backed sea corridor.The deal has helped to tackle a global food crisis that U.N. officials said had been worsened by the most deadly war in Europe since World War Two.Reached in July last year, it created a protected transit corridor to enable exports to resume from three ports in Ukraine…

Russia on Thursday said there would be no extension of the UN-brokered Black Sea grain deal beyond May 18 unless the West removed a series of obstacles to the export of Russian grain and fertilizer.The Ukraine grain Black Sea export deal was brokered by the United Nations and Turkey in July last year to help alleviate a global food crisis worsened by conflict disrupting exports from two of the world's leading grain suppliers."Without progress on solving five systemic problems...there is no need to talk about the further extension of the Black Sea initiative after May 18…

The Kremlin on Wednesday said the outlook for the landmark U.N.-brokered Black Sea grain deal was not great as promises to remove obstacles to Russian agricultural and fertilizer exports had not been fulfilled.The grain deal is an attempt to ease a food crisis that predated the Russian invasion of Ukraine, but has been made worse by the most deadly war in Europe since World War Two.The agreement was first signed by Russia, Ukraine, Turkey and the United Nations in July last year and has twice been extended.On paper…

Russia warned the West on Friday that unless obstacles to its exports of grain and fertilisers were removed, then Ukraine would have to export grain over land and Moscow would work outside the UN-brokered landmark grain export deal.The Black Sea grain deal is an attempt by the United Nations to ease a food crisis that predated the Russian invasion of Ukraine, but was made worse by the most deadly war in Europe since World War Two.The deal, first signed by Russia, Ukraine, Turkey…

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

China National Nuclear Power Co Ltd said it plans to sell shares publicly in Shanghai aiming to raise 16.3 billion yuan ($2.60 billion), the first initial public offering from the industry as China resumes expansion on its nuclear power capacity. The listing, if approved by the securities regulator, could also the biggest mainland listing since Agricultural Bank of China Ltd debuted in July 2010, and comes after China restarted its IPO market this year. Guotai Junan Securities Co Ltd has also applied for an IPO in Shanghai that could raise nearly 22 billion yuan, according to Reuters calculations. The state-owned China National Nuclear plans to sell 3.651 billion shares…

According to a report from Finance Asia, the Chinese shipbuilder, Rongsheng Heavy Industries, raised $1.8b after pricing in the lower half of the range, in what was also Hong Kong’s third largest initial share offering this year after AIA Group and Agricultural Bank of China. (Source: Finance Asia)

Hellenic Industrial Bank was outperforming the Athens bourse on Wednesday on expectations it will soon sell its majority stake in Skaramanga shipyards, analysts said. ETBA, which owns 51 percent of Hellenic Shipyards Skaramanga, said late on Tuesday it would start negotiations with German shipyard HDW Werft, which was the highest bidder in the privatization of the shipyard. ETBA shares were up 3.81 percent to $5.27, outperforming the Athens bourse's benchmark general index, which was down 0.92 percent, and the banking sector index, which was down 1.45 percent. "Procedures concerning Skaramanga are being sped up, and this could accelerate the privatization of ETBA Bank as well," said Costas Vergos, analyst at Magna Trust Securities.

Hellenic Industrial Bank (ETBA) was outperforming the Athens bourse on expectations it will soon sell its majority stake in Skaramanga shipyards, analysts said. ETBA, which owns 51 percent of Hellenic Shipyards Skaramanga, said it would start negotiations with German shipyard HDW Werft, which was the highest bidder in the privatization of the shipyard. ETBA shares were up 3.81 percent to 6.00 euros at 1102 GMT, outperforming the Athens bourse's benchmark general index, which was down 0.92 percent, and the banking sector index which was down 1.45 percent. "Procedures concerning Skaramanga are being sped up, and this could accelerate the privatization of ETBA Bank as well," said Costas Vergos, analyst at Magna Trust Securities.

Sinopacific Shipbuilding Group, Leading the Supramax Bulk Carrier Market, Secures Order for 4+2 Crown 63 Ships. Sinopacific Shipbuilding Group secured an order for 4+2 Crown 63 (63,500 DWT) Supramax bulk carriers from a foreign ship owner on October 8. The Crown 63 is a new generation bulk carrier which is self designed by Sinopacific Shipbuilding Group. This ship became the focus of attention from around the shipping world as soon as it was introduced on the market, and many orders were quickly received for it.

"The company filed for bankruptcy in mid-June as it is unable to meet its debt obligations of over 300 million yuan ($47.1 million),"  Yu Shengyue, director of No. 2 Civil Tribunal of the People's Court of Wenling county where the company is based, informed 'Global Times', . The major creditors include the local branches of Construction Bank of China, Agricultural Bank of China, Bank of China and Zhejiang Materials Industry Group Corp, a State-owned logistics company, according to Yu. "The debtor and the creditors are considering reorganization, because the shipbuilding industry is not in good shape and the outlook is not optimistic, either. The company still has a ship order to be delivered," he said.