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Royal Bank of Canada: Lowered its target price for Broadcom (AVGO.O) to $340 from $370.On March 2nd, Canadian Prime Minister Mark Carney met with Indian Prime Minister Narendra Modi in New Delhi, aiming to repair bilateral relations. Both leaders hoped to reach an agreement to boost trade and supply chains. They are expected to announce an agreement to expand Canadian uranium exports to India and finalize the scope of negotiations for a trade agreement, highlighting their efforts to diversify their trade partnership and reduce reliance on the United States. Carneys four-day visit to India marks an attempt by both countries to repair bilateral relations, which have been severely strained in recent years. Over the past year, the two sides have engaged in closed-door cooperation to strengthen cooperation and information exchange on security-related issues. The two leaders have also been working to enhance cooperation in trade and technology. Canada has previously stated that it expects a trade agreement between the two countries to double bilateral trade to C$70 billion by 2030.March 2nd - The Ministry of Transport released data on the smooth operation of national logistics from February 23rd to March 1st. National railways transported 72.102 million tons of freight, a 9.77% increase compared to the previous period; 32.717 million trucks traveled on national expressways, a 229.69% increase; monitored ports handled 234.892 million tons of cargo, a 25.2% increase, and 5.952 million TEUs of containers, a 6.42% increase; civil aviation handled 137,000 flights (including 3,087 cargo flights, comprising 2,162 international and 925 domestic cargo flights), a 4.31% increase; postal and express delivery volume reached approximately 4.231 billion pieces, a 424.94% increase; and delivery volume reached approximately 3.543 billion pieces, a 462.38% increase.March 2nd - Analysts say the US dollar strengthened against most currencies in Asian trading hours as potential conflicts in the Middle East could trigger demand for immediate liquidity. Vishnu Varatan, head of macro research at Mizuho Securities, stated that the dollar is likely to maintain its buying advantage due to the "cash is king" mentality. This could be further reinforced by the greater weakness of the euro and most other non-oil currencies, which are increasingly vulnerable to Middle East geopolitical risks and have greater susceptibility to negative impacts on energy security under high energy costs.Bank of Japan Deputy Governor Ryozo Himino: Even if the overall inflation rate falls below 2%, we may still raise interest rates to a neutral level if we judge that underlying inflation is accelerating toward our price target.

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.