China to step up oil and gas exploration, facilities construction – state media
Nov 3 (Reuters) – China said it would step up its exploration of oil and gas, and speed up the construction of oil and gas storage facilities, the Communist Party said on Tuesday, according to the official Xinhua News Agency.
It will also accelerate the construction of trunk oil and gas pipelines, the Communist Party said.
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Oil Prices Climb On Weaker Dollar
Oil prices rose sharply on Tuesday, with a weaker dollar and expectations that OPEC+ will postpone its planned easing of output cuts in January adding to the positive sentiment.
Benchmark Brent crude jumped 3.6 percent to $40.39 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 3.9 percent at $38.26.
The dollar edged lower amid expectations that Democratic Party candidate Joe Biden might push for a bigger U.S. stimulus and take a freer approach to trade, if he unseats President Donald Trump.
National polls give a firm lead to Joe Biden, but it is a closer race in key battleground states.
OPEC+ is scheduled to meet on Nov. 30 and Dec. 1 to discuss production plans. It is expected that the meeting will decide on delaying plans to ramp up output.
On Monday, Energy Minister Alexander Novak met with Russian producers to discuss delaying an easing of production cuts by three months as demand falters.
OPEC and allied producers agreed in April to withhold 9.7 million barrels a day or about 10 percent of global supply, from the market to help raise prices out of a historic slump caused by the coronavirus pandemic.
As the global economy recovered, the coalition eased those curbs by 2 million barrels a day in August.
China will step up counter-cyclical adjustments to economy over next 5 years – Xinhua
BEIJING, Nov 3 (Reuters) – China will step up counter-cyclical adjustments to the macro economy and push research and development of China’s sovereign digital currency, the Communist Party said on Tuesday, according to the official Xinhua News Agency.
China will also push yuan internationalisation and safeguard Chinese companies’ legal interests overseas, the party said in its recommendations for economic and social development over the next five years.
New French lockdown to reduce economic activity by about 15% – Finance Ministry source
PARIS, Nov 3 (Reuters) – The new four-week lockdown to curb the spread of COVID-19 in France is expected to reduce economic activity by about 15%, a Finance Ministry source said on Tuesday.
“We expect a much more moderate impact than that (the lockdown) of April, notably in France,” the source said.
While the April lockdown cut business activity by some 30%, the impact this time would “more around 15%”, the source added
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Bunge To Sell Refinery In Rotterdam To Neste In EUR 258 Mln Deal – Quick Facts
Agribusiness and food company Bunge Ltd. (BG) announced Tuesday that its B2B edible oils business Bunge Loders Croklaan JV has entered into an agreement to sell its refinery in Rotterdam to Neste Corp. for 258 million euros in cash, excluding working capital.
The sale is expected to close in the first quarter of 2021, subject to regulatory approvals.
Bunge will lease back the facility from Neste in a phased transition through 2024 in order to continue to supply its customers with its products.
Bunge plans to use a portion of the sale proceeds to reinvest in its asset footprint to reach greater operational flexibility and efficiency.
Greg Heckman, Bunge’s Chief Executive Officer, said, “This transaction supports our long-term strategy in value-added oils and oilseeds-based ingredients by enabling us to further enhance our footprint in an innovative and sustainable way.”
When is the president announced?
The 2020 state of play
How the state of the race looks just days before the 2020 presidential election; the panel reacts on ‘Bill Hemmer Reports’
While Americans are used to learning who is elected president on election night, the election process is not actually completed that quickly.
Presidential winners are usually announced on election night because news organizations like Fox News or The Associated Press have enough information to accurately project a winner.
However, each state will continue to count the popular vote and certify the results in the days and even weeks after Election Day. States have varying deadlines on when they meet to certify the results.
Those results are then delivered to the Capitol, where on Jan. 6, 2021, the Senate and House of Representatives will meet for a joint session in the House chamber to count the electoral votes.
When the votes have been counted and one ticket has received a majority of 270 or more electoral votes, the vice president, who presides as president of the Senate, will announce the results.
Those results “shall be deemed a sufficient declaration of the persons, if any, elected President and Vice President.”
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With the results official, the winning ticket will be inaugurated as president and vice president on Jan. 21, 2021.