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Please note that we will be taking a brief
publishing holiday from December 24-29, and resuming next Thursday,
December 30.
All major US, European, and APAC equity indices closed higher.
US and benchmark European government bonds closed lower on the day.
European iTraxx and CDX-NA closed tighter across IG and high yield.
Oil, gold, and silver closed higher, copper was flat, and the US
dollar and natural gas were lower on the day.
Please note that we are now including a link to the profiles of
contributing authors who are available for one-on-one discussions
through our Experts
by IHS Markit platform.
Americas
All major US equity indices closed higher; Russell 2000 +0.9%,
Nasdaq +0.9%, S&P 500 +0.6%, and DJIA +0.6%.
10yr US govt bonds closed +4bps/1.50% yield and 30yr bonds
+6bps/1.91% yield. US bond markets closed at 1:00pm ET in
observance of the Christmas holiday.
CDX-NAIG closed -1bp/50bps and CDX-NAHY -4bps/292bps, which is
-3bps and -16bps week-over-week, respectively.
DXY US dollar index closed -0.1%/96.02.
Gold closed +0.5%/$1,812 per troy oz, silver +0.5%/$22.94 per
troy oz, and copper flat/$4.39 per pound.
Crude oil closed +1.4%/$73.79 per barrel and natural gas closed
-6.2%/$3.73 per mmbtu.
Siemens Gamesa along with Dominion Energy, has signed an
agreement for the delivery of offshore 176 SG 14-222DD wind
turbines and ten years of service for the 2.6GW Coastal Virginia
Offshore Wind (CVOW) commercial project. The agreement is still
subject to customary conditions including required governmental
permitting, which is expected to be successfully closed by the
first quarter 2023. This agreement has followed Siemens Gamesa was
named to be the preferred turbine supplier for the CVOW commercial
project in January 2020 and the conditional deal from May, when
Dominion Energy signed up for the company's SG 14-222 DD after
confirming the exact quantity of turbines to be deployed which was
subject to site conditions. Installation of the wind farm is
expected to begin off the coast of the Commonwealth of Virginia in
2024. The project is scheduled to be completed by 2026. (IHS Markit
Upstream Costs and Technology's Monish Thakkar)
US personal income increased 0.4% in November while real
disposable personal income (DPI) decreased 0.2% amid higher
consumer prices. Underlying the increase in personal income, wage
and salary income increased 0.5% in November. Wage and salary
income has essentially recovered to its pre-pandemic trend, up
12.5% over the last two years. (IHS Markit Economists Kathleen
Navin and Gordon Greer III)
Ongoing advance payments of the Child Tax Credit authorized
under the American Rescue Plan raised personal income by $223
billion (annual rate), roughly the same amount as in the previous
four months. Fewer unemployment insurance payments under
pandemic-era programs—which expired in early
September—continued to act as a drag on income.
Real personal consumption expenditures (PCE) were flat in
November, as real PCE for goods declined 0.8% and real PCE for
services increased 0.5%. The decline in real PCE for goods was
close to our estimate, while the increase in real PCE for services
was softer than we anticipated.
Virus-sensitive categories, such as food services and
accommodations, posted increases in November, suggesting concerns
arising from news of the Omicron variant of COVID-19 were not yet a
major factor in the November report.
The PCE price index increased 0.6% in November, and its
12-month change was 5.7%. Excluding food and energy, for which
prices rose strongly, the core PCE price index rose 0.5% in
November and 4.7% over 12 months.
The pandemic and elevated inflation remain headwinds for
household spending, but personal income growth, rooted in strongly
rising wages, is expected to support faster expansion in PCE in
coming months.
US manufacturers' orders for durable goods rose 2.5% in
November, outpacing the consensus expectation for a 1.5% increase.
Shipments of durable goods rose 0.7% and inventories of durable
goods rose 0.6%. (IHS Markit Ben
Herzon and Lawrence Nelson)
The advance report also includes estimates for nondurable
shipments and inventories, which rose 0.5% and 0.7%,
respectively.
Nominal figures in the manufacturing sector continue to be
boosted by rapid price gains. The producer price index (PPI) for
the net output of the manufacturing sector rose a stunning 15.3%
from December 2020 through November 2021. Using this as a deflator,
real manufacturers' shipments are actually down 3.9% on the year
(measured December through November).
Rapid price gains and reduced shipping volumes are both
symptoms of ongoing supply bottlenecks impacting the manufacturing
sector.
Core orders slipped 0.1% in November following an October
reading that was revised 0.2 percentage point higher. Through
November, these orders were about as expected.
Core shipments, on the other hand, rose 0.3% in November, which
was short of our assumption. Nevertheless, for all of this year,
core shipments have been considerably below core orders, as
manufacturers of these capital goods have been unable to keep pace
with orders. Unfilled orders for core capital goods, as a result,
have risen substantially.
The increase in manufacturers' inventories continued a solid
run of gains this year. But these gains have reflected surging
prices as well. Real manufacturing inventories have been trending
lower this year.
The US University of Michigan Consumer Sentiment Index rose 3.2
points from its November level to 70.6 in the final December
reading—recovering from the decade low it dropped to in
December. (IHS Markit Economists Akshat Goel and William Magee)
The present situation index rose 0.6 point to 74.2 and the
expectations index jumped 4.8 points to 68.3.
The increase in consumer sentiment in December was driven by
significant gains among households with incomes in the bottom half
of the distribution. While the index of sentiment for households
earning over $100,000 per year declined 2.1 points, that for
households earning below $100,000 per year jumped 7.5 points.
According to the report, the uptick in sentiment among the bottom
half was the result of an expectation of a substantial increase in
income in the year ahead.
Elevated inflation remains the foremost drag on sentiment. At
6.8%, the 12-month increase in the consumer price index (CPI) in
November was the fastest since 1982, with energy prices up a
stunning 33.3%. The median expected one-year inflation rate in the
University of Michigan survey edged down from 4.9%—its highest
level since 2008—to 4.8%.
The indexes of buying conditions for large household durable
goods, automobiles, and homes improved in December but continue to
be held back by high prices and limited inventories.
Despite an improvement in sentiment this month, consumer
sentiment remains low and underscores the downside risks related to
a prolonged period of above-trend inflation. The emergence of the
Omicron variant is another downside risk; according to the report,
there were not enough data to capture the impact of the rapid
spread of the Omicron variant. Uncontrolled spread of the Omicron
variant and a continued increase in prices could sour consumer
sentiment and depress spending.
US new home sales shot up 12.4% in November to a 744,000-unit
seasonally adjusted annual rate. A double-digit sales increase
sounds impressive. This one is not because (1) it was not
statistically significant and (2) the Census revised down October's
reading by 83,000, which was more than November's 82,000-unit gain.
(IHS Markit Economist Patrick
Newport)
Sales for the previous three months were collectively revised
down a whopping 125,000 units. Last month, the prior three months
were revised down 75,000. Note: About one-fourth of new home sales
are imputed; these consist of homes sold before a permit is issued
and account for the lion's share of data revisions. The large
negative revisions in the past three month suggest that the
algorithm the Census is using to impute sales is off.
The median and average new home prices (three-month averages)
soared 18.1% and 18.9%, respectively, from a year earlier. From
2016 to just before the pandemic struck in early 2020, new home
prices hardly budged.
Meanwhile, builders' costs have also soared. The Census's
construction cost index for homes under construction (the
three-month average), which came out today (23 December), was up
14.9% in November.
Inventory—the number of homes for sale at the end of the
month—increased by 10,000 in November to a 13-year-high
402,000. Only 39,000 homes classified as inventory were completed;
inventory units still in the planning stage were 110,000.
In the third quarter of 2021, total state personal income
increased in 43 states, after historic losses during the previous
quarter. This resulted from sharp declines in transfer receipts
following an end to direct economic payments and reductions in
federally enhanced unemployment insurance payments. While transfer
payments continued to fall during the third quarter as states wound
down their enhanced UI programs the drop was much less severe, down
15.7% versus the 72.6% fall in the second quarter. Meanwhile, there
were notable expansions in net earnings and modest contributions
from dividends, interest, and rental income across the country as
state economic recoveries continued. On a state level, total
personal income growth was strongest in Kentucky, which added 6.7%
(annualized) thanks to a rise in earnings from the
healthcare/social assistance and transportation/warehousing
sectors. Close behind were Colorado (5.9%) and Utah (5.7%), with
gains driven by earnings in professional services and construction,
respectively. Among the eight states where personal income
contracted, the largest decline was in North Dakota, where personal
income fell by 4.3% (annualized), after experiencing the largest
drop in net earnings of any state due to a sharp contraction in
farm income. New Hampshire down -3.5%) and Vermont (down 1.9%) saw
the second and third worst income contractions during the third
quarter. New Hampshire saw the largest contraction in net earnings
during the quarter after a rapid contraction in the earnings for
the management of companies and enterprises. Vermont had the second
largest decline in transfer receipts, partly driven by the rapid
decline in unemployment insurance claims during the third quarter.
(IHS Markit Economist Alexander Minelli)
Cargill and Continental Grain's proposed merger with Sanderson
Farms is getting a close review by the Justice Department. Cargill
and Continental Grain announced a deal in August 2021 to acquire
Sanderson Farms. Under the proposed merger, Cargill and Continental
Grain will combine Sanderson Farms with Wayne Farms, a poultry
producer subsidiary of Continental Grain, to form a new, privately
held poultry business. (IHS Markit Food and Agricultural Policy's
Joan Murphy)
Sanderson Farms shareholders approved the $4.53 billion deal in
October but according to the company's filing with the US
Securities and Exchange Commission (SEC), the Department of Justice
is putting a hold on the deal to allow time to review the
merger.
In a December 21 filing with SEC, Sanderson Farms, the third
largest poultry producer, disclosed it has received a second
request by the Justice Department asking for more information as
federal regulators review the merger agreement.
Sen. Chuck Grassley (R-Iowa) wrote Richard Powers, acting
assistant attorney general for DOJ's Antitrust Division, on August
9 after the merger announcement to raise concerns about the poultry
processing deal.
"According to industry analysts, a combined Cargill-Continental
Grain-Sanderson Farms would control approximately 15% of the U.S.
chicken market," Grassley told DOJ. "I am concerned that continued
mergers and acquisitions in an already concentrated poultry
industry will increase consolidation, frustrate competition and
reduce marketing options. I also am concerned about the impact on
consumer choice and price of poultry products."
General Motors (GM) has announced plans to supply
electrification components for electric vehicle (EV) conversion
projects, commercial equipment, and marine applications. Some of
the elements of the announcement have been announced previously.
The aim of the plans is to generate revenue beyond new vehicle
sales, as well as to create new business models. In a company
statement, GM's vice-president of EV growth operations said, "GM
has an established strategy, network of integrators and
co-development agreements to apply an extensive array of components
and solutions to a broad range of customers and use cases. As
companies across many industries look to reduce their environmental
impact, GM is uniquely positioned to serve as a leader not only
through exciting new EVs across our brands, but through additional
technology applications, and we look forward to bringing customers
- existing and new - along with us on our zero-emissions journey."
In the statement, GM provided a series of examples of its expected
efforts, rather than a definitive list of products. Among these are
Electronic Connect and Cruise eCrate packages, the aim of which is
to enable customers to work with qualified installers to replace a
vehicle's ICE with a fully electric propulsion system. The
installers will work through GM's electric specialty vehicle
modifier (eSVM) program. GM has been exploring this idea with
previous proof-of-concepts including a Chevrolet S-10 pick-up
conversion called E-10 Pickup, the K-5 Blazer-E, the eCOPO Camaro,
and Project X. The most recent project is conversion of a 1972 El
Camino SS, on which GM worked with Lingenfelter Performance
Engineering. GM says the El Camino SS project is the first
independent installation of the eCrate package, due to be launched
in 2022. GM says that the new EV components business segment could
create a total addressable market of USD20 billion by 2030, and the
company looks to be part of that market. GM's plans are aggressive
and could have a substantial impact on its revenue, as well as
possibly help provide scale for some components and engineering
developments. In addition to creating the revenue stream, these
projects create opportunities for GM's engineering teams, including
in integration, battery development, control units, and other
areas, to expand their expertise and knowledge base. (IHS Markit
AutoIntelligence's Stephanie
Brinley)
Nikola has announced receipt of a letter of intent (LOI) from
Heniff Transportation to purchase 100 Nikola Tre battery-electric
trucks, with the first deliveries due in the first half of 2022.
According to a company statement, the purchase agreement is between
Heniff Transportation and Thompson Truck Centers as part of a
fleet-as-a-service business model. Thompson is to provide the
sales, service, maintenance, and energy infrastructure for
operating the Nikola Tre trucks. According to the statement, after
initial deployment of 10 units of the zero-emission trucks in their
bulk transportation operation, Heniff and Thompson agreed to
"pursue the placement" of an additional 90 units in Heniff's fleet.
Heniff has a fleet of more than 2,000 vehicles and 100 sites
connected nationwide. (IHS Markit AutoIntelligence's Stephanie
Brinley)
US electric vehicle (EV) manufacturer Rivian has delivered the
first R1S sport utility vehicles (SUVs) to CEO RJ Scaringe and
chief financial officer (CFO) Claire McDonough, according to a
company post on Twitter. The tweet states, "We made our first R1S
deliveries last week from our factory in Normal, IL [Illinois,
United States] to RJ and our CFO Claire. We're working towards
ramping production over the next few months on our way to full
volume production. Thanks to our team for all the hard work to make
it happen!" Although these first deliveries of the SUV have been
made to company executives, Rivian indicated last month that
deliveries of the R1S to non-employee customers would be delayed.
(IHS Markit AutoIntelligence's Stephanie
Brinley)
Europe/Middle East/Africa
All major European equity indices closed higher; Spain +1.2%,
Germany +1.0%, France +0.8%, Italy +0.7%, and UK +0.4%.
10yr European govt bonds closed sharply lower; Germany/UK +4bps
and Italy/France/Spain +5bps.
iTraxx-Europe closed -1bp/48bps and iTraxx-Xover -6bps/244bps,
which is -2bps and -10bps week-over-week, respectively.
Brent crude closed +1.8%/$76.64 per barrel.
Commercial vehicle (CV) registrations in the European Union
(EU) have declined again during November, as the semiconductor
shortage continues to drag on vehicle supply. According to data
published by the European Automobile Manufacturers' Association
(ACEA), sales of light commercial vehicles (LCVs) under 3.5 tons,
medium and heavy commercial vehicles (MHCVs), and medium and heavy
buses and coaches over 3.5 tons contracted by 14.7% year on year
(y/y) to 142,480 units. Nevertheless, because of the low base
during the first half of 2020 caused by coronavirus disease 2019
(COVID-19) virus lockdown measures, volumes remain up 11.5% y/y
during the first 11 months of 2021. Volumes for this period now
stand at 1,723,817 units. It has been another difficult month for
the CV market in the EU. While growth in the first half of the year
was underpinned by the low base of comparison due to lockdown
measures to prevent the spread of COVID-19 virus the year before,
there was a shift towards decline at this year's halfway point. The
biggest drag has come from LCVs - like the passenger car category,
stoppages have hit production at the manufacturing facilities of
various OEMs throughout the year so far because of the
semiconductor shortage. The rate of decline for LCVs has not been
as great as for passenger cars, as automakers have diverted
available components to some of their most profitable and high
demand vehicles, which have included LCVs. Nevertheless, Ford,
Stellantis and Renault Group are still among those that have had to
manage their output during the past 12 months. IHS Markit currently
anticipates that despite the disruptions to component supply and
vehicle production, EU registration volumes of LCVs with a GVW of
over 6 tons will grow by 8.8% y/y to under 1.51 million units,
although this will still be down by around 9.5% compared to the
performance recorded during 2019. While we anticipate 2022 will be
flatter, gains will return in the coming years, with 2019 volumes
being surpassed in 2024. (IHS Markit AutoIntelligence's Ian
Fletcher)
Siemens Gamesa has announced the firm order for the supply of
wind turbines and a five-year service agreement for Ørsted's Gode
Wind 3 offshore wind farm in the German North Sea. The preferred
supplier agreement between Siemens Gamesa and Ørsted for Gode Wind
3 was announced on 4th March 2020. (IHS Markit Upstream Costs and
Technology's Monish Thakkar)
The project will feature 23 units of SG 11.0-200 DD turbines.
These offshore wind turbine features a 200-metre diameter rotor
utilizing the 97-metre Siemens Gamesa B97 IntegralBlades. The
nacelles will be produced in Cuxhaven.
Installation of Gode Wind 3 is expected to begin in 2023, with
commissioning to be completed in 2024.
Note: Gode Wind 3 combines Ørsted's Gode Wind 3 and 4 projects
that the developer secured in domestic offshore wind tenders in
2017 and 2018, respectively. After a year, it merged the two
schemes under the Gode Wind 3 plan, which in turn forms part of a
larger cluster of wind farms.
Private consumption remained the major growth driver in the
third quarter of 2021, while government consumption declined more
sharply than initially estimated. Despite overall positive economic
picture, uncertainties related to the Omicron variant of COVID-19
continue to weigh down on the outlook. (IHS Markit Economist Michal
Plochec)
In the final release, Statistics Denmark revised its detailed
real GDP estimates for the third quarter of 2021 to 1.1% quarter on
quarter (q/q), from 0.9% q/q.
Also, the second quarter of 2021 was revised to 2.1% q/q, from
2.2% q/q. These modest revisions reshaped the quarterly path in the
last two quarters, but did not affect the third-quarter growth in
annual terms, which is still estimated at 3.6% year on year
(y/y).
When looking at the new quarterly growth rates of particular
components of detailed expenditure breakdown, the main growth
driver in the third quarter of 2021 remained private consumption,
but it is now estimated to have grown by 2.4 % q/q (up from 2.1%
q/q). Government consumption was revised to -4.5% q/q (down from
-2.5% q/q), along with gross fixed investment, which is now
estimated to have shrunk by 0.6% q/q (down from the growth of 0.2%
reported previously).
Both exports and imports increased by 1.1% q/q in the third
quarter, but in annual terms exports increased by 5.2% y/y while
imports grew by 7.9% y/y, which means that contribution from net
exports to the headline growth remained a drag in terms of growth.
Nevertheless, as for the levels, total value of Danish exports
significantly surpassed imports. October's data show that the
current-account surplus has improved significantly on the onset of
the fourth quarter, after bottoming through the first.
Iran's real GDP as reported by the central bank expanded by
3.3% y/y in the first half of FY 2021, following a mild 1.0% y/y
increase in the second quarter. (IHS Markit Economist Jamil Naayem)
The second quarter and first half performances were mostly
supported by growth in the oil sector. Real oil GDP grew by 7.4%
y/y in the second quarter of the current fiscal year, leading to a
15.1% y/y increase in the first half period.
Non-oil activity continued to progress but at much milder pace.
Real non-oil GDP expanded by 0.5% y/y in the second quarter and by
2.4% y/y in the first half of FY 2021.
Although services activity posted healthy performances, up by
4.2% y/y in Q2 and 5.7% y/y in H1, real non-oil GDP performance was
dragged down by the agriculture and industries and mines sectors.
Agriculture shrank by close to 2% y/y in real terms in both Q2 and
H1 mostly due to lower rainfall, and industries and mines declined
by 5.3% y/y in Q2 and 1.9% y/y in H1 due power outages in the
summer period, according to the central bank.
Real private and government consumption spending grew by close
to 3% y/y each in the first half of the current fiscal year. Real
exports posted a 15% y/y rise noting that Iran boosted oil
production in tandem with the start of Vienna talks earlier in
2021, while gross fixed capital formation shrank by almost 9% y/y
in real terms in H1, as per central bank data.
Asia-Pacific
All major APAC equity indices closed higher; India +0.7%, Japan
+0.8%, Hong Kong +0.4%, Mainland China +0.6%, South Korea +0.5%,
and Australia +0.3%.
Mainland China's provincial government of northeastern rust
belt province Heilongjiang held a meeting on 20 December that
called for "all-out" support to restore the province's real estate
industry, according to a report by Caixin, citing an announcement
previously published on the government website. Measures mentioned
included carrying out online sales campaigns for developers and
providing subsidies to home purchasers. However, the announcement
was reportedly removed from the website the day after it was
published. (IHS Markit Economist Yating
Xu)
The local government of another northeastern province, Jilin,
listed further stabilizing the real estate market as one of its
main tasks for the first quarter of 2022 and vowed to encourage
lower-level governments to subsidize property purchases and provide
support to help rural residents buy homes in urban areas. Also, the
local governments of Wuhu of Jiangsu Province and Guilin of Guangxi
Province have rolled out polices encouraging residents to buy
property.
The recent moves to issue regional-level stimulus to boost
housing purchases, provide financing support for mergers and
acquisitions of developers, and ease mortgage policies, are aligned
with the vow taken by top Chinese leaders at the Central Economic
Work Conference in early December to promote the healthy
development of the real estate sector.
Autonomous vehicle (AV) company Idriverplus has delivered its
first batch of modified robotaxis to ride-sharing platform T3
Mobility, reports Gasgoo. The robotaxis initially will operate in a
pilot scheme in the Chinese city of Suzhou, with the plan to expand
the services gradually to the entire country. The two companies are
collaborating on an innovative robotaxi commercialization model
including both autonomous and manual driving modes. The companies
have devised this solution so that the robotaxis can travel in
non-designated zones to serve more users. The vehicles drive in
autonomous mode in permitted pilot zones and allow onboard safety
drivers to take over the ride manually outside of the zones.
According to the report, the robotaxis adopt a "1+4" LiDAR
deployment scheme, using LiDARs supplied by RoboSense. T3 Mobility
is a ride-sharing platform established by three major Chinese
automakers - FAW Group, Dongfeng Group, and Changan Auto - and
technology giants Tencent and Alibaba. The platform is available in
68 Chinese cities with over 75 million registered users. Meanwhile,
Idriverplus develops autonomous solutions for street-cleaning
vehicles, passenger cars, and logistics vehicles. The company is
working on two solutions for autonomous passenger vehicles:
automatic parking (AVP) and highway follow-up (HWP). Last year, the
Beijing municipal government granted a T3 licence to Idriverplus.
To date, Idriverplus's AVs have logged over 1.2 million miles and
have been sold to countries including Germany, Japan, Malaysia,
Russia, Singapore, the United Arab Emirates (Dubai), and the United
States. (IHS Markit Automotive Mobility's Surabhi Rajpal)
Japan's National Police Agency is considering creating a system
to screen and approve service providers of fully automated vehicles
to operate within limited areas, reports The Japan Times. The
agency plans to submit an amendment to the road traffic law to
parliament next year, as the government intends to begin "Level 4"
automated mobility services in designated areas of the country, in
the fiscal year that runs through March 2023. At Level 4, the
vehicle requires no human intervention, but its applications are
limited to specific conditions. The amendment will allow fully
automated operation only for vehicles operating in designated areas
for providing mobility services for passengers, rather than private
vehicles. In such services, vehicles will be operated autonomously
under remote monitoring without a driver. Service providers will be
required to submit their operational plans to respective
prefectural public safety commissions and must adhere to traffic
laws and follow safety measures. The public safety commissions can
suspend or withdraw approval, as well as issue appropriate orders,
if there are any traffic violations or incidents that deviate from
the submitted plans. (IHS Markit Automotive Mobility's Surabhi
Rajpal)
A trial run of fuel-cell heavy-duty trucks has started in South
Korea today (23 December) as part of the government's broader
efforts for a shift to alternative-powertrain vehicles in line with
the carbon emission cut initiative, reports the Yonhap News Agency.
Five 11-ton fuel-cell trucks, including Hyundai's Xcient, will run
on roads in the Seoul metropolitan area and the southern region for
the next 12 months. CJ Logistics and Hyundai Glovis, as well as
e-commerce giant Coupang, will take part in the project to deliver
international express cargo and steel plates. The South Korean
government will provide them with subsidies and charging stations,
as well as other support. The government will use the project to
collect data needed to check and set up the overall hydrogen-based
logistics system. (IHS Markit AutoIntelligence's Jamal Amir)
Indian Oil Corporation (IndianOil) has announced it will spend
INR9,2080 crore (USD1.2 billion) on a new crude oil pipeline system
of 17.5 million metric tons per year to connect Mundra, Gurjarat to
Panipat, Haryana in the north of India. As part of the project,
IndianOil will also build nine crude oil tanks of 370,000 barrels
each at Mundra. The project is expected to be completed in
synchronization with the commissioning of its Panipat refinery
expansion which is scheduled for completion in the second half of
2024. (IHS Markit Upstream Costs and Technology's Chris
Alexander)
India's Ministry of Agriculture and Farmers Welfare has
published a draft order, "Prohibition of Streptomycin +
Tetracycline in agriculture, Order, 2021", with the intent of
banning agricultural uses of the antibiotics, streptomycin and
tetracycline. The draft seeks to prohibit the import, manufacture
and formulation of the antibiotics for use in agriculture from
February 1st 2022, while all agricultural uses involving them are
to cease from January 1st 2024. The notification will be valid from
the date of its publication in the country's official gazette. The
order seeks to mitigate concerns over antimicrobial resistance to
the active ingredients in several crops and follows recommendations
from the country's Central Insecticides Board and Registration
Committee (CIBRC). (IHS Markit Crop Science's Akashpratim
Mukhopadhyay)
MG Motor India has teamed up with Attero Recycling to reuse and
recycle li-ion batteries of the electric ZS sport utility vehicle
(SUV), reports the Mint. Commenting on the development, Rajeev
Chaba, president and managing director of, MG Motor India, said,
"Ensuring end-to-end sustainability for electric vehicles is
something we are passionate about at MG. Since battery waste is a
challenge for sustainable mobility, we believe battery recycling is
the optimum way of bridging this void. We look forward to doing
more work in this space to create sustainable, end-to-end solutions
that will help us drive radical impact". (IHS Markit
AutoIntelligence's Isha Sharma)
Floating offshore wind specialist BlueFloat Energy laid out
ambitious plans for multiple projects in waters off the southern
and eastern coasts of Australia 22 December, although the company
admits there's a long way to go before the first turbines are
spinning as the country takes its first voyages into the sector.
(IHS Markit Net-Zero Business Daily's Keiron Greenhalgh)
The private equity-backed developer is teaming up with
Australian advisory firm Energy Estate to develop three offshore
wind projects, two of which are set to be floating facilities,
while the third will be a bottom-fixed development.
The 1.4-GW Hunter Coast Offshore Wind Project will be located
in waters off the coast of New South Wales while the 1.6-GW
Wollongong Offshore Wind Project will be located across two sites
in waters further south along the state's coast. The 1.3-GW Greater
Gippsland Offshore Wind Project is a bottom-fixed facility in state
of Victoria waters planned by the joint venture (JV).
However, the partnership is also assessing a number of
additional sites off the coasts of Victoria, South Australia, and
Tasmania and plans to announce further projects in early 2022, the
companies said. In addition, the JV hopes to share transmission
infrastructure with other offshore wind developers, tap into
developers' growing enthusiasm in Oceania for green hydrogen and
energy storage via partnerships, and attract manufacturers in the
sector to Australia, they said.
Posted 23 December 2021 by Chris Fenske, Head of Capital Markets Research, Global Markets Group, S&P Global Market Intelligence
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.