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The companies have offered to divest either Alstom’s Pendolino platform or Siemens’ Velaro Novo platform, the people said. Pendolino, which features a tilting technology that results in less braking before bends, is tailored for high-speed and conventional lines mont blanc cufflinks online uk online. Pendolino trains have been sold to 12 operators in 12 countries. Siemens’ Velaro Novo high-speed trains, on the other hand, will only enter service in 2023. The proposal includes a five-year license to sell the trains in Europe..
NEW YORK/CHICAGO (Reuters) – U.S. ethanol producers stung by collapsing prices are seeking changes to the way benchmark values for the biofuel are established, arguing the current system used by exchanges is vulnerable to manipulation, according to sources mont blanc cufflinks online uk online. The push comes as the key farm belt industry struggles with weak demand growth, a loss of export markets due to the U.S. trade war with China, and aggressive selling by global commodities giant Archer Daniels Midland Co (ADM.N) that have pushed ethanol prices to 13-year lows..
ADM is better placed to survive a long stretch of low prices than its ethanol-focused U.S. rivals, many of whom are concerned the company is deliberately pressuring the biofuel market lower to drive them out of business and are keen for a stable hedging tool to defend against further dips mont blanc cufflinks online uk online. Top U.S. ethanol producer POET LLC has asked the CME Group (CME.O) to change its pricing method for a key swap contract used by the industry to hedge, and the rival ICE exchange is contemplating offering an alternative to CME’s product after discussions with biofuels companies, according to three sources familiar with the moves who asked not to be named because they are not authorized to speak publicly..
CME’s Chicago ethanol swap contract CUUc1 is the most widely used derivative instrument the industry uses to protect itself against market fluctuations. But traders have recently been reluctant to use the contract for fear it will expose them to further losses due to the strong selling by ADM. CME currently calculates the swap contract’s value by averaging the monthly daily settlement price in the physical market as provided by commodities pricing company Platts. Several ethanol producers want that method changed mont blanc cufflinks online uk online.
Critics say the Platts price can be easily manipulated because it is based on deals that occur only during a 30 minute window each day, as opposed to during the whole day mont blanc cufflinks online uk online. In November, ADM represented more than 90 percent of sales in the Chicago Platts window, two traders said. ADM declined to comment for the story and has never publicly defended itself against criticism about its activity in the trading window. ADM CEO Juan Ricardo Luciano blamed overproduction and the loss of sales to China for the industry’s recent woes in the latest earnings call..