News in Brief
British Sugar scrambling for supplies
REUTERS – British Sugar, a unit of Associated British Foods, is sourcing sugar from rival Tate & Lyle Sugars as well as from as far afield as Thailand, traders told Reuters, citing a supply shortfall that is keeping prices at record levels.
One UK-based trader told Reuters spot market prices for white sugar, a widely used food staple, remain north of 1,000 euros ($1,104) a tonne, creating headwinds for policy-makers trying to control food price inflation.
Shell pulls out of carbon capture project
CNBC – Shell has decided to pull out of the Northern Endurance Partnership, one of Britain’s largest carbon capture and storage (CCS) projects aimed at decarbonising industrial clusters.
Shell said it had decided to pull out of the NEP project after a review of its strategy and portfolio and will focus on the Acorn CCS project in Scotland, for which it is the technical developer.
“We remain committed to helping the (British) government realise its ambition of four industrial CCS clusters by 2030,” the company said.
ECB digs for detail on
rate hikes
AFP – The European Central Bank is collecting data from the euro zone’s top lenders to get more detail on unrealised losses related to rapid interest rate hikes, supervisory chief Andrea Enria said on Tuesday.
Unrealised losses triggered the collapse of Silicon Valley Bank last month and the U.S. Federal Reserve is considering ending an exemption that has allowed some mid-size banks to conceal losses on securities they hold.