American Dollar to Canadian Dollar = 0.764226; American Dollar to Chinese Yuan = 0.142953; American Dollar to Euro = 1.115305; American Dollar to Japanese Yen = 0.009128; American Dollar to Mexican Peso = 0.052858.
Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world’s no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. U.S. consumers are “showing few signs of tightening their purse strings, which is positive for oil also,” said Stephen Innes chief Asia market strategist at AxiTrader. The lingering ripple effect of the trade row showed up again in data from Japan, the world’s third-biggest economy, on Friday showing that industrial output shrank for a second month in November.
Huhtamaki has agreed to acquire full ownership of its joint venture company Laminor S.A. in Brazil. Laminor is specialized in high-quality tube laminates, particularly for oral care applications, and was set up in 2002 as a 50/50 joint venture together with Bemis Company, which is now part of Amcor. The acquisition enables Huhtamaki to expand its tube laminate business, an important part of the Group’s flexible packaging offering. Laminor has approximately 130 employees and its net sales in 2018 were approximately EUR 25 million. Following the acquisition Laminor will be consolidated as a subsidiary in the Group’s financial reporting and reported as part of the Flexible Packaging business segment. The additional shares are acquired at a price of approximately EUR 30 million.
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 3.5% in November after falling 0.7% in October. In November, the index equaled 113.5 (2015=100) compared with 117.6 in October. “It’s tough to sugar coat November’s reading,” said ATA Chief Economist Bob Costello. “It was the third decrease in the last four months and the index is down 7.2% since July. Additionally, November was the first month to see a year-over-year drop in the index since April 2017. While disappointing, it fits with the expected soft gross domestic product reading expected in the fourth quarter and reports of a soft fall freight season.” It is important to note that ATA’s tonnage data is dominated by contract freight. October’s reading was revised down compared with our November press release.
Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode. “Oil prices continue to show year-end strength supported by a combination of definitive progress on the U.S.-China trade deal, the Dec OPEC/OPEC+ agreement, and slowing shale activity,” said Stephen Innes, chief Asia market strategist at AxiTrader.
Two of Bauer Media’s print titles, First for Women and Women’s World,are experiencing success at a time when many publishers find the medium challenging. Boasting the two top selling spaces at retail in the Women’s Service category, from January to September in 2019, First for Women counted a 28% uptick in ad paging, while Women’s World reported a 17% increase. They were the only women’s service titles to see an increase at all, according to Kanter PIB. Adding to that, Women’s World sells more copies at retail than all of Meredith and more than Conde Nast and Hearst combined, according to the AAM. Women’s World represents 67% of all women’s service single copy sales alone.
Resolute Forest Products Inc. announced it has entered into an agreement to acquire Conifex Timber Inc.'s three sawmills in the U.S. South for $163 million plus working capital delivered at closing, which is currently estimated at $7 million. The three sawmills, with combined production capacity of 550 million board feet, are located in Cross City (Florida), and Glenwood and El Dorado (Arkansas). "This transaction will provide immediate scale in the attractive U.S. South, with quality assets in a rich fiber basket, close to growing end-markets," said Yves Laflamme, president and chief executive officer. "Scaling our lumber business forms a key part of our stated transformation strategy. This transaction will also diversify our lumber production: when operating to capacity, almost 25% of our production will be in the U.S. South."
Verso Corporation issued the following statement in response to Lapetus Capital II LLC and BW Coated LLC: As Verso announced yesterday, the 2019 annual meeting of stockholders of the Company, previously scheduled for January 21, 2020, has been rescheduled to January 31, 2020 in order to combine the matters to be voted on at the annual meeting with proposals related to the previously announced sale of Verso's Androscoggin and Stevens Point mills to Pixelle Specialty Solutions LLC. Holding a single meeting will make it easier for stockholders to evaluate all proposals, streamline the proxy solicitation process, and if approved, expedite and facilitate the closing of the Pixelle Transaction and accelerate the return to stockholders of at least $225 million of the anticipated net cash proceeds of the Pixelle Transaction.
The Fort Worth Star-Telegram will stop printing several weekly newspapers. Final editions will be published on Christmas Day. The McClatchy-owned community papers shuttering include: Arlington Citizen-Journal, Keller Citizen, Mansfield News-Mirror, Star-Telegram Express, Star-Telegram Northeast and Weatherford Star-Telegram. “At a challenging time in the local media industry, we’re putting all of our resources into the Fort Worth Star-Telegram to safeguard local journalism and the value that a local newsroom brings to communities,” stated Ryan Mote, publisher of the Star-Telegram.
Oil fell on Monday after Russia said an OPEC-led pact may consider easing output cuts next year but prices held near recent three-month highs on hopes for a trade deal between the United States and China. Russian Energy Minister Alexander Novak said on Monday that the group known as OPEC+ may consider easing the output restrictions at their meeting in March. "We can consider any options, including gradual easing of quotas, including continuation of the deal," Novak told Russia's RBC TV in an interview recorded last week, adding that Russia's oil output was set to hit a record high this year.