POET Biorefining plant in Cloverdale, Indiana.
POET Biorefining plant in Cloverdale, Indiana.

Company news in brief

STAFF REPORTER
Little to no ethanol will qualify for US aviation fuel credit



Little to no ethanol will qualify for U.S. sustainable aviation fuel (SAF) subsidies under a new pilot program by President Joe Biden's administration, which toughened climate requirements at the last minute, according to a Reuters review of government data and people familiar with the matter.

The issue could hurt the biofuel industry, which sees SAF as ethanol’s best chance at growth since electric cars have cut into its market as a gasoline additive. It could also hinder Biden's goal of producing 30 billion gallons of SAF by 2030. He once promised 95% of SAF - a biofuel that can be made from oils, waste, or grains - would come from farmers.



Details about how little ethanol will qualify for the subsidies under the pilot program, and how the requirements were raised at the final hour, have not previously been reported.

At issue is a $1.25/gallon production tax credit embedded in the 2022 Inflation Reduction Act reserved for SAF that demonstrates a 50% reduction in lifecycle greenhouse gas emissions compared to regular jet fuel.

Under the pilot program finalized on April 30, ethanol producers seeking to claim that credit must verify their corn comes from farms using three climate-friendly farming practices in tandem: not tilling the soil, planting cover crops, and using higher efficiency fertilizers.



The pilot program covers ethanol produced in 2023 and 2024, and will be replaced by a new program in 2025 that biofuel groups hope will be less restrictive.

"I see this (pilot) as a marker, a signal and think it was a good first step," said Patrick Gruber, CEO of biofuel producer Gevo.



-REUTERS-



Stocks regain some ground, bonds steady after rate angst sell-off



European stocks edged higher on Thursday as bonds regained some ground after a sell-off the day before on bets that global interest rates would stay high due to sticky inflation.

The dollar softened as U.S. Treasury yields slipped back, while metals and energy prices came under pressure.

The latest slowdown in the global risk rally has come on the back of data pointing to lingering inflationary pressures across major economies and a flood of bond sales lifting yields.

"There are two forces colliding here," said Ben Laidler, global markets strategist at eToro.

"It's being driven by the very heavy government bond issuance and markets that are still afraid of interest rates staying higher for longer and sticky inflation."

But for now, bond markets have steadied, which has supported equity markets in Europe.



Wall Street futures were soft, with S&P and Nasdaq eminis both shedding around 0.3%.

Germany's 10-year bund yield , which earlier touched a six-month high at 2.687%, was little changed at 2.685%. Bond yields move inversely to prices.

Data on Wednesday showed German inflation rose slightly more than forecast to 2.8% in May, ahead of the closely watched wider euro zone bloc's reading on Friday.

A higher-than-forecast inflation reading on Friday is unlikely to derail the European Central Bank from lowering borrowing costs next week but could have implications for future policy moves.

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Namibian Sun 2024-07-17

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Currie Cup: NovaVit Griffons 10 vs 52 Vodacom Bulls Rugby World Cup U20: New Zealand U20 31 vs 55 France U20 | Australia U20 36 vs 29 Wales U20 | England U20 31 vs 20 Ireland U20 | Georgia U20 40 vs 36 Fiji U20 | Argentina U20 34 vs 24 South Africa U20 | Italy U20 28 vs 15 Spain U20 Katima Mulilo: 12° | 32° Rundu: 12° | 33° Eenhana: 11° | 33° Oshakati: 11° | 31° Ruacana: 14° | 31° Tsumeb: 15° | 29° Otjiwarongo: 9° | 28° Omaruru: 9° | 27° Windhoek: 8° | 23° Gobabis: 10° | 28° Henties Bay: 11° | 17° Wind speed: 18km/h, Wind direction: S, Low tide: 06:18, High tide: 12:50, Low Tide: 18:28, High tide: 00:54 Swakopmund: 13° | 15° Wind speed: 23km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:48, Low Tide: 18:26, High tide: 00:52 Walvis Bay: 11° | 20° Wind speed: 28km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:47, Low Tide: 18:26, High tide: 00:51 Rehoboth: 9° | 25° Mariental: 9° | 26° Keetmanshoop: 9° | 23° Aranos: 9° | 27° Lüderitz: 10° | 18° Ariamsvlei: 9° | 21° Oranjemund: 10° | 18° Luanda: 20° | 22° Gaborone: 11° | 28° Lubumbashi: 12° | 29° Mbabane: 12° | 28° Maseru: 5° | 21° Antananarivo: 8° | 24° Lilongwe: 15° | 27° Maputo: 16° | 32° Windhoek: 8° | 23° Cape Town: 11° | 14° Durban: 14° | 27° Johannesburg: 12° | 22° Dar es Salaam: 21° | 29° Lusaka: 15° | 28° Harare: 13° | 27° Currency: GBP to NAD 23.64 | EUR to NAD 19.88 | CNY to NAD 2.5 | USD to NAD 18.18 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.32 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.89 | USD to AOA 872.64 | USD to BWP 13.49 | USD to EGP 48.15 | USD to KES 129.73 | USD to NGN 1555 | USD to ZAR 18.18 | USD to ZMW 26.05 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.48 Down -2.4% | Casablanca Stock Exchange (CSE) MASI 13456.34 Up +0.17% | Egyptian Exchange (EGX) 30 Index 27828.92 Down -0.44% | Botswana Stock Exchange (BSE) DCI 9380.4 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 474.53/OZ UP +0.25% | Copper US$ 4.43/lb DOWN -0.0068 | Zinc US$ 2 883.50/T DOWN -0.67% | Brent Crude Oil US$ 84.86/BBP UP +0.82% | Platinum US$ 1 016.07/OZ UP +1.34% Sport results: Currie Cup: NovaVit Griffons 10 vs 52 Vodacom Bulls Rugby World Cup U20: New Zealand U20 31 vs 55 France U20 | Australia U20 36 vs 29 Wales U20 | England U20 31 vs 20 Ireland U20 | Georgia U20 40 vs 36 Fiji U20 | Argentina U20 34 vs 24 South Africa U20 | Italy U20 28 vs 15 Spain U20 Weather: Katima Mulilo: 12° | 32° Rundu: 12° | 33° Eenhana: 11° | 33° Oshakati: 11° | 31° Ruacana: 14° | 31° Tsumeb: 15° | 29° Otjiwarongo: 9° | 28° Omaruru: 9° | 27° Windhoek: 8° | 23° Gobabis: 10° | 28° Henties Bay: 11° | 17° Wind speed: 18km/h, Wind direction: S, Low tide: 06:18, High tide: 12:50, Low Tide: 18:28, High tide: 00:54 Swakopmund: 13° | 15° Wind speed: 23km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:48, Low Tide: 18:26, High tide: 00:52 Walvis Bay: 11° | 20° Wind speed: 28km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:47, Low Tide: 18:26, High tide: 00:51 Rehoboth: 9° | 25° Mariental: 9° | 26° Keetmanshoop: 9° | 23° Aranos: 9° | 27° Lüderitz: 10° | 18° Ariamsvlei: 9° | 21° Oranjemund: 10° | 18° Luanda: 20° | 22° Gaborone: 11° | 28° Lubumbashi: 12° | 29° Mbabane: 12° | 28° Maseru: 5° | 21° Antananarivo: 8° | 24° Lilongwe: 15° | 27° Maputo: 16° | 32° Windhoek: 8° | 23° Cape Town: 11° | 14° Durban: 14° | 27° Johannesburg: 12° | 22° Dar es Salaam: 21° | 29° Lusaka: 15° | 28° Harare: 13° | 27° Economic Indicators: Currency: GBP to NAD 23.64 | EUR to NAD 19.88 | CNY to NAD 2.5 | USD to NAD 18.18 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.32 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.89 | USD to AOA 872.64 | USD to BWP 13.49 | USD to EGP 48.15 | USD to KES 129.73 | USD to NGN 1555 | USD to ZAR 18.18 | USD to ZMW 26.05 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.48 Down -2.4% | Casablanca Stock Exchange (CSE) MASI 13456.34 Up +0.17% | Egyptian Exchange (EGX) 30 Index 27828.92 Down -0.44% | Botswana Stock Exchange (BSE) DCI 9380.4 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 474.53/OZ UP +0.25% | Copper US$ 4.43/lb DOWN -0.0068 | Zinc US$ 2 883.50/T DOWN -0.67% | Brent Crude Oil US$ 84.86/BBP UP +0.82% | Platinum US$ 1 016.07/OZ UP +1.34%