European union

Front Row (The Jakarta Post) Jakarta   ● Wed, May 25, 2022 2022-05-25 17:00 0 53ea05b5fe2e13733519dbf4e3143ba0 4 Front Row Free A delegation from the Indonesian Chamber of Commerce and Industry (KADIN Indonesia) has started a tour of Europe from May 22 to June 4. Led by KADIN chair Arsjad Rasjid and B20 Indonesia chair Shinta W. Kamdani, the series of visits is part of B20 Indonesia, the official dialogue forum for the Group of 20 (G20) global business community within the framework of Indonesia's G20 presidency. The roadshow for the B20 Indonesia delegation began at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, where Arsjad conveyed the objectives of Indonesia’s G20 presidency and the role of Indonesian businesses in the global economy. Arsjad emphasized the important objectives of the Indonesian delegation, which is promoting B20 Indonesia and invites European investors to attend the upcoming B20 Summit in Bali later in November. … [Read more...] about KADIN Indonesia kicks off European tour to promote B20 Forum

Brazil's right-wing president Jair Bolsonaro fired the chief executive of oil producer Petrobras -- the second in two months -- after the company refused to sell fuels at a discount to consumers warning it would l ead to diesel shortages . Bolsonaro also called for the election of a new board, according to a statement released close to midnight local time on Monday by the state-controlled company, opening the way to a full executive management shake-up. José Mauro Ferreira Coelho is the third Petrobras CEO fired by Bolsonaro over fuel prices. The president, who is seeking re-election in October but lagging in polls, says Petrobras should use its profits to reduce fuel prices and help control inflation. Bolsonaro, who also fired an energy minister earlier this year, appointed Caio Mario Paes de Andrade to replace Coelho. The government controls Petroleo Brasileiro, as the firm is formally known, with a majority of the voting shares, even if private … [Read more...] about Bolsonaro fires Petrobras CEO who warned of diesel crisis

Share to Twitter Share to Linkedin Topline Hungarian Prime Minister Viktor Orbán will not discuss a European Union embargo on Russian oil at a meeting of European leaders next week, according to a letter he wrote seen by the Financial Times , delivering yet another major setback to the ban. Key Facts In a letter to the EU’s European Council President Charles Michel, Orbán said talking over the embargo at a convening of the European Council next week would be “counterproductive,” according to the Financial Times . The letter comes a day after Germany briefly inspired confidence when Robert Habeck, Germany’s economics minister, said the EU would agree on a ban “within days.” Orbán said in the letter the current proposal has insufficient financing plans for landlocked countries such as Hungary to replace Russian oil and he remains open to discussions on the ban “with a pragmatic and result-oriented approach,” according to the … [Read more...] about Hungary Reportedly Won’t Discuss EU Ban On Russian Oil—Crushing Brief Moment Of Hope For Cursed Embargo

- A + A FRANKFURT (May 24): Cryptocurrencies will pose a risk to financial stability if the emerging sector maintains its rapid growth of the last two years and financial firms deepen their involvement, the European Central Bank (ECB) said on Tuesday. The crypto market slumped sharply this month after the downfall of major "stablecoin" terraUSD. The crash has led to calls from the world's top financial leaders for "swift and comprehensive" regulation of the sector. Cryptocurrencies — historically a niche asset favoured by risk-hungry investors, exploded in size during the Covid-19 pandemic. Institutional investors especially were drawn by claims that Bitcoin acts as a hedge against inflation and offers high returns in the face of low interest rates. The crypto sector hit a peak of US$2.9 trillion last November up from less than US$300 billion at the start of 2020. Still, Bitcoin, the biggest token, since November has slumped by over half, dragging the value of the … [Read more...] about Crypto markets may pose risks to wider financial stability, ECB warns

- A + A (May 24): Oil turned lower after the US Department of Energy announced it’s offering to sell up to 40.1 million barrels of crude as part of President Biden’s March announcement to release in stages one million barrels of oil per day for six months. West Texas Intermediate futures dipped to trade around US$109 a barrel after the agency said it will release up to 39 million barrels of sour crude for supply during July 1-Aug 15, according to a statement. The remaining 1.1 million would be sweet crude for June 21-30 supply, it said. Earlier in the session, markets fluctuated as comments from the Saudi Arabian foreign minister suggesting the Kingdom wouldn’t supply more oil underscored market tightness, while China’s continuing lockdowns dampened the global demand outlook. Banks have pruned China’s economic forecasts, but global crude markets are still signaling strength, with the premium for prompt Brent supplies near the highest in more than seven weeks. … [Read more...] about Oil dips after US announces SPR sale to help ease supply crunch

WASHINGTON (Reuters) - Oxfam America, Partners in Health and other civil society groups urged U.S. President Joe Biden to press for changes in a draft agreement on waiving intellectual property rights for COVID-19 vaccines, underscoring divisions over the current text. In a letter sent to Biden on Monday, and viewed by Reuters, the groups said an "outcome document" reached after months of discussions between the main parties - the United States, the European Union, India and South Africa - fell short of his "righteous goal" of removing IP barriers for COVID vaccines. Trade ministers attending the World Economic Forum in Davos, Switzerland, are expected to discuss the issue at an informal meeting on Wednesday after an initial meeting on the draft by the World Trade Organization's 164 members in early May. WTO Director General Ngozi Okonjo-Iweala is pushing for a deal to be agreed ahead of a ministerial meeting beginning June 12. The groups petitioning Biden said the text … [Read more...] about NGOs urge Biden to push for changes to WTO’s COVID waiver text

Representative image Oil prices rose in early trade on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth. Brent crude futures rose 82 cents to $113.37 a barrel at 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 69 cents, or 0.6%, to $110.97 a barrel, adding to last week's small gains for both contracts. "Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season," said SPI Asset Management managing partner Stephen Innes. "Refineries are typically in ramp-up mode to feed U.S. drivers' unquenching thirst at the pump." The U.S. peak driving season traditionally begins on Memorial Day weekend at the end of May and ends on Labour Day in September. Close Analysts said despite fears about soaring fuel prices potentially denting … [Read more...] about Oil climbs in tight market as US driving season looms

Share to Twitter Share to Linkedin Topline Several high-level global officials criticized Russia on Tuesday morning for its role in the worsening international food crisis sparked by its invasion of Ukraine, one of the world’s largest grain exporters whose ports remain blocked by Russian forces, a move the United Nations says could cause millions to die. Key Facts David Beasley, head of the United Nations World Food Programme, called on Russian President Vladimir Putin to “have a heart” and unblock ports to prevent unnecessary deaths in an interview Tuesday with CNN from the World Economic Forum in Davos, Switzerland. Earlier Tuesday in Davos, Ursula von der Leyen, president of the European Union’s European Commission, accused Russia of using “hunger and grain to wield power” and using food as “blackmail.” The U.N. and EU estimate about 20 million tons of grain are stuck in Ukraine, one of the world’s five largest exporters of … [Read more...] about World Outrage Grows Toward Russia—This Time Over Food Crisis Sparked By Invasion

Russia's invasion of Ukraine has heightened everyone's appreciation of global issues and interconnectivity. In addition to geopolitical and defence concerns, there is a renewed focus on the state of international trade. After continuing Donald Trump's destructive trade policies for more than a year, US President Joe Biden's administration finally appears to have recognised the importance of strong trade relations. The United States is holding consultations with the European Union to expand cooperation on trade and technology, and with others on issues such as agriculture. A big opportunity to reverse Mr Trump's legacy comes in June, when trade ministers from 164 member states and 25 observer countries will meet in Geneva for the 12th Ministerial Conference of the World Trade Organization. The meeting cannot come soon enough. The world economy desperately needs the WTO to be restored so that it can play the valuable role that it did before the Trump presidency. It is thanks to the … [Read more...] about A restored WTO just the tonic

- A + A KUALA LUMPUR (May 25): The European Centre for Disease Prevention and Control (ECDC) has said that countries should focus on prompt identification, management, contact tracing and reporting of new monkeypox (MPX) cases. In a risk assessment released on Monday (May 23), it said countries should update their contact tracing mechanisms, their diagnostic capacity for orthopoxviruses and review the availability of smallpox vaccines, antivirals and personal protective equipment (PPE) for health professionals. The report, however, does not recommend mass vaccination programmes for people not at particular risk, but said that those exposed could be given the jab. The ECDC said an interim case definition is proposed for case reporting. “Guidance for the management of MPX cases and close contacts is also included. “Cases should remain isolated until their rash heals completely, avoiding contact with immunosuppressed persons and pets. “Abstaining from sexual … [Read more...] about ECDC advises countries to plan vaccines for monkeypox outbreak