Oil price rising

Last year, the world-port-rankings changed when Ningbo-Zhoushan in Southeast China became the largest port in the world. By then, it had built trade channels with over 600 ports spread across 100 countries. The port, which handles all types of cargo - container, liquid and dry bulk – accounted for an annual cargo throughput of over a billion tonnes last year.“The total cargo throughput of Ningbo Zhoushan Port was 1.08 billion metric tonnes in 2018,” said a port official who did not want to be named.Despite the overall slowing of global trade, the official said cargo volumes at Ningo-Zhoushan would be higher this year.Close Ningo-Zhoushan has managed to race past Shanghai (see chart). Around a decade ago, the largest port used to be Singapore. Then it became Shanghai and now it is Ningbo-Zhoushan. What is even more interesting is that seven of the top ten ports are now from China. related news Oil prices fall as US crude stocks jump Trump will have final say … [Read more...] about Ningbo’s rise as the world’s largest port has lessons for India

Saudi Aramco shares surged the maximum permitted 10 percent above their initial public offering (IPO) price on their Riyadh stock market debut on December 11, nearing a $2 trillion valuation.The shares leapt to 35.2 riyals ($9.39) each, up from the IPO price of 32 riyals. The daily limit of price move allowed by the Tadawul exchange is 10 percent.That gives the state-owned oil giant a market value of about $1.88 trillion, comfortably making it the world's most valuable listed company, although it will have one of the smallest "free floats" of publicly tradeable shares, at just 1.5 percent. This will help it achieve the $2 trillion valuations sought by Saudi Crown Prince Mohammed bin Salman.Close Saudi Arabian Oil Co (Aramco) raised a record $25.6 billion in its IPO last week, giving it a market value of around $1.7 trillion. related news MSCI, S&P Dow Jones, FTSE Russell could fast-track Aramco into indices Politics | New energy in India-Saudi Arabia ties … [Read more...] about Saudi Aramco IPO: Shares list with 10% gains on Riyadh stock exchange

Late recovery on D-Street in the second half of the trading session helped benchmark indices close above crucial support levels on Wednesday. The S&P BSE Sensex rose nearly 200 points while the Nifty50 reclaimed 11,900 levels.Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 172 points to 40,412 while the Nifty50 closed with gains of 53 points to 11,910 on Wednesday.Close Sectorally, the action was seen in Oil & Gas, IT, as well as, realty space while profit-taking was witnessed in capital goods, telecom, and metal stocks. related news Closing Bell: Nifty ends above 11,900, Sensex up 172 pts; Yes Bank slips 14% Taking Stock: SBI, Yes Bank biggest losers in banking space; Nifty holds 11,850 Closing Bell: Sensex ends 248 pts lower, Nifty holds 11,850; FMCG, IT, metal, PSU banks drag the most Broader market underperformed benchmark indices. The S&P BSE Midcap index was up 0.52 percent while the S&P BSE Smallcap index closed … [Read more...] about Taking Stock: Late recovery helps Sensex settle 172 pts higher; Yes Bank share price down 15%

The Monetary Policy Committee (MPC) decided to cut the repo rate under the liquidity adjustment facility (LAF) by 35 basis points (bps) from 5.75 percent to 5.40 percent with immediate effect.“The decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 percent while supporting growth,” the Bank’s statement read.The rate cut, based on an assessment of the current and evolving macroeconomic situation, was announced after the MPC’s meeting on August 7.Close The revised reverse repo rate under the LAF now stands at 5.15 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 5.65 per cent. The MPC also decided to maintain the accommodative stance of monetary policy. related news Cabinet clears amendments to insolvency law Cabinet Meeting Highlights: Approves Partial Credit Guarantee Scheme for PSBs to purchase financially sound … [Read more...] about Rate cut in consonance with medium-term CPI inflation objective, says RBI