Petrol price v diesel

- A + A PUTRAJAYA (June 27): The government is willing to bear the projected huge subsidy totalling RM77.3 billion for this year towards stabilising the prices of goods and avoiding high inflation rates of up to 11.4%, says Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed. He said the government had a choice of removing subsidies and strengthening the country’s finances to a better level, but it chose to bear the subsidies instead for the welfare and well-being of the people. Mustapa said the announcement on June 24 by Prime Minister Datuk Seri Ismail Sabri Yaakob of no increase in the water and electricity tariffs, and the chicken price not being floated showed the government’s caring side and commitment to maintaining the subsidies. Referring to the projected consumer subsidy expenditure amounting to RM77.3 billion for 2022, he said RM51 billion of it made up the biggest component of fuel, cooking oil, electricity, water, chicken … [Read more...] about Govt continues giving subsidies to stabilise prices, avoid high inflation

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn't worked . Russia's government is making just as much money from energy exports as it was before the invasion. Meanwhile, inflation is surging globally, adding to political pressure on heads of state such as US President Joe Biden, British Prime Minister Boris Johnson and French President Emmanuel Macron. That's forcing leaders from top economies who have gathered in Germany for a G7 meeting to consider a new route: slapping price caps on Russian crude . "The goal here is to starve Russia, … [Read more...] about Price cap on Russian oil could shake up the market

Share to Twitter Share to Linkedin Topline Leaders of Group of Seven nations on Monday announced a support package for Ukraine, further sanctions against Russia and are reportedly nearing an agreement to set a price cap on Russian oil, a contentious issue as they debate ways to stave Putin’s war chest while mitigating spiraling inflation, soaring energy prices and an impending global food crisis. Key Facts Leaders of the G-7 —a group of the world’s seven largest economies which includes the U.S., the U.K., Canada, France, Germany, Italy and Japan— announced a suite of new measures against Moscow, including imposing higher tariffs on Russian goods, restricting Russian gold exports and imposing new sanctions on officials and organizations supporting the war effort. The group also unveiled a new support package for Ukraine, including the provision of military hardware, using the higher tariffs on Russian goods to help Ukraine and “financial, … [Read more...] about G-7 Leaders Nearing Price Cap On Russian Oil Funding Putin’s War Chest

Share to Twitter Share to Linkedin Falling house prices tend to be bad for incumbent politicians during reelections. Take, for example, George H. W. Bush. Vice President George H. W. Bush was elected president in a landslide in 1988. The U.S. housing market had been booming for years before that election. The Northeast boomed from 1986 to 1988, and California was also booming in 1988. Nationally, nominal house prices increased 14% in the 20 months from January 1987 until the election in November 1988, according to the S&P CoreLogic Case-Shiller Home Price Index . Eight states voted for George Bush that haven’t voted for another Republican presidential candidate since then. Six of those states were in the Northeast, and one was California. All of those states saw big house price increases in the 1980s. By 1990, however, house prices nationally had stopped increasing. Real house prices and family home equity wealth fell with the 1990 recession. … [Read more...] about Falling House Prices And The Elections In 2022 And 2024

- A + A KUALA LUMPUR (June 27): Some palm oil millers in Malaysia, the world's second largest producer, have temporarily halted production following a dramatic plunge in prices of the edible oil, a senior official from a miller's association said on Monday. Malaysian crude palm oil (CPO) prices have seen their biggest one-month decline in more than 13 years in June, tumbling 22% from a high of RM6,632 (US$1,506.25) a tonne to RM4,922 (US$1,117.42) on Monday, erasing most of this year's gains. Malaysian millers purchase palm fruit bunches based on the monthly average CPO price — currently about RM6,200 (US$1,408.13) — but sell the extracted oil based on the daily market price. "No mills can afford to buy fresh fruit bunches at these prices," Steven Yeow, northern president of the Malaysian Palm Oil Millers Association (POMA) told Reuters . Malaysia's benchmark CPO futures had rallied to records this year due to a global edible oil supply squeeze caused by a … [Read more...] about Malaysia’s palm oil millers halt production as CPO prices plummet

- A + A SCHLOSS ELMAU, Germany (June 27): The Group of Seven (G7) rich democracies will commit on Tuesday (June 28) to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalise plans for a price cap on Russian oil, a senior US official said on Monday. The announcement came amid news that Russia looked set to plunge into its first sovereign default in decades and Ukrainian President Volodymyr Zelenskiy spoke to address G7 leaders meeting at an alpine resort in southern Germany. "The dual objectives of G7 leaders have been to take direct aim at [Russian President Vladimir] Putin's revenues, particularly through energy, but also to minimise the spillovers and the impact on the G7 economies and the rest of the world," the US official said on the sidelines of the annual G7 summit. The G7 nations, which account for nearly half the world's economic output, are determined to crank up the pressure on Russia without … [Read more...] about G7 to hike sanctions on Russia, nears oil price cap deal, says US official

- A + A KUALA LUMPUR (June 27): The technical committee to tackle food security issues that convened on Monday (June 27) has considered the proposal to set a new ceiling price for chicken, as well as the subsidy rate for poultry farmers. Agriculture and Food Industries Minister Datuk Seri Dr Ronald Kiandee in a Facebook post said that the proposal would be brought to the Cabinet Meeting on Wednesday (June 29) before being announced. “The new price control takes into account the interests of breeders, wholesalers and retailers to ensure that the price set is reasonable for all parties. "Additional cash assistance in the form of the ‘Keluarga Malaysia’ (Malaysian Family) Aid (BKM) announced by the Prime Minister has also been taken into account," he said. Also present at the meeting on Monday were Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi and Chief Secretary to the Government Tan Sri Mohd Zuki Ali. Ronald said the meeting also … [Read more...] about Poultry: Technical committee has considered proposal on ceiling price, subsidy for farmers, says Ronald

"It will be early to assume that the full impact of headwinds (that confront the global and Indian economy currently) are priced in," says Dhananjay Sinha, Managing Director and Head Strategist and Economist - Equity Research at JM Financial Institutional Securities. Gauging the markets using this monitor, JM Financial sees that 30-35 percent of the characteristics of past capitulation are visible as of now, leaving further scope for adjustments. Hence they expect commodity prices to correct further and crude would be the last to collapse, giving rise to a scenario of market capitulation. Thus, the markets may still be afar from a deep value situation, Sinha shares in an interview with Moneycontrol . Excerpts from the interview: Do you think the market fully priced in all these risk factors? Do you see any other risk that the market hasn't factored in yet? While it is true that the market now knows the various risks that confront the global and Indian economy, it will … [Read more...] about Daily Voice | More correction likely as these four risk factors not priced in yet, says Dhananjay Sinha of JM Financial

- A + A BENGALURU (June 28): Gold prices were steady on Tuesday (June 28) as traders refused to commit in either direction in the absence of market-moving catalysts. Spot gold held its ground at US$1,824.51 (about RM8,027.84) per ounce as of 0246 GMT. US gold futures were flat at US$1,824.50. A move by Britain, the US, Japan and Canada to ban new imports of Russian gold is being seen as largely symbolic within the global bullion market as Russian exports to the West have already dried up. On Monday, gold was bumped higher in Asian trading by the news before quickly losing momentum to end the session lower. "The 'Russian gold ban' was the catalyst that never was. Russian assets have been a no-go since Russia's invasion, so the G7's (Group of Seven) confirmation of a gold ban was a non-event. And that leaves gold where it began the week — in the middle of a choppy range," City Index senior market analyst Matt Simpson said. Benchmark US 10-year Treasury yields … [Read more...] about Gold prices steady as investors await fresh impetus

PUTRAJAYA: The government is willing to bear the projected huge subsidy totalling RM77.3bil for this year towards stabilising the prices of goods and avoiding high inflation rates of up to 11.4%, says Datuk Seri Mustapa Mohamed.The Minister in the Prime Minister’s Department (Economy) said the government had a choice of removing subsidies and strengthening the country’s finances to a better level but it chose to bear the subsidies instead for the welfare and well-being of the people. Mustapa said the announcement on June 24 by Prime Minister Datuk Seri Ismail Sabri Yaakob of no increase in the water and electricity tariffs and the chicken price not being floated showed the government’s caring side and commitment to maintaining the subsidies. Referring to the projected consumer subsidy expenditure amounting to RM77.3bil, he said RM51bil of it was for fuel, cooking oil, electricity, water, chicken and egg subsidies. “Without these subsidies, the inflation rate of 2.8% last month … [Read more...] about Tok Pa: Subsidies will stabilise prices and avert inflation