Russia ukraine conflict

Telfs-Buchen, Austria (CNN) Ukrainian President Volodymyr Zelensky told G7 leaders during a virtual meeting Monday that he wants the war in Ukraine to end by the end of 2022, according to a source familiar with his remarks , as leaders worked to starve Russia of its oil revenues and mitigate the economic fallout of the conflict. The dual missions -- sustain support for Ukraine while easing economic pressures at home -- have defined this year's summit of leading democracies, held high in the Bavarian Alps. While largely united, the leaders are all facing their own political imperatives to see a momentum shift in the fighting and bring an end to the conflict quickly. To that end, leaders were nearing an agreement to try capping the price of Russian oil, depriving the country of revenues that have soared amid the global spike in energy prices. Details were still being ironed out, including whether the top buyers of Russian oil would agree to the limits, but US officials … [Read more...] about G7 leaders work to ‘starve’ Russia of oil money as Zelensky says he wants the war over by the end of the year

Share to Twitter Share to Linkedin Topline The leaders of the Group of Seven advanced economies will commit to provide Ukraine military and financial aid in its war against Russia “for as long as it takes,” according to a draft declaration seen by Bloomberg from the group’s summit in Germany, which could allay concerns in Kyiv that some European countries would like to push Ukraine to negotiate a settlement to the war in the near term. Key Facts The countries are set to pledge to continue providing financial, humanitarian, military and diplomatic support to Ukraine as it fights off the Russian invasion that began in February. The G-7 aso committed to addressing the “ international impacts of Russia’s aggression,” especially on what it called “the most vulnerable,” according to Bloomberg.The draft indicates the G-7 leaders are also mulling using tariff revenue to help fund their support of Ukraine, according to the outlet. Big Number … [Read more...] about G-7 Reportedly To Commit To Supporting Ukraine ‘As Long As It Takes’

Malaysia's two leading ports posted a combined throughput of 24.9 million TEUs in 2021, with Port Klang (pictured) at 13.7 million TEUs and PTP at 11.2 million TEUs, their highest achievements. - A + A KUALA LUMPUR (June 27): Transport Minister Datuk Seri Dr Wee Ka Siong is hopeful that the combined container volume for Port Klang and Port of Tanjung Pelepas (PTP) will be close to last year’s record-breaking figure, despite the global supply crunch due to the Russia-Ukraine conflict. The nation's two leading ports posted a combined throughput of 24.9 million twenty-foot equivalent units (TEUs) in 2021, with Port Klang at 13.7 million TEUs and PTP at 11.2 million TEUs, their highest achievements. Noting that the Russia-Ukraine conflict had resulted in higher oil prices and a shortage of commodities, Wee said this had affected the performance of the ports. “This happened not only in Malaysia but worldwide. But I am still optimistic that these two ports will not … [Read more...] about Wee: Container volume at Port Klang, PTP expected to be near last year’s record level despite headwinds

- A + A KUALA LUMPUR (June 27): Shares of Hengyuan Refining Co Bhd rose on Monday (June 27) in line with the positive broader market sentiment, expectations of higher oil consumption and improved profit margins. Hengyuan closed 35 sen or 7.74% higher at RM4.87 on volume of 2.61 million shares, much higher than the 200-day average volume of 1.4 million. The stock has rebounded 12.21% from last Monday's low of RM4.34. At the current price, the company is valued at RM1.46 billion. When contacted, MIDF Research analyst Imran Yassin Yusof said the general market sentiment was positive on Monday, which gave a boost to oil and gas stocks. "It could also be some bargain hunting activities," he added. Bursa Malaysia's Energy index rose 1.65% or 11.17 points to 688.66 to emerge as second biggest gainer after the Technology index, which was up 2.83% or 1.77 points to 64.39. Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, said high crude … [Read more...] about Hengyuan Refining shares up almost 8% amid positive market sentiment

- 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 (June 27): Russia defaulted on its external sovereign bonds for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors. For months, Russia had found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about US$100 million of trapped interest payments due May 27 expired, a deadline considered an “Event of Default” if missed. The route to this point has been far from normal, as Russia has the resources to pay its bills — and tried to do so — but was blocked by the sanctions. Those restrictions also mean there’s huge uncertainty about what comes next, and about how investors can go about getting their money. “With Russia benefiting from the high price of its energy exports, it clearly has both the means and the desire to pay its foreign debt,” said Giles Coghlan, chief analyst at HYCM Group. It’s a … [Read more...] about Russia slips into historic default as sanctions muddy next steps

People stand next to cars destroyed by a Russian missile strike, as Russia's attack on Ukraine continues, at a residential area in Kharkiv, Ukraine on June 26, 2022. (Reuters filepix by Sofiia Gatilova) - A + A KYIV (June 27): Western nations on Monday pledged unwavering support for Ukraine in the war with Russia, including more sanctions on Moscow and air-defence systems, as Russian forces closed in on the last big city still held by Ukrainian troops in eastern Luhansk province. Two Russian missiles struck a crowded shopping centre in the Ukrainian city of Kremenchuk, southeast of Kyiv, killing at least 10 people and wounding 40, senior Ukrainian officials said. "It's useless to hope for decency and humanity from Russia," Ukrainian President Volodymyr Zelenskiy wrote on Telegram. Leaders of the Group of Seven major democracies, meeting at a German alpine resort, said they would keep sanctions on Russia for as long as necessary and intensify international … [Read more...] about West pledges unwavering support for Ukraine as missiles strike shopping centre

- A + A MUMBAI/BUENOS AIRES/LONDON (June 27): It only took 24 hours last month for Prime Minister Narendra Modi's government in India — the world's second-largest producer of wheat — to shelve its plans to "feed the world". In April, Modi had said publicly that the world's most populous democracy was ready to fill part of the gap left by Ukraine in global grains markets by increasing its wheat exports, following five consecutive record harvests. India traditionally exports only a modest amount of wheat, retaining most of its crop for domestic consumption. On May 12, India's Ministry of Commerce & Industry said it was preparing to send delegations to nine countries to export a record 10 million tonnes of wheat this fiscal year — sharply up the previous season. But a barrage of alarming data changed all that. First came a downward revision to India's wheat crop in early May as a sudden heatwave hammered yields. Then data on May 12 showed inflation in the nation … [Read more...] about Food export bans, from India to Argentina, risk fueling inflation

Beatles founder member, British singer-songwriter Paul McCartney plays the Pyramid Stage at the Glastonbury festival near the village of Pilton in Somerset, Southwest England, on June 25, 2022. Image: AFP/Andy Buchanan United States rapper Kendrick Lamar will bring the curtain down on Britain’s Glastonbury Festival on Sunday (Monday in Philippine time), after Paul McCartney ran through a set of Beatles classics, helped out by Bruce Springsteen and Dave Grohl. McCartney, who turned 80 last week, on Saturday became the oldest main stage headliner of all time, and was joined by Springsteen for “I Wanna Be Your Man,” while former Nirvana man Grohl came on for “I Saw Her Standing There.” The 100,000 strong crowd at the dairy farm in south west England serenaded McCartney onto the stage with “Happy Birthday,” and were treated to timeless classics including “Can’t Buy Me Love,” “Love Me Do,” “Blackbird,” “Helter Skelter,” “Let It Be” and “Hey Jude.” The Sunday Telegraph called it … [Read more...] about Paul McCartney rolls back years as Glastonbury enters final day