Supply demand government policies

Source: Reuters Oil prices rose on Wednesday on expectations that easing COVID-19 restrictions in China will boost demand and as supply concerns grew. Brent crude was up $1.24 cents, or 1.1%, at $113.17 a barrel at 0921 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.69 cents, or 1.5%, to $114.09 a barrel, reversing some of the previous session's losses. Hopes of further lockdown easing in China boosted expectations for demand recovery. The country's authorities allowed 864 of Shanghai's financial institutions to resume work, sources said on Wednesday, a day after the Chinese city achieved a milestone of three consecutive days with no new COVID-19 cases outside quarantine zones. The market also saw support from rising supply concerns. Russian crude output in April fell by nearly 9% from the previous month, an internal OPEC+ report showed on Tuesday, as Western sanctions on Moscow following its invasion of Ukraine hit the top oil producer. The price … [Read more...] about Oil prices rise on China demand recovery expectations, supply concerns

Reuters filepix for illustration purpose only - A + A KUCHING (May 18): The Sarawak state government will formulate a Climate Change Policy in line with Malaysia's commitment to reduce greenhouse gas (GHG) emissions under the 12th Malaysia Plan (12MP). Sarawak’s Deputy Minister of Energy and Environmental Sustainability Dr Hazland Abang Hipni said the policy, which would focus on green energy sources such as hydropower, solar energy and hydrogen, would be drafted after a climate change study under 12MP is completed. “From the study we hope to get the guidelines on GHG emissions according to sectors, namely, energy, transportation, industrial and agricultural, as well as through change in land use and waste management. "As globally, the focus in currently on sustainable development, the implementation of Sarawak's upcoming development projects will come with its own costs, especially the impact on the environment and biodiversity conservation," he said in a … [Read more...] about Sarawak to formulate climate change policy

KUALA LUMPUR: Datuk Seri Ismail Sabri Yaakob (pic) has called for an end to the use of middlemen in the agriculture sector and food supply chain as part of efforts to control the cost of living due to rising inflation. The prime minister said middlemen exploit the hard work of farmers and fishermen and manipulate market prices. Ismail Sabri said he himself had waged war against middlemen through the 'War Against Middlemen' campaign in 2014 while helming the Ministry of Agriculture and Agro-based Industry. "The National Farmers Organisation (Nafas) must continue this fight through strategies such as creating padi purchasing and fruit collection centres and also by having more farmers and fishermen's markets," he said. The prime minister said this in his speech at a dinner before officiating at Nafas’ 48th annual general meeting here tonight, which was also attended by Agriculture and Agro-based Industry Minister Datuk Seri Dr Ronald Kiandee. Ismail Sabri said food inflation … [Read more...] about Eliminate role of middlemen in agriculture sector, says PM

By The Associated Press WASHINGTON — A senior defense official says U.S. Pentagon officials are having discussions with Sweden and Finland on their security needs to deter Russia as both move toward NATO membership. The official said Defense Secretary Lloyd Austin met with Swedish Defense Minister Peter Hultqvist on Wednesday and spoke about the interim period between when the NATO application is formally made and when it is approved. There have been concerns about threats from Russia during that period, in which Sweden and Finland would not formally be covered by NATO’s Article 5 which says that an attack against one member is an attack against all and calls for collective defense. The defense official spoke on condition of anonymity to discuss private Pentagon discussions. – AP writer Lolita Baldor in Washington contributed to this report. __ KEY DEVELOPMENTS IN THE RUSSIA-UKRAINE WAR: — Interrogation, uncertainty for surrendering Mariupol troops — NATO … [Read more...] about Live updates | Official: US in talks with Sweden, Finland

- A + A (May 18): A welcome revival in travel and cargo demand helped Singapore Airlines Ltd narrow losses in the second half of the fiscal year through March, though the high price of oil weighed on the carrier, its annual results showed. The airline’s net loss in the October-March period was S$125 million (US$90 million), it said in a statement Wednesday, compared with a loss of S$804 million a year earlier. Sales more than doubled in the six-month period to S$4.79 billion. Singapore started unraveling tight Covid-19 travel restrictions in September, allowing fully-vaccinated people from certain countries to enter without having to quarantine — a boost to the flag carrier, which had suffered record losses in the height of the pandemic. With Singapore further loosening curbs in April, quarantine-free entry is available for inoculated travelers from anywhere. “Key markets around the world have further eased travel restrictions, supporting a strong recovery in … [Read more...] about Singapore Airlines’ second-half loss narrows as travel picks up

Share to Twitter Share to Linkedin Topline North Korea on Wednesday claimed its Covid-19 outbreak was taking a “favorable turn” while still reporting more than 200,000 new suspected cases as the World Health Organization expressed concerns about the lack of proper data from the country and the risk of unchecked spread. Key Facts On Wednesday, North Korea reported 232,880 new cases of “fever” and six additional deaths, according to the state-controlled Korean Central News Agency (KCNA). The country has reported 62 deaths in total and 1.72 million suspected cases, of which authorities claim more than 1 million have recovered. State media is only reporting the number of cases with fever—one of many symptoms of Covid—as North Korea is believed to lack adequate testing supplies, indicating that it may be missing out on cases that are asymptomatic or mild. In a Politburo meeting on Tuesday, leader Kim Jong Un once again took aim at his … [Read more...] about North Korea Claims Covid Outbreak Is Taking A ‘Favorable Turn’ As WHO Frets About Lack Of Data

- A + A HONG KONG (May 18): Analysts at Goldman Sachs said on Wednesday they were lowering their China 2022 gross domestic product growth forecast to 4% from 4.5% as a result of Covid-19-related damage to the economy in the second quarter of this year. It was more likely China's economy would undershoot than overshoot their target, they added. "Even this lower growth projection embeds the assumption that Covid is mostly under control going forward, the property market improves from here, and the government provides substantial policy offset through infrastructure spending in coming months," they wrote. China's retail and factory activity fell sharply in April as widespread Covid-19 lockdowns confined workers and consumers to their homes and severely disrupted supply chains. China's uncompromising strategy to fight Covid-19 has placed hundreds of millions of people in dozens of cities under restrictions of some kind, and has disrupted a global rebound in … [Read more...] about Goldman cuts China 2022 growth forecast to 4%

HONG KONG (AFP): Asian stocks were mixed Wednesday (May 18) following a strong start in some markets, which took the lead from Wall Street where traders were cheered by brisk US retail sales data. The US Federal Reserve's tightening of monetary policy to contain surging inflation has sent jolts through global markets, deepening the apprehensions of investors already roiled by China's Covid lockdowns and the Russian invasion of Ukraine. But there was some good news out of the United States Tuesday, with data showing increased spending by Americans in April. Retail sales rose 0.9 percent -- partly boosted by a rebound in auto purchases. "The economy is slowing but the consumer still looks good and that means the economy is still positioned to avoid a recession," said Edward Moya of OANDA. Industrial production also rose in April -- "another sign the economy isn't falling apart just yet", he added. Wall Street closed with gains, with the tech-rich Nasdaq jumping nearly three per … [Read more...] about Asian markets mixed after US retail data boosts Wall Street

- A + A (May 18): Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand. Ambani’s Reliance Industries Ltd is snapping up distressed crude-oil cargoes at discounts to feed its refining complex, the biggest in the world. Reliance even deferred a scheduled maintenance of the facility to help churn out more diesel and gasoline, whose margins have shot up to touch a three-year high. The two Indian tycoons are stepping in at a time when many developed countries are scrambling for alternative sources of fuels as they try to back away from Russian supplies. This month, the Group of Seven most-industrialized nations pledged to ban imports of Russian oil. The … [Read more...] about Asia’s two richest men reap windfall from surging oil, coal

Graphics chipmaker NVIDIA Corporation ( NVDA ) has agreed to pay $5.5 million to settle charges leveled by the Securities and Exchange Commission (SEC) that it failed to adequately inform investors about the demand cryptocurrency miners had placed on its graphics cards. Crypto mining involves obtaining rewards earned in cryptocurrency for verifying transactions on distributed blockchain ledgers. Key Takeaways NVIDIA has agreed to pay $5.5 million for failing to adequately inform investors about the demand cryptocurrency miners had placed on its graphics cards. The SEC claimed NVIDIA failed to report that crypto mining had generated significant revenue growth in two consecutive quarters during its 2018 fiscal year. In March 2021, NVIDIA released a new series of semiconductors called Cryptocurrency Mining Processor (CMP), specifically designed for mining Ether. Demand for the company's CMP hardware has slumped in line with sharp falls in cryptocurrency prices. … [Read more...] about NVIDIA (NVDA) Fined $5.5M for Failing to Disclose Crypto Mining Impact