Why gasoline prices are so high

Cars are parked at the Janganpyeong used car market in Seongdong District, eastern Seoul. [NEWS1] Rising prices and a shortage of new cars has caused a sharp increase in demand for used cars. "Used car prices are surging," said a used car business owner in western Seoul. "Before, the price of medium-sized cars dropped by 5 to 7 million won ($5,520) a year after the car was sold. But the price of used cars sold one to three years ago is almost the same as the price of newly released cars." "Even used cars that have been driven about 15,000 kilometers (9,320 miles) are sold at the price equivalent to that of a new car if they are popular car models such as Kia Sorentos and Sportages." Hyundai Motor's 2020 Tucsons sold for an average of 30.62 million won in April, which is only a 930,000-won difference from the price of the new car, according to Encar, a car-trading site. Purchasing a new car this year has been more time-consuming for buyers since the lead time for a … [Read more...] about Used car prices surge as new car deliveries are delayed

Bank of Korea Governor Rhee Chang-yong, center, at the monetary policy board meeting held in central Seoul on Thursday. [BOK] The Bank of Korea raised the base interest rate by 0.25 percentage points to 1.75 percent on Thursday. It was a unanimous decision by the monetary policy board and came in the context of fast rising consumer prices. "Inflation was higher than we had expected," Bank of Korea Gov. Rhee Chang-yong said during a press conference held in central Seoul on Thursday. The increase, which was widely expected, is the second consecutive rate rise and the fifth in the current round of monetary tightening, which began in August last year. At the previous board meeting, in April, rates were also upped 25 basis points and the decision was also unanimous. "The board will guide monetary policies focused on inflation for the time being," the governor said, adding that inflation may top 5 percent in May. At a press conference held last month, Rhee said that he is more … [Read more...] about Bank of Korea ups rates a quarter point citing high inflation

Share to Twitter Share to Linkedin If you ask a chef what his or her favorite steak is, chances are that he or she will say skirt steak. Skirt steak has the richest, beefy-est flavor around. Regional Mexican restaurants serving fajitas and Tex-mex tacos popularized skirt steak but it is no longer considered a second cut of steak, often out-pricing or holding bay with more common luxury cuts of steak like the ribeye or the NY strip. From the first time I tasted it, I have been a fan. I love the pure rich beefiness of skirt steak. I love the loose soft texture when it is sliced right. For me, skirt steak is the essence of the best of beef and benefits from the less is more approach. The trickiest thing about skirt steak is that there are two kinds of skirt steak. Meaning that there are two skirt steaks to every cow—the inside skirt and the outside skirt. The skirt steak with the richest flavor and best texture is the outside skirt steak. People … [Read more...] about How To Grill The Perfect Skirt Steak

- A + A DAEGU, South Korea (May 26): Global liquefied natural gas (LNG) buyers and sellers are bracing for more uncertainty over Russian supplies and a murky demand outlook from Europe and top importer China in the run-up to peak winter season, industry executives said. Western sanctions on Russia due to the Ukraine invasion have sparked fears of disruption of Russian gas supply to Europe, sending global gas prices to all-time highs earlier this year and raising energy security concerns. Moscow calls its action a special military operation. In addition to unpredictable weather, it remains unclear whether there will be further cuts in Russian supplies to Europe, the executives said. Also uncertain is whether Europe can build new LNG import infrastructure in time to replace massive Russian volumes, they added. One more question is when China will lift COVID restrictions, which have slashed imports in the first five months of this year. "We have massive uncertainty … [Read more...] about Global LNG markets brace for unknowns ahead of winter

- A + A (May 26): The world’s food problem is already severe as prices jump and protectionism flares but there’s a good chance governments can stop it from getting way worse if they heed a lesson from the crisis in 2008 — don’t panic. With a gauge of global prices already at a record following Russia’s invasion of Ukraine, a spate of nations have moved to curb exports in crops from wheat and sugar to cooking oils, exacerbating security risks for the rest of the world. Bad weather is a concern, too. Still, while wheat, corn and soy have soared, rice, a staple for more than three billion people, has so far been more stable. If nations do not panic or start hoarding, they can stop the current crisis from becoming a rerun of the one in 2008, when rice prices soared to put the region’s food security at serious risk, according to Harvard University Professor Emeritus Peter Timmer, who’s studied food security for decades. “The 2008 lesson is: Do not spook the market,” … [Read more...] about Bigger food crisis can be averted If Asia remembers not to panic

This article first appeared in The Edge Malaysia Weekly, on May 16, 2022 - May 22, 2022. - A + A OVER the years, there has been much debate on whether low-carbon solutions such as carbon capture technology are relevant in the light of renewable energy adoption and the energy transition. The recent energy crunch, which saw oil and gas prices skyrocket amid high demand, and pushed some countries to even revisit coal for power generation, has proved that fossil fuel use cannot be avoided in the near term. This means it is even more pertinent to explore technologies that allow carbon reduction and offset during the energy transition, says Petroliam Nasional Bhd (Petronas) vice-president and chief sustainability officer Charlotte Wolff-Bye. “In this current sort of crisis in the energy sector, I believe that the energy transition can’t be delivered without the oil and gas industry. We actually need to decarbonise existing energy systems and continue … [Read more...] about Petronas: Decarbonising fossil fuel the way to go

Freshworks founder and CEO Girish Mathrubootham. (File image) Riding the wave of macro trends Girish Mathrubootham started the cloud-based customer engagement company Freshworks on the back of deep immersion in the enterprise software-as-a-service (SaaS) ecosystem. Girish had joined software development company Zoho in 2001 as an engineer. Nine years later, he was the vice president of product development in the company. During the time he spent at Zoho, he built wide-ranging expertise in the development of enterprise information technology service systems. He had been building IT helpdesk systems, which enabled enterprise clients to offer technical support to their customers since 2004. He understood the enterprise IT service management market inside out. He had also had a ringside view to cloud-computing developments taking place within Zoho. This placed him really well to tap into opportunities created by global developments in this sector. In the middle of 2010, he … [Read more...] about Book excerpt: ‘Startup Compass: How Iconic Entrepreneurs Got It Right’ by Ujwal Kalra, Shobhit Shubhankar, IIM Ahmedabad

Share to Twitter Share to Linkedin Earlier this month, in the grounds of the Mandarin Oriental hotel on the picturesque shores of Lake Como in northern Italy, Rolls-Royce revealed its second Boat Tail. Finished in a chameleon-esque paintwork that shifts from near-white to deep bronze depending on how the sun hits it, this is the second of only three to ever exist. Commissioned by a Rolls-Royce client who has worked closely with the company for four years, the car shares its platform and overall look with the first Boat Tail, revealed in 2021, but is otherwise a total one-off – right down to the rose gold cutlery and carbon fiber folding stools that form its al fresco dining set. The car is inspired both by racing yachts of the early 20th century and the Rolls-Royce Phantom II Boattail from 1932, which one contemporary Boat Tail customer also owns. This particular example was commissioned by a loyal Rolls-Royce customer based in the Middle East, and whose … [Read more...] about This Is What It’s Like To Order A One-Of-Three Rolls-Royce Boat Tail

Share to Twitter Share to Linkedin The bourbon revival continues to gather steam with literally hundreds of new expressions being released every year. The sector has been growing exponentially over the last decade. Every state now has craft distillers producing bourbon. More importantly, we are beginning to see, in states like Texas and Colorado, the emergence of a distinct regional style of bourbon. In the meantime, inspired in part by the proliferation of craft distillers and their innovative mash bills, distillation techniques and maturation protocols, many of the larger established and historic distillers have also embarked on a new cycle of experimentation and innovation. We are truly at the beginning of what will be the golden age of American whiskey. This year the San Francisco World Spirits Competition (SFWSC) judged hundreds of bourbon expressions across a range of different categories. Below are some notes on the finalists in each of the … [Read more...] about The Best Bourbons In America: 2022 San Francisco World Spirits Competition

- A + A KOTA KINABALU (May 26): Traders in Sabah, in particular, those at Pasar Besar Kota Kinabalu say chicken supply is available, but the stock received from suppliers is limited at the moment. A Bernama survey at the market found that traders could still get their supply of chickens but in smaller quantities compared to before, while whole chicken was still being sold at RM11 to RM11.50 per kg. Chicken seller Rizal Hamid, 43, from Penampang said he would normally place an order for 300 chickens from the supplier every day, but now he could only get between 100 and 150 chickens a day. “At present, we cannot say if supply is adequate or otherwise, it’s so-so. This is because when we make our orders (for chicken) its still available, but we will normally receive just half of the quantity we ordered. “Some would ask me why the situation is like this, and I would usually say there is a problem with chicken feed, that the cost of chicken feed was too high. The … [Read more...] about Chicken still available in Sabah but in limited quantities, say traders