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☆ Oil prices fall as SVB collapse rocks financial markets
▼ + stars: | 2023-03-14 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

ETSINGAPORE, March 14 (Reuters) - Oil prices fell more than $1 on Tuesday, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. U.S. West Texas Intermediate crude futures (WTI) dropped 82 cents, or 1.1%, to $73.98 a barrel. A stronger-than-expected U.S. consumer inflation outcome would put further downward pressure on near term oil prices, National Australia Bank analysts said in a note. Beyond the Silicon Valley Bank shockwaves, oil prices were also under pressure due to signs of a weaker-than-expected economic recovery in China, despite the lifting of its strict COVID-19 restrictions, said Leon Li, an analyst at CMC Markets. In U.S. supply news, the American Petroleum Institute is expected to release industry data on U.S. oil inventories on Tuesday.

ETMarch 14 (Reuters) - Oil prices fell more than $1 on Tuesday, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. U.S. West Texas Intermediate crude futures (WTI) dropped 85 cents, or 1.1%, to $73.93 a barrel. On Monday, Brent fell to its lowest since early January, while WTI dropped to its lowest since December. Beyond the Silicon Valley Bank shockwaves, oil prices were also under pressure due to signs of a weaker-than-expected economic recovery in China, despite the lifting of its strict COVID-19 restrictions, said Leon Li, an analyst at CMC Markets. In U.S. supply news, the American Petroleum Institute is expected to release industry data on U.S. oil inventories on Tuesday.

☆ A 5,000-mile blanket of seaweed that can be seen from space is threatens the beaches of Florida
▼ + stars: | 2023-03-12 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

This year's seaweed bloom of 'Great Atlantic Sargassum Belt' is one of the largest on record. It is the largest seaweed bloom in the world — weighing approximately 20 million tons — and is visible from outer space. "It's incredible," Brian LaPointe, a research professor at Florida Atlantic University's Harbor Branch Oceanographic Institute, told NBC News. Workers who were hired by residents remove sargassum seaweed from the Bay of Soliman, north of Tulum, Quintana Roo state, Mexico, Wednesday, Aug. 3, 2022. "I think I've replaced my climate change anxiety with sargassum anxiety," Patricia Estridge, CEO of Seaweed Generation, told The Guardian.

HONG KONG, March 11 (Reuters) - Three former members of a Hong Kong group that organised annual vigils to mark China's 1989 Tiananmen Square crackdown, were jailed on Saturday for four and a half months for not complying with a national security police request for information. Chow Hang-tung, 38, a prominent Hong Kong pro-democracy activist and former vice-chairperson of the Hong Kong Alliance in Support of Patriotic Democratic Movements in China, was among those convicted by a magistrate's court. The now-disbanded Alliance was the main organiser of Hong Kong's June 4 candlelight vigil for victims of China's Tiananmen Square crackdown. The national security law, which punishes acts including subversion and collusion with foreign forces, has been criticised by some Western governments as a tool to crush dissent. The Hong Kong and Chinese governments say the law had brought stability since it was enacted in 2020 in response to mass pro-democracy protests in 2019.

☆ Oil flat as China hopes, US stock draw contend with economic concerns
▼ + stars: | 2023-03-09 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

Brent crude futures had edged up by 2 cents to $82.68 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased by 1 cent to $76.65 a barrel. "Oil prices are still under the influence of Powell's hawkish tone recently, and the increasing possibility of another 50 basis points hike rather than a 25 basis points one," said Suvro Sarkar, lead energy analyst at DBS Bank. "Oil prices will be caught in the tug of war between sentiment surrounding rate hikes and inflation targeting on the one hand, and China reopening on the other for much of the year, at least the first half." Despite the EIA inventory report posting the first crude draw of the year, crude demand uncertainty over the short term is "keeping oil prices heavy," said OANDA senior analyst Edward Moya in a note. "Until we see clear signs of China's recovery gaining steam, oil prices look like they want to stay heavy."

☆ Hong Kong court convicts activists behind Tiananmen vigil
▼ + stars: | 2023-03-05 | by ( ) www.cnbc.com time to read: +3 min

They were leaders of the Hong Kong Alliance in Support of Patriotic Democratic Movements of China before it disbanded under the shadow of the Beijing-imposed law. The alliance was best known for organizing candlelight vigils in Hong Kong on the anniversary of the Chinese military's crushing of the 1989 Tiananmen Square pro-democracy protests. Critics say its shutdown has shown freedoms that were promised when Hong Kong returned to China in 1997 are eroding. watch nowUnder the security law's implementation rules, the police chief can request a range of information from a foreign agent. Failure to comply with the request could result in six months in jail and a fine of 100,000 Hong Kong dollars ($12,740) if convicted.

☆ Hong Kong court convicts 3 members of Tiananmen vigil group for security offence
▼ + stars: | 2023-03-04 | by ( Jessie Pang | ) www.reuters.com time to read: +3 min

HONG KONG, March 4 (Reuters) - Three former members of a Hong Kong group that organised annual vigils to mark China's 1989 Tiananmen Square crackdown, were found guilty on Saturday of not complying with a national security police request for information. Prominent Hong Kong pro-democracy activist and barrister Chow Hang-tung, 38, was among those convicted by the magistrate court. Chow is a former vice-chairperson of the Hong Kong Alliance in Support of Patriotic Democratic Movements in China. The national security law, which punishes acts including subversion and collusion with foreign forces has been criticised by some Western governments as a tool to crush dissent. Chinese and Hong Kong officials say the law is necessary to restore stability to the city after the city's protracted anti-China protests in 2019.

☆ Oil holds gains on China rebound, even as U.S. crude stocks rise
▼ + stars: | 2023-03-02 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

However a tenth consecutive week of crude stock builds in the United States capped the market's gains. U.S. crude inventories (USOILC=ECI) rose by 1.2 million barrels in the week ending Feb. 24 to 480.2 million barrels, their highest level since May 2021, the Energy Information Administration reported. Record exports of U.S. crude oil, however, kept the build smaller than in recent weeks, with shipments rising to 5.6 million barrels per day (bpd) last week, according to the EIA. Meanwhile, crude oil processed by Indian refiners reached record levels in January, provisional government data on Wednesday showed, as the country boosted imports of Russian barrels that Western countries shunned. Refinery throughput in the world's third-largest oil importer and consumer reached 5.39 million barrels per day for January, the highest since Reuters records going back to 2009.

☆ In the three-way battle between YouTube, Reels and TikTok, creators aren't counting on a big payday
▼ + stars: | 2023-02-27 | by ( Zach Vallese | ) www.cnbc.com time to read: +6 min

Several told CNBC still earn higher monthly payouts on YouTube than on other platforms, including TikTok and Reels. Since the launch of YouTube Shorts' new partnership program on February 1, the results have been mixed. MrBeast's ongoing multi-million dollar investments in his YouTube videos demonstrate the platform's potential for generating strong returns, attracting influencers with significant followings. Creators' past criticism of YouTube Shorts paymentCreators had been expressing dissatisfaction with YouTube's approach to paying them for Shorts. TikTok pays its creators through its own TikTok Creator Fund, which the company has pledged to grow from $200 million to $1 billion over the next three years.

The capital raising, comprising a A$685 million 3-for-5 rights offer and a A$115 million institutional placement, will help Star repay debt and increase liquidity, the company said on Thursday. It had a net debt of A$1.11 billion as of end-2022. The shares in the capital raising are being sold at A$1.20 each, 21% below Star's latest closing price of A$1.52. Major shareholders Chow Tai Fook Enterprises and Far East Consortium (0035.HK) have taken up their rights entitlements and committed $80 million to the capital raising, Star said. Star shares are in a trading halt Thursday while the capital raising is underway.

Analysts expect China's oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream. China and India have become major buyers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price caps because of the Ukraine war. In India, the world's third-biggest oil importer, crude imports rose to a six-month high in January, government data showed. Russia plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

Both crude benchmarks settled $2 down on Friday for a decline of about 4% over the week after the United States reported higher crude and gasoline inventories. Analysts expect China's oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream. China and India have become major buyers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price caps because of the Ukraine war. Russia plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ Oil rises on China demand hopes and supply concerns
▼ + stars: | 2023-02-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia's plans to rein in supply. Separately Russia plans to cut oil production by 500,000 bpd, equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. China and India have become major buyers of Russian crude since the European Union embargo. At the same time, future oil supply shortages are likely to drive prices toward $100 a barrel by the end of the year, Goldman Sachs analysts said in a Feb. 19 note. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ Oil rises on China demand hopes, concerns on supply outlook
▼ + stars: | 2023-02-20 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 20 (Reuters) - Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.78 a barrel, up 44 cents or 0.6%. Russia plans to cut oil production by 500,000 bpd, or around 5% of output, in March after the West imposed price caps on Russian oil and oil products. China is the world's largest crude oil importer. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand," they wrote.

"High spot LNG prices and dwindling domestic production will mean that Pakistan will continue facing issues with ramping up gas-fired power generation," said Poorna Rajendran, LNG consultant at FGE. Despite LNG prices having fallen from last year's record highs, the superchilled fuel is still expensive for South Asian buyers as their currencies have weakened sharply, making it hard for them to boost LNG imports this year. Ship tracking data from Kpler shows Pakistan's LNG imports in 2022 fell 17% from the previous year to a five-year low. Bangladesh's LNG imports in 2022 fell 14% from the previous year, according to Kpler, which drove down power output while demand was rising. LNG prices are unlikely to ease enough to help Bangladesh and Pakistan, with analysts expecting a rebound in Chinese purchases to push prices up in 2023.

☆ Morning Bid: Winging it
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +3 min

Ahead of the match, one statistic that blew this Englishman's mind was the sheer volume of chicken wings that were set to be consumed over Super Bowl weekend. In a report released earlier this month, the National Chicken Council said Americans were expected to chow down on 1.45 billion chicken wings, an increase of 2% from last year, or the equivalent of 84 million wings. Well, if you're looking for deflation, chicken wings are the place to find it. The report is expected to show consumer prices rose at an annual pace of 6.2% in January, down from 6.5% in December and well below June's four-decade peak of 9.1%. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

After Russia slashed piped supply to Europe following its invasion of Ukraine, gas prices hit new highs and Europe bought record volumes of LNG. Prices for both Europe's benchmark gas and Asian spot LNG hit milestone highs. LONG-TERM DEALS SOUGHTIndustry executives and governments have touted gas as a crucial transition fuel while switching to renewable energy sources, but last year's high prices had kept many buyers priced out. So the need is to have long-term contracts, a good mix of long-term, short-term and medium-term contracts," said Akshay Kumar Singh, CEO of India's Petronet LNG (PLNG.NS). "Long-term contracts and the increase in domestic (gas) production during this crisis have definitely helped our country," he said.

Forty-seven pro-democracy figures in Hong Kong have been accused of a conspiracy to commit subversion in a landmark political case. Benny Tai, 58, was a professor of law at the University of Hong Kong. Pro-democracy primary Pro-democracy candidates held a primary vote ahead of the upcoming Legislative Council election. The 47 defendants helped organize or participated in this event. New election rules announced China announced new rules for Hong Kong elections, limiting candidates to only those deemed loyal to Beijing.

☆ Oil rises 1% in choppy trade on China demand hopes
▼ + stars: | 2023-02-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Supply concerns continued to affect markets as operations at Turkey's oil terminal in Ceyhan halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8 while operators assess earthquake damage, a Turkish shipping agent said. However, a preliminary Reuters poll showed that U.S. crude oil stockpiles likely rose by about 2.2 million last week.

HONG KONG, Feb 6 (Reuters) - Sixteen Hong Kong pro-democracy figures face trial on Monday, more than two years after their arrest, in what some observers say is a landmark case for the city's judicial independence under a national security law imposed by Beijing. Thirteen of those arrested were granted bail in 2021, while the other 34 - including 10 who pleaded not guilty - have been in pre-trial custody on national security grounds. Western governments have criticised the 2020 national security law as a tool to crush dissent in the former British colony. The 31 who pleaded guilty, including former law professor Benny Tai and activist Joshua Wong, will be sentenced after the trial. The case will be heard by three High Court judges designated under the national security law: Andrew Chan, Alex Lee and Johnny Chan.

☆ Luxury stocks rally from China reopening, but world's largest luxury market may choose to shop 'in-house'
▼ + stars: | 2023-02-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

In the past, trips abroad often included personal luxury purchases for affluent Chinese consumers looking to take advantage of currency and tax benefits. CFOTO | Future Publishing | Getty Images"China's domestic luxury consumption should far exceed that of overseas luxury consumption," said Zhang, who estimates that in the long run, domestic luxury consumption will account for 70% of the Chinese luxury consumers' spending, and a mere 30% from abroad. That would be the inverse of spending patterns before 2017, when over 70% of Chinese luxury spending took place outside of China, according to Zhang. He added it is unlikely the share of overseas luxury shopping for Chinese consumers will recover to pre-pandemic levels of over 70%. The increasing digitalization of shopping processes has also facilitated Chinese shopping online for luxury goods, Bain & Co said in a report.

Former Transportation Secretary Elaine Chao called out former President Donald Trump amid his racist broadsides aimed at her and his other anti-Asian rhetoric. Trump, who is ramping up his 2024 presidential campaign, has repeatedly made racist attacks against Chao, who served in his administration, in recent months. Chao’s latest statement comes in the wake of several high-profile shootings targeting Asian Americans. Other Republicans, such as Sen. Rick Scott, R-Fla., have stopped short of condemning Trump’s attacks, often equating them to the former president’s penchant for using nicknames. She later served as Transportation secretary for the Trump administration.

The tornado struck Pasadena, southeast of Houston, seriously damaging homes and other buildings and knocking out power to thousands in the city and its surrounding areas. More than a dozen other tornado sightings were reported as the storm moved across the Gulf Coast, although they have yet to be confirmed by the National Weather Service. The spate of reported tornadoes adds to changes that experts have been observing in recent years — specifically, that where and when tornadoes occur has begun to shift. Historically, tornadoes were most likely to strike within a column of the central U.S. that was nicknamed “Tornado Alley.” The area includes parts of Texas, Oklahoma, Kansas and Nebraska. In areas with tightly packed cities, lots of trees and less open space, for example, a tornado can cause more catastrophic damage.

☆ Elaine Chao, Trump-era transportation secretary and Mitch McConnell's wife, hits back at Trump for giving her the racist nickname 'Coco Chow'
▼ + stars: | 2023-01-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Former Transportation Secretary Elaine Chao has spoken out against Trump's attacks on her. Trump on Monday again referred to Chao as "Coco Chow" in a Truth Social post. Chao said the racist nickname said more about Trump "than it will ever say about Asian Americans." Chao released her statement after Trump in a Truth Social post on Monday once again referred to her by the nickname "Coco Chow." When approached for comment about Chao, Trump's spokesperson, Steven Cheung, told Politico: "People should stop feigning outrage and engaging in controversies that exist only in their heads."

☆ China's Covid wave drives up consumer interest in insurance after health system shortfalls
▼ + stars: | 2023-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

For people planning to spend more on that health category, 47% said in December they intend to spend more on health insurance. "This experience is also driving increased interest in commercial health insurance which could cover access to premium private providers," Lipson said. Anecdotes depict a public health system overwhelmed with people at the height of the wave, and long wait times for ambulances. Some of the players in China's health insurance industry include Ping An , PICC and AIA . Hospital fundingHowever, one of the barriers to improving China's public health system is its fragmented financing system, according to Qingyue Meng, executive director at Peking University's China Center for Health Development Studies.

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