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☆ BRICS countries could swing an 'economic wrecking ball' at dollar dominance even without a shared trade currency, former White House economist says
▼ + stars: | 2023-11-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

BRICS countries could swing an "economic wrecking ball" at the dollar, a former White House economist says. Such a currency could potentially topple the dollar from its perch atop global trade markets and as the dominant reserve currency. "The BRICS+ nations do not need to wait until a shared trade currency meets the technical conditions typical of global reserve currency before they swing their newly enlarged economic wrecking ball at the dollar," he added. "The BRICS+ states do not even necessarily need to have a shared trade currency to chip away at King Dollar's domain. Other economists argue though that the dollar's role as the world's top trading and reserve currency will likely continue for a long time.

Persons: —, Joe Sullivan, Sullivan, BRICS Organizations: White House, Service, White, Foreign, United, Treasury, King, Bank of International Settlements, International Monetary Fund Locations: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates, Suez, Brazil, China, Russia

☆ Shares of Maersk plunge 18% as shipping giant announces 10,000 job cuts, says profit will be at lower-end of guidance
▼ + stars: | 2023-11-03 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The container ship Maersk Murcia sits moored in the port of Gothenburg, Sweden, on August 24, 2020. Shipping giant Maersk , a bellwether for global trade, on Friday announced plans to reduce its workforce by more than 10,000 people and said it expected profit to be at the low end of prior guidance. Shares of the Danish firm had fallen 18% by early afternoon to their lowest level since October 2020. Maersk maintained full-year EDITDA (earnings before interest, taxes, depreciation, and amortization) guidance of $9.5 billion to $11 billion, but said it expected it to come in at the lower end of this range. Third-quarter revenue dropped from $22.8 billion in 2022 to $12.1 billion.

Persons: Vincent Clerc Organizations: Shipping, Friday, Maersk Locations: Murcia, Gothenburg, Sweden

☆ Fedex CEO warned of 'worldwide recession' a year ago. Here's what he sees now
▼ + stars: | 2023-11-02 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +2 min

In September 2022, amid weak results that punished its stock, Fedex Raj Subramaniam warned that a "worldwide recession" was in the cards. That hasn't happened, but the Fedex CEO isn't exactly backtracking, and says several of the underlying reasons for his pessimistic call remain in place. "Those are three things negative to our industry and that's what I said," Subramaniam told CNBC's Holland. The Fedex CEO stressed that he made his call "early" so the company could get "significantly more efficient" and come out of a slowing global economy in better shape. Fedex shares have outperformed the market and its chief competitor UPS , which is down nearly 20% this year.

Persons: Fedex Raj Subramaniam, Subramaniam, CNBC's Frank Holland, CNBC's Holland, Brian Cornell Organizations: Fedex, CNBC, Walmart, Target, UPS

☆ JPMorgan's Dimon warns the Fed's inflation war will spook markets - and flags a raft of threats to the US economy
▼ + stars: | 2023-11-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jamie Dimon expects the Federal Reserve's war on inflation to shake markets at some point. Dimon warns overseas conflicts are a key concern and could hit the American economy. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementInvestors should prepare for turmoil as the Federal Reserve forges ahead in fighting inflation, Jamie Dimon says. "It'll have an effect on the economy, and it may determine whether the economy goes to hard landing or soft landing," Dimon said.

Persons: Jamie Dimon, Dimon, —, there's hasn't, Warren Buffett Organizations: Service, Federal Reserve, JPMorgan, Yahoo Finance, Reserve, First Republic Locations: Ukraine, Israel, Europe, China

☆ Explainer: What is APEC? Asia-Pacific leaders head to San Francisco
▼ + stars: | 2023-11-01 | by ( David Brunnstrom | ) www.reuters.com time to read: +6 min

REUTERS/Athit Perawongmetha/Pool/File Photo Acquire Licensing RightsWASHINGTON, Nov 1 (Reuters) - Leaders from the 21-member Asia-Pacific Economic Cooperation forum will meet in San Francisco this month for the 30th APEC summit, the first hosted by the United States since 2011. APEC leaders are due to gather between Nov. 15-17. From Nov. 11 senior APEC finance officials and ministers will meet ahead of the summit, while the annual APEC CEO summit will run from Nov. 14-16. As of 2021, APEC members made up seven of the United States' top 10 overall trading partners. FASHION SHOWTraditionally APEC leaders wear local costume for a final-day group photo.

Persons: Xi Jinping, Peng Liyuan, Prayuth Chan, ocha, Naraporn Chao, Athit, Joe Biden, Xi, Biden, Morris Chang, John Lee, Lee, Paul Chan, Vladimir Putin, Putin, Matt Goodman, BUZZWORDS, Goodman, Washington, Donald Trump, Bill Clinton, Barack Obama, David Brunnstrom, Michael Martina, Michelle Nichols, Matthew Lewis Organizations: Thai, Economic Cooperation, REUTERS, Rights, APEC, U.S, Reuters Hong, Hong, Financial, The State Department, White, Economic, Thomson Locations: Asia, Bangkok, Thailand, San Francisco, United States, China, Bali, Canberra, Australia, Brunei, Canada, Chile, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Vietnam, India, Washington, U.S, Ukraine, APEC, Seattle, Francisco

☆ Explainer-What Is APEC? Asia-Pacific Leaders Head to San Francisco
▼ + stars: | 2023-11-01 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +5 min

By David BrunnstromWASHINGTON (Reuters) - Leaders from the 21-member Asia-Pacific Economic Cooperation forum will meet in San Francisco this month for the 30th APEC summit, the first hosted by the United States since 2011. APEC leaders are due to gather between Nov. 15-17. From Nov. 11 senior APEC finance officials and ministers will meet ahead of the summit, while the annual APEC CEO summit will run from Nov. 14-16. As of 2021, APEC members made up seven of the United States' top 10 overall trading partners. FASHION SHOWTraditionally APEC leaders wear local costume for a final-day group photo.

Persons: David Brunnstrom WASHINGTON, Joe Biden, Xi Jinping, Xi, Biden, Morris Chang, John Lee, Lee, Paul Chan, Vladimir Putin, Putin, Matt Goodman, BUZZWORDS, Goodman, Washington, Donald Trump, Bill Clinton, Barack Obama, David Brunnstrom, Michael Martina, Michelle Nichols, Matthew Lewis Organizations: Economic Cooperation, APEC, U.S, TSMC, Reuters Hong, Hong, Financial, The State Department, White, Economic Locations: Asia, San Francisco, United States, China, Bali, Canberra, Australia, Brunei, Canada, Chile, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, Vietnam, India, Bangkok, Washington, U.S, Ukraine, APEC, Seattle, Francisco

In Panama, a lack of water has hampered canal operations in recent years, and some shipping experts say vessels may soon have to avoid the canal altogether if the problem gets worse. Before the water problems, as many as 38 ships a day moved through the canal, which was built by the United States and remained under its control until 2000. The canal authority in July cut the average to 32 vessels, and later announced that the number would drop to 31 on Nov. 1. Further reductions could come if water levels remain low. The canal authority is also limiting how far a ship’s hull can go below the water, known as its draft, which significantly reduces the weight it can carry.

Persons: Panama’s Locations: Panama, El, United States

☆ How Singapore is helping 'future-food' companies scale up
▼ + stars: | 2023-11-01 | by ( Sponsor Post | Created Insider Studios With Edb Singapore | ) www.businessinsider.com time to read: +7 min

Global food-tech innovators like Corning Life Sciences and ScaleUp Bio are among those setting up shop. Inside a lab on the west coast of Singapore, the future of food production is being developed — or fermented, to be more precise. The company is ScaleUp Bio, a local contract development and manufacturing organization that provides submerged microbial and precision fermentation for food-tech startups. In the long term, this will reduce costs compared to traditional agricultural methods and help make food production more sustainable. Despite the sector's immediate funding challenges, Singapore is committed to being a consistent partner and helping companies with similar goals achieve success.

Persons: ScaleUp, Francisco Codoner, John Shyu, Shyu, ScaleUp's Codoner Organizations: Global, Life Sciences, ADM, Nurasa, Temasek, Deloitte, Good Food Institute, Singapore Government, Corning Life Sciences, Singapore's Agency for Science, Technology, Research, GFI, Food, Insider Studios, Singapore Economic Development Board Locations: Singapore, Southeast Asia, agrifood, Asia

☆ What is APEC? Asia-Pacific leaders head to San Francisco
▼ + stars: | 2023-11-01 | by ( David Brunnstrom | ) www.reuters.com time to read: +6 min

☆ WTO chief warns Israel-Hamas war could hurt global growth if conflict spills over
▼ + stars: | 2023-10-30 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

World Trade Organization Director-General Ngozi Okonjo-Iweala opens the 2021 WTO Public Forum with a round table on Covid and trade, in Geneva, on September 28, 2021. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)The World Trade Organization's director-general warned that the ongoing Israel-Hamas conflict will impact global growth if it spills over to the wider Middle East region. In an interview with CNBC aired on Monday, Ngozi Okonjo-Iweala said: "If it spreads beyond where it is now, to the rest of the Middle East, there will be an impact." So you will see an impact on global growth, on global trade," she added. We're praying for de-escalation and peace," she told CNBC's Martin Soong on the sidelines of the Group of 7 meeting in Osaka, Japan.

Persons: Ngozi Okonjo, Iweala, Fabrice COFFRINI, FABRICE COFFRINI, Ngozi, CNBC's Martin Soong Organizations: Trade Organization, Getty, Trade, CNBC Locations: Geneva, AFP, Israel, Osaka, Japan

☆ Israel-Hamas war rocket attacks are leading oil tankers to make unusual moves near ports
▼ + stars: | 2023-10-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Giant gantry cranes and tracks in a container port, viewed from a moored cruise ship in Ashdod, Israel. The moves to evade detection come as shipping lines are also being advised to wait further offshore with rocket attacks reported at the ports of Ashdod and Eilat in Israel. Israel has closed the Port of Ashkelon, the country's biggest oil-importing port, because of rocket attacks. "This suggests that container lines are avoiding the Port of Ashdod, and potentially relying more on the Port of Haifa instead," Woitzik said. The ports of Ashdod and Haifa are the key ports for food imports.

Persons: There's, Homayoun Falakshahi, Ambrey, Falakshahi, Port, Mirko Woitzik, Woitzik, majeure Organizations: Getty, AIS, Israel, CNBC, tanker Sea Galaxy, Port, ICL Group, ICL, Rockets, Army, Evergreen Locations: Ashdod, Israel, Eilat, Port, Port of Haifa, Ashkelon, Haifa, Kpler, Gaza, Suez, Aqaba

☆ Cold War US spy satellite images reveal nearly 400 undiscovered Roman forts
▼ + stars: | 2023-10-29 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +3 min

Satellite images taken during the Cold War have revealed almost 400 previously unknown Roman forts. AdvertisementAdvertisementSatellite images taken during the Cold War have revealed almost 400 previously undiscovered Roman forts across Iraq and Syria, archaeologists said. He mapped 116 Roman forts along a 1,000 km, or roughly 620-mile, border, suggesting that these represented a defensive line against Arab and Persian invaders due to their spacing. Antiquity/US Geological SurveyThe new research found a further 396 previously undiscovered forts, suggesting that the region was more likely a hub of global trade. Cold War imageryThe photographs used in the study came from declassified spy images from the CORONA and HEXAGON satellite programs.

Persons: —, Antoine Poidebard, Jesse Casana, Casana, PAUL J, RICHARDS Organizations: Service, French Jesuit, Survey, Dartmouth College, CIA, National Museum of, United States Air Force, Analysts Locations: Iraq, Syria, French, Soviet

The second largest contributor to real gross domestic product growth in the third quarter came from business inventories (1.3 percentage points). South Korea's KOSPI-100 equity index, which is usually a good proxy for global trade given its heavy weighting towards export-oriented firms, rebounded strongly through the end of July. But the index has since weakened, consistent with the renewed downturn in volumes shown in the global trade index. UNCERTAINTYUncertainty about the economic outlook and ambiguous data are usually greatest around turning points in the business cycle. Related columns:- Persistent U.S. services inflation dampens oil outlook (October 13, 2023)- U.S. manufacturing rebound will stretch diesel supplies (October 5, 2023)- Global container freight stuck in doldrums (June 23, 2023)- Global freight shows signs of bottoming out (April 27, 2023)John Kemp is a Reuters market analyst.

Persons: Stringer, Korea's, John Kemp, David Evans Organizations: REUTERS, Global, Economic, Service, Real, Ministry of Transport, Treasury, Thomson, Reuters Locations: Qingdao, Shandong province, China, United States, Netherlands, CHINA, ASIA, Singapore, Asia, Europe, Japan, Narita, EUROPE Europe, Ukraine, Germany, doldrums

SINGAPORE, Oct 27 (Reuters) - Oil prices rose by over $1 on Friday as reports that the U.S military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region. Though the strike did not directly impact supply, it increases fears that the conflict in the Gaza Strip between Israel, backed by the U.S., and Hamas may spread and disrupt supply from major crude producer Iran, which backs Hamas. A wider war could also impact shipments from Saudi Arabia, the world's largest oil exporter, and other large producers in the Gulf. Both Brent and WTI are on track to post their first weekly drop in three weeks as the geopolitical premium built on these fears has ebbed as there has been no disruption of oil supply outside of the immediate region of the fighting. Israeli forces carried out their biggest Gaza ground attack in their 20-day-old war with Hamas overnight, angering the Arab world.

Persons: Brent, WTI, Kelvin Yew, Benjamin Netanyahu, Helima Croft, Goldman Sachs, Florence Tan, Sam Holmes, Christian Organizations: U.S, Brent, U.S . West Texas Intermediate, Islamic Revolutionary Guard Corps, Pentagon, Ocean, Investments, RBC Capital, Thomson Locations: SINGAPORE, Syria, Israel, U.S, Iraq, Gaza, Iran, Saudi Arabia, United States, Hormuz, Russia

☆ Economists fear major disruption if the Israel-Hamas conflict is not contained
▼ + stars: | 2023-10-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

ReutersAny possible escalation of the Israel-Hamas war poses a major risk to the global economy, driving up energy prices and disrupting key trade routes, economists have warned. Israel's subsequent bombardment of Gaza in a bid to eliminate Hamas has increased the risk of a spillover to the wider Middle East region. The events in recent days have deepened the greatest fear among economists, that the conflict engulfs the region and begins to pose a long-term threat to global energy and trade infrastructure. Back then oil prices gained 30% in a matter of two weeks before settling at around 15% above pre-war levels," said J. Safra Sarasin Equity Strategist Wolf von Rotberg. "You choke off those points and you create major disruption not just to oil prices, but the whole supply chain of the world for energy and other goods as well."

Persons: Israel's, Isaac Herzog, Pat Thaker, Thaker, Brent, J . Safra Sarasin, J, Wolf von Rotberg, Elijah Oliveros, Rosen, Oliveros, Paul Gruenwald, Gruenwald Organizations: Hamas, Reuters, Palestinian, Lebanese, Hezbollah, Economist Intelligence Unit, CNBC, Fed, ECB, West Texas, J ., Safra Sarasin Equity Locations: Israel, Palestinian, Gaza, Lebanon, East, Africa, Saudi, Ukraine, Europe, Iran, Tehran, Saudi Arabia, Suez, Persian, Hormuz, U.S, Chile, Turkey, Thailand, Philippines, India, Egypt

☆ Javier Milei wants Argentina to swap the peso for the US dollar. Here's what that would mean
▼ + stars: | 2023-10-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

For years, Argentinians have preferred to pay for many goods and services in greenbacks, rather than with their own collapsing currency, as part of an informal “blue dollar” currency market. To dollarize its economy, Argentina would need to exchange all pesos held by its people and businesses for US dollars, and assign a dollar value to all of its assets and contracts. The Fed would continue to set the cost of borrowing based on the needs of the US economy, not Argentina’s. Practical headacheThere’s another significant snag in Milei’s plan: Argentina doesn’t have enough dollars to ditch the peso. “People would need to take wheelbarrows of cash to convert to dollars,” Sabatini said.

Persons: Javier Milei, Sergio Massa, Argentina’s, JP Morgan, Argentinians, Milei, Natacha, Matias Baglietto, Reuters “ That’s, ” Christopher Sabatini, Kimberley Sperrfechter, ” Sperrfechter, It’s, ” Sabatini, Luis Robayo, Sabatini, ” Organizations: London CNN, National Institute of Statistics, Argentina’s, US Federal Reserve, Economic, Reuters, America, Chatham House, CNN, Capital Economics, International Monetary Fund, Getty, IMF Locations: Argentina, greenbacks, Washington, El Salvador, Panama, Ecuador, United States, Buenos Aires, AFP

☆ CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet
▼ + stars: | 2023-10-20 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Shipping billionaire Rodolphe Saadé said carriers should accept that the industry is returning to normal cycles that include long periods when profits are tight. Photo: benoit tessier/ReutersRodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings. The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels.

Persons: Rodolphe Saadé, benoit tessier, Saadé Organizations: Shipping, CMA

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSINGAPORE, Oct 20 (Reuters) - Oil prices extended gains on Friday and were on track for a second week of increases on heightened fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions. Both contracts are on track to post a second weekly gain as an explosion at a Gaza hospital this week and the anticipated ground invasion by Israeli troops heightened fears of the conflict spreading in the Middle East. "The prospect of more Venezuela oil did little to ease concerns of disruptions in the Middle East," analysts at ANZ Research said in a note to clients on Friday. Reporting by Florence Tan and Sudarshan Varadhan; Editing by Gerry Doyle and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Tony Sycamore, Yoav Gallant, Sycamore, Florence Tan, Sudarshan, Gerry Doyle Organizations: REUTERS, Rights, Brent, . West Texas, Israel Defence Forces, Israeli, U.S, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters, ANZ Research, Thomson Locations: Manhattan , New York City, U.S, Rights SINGAPORE, Israel, Gaza, Yemen, Saudi Arabia, Russia, United States, Washington, Venezuela, OPEC

☆ China’s leaders speed towards Japanisation
▼ + stars: | 2023-10-20 | by ( Edward Chancellor | ) www.reuters.com time to read: +8 min

LONDON, Oct 20 (Reuters Breakingviews) - China’s real estate market is in decline. The trouble is that China’s economic imbalances are far worse than Japan’s in 1990. Yet China’s GDP per capita has reached only half of Japan’s level in 1990. China’s economic misdirection is catalogued in Yasheng Huang’s “The Rise and Fall of the East”. After 1978 the authorities gave provincial governments substantial freedom to promote economic growth and rewarded them for meeting a growth target.

Persons: Xi, Xi Jinping, Huang, –, Xi’s, Beijing’s, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Monetary Fund, South, Asian, IMF, Reuters Graphics Reuters, Bank for International, MIT Sloan School of Management, HK, Communist, Huawei, Washington, Thomson Locations: Marrakech, People’s Republic, China, South Korea, Japan, deflate, Tokyo, California, Beijing, Taiwan, Communist

☆ Chinese gallium prices hit 7-month high as demand improves, shipments resume
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBEIJING, Oct 19 (Reuters) - Chinese prices of chip-making metal gallium hit their highest since February this week on stronger domestic demand and growing hopes of recovering exports, analysts and suppliers said. The spot price of gallium metal reached 1,975 yuan ($269.95) per kg on Oct. 18, up 18% since the start of July and up 8% since Aug. 1, data from consultancy Shanghai Metals Market showed. The Ministry of Commerce said last month that some Chinese companies have obtained export licences for gallium and germanium products. European prices of gallium metal surged by 68% from early July to $475 per kg on Oct. 18 and was up 23% from August, data from information provider Fastmarkets showed. ($1 = 7.3162 Chinese yuan)Reporting by Amy Lv and Dominique Patton in Beijing; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Li Yilan, Antaike, Amy Lv, Dominique Patton, Shounak Dasgupta Organizations: REUTERS, Rights, . Geological Survey, Shanghai Metals, Beijing, Commerce, Fastmarkets, Thomson Locations: China, Rights BEIJING, Beijing

National Oilseed Processors Association (NOPA) data on Monday revealed U.S. soybean oil stocks among NOPA members totaled 1.108 billion pounds as of Sept. 30. A mid-year drawdown of U.S. soyoil stocks is common, but this year’s pace is unusual. The U.S. Department of Agriculture projects total domestic soybean oil use at a record 27.45 billion pounds in 2023-24, which began Oct. 1. The most actively traded Chicago soybean oil futures are at three-year lows for the date, down 20% from a year ago. Most-active CBOT soybean oil futuresRISING IMPORTSU.S. soybean oil stocks may be falling, but both the reduction in exports and influx of vegetable oil from overseas have been somewhat offsetting.

Persons: Jason Lee, Stocks, Karen Braun, Miral Organizations: Industry, Trade Co, REUTERS, Rights, Oilseed Processors, U.S . Department of Agriculture, NOPA, U.S, Higher, USDA, Reuters, Thomson Locations: Qufu, Shandong province, China, Rights NAPERVILLE , Illinois, U.S, Chicago, United States, USDA

☆ What the Israel-Hamas war means for defense stocks
▼ + stars: | 2023-10-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —When war breaks out, defense companies tend to make money. That means aerospace and defense stocks tend to rise during geopolitical unrest. Defense stocks typically rise after military conflicts but soon lose those gains. Following Russia’s invasion of Ukraine, the iShares defense ETF surged by 5%, with Lockheed Martin and Northrop Grumman’s shares jumping about 20%. Goldman Sachs announced third-quarter results on Tuesday morning, reporting earnings of $5.47 per share, which beat the $5.31 expected by analysts.

Persons: Lockheed Martin, Northrop Grumman, ”, Jim Taiclet, “ That’s, JPMorgan Chase, Jamie Dimon, “, ” Sam Stovall, Joe Biden’s, Northrop Grumman’s, Raffi Boyadjian, Goldman Sachs, David Solomon, “ David, Goldman, Tony Fratto, Solomon, DJ, ” Solomon, it’s, Lloyd Blankfein, they’re, Elon Musk’s, Elon Musk, X, Clare Duffy Organizations: CNN Business, Bell, New York CNN, U.S . Aerospace & Defense ETF, Raytheon, Lockheed, Boeing, General Dynamics, Northrop, “, Lockheed Martin Corporation, titans, Hamas, JPMorgan, Defense, XM, Treasury, CNN, Revenue, Twitter Locations: New York, Israel, U.S, Ukraine, Kippur, Kuwait, South Beach, New Zealand, Philippines

☆ Russia's Putin speaks at China's Belt and Road forum in rare international appearance
▼ + stars: | 2023-10-18 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In a rare international appearance since the war in Ukraine, Russian President Vladimir Putin addressed a live audience at the third Belt and Road forum in Beijing Wednesday. In the opening ceremony speech, Putin invited other countries to participate in the development of the Northern Sea Route. The meeting marks the 10th anniversary of the Belt and Road Initiative (BRI) summit. Speaking to 1,000 delegates represented by over 130 countries, Putin said he agreed with Chinese President Xi Jinping that the Belt and Road idea "folds logically within multilateral efforts" to increase global cooperation. The Northern Sea Route is a 3,480 mile-long shipping route between the Pacific and Atlantic oceans which runs from the entrances of Novaya Zemiya straits in the west along the Russian Arctic Coast above Siberia.

Persons: Vladimir Putin, Putin, Xi Jinping Organizations: Initiative, Pacific, Foreign Policy Locations: Ukraine, Russian, Beijing, Russia, Persian, Novaya Zemiya, Siberia, Asia, Europe

SINGAPORE, Oct 17 (Reuters) - Oil prices steadied on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5% in its highest weekly gain since February. The Biden administration has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time due to lack of recent investments. Reporting by Sudarshan Varadhan; Editing by Sonali Paul, Muralikumar Anantharaman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Joe Biden, Biden, Sudarshan Varadhan, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: Venezuela, U.S, West Texas, U.S ., Organization of Petroleum Exporting, Brent, Hamas, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela, Gaza, Iran

SINGAPORE, Oct 17 (Reuters) - Oil prices fell slightly on Tuesday after a more than $1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas. Venezuela's government and opposition are set to resume long-suspended talks on Tuesday that President Nicolas Maduro said would benefit the upcoming 2024 election, a move that could lead to Washington easing sanctions, multiple sources said. The Biden administration has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time due to lack of recent investments. Reporting by Sudarshan Varadhan; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Nicolas Maduro, Maduro's, Washington, Joe Biden, Biden, Sudarshan Varadhan, Sonali Paul, Muralikumar Organizations: Venezuela, U.S, West Texas, U.S ., Organization of Petroleum Exporting, Brent, Hamas, ANZ Research, Thomson Locations: SINGAPORE, U.S, Washington, Israel, Venezuela, Gaza, Iran

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