DIRS.INFO The most relevant business & tech news

☆ Oil markets' decades-long dependence on China could be ending
▼ + stars: | 2023-09-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

China's demand for oil could peak by the end of the decade — and with its economic recovery still in limbo, can global oil markets continue to rely on China? "For 20 years, the oil market is dependent on China, China, China, supporting the markets. He predicted that China's demand for oil will peak in the next three to five years. "In the global [oil] markets, we have to look at countries like India, or other empires to create the resilience on the demand side," Fesharaki added. Similarly, Wood Mackenzie expects China's oil demand to peak by 2027, after which an extended fall in demand for crude will follow.

Persons: Fereidun Fesharaki, Fesharaki, Wood Mackenzie Organizations: Global, CNBC Locations: China, India

☆ India Blasts Canada Over Trudeau’s Allegation That It Played Role in Killing
▼ + stars: | 2023-09-19 | by ( Shan Li | Tripti Lahiri | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/trudeau-canada-india-sikh-leader-killing-28fdc4fd

Persons: Dow Jones, 28fdc4fd Locations: canada

☆ Olive oil prices surge over 100% to record highs, sparking cooking oil thefts
▼ + stars: | 2023-09-19 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Bottles of olive oil and sunflower oil at a Mercadona SA supermarket in Barcelona, Spain. Bloomberg | Bloomberg | Getty ImagesOlive oil prices spiked to fresh records as severe droughts in major producing countries crimp supplies — and drive up thefts in cooking oil. Spain, the world's largest producer and exporter of olive oil, has been battered by an intense drought for months. Olive oil thievesPrices of olive oil in Spain's Andalusia soared to €8.45 ($9.02) per kilogram in September, Mintec's benchmark showed. Shortly before that, thieves made off with 6,000 liters of extra virgin olive oil worth €50,000 from Terraverne oil mill, Spanish newspaper El Munco said.

Persons: Kyle Holland, Marin Serrano El Lagar, El Munco Organizations: Mercadona SA, Bloomberg, Getty, United States Department of Agriculture, CNBC, International Olive Council Locations: Barcelona, Spain, Italy, Greece, Spain's Andalusia, Spanish

☆ The IPO market has 'lost a lot of relevance,' says Swiss asset manager Partners Group
▼ + stars: | 2023-09-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

watch nowThe IPO market has lost relevance in the real economy, but there are "absolutely enormous" opportunities in the health-care sector, according to the executive chairman of global private markets firm Partners Group. Private markets are switching places with public markets as the stewards of the real economy. "Private markets are switching places with public markets as the stewards of the real economy," said Partners Group. Partners' Group recorded $142 billion worth of assets under management as of the first half of 2023. Asked whether Partners Group will someday open up the window for retail investors to tap into the private equity market, Meister said it's already happening, marking a "democratization" of the private market industry.

Persons: Steffen Meister, CNBC's Chery Kang, Meister, it's Organizations: Partners, Milken Asia Summit, Bain & Company, Private, CNBC, McKinsey Locations: Singapore

☆ Taiwan slams Elon Musk, says it's 'not for sale' nor part of China
▼ + stars: | 2023-09-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Taiwan is "not for sale," and neither is it part of China, said Taiwan's Ministry of Foreign Affairs, in a rebuke to Elon Musk who called the island "an integral part of China." "Listen up, Taiwan is not part of the PRC and certainly not for sale!" PRC refers to the People's Republic of China, the official name of China. Taiwan has been governed independently of China since the island split from the mainland in a civil war in 1949. Musk, the CEO of X, SpaceX, as well as electric car maker Tesla , went on to say: China's policy "has been to reunite Taiwan with China.

Persons: Elon Musk, Tesla, Joseph Wu, Musk, I've Organizations: Senate, Artificial Intelligence, Capitol, Ministry of Foreign Affairs, Foreign, Twitter, SpaceX, CNBC Locations: Washington , DC, Taiwan, China, People's Republic of China, Los Angeles, Beijing, Hawaii

☆ Demand for the world's smelliest fruit has soared 400%, fueled by China’s ‘craze’
▼ + stars: | 2023-09-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Different varieties of durian fruits on display at a durian stall in Petaling Jaya, Selangor, Malaysia,. Global demand for polarizing fruit soared 400% year-on-year, according to HSBC which said it's largely bolstered by a "craze" for the fruit in China. "Bucking global trends, durian demand is surging by 400% year-on-year led solely by a craze in China," a report released by the bank on Monday said. Over the past two years, China imported $6 billion worth of durians — accounting for 91% of global demand, HSBC's ASEAN Economist Aris Dacanay said in the report. While the boom in China's durian demand started as early as 2017, the uptick in demand only picked up from late 2022, according to data from HSBC.

Persons: it's, Aris Dacanay Organizations: Global, HSBC, ASEAN Locations: Petaling Jaya, Selangor, Malaysia, China

☆ Thai hospitality magnate is 'very optimistic' about Thailand's tourism recovery
▼ + stars: | 2023-09-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

© Marco Bottigelli | Moment | Getty ImagesThailand's tourism recovery is poised for recovery as diplomatic relations with Saudi Arabia normalize and Chinese tourists return, according to American-born hotel tycoon William Heinecke. "We've seen the recovery of all Saudi tourism into Thailand. Now there's two flights a day from Saudi direct to Thailand," Heinecke, who is chairman of Thai hospitality company Minor International, said on the sidelines of the Forbes Global CEO Conference in Singapore. Return of Chinese tourists? Additionally, Heinecke said he expects Thailand to benefit when Chinese tourism is back in full swing.

Persons: Marco Bottigelli, William Heinecke, We've, Heinecke, Prayut Chan, Mohammad bin Salman Organizations: Minor International, Forbes Global, Conference, Thai, Saudi Arabia's Crown, Minor, Emirates, Qatar Airways Locations: Thailand, Saudi Arabia, American, Saudi, Singapore, Eastern Europe, Russia, Ukraine, China

☆ All smoke and no FIRE: Early retirees open up about the struggles of ditching their paychecks in exchange for freedom and the new ways they're generating extra income
▼ + stars: | 2023-09-13 | by ( Laila Maidan | Kathleen Elkins | ) www.businessinsider.com time to read: +14 min

Members pose questions from how to save and invest to how to raise a family while on the path to early retirement. Early retirement doesn't mean never working againBut the FIRE movement can be more smoke than fire. Think about what's important to you and what you want your lifestyle in early retirement to look like, Cheng said. One message he shares with his community is that early retirement may not be the ultimate finish line for everyone. He also started coaching high school tennis and grew his online blog that offers tips on early retirement.

Persons: Rachel Covert, Isaac Mizrahi, Covert, That's, subreddit, Gwendolyn Merz, Merz, She'd, Marguerita Cheng, Cheng, It's, Michael Quan, Quan, Winnie Jiang, Sam Dogen, Dogen, Sam Dogen Dogen, Shan Fu, Fu, I'm Organizations: Financial Independence, Social Security, Lean FIRE, FIRE, Fortune, Bureau of Labor Statistics, Credit Suisse, Millennials Locations: NerdWallet, New York City, Mexico, Portugal, Asia

☆ Steve Forbes says the Fed's not going to cut rates soon
▼ + stars: | 2023-09-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Steve Forbes doesn't expect the Federal Reserve to raise rates in upcoming meetings, but the Forbes Media chairman doesn't see cuts in the near term either. "I think the Federal Reserve is not going to increase interest rates in the next few months. I think they're going to pause," Forbes said, citing the slew of contradictory U.S. economic data. The Federal Open Market Committee's next meeting is scheduled for Sept. 19 to 20. There's a 92% chance the central bank will leave rates unchanged after its September meeting, according to the CME's FedWatch tool.

Persons: Steve Forbes doesn't, doesn't, Forbes, CNBC's Chery Kang, There's Organizations: Federal Reserve, Forbes Media, Forbes Global, Fed Locations: Singapore

☆ Western sanctions on Russia could push the BRICS alliance closer
▼ + stars: | 2023-09-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Michele Spatari | Afp | Getty ImagesSINGAPORE — Sanctions imposed by the West on Russia are pushing the BRICS nations closer, said oil executives at the recent APPEC conference in Singapore. "Looking at the oil markets today ... the Western sanctions on Russia are working. The BRICS alliance includes Russia, as well as Brazil, India, China and South Africa. The BRICS nations have had different brushes in their relationships with the West. BRICS is the candidate," Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy, said at a panel discussion during the event.

Persons: Michele Spatari, Russell Hardy, Hardy, Argentina —, Fereidun Fesharaki, Moscow leapfrogging, Fesharaki Organizations: Afp, Getty, SINGAPORE —, West, European Union, UAE, U.S ., U.S, Treasury, Global Energy Locations: South Africa, Brazil, Russia, India, China, Sandton, Johannesburg, SINGAPORE, Singapore, Ukraine, European, Western, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, Moscow

BANGKOK (AP) — One of Myanmar’s biggest and most powerful ethnic minority militias has arrested and repatriated more than 1,200 Chinese nationals allegedly involved in criminal online scam operations, an official of the group said Saturday. The arrests were carried out in territory controlled by the United Wa State Army, or UWSA, in eastern Shan state in raids on Tuesday and Wednesday, Nyi Rang, a liaison officer from the militia, told The Associated Press. The United Wa State Army is the biggest and strongest ethnic armed organization among the major ethnic minority groups in Myanmar, with an army of approximately 30,000 well-equipped soldiers and sophisticated weaponry including heavy artillery and helicopters, from China, with which it maintains close relations. The U.N. report about Southeast Asian cybercrime said the online fraud gangs were also active in southeastern Kayin state on the Thai border. The complexes were developed by Chinese investors in cooperation with the local Border Guard Forces, which are militias affiliated with Myanmar’s army.

Persons: Nyi Rang, —, Wa, Aung, Suu Kyi, Chen Hai, cybercrime, Shwe Kokko Organizations: Myanmar’s, United Wa State Army, Associated Press, Human Rights, United Wa State Party, Beijing’s Ministry of Public Security, Foreign, Border Guard Forces Locations: BANGKOK, Shan, Wa, Yunnan province, Asia, Southeast Asia, Myanmar, Cambodia, Kayin, Mong, China, Thailand, Suu, Thai, Shwe, Myawaddy

☆ Asian Development Bank says the world faces 'immense' funding challenges
▼ + stars: | 2023-09-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Asia and the rest of the world face "immense" challenges, and the Asian Development Bank must work with others to address those issues, its director general told CNBC on Friday. "The challenge that we are facing in this region and also globally, are immense, including climate change. "So this is a limitation for different countries to take more debt for their sustainable development and climate change." He said multilateral development banks "can and must take bold action to help address the challenges." "First of all, we need to ramp up our lending capacity ... but also, we need extra efforts to mobilize more money from private sector," he said.

Persons: Tomoyuki Kimura, CNBC's Tanvir Gill, Covid Organizations: Asian Development Bank, CNBC, ADB Locations: Asia, New Delhi

☆ Asia's ultra-rich population records largest drop in the world. Here's how North America and Europe did
▼ + stars: | 2023-09-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Asia's ultra-high-net-worth population declined by about 10.9% last year, marking the largest regional drop in the world, a report by data firm Altrata showed. Ultra-high-net-worth (UHNW) individuals are those with a net worth of more than $30 million, according to the study. The combined net worth of Asia's super rich population was at $12.13 trillion compared with Europe's $11.73 trillion, the report showed. Europe recorded the second-worst regional performance, with a 7.1% fall to 100,850 high-net worth individuals. Inflationary shocks from Moscow weaponizing energy supplies, which Europe is reliant on, heightened risk aversion and the disruption of supply chains all led to the decline.

Persons: Altrata Organizations: Tech Locations: Ukraine, South Korea, Taiwan, Europe, Moscow

☆ India's 'massive expansion' set to be a key driver of global economic growth
▼ + stars: | 2023-09-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Frank Bienewald | Lightrocket | Getty ImagesSINGAPORE — India's stellar economic trajectory alongside strong forecasts for some Southeast Asian countries will be important drivers for global growth, said S&P Global Insights. Asia-Pacific is a "key driver" for global economic growth not just in the near term, but over the longer run as well, S&P Global's Asia-Pacific chief economist Rajiv Biswas said at the annual energy APPEC conference. India's very robust actually… the momentum in the economy looks really quite strong at the moment. Rajiv Biswas Global Asia-Pacific Chief Economist at S&P GlobalAs a region, Asia-Pacific's growth is expected to strengthen from 3.3% last year to 4.2% this year, according to S&P's projections. "Over the next decade, we expect that about 55% of the total increase in [the] world's GDP will come from the Asia-Pacific region," he said.

Persons: Frank Bienewald, Rajiv Biswas, Biswas Organizations: Lightrocket, Getty, SINGAPORE, Southeast Asia —, Rajiv Biswas Global, Pacific Locations: India, Asia, Pacific, Indonesia, Philippines, Vietnam, Southeast Asia, Rajiv Biswas Global Asia, China

☆ India importing Russian oil is a ‘win-win’ for the world economy, says India’s No. 1 oil company
▼ + stars: | 2023-09-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

India's imports of Russian crude is a win-win situation for the world's economy, said Oil and Natural Gas Corporation. SINGAPORE — India's imports of Russian crude is a win-win situation for the world economy, according to India's No. Since Russia's invasion of Ukraine in February last year, India's refiners have been snapping up discounted Russian oil. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. India's economy has benefited from the discounted prices, Ramesh said.

Persons: K.C, Ramesh, ONGC, India's Organizations: Natural Gas Corporation, SINGAPORE —, European Union Locations: Tuapse, Russia, India, Europe, Singapore, Ukraine, Moscow

☆ Morgan Stanley says China is 'overinvested,' but India's the opposite
▼ + stars: | 2023-09-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

CFOTO | Future Publishing | Getty ImagesChina is overinvested as its economy continues to get buffeted — but India has room for investment opportunities, said Morgan Stanley. And then it has this geopolitical cloud over it," said Jitania Kandhari, Morgan Stanley's deputy CIO for solutions & multi-asset and managing director. Jitania Kandhari Deputy CIO at Morgan StanleyKandhari added that India is undersupplied in terms of homes and property, whereas "China has so many excesses." "India's beginning a new cycle on the real estate side — made in India, work from India — with the global centers setting up there," she elaborated. That being said, Kandhari feels that some pockets of China are still investable, hinging on the improvement of the country's economic growth.

Persons: Morgan Stanley, It's, Jitania Kandhari, Morgan Stanley's, Kandhari, CNBC's, Jitania, Morgan Stanley Kandhari, — Organizations: Central, Getty, China Locations: Beijing, China, India, hinging

Persons: Dow Jones Locations: asia

☆ Global growth is set to slow — but there are 'pockets of resilience,' Moody's says
▼ + stars: | 2023-09-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

An aerial view shows the Central Bank of India building, in Mumbai, India, 28 September, 2022. (Photo by Niharika Kulkarni/NurPhoto via Getty Images)The global economy is set to slow down as inflation remains stickier than expected — but there may be some "pockets of resilience," according to Moody's Investors Service. Diron said the slowdown can be attributed to three factors: higher interest rates that persist, China's slowing growth, as well as financial system stresses. While central banks have managed to steer the global economy and "create a disinflationary trend" by raising interest rates, inflation risks are still a sticking point, she said. "There are still risks out there that inflation could prove stickier ... than currently expected, and that would lead to higher risks for longer and slower growth," explained the managing director.

Persons: Niharika Kulkarni, We're, Marie Diron, Diron Organizations: Central Bank of India, Getty, Moody's Investors Service, CNBC Locations: Mumbai, India, Asia

☆ Asia markets set to fall as traders wait for China's factory activity data
▼ + stars: | 2023-09-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

People walk along a promenade next to Victoria harbour in Hong Kong on August 31, 2023, a day before the arrival of Typhoon Saola. (Photo by ISAAC LAWRENCE / AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)Asia-Pacific markets are set to fall as traders await China's Caixin manufacturing PMI data, amid a slew of other economic data in the region. In Japan, the Nikkei futures contract in Chicago was at 32,505 while its counterpart in Osaka was at 32,490. Both are lower compared to the Nikkei 225's last close at 32,619.34. In Australia, futures for the S&P/ASX 200 were at 7,237, lower than the index's last close of 7,350.3.

Persons: Saola, ISAAC LAWRENCE Organizations: Getty Images, Nikkei Locations: Victoria, Hong Kong, AFP, Asia, Pacific, Japan, Chicago, Osaka, Australia

☆ Adani shares slide after report alleges 'opaque' offshore investment funds
▼ + stars: | 2023-08-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. Shares of Adani Enterprises , as well as its subsidiaries, fell on Thursday following new allegations published by global investigative journalism network the Organized Crime and Corruption Reporting Project (OCCRP). Adani Enterprises fell 3%, while Adani Green Energy led losses among the group's subsidiaries, falling 3.3%. The OCCRP alleged in a report published Thursday that hundreds of millions of dollars were secretly invested into publicly traded stocks of the Adani Group via "opaque" funds based in Mauritius. The report claimed that, at one point in time, the value of both men's investment in Adani was worth $430 million.

Persons: Gautam Adani, Nasser Ali Shaban Ahli, Chang Chung, Ling Organizations: Adani, World, Accountants, Adani Enterprises, Energy, CNBC Locations: Mumbai, Mauritius, Adani

☆ India to launch mission to study the sun — just days after successful moon landing
▼ + stars: | 2023-08-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Days after India's successful moon mission, the country is now setting its sights on the sun. Aditya, which refers to the sun in Hindi, is to be placed in a halo orbit around the Lagrangian point 1 of the Sun-Earth system, where the sun can be observed without any obstructions, an ISRO report stated. Lagrange points are positions in space where gravitational forces of two large masses produce "enhanced regions of attraction and repulsion," according to NASA. The resulting force can be used to remain in position and reduce fuel consumption — and can be likened to "parking spots" for spacecraft. The launch will mark India's first space-based observatory to study the sun, and would offer a "major advantage of continuously viewing the sun without any occultation or eclipses," the ISRO report stated.

Persons: Lagrange Organizations: Indian Space Research Organization, ISRO, NASA

☆ A worldwide lithium shortage could come as soon as 2025
▼ + stars: | 2023-08-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesThe world could face a shortage for lithium as demand for the metal ramps up, with some analysts forecasting that it could come as soon as 2025. BMI, a Fitch Solutions research unit, was among those that predict a lithium supply deficit by 2025. In a recently published report, BMI largely attributed the deficit to China's lithium demand exceeding that of its supply. "We expect an average of 20.4% year-on-year annual growth for China's lithium demand for EVs alone over 2023-2032," the report stated. While that could point to a global lithium surplus next year, shortages could start to plague supply chains in 2028.

Persons: Susan Zou, Corinne Blanchard, Deutsche, Blanchard, Zou Organizations: Sigma, Bloomberg, Getty, BMI, Fitch Solutions, Economic, Rystad Energy, P, Commodity, EV Locations: Itinga, Minas Gerais, Brazil, China, skyrocket, transportations, U.S, Europe

☆ Raimondo meets Chinese officials in 'tricky' visit as countries seek a more stable relationship
▼ + stars: | 2023-08-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

U.S. Commerce Secretary Gina Raimondo speaks during a Reuters interview at the Department of Commerce in Washington, September 23, 2021. U.S. Secretary of Commerce Gina Raimondo is set to meet with senior Chinese officials and U.S. business leaders in Beijing as the two countries continue high-level talks. Her trip is a crucial but also a tough one to tread with U.S.-China economic ties hanging in the balance, according to a former senior U.S. diplomat. Thornton previously served as acting assistant secretary for East Asian and Pacific Affairs at the State Department. She said Raimondo would want to "get some business done for U.S. businesses," on top of promoting and stabilizing trade relations with China.

Persons: Gina Raimondo, Gina Raimondo's, Susan Thornton, CNBC's, Thornton, She, Raimondo, Paul Tsai Organizations: Commerce, Department of Commerce, East Asian, Pacific Affairs, State Department, Paul Tsai China Center, Yale Law School Locations: Washington, Beijing, China, U.S

The majority of women who do work for BluSmart are single mothers like Deepa Shankar whose financial needs trump their family’s objections. The 25-year-old in New Delhi said she became a driver after her husband abandoned her and their baby son. Her mother, brother and neighbors all tried to shame her into quitting. They told her she was staining the family’s good name.

Persons: Deepa Shankar Locations: New Delhi

☆ Dubai luxury home prices soar by almost 50%, with Tokyo's up 26%. Here's where other cities stand
▼ + stars: | 2023-08-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

High-rise tower buildings along the central Sheikh Zayed Road in Dubai on July 3, 2023. Dubai's luxury home prices surged by nearly 50% in the year up until June, maintaining its top ranking for the eighth consecutive quarter, according to a new report by Knight Frank. According to data released Wednesday from the property consultancy firm, prices in Dubai have skyrocketed 225% since hitting a pandemic low during the third quarter of 2020. The Emirate kept its crown in the ranking for the eighth consecutive quarter. Taking second and third places were Tokyo, which saw an annual 26.2% rise, and Manila, which climbed 19.9%.

Persons: Knight Frank Locations: Dubai, Tokyo, Manila, Shanghai, Singapore

Search resuls for: "Shan"

25 mentions found