DIRS.INFO The most relevant business & tech news

☆ India isn't over dependent on Russian oil, Indian energy minister says
▼ + stars: | 2023-08-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

"India doesn't get over dependent on anyone," Hardeep Singh Puri told CNBC's Tanvir Gill when asked if his country was too dependent on the Kremlin. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. Hardeep Singh Puri India's Minister of Petroleum and Natural GasIndia is the world's third largest energy importer, and purchases more than 80% of its crude oil from international markets. Asked if India was getting a $15 or $30 discount per barrel on Russian crude, Puri said: "Yes, there have been discounts. According to data from S&P Global in July, India's crude oil sources come largely from Middle East and Russia.

Persons: Hardeep Singh Puri, CNBC's Tanvir Gill, India's, Puri Organizations: India's, Petroleum, Natural Gas, CNBC, P Global, Brent, U.S . West Texas, West Texas Locations: India, Russia, Ukraine, Moscow, Natural Gas India, Iraq, Saudi Arabia, UAE, Kuwait, Middle East, U.S

Bigger insurers might not feel squeezed immediately in Hawaii, as the state has been historically lucrative for them. Insurers are primarily concerned with two factors when deciding how much coverage to offer and where: the frequency of claims and the severity of those claims. The Maui fires are another data point of losses for insurers. Since the start of the year, insurers have paid out more than $40 billion in damage claims, on a pace for a record in yearly losses. The insurers for insurance companies, also known as reinsurers, are an important part of the equation.

Persons: Ge, they’ve Organizations: New York University, underwriters, Farm, Allstate Locations: Hawaii

☆ A new PM and a fugitive's return: here's what Thailand's political future holds
▼ + stars: | 2023-08-24 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Former Thai Prime Minister Thaksin Shinawatra, who is expected to be arrested upon his return as he ends almost two decades of self-imposed exile, waves at Don Mueang airport in Bangkok, Thailand August 22, 2023. RThe return of Thailand's former prime minister Thaksin Shinawatra after years of self-exile could mark the end of a chapter in the country's politics, even as some analysts believe he will still be pulling some political strings — albeit from behind. The founder of Pheu Thai party and widely seen as its de facto leader, Thaksin returned to Thailand on Tuesday after 15 years in exile, and was sentenced to eight years in prison upon his return. But he will be the key person driving Pheu Thai Party behind the scenes," said Kasem Prunratanamala, head of Thailand research at CGS-CIMB. Pheu Thai is the latest iteration of his old party Thai Rak Thai after several before were disbanded by the courts.

Persons: Thaksin Shinawatra, Thaksin, Srettha Thavisin, Kasem Prunratanamala Organizations: Thai, Chulalongkorn University's Institute of Security, International Studies, CNBC, Thai Party, CGS, Thai Rak Thai Locations: Don Mueang, Bangkok, Thailand, Thai, Pheu, Thai Rak

☆ Pork belly prices are up 100% this year — your breakfast bacon is about to get pricier
▼ + stars: | 2023-08-23 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Wholesale pork belly prices are currently trading at 270.89 cents per pound. And consumers are about to see even higher prices of bacon, which is primarily cut from pork bellies. Analysts who spoke to CNBC attributed the surge in pork prices partly to a recently imposed animal welfare regulation in California, which came into effect July 1. Proposition 12 played a "major role" in the surge in prices, said Urner Barry pork market analyst, Ryan Hojnowski. Consequently, sellers of bacon will want to keep their profit margins up — thus, the spike in pork belly wholesale prices is going to translate to higher retail and food services prices, he said.

Persons: Bacon, Zachary Zirlin, —, That's, Brian Earnest, Cobank's Earnest, Earnest, Barry, Ryan Hojnowski, Hojnowski, Urner Barry, Glenn Asakawa Organizations: Eyeem, Getty, CNBC, National Pork Producers Council, Medianews, Denver Locations: California, FactSet, Colorado

"The price of global rice prices is particularly worrying," Qingfeng Zhang, a senior director from the Asian Development Bank, told CNBC. Other than India, food inflation has been relatively tame in Asia so far this year. Underscoring how higher food prices erode purchasing power, ADB suggested at that time that a 10% rise in domestic food prices in developing Asia would push 64.4 million into poverty, based on the $1.25-a-day poverty line. Moreover, this spike in rice prices is happening amidst widespread lower food prices. watch nowThis means any spikes in food prices will only translate to food inflation toward the end of this year or early 2024.

Persons: Qingfeng Zhang, El Niño, Niño, Erica Tay, Tay, Tay . Rice, Xi Jinping, Morgan Stanley, Maybank Nomura, Sonal Varma, Si Ying Toh, Nomura, Paul Hughes, Hughes, Global's Hughes Organizations: Istock, Asian Development Bank, CNBC, ADB, United Nations, FAO, Tay . Locations: Ho Chi Minh, Vietnam, Asia, India, Thailand, China, Myanmar, Cambodia, Tay, U.S, El, Australia, Pacific, Singapore, Hong Kong, Indonesia, South Korea, Philippines, Malaysia

☆ Global onion prices could be set to rise with India slapping an export tax on domestic production
▼ + stars: | 2023-08-22 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

A labourer sorting out onions at a vegetable market in New Delhi on May 30, 2023. The new levy announced Saturday acts to ensure domestic availability and cool inflation, and is effective immediately until December 31, according to the country's Ministry of Finance. Global onion prices are likely to get a positive price cue on account of India's decision. India's government in July also banned the exports of non-basmati white rice in a bid to ensure sufficient domestic supplies. "The government would like to rein [in] prices and ensure sufficient availability in the domestic market.

Persons: Arun SANKAR, ARUN SANKAR, Arun Sankar, Pushan Sharma, Samarendu Mohanty Organizations: Getty, Afp, country's Ministry of Finance, India's Department of Consumer Affairs, CRISIL Market Intelligence, P, Indian Meteorological Department, Pushan Sharma CRISIL, Intelligence, Potato Center, CNBC Locations: New Delhi, AFP, India, Maharashtra, Karnataka, oversupply, Bangladesh, Malaysia, Sri Lanka

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/india/india-economy-women-work-labor-46bfb0f0

Persons: Dow Jones

☆ HKEX first-half net profit rises 31%, CEO is 'quite optimistic' about medium term outlook
▼ + stars: | 2023-08-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Hong Kong Exchanges and Clearing reported a 31% jump in net profit for the first six months of the year, compared to a year ago — and its CEO has expressed optimism about the medium-term outlook. HKEX's half-year net profit jumped to 6.31 billion Hong Kong dollars ($806.6 million) from HK$4.84 billion a year ago, boosted by the "robust growth" in its derivatives market, the exchange said in its press release. Revenue from its core businesses rose to HK$9.73 billion in the January to June period, up 5% year-on-year. Aguzin acknowledged that investors are in an "environment of caution" right now, with geopolitics being one of the factors. Still, he expressed optimism for the exchange's near term outlook, on hopes of lower inflation numbers and additional stimulus from China.

Persons: Nicolas Aguzin, Emily Tan, Aguzin, we've Organizations: Hong Kong Exchanges, Hong Kong, HK, Revenue Locations: China

☆ China is on course to overtake Japan and become the world's No.1 car exporter
▼ + stars: | 2023-08-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

China, automobile, vehicles Vcg | Visual China Group | Getty ImagesChina is on course to overtake Japan as the world's top auto exporter by the end of 2023, according to Moody's Analytics. "At this pace, China is on track to overtake Japan by the end of the year," Moody's economists wrote, a global ranking which Japan has claimed since 2019. According to Moody's projections, China produces more than half the world's lithium supply, thanks to its low labor costs compared to rivals Japan and South Korea. Moody's AnalyticsAs a result, some of the world's largest auto companies have set up production facilities in China, including Tesla and BMW . The Asia-Pacific region, which is home to some of the world's largest auto exporting powerhouses such as South Korea, China and Japan, has seen a mixed recovery in auto exports, Moody's highlighted.

Persons: Moody's Organizations: Visual China, Getty, Japan, EV, Tesla, BMW, Chery, SAIC Locations: China, Japan, South Korea, Germany, Thailand, Asia, Pacific

☆ Global rice prices could surge higher as flood risks loom over China
▼ + stars: | 2023-08-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Global rice markets could come under further strain as the world's leading rice producer China grapples with heavy rain and flood risks. "Heavy rain in China's grain-producing north-eastern region that will reduce yields is likely to put upward pressure on already high global rice prices," Fitch Ratings said in a recent report. China is the world's largest producer of rice, and flood alert levels were raised for three provinces that account for 23% of the country's rice output: Inner Mongolia, Jilin and Heilongjiang, the report pointed out. The world's second largest economy has been inundated by devastating floods in recent weeks. Typhoon Doksuri was one of the worst storms to hit northern China in years, with capital Beijing battered by the heaviest rainfall in 140 years.

Persons: Fitch, Doksuri, Khanun Locations: China, Mongolia, Jilin, Heilongjiang, Beijing

☆ Gold prices to breach all-time highs? Some expect bullion to hit $2,500
▼ + stars: | 2023-08-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Spot gold prices hit a record intraday high of $2,072.5 on Aug. 7, 2020, according to data from Refinitiv. We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns. Gold prices tend to have an inverse relationship with interest rates. "We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns," Heng said. Chinese retail gold demand has been resilient in 2023 even as consumption of other commodities remained weak, Citi said in a July report.

Persons: Sven Hoppe, Bart Melek, Melek, David Neuhauser, Neuhauser, Randy Smallwood, Heng, Heng Koon, UOB Heng, Citi's, Doshi Organizations: Getty, Refinitiv, CNBC, Securities, U.S . Federal, Livermore Partners, Fed, Wheaton Precious Metals, greenback, Markets, Federal Reserve, Citi, Commodities, Future Publishing Locations: U.S, China, India, Yichang, Hubei province

☆ Global rice prices surge close to 12-year highs, and could rise even more
▼ + stars: | 2023-08-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Rice trader displays variety of rice samples at a wholesale store, in Guwahati, Assam, India on August 2, 2023. Rice prices surged to their highest in almost 12 years on the back of India's rice export ban and adverse weather conditions that could impact production, said the United Nations' food agency. The Food and Agriculture Organization All Rice Price Index for July rose by 2.8% to 129.7 points. El Nino is a climate phenomenon marked by extreme temperatures and weather conditions that could interrupt lives and livelihoods. 20, as the government seeks to keep a cap on soaring food prices at home, and ensure there are enough supplies domestically "at reasonable prices."

Persons: Rice, El Nino Organizations: United Nations, Agriculture, Rice, Index, FAO, El Nino Locations: Guwahati, Assam, India, United, Thailand, El

The sunset glow is seen over buildings and a ferris wheel on May 13, 2022 in Beijing, China. Asia-Pacific markets largely fell as investors look ahead to China's inflation figures and trade balance later this week. China will release its trade balance for Tuesday and inflation data on Wednesday, which will give clues on the country's recovery trajectory. Hong Kong's Hang Seng index climbed marginally, but mainland Chinese markets were also all in negative territory. South Korea's Kospi was down 0.85% to close at 2,580.7, marking its fourth straight day of losses, while the Kosdaq saw a larger loss and tumbled 2.2% to end at 898.22.

Persons: Kospi Organizations: Shanghai, Shenzhen Component, Nikkei, Bank of Japan Locations: Beijing, China, Asia, Pacific, Shenzhen, Australia

☆ Oil prices surge to 4-month highs after Saudi, Russia output cuts
▼ + stars: | 2023-08-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices surged Monday to their highest since mid-April, following an attack on a key Russian oil export hub and extended production cuts by OPEC kingpin Saudi Arabia and Russia. Over the weekend, Ukraine launched a naval drone attack on Russia's port of Novorossiysk, a critical hub on the Black Sea for Russian oil exports. In addition, the world's top oil exporter Saudi Arabia last Thursday extended its voluntary crude oil output cut of a million barrels per day to the end of September. Saudi Arabia's million barrel per day cut was implemented in July through to August, and the cut "can be extended or extended and deepened," the state-owned Saudi Press Agency said last week. Russia, the world's second largest oil exporter, also pledged Thursday to voluntarily trim oil exports by 300,000 million barrels per day in September.

Persons: Josh Young Organizations: Saudi Press Agency, Bison Locations: Saudi Arabia, Russia, Ukraine, Novorossiysk, Saudi

☆ Rice markets could face further turmoil as Thailand urges farmers to plant less rice
▼ + stars: | 2023-08-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Thailand, the world's second largest exporter of rice, is encouraging its farmers to plant less of the crop in a bid to save water — a move that could roil rice markets further following India's export ban. In an effort to conserve water for consumption, the Office of the National Water Resources (ONWR) has called on the country's farmers to turn to "planting crops that use less water [which] can be harvested quickly." Kidtimonton said the country's water management needs to "focus on water for consumption," as well as "water for cultivation mainly for perennial crops." Perennial crops are crops that grow back after harvest and need not be replanted every year, unlike annual crops. Rice is categorized as an annual crop.

Persons: Surasri Kidtimonton, Kidtimonton Organizations: National Water Resources, National Water Administration Locations: Thailand

☆ China's capital Beijing battered by heaviest rainfall in 140 years
▼ + stars: | 2023-08-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Massive rescue and relief efforts are underway in response to typhoon-induced torrential rains in Beijing. China's capital Beijing has been pummeled by the heaviest rainfall in 140 years, leaving at least 20 dead. China has been buffeted by heavy storms as Typhoon Doksuri swept north after slamming southern Chinese provinces. Doksuri made landfall in China's Xiamen and Quanzhou on Monday morning, and caused "severe flooding in Beijing," according to a report by the NASA Earth Observatory. The typhoon was one of the worst storms to hit northern China in years, and the torrential rain in Beijing has killed at least 20 people as of Tuesday.

Persons: Doksuri Organizations: Beijing Meteorological Bureau, NASA, Observatory Locations: Beijing, China, Doksuri, China's Xiamen, Quanzhou

☆ India's rice export ban to hurt millions globally. These countries will be the worst hit
▼ + stars: | 2023-08-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

20 Xinhua News Agency | Xinhua News Agency | Getty ImagesIndia's rice export ban could ripple across global rice markets — and millions are expected to be impacted, with Asian and African consumers set to bear the biggest brunt. The scale of people impacted by Indian rice ban will be in millions. Other affected regionsAsia is not the only region hit by India's rice export ban, many African and Middle East nations are also vulnerable. That means up to 40% of India's rice exports are now offline, according to BMI forecasts. India's rice export ban is expected to ripple across global rice markets.

Persons: Mohanty, Samarendu Mohanty, Narendra Modi Organizations: Xinhua News Agency, Getty, Barclays, El Nino, BMI, Fitch Solutions, Workers, International Potato Center, CIP Locations: Nagaon district, India's, Assam, India, Malaysia, Asia, Singapore, Thailand, Pakistan, Vietnam, Philippines, Saharan Africa, East, North Africa, Djibouti, Liberia, Qatar, Gambia, Kuwait, Cambodia, Indonesia, Bangladesh, Nepal

☆ Country Garden shares drop 5% after reports it scrapped $300 million share sale
▼ + stars: | 2023-08-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Country Garden canceled its share placement shortly after midnight, a report by IFR revealed, citing bookrunner JPMorgan. Hong Kong-listed shares of Country Garden fell 5.06% on Tuesday, following multiple reports that the Chinese real estate developer had scrapped its $300 million primary share placement. The share placement was aimed at helping the Chinese property developer repay its debt. Its property services arm Country Garden Services lost 0.57%, while other Chinese property stocks were also dragged down. The Hang Seng Mainland Property Index, which measures Hong Kong-listed Chinese property counters, was lower by 0.33%.

Persons: Sunac Organizations: JPMorgan, Garden Services, Mainland Property, Logan Group Locations: Hong Kong, China

☆ India's accelerating growth can fill the global commodity demand gap left by a slowing China
▼ + stars: | 2023-07-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Rashtrapati Bhavan, the official residence of the President of India, in New Delhi. China's growth slowdown is set to hurt global commodity demand, but India could make up for some of that shortfall, according to ANZ. India's economic growth is likely to outpace China's, with the South Asian nation set to become the third-largest economy by the end of this decade, the bank predicted. That means India's demand for commodities will likely surge, and it could cover more than half of China's demand shortfall especially in the energy sector, the bank said in a recent report. "India's demand for commodities is slated to grow rapidly, supported by favorable demographics, urbanization, the expansion of manufacturing and exports and the build-up of infrastructure," ANZ analysts wrote.

Persons: Rashtrapati Organizations: Rashtrapati Bhavan, ANZ, South Locations: India, New Delhi, China

☆ Amazon sellers and experts weigh in on how to pick a good product to sell online: 'Sticking to durable goods is the way to go'
▼ + stars: | 2023-07-29 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

If you're thinking about starting an e-commerce business, you need to first pick a product to sell. That's essentially what Reeves did when he first started selling wallets. Another pro tip from Walter: Consider selling products that are durable — things that likely won't break in transit. Plus, you'll have an advantage if you're selling a product you understand well and use personally. "Looking around at your own life and your own day-to-day is a good way of coming up with product ideas."

Persons: Joe Reeves, Shan Shan Fu, Tyler Walter, Walter, That's, Reeves, Fu, Joe Reeves Walter, that's Organizations: Walmart Locations: Walter

Accent bias in the workplaceIt's not surprising that employees' accents play a role in determining business travel, said Regina Kim, an assistant professor of management at Fairfield University's Dolan School of Business. An 'accent hierarchy'Leadership specialist and author Ritu Bhasin said there's an "accent hierarchy" in today's globalized world. Kim agreed, saying studies show that the Standard British English accent has a "covert prestige," with speakers being perceived as more trustworthy, intelligent and attractive. "For example, having a French accent in a wine industry may be 'better' because there's an industry-accent fit," she said. Accent bias can be worsened by national stereotypes that listeners associate with the way their colleagues talk, said Kim.

Persons: they've, Shan, Tracey Derwing, Derwing, Regina Kim, Kim, Ritu Bhasin, it's, Bhasin, Elizabeth Elizabeth, she's, Elizabeth Organizations: SAP, CNBC, Employees, New Zealand, University of Alberta, Fairfield University's Dolan School of Business Locations: —, Asia, Australia, New Zealand, Taiwan, Singapore, Malaysia, Pacific, New, Indonesia, Vietnam, United States, American, New York, Britain, Canada, East Asia, South Asia, West Asia, China, Europe

☆ Asia-Pacific markets fall after Fed hikes rates to 22-year high
▼ + stars: | 2023-07-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

The ICC International Commerce Centre, and Hong Kong's brand new museum of visual culture, Victoria harbor, Hong Kong, China. Asia-Pacific shares fell Thursday after the U.S. Federal Reserve raised rates to their highest level in more than 22 years while leaving the door open for further tightening. Japan's Nikkei 225 dipped 0.32% during its first hour of trade. Hong Kong's Hang Seng index is poised to dip, with futures at 19,541 compared to the benchmark's close of 19,365.14. The Hong Kong Monetary Authority on Thursday raised its base rate by 25 basis points.

Organizations: ICC International Commerce Centre, U.S . Federal, Nikkei, Hong, Hong Kong Monetary Authority Locations: Victoria, Hong Kong, China, Asia, Pacific, South Korea, Australia

A critical system of ocean currents could collapse much sooner than expected as a result of the deepening climate emergency, according to the findings of a new study, potentially wreaking havoc across the globe. The AMOC acts like a conveyor belt of currents carrying warm waters from north to south and back in a long and relatively slow cycle within the Atlantic Ocean. The circulation also carries nutrients necessary to sustain ocean life. For one, the NOAA says England would have a "much colder climate" if not for the warm waters of the Gulf Stream. The projected collapse of the AMOC is seen as a "major concern" because it is recognized as one of the most important tipping elements in the Earth's climate system.

Organizations: Nature Communications, National Oceanic, Atmospheric Administration, NOAA Locations: Europe, Florida, England

☆ Moody's sees 'significant risk' besieging Israel's economy
▼ + stars: | 2023-07-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Moody's Investors Service cautioned that "negative consequences" and a "significant risk" loom over Israel's economy, after the passage of a law that curtails the powers of the Supreme Court. The development has triggered mass protests, bringing tens of thousands of demonstrators into the streets earlier this week. The agency added that Israel's executive and legislative institutions have become "less predictable and more willing to create significant risks to economic and social stability." In a joint statement, Israel's Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich said that Moody's report "is a momentary reaction, when the dust settles it will become clear that Israel's economy is very strong." They added, "Israel's economy is based on solid foundations and will continue to grow under experienced leadership that leads a responsible economic policy," elaborating that the defense industries are "bursting with orders," and that the gas industry is increasing exports to Europe.

Persons: Moody, Viola, Israel, Benjamin Netanyahu, Bezalel Smotrich Organizations: Moody's, Service, Israel's, Finance Locations: Europe

☆ Goldman Sachs expects 'all time high' oil demand to spur large deficits, boosting prices
▼ + stars: | 2023-07-24 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In this article GSBDGS Follow your favorite stocks CREATE FREE ACCOUNTOil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Andrey Rudakov | Bloomberg | Getty ImagesGoldman Sachs expects record demand in oil markets to drive crude prices higher in the near term. He added that the bank forecasts Brent crude to rise from just above $80 per barrel now to $86 per barrel by year-end. Global benchmark Brent futures traded 0.39% lower at $80.75 a barrel, while U.S. West Texas Intermediate futures stood 0.42% at $76.75 per barrel. That metric, which tallies the number of active oil rigs, is used as an indicator of drilling activity and future output.

Persons: Andrey Rudakov, Goldman Sachs, Daan Struyven, CNBC's, Struyven Organizations: Rosneft Oil, Bloomberg, Getty, Brent, U.S, West Texas Locations: Tuapse, Russia

Search resuls for: "Shan"

25 mentions found