DIRS.INFO The most relevant business & tech news

☆ For New Zealand exporters, China both a target and a risk
▼ + stars: | 2023-06-22 | by ( Lucy Craymer | ) www.reuters.com time to read: +4 min

Wellington has historically taken a more conciliatory approach towards China than Australia or its other Five Eyes security partners. “Building of North Asia (markets) and the building of Southeast Asia (markets) is really, really crucial because it's de-risks that dependency,” Talbot said. CALLS FOR DIVERSIFICATIONThere is no expectation that New Zealand will stop selling to China. China needs the food and fibre that New Zealand produces and is prepared to pay for it. “China is going to be a really, really fundamental trading partner for this country for the foreseeable future,” Pete Chrisp, chief executive of government funded international business development agency New Zealand Trade and Enterprise.

Persons: Chris Hipkins, Jacinda Ardern, Xi Jinping, ”, Mathew Talbot, it's, ” Talbot, New Zealand Wang Xiaolong, “, ” Hipkins, Hipkins, Li Qiang, Zhao Leji, Xi, It's, Pete Chrisp, Lucy Craymer, Martin Quin Pollard, Lincoln Organizations: New Zealand, New, Alliance, National People’s, New Zealand Trade, Enterprise, Thomson Locations: China, Australia, New Zealand, Wellington, Asia, Southeast Asia, Zealand, North America, Beijing

LAUNCESTON, Australia, June 19 (Reuters) - China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing. This was up 15.4% from the same month in 2022, and was the second-highest monthly total, eclipsed only by the 14.91 million bpd from March. The volume of crude available to refiners was 16.37 million bpd, consisting of imports of 12.11 million bpd and domestic output of 4.26 million bpd. It's worth noting that for the first five months of 2023 China's crude oil imports are up 6.2% to the equivalent of 11.13 million bpd. If the flows into storage and the rise in product exports are factored in, suddenly the increase in China's crude oil imports doesn't look quite as bullish as it may first appear.

Persons: China doesn't, It's, Jamie Freed Organizations: National Bureau of Statistics, OPEC, Saudi Aramco, Reuters, Thomson Locations: LAUNCESTON, Australia, China, OPEC, Russia, Iran, Venezuela, Saudi Arabia, Saudi

☆ World’s best airline for 2023 named by AirlineRatings.com
▼ + stars: | 2023-05-30 | by ( Francesca Street | ) edition.cnn.com time to read: +3 min

Marcos del Mazo/LightRocket/Getty ImagesAfter a couple of years of reduced air travel in the wake of the pandemic, travelers returned to the air in 2022 to significant airline chaos – canceled flights, lost luggage and overstretched staff. And interestingly, while Air New Zealand came out on top for 2023, Thomas said the results were close among the top five. Singapore Airlines took the fifth spot on AirlineRatings.com's 2023 list and also won the Best First Class award. Johannes P. Christo/Anadolu Agency/Getty ImagesAbu Dhabi’s Etihad Airways is number 3 on AirlineRatings.com’s 2023 list. Singapore Airlines, named top in the Best First Class award and the Excellence in Long Haul Travel - Southeast Asia award, took fifth place overall.

Persons: AirlineRatings.com, –, ” Geoffrey Thomas, ” AirlineRatings.com, Marcos del Mazo, Thomas, Johannes P Organizations: CNN, Air, Zealand, CNN Travel, Zealand’s, Qatar Airways, Air New Zealand, Business, Catering, Long, Singapore Airlines, Christo, Anadolu Agency, Abu Dhabi’s Etihad Airways, Korean, North, ” Air, New, Civil Aviation Authority, Auckland International Airport, Etihad Airways, Qantas, Virgin, Cathay Pacific Airways, Emirates, Lufthansa, SAS, TAP, All Nippon Airways, Delta Air, Air Canada, British Airways, Jet, JAL, Vietnam Airlines, Turkish Airlines, KLM, . Alaska Airlines, United Airlines Locations: Australia, North Asia, Asia, Zealand, Auckland, AirlineRatings.com’s, Virgin Australia, Swiss, TAP Portugal

LAUNCESTON, Australia, May 30 (Reuters) - Asia's imports of seaborne thermal coal surged to the highest on record in May as cheaper prices tempted buyers in the region's developing economies. This is the most in Kpler data going back to January 2017, while Refinitiv data also shows record imports in May in data stretching back to January 2015. Rising thermal coal imports come as seaborne prices for the fuel continue to decline, with two of the more popular grades slipping to 16-month lows in the week to May 26. While lower prices and rising electricity demand are driving thermal coal imports in developing Asia, the advanced economies in north Asia are experiencing their usual seasonal lull between winter and summer peaks. Fourth-ranked South Korea will import 6.03 million tonnes in May, down from 6.70 million in April and 6.42 million in March.

LAUNCESTON, Australia, May 22 (Reuters) - The spot price of liquefied natural gas (LNG) in Asia is in the sweet spot of being low enough to boost buying interest, but not so low that it sparks a surge in demand. The decline in spot LNG prices has seen demand in key Asian importers hold steady, according to data compiled by commodity analysts Kpler. The seasonal softness can be seen in Japan's May imports dropping to an expected 4.24 million tonnes from 5.0 million in April and 5.55 million in March. However, it's likely that the decline in spot prices will only boost demand from June onwards, and there are some early signs that this is already happening. The lower spot price in Asia is also working to boost buying interest in Europe, with May imports expected at 12.28 million tonnes, up a smidgeon from April's 12.27 million.

May 18 (Reuters) - Equity markets in North Asia will outperform the broader region this year, buoyed by China's reopening and a post-pandemic recovery-led earnings rebound, investors and strategists said. Liquidity from easing monetary and fiscal policy, along with Asian central banks' early victory on inflation, is expected to defend against an incoming downtrend, keeping North Asian equities resilient. Grace Tam, chief investment officer-Asia at BNP Paribas Wealth Management, expects North Asia to outperform this year following a strong 2022 from South Asian equities. Goldman Sachs sees the north versus south disparity in Asia as a top investment theme in 2023. "China's growth recovery and North Asia's earnings rebound in 2024 remain our key investment themes and overweight areas," it said in its second-quarter outlook.

☆ Saudi Aramco to supply full oil volumes to Asia in June, but some seek less
▼ + stars: | 2023-05-10 | by ( Muyu Xu | ) www.reuters.com time to read: +1 min

SINGAPORE, May 10 (Reuters) - Saudi Aramco has told customers in North Asia they will receive full volumes of crude oil that they have requested in June, several sources with knowledge of the matter said on Wednesday. But, some Chinese refiners have requested for lower supply volumes in June, said the sources. Saudi Aramco cut its official selling prices for all crude grades to Asia for June-loading cargoes amid lower refining margins. The falling profit margins have prompted refiners to seek cheaper oil from other suppliers such as Russia, or even consider lowering operational rates. Saudi Arabia, the world's top oil exporter, will reduce production by 500,000 bpd under the cuts.

☆ Factbox: Old disputes overshadow visit by Japan's Kishida to South Korea
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +4 min

May 5 (Reuters) - Japanese Prime Minister Fumio Kishida will be visiting South Korean President Yoon Suk Yeol on Sunday in the latest effort to improve bilateral ties. - Relations between the two North Asian U.S. allies have been strained over disputes dating to Japan's 1910-1945 occupation of Korea. - Relations deteriorated in 2019 when Japan restricted exports of high-tech materials for making chips and display panels to South Korea. - In late March, Japan's trade ministry lifted export curbs to South Korea on the high-tech materials, while South Korea withdrew its complaint filed at the World Trade Organization on Japan's export controls. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on issues like tracking ballistic missile launches from North Korea.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. It also came as Asian policymakers, gathering for the annual Asian Development Bank (ADB) meeting this week in the South Korean city of Incheon, discussed regional economic challenges and ways to beef up buffers against various shocks. In a joint statement issued after their meeting on Tuesday, Asian finance leaders warned of risks to the region's economy and called for countries to stay vigilant to potential spillovers from the recent U.S. and European banking sector turmoil. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Choo is expected to visit Japan this year for another meeting with Suzuki, South Korea's finance ministry said.

The resumption of bilateral financial discussions comes ahead of Japanese Prime Minister Fumio Kishida's planned visit to South Korea on Sunday and Monday for talks with President Yoon Suk Yeol. Japan and South Korea will resume regular finance dialogue, likely to be held annually, at "an appropriate timing," Suzuki told reporters after the bilateral meeting. Washington has pressed both countries to resolve these disputes to better counter rising threats from China and North Korea and other regional challenges. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on issues like tracking ballistic missile launches from North Korea. China's finance minister and central bank head were not present at a trilateral meeting, with their deputies attending instead.

"Japan may not need LNG for 20 years ... but other Asian countries need to replace coal with something and LNG will play an important role," he said, adding that JERA could supply fuel to those countries likely to need it. "We don't view LNG demand just for Japan, but for Asia as well," he said. Last December, JERA signed a key deal with Oman LNG to buy up to 12 cargoes, or about 800,000 tonnes a year for a decade, beginning from 2025. Asian spot LNG prices held at 22-month lows in April as demand stayed weak in the key north Asian markets of China, Japan and South Korea. Apart from its integrated gas-to-power business, which covers fossil fuel procurement through power generation, JERA is expanding use of renewable power to decarbonise.

China's coal imports leapt to a three-year high in March, with official data showing arrivals of 41.17 million tonnes, up 151% from the same month in 2022. China's coal imports from Australia were 2.73 million tonnes, with 2.13 million assessed as the thermal grade used in power plants, with 417,576 tonnes being coking coal used to make steel. Chinese utilities used to be major buyers of Australian thermal coal with an energy content of 5,500 kilocalories per kg (kcal/kg). This advantage is driving Chinese buying of Australian coal, with Kpler estimating that arrivals in April will reach 5.04 million tonnes, with thermal coal accounting for 4.72 million tonnes. The question for the seaborne coal market is whether China's renewed interest in Australian coal is a sustainable trend, or whether it is simply opportunistic buying that will wither if the price advantage slips.

LAUNCESTON, Australia, April 12 (Reuters) - Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports in March. India was another LNG importer stung by the record high spot prices last year, but is returning to the market as prices retreat. Europe's March LNG imports were 11.49 million tonnes, up from February's 11.37 million, according to Kpler. The question for the market is whether the signs of stronger demand in Europe and among some buyers in Asia will be enough to spark a renewed rally in spot prices. And if spot prices do head higher, how quickly will that translate to lower demand from price-sensitive buyers in Asia such as India and Pakistan.

☆ Aramco to supply full volumes to Asia despite OPEC+ oil cuts - sources
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 10 (Reuters) - Saudi Aramco has told at least four customers in North Asia they will receive full contract volumes of crude oil in May, several sources with knowledge of the matter said on Monday. People now wonder how the additional voluntary cut would reflect in the actual supply, or if it is merely a measure to shore up oil prices, a source at an Asian refiner said. Oil demand is expected to be weak as several refiners in Asia, such as Sinopec, S-Oil, Fuji Oil and Idemitsu, have planned maintenance in May. Crude benchmarks jumped 6% last week after the major oil producers jolted market with the additional output reduction. It also increased the prices of other oil grades to Asian clients amid expectations of tighter market supply.

☆ After a 'rollercoaster' quarter, strategists are still relatively upbeat about Asia-Pacific markets
▼ + stars: | 2023-04-04 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

"China's growth recovery and north Asia's earnings rebound in 2024 remain our key investment themes and overweight areas," Goldman Sachs' strategists, led by Timothy Moe, wrote in a Saturday note. It's been a dramatic quarter for Asia-Pacific stock markets, but strategists are expecting the region to be in better shape than its global peers. Stocks in the Asia-Pacific were mixed on the first day of trade of the second quarter of the year, with economists predicting China's recovery will cushion the dampening effect of high global interest rates on the regional economy. "China's growth recovery and north Asia's earnings rebound in 2024 remain our key investment themes and overweight areas," Goldman Sachs' strategists, led by Timothy Moe, wrote in a Saturday note. The Goldman strategists said their views are supported by strong activity data seen in the previous quarter.

☆ Nomura names Rudolf Hitsch North Asia head of wealth management
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 3 (Reuters) - Japanese investment bank Nomura Holdings Inc (8604.T) on Monday said it has appointed Dr. Rudolf Hitsch as head of North Asia for its international wealth management business. Hitsch, former head of North Asia at Citi Private Bank, will be based in Hong Kong and run client relationship management teams covering North Asia in the newly created post. He will report to Ravi Raju, head of the wealth unit, Nomura said. Nomura has hired around 50 private bankers for the unit over the past two-and-a-half years as it focuses on its core markets of Greater China, South and Southeast Asia, and the Middle East, it said. Reporting by Xie Yu; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Most Asian equities see outflows in Feb as rate-hike jitters weigh
▼ + stars: | 2023-03-07 | by ( Gaurav Dogra | ) www.reuters.com time to read: +2 min

Foreigners sold equities worth a net $2.1 billion in Thai, Indian, the Philippine and Vietnam markets, data from stock exchanges showed. The trend of money flowing from South Asia into North Asian equities continued in February due to China's plans to reopen borders. Thai equities suffered $1.28 billion worth of foreign outflows, the biggest monthly net selling by outsiders since April 2020. Meanwhile, Indian and Philippine equities also recorded $647 million and $155 million worth of foreign outflows. On the other hand, Indonesian equities received $378 million in February after seeing outflows worth $1.55 billion in the previous two months.

☆ Factbox: South Korea moves to resolve historical, legal disputes with Japan
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kim Hong-JiSEOUL, March 6 (Reuters) - South Korea on Monday proposed establishing a public foundation to compensate victims of wartime forced labour by Japan, to help resolve strained ties between the two countries. Efforts to overcome historical disputes between South Korea and Japan were renewed under South Korean President Yoon Suk Yeol, who took office in May, with both countries vowing to improve ties. Japan says the matter of any compensation for forced labour was settled under a 1965 treaty normalizing diplomatic ties and providing South Korea with economic assistance. - Relations deteriorated in 2019 when Japan restricted exports of high-tech material to South Korea. Under Yoon, South Korea has resumed trilateral military drills and agreed to more intelligence sharing on things like tracking ballistic missile launches from North Korea.

Benchmark Australian thermal coal at Newcastle Port closed last week at $195.13 a tonne, down from the $249.25 the week prior to the attack on Ukraine. But these fears were never fully realised, largely because Russian commodities were re-routed to new buyers and some consuming nations cut consumption of commodities such as natural gas. There are ongoing consequences of the initial spike in commodity prices, with retail fuel and electricity costs in many countries still well above pre-invasion levels. Such a situation maintains China's access to cheap Russian commodities, increases Moscow's dependence on Beijing, while keeping Western countries focused on the war and its costs to their economies and political unity. It's also worth noting that in the months after the invasion much commentary was devoted to how Russia was benefiting from the higher commodity prices and how the Western sanctions on Moscow's exports were failing.

☆ Column: South Asia's LNG import appetite on radar after price plunge
▼ + stars: | 2023-02-15 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

LNG imports by regionA key factor that complicates the outlook for South Asian LNG demand is how cost-sensitive buyers are across the region. In 2022, South Asian imports of LNG dropped by their most on record in response to the steep climb in LNG prices to record highs, ship tracking data from Kpler shows. FUEL MISMATCHThe 16.5% drop in LNG imports in 2022 from 2021 was the first annual decline in South Asia's LNG imports since 2013, according to ship tracking data from Kpler. That reversed a declining trend in coal imports into South Asia since 2019, and pushed up coal purchases by more than any other region last year. South Asia LNG imports vs benchmark LNG pricesIndia relies on imports for roughly half of its natural gas supplies, mainly in the form of LNG, so higher LNG imports look likely at least until the coal ban is eased.

The Newcastle Index only covers a relatively small portion of the seaborne thermal coal market, reflecting higher energy cargoes bought mainly by utilities in Japan and South Korea. A mild winter and strong domestic output have limited China's appetite for imported thermal coal, putting downward pressure on prices, especially for Indonesian grades. Europe's imports of seaborne thermal coal are also dropping, with Kpler estimating February arrivals of 6.61 million tonnes, down from 8.16 million in January and 8.75 million in December. Asia, Europe LNG imports vs spot priceLNG DIPSSimilar to thermal coal, a drop in demand from China and from Europe is freeing up spot LNG cargoes and contributing to lower prices. This may mean that spot LNG and thermal coal prices may remain at levels that appear elevated compared with the average of the last decade, especially as new supply will only arrive in significant volumes for LNG around 2025.

BENGALURU, Feb 7 (Reuters) - Adani Total Private Ltd expects to receive 2.2 million tonnes of liquefied natural gas (LNG) at its terminal at Dhamra on India's eastern coast during the year ending March 2024, the company's chief executive told Reuters on Tuesday. Adani Total has a 20-year take-or-pay contract to provide regasification services to state-run Indian Oil Corp (IOC.NS) for 3 million tonnes of LNG per annum at the Dhamra terminal. Government-run gas distributor GAIL (India) Ltd (GAIL.NS) has a similar 1.5 million tonnes per annum deal. The energy-hungry country expects deeper penetration of city gas distribution to drive LNG demand in the coming years. Global LNG prices eased off record highs in the second half of 2022, amid ample inventories in North Asia and Europe.

Coking coal prices, along with those for iron ore, have rallied on the back of this optimism, with both steel raw materials recording strong gains this year. The answer is that for coking coal there appears to be both rising demand and some supply disruptions at work. Japan, the second-biggest buyer of seaborne coking coal, imported 5.01 million tonnes in January, up from December's 3.98 million and roughly level with last January's 5.08 million. Outside of Asia, Europe's imports of coking coal rose to 3.81 million tonnes in January from December's 3.55 million, according to Kpler. The overall picture from coking coal imports is that there has been a move higher in recent months, which does provide some fundamental backing to the rally in prices.

In 2021, Europe's monthly LNG imports ranged from a low of 4.54 million tonnes to a high of 9.15 million. However, Europe's LNG demand eased off in January amid a milder winter than usual and ample inventories. While China does have long-term purchase agreements in place, it also buys spot cargoes. The question for the market is whether spot prices have dropped enough to tempt back Asian LNG buyers that were previously reluctant. It will be key to see if utilities in China, India and Pakistan also decide that prices have declined enough to make LNG imports economically viable once more.

Hong Kong's new global promotional campaign will "kickstart" the city's reopening to international travelers, the Hong Kong Tourism Board told CNBC's "Squawk Box Asia" on Friday. As part of the "Hello Hong Kong" campaign, which was launched on Thursday, 500,000 air tickets will be given away over the next six months, starting in March. The tickets will be given out through three Hong Kong's carriers — Cathay Pacific, HK Express and Hong Kong Airlines. "[But] you want to kickstart and … tell the world in a clear message that Hong Kong and then mainland — we have finally reopened." Some 80,000 tickets have also been reserved for Hong Kong residents which authorities aim to give out in the summer.

Search resuls for: "North Asia"

25 mentions found