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HONG KONG (AP) — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven. Official data released Wednesday showed that the Chinese economy grew 5.2% for 2023, surpassing the target of ‘about 5%’ that the government had set. The growth for 2023 is likely helped by 2022’s GDP of just 3% as China’s economy slowed due to COVID-19 and nationwide lockdowns during the pandemic. For the fourth quarter, China’s gross domestic product also grew at 5.2% compared to the same time last year. Fixed-asset investment — spending on factory equipment, construction and other infrastructure projects to drive growth — grew 3% year on year in 2023.

Persons: ”, Li Qiang Organizations: China’s National Bureau of Statistics, Communist Party Locations: HONG KONG, China

China’s ruling Communist Party is facing a national emergency. To fix it, the party wants more women to have more babies. Chinese women have been shunning marriage and babies at such a rapid pace that China’s population in 2023 shrank for the second straight year, accelerating the government’s sense of crisis over the country’s rapidly aging population and its economic future. China said on Wednesday that 9.02 million babies were born in 2023, down from 9.56 million in 2022 and the seventh year in a row that the number has fallen. China’s total population was 1,409,670,000 at the end of 2023, according to the National Bureau of Statistics.

Persons: China’s Organizations: Communist Party, National Bureau of Statistics Locations: China

☆ China’s Economy Grew Last Year, but Strains Lurk Behind the Numbers
▼ + stars: | 2024-01-16 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

Many factories ran at half capacity or less because of weak demand inside China, and are working to export more to make up for it. China’s economy grew 5.2 percent last year as it rebounded from nearly three years of stringent “zero Covid” pandemic control measures, the country’s National Bureau of Statistics announced on Wednesday. During the final three months of the year, output rose at an annual pace of 4.1 percent. Longer term, China’s growth is slowing. High debt, a housing crisis that has undermined confidence, and a shrinking and aging work force are weighing on output.

Organizations: National Bureau of Statistics Locations: China

☆ China's Population Drops for 2nd Year, Raises Long-Term Growth Concerns
▼ + stars: | 2024-01-16 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +4 min

By Farah MasterBEIJING (Reuters) - China's population fell for a second consecutive year in 2023, as a record low birth rate and a wave of COVID-19 deaths when strict lockdowns ended accelerated a downturn that will have profound long-term effects on the economy's growth potential. Japan's birth rate was 6.3 per 1,000 people in 2022, while South Korea's rate was 4.9. Long-term, U.N. experts see China's population shrinking by 109 million by 2050, more than triple the decline of their previous forecast in 2019. POLICY ISSUESChina's 2023 rate of 7.87 deaths per 1,000 people was higher than a rate of 7.37 deaths in 2022. Marriages are a leading indicator for birth rates in China, where most single women cannot access child-raising benefits.

Persons: Farah Master, Mao, Washington ., Xi Jinping, Marius Zaharia, Jamie Freed Organizations: Farah Master BEIJING, National Bureau of Statistics, United Nations, Academy of Sciences Locations: China, Japan, South Korea, South, India, Beijing, Washington, United States, Hong Kong

☆ The biggest risks US businesses face in 2024
▼ + stars: | 2024-01-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +11 min

But, while businesses have plenty to be grateful for and much to be optimistic about, the coast isn’t clear. Last week, surveys from the National Federation of Independent Business (NFIB) and The Conference Board detailed the biggest risks that businesses are currently worried about. Here are some of the biggest risks for American businesses in 2024. Those financial stresses can reduce the willingness of banks to lend to others businesses and also to consumers,” she said. Bank earnings look really bad this quarter.

Persons: there’s, “, John Maynard Keynes, ”, ” Dana Peterson, Bill Dunkelberg, ” Peterson, ” Suzanne Clark, We’re, Mike Johnson, Chuck Schumer, Fitch, Clark, JPMorgan Chase, Nicole Goodkind, Krystal Hur, FactSet, Martin Luther King Jr, Morgan Stanley, Goldman Sachs Organizations: CNN Business, Bell, DC CNN, Federal, National Federation of Independent Business, Board, US, of Commerce, of American, Conference Board, Conference, CNN, Fed, Corporate, US Chamber of Commerce, chamber’s State of American, AAA, Moody’s Investors Service, US Chamber, Commerce’s, Google, Citigroup, Bank, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, FDIC, Citi, China’s National Bureau of Statistics, Alcoa, National Statistics, US Commerce Department, US Labor Department, Federal Reserve, University of Michigan, National Association of Realtors Locations: Washington, Wells, Corporate America, chamber’s State, BlackRock, Amazon, Argentina, Japan

☆ China’s double whammy: Exports fell for the first time in 7 years, as domestic demand dips
▼ + stars: | 2024-01-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Exports for the year as a whole fell for the first time since 2016 as global demand for Chinese-made goods (other than cars) slowed, according to customs data released on Friday. Exports measured in US dollar terms stood at $3.38 trillion in 2023, down by 4.6% compared to the year before. The last time China registered a decline in overseas shipments was in 2016, when exports fell 7.7%. “Sluggish external demand has hit China’s exports.”He expects China will continue to face “difficulties” on export markets as global demand is likely to remain weak and “protectionism and unilateralism” hinder growth, he added. The United States remained China’s largest single-country trading partner in 2023, accounting for 11.2% of total trade.

Persons: ” Lyu, ” Goldman Sachs, Price, won’t, ” Organizations: Hong Kong CNN, National Bureau of Statistics, Imports, Administration of Customs, Bloomberg, Getty, PPI, Capital Economics, AFP, ASEAN, European Union Locations: China, Hong Kong, Beijing, Russia, United States, Washington, Taicang Port, China's, Jiangsu, Southeast Asia, That’s, “, Japan

☆ China's annual exports drop for the first time in seven years
▼ + stars: | 2024-01-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Aly Song | ReutersBEIJING — China's annual exports fell for the first time in seven years in 2023, even as shipments in December beat expectations, customs data showed Friday. But for 2023, exports fell 4.6%, the first such annual drop since a 7.7% decline in 2016, according to Wind Information. By country, the U.S. remained China's largest trading partner. Russia was a rare bright spot, with China's exports to the country climbing nearly 47% in 2023, and imports rising almost 13%. China's exports in most product categories fell in 2023, with machinery, boats and home appliances among the few exceptions.

Persons: Aly Song, Caixin, Larry Hu, Zhiwei Zhang Organizations: Reuters, Information, of Southeast, Nations, European Union, U.S ., China, National Bureau, Statistics Locations: Yangshan, Shanghai, China, Reuters BEIJING, U.S, Russia

☆ China investors will be asking these 3 questions in 2024
▼ + stars: | 2024-01-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CHONGQING, CHINA - JANUARY 02: People visit the 2nd International Light and Shadow Art Festival at the Fine Arts Park on January 2, 2024 in Chongqing, China. For all the geopolitical risks, the attraction of China as a fast-growing market has waned as the economy matures. Many were disappointed when China's economy did not rebound as quickly as expected after the end of Covid-19 controls in December 2022. Real estate is a clear example of a debt-fueled sector, one that has accounted for about a quarter of China's economy. Machinery, electronics, transport equipment and batteries combined contributed to 17.2% of China's economy in 2020, Citi analysts said.

Persons: it's, Jason Hsu, They're, Liqian Ren, Goldman Sachs, Ding Wenjie, Ding Organizations: Fine Arts, Art, Getty, Visual China, U.S, Citi, People's Bank of, Rayliant, Rayliant Global Advisors, National Bureau, China Asset Management Co, CNBC, Machinery Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Covid, People's Bank of China, Beijing, WisdomTree

☆ China's policy support is a 'stop-gap' measure — not stimulus, SocGen economist says
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty ImagesChina's recent policy support is aimed at fixing its system and shouldn't be seen as economic stimulus, according to Societe Generale's Asia chief economist and head of research. PMI divergenceExpansion in China's services sector climbed to its strongest since August, a private survey on Tuesday showed. However, the private survey diverged from China's official PMI. The moderating manufacturing PMI and contracting services PMI, along with other November data point to the fragility of the Chinese economy and a faster deceleration of growth momentum last month, they added. The official PMI includes more companies engaged in heavy industries compared with the Caixin PMI, which covers more consumer-focused firms, Barclays economists said.

Persons: Yuan, Mao Tse, Peter Dazeley, Wei Yao, Yao, Jian Chang Organizations: Bank, Getty, Societe Generale's, CNBC, Economic Work Conference, China Communist, PMI, National Bureau of Statistics, NBS, Barclays Locations: Societe Generale's Asia, China

☆ CNBC Daily Open: The heat is truly on COP28
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Japan's Nikkei 225 closed 0.5% higher, clocking monthly gains of more than 8%, while South Korea's KOSPI finished the day up 0.6%, advancing more than 11% this month. [PRO] Golden crossesThree stocks are on the verge of taking off, according to a chart pattern closely watched by technical analysts. The phenomenon, known as a "golden cross," occurs when a stock's 50-day moving average share price rises above the longer-term 200-day moving average.

Persons: KOSPI, China's, Rebooting, Sam Altman, Altman Organizations: Expo, CNBC, Nikkei, Dow Jones, National Bureau of Statistics, Microsoft, Auto, United Auto Workers, Volvo, BMW, Mercedes, Benz, Hyundai, Honda, Toyota, Detroit, General Motors Locations: Dubai, United Arab Emirates, Asia, Pacific, South, Hong Kong, China, OpenAI, U.S

☆ China factory activity shrinks for a second month in November
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

China's factory activity contracted for a second straight month in November, while non-manufacturing activity hit yet another new low for the year, signaling that the world's second-largest economy is not yet out of the woods and may require more muscular policy support. The official manufacturing purchasing managers' index unexpectedly fell slightly to 49.4 in November from 49.5 in October, according to data from the National Bureau of Statistics released Thursday. China's official manufacturing PMI also came in below forecast last month. The official non-manufacturing managers' index slipped to 50.2 in November from 50.6 in October, according to the same NBS release. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to a contraction.

Organizations: National Bureau of Statistics, PMI

The official purchasing managers' index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion, data from the National Bureau of Statistics showed on Thursday. The new orders sub index contracted for a second consecutive month, while the new export orders component extended its decline for a ninth month. "Today's PMI reading will further raise expectations towards policy support," said Zhou Hao, economist at Guotai Junan International. "Fiscal policy will be under the spotlight and take centre stage over the coming year and will be closely monitored by the market." Factory PMI has contracted for seven out of the past eight months - rising above the 50-point mark only in September.

Persons: Goldman Sachs, Zhou Hao, Joe Cash, Kim Coghill, Jacqueline Wong Organizations: cnsphoto, REUTERS, National Bureau, Statistics, Standard Chartered, PMI, Guotai, Thomson Locations: Zunyi, Guizhou province, China, BEIJING

FILE PHOTO: A screen showing the Hang Seng stock index is seen outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsDec 1 (Reuters) - A look at the day ahead in Asian markets. They include Australia, South Korea and India, as well as China's 'unofficial' PMI. Foreigners already appear to be voting with their feet - China just recorded its first-ever quarterly deficit in foreign direct investment. Here are key developments that could provide more direction to markets on Friday:- PMIs for Australia, South Korea, India, China- Japan unemployment (October)- Indonesia inflation (October)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Dow Jones, Jamie McGeever, Josie Kao Organizations: REUTERS, PMI, National Bureau, Statistics, Japan's Nikkei, U.S ., Thomson, Reuters Locations: Exchange, Hong Kong, China, Japan, South Korea, Indonesia, Australia, India, Asia

☆ China’s Manufacturing PMI Edged Lower, Signaling Continued Weakness
▼ + stars: | 2023-11-29 | by ( ) www.wsj.com time to read: 1 min

An employee works on solar photovoltaic modules at a factory in Haian in China’s eastern Jiangsu province. Photo: str/Agence France-Presse/Getty ImagesAn official gauge of China’s manufacturing activity indicated contraction for a second consecutive month in November, signaling continued weakness in the economy despite Beijing’s recent efforts to juice up growth amid a protracted housing slump. China’s official manufacturing purchasing managers’ index slipped to 49.4 in November from 49.5 in October, the National Bureau of Statistics said Thursday. A reading above 50 indicates an expansion in activity while a reading below it indicates contraction.

Organizations: Agence France, National Bureau of Statistics Locations: Haian, China’s, Jiangsu

☆ These 16 states are already in a recession
▼ + stars: | 2023-11-29 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Sixteen US states' economies contracted between July and October, according to the Philadelphia Fed. While some economists believe a recession may come in the next year, the economies of 33 states grew. Meanwhile, looking at just the past month, 27 states experienced economic contraction. AdvertisementThe economies of sixteen US states contracted between July and October, even as economists are still betting the US can avoid a recession. Looking at month-over-month rates, 27 states experienced economic contraction, while just 16 grew.

Persons: —, Nicholas Colas, Jessica Rabe, Ken Griffin Organizations: Philadelphia Fed, Service, Federal Reserve Bank of Philadelphia, National Bureau of Economic, Citadel, Bloomberg Locations: West Virginia, Wisconsin, Montana, Missouri , Illinois, Iowa, , Maryland, North Dakota, South Carolina, Texas, Nevada and Wyoming . California, Florida, California, Florida , Pennsylvania , Ohio, Georgia, North Carolina

☆ Donations to Hamas-linked charities spike 70% since Oct. 7 attack, Israeli officials say
▼ + stars: | 2023-11-28 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +9 min

"We saw a 70% increase in money given to Hamas-linked charities," said Uzi Shaya, a former high-ranking officer in Mossad, Israel's intelligence service. Charities suspected of funneling money to Hamas often change their names, too, making them all the more difficult to monitor. Israel's National Bureau of Counter Terror Financing maintains a list of charitable organizations that it accuses of directly aiding Hamas' military. Hard lessonsEnsuring that individual Gazans have economic opportunity without simultaneously funding Hamas militants has proven to be a difficult challenge for Israel. Beyond direct funding, Israel also allowed 18,000 Gazans to enter Israel to work, again hoping that a stable economy would pacify Hamas.

Persons: John Macdougall, Uzi Shaya, Shaya, Din, Akin, Hawala, Israel, Karim Jaafar, Israel haven't, Binance, —, Al, Adel Hana, Fadel Senna Organizations: Hamas, West Bank, AFP, Getty, Israeli Defense and Foreign Ministry, CNBC, Foreign Ministry, Islamic, Bureau of, Qatari Red Crescent, Gaza, Qatar Emiri Air Force, International Airport, Palestinian, Treasury Department Locations: Ramallah, Israel, Gaza, Islamic Jihad, Lebanon, Iran, Hawala, North Sinai, Egypt, U.S, Gaza City, Adel Hana An Israeli, Sderot

☆ China's industrial profits extend gains as outlook improves
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Siyi Liu/File Photo Acquire Licensing RightsBEIJING, Nov 27 (Reuters) - Profits at China's industrial firms extended gains for a third month in October, adding to signs of a stabilising economy following a run of mostly upbeat data suggesting Beijing's support measures have helped bolster a tentative comeback. For the first 10 months of 2023, profits slid 7.8% from a year earlier, narrowing from a 9% decline in the first nine months, data from the National Bureau of Statistics (NBS) showed on Monday. "However, the volatility of profits is a sign enterprises remain highly sensitive to input costs," he added. "The sharp slowdown of year-on-year profit growth was partly driven by a rebound in energy prices." Industrial profits data covers firms with annual revenues of at least 20 million yuan ($2.74 million) from their main operations.

Persons: Siyi Liu, Xu Tianchen, Joe Cash, Liz Lee, Qiaoyi Li, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, Economist Intelligence Unit, Green Energy Technology Co, Thomson Locations: Dezhou, Shandong province, China, Rights BEIJING

Six people listed on Israel's previous Tron seizure notices who responded to Reuters questions denied connections to militant groups. Iran has previously used Tron to skirt U.S. sanctions. 'BLINDSPOT'Since its 2008 birth, the Bitcoin blockchain, and since then crypto more widely, have been magnets for criminals drawn by liquidity and a reputation for anonymity. In 2021, the first year NBCTF published seizure notices, it froze 30 Bitcoin wallets. No Bitcoin wallets appear in notices in the subsequent years.

Persons: Dado Ruvic, Mriganka Pattnaik, Merkle, Hayward Wong, Tron, Wong, Israel, NBCTF, Weeks, Justin Sun, Sun, Binbin Deng, Shlomit Wagman, VanEck, Wagman, Tom Wilson, Elizabeth Howcroft, Nidal al, Gebeily, Frank Jack Daniel Our Organizations: REUTERS, Hezbollah, Reuters, Israel's, Bureau for, British Virgin Islands, Dubai Co, Israel, Hamas, Islamic, West Bank, Tron, U.S . Securities, Exchange Commission, SEC, Sun, Force, Harvard University, Authority, Militant, Thomson Locations: Iran, Israel, United States, New York, Britain, Singapore, Gaza, British Virgin, Jihad, Dubai, Venezuela, Jenin, Tehran, Paris, U.S, London, Beirut

OPEC and the IEA expect China's oil demand to show growth in 2023 of 7.6% and 12.1%, respectively. OPEC has dismissed fears of that demand growth for oil in China is fading, describing negative sentiment as "overblown" in a recent report. OPEC's forecasts show China accounting for 24.6% of global oil demand growth in the first half of 2024, according to Reuters calculations. Consultancies Wood Mackenzie, Rystad Energy and Energy Aspects respectively forecast China's first-half 2024 oil demand to grow by 3.7%, 4.0% and 4.4% versus the same period in 2023. Energy Aspects expects first-half diesel demand to be flat from a year earlier.

Persons: Aly, Consultancies Wood Mackenzie, Rystad, Lin Ye, Xia, Andrew Hayley, Simon Cameron, Moore Organizations: REUTERS, Rights, of Petroleum, International Energy Agency, OPEC, Rystad Energy, JET, Reuters Graphics Reuters, National Bureau of Statistics, Thomson Locations: Zhuhai, China, Rights BEIJING, OPEC, Russia, Beijing

China, the world's second-largest economy, is already a major investor in South America and has offered tariff-free access to its huge consumer market to four countries. But Uruguay faces opposition from other members of the Mercosur bloc who want to settle an FTA with Europe instead. By comparison, other major beef exporters Australia and New Zealand, which have FTAs with China, pay tariffs at 3.3% and 0%. The elevation of ties with Uruguay to the level of Brazil and Argentina also pushes the remaining Mercosur member Paraguay further outside China's global trade and investment network. Agriculture-dependent Paraguay, whose main exports include beef and soybeans, is the last South American nation that has ties with democratically governed Taiwan, which China claims as part of its territory, and not with Beijing.

Persons: Xi Jinping, Luis Lacalle Pou, Florence Lo, Lacalle Pou, Xi, Joe Cash, Ryan Woo, Ella Cao, Toby Chopra, Raju Gopalakrishnan, Chizu Nomiyama, Alexander Smith Organizations: Uruguayan, of, People, REUTERS, New Development Bank BEIJING, Mercosur, South, Nations, New Development Bank, China, United, Mercosur CET, National Meat Institute of, China's National Bureau of Statistics, Thomson Locations: Beijing, China, Uruguay, Argentina, Brazil Mercosur, American, Brazil, South America, Chile, Costa Rica, Ecuador, Peru, Europe, Australia, New Zealand, Shanghai, United States, MERCOSUR Uruguay, Brussels, Montevideo, Mercosur, National Meat Institute of Uruguay, Paraguay, Taiwan

China's refiners processed 63.93 million metric tons of crude in October, equivalent to 15.05 million bpd, according to National Bureau of Statistics data released on Nov. 15. Crude imports were 48.97 million metric tons and domestic output was 17.33 million, giving a total of 66.3 million, equivalent to 15.61 million bpd. Subtracting the refinery throughput from the total crude available leaves a surplus of 560,000 bpd to be put into commercial or strategic reserves. China total crude available vs refinery processingFORECASTS TOO BULLISH? China's imports for the first 10 months of the year are 11.36 million bpd, which is 1.19 million bpd higher than for the whole of 2022.

Persons: refiners, China doesn't, Stephen Coates Organizations: National Bureau, Statistics, OPEC, International Energy Agency, BP, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, China, Asia, Saudi Arabia

☆ South Korea's Yoon seeks stronger economic, security ties on UK state visit
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] South Korea's President Yoon Suk Yeol speaks during a summit discussion, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, at the Stanford, California, U.S., November 17, 2023. REUTERS/Brittany Hosea-Small/File photo Acquire Licensing RightsSEOUL, Nov 20 (Reuters) - South Korean President Yoon Suk Yeol heads to Britain on Monday for a state visit, hoping to boost economic ties and enhance security partnerships to counter North Korea's evolving threats and other regional challenges. Yoon will receive a guard of honour and ride in a carriage procession to Buckingham Palace, according to the palace. Yoon has expressed hope for deeper cooperation with Britain on an "array of geopolitical risks" including supply chains and energy security, the Telegraph said. From Britain, Yoon will head to France for a visit aimed at bolstering support for South Korea's hosting the 2030 World Expo, his office said.

Persons: Yoon Suk Yeol, Brittany Hosea, Yoon Suk, King Charles, Yoon, Rishi Sunak, Yoon's, Lee, woon, Soo, Choi, Ed Davies, Gerry Doyle Organizations: South, Economic Cooperation, Stanford, REUTERS, Rights, Britain, The Telegraph, West, Telegraph, APEC, International, Thomson Locations: Asia, California, U.S, Rights SEOUL, Britain, North Korea, Ukraine, Gaza, Russia, South China, Buckingham, San Francisco, France, Paris

☆ Kenya's rail operator says floods, landslide disrupting its services from port city
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] People wade through flood waters along a street following heavy rains in Kisauni district of Mombasa, Kenya November 17, 2023. Heavy rains followed by flash floods have submerged towns across East Africa, rendering hundreds of thousands of people homeless. In Kenya, the death toll from the floods stands at at least 46, and is expected to rise. Floods and a landslide on the railway route between the capital Nairobi and Mombasa has forced Kenya Railways to close all cargo services, it said in a statement. Kenya Railways said limited passenger services would continue.

Persons: Stringer, George Obulutsa, Alex Richardson Organizations: REUTERS, Rights, Kenya Railways, Kenya National Bureau, Statistics, Thomson Locations: Kisauni district, Mombasa, Kenya, Rights NAIROBI, East Africa, Nairobi, Rwanda, Uganda, South Sudan

☆ Kenya's Rail Operator Says Floods, Landslide Disrupting Its Services From Port City
▼ + stars: | 2023-11-18 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

NAIROBI (Reuters) - Flooding and landslides in Kenya's coastal region has resulted in delays in delivering cargo to and from the port city of Mombasa, the state-owned rail operator said on Saturday. Heavy rains followed by flash floods have submerged towns across East Africa, rendering hundreds of thousands of people homeless. In Kenya, the death toll from the floods stands at at least 46, and is expected to rise. Floods and a landslide on the railway route between the capital Nairobi and Mombasa has forced Kenya Railways to close all cargo services, it said in a statement. Kenya Railways said limited passenger services would continue.

Persons: George Obulutsa, Alex Richardson Organizations: Kenya Railways, Kenya National Bureau, Statistics Locations: NAIROBI, Mombasa, East Africa, Kenya, Nairobi, Rwanda, Uganda, South Sudan

☆ U.S. crude prices fall nearly 4% as inventories rise amid demand worries
▼ + stars: | 2023-11-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. U.S. crude prices fell nearly 4% on Thursday as inventories rose while industrial production fell. U.S. crude inventories rose by 3.6 million barrels last week while production held steady at a record 13.2 million barrels per day, according to data released by the Energy Information Agency Wednesday. Phil Flynn, an oil expert with the Price Futures Group, said slower industrial production combined with increased supply are playing into the slowing demand theory. OPEC said China's crude imports remain healthy, rising by 11.4 million barrels per day in October.

Persons: Phil Flynn, Flynn Organizations: Cushing , Oklahoma ., West Texas Intermediate, Brent, Energy Information Agency, United Auto Workers, Federal Reserve, Price Futures, National Bureau of Statistics, of Petroleum, International Monetary Fund, OPEC Locations: Cushing , Oklahoma, Cushing , Oklahoma . U.S, China

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