The International Energy Agency boosted its forecast for global oil demand growth this year as soaring natural gas prices and heatwaves spur industry and power generators to switch their fuel to oil.
World oil consumption will now increase by 2.1 million barrels a day this year, or about 2%, up 380,000 a day from the previous forecast, the Paris-based agency said in its latest monthly report. The extra demand that prompted the revision is “overwhelmingly concentrated” in the Middle East and Europe.
- shallow downturn if consumers are shielded from the worst of the energy crisis, according to Bloomberg Economics.
Output is seen shrinking 0.3% in the fourth quarter and 0.2% in the following one, assuming governments offer support to households and businesses and natural gas costs ease next year.
- Siemens AG said strong orders from all markets are set to continue in coming months, helping the company combat mounting inflation and supply-chain problems that are weighing on returns.
The German industrial giant, reporting a quarterly net loss that
Ryanair's trademark one euro and 10 euro fares will not be seen for a "number of years" due to soaring fuel prices, the budget airline's boss has said.
In an interview with BBC Radio 4's Today programme, Michael O'Leary said he expected Ryanair's average fare to rise by about 10 euros over the next five years, from around 40 euros (£33.75) last year to roughly 50 euros by 2027.
An unexpected decline in Swedish long-term inflation expectations could ease pressure on the country’s central bank to accelerate interest rate increases next month.
Money market players in the Nordic nation now see price increases according to the
A global spell of high inflation, aggressive monetary tightening and the risk of a recession are prompting economists to revise Indonesia’s economic forecasts for the remainder of the year.
Analysts raised inflation projections for the third- and fourth-quarters by almost a full percentage point to 5% and 5.15%, respectively, median forecasts from Bloomberg’s
Pharmacists have sounded the alarm over medicine shortages, with half believing patients have been put at risk, according to a survey.
A poll of 1,562 UK pharmacists for the Pharmaceutical Journal found that more than half (54%) believed patients had been put at risk in the last six months due to shortages.
Stocks extended a rally Thursday following softer-than-expected US inflation data, which stoked speculation that the Federal Reserve could pivot to a shallower pace of interest-rate hikes.
Tech shares spurred a more than 1% climb in an Asian equity index amid gains in Hong Kong and China. US and European futures rose after the S&P 500 hit a three-month high and the Nasdaq 100 pulled 20% above a June low.
When investor demand for Chinese property debt was approaching its peak back in 2018, a banker could pull together the makings of a multi-million dollar deal during a Saturday boat trip around Hong Kong’s harbor and barely look up from her drink while doing it.
Now, the $203 billion market—which once yielded several deals a week and padded portfolios across the world from Pimco to UBS—is all but dead. And offshore investors are swallowing almost all of the losses.
- Adani Enterprises Ltd. plans to invest $5.2 billion in setting up an alumina refinery in the eastern Indian state of Odisha, as Gautam Adani, Asia’s richest man, adds one more business to his rapidly-expanding empire.
The flagship company of the Adani Group got the approval to build the refinery and a captive power plant in Rayagada for an investment of 416.53 billion rupees ($5.2 billion), according to a Twitter
House Speaker Nancy Pelosi’s visit to Taiwan has made geopolitics with China “particularly complicated” as President Joe Biden weighs the future of tariffs on more than $300 billion in goods from the US rival, according to his commerce chief.
“Certainly, it has made it a little more challenging,” Gina Raimondo said in an interview on Bloomberg Television’s “Balance of Power With David Westin” on Wednesday. “It’s harder, but I am hopeful that we will get beyond that and get back to a place where we can have more of those discussions.”
The worst may be over for emerging Asian currencies as slower-than-expected US inflation eases pressure on the Federal Reserve to aggressively raise interest rates, according to DBS Group Holdings Ltd. and Malayan Banking Bhd.
Currencies across the region jumped Thursday, following their developing-nation peers in the Americas and Europe, after the US data published Wednesday led to a slump in the dollar. The South Korean won and Thai baht both advanced 0.6%, and the Indonesian rupiah strengthened 0.5%.
Johor Corp., a Malaysian state-owned investment firm, has picked banks for an initial public offering of its plantation unit, according to people with knowledge of the matter.
The investment arm of the Johor state government is working with advisers including
Ether hit a more than two-month high on signs that a plan to upgrade the Ethereum blockchain passed a major test, potentially paving the way for one of the most significant changes in the cryptocurrency sector.
The token rose as much as 4.1% on Thursday in Asia and was trading near $1,890 as of 1:58 p.m. in Tokyo -- more than double a June low below $900 and far outpacing the rebound in Bitcoin over the period.
- Deutsche Telekom AG raised its 2022 earnings guidance for the year less than analysts had estimated after integration costs dampened strong performance in its T-Mobile US business.
The German telecom giant raised its full-year guidance for earnings -- before interest, taxes, depreciation, amortization after leases -- to 37 billion euros ($38.1 billion) from 36.6 billion euros, the company said in a statement on Thursday. That missed analysts’ average 39.6 billion euro estimate, according to a Bloomberg survey.
- Siemens AG recorded a loss following impairments as well as drag from ongoing component shortages and pandemic lockdowns in China.
Net income during the fiscal third quarter was a negative 1.7 billion euros ($1.7 billion), the company
- Thyssenkrupp AG lowered its net income guidance after rising interest rates forced it to write down the value of its capital-intensive steel division.
The company now sees full-year net income in the high triple-digit million euro range, below the previous projection of at least 1 billion euros ($1.03 billion). Thyssenkrupp also booked impairment losses of 480 million euros due to the effect of higher interest rates on its steel operations.
- RWE AG is investing more than originally planned on building domestic supplies of renewable energy to make Europe more independent as the region’s energy crisis gets worse.
Germany’s biggest power producer plans to spend more than 5 billion euros ($5.1 billion), on green technologies this fiscal year, including wind, solar and batteries, as well as ramping up hydrogen, it said in a statement on Wednesday. It also confirmed higher preliminary earnings first published last month.
Good morning. Softer inflation but Fed will keep raising rates, the Rhine River will soon be impassable, Pelosi giving Biden headache, and Russia resumes oil flows to central Europe. Here’s what people are talking about.
The US central bank will
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The top-trending destination was Thailand’s capital Bangkok, followed by Osaka in Japan, with flight searches jumping tenfold for both from the previous seven-day average, Expedia said. Travel within Asia was the most popular -- strong demand was also seen for flights to Seoul, Phuket and Singapore.
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