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HONG KONG, China (AFP) — Most Asian markets reversed early losses Tuesday and oil continued its recent rally after China slashed the quarantine time for visitors, fuelling hope for a boost to the embattled economy. The news came as Beijing and Shanghai appeared to have contained a Covid outbreak that had forced officials to impose lockdowns that had compounded global supply chain snarls. Authorities said inbound travellers would now only have to quarantine for […]
HONG KONG, June 22, 2022 (AFP) Oil prices plunged more than five percent Wednesday as traders grow increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation. West Texas Intermediate lost 5.6 percent to $103.31 a barrel, while Brent was off 5.2 percent at $108.62. Crude has soared in recent months to multi-year highs on concerns that […]
by Tangi Quemener Agence France Presse Propelled by inflation, the price of air tickets has begun to take off again after tumbling during the pandemic, a reversal that looks set to intensify due to environmental pressures, experts say. For members of the International Air Transport Association, gathered in Doha for their annual meeting this week, minds are focused on how far such increases risk undermining passenger growth targets. The IATA is also pleading for […]
by Tangi QUEMENER Air passengers are expected to hit 83 percent of pre-pandemic levels this year and the aviation industry’s return to profit is “within reach” in 2023 despite ongoing uncertainty, the International Air Transport Association said on Monday. Industry losses are expected to drop to $9.7 billion this year, a “huge improvement” from $137.7 billion in 2020 and $42.1 billion in 2021, IATA said in an upgraded industry outlook ahead of its annual general […]
HONG KONG, China (AFP) — Asian markets fell again Monday and oil prices extended losses on growing fears that central bank moves to rein in soaring inflation will induce a recession. The losses come after a sell-off last week fuelled by the Federal Reserve’s sharp interest rate hike last week — the biggest in nearly 30 years — and a warning of more to come, while increases in Britain and Switzerland added to the gloom. […]
by Robin MILLARD GENEVA, June 17, 2022 (AFP) The World Trade Organization concluded a landmark bundle of deals Friday covering fishing subsidies, food insecurity and Covid-19 vaccines following hectic round-the-clock talks. WTO director-general Ngozi Okonjo-Iweala said trade ministers had struck an “unprecedented” number of agreements that would affect the lives of people everywhere. The talks in Geneva began Sunday and had been due to wrap up on Wednesday. But instead the WTO’s 164 members […]
Stock markets wobbled and oil prices sank on Friday over growing fears that inflation-fighting interest rate hikes by central banks could trigger recessions. Investors were shaken this week after the US Federal Reserve unleashed its biggest hike in borrowing costs for almost 30 years to tackle runaway consumer prices. This was followed by the fifth straight hike by the Bank of England and the first in 15 years by the Swiss central bank, underscoring the […]
PARIS, France (AFP) — Russia earned 93 billion euros ($98 billion) from fossil fuel exports during the first 100 days of its war in Ukraine, with most sent to the European Union, according to research published Monday. The report from the independent, Finland-based Centre for Research on Energy and Clean Air (CREA) comes as Kyiv urges the West to sever all trade with Russia in the hopes of cutting off the Kremlin’s financial lifeline. […]
HONG KONG, China (AFP) — Markets tumbled in Asia and Europe on Monday to extend a global rout while the dollar soared after a forecast-beating US inflation print ramped up bets on a more aggressive campaign of Federal Reserve interest rate hikes. Fresh Covid outbreaks in Shanghai and Beijing have also seen authorities reimpose containment measures soon after lifting them, leading to fears about the world’s number two economy. The possibility of more restrictions […]
MUMBAI, India (AFP) — The Indian rupee plunged to a record low against the dollar on Monday, ahead of an expected US interest rate hike this week aimed at fighting surging inflation. The rupee hit 78.2825 per dollar for the first time as a forecast-beating US inflation report on Friday heightened prospects for a further tightening of monetary policy by the Federal Reserve. The benchmark Sensex Index slid as much as 2.1 percent as […]
by Etienne BALMER Agence France Presse TOKYO, Japan (AFP) — The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world’s largest economy. Japan’s currency has been weakening for months, accelerated by the US Federal Reserve’s aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors. But unlike the Fed, […]
by Jonathan JACOBSEN The OECD warned Wednesday that the world economy will pay a “hefty price” for Russia’s invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation. The Paris-based organisation, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict, which has sent food and energy prices soaring. In its latest economic outlook, the Organisation for Economic Co-operation and Development […]
