Iraq’s oil minister recently announced that Chinese companies have secured five more bids to explore oil and gas fields in the country. This adds to the ten licenses that Chinese companies have already obtained, making them the sole foreign players in the latest round of hydrocarbon exploration licensing. The lack of participation from other international
Economy
British newspaper groups have reacted strongly to Apple’s plans to introduce a “web eraser” tool that would block advertisements in the Safari browser. They have highlighted the potential threat this tool poses to the financial sustainability of journalism. The removal of ads or unwanted website content could significantly impact digital revenues in the industry, which
In a recent interview, billionaire investor Kenneth Griffin made a passionate plea for Harvard University to embrace “Western values” amidst what he described as a “cultural revolution” in American education. Griffin, who has donated millions to his alma mater, expressed concern over the direction that education in the U.S. has taken in recent years. He
The discussions among Federal Reserve officials regarding whether U.S. interest rates are at an optimal level have deepened in recent times. The assessment of high inflation risks is causing concerns among policymakers, prompting them to evaluate the effectiveness of current policy measures in addressing inflationary pressures. Inflation expectations among consumers have seen a notable uptick,
Singapore’s Oversea-Chinese Banking Corp (OCBC) has recently reported a 5% increase in first-quarter profit, exceeding market expectations. In a bold move, the bank has also made a S$1.4 billion ($1.04 billion) offer to acquire its insurer arm Great Eastern, showcasing its commitment to strategic investments and portfolio enhancement. The offer, which includes a 37% premium
India’s consumer price inflation is expected to have eased to 4.80% in April, just slightly below March’s rate. Despite the overall moderation in headline inflation, food prices have remained stubbornly high, exerting pressure on household budgets. Food inflation, which makes up nearly half of the consumer price index (CPI) basket, continues to pose a significant
The dollar has shown signs of strength as investors weigh the possibility of Federal Reserve rate cuts. Despite earlier losses, the dollar made modest gains amidst renewed speculations on the future monetary policy direction of the Fed. The yen, on the other hand, has been experiencing a downward trend, edging closer to the 155 per
The yen has been experiencing a downward trend against the dollar, attributed to wide interest rate differentials between the two currencies. Despite efforts from Japanese officials through suspected dollar-selling interventions, the yen’s value has continued to decline. The U.S. dollar saw a significant increase against the yen in early Asian trading, following a rally the
Westpac, one of Australia’s leading banks, recently announced an increase in its share repurchase program by A$1 billion. In addition to this, the bank also declared a special dividend, citing a strong balance sheet despite a 16% fall in its first-half profit. The decline in profit was attributed to tight competition and high costs in
In a move to protect their own manufacturers, the European Union has initiated investigations into China’s procurement practices regarding medical devices. This is just one of many probes that the EU has launched to prevent unfair competition and market distortion. The European Commission has launched a probe into Chinese public procurement of medical devices, marking
Inflation targeting plays a crucial role in maintaining price stability and fostering economic prosperity, according to New York Federal Reserve Bank President John Williams. He emphasized the importance of transparency, clear communication, and setting an explicit numerical longer-run inflation target to anchor inflation expectations and keep inflation at the desired level. Williams believes that these
Societe Generale, one of France’s leading banks, recently reported its first quarter financial results, revealing a 22% decline in net income compared to the previous year. Despite this decrease, the bank’s performance was better than expected, with profits from equity derivative sales helping to offset weaknesses in retail banking and fixed-income trading. In this article,
The sudden surge of the yen against the dollar overnight left traders and analysts puzzled, with many attributing the move to intervention by Japanese authorities. The dollar had a significant gain of 0.9%, climbing to 155.98 yen from its previous levels. This unexpected turn of events took place in a rather quiet period for the
The recent yen-buying currency market intervention by Japan may not have immediate repercussions on the U.S. bond market. However, if Tokyo continues to engage in prolonged efforts to prevent the further weakening of the exchange rate, this could lead to disruptions in the bond market. Central banks typically intervene to halt excessive depreciation of their