Global oil deficit seen at 1 million bpd, Russia’s Novak says

Global oil deficit seen at 1 million bpd, Russia’s Novak says
Oil prices fell almost 3 percent last week after Iran’s President Hassan Rouhani said the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors. (File/Shutterstock)
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Updated 26 May 2021

Global oil deficit seen at 1 million bpd, Russia’s Novak says

Global oil deficit seen at 1 million bpd, Russia’s Novak says
  • He said OPEC+ should take into account possible increase in oil production by Iran when considering its further steps

TORZHOK, Russia: Global oil deficit is currently seen at around 1 million barrels per day, Russia’s deputy prime minister Alexander Novak told reporters on Wednesday.
He added that the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, should take into account possible increase in oil production by Iran when considering its further steps.


Bitcoin hovers near 6-month high on ETF hopes, inflation worries

Bitcoin hovers near 6-month high on ETF hopes, inflation worries
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Updated 11 sec ago

Bitcoin hovers near 6-month high on ETF hopes, inflation worries

Bitcoin hovers near 6-month high on ETF hopes, inflation worries
  • The U.S. Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading this week

Bitcoin hovered near a six-month high early on Monday on hopes that U.S. regulators would soon allow cryptocurrency exchange-traded funds (ETF) to trade, while global inflation worries also provided some support.


Bitcoin last stood at $62,359, near Friday's six-month high of $62,944 and not far from its all-time high of $64,895 hit in April.


The U.S. Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading this week, Bloomberg News reported on Thursday, a move likely to lead to wider investment in digital assets.


Cryptocurrency players expect the approval of the first U.S. bitcoin ETF to trigger an influx of money from institutional players who cannot invest in digital coins at the moment.


Rising inflation worries also increased appetite for bitcoin, which is in limited supply, in contrast to the ample amount of currencies issued by central banks in recent years as monetary authorities printed money to stimulate their economies.


But some analysts noted that, after the recent rally, investors may sell bitcoin on the ETF news.


"The news of a suite of futures-tracking ETFs is not new to those following the space closely, and to many this is a step forward but not the game-changer that some are sensing," said Chris Weston, head of research at Pepperstone in Melbourne, Australia.


"We’ve been excited by a spot ETF before, and this may need more work on the regulation front."


INEOS to invest $2.3bn on green hydrogen production

INEOS to invest $2.3bn on green hydrogen production
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Updated 7 min 35 sec ago

INEOS to invest $2.3bn on green hydrogen production

INEOS to invest $2.3bn on green hydrogen production
  • It said it intended to work closely with governments within the European Union

INEOS, Europe's largest Hydrogen producer, said on Monday it would invest more than 2 billion euros ($2.3 billion) on electrolysis plants to make zero-carbon green hydrogen across Europe.


The first plants will be built in Norway, Germany and Belgium over the next 10 years, with others planned in the UK and France, the company said in a statement that did not specify the total duration of the investment.


It said it intended to work closely with governments within the European Union, which has made hydrogen a key part of its plan to eliminate greenhouse gas emissions by 2050.


The EU plans to install capacity of 40GW of electrolysers - equipment to produce emissions-free hydrogen using water and renewable power - this decade, up from less than 0.1GW currently.


Last month, INEOS said it would convert its Scottish petrochemicals plant and oil refinery at Grangemouth to run on hydrogen at a cost of more than 1 billion pounds ($1.4 billion) to make it net zero for carbon emissions by 2045.


Saudi Arabia to expand passengers capacity at airports to 330m

Saudi Arabia to expand passengers capacity at airports to 330m
Updated 36 min 39 sec ago

Saudi Arabia to expand passengers capacity at airports to 330m

Saudi Arabia to expand passengers capacity at airports to 330m

RIYADH: Saudi Arabia plans to expand capacity at airports to 330 million passengers by 2030 from 100 million in 2016, Al Riyadh newspaper reported, citing minister of transport and logistics, Saleh Al-Jasser.

The minister also said that they are increasing air cargo capacity to 4.5 million tons by 2030, compared to 99,000 tons in 2019. 


Saks Fifth Avenue e-commerce unit aims for $6bn IPO: WSJ

Saks Fifth Avenue e-commerce unit aims for $6bn IPO: WSJ
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Updated 36 min 3 sec ago

Saks Fifth Avenue e-commerce unit aims for $6bn IPO: WSJ

Saks Fifth Avenue e-commerce unit aims for $6bn IPO: WSJ
  • The deal valued the Saks e-commerce business, called Saks, at $2 billion

The e-commerce business of luxury department store Saks Fifth Avenue is preparing for an initial public (IPO) offering and targeting a $6 billion valuation, the Wall Street Journal reported, citing sources.


The company is interviewing potential underwriters this week for an IPO that could take place in the first half of next year, according to the report.


Saks said it does not comment on rumors or speculation in a statement to Reuters.


Earlier this year, Hudson's Bay Co (HBC), the owner of Saks Fifth Avenue, launched the luxury department store's e-commerce segment as a separate business following investment from U.S. private equity firm Insight Partners in the online business.


The deal valued the Saks e-commerce business, called Saks, at $2 billion, HBC said.


US supply chain woes to stretch into 2022, warns transport chief

In this aerial file photo taken on October 14, 2021, trucks transport cargo containers at the Port of Baltimore in Baltimore, Maryland. (Photo by Brendan Smialowski / AFP)
In this aerial file photo taken on October 14, 2021, trucks transport cargo containers at the Port of Baltimore in Baltimore, Maryland. (Photo by Brendan Smialowski / AFP)
Updated 18 October 2021

US supply chain woes to stretch into 2022, warns transport chief

In this aerial file photo taken on October 14, 2021, trucks transport cargo containers at the Port of Baltimore in Baltimore, Maryland. (Photo by Brendan Smialowski / AFP)
  • Pete Buttigieg says the supply side crunch was being exacerbated by extraordinary pent-up demand

WASHINGTON: The US transportation secretary on Sunday warned that America’s supply chain woes including clogged ports will drag into next year, potentially cramping the upcoming holiday shopping season in the world’s largest economy.
Pete Buttigieg did the rounds on US political talk shows to stress that President Joe Biden’s administration was doing everything it could to alleviate congestion at the country’s overloaded ports, railways and roads, and that the government will “re-evaluate all of our options” to relieve the bottlenecks.
But “a lot of the challenges that we have been experiencing this year will continue into next year,” the transport chief and former presidential candidate told CNN’s “State of the Union” show.
Buttigieg added that the supply side crunch was being exacerbated by extraordinary pent-up demand in the United States.
“Demand is off the charts, retail sales are through the roof,” he said, and the country’s transportation and shipping infrastructure has been unable to keep up.
With the Christmas holiday season gearing up as America’s coronavirus-battered economy rebounds, US retailers are taking unprecedented steps to try to navigate around myriad supply chain obstacles.
Biden recently announced a commitment by the Port of Los Angeles to begin 24-hour operations in an effort to ease congestion which has seen multiple cargo ships anchored off the coast awaiting opportunities to unload.
Analysts have pointed to knock-on effects through the US economy.
Allianz chief economic adviser Mohamed El-Erian, speaking to “Fox News Sunday” about the supply chain crunch, called it “the everything shortage.”
“Things will get worse before they get better,” he said. “So we’re going to have more shortages of goods, we’re going to have higher prices, inflation will remain in the four-to-five percent level. And it’s just going to take time to sort these things out.”
Congress meanwhile is grappling with passing two huge portions of Biden’s domestic agenda: a $1.2 trillion infrastructure bill to upgrade roads, bridges and ports, and his even bigger Build Back Better social spending program.
“We’ve got to get this done,” Buttigieg said on NBC’s “Meet the Press.”
The infrastructure bill has bipartisan support. But the massive package that expands the social safety net and addresses the climate crisis faces opposition from within the president’s own Democratic camp as well as from Republicans, pushing Biden to consider paring it back.