APAC cities continue to be some of the world’s most connected and prominent as emerging hubs in South Asia gain ground
Asia Pacific (APAC) cities, spearheaded by Tokyo, Beijing, Singapore, Melbourne, and Hong Kong, continue to assert their influence as some of the world’s most connected and prominent urban centers, according to Kearney’s 2023 Global Cities Report. The report reveals that APAC maintains a strong foothold in the top 10 of its Global Cities Index (GCI), claiming five coveted spots.
India and China Lead Russian Crude Oil Purchases, Shifting Global Dynamics
In a remarkable turn of events, India and China have emerged as dominant players in the global oil market, cementing their positions as major buyers of Russian crude oil. According to the International Energy Agency (IEA), these two Asian powerhouses accounted for a staggering 80 percent of Russia’s oil exports in May, signaling a significant shift in the dynamics of global energy trade. As the world’s fastest-growing economy, India’s increasing reliance on heavily discounted Russian oil aligns with its ambitious plans to meet its soaring energy demands. Meanwhile, China’s continued growth and robust oil consumption have solidified its position as a key player in the global oil market. With geopolitical developments and trade restrictions reshaping the landscape, Russia has redirected its seaborne crude exports to Asia, effectively pivoting away from its traditional European markets. This realignment highlights the changing dynamics of the oil industry and underscores Asia’s growing importance in meeting the world’s energy needs. As India and China assert their influence, the implications for the global oil trade and the future of energy markets remain compelling subjects of observation and analysis.
Exclusive: China readying $143 billion package for its chip firms in face of U.S. curbs
China is working on a more than 1 trillion yuan ($143 billion) support package for its semiconductor industry, three sources said, in a major step towards self sufficiency in chips and to counter U.S. moves aimed at slowing its technological advances.
UAE says OPEC+ output cut was correct decision, no politics behind it
The United Arab Emirates believes that OPEC+ made the correct technical choice when it agreed to cut production and the unanimous decision had nothing to do with politics, energy minister Suhail al-Mazrouei said on Tuesday.
Stocks ease as Ukraine attacks and rate outlook spark flight to havens
Global shares dropped on Monday after Russian missiles pounded cities across Ukraine and as renewed concern about the economic outlook sent investors into safe-haven assets such as the dollar and bonds.
Analysis: Scalded by Russia, investment funds tread carefully in China
China, the only big economy promising a growth rebound this year, is again luring foreign investors. Yet the fear that Beijing may someday end up as ostracised from global markets as Russia is keeping a lid on demand.
Accenture tempers 2022 profit view due to stronger dollar
IT services company Accenture Plc forecast fourth-quarter revenue below expectations and tempered its fiscal 2022 profit forecast on Thursday, threatened by rising inflation and the impact of a stronger dollar on its overseas earnings.
Asian shares rebound but markets eye long-term Russia-Ukraine risk
Asian markets rebounded on Friday following Wall Street’s surprising overnight reversal, as investors weighed the longer-term impact of tough Western sanctions against Russia after it
Russia, China tone down G20 text on geopolitical tensions
Russia and China watered down a communique being drafted by heads of the Group of 20 major economies on Friday to remove a reference to “current” geopolitical tensions clouding the global economic outlook, sources at the talks said.
G20 must push relief to avoid debt crises – experts, campaigners
Wealthy nations must improve their floundering flagship debt relief initiative or face a spate of debt crises in the developing world, experts and campaigners say as a meeting of finance chiefs of G20 major economies opened on Thursday.
