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Dirty oil’s demand boost set to wane
An unexpected demand boost for dirty fuel oil is poised to ease with the return of some Opec+ crude supply from this month.
Insight - Weak US dollar no boon for emerging markets this time
TYPICALLY a boon for emerging markets (EM), this year’s plunge in the US dollar may fail to boost the developing world’s prospects as the raging pandemic hits economic activity, increases poverty and exposes weak policymaking.
BP halves dividend after record loss, speeds up reinvention
LONDON: BP cut its dividend for the first time in a decade after a record US$6.7bil second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company.
Asia shares rise as U.S. manufacturing perks up
TOKYO/WASHINGTON: Asian shares rose on Tuesday after strong U.S. manufacturing data and gains in tech stocks helped investors look past broader worries about the coronavirus and global economy.
Oil price rises more than 1% on hopes for economic recovery
NEW YORK: Oil prices were up more than 1% on Monday on positive economic data from the United States, Europe and Asia, but investors remained concerned about rising COVID-19 cases globally and oversupply as OPEC begins to lift supply cuts.
Oil dips below US$40 with Opec+ starting to unwind cuts
SINGAPORE: Oil edged below US$40 a barrel in New York as Opec and allied producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus.
ADB sees pandemic slashing global remittances by over US$100b
MANILA: Remittances across the world could decline by US$108.6bil this year as job losses mount and employers trim payrolls amid a Covid-19 pandemic that has devastated economies, according to a report by the Asian Development Bank.
Oil falls on fears of glut as Opec+ set to boost output
TOKYO: Oil prices fell on Monday on oversupply worries as Opec and its allies are set to wind back output cuts in August and a rise in worldwide COVID-19 cases points to a slower pick-up in demand.
Gold soars to record high as virus fears lift safe-haven demand
BENGALURU: Gold prices surged to an all-time high on Monday as fears about the economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the U.S. dollar.
Roman Abramovich sells out in US$1bil gold deal
MOSCOW: Billionaire Roman Abramovich agreed to sell his stake in a Russia-focused gold miner, the latest in a wave of precious-metal deals, as bullion trades at a record high.
