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Malaysian Prime Minister: This investment covers the development and operation of Googles first data center and cloud service infrastructure in Malaysia. Once operational, the project is expected to generate $3.2 billion in economic benefits and create 26,500 jobs by 2030.Malaysian Prime Minister: I held a video conference with Ruth Porat, President and Chief Investment Officer of Alphabet and Google, and her team. We discussed the progress of Googles $2 billion investment in Malaysia. The project is progressing well, exceeding initial expectations.February 26th - Japans birth rate is projected to decline for the tenth consecutive year in 2025, highlighting the demographic pressures facing Prime Minister Sanae Takaichi as she implements new measures to address the declining population. Preliminary population data released by the Ministry of Health, Labour and Welfare shows that the number of newborns in 2025 will decrease by 2.1% from the previous year to approximately 706,000. The number of deaths during the same period will decrease by 0.8% to approximately 1.6 million. Prior to the Liberal Democratic Party leadership election last October, Takaichi proposed tax breaks for nannies and domestic helpers, as well as tax incentives for companies establishing in-house childcare facilities. She also pledged to introduce a nationally recognized childcare worker qualification and improve wages and working conditions. At the opening of the current parliamentary session last week, Takaichi stated that the government would reduce costs related to pregnancy and childbirth, but these proposals have not yet been implemented. Some argue that compared to previous governments, the current administrations focus has shifted to other priorities such as national security and foreign policy. Hitoshi Kawada, the minister in charge of addressing the population decline issue, is also responsible for 11 other matters, including territorial disputes and food safety, raising questions about whether the issue of declining birthrates has been shelved.February 26th - According to Reuters, citing industry sources, suppliers to U.S. aerospace and semiconductor companies are facing a growing shortage of rare earth elements, with two suppliers even turning down some customer orders as a result. The shortage is primarily concentrated in rare earth elements such as yttrium and scandium, niche members of the 17-element family that play a small but crucial role in defense technology, aerospace, and semiconductors. Aerospace supply chain expert Kevin Michaels stated that while the yttrium shortage has not yet affected jet engine production, manufacturers are still concerned. Dylan Patel, founder and CEO of semiconductor research firm SemiAnalysis, said that U.S. semiconductor manufacturers scandium inventories are nearing depletion, which could jeopardize the production of next-generation 5G chips.The Hang Seng Tech Index continued its downward trend in the afternoon, falling more than 2%, with Horizon Robotics (09660.HK) and Hua Hong Semiconductor (01347.HK) leading the decline among constituent stocks. The Hang Seng Index is currently down 0.75%.

Oil prices fall as demand concerns outweigh supply restrictions

Skylar Williams

Jul 21, 2022 11:14

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Oil prices dipped for a second consecutive session on Thursday, as concerns over demand outweighed a tight global supply following the release of U.S. government data suggesting sluggish gasoline consumption during the peak summer driving season.


Brent oil futures shed 37 cents, or 0.3 percent , to $106.55 a barrel at 0003 GMT. WTI oil futures slipped 33 cents, or 0.3 percent , to $99.55 a barrel.


Oil prices have fluctuated since traders have had to balance a tighter global supply due to the loss of Russian barrels as a result of the country's invasion of Ukraine with recessionary worries that might lower energy use.


According to data issued by the federal government on Wednesday, gasoline stocks in the United States climbed by 3.5 million barrels last week, which is much more than the 71,000-barrel increase projected by experts in a Reuters survey.


The data indicated that gasoline output, a proxy for demand, was around 8.5 million barrels per day, or 7.6 percent less than during the same time period in the previous year.


Vivek Dhar, a commodities analyst at Commonwealth Bank, wrote in a research, "We expect Brent oil futures to fall below $100/bbl by the end of the fourth quarter of 2022."


Following the termination of force majeure on oil exports last week, the National Oil Corp of Libya stated that crude oil production had resumed at several oilfields.


One of Canada's primary oil export conduits, the Keystone pipeline, was operating at reduced rates for a third straight day on Wednesday, operator TC Energy (NYSE:TRP) said in a statement, while repairs to a third-party power plant in South Dakota continued.

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