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Lithuanian National Crisis Management Center: The alert regarding drones has ended.On September 13, Iranian Foreign Minister Araqchi stated in an interview that the meeting to be held in Oman on the 14th will focus on a new maritime passage through the Strait of Hormuz. Iran will present details of the agreement reached between Iran and Oman, as well as a map of the new passage, to the participating countries. Araqchi emphasized that the agreement reached between Iran and Oman does not mean the Strait of Hormuz will be reopened. The prerequisite for Iran to reopen the strait is that the United States fulfills its commitments made in the Islamabad Memorandum of Understanding.Iranian Foreign Ministry: Iranian Foreign Minister meets with Cuban Foreign Minister.Lithuanias National Crisis Management Center: Lithuania closes Vilnius Airport; NATO scrambles fighter jets after suspected drones were spotted in Lithuanian airspace.On September 13th, according to an announcement from the Hong Kong Stock Exchange, Zhipu (02513.HK) announced the completion of a financing round of approximately US$5 billion, including a share placement of approximately US$2 billion and a convertible bond issuance of approximately US$3 billion. This financing will primarily be used for next-generation GLM models, a fully self-training system, and related computing infrastructure. According to the announcement, the share placement price was HK$714 per share, representing a discount of approximately 9.96% to the closing price before the announcement. The placed shares represent approximately 4.50% of the enlarged issued share capital. The convertible bonds have a zero-coupon structure, with an issue price of 100.5% of the principal and redemption at maturity. The initial conversion price is HK$892.50 per share, a premium of 25% over the placement price and approximately 12.55% over the closing price before the announcement. The combination of zero-coupon issuance and a premium issuance is a significant signal of this round of financing. With a clearer R&D budget and funding arrangements, Zhipus capital base for continuing training experiments, advancing model iteration, and improving its computing system has been strengthened, increasing its competitiveness in the next stage of global cutting-edge model competition.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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