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July 15th - Anta Sports (02020.HK) announced that its former CEO, Xu Yang, has resigned due to family reasons. The group has approved his resignation and he will be reassigned. Lai Shixian, Executive Director and Co-CEO of Anta Group, will assume the role of acting CEO of the Anta brand, effective immediately, and will be fully responsible for the brands daily operations and management. Anta emphasized that its established long-term development strategy remains unchanged.On July 15th, Yonhap News Agency reported that South Korean retail investors purchased approximately 400 billion won worth of SK Hynixs American Depositary Receipts (ADRs) on their first day of trading on Nasdaq. SK Hynix ADRs began trading on Nasdaq on July 10th, with approximately 84,000 investors purchasing the stock through nine major South Korean securities firms. South Korean investors collectively held 1.36 million shares that day, representing 0.76% of the total 177.9 million shares issued. Based on the issue price, this holding was worth approximately 338.9 billion won. If clients of other securities firms not included in the statistics are taken, the number of South Korean investors who purchased the stock is estimated to be close to 100,000, with a total holding of approximately 400 billion won. The strong buying by South Korean retail investors was also reflected in the domestic stock market. On July 10th, individual investors made net purchases of 788,510 SK Hynix shares in the South Korean stock market, amounting to approximately 1.7 trillion won. Even with the stock falling 16.15% on the 13th, retail investors continued to increase their holdings, buying approximately 3 trillion won.On July 15, Minister of Commerce Wang Wentao met with Solomon Islands Minister of Foreign Affairs and Foreign Trade Honipwela on July 14, and they held friendly exchanges on issues such as China-China economic and trade relations. Wang Wentao stated that China is willing to work with the Solomon Islands to continue expanding mutually beneficial economic and trade cooperation and promote new developments in the China-China comprehensive strategic partnership for a new era. Honipwela stated that since the establishment of diplomatic relations between the Solomon Islands and China, bilateral relations have continuously developed and improved, and he looks forward to further deepening cooperation with China in various fields. After the meeting, Wang Wentao and Honipwela jointly signed the "Framework Agreement on Enhancing the Economic Partnership." Both sides will conduct flexible and pragmatic negotiations based on this agreement to reach mutually beneficial institutional arrangements for expanding bilateral trade, investment, and practical cooperation, better promote regional supply chain cooperation, and elevate China-China economic and trade relations to a new level.On July 15th, the China Electricity Council (CEC) released the "Annual Development Report of Chinas Power Industry 2026" on the 14th, showing that the national electricity consumption is expected to increase by 5%-6% year-on-year in 2026, with approximately 400 million kilowatts of new power generation capacity added throughout the year. New energy sources will remain the main source of new power capacity, with approximately 100 million kilowatts of new conventional power capacity added, roughly in line with the maximum load increase. "The ultimate goal of computing power is electricity. Promoting computing-electricity synergy is an inevitable path for my country to gain a global competitive advantage in the computing power industry," said Zhang Lin, Director of the Planning and Development Department of the CEC. He added that during the 15th Five-Year Plan period, the national electricity consumption for computing power is expected to increase by more than 100 billion kilowatt-hours annually, reaching 800 billion kilowatt-hours by 2030, accounting for about 6% of the total electricity consumption. Zhang Lin stated that in the future, the approach should be "strengthening computing with electricity and promoting electricity with computing," coordinating energy resource allocation and computing infrastructure construction, and promoting computing-electricity synergy in multiple dimensions. In terms of planning and layout, for computing facilities in the western region, the layout of national computing hubs and the planning of large-scale new energy bases will be coordinated, and the collaborative construction of computing facilities and power facilities will be promoted; for computing facilities in the eastern region, the collaborative planning of distributed computing power, distributed power sources, microgrids, and virtual power plants will be promoted to respond to computing power needs nearby.On July 15th, Wang Guanhua, spokesperson for the National Bureau of Statistics and Deputy Director of the Department of Comprehensive Statistics of the National Economy, stated at a press conference held by the State Council Information Office that the PPI is expected to remain stable in the second half of the year. The accelerated integration of artificial intelligence with various fields, leading to a significant increase in computing power demand and a gradual optimization of market competition, may drive up prices in related industries.

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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