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On June 2nd, oil prices stabilized after posting their biggest gain in nearly a month; meanwhile, uncertainty surrounding the prospects for US-Iran peace talks exacerbated the risk of a prolonged disruption to energy supplies from the Persian Gulf. According to US media, Trump stated that a memorandum of understanding between the US and Iran regarding the reopening of the Strait of Hormuz is expected to be reached within the next week. However, he also pointed out that the US still needs to "finalize several details" before a final agreement is reached. Last month, oil prices had fallen somewhat, boosted by market optimism that an agreement was likely. The day before, news broke that Iran had halted negotiations with the US, threatened to close the Bab el-Mandeb Strait, and planned a complete blockade of the Strait of Hormuz. Rebecca Babin, senior energy trader at CIBC, said, "If more signs emerge that the parties are no longer actively negotiating, then the safety cushion (expectations of the best outcome) that the market previously relied on in pricing will disappear." She added, "Weve seen too many back and forths during this conflict; nothing is set in stone at this point."The number of confirmed Ebola cases in the Democratic Republic of Congo has risen to 321.Market news: Sevastopol, a city in Crimea (currently under Russian control), will implement fuel rationing on Tuesday.Workers at Inpex Corp’s Ichthys liquefied natural gas export project in Australia will strike as negotiations between union members and the company have stalled.Ukrainian local authorities are urging Kyiv residents to seek shelter; air raid sirens have been sounded in Kyiv.

Panasonic Anticipates A Rise in Global Automobile Production This Fiscal Year

Aria Thomas

Jun 01, 2022 14:49

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Panasonic (OTC:PCRFY) Holdings Corp, which manufactures batteries for Tesla (NASDAQ:TSLA) and other automakers, stated on Wednesday that it anticipates a recovery in global vehicle production this fiscal year, but that the two-year semiconductor shortage will persist.


Masashi Nagayasu, CEO of the Japanese conglomerate's automotive business, which manufactures in-car infotainment systems and other auto components, stated, "We will operate our business in consideration of the risks of fluctuations in vehicle manufacturing."


Nagayasu stated on the first day of Panasonic's annual investor event that the company has no plans to produce automobiles.


Panasonic, whose automotive division accounts for approximately 14 percent of its entire revenue, anticipates a 19 percent increase in sales for the fiscal year ending in March 2023. It anticipates an operational profit increase of roughly 17 percent.


Due to component shortages caused by COVID-19 lockdowns in China and higher commodity prices as a result of Russia's invasion of Ukraine, the company stated last month that it did not anticipate a profit increase for this fiscal year.


(This item corrects the firm name in paragraph 1 to Panasonic Holdings Corp from Panasonic Corp, and the sales growth forecast in paragraph 4 to 19 percent from 10 percent, and the operating profit forecast to nearly 17 percent from 15 percent decline.)


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