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Conflict Status: 1. Russian Ministry of Defense: Russian air defense systems destroyed 20 Ukrainian drones over multiple Russian locations overnight. 2. Zelensky: More than 6,000 Russian drones attacked Ukraine in January. No power plant in Ukraine escaped Russian attacks and damage. Peace Negotiations: 1. French Foreign Ministry Spokesperson: We are urging Russia to seriously participate in negotiations with Ukraine. The possibility of future contact with Russia is not ruled out. 2. Zelensky: We hope to hear some compromises from Russia. We hope the United States will continue to participate in the negotiations, and we also hope that Europe will participate more. 3. Zelensky: For Ukraine, setting a date for joining the European Union is crucial; otherwise, Russian President Putin will do everything in his power to prevent this process after the war. 4. Zelensky: The United States keeps demanding concessions from Ukraine; security guarantees should take precedence over a ceasefire agreement; a dignified end to the conflict is crucial for Ukraine. Other Status: 1. Zelensky: Give us a two-month ceasefire period, and we will hold elections. 2. Ukrainian Prime Minister: The International Monetary Fund has eased key conditions for new loans. 3. NATO Secretary General Rutte: Russias oil revenues have fallen by a third, rapidly depleting its sovereign wealth fund. 4. French Foreign Minister Barro: Some G7 members have expressed their willingness to move forward with a ban on maritime transport services for Russian oil. 5. US Secretary of State Rubio: I believe it is impossible for Russia to achieve its initial goals in the Russia-Ukraine conflict. Ending the Russia-Ukraine conflict is our inescapable responsibility, and we will not stand idly by.On February 15th, the General Office of the Heilongjiang Provincial Peoples Government issued the "Several Policy Measures of Heilongjiang Province to Support the High-Quality Development of the Biomanufacturing Industry," which mentions promoting the integrated development of the biomanufacturing industry. It encourages leading biomanufacturing enterprises to take the lead in establishing industry technology innovation alliances, industry technology research institutes, and other innovation consortia to strengthen technology spillover, industrial collaboration, and market expansion across the upstream and downstream of the industrial chain. It also guides SMEs to focus on niche areas, strengthen independent innovation, and improve their specialized production, service, and collaborative support capabilities, forming an industrial ecosystem of "leading enterprises, supporting industries, and cluster development," and accelerating the construction of the Suiyuan-Harbin-Daqing-Qiqihar National Biomanufacturing Cluster.On February 15th, the General Office of the Heilongjiang Provincial Peoples Government issued the "Several Policy Measures of Heilongjiang Province to Support the High-Quality Development of the Biomanufacturing Industry," which mentions supporting enterprises intelligent transformation and digital upgrading. It supports biomanufacturing enterprises in using technologies such as artificial intelligence, big data, cloud computing, and the Internet of Things to upgrade and improve their digital and intelligent levels. Provincial financial subsidies will be provided to enterprises that meet the requirements of enterprise technological transformation policies. For digital workshops (production lines) and smart factories that pass provincial certification, a one-time subsidy of 10% of the project contract amount (including equipment investment and digital construction costs such as industrial software purchases) will be granted, with a maximum subsidy of 2 million yuan for digital workshops (production lines) and a maximum subsidy of 10 million yuan for smart factories. Eligible enterprises will be recommended to apply for national-level excellent smart factory status.On February 15th, the General Office of the Heilongjiang Provincial Peoples Government issued the "Several Policy Measures of Heilongjiang Province to Support the High-Quality Development of the Biomanufacturing Industry." The measures include supporting biomanufacturing enterprises in collaborating with universities and research institutes to build concept verification centers and pilot-scale maturation platforms, driving interconnectivity among upstream and downstream links in the industrial chain, including R&D design, pilot-scale verification, and manufacturing. For eligible concept verification centers and pilot-scale maturation platforms in the biomanufacturing field, subsidies of up to 10 million yuan (30% of the total investment) will be provided based on performance evaluation results. For those already built and operational, subsidies of up to 5 million yuan (20% of the annual service amount provided to enterprises in the province) will be provided. For those selected as national biomanufacturing pilot-scale capacity building platforms by the Ministry of Industry and Information Technology, the subsidy will be increased by 50%. The measures also encourage technology trading activities such as synthetic biology technology development, technology transfer, technology licensing, technology consulting, and technology services. For biomanufacturing enterprises within the province that purchase scientific and technological achievements from universities, research institutes, and new R&D institutions and sign technology transfer or technology licensing contracts, and whose technology is transferred and transformed in our province, a subsidy of 20% of the actual payment amount will be granted for contracts with an actual payment amount of more than 1 million yuan, with a maximum subsidy of 2 million yuan per contract.On February 15th, the General Office of the Heilongjiang Provincial Peoples Government issued the "Several Policy Measures of Heilongjiang Province to Support the High-Quality Development of the Biomanufacturing Industry," which mentions supporting the tackling of core technologies. Adhering to the orientation of scientific and technological achievements transformation, focusing on key core technologies and cutting-edge directions in biomanufacturing, a number of key R&D projects will be deployed and implemented to support technological breakthroughs in innovative pharmaceuticals and medical devices, core strains, biological breeding, and biochemical engineering. Projects that pass the review will receive provincial financial support in accordance with relevant regulations. Support will be provided for enhancing the innovation capabilities of enterprises. Biomanufacturing enterprises are encouraged to increase R&D investment. For enterprises with R&D investment exceeding 500,000 yuan and meeting the conditions, subsidies will be provided at different proportions based on the enterprises annual R&D investment stock and incremental portion, with the province and city contributing at a 1:1 ratio.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.