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March 12th - "BMW models have previously been equipped with Level 3 autonomous driving systems, but because the technology has not yet reached a commercially viable level, the priority of Level 3 autonomous driving project development has been temporarily reduced," said Oliver Zipse, CEO of BMW Group, at the 2026 fiscal year conference. He added that this does not mean BMW will abandon the development of higher-level autonomous driving technologies; the company will continue to monitor the development trends of autonomous driving technology, and will immediately advance related research and development once a viable commercial model for advanced autonomous driving technology emerges.March 12 - According to foreign media reports, Saudi Arabias largest oil shipping company is chartering tankers at extremely high freight rates, with a massive fleet heading to the Red Sea to load the countrys crude oil, bypassing the Strait of Hormuz. According to charter lists, Saudi National Shipping Company (Bahri) has recently chartered at least six Very Large Crude Carriers (VLCCs) to transport crude oil from the western port of Yanbu. A shipbroker and two shipowners believe the actual scale of the charterings may be even larger, with more deals likely to occur in the coming days. With exports from the Strait of Hormuz effectively halted, Saudi Arabia is accelerating efforts to divert supplies to the Red Sea via a pipeline. Many of the charter deals Bahri has secured are priced at 450 Worldscale points, equivalent to over $450,000 per day. Before the war, the industry benchmark freight rate never exceeded $300,000 per day.On March 12th, a symposium on the work of the Beijing Municipal Economic and Information Technology System was held on March 11th. The meeting emphasized that this year marks the beginning of the 15th Five-Year Plan, and the economic and information technology system must further strengthen its sense of responsibility and earnestly and diligently implement all tasks to the highest standards. The meeting stressed the need to: ensure stable growth, expand the positive momentum of the industrial economy, and strive to achieve a strong start in the first quarter and meet the annual targets; ensure the planning and implementation of major projects to solidify the hard support for industrial development; strengthen the leading role of enterprises in innovation and promote the construction of industrial innovation centers and pilot-scale testing ecosystems; focus on forward-looking planning for future industries, strengthen factor guarantees, and cultivate new economic growth points; promote industrial upgrading and achieve intelligent and green development; leverage artificial intelligence to activate new vitality in the development of the digital economy; promote the construction of the "six chains and five clusters" to deepen industrial synergy in the Beijing-Tianjin-Hebei region; and improve enterprise services to create a first-class business environment.A spokesperson for the European Commission stated that a proposal has been made to send a delegation to Ukraine to inspect the Friendship Pipeline.On March 12th, according to the Guangdong Provincial Development and Reform Commission and the Guangdong Provincial Price Monitoring Center, the average pig-to-grain price ratio in Guangdong Province was 4.67:1 on March 11th, entering the first-level warning range for excessive price declines set by the "Guangdong Provincial Plan for Improving the Governments Pork Reserve Regulation Mechanism and Ensuring the Supply and Price Stability of the Pork Market," jointly issued by the Guangdong Provincial Development and Reform Commission and five other departments. Guangdong Province will initiate the purchase and storage of frozen pork reserves to promote the stable operation of the live pig market. It is recommended that farms (households) make scientific production and operation decisions to maintain overall stability in pig production capacity and a normal pace of slaughtering and restocking.

As Investors Digest Fed Policy Decisions, Gold Prices Rise

Charlie Brooks

Jun 17, 2022 11:11

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As investors processed the U.S. Federal Reserve's decision to implement a colossal interest rate increase, the price of gold increased in Asia on Thursday morning.


At 12:23 AM ET, gold futures rose 0.66 percent to $1,671.75. (4:23 AM GMT). The dollar, which typically swings in the opposite direction of gold, declined on Thursday morning.


Wednesday, the U.S. Federal Reserve increased interest rates by 75 basis points to combat inflation after the U.S. consumer price index jumped 8.6 percent year-over-year in May, the highest increase since 1994.


Jerome Powell, chairman of the Federal Reserve, said that the central bank would implement another hefty rise in July, but "today's 75-basis-point increase is atypically high and I do not anticipate further movements of this magnitude."


The Fed's decision decreased longer-term U.S. government bond rates and moved the dollar off two-decade highs, which pushed gold up as much as 1.9% in the previous session.


Michael McCarthy of Tiger Brokers told Reuters that inflation hedge purchasing, possible safe-haven demand, and pressure from a rising interest rate environment are keeping gold prices stable.


"Gold has remained unusually range-bound for weeks (despite huge news)," said McCarthy, adding that the dollar's general upward trend suggested a cautious picture for gold.


In comparison to other precious metals, silver rose 1.11 percent. Platinum increased by 0.02 percent, whilst palladium increased by 0.60 percent.


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