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On April 2, Jiang Ping, Director of the Inclusive Finance Department of the Financial Supervision Administration, said at a press conference held by the State Council Information Office on April 2 that the Financial Supervision Administration will promote the deep integration of the construction of the social credit system and financial supervision, actively participate in the construction of the social credit system, and guide financial institutions to make good use of the results of the construction of the social credit system. The Financial Supervision Administration will focus on solving the problem of information asymmetry between banks and enterprises, and guide financial institutions to query and use corporate credit information on the premise of compliance with laws and regulations and full authorization, and organically combine it with financial information, and widely use it in product development, credit approval, and post-loan management, so as to improve the quality and efficiency of financial services for the real economy.On April 2, JD.com issued a salary increase notice that Dada employees salaries will be upgraded to 19 salaries this year and to 20 salaries next year; in addition, some outstanding Dada employees will be awarded JD.com Group stocks.On April 2, CICC published a research report stating that due to the decline in coal prices, Yankuang Energy (01171.HK)s net profit fell 27% year-on-year last year, and its performance was roughly in line with the banks expectations. The bank expects the groups H-share earnings per share to be 9.2 billion and 11 billion yuan this year and next year, respectively. Although the decline in coal prices may drag down Yankuang Energys profits in the short term, in the long run, the group has huge growth potential and is optimistic about its profit growth. The bank maintains the groups outperform rating. Due to the slowdown in supply and demand and the decline in short-term profits, the H-share target price was lowered by 38% to HK$10, equivalent to a forecast price-to-earnings ratio of 10.3 times and 8.4 times this year and next year, respectively.Hong Kong-listed UBTECH Robotics (09880.HK) once rose by more than 7% during the session, but the increase has now narrowed to 5%.Japanese Chief Cabinet Secretary Yoshimasa Hayashi: If tariff measures are implemented, we will quickly set up a special consultation window and provide capital flow and financing support.

Oil Prices Soar on Word That Germany Relaxes Objection to Russian Oil Embargo

Aria Thomas

Apr 29, 2022 09:28

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Traders were reacting to media reports that Germany's Economy Minister Robert Habeck stated Tuesday that the EU's largest economy could survive an EU embargo on Russian oil imports and that Germany hoped to find alternative sources of supplies.


By 1:38 p.m. EDT, Brent crude futures had risen $1.89 to $107.21 a barrel (1838 GMT). West Texas Intermediate crude in the United States increased $2.61, or 2.6 percent, to $104.63.


Germany is significantly reliant on Russian energy supplies and had previously resisted a complete embargo.


Prior to the Ukraine war, Russia supplied nearly a third of Germany's oil. Habeck announced a month ago that the government had reduced its reliance on Russian oil to 25% of imports.


"As a result, oil from the free world will become more expensive, while oil from the Iron Curtain will lose even more value and become more heavily discounted," said John Kilduff, a partner at Again Capital LLC in New York.


Moscow has begun to use energy exports as a stick in reaction to the US and its allies' response to Russia's invasion of Ukraine.


Russia has cut off gas supplies to Poland and Bulgaria and is attempting to convince the EU to adopt its new gas payment system, which entails creating accounts with Gazprombank and converting payments in euros or dollars to roubles.


Russian oil production could decrease by as much as 17% in 2022, according to a document seen by Reuters from the economy ministry, as the country deals with Western sanctions.


Despite this anticipated shortage, sources told Reuters that the OPEC+ group of producers, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, is set to maintain its modest pace of output growth when it meets on May 5.


The US dollar climbed to its highest level in two decades on Thursday, aided by weakening in the currency's biggest rivals, including the yen and euro. A higher dollar is typically detrimental to oil prices that are denominated in the greenback, as it increases the cost of the commodity to holders of other currencies.


Beijing shuttered certain public venues and increased COVID-19 checks in others as the majority of the city's 22 million citizens conducted additional mass testing in an attempt to avert a Shanghai-style shutdown. The latest shutdown has caused disruptions to industry and supply systems, heightening concerns about the country's economic progress.


Sinopec (NYSE:SHI) Corp, Asia's largest oil refiner, expects demand for refined oil products to recover in the second quarter as COVID-19 outbreaks are gradually brought under control.


Global economy slowing as a result of increasing commodity prices and an escalation in the Russia-Ukraine war might exacerbate fears about oil demand.

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