EUR/USD 1.16310
0.116%
Gold 4104.17
-0.529%
Oil 61.316
-0.437%
USD/JPY 152.823
0.153%
GBP/USD 1.33113
-0.101%
GBP/JPY 203.431
0.060%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On October 25th, local time, Sudans Rapid Support Forces (RSF) announced their control of Bara, a major city in North Kordofan State, central Sudan. The statement stated that the RSF launched a full-scale offensive against the Sudanese Armed Forces (SAF)-held city, inflicting thousands of casualties and injuring hundreds, ultimately securing full control of the city. The statement also stated that retaking Bara is a significant step toward full control of the Kordofan region. The SAF has yet to respond to the statement.Pakistans Defense Minister: We see Afghanistans desire for peace, but failure to reach an agreement will mean open war.On October 25th, local time, the second round of ceasefire talks between Pakistan and Afghanistan began in Istanbul, Turkey. The talks were hosted by Turkey and held at an Istanbul hotel. The Pakistani delegation included the militarys director of operations and security and intelligence officials. The Afghan delegation was led by Deputy Interior Minister Rahmatullah Najeeb.On October 25th, Belgorod Oblast Governor Ilya Gladkov announced that Ukrainian armed forces had damaged the Belgorod Reservoir Dam. He stated that Ukrainian forces might attempt to attack and destroy the dam again. If this were to happen, several streets in riverbanks and settlements near Kharkiv Oblast would be flooded, impacting the lives of approximately 1,000 residents. Gladkov stated that local authorities have advised residents at risk of flooding to move to temporary relocation sites. The Ukrainian side has not yet responded to this request.On October 25th, Bank of France Governor François Villeroy de Villeroy warned lawmakers debating the 2026 budget that the deficit must not exceed 4.8% of economic output to ensure France can cope with its growing debt burden. The French National Assembly is currently debating a draft budget that targets 4.7% GDP growth, but Prime Minister Jean-Claude Le Cornu has said the ultimate target should be within 5%, and he is seeking a compromise with opposition lawmakers. "It is absolutely necessary to keep the deficit below 3% between now and 2029, which would imply a maximum deficit of 4.8% next year," Villeroy de Villeroy said in an interview with La Croix. He also stated that France faces the risk of "progressive suffocation" from debt and that additional deficit spending will fail to stimulate economic growth. According to calculations by the Bank of France, if debt uncertainty is reduced, a 1% reduction in the household savings rate would boost economic growth by 0.4%. However, Villeroy de Villeroy stated that the French economy has strong momentum this year and growth will be "at least" as strong as the Banks forecast of 0.7%.

Profit Increases for Chinese Shipping Giant COSCO in the First Nine Months

Aria Thomas

Oct 11, 2022 11:21

8.png


Increases in sea freight rates have enabled COSCO SHIPPING Holdings Co Ltd (SS:601919), the publicly traded company of the eponymous shipping behemoth, to forecast a higher net income for the past nine months.


The company forecasts a net profit attributable to shareholders of approximately 97.21 billion yuan ($13.59 billion) for the nine months ending September 30, 2017, a 43.7% increase over the same period in 2016. The anticipated earnings before interest and taxes amount to 143.59 billion yuan, an increase of over 50 percent from the prior year.


COSCO explained to the Hong Kong Stock Exchange that export freight rates remained high due to the tight supply-and-demand connection in international transportation.


The company's decision to implement cost-cutting measures has been attributed to both a local epidemic of COVID-19 and broader geopolitical tensions stemming from the conflict between Russia and Ukraine.


Despite a slowdown in domestic output and a decline in demand for exports and imports, China's commercial activity has remained relatively constant thus far in 2018. Nonetheless, the steep decline in China's trade balance during the month of August may portend oncoming difficulties for large maritime corporations.


In August, import growth was virtually nonexistent, while export growth in China decreased from 18% to 7.1%. As a result, China's trade surplus shrunk to $79.39 billion in August, significantly below market expectations, as global economic turbulence hampered export demand.


This week, additional information regarding China's international trade in September is expected to become available. This information will also serve as a baseline for the economy, which is still feeling the consequences of this year's COVID lockdowns.


As trade has slowed, shipping expenses have increased. According to data from the Shanghai Shipping Exchange, following a rather strong first half of the year during which COVID-related disruptions pushed up container reservations, Chinese shipping costs have declined considerably in recent months.

Suggestion