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On July 24th, three sources familiar with the matter revealed that the Bank of Japan (BOJ) is likely to maintain its warning about inflation exceeding its 2% target next week, but also hinted that these risks have not increased significantly compared to three months ago. The BOJ is expected to focus on the ongoing inflation risks from the Middle East conflict, strong global demand for artificial intelligence, and rising import costs due to a weaker yen in its quarterly outlook report to be released at its policy meeting next week. Meanwhile, the BOJ believes the likelihood of the worst-case scenario—a severe supply disruption triggering a price surge and forcing the central bank to raise interest rates rapidly—has decreased compared to three months ago. Furthermore, the statement made during its June rate hike that there is a risk of "potential consumer inflation deviating from and exceeding the 2% target" is expected to reappear. Sources said that with the risk of a short-term inflationary shock from oil prices easing, policymakers are now turning their attention to the extent to which businesses continue to pass on rising costs to households. This shift indicates that the BOJ is moving beyond the direct impact of the Middle East conflict and focusing on broader inflationary factors, including AI-related demand and a weaker yen, to assess the timing of the next rate hike.Iranian Foreign Minister: Once the government normalizes asset confiscation, no ones assets will be safe. The resulting chaos will not be peaceful or orderly.July 24th - This morning (July 24th), the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." Officials from the Ministry of Public Security introduced the relevant situation regarding strengthening governance, protecting the peoples safety, and promoting development, and fully serving and guaranteeing the start of the 15th Five-Year Plan, and answered reporters questions. Currently, new types of crimes using artificial intelligence mainly include: using AI technology to forge identities, intrude into government and enterprise information systems, and steal others information and property; or impersonating acquaintances or authoritative figures to gain the trust of victims and then commit fraud; and using AI tools to generate online rumors and disrupt public order. Public security organs are making every effort to combat the above-mentioned illegal and criminal activities, while also severely cracking down on criminal gangs providing technical support, striving to eradicate the breeding ground for crime at its root. In the first half of this year, more than 170 cases of using AI tools to generate online rumors were investigated, and more than 190 people were dealt with according to law.The Hang Seng Tech Index fell by more than 2%, with PCB, robotics, and artificial intelligence concepts among the biggest losers.Sources say the Bank of Japan is shifting its focus to the extent to which businesses are passing on rising costs to households.

Putin authorizes the seizure of the Exxon-led Sakhalin 1 oil and gas project

Aria Thomas

Oct 09, 2022 11:21

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Friday, Vladimir Putin signed a decree appointing a new operator for the Exxon Mobil-led Sakhalin-1 oil and gas project in Russia's Far East.


Putin's approach regarding Exxon's largest investment in Russia resembles a strategy he adopted to grab control of other energy assets in the country.


The order authorizes the Russian government to evaluate whether foreign investors may keep their holdings in a project.


Exxon, along with Russian business Rosneft, Indian company ONGC Videsh, and Japanese company SODECO, holds a 30% operator ownership in Sakhalin-1.


In July, oil production at the Sakhalin-1 plant decreased from 220,000 barrels per day (bpd) prior to the Russian invasion of Ukraine to 10,000 barrels per day (bpd).


Since the imposition of international sanctions against Moscow in March, Exxon has sought to quit its Russia activities and transfer its role in Sakhalin-1 to a partner.


Exxon and the Russian government are in conflict, with Exxon threatening international arbitration.


Exxon declined to comment on the Friday-issued order.


A representative of the ministry of industry, which owns a 50% share in SODECO, claimed that the ministry was gathering information and consulting with partners. Japan has halted acquiring crude from Russia as of June.


In April, Exxon recorded a $4.6 billion impairment charge for its Russian operations and claimed it was collaborating with partners to transfer Sakhalin-1's operation. It also reduced energy output and personnel exports.


According to Exxon, a decision signed by Putin in August impeded a secure and environmentally safe evacuation from Sakhalin-1. The U.S. manufacturer then issued a "notice of difference," a legal requirement prior to arbitration.


A Russian corporation administered by the Sakhalinmorneftegaz-shelf subsidiary of Rosneft will own Sakhalin-1 investor rights, according to a decision signed by the Russian government on Friday.


The order provided that foreign investors have one month following the foundation of a new firm to obtain shares from the Russian government.


Putin employed a similar strategy in a July decree to grab complete control of Sakhalin-2, an additional gas and oil project in the Russian Far East, in conjunction with Shell (LON:RDSa), Mitsui & Co, and Mitsubishi Corp.


Per their applications, Russia has permitted two Japanese trading firms to transfer their holdings to a new operator.


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