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On May 19th, fossil fuel industry executives pointed out that Australia must invest in producing more natural gas to avoid a domestic supply shortage by the end of this decade. Shell Australia Chairman Wake stated, "The Middle East conflict highlights the worlds dependence on oil and gas. Our country urgently needs more natural gas." Although Australia is one of the worlds largest exporters of liquefied natural gas (LNG), its east coast is expected to face a supply gap by the end of this decade. To address this gap and protect domestic consumers from high international prices, the government this month approved the much-opposed "Domestic Gas Reserve Scheme," requiring producers to reserve one-fifth of new production for domestic use. Santos CEO Gallagher criticized the scheme, saying it would lower prices in the short term but stifle investment and supply. "Capital only flows to where it feels safe. The industry needs to attract capital back to Australia."The performance of Hong Kong-listed AI application stocks diverged, with Zhipu (02513.HK) continuing its decline with a drop of 13%, MINIMAX-W (00100.HK) falling by more than 9%, and SenseTime (00020.HK) and Paradigm Intelligence (06682.HK) following suit.On May 19th, Moodys Analytics economist Stefan Anglick stated that Japans first-quarter GDP data did not provide a clear indication of the economys future direction. He pointed out that while the growth base is broad, these frequently revised preliminary figures should not be overemphasized. Anglick wrote that the outlook for the coming quarters looks extremely grim due to soaring commodity prices caused by the Middle East conflict. US tariffs, trade tensions, and increased competition remain threats. Domestically in Japan, weak real wage growth is a major drag. He stated that moderate fiscal support for households, defense, and strategic investment should prevent the economy from derailing, but increasing headwinds foreshadow a difficult year. Against this backdrop, the Bank of Japan may raise interest rates again this summer, but it will be difficult to justify further rate hikes.The local governor claimed that Ukraine attacked Russias Rostov-on-Don region.On May 19th, Chongqing Zongshen Motorcycle Industry Manufacturing Co., Ltd. issued a statement saying that after a comprehensive investigation, the company confirmed that the information circulating online regarding the low-price sale of its Cyclone AQS250 motorcycle is false, fabricated, and misleading. It was not released by the company, and the company has never authorized any individual or third-party organization to conduct related activities, nor has it ever issued or promised any policies or services related to the online rumors. "Regarding this illegal act of spreading rumors and suspected fraud online, the company has immediately secured all evidence and is simultaneously carrying out comprehensive rights protection work."

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."