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May 13th - According to a recent OECD estimate, the Bank of Japans benchmark interest rate is projected to reach 2% by the end of 2027. The report notes that assuming inflation remains around 2%, current interest rates are still close to the lower end of a relatively neutral interest rate range for the economy. The report also recommends that the Bank of Japan should continue to gradually raise interest rates to prevent the economy from overheating. The Bank of Japan previously estimated Japans nominal neutral interest rate to be between 1.1% and 2.5%, but also pointed out that the specific level remains highly uncertain.The Indonesian rupiah fell to a record low of 17,530 against the US dollar.May 13 (Yonhap) -- Hyundai Motor Group announced on Wednesday that it will join an autonomous vehicle demonstration project led by the Gwangju city government in southwestern South Korea to test and advance its mobility solutions. Hyundai Motor and Kia Motors signed a memorandum of understanding in Gwangju with the Ministry of Land, Infrastructure and Transport, the Gwangju city government, and mobility startups including Autonomous A2Z and Ride Flux. Under the agreement, the two automakers will develop approximately 200 autonomous vehicles based on the Ioniq 5 electric car and operate autonomous mobility services in Gwangju, including vehicle dispatching and fleet control operations.On May 13th, at the opening ceremony of the Create2026 Baidu AI Developer Conference, Baidu founder Robin Li proposed that the metric for the AI era might be "Daily Active Agents" (DAA), corresponding to the most commonly used metric in the mobile internet, "Daily Active Users" (DAU). Li stated that the current metric closest to industry consensus is token consumption, but tokens dont necessarily represent the end result; they represent costs, not returns; they measure input, not output. "When humanity enters the era of intelligent agents, to measure the prosperity of a platform and ecosystem, we should focus more on the DAA metric, on how many agents are working for humanity and delivering results. This is closer to value and closer to the essence than pointless token consumption."According to Yonhap News Agency, Hyundai Motor Group will test AI-powered autonomous vehicles in Gwangju.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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