A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic board displaying various countries’ stock indexes including Russian Trading System (RTS) Index which is empty, outside a brokerage in Tokyo, Japan, March 10, 2022. REUTERS/Kim Kyung-Hoon
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HONG KONG, July 26 (Reuters) – Asian shares pared losses on Tuesday as investor sentiment improved on China’s reported plans to tackle a debt crisis in real estate development.
MSCI’s broadest gauge of Asia stocks outside Japan (.MIAPJ0000PUS) bounced back to a gain of 0.36% in afternoon sessions. Chinese stocks jumped after reports the country would set up a fund of up to $44 billion to help property developers. read more
Hong Kong’s Hang Seng Index (.HSI) was 1.48% higher and China’s benchmark CSI300 Index (.CSI300) also widened gains to a rise of 0.91% at the morning close. Japan’s Nikkei (.N225) fell 0.08%, erasing some morning losses.
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FTSE futures edged up 0.15%. U.S. markets are likely to open lower, with E-mini futures for the S&P 500 index down 0.32%.
U.S. retailer Walmart Inc (WMT.N) cut its profit forecast on Monday and said customers were paring back discretionary purchases as inflation bit into household budgets. Shares fell 10% after hours. read more
Investors are also awaiting a likely 75 basis point Federal Reserve interest rate increase later this week – with markets pricing about a 10% risk of a larger hike, as well as waiting to see whether economic warning signs prompt a shift in rhetoric.
“We are leaning to the view that 75 bps is most likely but won’t be the end unless they see some demand destruction and some tempering of inflation,” said John Milroy, an investment adviser at Ord Minnett.
“We are fearful they have to materially slow the U.S. economy further.”
Big technology companies such as Apple (AAPL.O), Microsoft (MSFT.O) and Amazon.com are due to report earnings this week.
“The market has stabilized” from rate hike expectations, said Redmond Wong, Greater China market strategist at Saxo Markets in Hong Kong. “The focus is now on earnings.”
In China, “maintaining stability is the key theme,” said Wong on likely outcomes from politburo meetings expected to begin this week.
In currencies, the dollar was marginally softer but not drifting too far below recent milestone highs as uncertainty continued to swirl around the interest rate and economic outlook.
The euro rose 0.21% to $1.0240 but was hemmed in by uncertainty over Europe’s energy security, which is not helped by a looming cut in the westbound flow of Russian gas. read more
The yen steadied at 136.54 per dollar. The U.S. dollar index , which touched a 20-year high this month, was down slightly at 106.380.
Oil prices rose further on expectations Russia’s reduction in natural gas supply to Europe could encourage a switch to crude, with Brent futures last up 1.27% at $106.45 a barrel and U.S. crude up 1.26% at $97.92 a barrel. read more
Benchmark 10-year Treasury yields fell to 2.875% as growth worries gave support to bonds.
Gold hovered at $1,721.8 an ounce and bitcoin nursed overnight losses at $21,111.31.
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Reporting by Kane Wu in Hong Kong; Editing by Sam Holmes
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July 13 (Reuters) – Singapore’s Keppel Corp (KPLM.SI) will expand its wind energy portfolio by co-investing 480 million euros ($481.34 million) alongside Keppel Infrastructure Trust (KIT) (KEPL.SI), a Norwegian insurer and a German asset manager in Europe.
Conglomerate Keppel and KIT said on Wednesday they jointly committed 160 million euros for a combined 33.3% stake in a fund, which will invest in a portfolio of existing and future onshore wind energy assets across Norway, Sweden and the UK.
The projects are owned by Fred. Olsen Renewables AS (FORAS), a Norwegian renewable energy developer controlled by Bonheur ASA (BONHR.OL). (https://bit.ly/3yyfYrv)
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The remaining 66% stake in the fund will be split between Norway’s Kommunal Landspensjonskasse (KLP) and Germany’s MEAG MUNICH ERGO Asset Management (MEAG), each committing to invest 160 million euros.
The fund will make an initial investment of 176 million euros to buy 49% interest in FORAS’ three operating wind farms in Sweden and Norway.
It will also have a “five-year exclusive right and obligation” to co-invest in 49% of all future onshore wind farms in the UK and Sweden that FORAS will take to a final investment decision stage, Keppel Corp said in a joint statement with KIT. (https://bit.ly/3PFkPOH)
The investment expands Keppel’s existing wind energy portfolio and KIT’s maiden investment into renewable energy sector as both companies look to increase their sustainable energy portfolio by the end of the decade, the companies added.
KIT will fund about 131 million euros in FundCo, obtaining a 27.3% stake in it, while the conglomerate Keppel will own about 6% in the entity.
($1 = 0.9972 euros)
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Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi Aich
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Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. REUTERS/Simon Dawson
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LONDON, June 23 (Reuters) – The London Metal Exchange said on Thursday it had appointed management consultants Oliver Wyman to carry out an independent review of the events that led to a week-long suspension of nickel trading in March.
The world’s largest and oldest forum for metals was forced to halt the nickel market and cancel all trades on March 8 after prices spiked more than 50% to hit a record above $100,000 a tonne in a few hours. Nickel trading resumed on March 16 when the exchange introduced daily price limits.
Oliver Wyman, which advises clients on how to improve their operations, will carry out the review expected to run until December and aim to publish a report at the end of the process.
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The review will look at the factors that “contributed to market conditions … in the period leading up to, and including, 8 March 2022 and make recommendations to reduce the likelihood of similar events occurring,” the exchange said in a statement.
“The assessment will not cover the decision-making processes and governance arrangements at the LME and at its clearing house, LME Clear.”
Decision-making and governance will be a part of the regulatory reviews to be undertaken by the UK Financial Conduct Authority (FCA) and the Bank of England (BoE).
The FCA regulates the trading activities of the LME as a UK Recognised Investment Exchange and the BoE regulates the clearing activities of LME Clear as a Recognised UK Central Counterparty.
Suspending and cancelling nickel trades drew the ire of producers and traders who rely on LME prices of the metal used to make stainless steel and electric vehicle batteries. It has also left the exchange vulnerable to lawsuits.
U.S. hedge fund Elliott Associates and Jane Street Global Trading are suing the LME for $456 million and $15.3 million respectively for cancelled nickel trades. read more
The nickel price surge was blamed on short-covering by one of the world’s top nickel producers, China’s Tsingshan Holding Group. The LME has said the large short positions originated primarily from the over-the-counter (OTC) market. read more
Last week the LME, owned by Hong Kong Exchanges and Clearing Ltd (0388.HK), approved rules for members to report all OTC positions from July 18 and said it would require holders of large OTC positions to explain the rationale behind them.
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Reporting by Pratima Desai; additional reporting by Eric Onstad; editing by John Stonestreet, Barbara Lewis and David Evans
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LONDON, June 21 (Reuters) – The North Sea’s biggest oil and gas producer, Harbour Energy (HBR.L), has told the British government that Britain’s planned windfall tax on the energy sector will shrink the company’s investment in the country.
With oil and gas prices soaring and households feeling the hit from higher prices across the board, Britain last month announced plans to introduce a 25% windfall tax on oil and gas producers’ profits, with a view to raising $5 billion. read more
A meeting between representatives of oil and gas producers in the British North Sea, including Harbour, and Treasury officials is scheduled to take place on Thursday in Aberdeen, Scotland, a Harbour spokesperson and two industry sources said.
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“We must reassess our strategy and plans in the UK which will, I am afraid, lead to lower investment, not more,” Chief Executive Linda Cook said in an undated letter seen by Reuters to British finance minister Rishi Sunak.
Britain is allowing the impact of the levy to be offset against fresh investments in oil and gas projects. read more
But Cook said the incentive does not help companies like Harbour that have invested in new projects such as the Tolmount gas field, which increases UK gas output by 5%.
Cook said the levy hurt so-called independent producers such as Harbour disproportionately more than oil majors active in the British North Sea, such as BP (BP.L) or Shell (SHEL.L).
A Harbour Energy spokesperson said: “we do envisage a significant impact on our business, our strategy, and our ability to invest in our current and future projects in the UK.”
Oil and gas producers such as Harbour typically hedge more than half of the volumes they sell in advance to lock in a price floor, often to satisfy covenants with lenders. This means that they can miss out on price spikes in the open market.
Cook asked Sunak to change the tax plan to reflect past investments, decommissioning spending as well as to scrap the levy by the end of next year and put in a higher profit threshold for companies affected by the tax.
Harbour’s share price has slumped around 19% since the plan was announced on May 26.
“Our existing and prospective shareholders … are now actively questioning the future of our assets in the UK and struggle to evaluate their remaining potential given the uncertain and unpredictable fiscal environment,” Cook said.
“They are also, rightly, questioning our strategy to remain a large UK oil and gas producer and continuing to invest in the country.”
Harbour’s biggest shareholders include private equity firm EIG, which holds a 36% stake, and Singapore sovereign wealth fund GIC and Fidelity, which hold around 5% each, according to Refinitiv Eikon data.
The Treasury had no immediate reply to a request for comment.
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Reporting by Ron Bousso
Writing by Shadia Nasralla
Editing by Jonathan Oatis and Mark Potter
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COPENHAGEN, June 15 (Reuters) – Toymaker Lego on Wednesday said it will invest more than $1 billion in a factory in the United States to shorten supply chains and keep up with growing demand for its coloured plastic bricks in one of its biggest markets.
The factory in Chesterfield County, Virginia, will be the Danish company’s second in North America and seventh worldwide, after it announced a new factory in Vietnam last year. read more
The investment is in line with a decade-old strategy of placing production close to its key markets, which the company says has been beneficial as the global retail industry faces pandemic-related supply chain issues. The plant will also be carbon neutral.
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“Our strategy to be close to our core markets has only been confirmed recently,” Chief Operations Officer Carsten Rasmussen told Reuters.
The toy market is characterized by large seasonal fluctuations, while more than half of the company’s products in stores are new items, he said.
“It’s difficult to predict what children and adults want to buy for a birthday or for Christmas. So the reaction time is very worthwhile to make sure we have the right products on the shelves,” said Rasmussen.
The factory will be powered by renewable energy produced at an onsite solar park, the company said.
Lego has pledged to replace oil-based plastic bricks with ones made from sustainable materials by the end of the decade.
The 160,000-square-meter factory is scheduled to be operational in the second half of 2025 and will employ more than 1,760 people. Lego closed a smaller factory in Connecticut in 2006, and the U.S. market is currently supplied from a factory in Mexico.
“The U.S. market has done really well in recent years. We see huge potential in the United States and throughout the Americas,” said Rasmussen.
The company now employs around 2,600 people in the United States, where it operates 100 stores.
The family-owned company outpaced growth in the toy industry last year, with sales growing 27% to 55.3 billion Danish crowns ($7.8 billion). The company is also investing in increasing capacity at existing factories in Europe and China. read more
Lego produces roughly 100 billion bricks each year and employs around 24,000 people worldwide.
($1 = 7.0998 Danish crowns)
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Reporting by Jacob Gronholt-Pedersen; Editing by Bernadette Baum and Mark Porter
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Storage tanks are seen at Marathon Petroleum’s Los Angeles Refinery, which processes domestic & imported crude oil, in Carson, California, U.S., March 11, 2022. Picture taken March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo
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NEW YORK, June 8 (Reuters) – U.S. commercial crude oil inventories rose unexpectedly last week, while crude in the Strategic Petroleum Reserve fell by a record amount as refiners ramped up production to pre-pandemic levels, the Energy Information Administration said on Wednesday.
Crude inventories (USOILC=ECI) rose by 2 million barrels in the week to June 3 to 416.8 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel drop.
SPR crude stocks fell by a record 7.3 million barrels to 519.3 million, their lowest since March 1987.
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Refinery crude runs (USOICR=ECI) rose by 354,000 barrels per day to 16.4 million bpd, their highest since January 2020, and utilization rates (USOIRU=ECI) jumped by 1.6 percentage points to 94.2% of capacity, their highest since December 2019, the EIA said. On the East Coast, utilization rose to 99.2%, its highest since November 2017.
“The commercial crude build is in part due to inventory shifts from the drawdowns in the Strategic Petroleum Reserve, but those inventories continue to move aggressively lower and that’s the expectation for the next several months,” said Tony Headrick, energy market analyst at CHS Hedging.
“That’s a bullish consideration.”
Brent and U.S. West Texas Intermediate crude futures (WTI)
Crude stocks at the Cushing, Oklahoma, delivery hub for WTI (USOICC=ECI) fell by 1.6 million barrels last week, EIA said.
U.S. gasoline stocks (USOILG=ECI) fell by 800,000 barrels in the week to 218.2 million barrels, the EIA said, compared with analysts’ expectations for a 1.1 million-barrel rise.
Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by 2.6 million barrels in the week to 109 million barrels, more than double forecasts for a 1.1 million-barrel rise, the EIA data showed.
Net U.S. crude imports (USOICI=ECI) rose by 1.69 million bpd, EIA said.
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Reporting by Stephanie Kelly
Editing by Marguerita Choy
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An ibis bird perches next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz/File Photo
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SYDNEY, June 8 (Reuters) – A recent spike in Australia’s energy prices is threatening to keep inflation higher for longer, a major reason policymakers this week felt compelled to hike interest rates by the most in two decades and warn of a lot more to come.
The surprisingly sharp half-point rate rise to 0.85% came even as consumer sentiment hit depths last seen during the worst of the pandemic and house prices in Sydney and Melbourne suffered a third month of losses.
Among the justifications cited by the Reserve Bank of Australia (RBA) was that rising energy prices meant inflation was now set to be higher than expected just a month ago.
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“The energy market has been hit by a perfect storm of rising demand, a reduction in output from coal fired base load generation plus record high coal and gas prices,” says Justin Smirk, a senior economist at Westpac.
That is likely to be a shock for the RBA given it had long argued that inflation was less of a problem in resource-rich Australia precisely because energy costs had not surged here.
Australia had lagged industrialised peers such as the United States and New Zealand in shifting away from the crisis-mode monetary settings of the pandemic and had up until recently urged patience on price pressures caused by supply bottlenecks. It delivered its first rate hike in over a decade in May. read more
The Labor government, in just its third week in power, has promised to ease the cost of living crisis in an October budget, but has no easy solution for the energy spiral. read more
Last week, Australia’s energy market operator capped wholesale gas prices in southern states and activated for the first time a guarantee mechanism to call on gas supply, as heating demand spiked amid a cold snap.
Combined with higher food and petrol costs, Westpac’s Smirk now sees consumer price inflation accelerating to an annual 5.8% this quarter, up from the first quarter’s 20-year peak of 5.1%.
Even more alarming, Smirk warned the protracted nature of the problem means inflation could accelerate further to 6.6% in the fourth quarter, well above the RBA’s forecast of 5.9% and the fastest pace since 1990.
There are plenty of signs firms were already passing on rising costs to customers, ending years of restraint when intense competition was the overriding concern.
A monthly survey from the Melbourne Institute out this week showed its measure of core inflation jumped by 0.7% in May alone, the biggest increase since 2009.
The annual increase in the trimmed mean of 4.0% was the highest since 2008 and far above the RBA’s target range of 2-3%.
“It suggests upstream cost pressures and price pass through continued or accelerated into the beginning of Q2 and we expect another strong trimmed mean result in July,” said Taylor Nugent, an economist at NAB.
The official CPI report for the second quarter is due on July 27 and the RBA’s favoured trimmed mean measure of inflation could reach 4.5%. The same time last year it was at 1.6%.
All of that suggests the RBA has a lot further to go on rates and is in a hurry to get there.
“The RBA Board has radically shifted gear,” said Gareth Aird, head of Australian economics at CBA. “The clear intention to drive inflation back to target means we now expect a further 50 basis point rate hike in July.”
He also sees quarter-point moves in August, September and November taking rates to 2.1%.
“However, economic momentum will slow significantly under the weight of such a contractionary setting and we have pencilled in rate cuts for late 2023.”
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Reporting by Wayne Cole; Editing by Sam Holmes
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Pigs are seen at a farm outside Hanoi, Vietnam June 28, 2019. Picture taken June 28, 2019. REUTERS/Kham
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HANOI, June 1 (Reuters) – Vietnam said on Wednesday it had successfully developed a vaccine to administer to pigs to fight African swine fever, with the aim of becoming the first country to commercially produce and export it.
African swine fever, one of the most devastating livestock diseases, was first detected in Vietnam in February 2019 and forced the country to cull around 20% of its hog herd last year.
It originated in Africa before spreading to Europe and Asia and has killed hundreds of millions of pigs globally. African swine fever is harmless to humans.
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“This is a milestone of the veterinary industry,” deputy agriculture minister Phung Duc Tien said in a statement.
“With immunity lasting six months, the vaccine will be a shield for hog-raising industry and pig production globally.”
The vaccine has been in development since November 2019 in partnership with United States experts, with five clinical trials held.
Its safety and efficacy was confirmed by the Agricultural Research Service under the U.S. Department of Agriculture, Tien said.
“This success opens great expectations and the room to export African swine fever vaccine produced in Vietnam is huge,” Tien added.
He did not provide a timeframe for when the vaccine could be exported or estimate of Vietnam’s production capacity.
Although the swine fever outbreak has subsided in Vietnam, allowing farmers to rebuild hog herds, the virus is still hurting farms in some countries.
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Reporting by Phuong Nguyen; Editing by Martin Petty
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A worker drives a forklift past aluminum rolls at a factory in Huaibei, Anhui province, China March 2, 2019. REUTERS/Stringer
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BEIJING/SINGAPORE, June 1 (Reuters) – China’s army of metal processors and traders has flipped from buyers to sellers amid a sharp downshift in economic activity in the world’s top manufacturer, heralding a potential warning sign for steel, aluminium and other key industrial commodities.
Chinese buyers drove the global surge in metals prices from mid-2020 through end-2021 as they scoured the world for ores and metals to feed its mammoth industrial engine and build inventories in anticipation of further price rises.
That order flow has reversed since March, as recurring outbreaks of COVID-19 have triggered extended factory and store shutdowns, choking purchases of metals-intensive products from cars to appliances, and pressuring prices of manufacturing inputs.
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Metals futures prices illustrate the selling pressure. Futures forward curves for aluminium, zinc, steel rebar and iron ore show prices trending steadily lower through the rest of 2022.
Weakness in the construction sector – which accounts for roughly half of all steel and around 30% of aluminium used in China – has further undermined metals sector sentiment, prompting some processors and trading firms to sell inventories into a weakening domestic market rather than store it for later sale to end-users.
“Downstream demand had been postponed again and again by each round of the pandemic outbreak across the country. Some people said it could pick up in July, but the rainy season will arrive then,” said Qi Xiaoliang, a Beijing-based steel trader.
Unwilling to hold onto his depreciating metal stockpile until demand recovers, Qi has started to sell off inventories at 150-200 yuan ($22.56-30.09) below his purchasing costs.
Other producers of intermediate metal products have followed suit, reversing typical trade patterns and clouding the near-term outlook for metals demand in China.
“The issue is complex, since China is a net exporter of some metals, such as steel and aluminium, and net importer of others, such as nickel, copper and battery metals,” John Johnson, CEO of CRU China told Reuters.
“Short-term changes in demand and relative prices may change these flows temporarily at the margin, but China is unlikely to change its longer-term strategy of adding value to exports.”
STUNTED STIMULUS
Beijing has unveiled a series of measures from cuts to benchmark lending rates to allowing delays to loan repayments to soften the blow from the economic slowdown, but its commitment to a zero-COVID policy has precluded more direct steps to revitalise economic activity.
“Supportive policy measures in China are yet to offset stringent COVID-19 measures. Lending and key property indicators remain subdued,” analysts with ANZ Research said.
Lockdowns and movement restrictions have curtailed factory and construction activity just when it typically peaks, depriving metals producers of a key window to sell their products.
Output of several key metals-intensive products from shipping containers to refrigerators has fallen behind 2021’s production pace, and looks set to stay weak as long as movement restrictions remain in place.
Similarly, construction sites that are typically abuzz in the run-up to summer are now largely desolate as workers stay home.
The property sector’s credit crunch has also stifled building activity, with new construction starts falling 26.3% year-on-year in the first four months. read more
That’s resulted in reduced demand for metals in appliances, plumbing and wiring. The amount of copper used in appliances is set to fall around 2% in 2022 from 1.79 million tonnes last year, according to Che Guojun, analyst with state-backed consultancy Antaike.
Vehicle production and sales have slumped in the world’s top auto market. As a result, auto sheet output at leading producer Beijing Shougang Co Ltd (000959.SZ) fell 17.6% in January-April from the same period a year earlier.
Reflecting this downturn in demand, steel product inventories have bucked their traditional decline since the end of the Lunar New Year holiday, instead climbing 9.4% from a year ago as of May 19, according to Reuters calculations based on Mysteel consultancy data.
In response to the downbeat activity acrossChina, Goldman Sachs lowered its 2022 growth forecast to 4%, compared with China’s official target of around 5.5%.
“Although infrastructure stimulus should be overall positive for commodity demand, we believe its net impact should be slightly smaller… as projects could be less commodity intensive than in the past,” the bank said in a recent note to clients.
BRIGHT SPOT
While most major industrial commodities are under pressure from China’s slowing usage, analysts remain more upbeat on certain specialist products.
“New energy vehicles and batteries still remain high growth and awaiting demand resumption… sentiment towards new energy sector is still promising,” said Yu Mengxue, analyst with Shanghai Dalu Futures.
Others anticipate demand will pick up later in the year on Beijing’s vow to stabilise the economy.
“Government support has worked in the past, the exact benefit is hard to pinpoint but we are hopeful,” said Malan Wu, research director at Wood Mackenzie.
($1 = 6.6475 Chinese yuan renminbi)
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Reporting by Min Zhang in Beijing and Gavin Maguire in Singapore; Editing by Sonali Desai
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OSLO, May 27 (Reuters) – Norway’s oil and gas companies have raised their investment forecasts for 2022 as they take advantage of high petroleum prices and tax incentives to boost activity, a national statistics office (SSB) survey showed on Friday.
The biggest business sector in Norway now expects to invest 167.2 billion Norwegian crowns ($17.57 billion) in 2022, up from a forecast of 159.5 billion crowns made in February, SSB said. read more
“The upward adjustment for 2022 is driven by higher estimates within the categories field development, onshore activity and exploration and concept studies,” the agency said in a statement.
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Preliminary predictions for 2023 project investment of 130.6 billion crowns, down from 131.4 billion crowns forecast three months ago. The forecasts, however, remain subject to large revisions as more plans are prepared in coming quarters.
“New developments will significantly increase the estimate for 2023,” SSB said.
($1 = 9.5144 Norwegian crowns)
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Reporting by Terje Solsvik
Editing by Jan Harvey and David Goodman
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