The Bank of England announced that the last publication of LIBOR data took place on September 30, marking the end of the rate's existence. This impacted all 35 LIBOR rates across various currencies and maturity periods. The British central bank stated that shifting away from LIBOR, which was previously tied to around $400 trillion worth of financial contracts, has improved the safety,...

Preliminary data from Eurostat shows that annualized consumer prices in the eurozone increased by 1.8% in September 2024. MarketWatch points out that inflation below the European Central Bank's (ECB) 2% target was observed for the first time since June 2021. In August, the inflation rate reached 2.2%. According to analysts' consensus forecast cited by Trading Economics, consumer price growth...

Research by VesselsValue revealed that the top three tanker purchasers collectively spent over $1bn on acquisitions between February and July. A total of ten prominent players in this industry bought 46 tankers for $2.3bn during the specified period, whereas they had spent $3.8bn on 78 vessels in the previous six months. At the top of the ranking for the biggest purchasers during the six-month...

According to the Financial Times’ sources mentioned, Saudi Arabia is prepared to move away from the unofficial $100 per barrel oil price benchmark in order to ramp up production. The sources mentioned that the government is committed to following the plan, whereby OPEC+ will start easing oil production restrictions from December 1, even if it results in an extended period of low oil prices....

According to OPEC's annual review, global energy consumption is projected to increase to 374.1 million barrels of oil equivalent per day by 2050, representing a 24% rise from the end of 2023. This marks the initial evaluation by experts of the global energy consumption of the organization by the mid-21st century. Before, OPEC released its projections for this metric up to the year 2045. The...

The EC has asked the WTO for consultations on China's investigation into EU dairy imports, as stated in a press release by the EC. The investigation is being opposed by the EC. The initial stage in WTO dispute resolution is the consultations. The EU may request the creation of a committee to make a ruling on the investigation if a "satisfactory solution" is not reached, according to the press...

Experts said the U.S. Federal Reserve (Fed) is starting a new two-day meeting on Tuesday, expected to reduce the benchmark interest rate for the first time since 2020 - by 25-50 basis points (bps) from the current 5.25-5.5% per annum. In the previous month, Jerome Powell, the leader of the watchdog, announced that the Fed was prepared to reduce rates. "He mentioned during a speech at the annual...

According to the Financial Times, Canada and Mexico are drawing in billions of dollars in investments for the LNG export sector to enhance its growth. Rystad Energy approximates that the combined investment in the industry in both countries amounts to around $63 billion, encompassing projects currently being built as well as those awaiting a final investment verdict. Kenny Stein, vice president...

The European Central Bank (ECB) reduced all three main interest rates at the conclusion of its meeting on Thursday. The ECB announced that the deposit rate has been reduced by 25 basis points to 3.5%, according to a statement. In March, the regulator stated that the gap between the main refinancing operations (MRO) rate and the deposit rate would narrow to 15 bps, down from the previous 50 bps,...