Markets & Industries
IEA: Oil production in 2023 will exceed 100M tons - 10/17/2022
The expectation for demand growth was revised as a result of OPEC+ countries' restrictions on oil production. According to the International Energy Agency's October forecast, oil consumption will rise by 1.9 million barrels per day (bpd) this year, which is 60,000 bpd less than anticipated in September. The forecast states that demand will decline by 340 thousand bpd year over year in the fourth...
Japanese central bank rules out interest rate hike - 10/14/2022
Governor Kuroda of the Bank of Japan argued that raising interest rates at this time would be unwise. Haruhiko Kuroda, governor of the Bank of Japan, stated that an increase in interest rates would be inappropriate given the dynamics of prices and the status of the Japanese economy. Following the COVID-19 epidemic, Kuroda noted at a news conference that "Japan's economy is healing its wounds,...
G7 urges oil-producing countries to increase production - 10/13/2022
The G7 urged oil-producing nations to boost their output and plans to cooperate with OPEC+ in this area. In spite of OPEC+'s "disappointing decision" to decrease output, G7 finance ministers and central bank governors urged oil-producing nations to expand production and indicated their willingness to cooperate with the cartel in the future. "We continue to encourage oil-producing nations to...
G7 plans to closely monitor volatility in currency markets - 10/13/2022
The G7 finance ministers and central bank governors reiterated that excessive currency movements are undesirable and stated they will closely monitor market volatility. The G7 financial chiefs reaffirmed their remarks from May 2017, noting that many currencies have changed with greater volatility this year. They all concurred at the time that their economies and financial stability were being...
The U.S. Federal Reserve reports its first operating loss in years - 10/12/2022
The US Federal Reserve posted its first operating deficit in years amid higher interest rates and a decline in investor demand for US assets. According to Bloomberg, the U.S. Federal Reserve (Fed) announced its first operating loss in many years. The Fed figures, as of October 5, show that the operating loss was a negative $2.9 billion. Experts caution that rising interest rates and declining...
Italian central bank forecasts growth of economy in 2023 - 10/11/2022
According to Luigi Federico Signorini, the director general of the Bank of Italy, the country's gross domestic product is only expected to expand slightly in 2019. At a public event in Rome, he stated, "According to our baseline forecast, the change in GDP is likely to remain positive on average in 2023, since the economy is expected to return to growth in the second half of the year."...
Global food prices fall by record 14.6% in 6 consecutive months - 10/10/2022
Food costs have been falling globally for six months running. In September, the FAO (Food and Agriculture Organization of the United Nations) food price index in U.S. dollars decreased 1.1% from the previous month and 5.5% from the previous year (as opposed to a decrease of 1.9% and 7.7% in August). According to the FAO index's most recent publication, the decline in the past six months has been...
OPEC+ to cut production again - 10/06/2022
Following a summit on Wednesday, OPEC+ nations agreed on new significant reductions in oil output. Starting in November, the group will lower the production level permitted by the alliance in August by two million barrels per day. The choice was made despite a developing energy crisis in Europe and energy costs growing globally. Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, said...
Global M&A volume falls by 54% in Q3 - 10/05/2022
In the third quarter, global M&A activity decreased by 54% to $716.6 billion, according to Reuters, which used data from the analysis firm Dealogic. Thus, the third consecutive quarter saw a fall in M&A activity, which has since intensified. Comparatively, the second quarter's transaction volume, which was $1 trillion, decreased by 25.5%. Since the start of the year, the overall amount of...
Kim Kardashian fined $1.26M for advertising cryptocurrency on social networks - 10/04/2022
Kim Kardashian has been fined $1.26 million by the SEC for using social media to promote a cryptocurrency without disclosing that she was being paid to do so. Kim Kardashian, a celebrity TV actress and businesswoman, was fined $1.26 million by the U.S. Securities and Exchange Commission (SEC) in 2021 for using Instagram to promote the cryptocurrency EthereumMax (EMAX), which is held by Meta....
