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India: Government in talks for long-term Namibian crude contracts

India, the world’s third biggest oil importer, is looking to secure a long-term crude oil supply deal from Namibia, which is being hailed for one of the world’s largest oil finds in recent years, said two people aware of the development. This is part of India’s aggressive energy-sourcing diversification playbook. India’s plan of charting new geography to meet its energy needs comes against the backdrop of French energy majors TotalEnergies and Shell Plc making “giant” oil discoveries. India has been trying to diversify its energy supplies with Indian Oil Corp. ...

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Most British adults struggle with bills, watchdog says

Nearly 32 million people, or 60% of all UK adults, are finding it a heavy burden or somewhat of a burden to pay their bills as a cost of living crisis bites, a watchdog said on Friday. The Financial Conduct Authority’s (FCA) latest Financial Lives survey said the total was up 6 million from 2020, when the economy went into lockdown to fight the COVID-19 pandemic. Britons are facing rising food and fuel prices, with inflation now topping 10%, far higher than most pay increases. The survey said there were ...

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Liz Truss quits after six chaotic weeks as UK prime minister

Liz Truss quit on Thursday after the shortest, most chaotic tenure of any British prime minister, forced out after her economic programme shattered the country’s reputation for financial stability and left many people poorer. The Conservative Party, which holds a big majority in parliament and need not call a nationwide election for another two years, will now elect a new leader by Oct. 28 – Britain’s fifth prime minister in six years. That contest is likely to pit ex-finance minister Rishi Sunak against Penny Mordaunt, but could also see the ...

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U.S. says Russia oil price cap will not be aimed at OPEC

New steps from Group of Seven countries to cap Russian oil sales at an enforced low price will not be replicated against OPEC producers, whose plans to cut output have irked consumer countries, a United States Treasury official told Reuters. Washington has communicated to representatives of the Organization of the Petroleum Exporting Countries (OPEC) to reassure them of those limits to its plans and has maintained from the beginning that the cap would not target other oil producers, the official added. The comments could help ease a spat between the ...

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Somalia signs oil exploration agreement for seven blocks

Somalia has signed a petroleum exploration agreement for seven offshore blocks with United States-based Coastline Exploration, the company said in a statement on Friday. Hydrocarbon discoveries in Uganda and Kenya and huge gas finds in Mozambique and Tanzania have stoked investor interest in other parts of East Africa’s hydrocarbons potential. Somali National News Agency quoted petroleum minister Abdirizak Omar Mohamed saying late on Thursday the agreement signed with Coastline was the finalisation of an earlier deal signed in February, without giving further details. No government officials were immediately reachable for ...

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U.S. natgas hits 7-month low, set for a ninth weekly loss

U.S. natural gas futures dropped to a seven-month low on Friday, briefly falling below $5 per million British thermal units, and were on track for a ninth straight week of losses that could help cut U.S. consumer heating costs this winter. Prices have been falling due to forecasts for mild weather, record output and low liquefied natural gas (LNG) exports that have allowed utilities to inject more gas into storage than usual ahead of winter for weeks. Gas prices have plunged about 58% during the past nine weeks. “The largest ...

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Shell resumes crude exports from Nigeria’s Forcados terminal, first since July

Exports of Nigerian crude grade Forcados have restarted after a three-month pause, Shell Petroleum Development Company of Nigeria Ltd., or SPDC, said Oct. 21. “SPDC can confirm that essential repairs at Forcados Oil Terminal are complete and export operations have resumed on Oct. 20,” the statement said. SPDC halted operations at the Forcados oil fields due to damage at the loading facilities. Oil flows into the Forcados oil terminal were suspended on July 17 following a leakage discovered in the mooring line supporting the terminal. The Forcados oil export facilities ...

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China, ‘factory of the world,’ is losing more of its manufacturing and export dominance, latest data shows

China is losing more manufacturing and export market share in key sectors to Asian neighbors, with recent “Zero Covid” policies a significant factor leading to further erosion in its long-time dominance of global trade. According to data shared with CNBC by transport economics firm MDS Transmodal, China has lost ground in key consumer categories, including clothing and accessories, footwear, furniture, and travel goods, while also seeing declines in its share of exports from minerals to office technology. “China’s Zero Covid approach is impacting production and manufacturers are seeking for alternatives ...

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Greek August current account surplus shrinks despite jump in tourism revenue

Greece’s current account surplus shrank in August compared to the same month last year as imports rose to almost match exports while revenue from tourism surged, the Bank of Greece said on Friday. Central bank data showed the current account surplus fell to 449 million euros ($439.35 million) from 1.402 billion euros in August 2021. The smaller surplus was mainly the result of a deterioration in the trade gap and increased debt servicing and dividend payments which hit income and were only partly offset by an improved services balance as ...

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Fed’s Harker says high inflation calls for more rate hikes

Federal Reserve Bank of Philadelphia President Patrick Harker said the central bank is not done with raising its short-term rate target amid very high levels of inflation, while adding it was likely the central bank will find space next year to pause the tightening process and take stock of how its rate increases are impacting the economy. Given the current inflation situation, “the Fed is actively trying to slow the economy,” and “we are going to keep raising rates for a while,” Harker said in a speech text. Against the ...

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UK’s political turmoil: What you need to know

Boris Johnson and his former finance minister Rishi Sunak are leading the potential contenders to be the next British prime minister following Liz Truss’ resignation after just six weeks in office. Following are latest events, comments and context: POLITICS * Truss will resign as prime minister, brought down by an economic programme that roiled financial markets, pushed up living costs for voters and enraged much of her own party. * Candidates are canvassing support among Conservative Party lawmakers to become party leader – and prime minister – in a fast-tracked ...

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Fed’s Williams says still difficult to find workers in U.S. economy

Finding workers remains a challenge in the U.S. economy, New York Federal Reserve President John Williams said on Friday. “In the current environment, filling jobs can be a challenge,” Williams said in prepared remarks for a speech in Hudson (NYSE:HUD), New York. “Many are struggling to hire people, especially at the entry level in construction, nursing, and manufacturing,” he said, adding that “the skills gap is a big obstacle.” Williams, who serves as the vice chair of the rate-setting Federal Open Market Committee, did not comment on the monetary policy ...

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Yellen says chips, research investments will boost U.S. economic capacity

U.S. Treasury Secretary Janet Yellen said on Friday that domestic investments in semiconductors and research would help reverse a longstanding innovation deficit and increase the productive capacity of the U.S. economy. Yellen, speaking at a business incubator in the Washington, D.C. area’s Dulles technology corridor, said that the U.S. lead in technology innovation has increasingly come under threat from China and other competitors. “We had failed to make adequate investments in science and technology. Federal R&D as a percent of GDP had dropped to a third of 1960s levels,” she ...

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French soft wheat sowing nears halfway point

French farmers had sown 46% of the expected soft wheat area for next year’s harvest by Oct. 17, compared with 21% a week earlier and ahead of year-ago progress of 36%, farm office FranceAgriMer said on Friday. Farmers also advanced swiftly in winter barley sowing last week, with 67% of the expected area drilled by Monday against 37% a week earlier, FranceAgriMer’s cereal crop progress report showed. Winter barley sowing was also ahead of the pace last year, when 54% of the area had been drilled by the same week. ...

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BOJ’s Kuroda says must watch FX impact on economy

Bank of Japan Governor Haruhiko Kuroda said on Friday the central bank must closely watch how financial and currency market moves could affect the country’s economy and prices. “Japan’s economy is likely to recover as the impact of the coronavirus pandemic and supply constraints ease,” Kuroda said in a speech to an annual meeting of credit unions. “Uncertainty over Japan’s economic outlook is extremely high,” he added, pointing to risks such as the fallout from the pandemic, the war in Ukraine and overseas economic developments. Source: Reuters

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