8 JAMMU TUESDAY JUNE 29, 2021 NEWS The Himalayan Mail Oil prices slip after hitting highest Asian stock markets lower after since 2018 before OPEC+ talks Wall Street recovers to new high BEIJING, JUNE 28: up 3.9% over the past 12 rise with recovering demand. Asian stock markets declined months, well above the Fed's ANZ and ING expect Monday after Wall Street hit 2% target. OPEC+ to increase output by a new high as investors Also Friday, President Joe about 500,000 bpd in Au- looked ahead to manufactur- Biden and a group of sena- gust, which is likely to sup- ing indicators from Japan, tors agreed on a $973 billion, port higher prices. China and South Korea. five-year plan for spending Rising COVID-19 cases in Shanghai, Tokyo and on roads, railways and ports. Asia have however put a Seoul declined. Trading in On Wall Street, the S&P modest dampener on the Hong Kong was suspended 500 rose 0.3% to 4,280.70. outlook. Indonesia is battling due to a weather alert. That gave the index a weekly record-high cases, Malaysia On Friday, Wall Street's gain of 2.7%, its biggest since is set to extend a lockdown S&P 500 index turned in its Feb. 5. and Thailand has announced biggest weekly gain in four The Dow Jones Industrial new COVID-related restric- months. Average gained 0.7% to tions. Investors have been en- 34,433.84 while the Nasdaq Australia also reported on couraged by progress in Composite lost 0.1% to Sunday one of the highest Washington on an infra- ASX-S&P 500 in Sydney Fed and other central banks 14,360.39. numbers of locally acquired structure spending plan. slipped 0.1% to 7,299.00. might feel pressure to pull In energy markets, bench- coronavirus cases this year, Markets have recovered New Zealand and Jakarta back stimulus to cool rising mark U.S. crude lost 14 cents triggering lockdowns in from the Federal Reserve's also declined, while Singa- inflation. to $73.91 per barrel in elec- some cities. announcement that it might pore advanced. Investors are The Fed, which says it be- tronic trading on the New Iran and the United States start raising interest rates looking ahead to monthly lieves U.S. price surges are York Mercantile Exchange. are expected to resume indi- sooner than expected. surveys of manufacturing ac- temporary, surprised traders The contract rose 75 cents to rect talks on reviving a pact The S&P's gain is generally tivity in Japan, China and by saying it might start raising $74.05 a barrel Friday. Brent LONDON, JUNE 28: But analysts said the rally northern hemisphere sum- over Tehran's nuclear work. telling of improving senti- South Korea. rates by late 2023, earlier crude, the basis for interna- Oil prices slipped on Monday had not yet run out of steam. mer, while crude supplies Agreement could lead to a ment, said Mizuho Bank in a Production is recovering than the previous 2024 tar- tional oil prices, shed 23 after hitting more than 2-1/2 "With sentiment running were tight as the Organiza- lifting of U.S. sanctions and report. from last year's plunge but get. Markets sank but have cents to $75.15 per barrel in year highs earlier in the ses- high, market watchers say tion of the Petroleum Ex- more Iranian crude on the The Shanghai Composite faces shortages of processor recovered most of their London. It gained 62 cents sion, as a spike in COVID-19 crude prices are likely to keep porting Countries and its al- market. But tensions rose af- Index rose less than 0.1% to chips and other disruptions. losses. the previous session to cases in Asia put a brake on rising ... Vaccination rollouts lies, a group known as ter U.S. air strikes on Sunday 3,609.43 while the Nikkei Markets have swung be- On Friday, the Commerce $76.18. their rally before this week's and strong summer demand OPEC+, maintained produc- against Iran-backed militias 225 in Tokyo shed 0.3% to tween optimism about eco- Department said one infla- The dollar fell to 110.69 OPEC+ meeting. make for a potent bullish tion cuts. in Iraq and Syria. 28,984.93. nomic recovery supported by tion measure closely yen from Friday's 110.84 yen. Brent was down 20 cents, cocktail," said Stephen Bren- OPEC+ is gradually easing "We do not currently ex- The Kospi in Seoul shed the rollout of coronavirus watched by the Fed in- The euro declined to $1.1924 or 0.3%, to $75.98 a barrel at nock of oil broker PVM. those curbs, adding 2.1 mil- pect Iranian exports to re- 0.1% to 3,298.52 while the vaccines and unease that the creased 0.4% in May and is from $1.1932. 1040 GMT, after climbing to Oil prices rose for a fifth lion barrels per day (bpd) to turn anytime soon, in other $76.60, its highest since Oc- week last week as fuel de- the market from May to July. words, so OPEC+ should tober 2018. U.S. crude was mand rebounded on strong OPEC+, which meets on July have free rein at its meeting," 10 cents, or 0.1%, lower at economic growth and in- 1, could decide to add further said Commerzbank analyst $73.95 a barrel. creased travel during the barrels in August as oil prices Eugen Weinberg. UK watchdog investigates auditors of Hong Kong's now-defunct Apple Daily Greensill Capital, Wyelands Bank LONDON, JUNE 28: two years into a wide-rang- Britain's accounting regula- ing programme to enhance editorial writer arrested at airport tor said on Monday it has audit quality across the opened investigations into firm," PwC said in a state- HONG KONG , JUNE Hong Kong, cherishing each the audits of Greensill Capital ment. Saffery Champness 28: An editorial writer of the other and weaving the com- and Wyelands Bank as regu- was not immediately avail- now-defunct Hong Kong mon memory of Hong latory scrutiny into the com- able for comment. pro-democracy newspaper Kong's survival, it said in a panies intensifies. The Bank of England Apple Daily was arrested at statement. Wyelands Bank is owned forced Wyelands to hand the airport on Sunday night To pass on these memo- by steel tycoon Sanjeev back 210 million pounds while attempting to leave the ries, we will stick to our posts, Gupta's metals-to-finance ($291.82 million)of deposits city, local media reported. walk with the people of Hong empire GFG Alliance, which to around 4,000 savers in Local newspaper South Kong and write and record it financed. GFG Alliance February this year after con- China Morning Post and on- the news and happenings in was closely linked to financ- cerns emerged over how the line news outlet Citizen News Hong Kong. ing company Greensill Capi- banks was financing GFG Al- cited unidentified sources The online news platform tal which went bust earlier liance. stating that editorial writer also said it would stop taking this year. Bank for the year ended 30 PwC said it was under- A month later, Greensill Fung Wai-kong was arrested money from subscribers and The Financial Reporting April 2019. standable that there is regula- Capital filed for insolvency on suspicion of foreign collu- donors, and stop accepting Council said it has started the The watchdog also said it tory scrutiny in "situations on after losing insurance cov- sion to endanger national se- new subscriptions to prevent investigation into PwC, one has opened an investigation like this". erage for its debt repackag- curity. the risk of money going to of the world's Big Four audi- into Saffery Champness over "We will cooperate fully ing business, saying that its pro-democracy figures and The measures were taken Fung was believed to be waste. Under the national se- tors, in relation to its audit of its audit of Greensill Capital with the FRC in its enquiries. largest client, GFG Alliance, revamping Hong Kong's to protect the news outlet's leaving for Britain when he curity law, assets can be the consolidated financial for the year ended Dec. 31, We share the FRC's commit- had started to default on its election laws to keep opposi- supporters, writers and edi- was arrested, local media re- frozen if authorities believe statements of Wyelands 2019. ment to audit quality and are debts. ported. Police said they ar- tion voices out of the legisla- torial staffers in the literary the money is linked to a re- ture. inquisition of Hong Kong, rested a 57-year-old man at lated crime. His arrest also comes as Stand News said in a state- the airport on Sunday night Earlier this month, author- pro-democracy online news ment. under the national security ities froze USD 2.3 million outlet Stand News said in a Despite the precautionary Dollar off to firm start as US price law, but did not identify him. worth of assets linked to the statement that it would re- measures taken, Stand News He is the seventh Apple Apple Daily newspaper. Last move commentaries pub- pledged to keep reporting the Daily executive to be arrested week, Apple Daily printed its lished on its site before June news. data fail to quell inflation worries in two weeks, as Hong Kong and halt its fundraising ef- In the past six and a half final edition and ceased op- authorities crack down on TOKYO, JUNE 28: next year. forts due to concerns over the years, the Stand News team erations, citing employee dissent in the semi-au- TOKYO (REUTERS) - The general mood around sweeping national security has been through trials and safety and an inability to pay tonomous city, arresting The dollar held firm on Mon- an ongoing economic recov- law. hardships with the people of wages. most of the city's prominent day after slightly softer-than- ery remained solid, as Re- expected U.S. inflation did publican Senate negotiators little to chip away investors' on an infrastructure deal Chinese flock to home-grown brands conviction that the Federal were optimistic about a $1.2 Reserve could tighten mon- trillion bipartisan bill after etary policy if consumer President Joe Biden with- price pressures continue to drew his threat to veto the in golden opportunity for investors intensify. measure unless a separate The dollar's index against Democratic spending plan BEIJING/HONG and Feiyue sneakers to Be- yuan sales target," a private brands was 4% higher than six other major currencies also passes Congress. KONG, JUNE 28: He store Co snacks and Miniso equity investor in tea chain international brands. The was steady at 91.793, having Cryptocurrencies bounced Shuang, a student at a U.S. homeware. operator Nayuki said, declin- growth in their customer recovered from Friday's low back from their weekend university stranded in her Maia Active, a Sequoia ing to be named as he was numbers exceeded that of in- of 91.524 hit in the wake of lows but ended the week home city of Chongqing in Capital-backed athleisure not authorised to speak to ternational brands by 16%, the inflation readings. In the 12 months through cus, with economists expect- lower. Bitcoin traded at southwest China during the wear maker, said its products media. JD.com said. The euro was little May, the so-called core PCE ing an increase of 675,000 $32,820, having declined pandemic, has added more were designed based on body Nayuki last week raised Chris Mulliken, a Shang- changed at $1.19385, strug- price index, the Fed's nonfarm payrolls. 3.1% last week. Ether fetched than 300 domestic brands to measurements of Asian $656 million in a Hong Kong hai-based partner at consul- gling to recover the $1.20 favourite gauge of inflation, "Depending on the out- $1,831, not far from Tues- her list of favourites on Al- women and, therefore, of- float, which gave it a valua- tancy EY, said nationalism level while the dollar consol- shot up 3.4%, the largest gain come of the payroll's data, day's three-month low of ibaba's Taobao online mall. fered local customers a bet- tion of $4.4 billion, more was a factor driving the popu- idated at 110.80 yen, not far since April 1992. the market could start pric- $1,700, and registering its Like with He, Chinese ter fit and more comfort than than double the level in a De- larity of local brands, includ- from Wednesday's 15-month Although inflation is ex- ing in more chances of a rate third straight week of loss. brands are hot with most western counterparts. cember funding round. ing pride in China's recovery high of 110.105. pected to slow towards the hike next year," said Yukio Britain's financial regula- shoppers and have spurred In lockstep with demand, Weilong Delicious Global from COVID-19 even as sev- The U.S. personal con- year-end, signs of a tight Ishizuki, senior currency tor said last week that Bi- billions of dollars in invest- investors too have been Holdings, whose flour-based eral other countries battle sumption expenditures labour market kept many in- strategist at Daiwa Securi- nance, one of the world's ment, as consumers increas- pouring funds into local con- spicy sticks sell for under 5 high infection rates. (PCE) price index, excluding vestors fretting over wage- ties. largest cryptocurrency ex- ingly make patriotic choices sumer brands this year. yuan per pack, raised 3.56 "People are travelling (al- the volatile food and energy driven price pressures. December 2022 Fed funds changes, cannot conduct any amid a growing backlash Chinese consumer firms billion yuan in May from big beit domestically) and taking components, increased 0.5% Among a raft of economic rates futures are almost fully regulated activity and issued against foreign brands raised 69.7 billion yuan ($11 name investors including the opportunity to rediscover after advancing 0.7% in indicators due this week, Fri- pricing in a 0.25 percentage a warning to consumers https://www.reuters.com/b billion) from primary market Tencent, Jack Ma's Yunfeng their own country, return to April. day's payroll data is a key fo- point rate hike by the end of about the platform. usiness/retail-consumer/chi- investors in the first five Capital, CPE, Hillhouse Cap- their customs and discover nese-apps-join-celebs-back- months, more than double ital and Sequoia Capital new Chinese brands," he lash-against-western-fash- the year-earlier amount, ac- China. The snack maker was said. ion-brands-over-xinjiang-20 cording to Cygnus Equity, a valued at nearly 70 billion The recent Xinjiang cotton Chhattisgarh steel plant demerger to be 21-03-26 in the country. Chinese boutique invest- yuan. ban imposed by several A surge in online shopping ment bank. Sequoia-backed Genki global brands including after people were forced in- "Beauty products, food Forest, a soft drink brand H&M, Nike and Adidas over completed in third quarter: NMDC doors due to COVID-19 last and beverage brands are the seeking to challenge Coca concerns about alleged rights year, a recovery in the mar- most popular. Recently hot- Cola, said it was valued at $6 abuses in the province, CHATTISHGARH, said the Board of Directors depending on how much ing of the steel plant would ket since then, and infra- pot and ramen brands are billion after an April which offended many Chi- JNE 28: NMDC Limited is of the company is expected time SEBI takes, how much be during the third quarter. structure that allows vendors particularly coveted," said fundraising, ten times more nese consumers, was an- expecting the demerger of to give its approval to the time MCA other people Deb said the total capital to scale up swiftly have also Ming Jin, managing partner than 18 months earlier. other catalyst. China strongly its three-million tonne per draft demerger scheme by take. So from -- if I start expenditure for the current propelled demand for local at Cygnus. Its fundraising attracted denies the claims and says all annum capacity steel plant July 31 and once that hap- from August 1, so it could be financial year is around Rs brands. Up to 200 brands are cur- investors such as Louis Vuit- labour in Xinjiang is consen- being set up in Chhattisgarh pens, then it will be taken to anything between 100 days 3,700 crore out of which Rs "Once you try, you find the rently seeking new capital ton owner LVMH's private sual and contract-based. to be completed by the third SEBI and Competition from August to 160 days 1,500 crore will be spent on quality of local products is as from investors, bankers and equity arm and Singaporean Shares of domestic sports- quarter of the current fiscal, Commission of India for from August," he said reply- the steel plant. good as foreign products," investors said. state investor Temasek. wear producers Xtep, Li a senior official of the state- necessary approvals. ing to a query on the time- Iron ore pricing is looking said the 19-year old He, who "China is the easiest mar- During JD.Com's online Ning and Anta have risen owned miner has said. "By all accounts, this is the lines for demerger of the good and NMDC is plan- favours home-grown labels ket for building something shopping festival this month, 196%, 60% and 38% respec- Amitava Mukherjee, Di- process after the Board ap- steel plant. ning to ramp up production from Carslan eye shadows from zero to a 100-million- sales growth of Chinese tively since April. rector (Finance), NMDC in proval could take anything Sumit Deb, CMD of the to 44 million tonnes in a recently held earnings call between 100 to 160 days, firm said the commission- FY22, Deb said.