July, 2022

• 5 July

  dnata, Banyan Tree expand partnership

    Dubai / Gulf Time dnata Representation Services, part of the dnata Travel Group, is growing its partnership with the Banyan Tree Group across Thailand as the country emerges as one of the most popular international travel destinations from the GCC countries this year. dnata Representation Services has acted as exclusive sales representative in the Middle East for the Banyan …

  Read More »
• 5 July

  Russia’s crude oil shipments to crucial Asian markets fall

  

    Bloomberg Russia’s seaborne crude exports in the seven days to July 1 rebounded from the previous week’s plunge, but shipments to Asia are slipping, even as flows are diverted to the country’s Black Sea terminal to cut the voyage distance to India. Aggregate crude flows from Russian ports were up week-on-week by 23%, recovering most of the volume lost …

  Read More »
• 5 July

  Natural gas in Europe rises to highest level in almost four months

  

    Bloomberg Natural gas in Europe rises to the highest level in almost four months as planned strikes in Norway threaten to further tighten a market that’s already reeling from Russia’s supply cuts. Benchmark futures, which have more than doubled this year, surged as much as 10% on Monday. About 13% of Norway’s daily gas exports are at risk amid …

  Read More »
• 5 July

  Foreign investors drained $40b from emerging Asia last quarter

  

    Bloomberg Some of Asia’s biggest stock and bond markets outside China are seeing greater outflows than in previous market crises, and the process may just be getting underway. Global funds offloaded a net $40 billion of equities across seven regional markets last quarter, exceeding any three-month period characterised by systemic stresses since 2007. The steepest selling was in tech-heavy …

  Read More »
• 5 July

  Emerging markets are well-positioned to stare down a US recession

  

    Bloomberg Emerging markets are well positioned to stare down a US recession and may even be able to lure investors their way. That’s the message from money managers including JPMorgan Chase & Co. and Deutsche Bank AG even as fears of a contraction in the world’s largest economy spark a dash into Treasuries and other haven assets. Beyond the …

  Read More »
• 4 July

  India’s windfall fuel tax can bring in $12.7b: PTI

  

  Bloomberg India’s windfall tax on domestic crude oil production and fuel exports may help the government bring in 1 trillion rupees ($12.7 billion) in revenues, Press Trust of India (PTI) reported. The federal government’s latest levies could help it recoup most of the revenues lost from fuel excise duty cuts announced in May this year, according to the news agency, citing …

  Read More »
• 4 July

  Iraq’s revenues from oil sales hit $11bn in May

  

    Baghdad / WAM The Iraqi Ministry of Oil announced that the revenues achieved during the month of May amounted to more than $11 billion. A statement by the ministry, received by the Iraqi News Agency (INA), stated that “the Ministry of Oil announces the total exports and revenues achieved for the month of May, according to the preliminary statistics …

  Read More »
• 4 July

  Surging fuel costs causing demand destruction: Vitol

  

  Bloomberg The global surge in the cost of fuel is starting to weigh on demand, according to the world’s biggest independent oil trader. Consumers are being hit by the run-up in gasoline, diesel and other oil products, Mike Muller, head of Asia at Vitol Group, said on Sunday on a podcast. “There’s very clear evidence out there of economic stress …

  Read More »
• 4 July

  Airbus wins $37bn China jet deals in blow to Boeing

  

  Bloomberg Airbus SE won one of its biggest-ever orders for 292 airliners worth more than $37 billion from four Chinese airlines, a coup for the European manufacturer as it tussles with Boeing Co. for dominance in Asia’s largest economy. China Eastern Airlines Corp. will buy 100 A320neo narrow-body jets, while Air China Ltd. will take 64 units, with its Shenzhen …

  Read More »
• 4 July

  Air fares will rise for next five years, says Ryanair’s O’Leary

  

  Bloomberg Air fares are “too cheap” and will need to rise for the next five years for airlines to remain competitive, Ryanair Chief Executive Officer Michael O’Leary told the Financial Times in an interview. Ryanair under O’Leary pioneered the era of budget travel, offering cheap tickets that made air travel accessible to millions, while putting pressure on the profit margins …

  Read More »