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China’s Economic downslide threat results to Oil price fall.

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Oil prices fell on Tuesday over signs that an economic slowdown in China, the world’s second-largest economy and oil consumer, was spreading, stoking concerns over future fuel demand.

The gloomy economic news has pulled down financial markets across Asia, including crude oil futures.

International Brent oil futures were at 62.26 dollars per barrel at 0736 GMT, down 48 cents, or 0.8 per cent from their previous close.



US West Texas Intermediate crude futures were at 53.43 dollars per barrel, down 0.7 per cent, or 37 cents.

China’s state planner on Tuesday warned that the downward pressure on the economy will affect China’s job market as falling factory orders point to a further drop in activity in coming months and more job shedding.

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On Monday, China reported its lowest annual economic growth since 1990.

China’s oil imports have so far defied the economic slowdown, hitting a record above 10 million barrels per day in late 2018, but many analysts believe the country to be at peak energy growth, with its thirst set to wane as the slowdown bites.

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In a sign of spreading economic weakness, South Korea’s export-oriented economy slowed to a six-year low growth rate of 2.7 per cent in 2018, official data showed on Tuesday.

This came after the International Monetary Fund on Monday trimmed its 2019 global growth forecast to 3.5 per cent, down from 3.7 per cent in last October’s outlook.

There is a high correlation between economic growth and oil demand growth.

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President Ramaphosa to Sign South African Competition Amendment Bill Into Law

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South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

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The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

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Manufacturing Output Growth Slows Again in South Africa

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The preliminary data from Statistics South Africa has showed the rate at which South Africa manufacturing output slowed twice again within the month of December.




Negative contributions came from petroleum, chemicals, rubber and plastic products, iron and steel, non-ferrous metal products, metal products and machinery industries to make outputs edged up a non-adjusted 0.1% year-on-year in December following a 1.3% increase in November and a 3.0% gain in October

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As against a drastic output growth in the prior month; 0.7% following a 0.4% rise in November

Meanwhile motor vehicles, parts and other transport equipment, food and beverages, glass and non-metallic mineral products made the biggest positive contributions in December.

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