January 9, 2024

Saudi Arabia and Russia’s worst nightmares have just worsened: the US is now projected to become an even bigger producer and exporter of oil and gas over the next two years. The OPEC+ group, led by the Saudis, recently abandoned their production cuts of 2.2 million barrels a day as global oil prices failed to […]

Sometimes, you wonder if bodies like the World Bank are in touch with reality. There it was on Tuesday, in its first report on prospects for global growth this year and next, moaning about weak levels of growth and lost opportunities over the past five years. According to the World Bank, the global economy is

The S&P 500 trimmed an earlier decline Tuesday, boosted by tech shares, as Wall Street looked to regain its footing after a tough start to 2024. The broad market index closed lower by 0.15 per cent to end at 4,756.50. At its lows of the day, the benchmark had dropped 0.7 per cent. The Dow

Despite two major earthquakes, typhoons, floods, and storms in New Zealand, the United States, and Europe, 2023 turned out to be a relatively ‘good’ year for the world’s insurers, with losses and costs not too far from 2022. However, the industry could not escape the growing impact of climate change and global warming, with a

If the 2022 experience is any indication, the impact from the surge in retail sales in November, due to the ‘Black Friday’ sales event held by many chains and stores, will prove to be a temporary benefit. December retail sales are expected to fall as shoppers brought forward their purchases. Last year, a 1.4% rise

Australian shares surged on Tuesday, driven by a strong performance on Wall Street and the best monthly retail sales report in two years. The S&P/ASX index closed 0.9% higher, marking its largest rise of the year and nearing its 2021 historical peak. The tech sector led the gains, influenced by the Nasdaq’s strength, with companies

Alumina (ASX:AWC) shares went into a trading halt on Tuesday as Alcoa plans to announce production cutbacks at its Kwinana alumina refiner in Western Australia. Overseas reports said Alcoa is looking to cut costs because of weak demand and prices for aluminium. The cost cuts at the refinery will involve job losses. Alcoa had previously

On Sunday night, Saudi Arabia admitted defeat in its attempt to maintain high world oil prices. They acknowledged being bested by the realities of the oil markets and consequently cut prices to their lowest point in over two years. OPEC+ (mainly Saudi Arabia and Russia) did not discuss further production cuts, only providing the usual

Australian shares rallied by 1.09 per cent during mid-afternoon trading, boosted by a strong performance on Wall Street and the best monthly retail sales report in three years. Key gainers included Zip, Block, and Megaport, while major banks and some mining companies also advanced. The energy sector was the only one in decline, albeit slightly.