A 'price cap' on Russian oil: What would that mean? - CNA

Since the US and its allies decided to stop buying Russia’s oil, there has been little sign that the measure is inflicting the kind of pain that might force President Vladimir Putin to rethink his war in Ukraine. Plenty of other countries are still buying Russian crude, and a surge in prices has softened the blow from the sanctions by bringing Moscow enough revenue to stave off economic collapse.

So Putin’s adversaries are weighing a new idea: Make Russia sell its oil so cheaply that it can no longer afford to wage war at all. 

What is being proposed?

The US, the UK and Canada have announced bans on Russian oil, while the European Union (EU) plans to ban seaborne Russian crude by December and fuels by early next year. In a further step, US Treasury Secretary Janet Yellen is backing a proposal to allow nations that abstained from sanctions to keep buying the oil, but slash Moscow’s profits on those sales. 

How might it work? 

Group of Seven (G7) nations were said to be discussing a mechanism that would only allow the transportation of Russian crude and petroleum products sold below an agreed price threshold, to be enforced by imposing restrictions on insurance and shipping.

About 95 per cent of the world’s oil tanker fleet is covered by the International Group of Protection & Indemnity Clubs in London and some firms based in continental Europe. Western governments could try to impose a price cap by telling buyers they can keep using that insurance, as long as they agree not to pay more than a certain price for the oil on board. 

What could be the impact?

Putin says Western nations are suffering more than Russia from the economic penalties they imposed over his invasion of Ukraine. Surging prices of Russian commodity exports have brought excess revenue that has helped his government to weather the sanctions.

Capping prices at a level that is closer to the cost of production would deal a blow to Moscow’s finances, while still ensuring that energy flows to where it is needed. As Russia is one of the world’s biggest oil suppliers, a price cap could also relieve inflationary pressure that’s causing economic hardship across the world.  

What are the obstacles? 

Some European officials have been wary of the idea as it would likely require the EU to reopen the legal text of its latest sanctions package, which took weeks to approve and had to overcome significant hurdles since sanctions require unanimity among the bloc’s 27 nations.

If the allies do agree on a price cap but it fails to hold, it would hand a symbolic victory to Putin. There are plenty of ways that it might fail: There’s no guarantee that Russia would agree to ship oil at capped prices, particularly if the cap is close to production cost.

It already showed it is willing to withhold supply of natural gas to some EU countries that refused to meet its payment demands. The Kremlin may believe that holding its oil off the market for a while would do more damage to the economies of Europe and North America than to its own. 

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2022-06-27 10:48:56Z
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Japan issues warning over possible power crunch on Monday - CNA

As of mid-afternoon on Sunday, 46 people in Tokyo had been taken to hospital with suspected heat stroke, public broadcaster NHK said.

Separately, a 94-year-old man in Kawagoe city, 20km northwest of Tokyo, died of suspected heat stroke after he was discovered unconscious in his non-air conditioned room on Saturday, NHK said.

Isezaki city, 85km northwest of Tokyo, logged Japan's highest temperature ever for June on Saturday, breaking above 40 degrees Celsius, according to the Japan Meteorological Agency.

Japan's power supply has been tight with many of its nuclear power plants still shut after the tsunami and Fukushima nuclear disaster of 2011, while ageing thermal power plants are being closed in part to reach its goal to cut carbon dioxide emissions.

The country also faces a potential shortage of fossil fuels, including liquefied natural gas, due to the conflict in Ukraine and sanctions against Russia.

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2022-06-26 11:05:54Z
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Hong Kong's Hang Seng up 2% as Asia markets gain; logistics firm GoGoX falls below offer price - CNBC

SINGAPORE — Shares in the Asia-Pacific were higher on Friday, led by tech stocks on the Hong Kong market.

Hong Kong's Hang Seng index jumped 2.09% to close at 21,719.06, with the Hang Seng Tech index rising 4.05%. SenseTime was up 4.74% and Xpeng rose 7.32%.

Logistics company GoGoX fell in afternoon trade to close at 16.72 Hong Kong dollars ($2.13) after reaching 23.15 Hong Kong dollars earlier in its debut session. The stock's offer price was 21.50 Hong Kong dollars.

In Japan markets, the Nikkei 225 advanced 1.23% to close at 26,491.97, while the Topix climbed 0.81% to 1,866.72.

SoftBank Group's chief executive, Masayoshi Son, said on Friday that chip designer Arm was mostly likely to be listed on the Nasdaq, though the decision is not final, Reuters reported.

"Most of Arm's clients are based in Silicon Valley and … stock markets in the U.S. would love to have Arm," Son said at the company's annual general meeting, according to Reuters. Softbank shares rose 2.37%.

Mainland Chinese markets rose. The Shanghai Composite gained 0.89% in the afternoon to close at 3,349.75, and the Shenzhen Component was 1.369% higher at 12,686.03.

South Korea's Kospi gained 2.26% to end the session at 2,366.6, and the Kosdaq advanced around 5% to 750.3.

The S&P/ASX 200 in Australia rose 0.77% to close at 6,578.7. The New Zealand market is closed for a holiday on Friday.

MSCI's broadest index of Asia-Pacific shares was up 1.32%.

In the next three to six months, we're going to find what it is — whether we're going to be skirting recession, or going much deeper than that

Viktor Shvets

head of global and Asian strategy at Macquarie Capital

Markets will find greater stability when leading indicators and inflation data starts bottoming out, said Viktor Shvets, head of global and Asian strategy at Macquarie Capital.

"Right now, the markets are petrified much more of recession than they are of inflation," he told CNBC's "Street Signs Asia."

"I think in the next three to six months, we're going to find what it is — whether we're going to be skirting recession, or going much deeper than that," he added.

Core consumer prices in Japan rose 2.1% for the month of May compared to a year earlier, in line with estimates, according to Reuters. That's above the Bank of Japan's target of 2% inflation. However, consumer prices only rose 0.8% if fresh food and energy was taken out, Reuters said.

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Looking ahead, the Reserve Bank of Australia's governor, Philip Lowe, is also set to speak on inflation later in the day.

Overnight in the U.S., stocks rose in a late-day rally amid recession fears. Several large banks this week raised their expectations of a recession.

The Dow Jones Industrial Average climbed 194.23 points, or 0.64%, to 30,677.36. The S&P 500 advanced 0.95% to 3,795.73, and the Nasdaq Composite gained 1.62% to 11,232.19.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 104.279.

The Japanese yen strengthened to 134.49 per dollar, recovering from the 136 levels against the greenback earlier this week. The Australian dollar was at $0.6901, having mostly been on a weakening trend this week.

The main driver for currency markets at the moment is how central banks are addressing recession risk, said Tan Teck Leng, APAC FX and macro strategist at UBS Global Wealth Management.

"We have shifted away from whoever is most hawkish and therefore supporting the currency, to a situation where the market is worried about overtightening and potential recession risk that is weighing on currency markets," he told CNBC's "Street Signs Asia."

Oil futures struggled for direction and were down slightly in Asia's afternoon. U.S. crude futures were fractionally lower at $104.26 per barrel, while international benchmark Brent crude declined 0.11% to $109.93 per barrel.

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2022-06-23 23:47:15Z
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CNA Explains: Why durian supply from Malaysia to Singapore has grown this season - CNA

DURIANS FROM DIFFERENT REGIONS RIPENING AT THE SAME TIME

Durian consultant Lim Chin Kee said the supply from different states is usually staggered during the whole year, but Johor and Penang durians are now coming on to the market at the same time.

“The harvest is almost happening at the same time, and this is causing a higher volume now,” he said.  

“It is a good time for consumers now.”

Yield for the east coast state of Pahang, which is the second largest producer of durians in Malaysia, has dropped by 50 per cent because of the heavy rains and winds that washed away the flower buds of the trees, said Mr Lim who also runs his own durian farm in Raub. 

He said Johor was not as badly affected by the weather as Pahang, and that most of the durians grown there such as the IOI and kampung varieties were easier to pollinate compared to the Musang King and D24 varieties mainly found in Pahang. 

Nonetheless, durians from Pahang have also started to trickle into the market, he said. 

With many durian processing factories reaching their bottlenecks, Mr Lim said there is a need to dispose of the durians quickly as they are perishable.  

Federal Agricultural Marketing Authority (FAMA) deputy director general (operations) Rashid Bahri said the durian season would typically start in Penang, before moving to Johor and up north towards Pahang, Perak and Kelantan. 

"The season in Pahang has started earlier than expected and coincided with the season in Penang and Johor. 

“This is why there are a lot of fruits. The prices are reasonable and it is the best time for consumers to enjoy durians," he said.

Johor state executive councillor in-charge of agriculture, agro-based industries and rural development Zahari Sarip noted that there is more durian supply from the state this season compared to last year.

"Some areas in the state experienced durians falling at the same time," he added.

Mr Zahari, however, said there is no oversupply of durians and that the harvest is expected by the planters.

The southern state is the largest durian producer in the country, said Mr Lim.

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2022-06-23 09:01:00Z
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Moderna booster candidate shows strong response against Omicron subvariants - CNA

Moderna said on Wednesday (Jun 22) that an updated version of its COVID-19 vaccine designed to target the Omicron variant also generated a strong immune response against the fast-spreading Omicron subvariants BA.4 and BA.5, which have gained a foothold in the US in recent weeks.

The updated vaccine, which Moderna is hoping will be approved for use as a booster shot for the fall, is a bivalent vaccine, meaning it contains vaccine designed to target two different coronavirus variants - the original variant from 2020 and the Omicron variant that was circulating widely last winter.

Moderna said that while the shot elicited a weaker response versus BA.4 and BA.5 than it does against the BA.1 subvariant it was specifically designed to combat, the data suggests the new shot could produce "lasting protection against the whole family of Omicron variants".

"This is a strong, powerful antibody response," Moderna Chief Medical Officer Paul Burton said at a news conference. "It is probably long lasting and I think the conclusions are that boosting or primary vaccination with (the updated vaccine) really could be a turning point in our fight against SARS-cov-2 virus."

Moderna has been producing the updated vaccine on its own dime ahead of any regulatory approvals, and Chief Executive Stéphane Bancel said the company could begin supplying the shot in August.

The company plans to submit applications to regulators in the coming weeks to ask for approval of the shot - which it calls mRNA-1273.214 - for the fall season.

The two sublineages, which were added to the World Health Organization's monitoring list in March and designated as variants of concern by the European Centre for Disease Prevention and Control, accounted for more than a third of US cases last week.

The US Food and Drug Administration plans to hold a meeting of outside experts next week to discuss the best composition of booster shots for the fall.

Pfizer and BioNTech are also testing several possible variant-adapted COVID-19 vaccines, including a bivalent candidate similar to Moderna's.

The European Medicines Agency last week launched a rolling review of their candidates, although the companies have yet to release any data on how well they work. BioNTech this month said market clearance could come as early as August but could also take until September or later in the fall.

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2022-06-22 13:04:28Z
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Live news updates: UK house price growth pushes average above £280000 for first time - Financial Times

Hopes have risen of a breakthrough in the stalled process of EU enlargement in the western Balkans after Bulgaria’s opposition agreed to support lifting the country’s veto on the start of accession talks with North Macedonia.

Boyko Borisov, a former Bulgarian prime minister, said his centre-right GERB party would vote in favour of beginning the EU negotiations. If adopted by Bulgaria’s parliament, that would also unlock membership talks with Albania ahead of a summit of EU leaders on Thursday and Friday.

“This is the most correct decision for the future of the Balkans, the EU and Bulgaria,” said Borisov. “We will not remain on the dark side of Eurasia, we will not allow Putinisation.”

The move marks a U-turn for Borisov, who blocked the talks with North Macedonia in 2019 in a dispute about the former Yugoslav country’s interpretation of Balkan history.

Kiril Petkov, Bulgaria’s reformist prime minister, had been poised to strike a deal with Skopje unlocking the talks when one of the parties in his coalition pulled out in protest over the issue earlier this month, leaving him clinging on to power.

A vote on enlargement talks could be held in parliament on Thursday, with GERB’s support being enough to lift Sofia’s veto.

European officials fear blocking EU enlargement would create political instability in the western Balkans and disillusionment about the region’s western orientation, which could be exploited by Russia.

In a further sign of possible movement, North Macedonia, Serbia and Albania on Wednesday confirmed they would take part in a summit in Brussels tomorrow with EU leaders, a day after threatening to not attend the meeting over Bulgaria’s opposition to North Macedonia’s candidacy.

“We’ll attend the EU Council meeting,” Albania’s prime minister Edi Rama said, adding that Bulgaria’s stance was akin to “kidnapping” and “destroys” the “spirit of Europe”.

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2022-06-22 10:31:53Z
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Monkeypox case confirmed in Singapore, two more suspected in South Korea - CNN

Singapore (CNN)Singapore has reported the first confirmed case of monkeypox in Southeast Asia during this year's outbreak -- while another confirmed case has been found in South Korea.

The case in Singapore involves a British man who was in the city-state between June 15 and 17. He tested positive for monkeypox on Monday after developing skin rashes and experiencing headaches and a fever last week.

"During this period, he had largely remained in his hotel room except to visit a massage establishment and eat at three food establishments on June 16," Singapore's Ministry of Health said Tuesday.

Thirteen of the man's close contacts have been identified and contact tracing is underway, the ministry said, adding that the man is being treated at the National Centre for Infectious Diseases.

The case in South Korea involves a South Korean citizen who reported themselves to the Korea Disease Control and Prevention Agency after arriving back in the country from Germany on Wednesday. The KCDA said the South Korean -- now being treated at a facility in Seoul -- had reported having a headache before flying and had developed a fever, sore throat, fatigue and skin lesions on arrival in the country.

Meanwhile, South Korea said it was also investigating a second suspected case involving a foreigner who entered the country on Monday and was taken to a hospital in the city of Busan after experiencing symptoms and developing a blistering skin lesion.

Monkeypox, considered a less severe cousin of smallpox, has an incubation period of seven to 14 days, according to the Centers for Disease Control and Prevention (CDC).

Initial symptoms are typically flu-like, such as fever, chills, exhaustion, headache and muscle weakness, followed by swelling in the lymph nodes, which help the body fight infection and disease.

The disease later progresses into a rash and lesions that can blister and scab over all over the body -- usually lasting two to four weeks.

The virus has been circulating for decades in some places, including parts of West and Central Africa.

But the current outbreak has seen more than 2,500 cases being reported in dozens of countries where the disease was not considered endemic -- including Australia, which reported its first case on May 20, and the United States, where as of Friday the CDC had reported more than 110 confirmed cases.

The World Health Organization (WHO) said recently it will remove the distinction between endemic and non-endemic nations to reflect a "unified response."

"The unexpected appearance of monkeypox in several regions in the initial absence of epidemiological links to areas that have historically reported monkeypox, suggests that there may have been undetected transmission for some time," the WHO said in a recent update.

A microscope image of mature, oval-shaped monkeypox virions, left, and spherical immature virions, right, obtained from a sample of human skin.

Lessons from Covid-19

Singapore last detected a case of monkeypox in 2019, in a 38-year-old man from Nigeria who had traveled to the city-state to attend a wedding.

"Monkeypox is not a new disease so we actually do know quite a bit about the disease and virus [which] has been around for some time," said Khoo Yoong Khean, a doctor and scientific officer at the Duke-NUS Center for Outbreak Preparedness in Singapore.

"But there is a change in how the disease is circulating and spreading in this current outbreak... [and] this seems to be an evolving situation."

Khoo said lessons from the Covid-19 pandemic could be applied to any potential monkeypox outbreak in the region.

"It will be wise for countries to pay attention. We have many tools which we have been using for Covid-19 and they will be useful now: contract-tracing methods, quarantine protocols and even a mass immunisation strategy if needed.

"While I don't think we need to be overly worried about the global situation, and we might now be in a better place, disease outbreaks are never predictable as we know. We might have surprises from monkeypox in the near future so we must continue to strengthen our health and surveillance systems, work collaboratively with other countries and make better decisions than [we did] during the Covid pandemic."

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2022-06-22 08:24:00Z
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