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Russia’s latest statement about the requirement to pay for gas in Ruble, Moscow claims to ensure its interests, the US welcomes good news

World economy

Outstanding world economy (March 25-31):
Grab is one of the major ride-hailing apps in the world. (Source: VNA)

OPEC emphasizes the important role of oil and gas in the structure of world energy consumption

The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohamed Barkindo said that oil and gas will account for more than 50% of the total global energy volume by 2045 and will continue to play an important role even today. even as the world moves towards cleaner energy sources.

Speaking at the Global Energy Forum held on March 28 in Dubai, United Arab Emirates (UAE), Mr. Barkindo assessed that the role of oil and gas will remain secure in the near future.

“What is needed today is to rethink the way we explore, produce, refine, distribute and consume hydrocarbons, and adapt these activities to reality,” said Mr. Barkindo. current, especially in terms of sustainability”.

According to the OPEC Secretary-General, energy demand will increase as the world population grows by 20% by 2045, and access to energy must be taken “seriously” while pursuing transformation-related goals. energy. (VNA)

The world’s ride-hailing apps have big holes

While the world is testing ride-hailing services with Uber Technologies, Lyft, Grab, Didi Global and Ola, Japan is cautious, only recently allowing Uber to operate through taxi companies. These ride-hailing apps have big holes showing that Japan’s decision may be the right one.

Uber and Lyft of the US lost $ 24.5 billion and $ 8 billion respectively at the end of the third quarter of 2021, while Grab of Singapore lost $ 13 billion and Didi of China lost $ 21 billion.

India’s Ola lost $6.9 billion in the three years from March 2018 to March 2021. The most reliable data in the US shows that ride-hailing apps are becoming too much.

However, taxi companies are profitable, although the best numbers are for listed companies. Japan’s Hokko Daiwa Taxi made profits of 506 million yen ($1.2 million) and 360 million yen respectively in fiscal 2018 and 2019.

In Singapore, the country’s largest taxi company, ComfortDelGro, made a profit of $89 million in the first, second and third quarters of last year, while the leading ride-hailing app here, Grab, lost $1.4 billion.

The business results of ride-hailing apps lagging traditional taxi firms reflect the fundamental differences in performance between the two. That is, traditional taxi companies are easier to pick up passengers than ride-hailing apps.

Over the past 10 years, startups have set up similar ride-hailing apps around the world. Some businesses open two ride-hailing apps in the same city. The surplus continued and the losses continued to grow. (Nikkei Asia)

American economy

* The US government’s updated report on March 30 said, The country’s economy grew strongly in the fourth quarter of 2021but this growth has slowed significantly amid a sudden increase in the number of new Covid-19 infections earlier this year, continued supply chain disruptions and steep inflation.

In the US Department of Commerce’s third revised report on economic growth in the fourth quarter of 2021, the country’s Gross Domestic Product (GDP) in the fourth quarter of 2021 reached 6.9%, a slight decrease compared to the previous quarter. The estimated data released in February was 7%.

For the full year of 2021, the US economy recorded a growth of 5.7%, the strongest increase since 1984. (Reuters)

* According to the results of a new public opinion poll published on March 29, Inflation is the issue that US voters worry the most as he prepares to head into the upcoming midterm elections even amid concerns about the conflict in Ukraine and the Covid-19 pandemic.

New survey results conducted by Harvard CAPS/Harris Poll show that 32% of voters polled said inflation is the most important issue facing the US; 27% said the top issue was the economy and jobs; 21% take immigration seriously.

Notably, 76% of respondents said that they were more or less affected by the issue of inflation; while 46% expect inflation to remain high; 35% are concerned that inflation will rise even higher.

Inflation has picked up in the US, hitting a 40-year high with a 7.9 percent jump in early March. (VNA)

Chinese Economy

* Sheet SCMP The March 29 issue has a comment article The departure of many Western brands is a good opportunity for small private Chinese companies looking for opportunities to fill the gap in the Russian market.

Zhuang Bo, economist and China expert at investment firm Loomis, Sayles&Company, said small and private companies with more flexible logistics and payment methods could seize the opportunity more effectively. effective.

“Chinese companies in some sectors will especially benefit from the EU and US withdrawal from the Russian market, such as auto parts, food, medical supplies and infrastructure,” he noted. . (VNA)

* On March 29, Chinese Foreign Ministry spokesman Wang Wenbin said: Beijing opposes US bill to increase competition with China in the field of economy and security, while affirming its determination to protect the interests of this country.

According to a representative of the Chinese Foreign Ministry, “as the world’s largest economy, the US should maintain the stability of global production and supply chains, including the semiconductor industry”. (VNA)

European economy

* Associated TASS quoted the President of the Russian Senate Valentina Matviyenko on March 29 as saying, Russia is ready for the possibility that the European Union (EU) will stop buying its energy.

On the same day, Kremlin spokesman Dmitry Peskov said foreign companies need to understand that economic sanctions against Russia have changed the situation. This means that they need to buy and pay for Russian gas in rubles.

The spokesman also reaffirmed that Russia will not export gas for free and that Moscow is looking for ways to make gas payments simple, clear and practical. (TASS)

* On March 30, Russian Deputy Minister Ryabkov said, the country intends to continue supplying energy to Europe but Moscow’s interests need to be weighed.

According to him, Russia has always been a reputable energy supplier for all customers and the decision to require “unfriendly” countries that buy its gas to pay in rubles is to protect Moscow’s interests. . European countries that decide to refuse to use rubles for gas payments will “have to find a creative solution to this problem”.

Earlier, on the same day, the Kremlin announced that Russia has not yet forced the parties to buy its gas in rubles immediately from March 31, but will convert it gradually. (RT)

* Economist Mikhail Khazin said that without Russian gas, the EU’s economy would be in dire straits.

“The trouble is that the fertilizer factories in Europe have started to close, which means there will be a harvest with less output and the prices of agricultural products also go up,” said Mr. Khazin. many businesses that need gas for production will begin to refuse (because of the high price).

Moreover, companies will start trying to generate electricity not from gas, which is becoming very expensive, but to, for example, coal. Germany will have to restart nuclear power plants. Accordingly, the entire green agenda will be ‘thrown down the drain’. (VNA)

Outstanding world economy (March 25-31):
A compressor station of the Yamal-Europe gas pipeline near Nesvizh, Belarus. (Source: Reuters)

* According to the German government, Russian President Vladimir Putin on March 30 told German Chancellor Olaf Scholz that Europe can continue to pay for Russian gas in Euros instead of Ruble as previously announced.

Europe can transfer the gas money in Euros as is customary to Gazprom Bank, which will convert to rubles. “Nothing has changed with our European contractual partners,” said President Putin, as Russia’s new payment system is expected to take effect from April 1. (VNA)

* March 29, The Polish government has announced a bill that includes a ban on coal imports from Russia. This is the first energy sanctions by a European country against Moscow.

Speaking to the press, Polish government spokesman Piotr Müller said the government had included provisions in the bill to prevent coal imports from Russia at the national level. The bill, which will be sent to Congress, deals with freezing the assets of pro-Russian companies and individuals. (Reuters)

Economy of Japan and Korea

* The Japanese government is considering spending 1 trillion yen (about 8.1 billion USD) on a new economic stimulus package in order to minimize the impact of the sudden increase in the prices of energy, food and commodities in recent years.

This economic stimulus package is mainly used to support sectors that are heavily dependent on fuels and grains such as transportation and livestock. (Kyodo)

* On March 29, in a statement, Japan’s Ministry of Economy, Trade and Industry said that the country willwarm to export luxury goods to Russia from April 5. Items banned from export to Russia include luxury cars, motorcycles, alcohol, cosmetics, fashion items and works of art.

The move is intended to increase pressure on those who are financially supporting Russia. The US and EU member states have implemented similar measures. (Kyodo)

* Statistics Korea said rice farmers achieved the biggest net profit in 20 years in 2021 largely due to favorable weather conditions.

Net income of rice farmers will reach about 502,000 Won (US$414.2)/1,000 m2 of rice land in 2021, up 13.4% year-on-year. This is the highest net profit achieved from rice farming since 511,600 Won in 2001. (Yonhap)

* Figures published on March 30 by the Korean Financial Supervisory Service (FSS) show that banks in this country are continuing to reduce the number of their direct branches in 2021, in an effort to cut costs in the face of the increasingly popular trend of people using mobile banking services.

According to FSS data, the number of direct branches of domestic banks was only 6,904 by the end of 2021, down 311 compared to the same period last year. This reduction is higher than the reductions of 57 branches and 304 branches recorded in 2019 and 2020, respectively. (Yonhap)

Outstanding world economy (March 25-31):

ASEAN economy and emerging economies

* According to a report published on March 29 by the Australian Energy Market Authority (AEMO), the Southeast region of this country may face the risk of gas shortage in the near futureas early as next year.

Accordingly, Victoria – the state that is most dependent on gas for household heating – along with other states such as Tasmania, New South Wales and the Australian Capital Region (ACT) may be affected by the shortage of air. burned in the winter of next year. (VNA)

* The Economic Intelligence Center (EIC) of Siam Commercial Bank (SCB), said that Thailand’s economy has fallen into a state of stagnant inflation due to a fragile recovery and strong price increases.

EIC has lowered its economic growth forecast for Thailand in 2022 from 3.2% to 2.7%. The amendment is attributed to the Russian-Ukrainian conflict that sent energy and commodity prices soaring.

Thailand’s average annual inflation rate is expected to rise to a 14-year high of 4.9% this year, up significantly from a previous forecast of 1.6%. (VNA)

* Indonesia’s state-owned oil company Pertamina is consider buying Russian crude oil, which is cheaper than world prices, in the context that Indonesia is trying to save the state budget from soaring international energy prices.

On March 28, Pertamina President and CEO Nicke Widyawati said that the company is consulting with the Ministry of Foreign Affairs and Central Bank of Indonesia on the above plan and has approached a number of Russian partners to buy crude oil test runs at Pertamina’s refineries. (VNA)

* Preparing for the reopening of the border tomorrow (April 1), Immigration points in Malaysia will be back to normal like the time before the Covid-19 pandemic broke out in order to attract international visitors and migrant workforce back to this Southeast Asian country.

Accordingly, immigration counters at Kuala Lumpur International Airport and other entry border gates will operate 24 hours from April 1. (VNA)

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