newsmart – Business

koreatimes.co.kr | 1 hrs. 49 min. ago

US consumer sentiment near record low ahead of midterm elections

U.S. consumer sentiment edged down to near a record low in October as rising prices because of the Middle East conflict soured households' views of the economy on the doorstep of midterm congressional elections centering on affordability issues, a survey showed on Friday. The University of Michigan's Surveys of Consumers said its Consumer Sentiment Index dropped to 48.0 this month from a final reading of 48.1 in September.

Economists polled by Reuters had forecast the index at 46.3, which had also been the index's preliminary reading for October. October's reading marked the second-lowest on record after the all-time low of 44.8 set in May, not long after the Iran war began. "Purchasing power continues to dominate consumer views of the economy," said Joanne Hsu, the director of the Surveys of Consumers.

"Sentiment is now 10 percent below a year ago and 15 percent less than February, just prior to the Iran conflict." The survey results dovetail with political polling data showing voters have a dim view of the economy and President Donald Trump's and the Republican Party's stewardship over

uk.finance.yahoo.com | 3 hrs. 29 min. ago

Tanker carrying Russian diesel heads to U.S. for first time since 2022 under Trump deal

Oct 23 (Reuters) - The first Russian diesel bound for the US following a surprise agreement reached between Moscow and US President Donald Trump is aboard a tanker heading for New York, ship-tracking data showed on ‌Friday. Trump announced the deal this month as part of his efforts to bring down soaring diesel prices ahead ‌of November 3 US mid-term elections.

Trump also waived parts of a new US sanctions law against Russia and threatened Europe with a US diesel export ​ban unless countries released more from their emergency reserves to help ease prices. The Malta-flagged medium-sized tanker Agioi Fanendes was loaded with 40,000 metric tons of ultra-low sulphur diesel in Russia's Baltic port of Primorsk on October 22, according to LSEG shipping data.

It is expected to arrive in the United States on November 7. The identity of the buyer and seller were not immediately known. The ‌cargo will be the first imported by ⁠the US since former President Joe Biden announced a ban on US imports of Russian oil and petroleum products in 2022. Trump announced on October 9 that Russia would immediately export 300,000 metric ⁠tons, or 2.25 million barrels, to the US and global markets, followed by 500,000 tons in November and 1 million tons "immediately thereafter".

A Kremlin spokesperson on Friday confirmed a first ship under the deal had departed, but did not specify whether it was bound for the ​US market ​or elsewhere. "As far as I'm aware, there have already been reports ​from the Ministry of Energy that the first ‌tanker has, in fact, set sail for its recipients, its buyers.

Further shipments will continue at a steady pace from here on," Kremlin spokesman Dmitry Peskov said on a daily conference call. The deal with the US involved Russia lifting a self-imposed ban on diesel exports. RUSSIA RESUMING GLOBAL EXPORTS Since the EU imposed a full embargo on imports of Russian oil products in February 2023 over the war in Ukraine, Russia has exported diesel mainly to Turkey and Brazil, as well as to African ‌countries.

It also supplies Central Asia by rail. Shipping data from LSEG and Kpler ​published this week showed Russian diesel cargoes resuming voyages to their traditional ​destinations after Moscow lifted its own ban, with at ​least two tankers signalling trips to Turkey and Brazil. It was unclear where other tankers were destined ‌for, with cargoes loaded in Primorsk signalling Gibraltar, the ​Atlantic Coast or Port-Said, LSEG ​data showed.

Russian Deputy Prime Minister Alexander Novak has said additional US shipments would follow as companies from the two countries work out the necessary contracts. Putin envoy Kirill Dmitriev, who also heads Russia's sovereign wealth fund, said last week ​that the US Treasury had asked the ‌fund to help sort out tricky payment issues relating to the agreement.

Novak has said that Russia would ​be able to increase its diesel exports to its usual levels of 3-3.5 million tons per month by ​year-end. (Reporting by Reuters; editing by Philippa Fletcher and Jason Neely) This article originally appeared on Reuters at https://uk.finance.yahoo.com/news/exclusive-tanker-carrying-40-000-062736177.html

theguardian.com | 5 hrs. 35 min. ago

‘Fighting an impossible fight is the only way to reclaim dignity’: Lee Chang-dong on class warfare and his searing Oscar contender

The auteur’s new film – a study of labour, capital and the fallout of redundancy – won the grand jury prize at Venice. Telling tales of the disenfranchised is ‘our moral responsibility’, he saysA quintessential 21st-century horror story: a private equity firm has set its sights on your company.

That’s the premise behind director Lee Chang-dong’s new film, Possible Love, and the idea for it first came more than a decade ago, when mass layoffs resulted in a standoff that “fundamentally changed the Korean labour movement”.In 2009, workers at Ssangyong Motors company protested against plans to lay off between 37 and 43% of the workforce, staging a historic 77-day strike and occupation of the factory that was eventually broken up by riot police.

“Until that point in time in Korea, labourers’ rights were widely accepted,” Lee says, speaking through an interpreter in a central London hotel; “however, afterwards, the basic rights of labourers changed; to the public, they couldn’t be seen as more important than market profitability or corporate competitiveness.” Continue reading...

independent.co.uk | 5 hrs. 37 min. ago

The Kremlin says a first tanker of Russian diesel sets sail for the US despite Ukraine's protests

The Kremlin says that a first tanker carrying Russian diesel to the United States has set sail under a new import agreement

theguardian.com | 8 hrs. 23 min. ago

Reader Q&A: what’s next for France? Ask our Europe columnists

Guardian Europe columnists Rokhaya Diallo and Alexander Hurst will be live taking questions from readers about the riots and protests in France at 3pm BST / 4pm CEST today. Send your questions by email now to conversations@theguardian.com or join the discussion in the comments nowAfter weeks of protests and a weekend of riots in which a town hall was set ablaze, 2,000-plus shops were looted, 2,300 people were arrested and 1,000 police injured, the repercussions for France – for its society and its economy – continue.

Allegations of police brutality surfaced, and the violent protests unnerved investors, resulting in a debt sell-off, with borrowing costs rising higher than for Greece. All of this ahead of a hotly contested presidential election that’s now just six months away.The French government’s escalating financial problems were covered by the Guardian’s Europe correspondent Jon Henley who wrote: “France’s national debt, at 119% of GDP, is at its highest level since 1946. Its budget deficit, at 5.1%, is also among the highest in the EU.

There is just no money in the bank to ease the cost of living squeeze that brought 550,000 people on to the streets on Saturday.” Continue reading...

koreatimes.co.kr | 10 hrs. 1 min. ago

Financial industry heavyweights compete to head banking lobby

With the Korea Federation of Banks (KFB) set to appoint its next chairman, several former financial executives and regulators are emerging as potential candidates to take the helm of the country’s leading banking lobby, according to industry officials on Friday. The federation represents 23 full members — commercial, regional and internet-only lenders — as well as 33 associate members, comprising branches of foreign banks.

The incumbent, Cho Yong-byoung, is due to leave office on Nov. 30. Yoon Jong-kyoo, former chairman of KB Financial Group, has long been viewed as a front-runner. He served as a vice chairman at accounting firm Samil PwC and president of KB Kookmin Bank before leading KB Financial from 2014 to 2023, overseeing major acquisitions including LIG Insurance and Hyundai Securities.

But the prospect of another KB Financial veteran taking a top post at a financial industry association has drawn growing resistance. The concern has intensified after Lee Dong-chul, a former KB Financial vice chairman, took the helm of the Credit Finance Association this year, followed by Kim

kyivindependent.com | 11 hrs. 41 min. ago

Analysis: Ukraine, Russia set stage for climax of Battle of Donbas

This autumn, as Russia escalated its total-war-style strike campaign against Ukraine’s critical infrastructure and economy, and relations between Kyiv and Washington hit an all-time low, the daily battles along Ukraine’s vast battlefield have faded into the background of the information space.Despite the reduced attention in

livemint.com | 11 hrs. 55 min. ago

SGB 2018-19 Series II final redemption today: Investors to pocket 366% gains; check the RBI fixed price, interest rate

Sovereign Gold Bonds: RBI has set the final redemption price of SGB 2018-19 Series II at ₹14,425 per gram today, October 23, 2026. Investors who purchased the bonds at the original issue price can earn capital gains of up to 366%, excluding interest and taxes.

axios.com | 16 hrs. 21 min. ago

Airlines' new normal: Higher fares, fewer flights

That wince you just made while researching travel options? Get used to it.Why it matters: Soaring jet fuel prices are accelerating changes across the airline industry, seen in higher fares, premium-heavy cabins and fewer flight options for travelers. Airfares rose 22% year over year in September, marking a 10th straight monthly increase in the government's airfare price index, which hit an all-time high.State of play: All the major airlines are feeling the pain:American Airlines reported today that its fuel bill jumped nearly 70% in the third quarter from a year ago, adding $1.9 billion in costs and undercutting its revenue growth.Southwest and United Airlines both slashed their profit forecasts this week on higher fuel costs.And Delta Air Lines expects its fuel bill this year to come in $6 billion above last year's.The impact: To protect their bottom lines, airlines are raising fares and turning to more premium seats to squeeze more revenue out of their flights.At Southwest, the average passenger fare rose 26.9% to $231.69 in the third quarter, compared with a year earlier — and that doesn't include fees.Delta's premium seating revenue jumped 18% in the third quarter, even though the number of premium seats rose only 6%.What they're saying: The airlines have few options to make up for extra fuel costs other than fare increases, said Scott Keyes, founder of flight-deal service Going.com."None of them are hedging fuel the way they used to, in large part because they had a pretty terrible experience with it," Keyes said in an interview.The big picture: Airline executives, however, see these changes — many of which were already underway — as a necessary new normal.This year's fuel spike has only "accelerated" change, Delta CEO Ed Bastian said on the company's earnings call on Oct.

9."Regardless of the next move in fuel prices, the forces reshaping the U.S. airline industry will continue with many carriers struggling to earn their cost of capital well before the run-up in fuel," he said.United CEO Scott Kirby told investors Wednesday that the industry's underlying costs — including airport fees, maintenance and engines — have increased so much in recent years that airlines must fundamentally change their economics.Zoom in: Executives echoed Bastian's comments on pricing from earlier in the month, suggesting this week that the higher fares and other changes to protect profitability are likely to remain in place even after jet fuel prices ease."I'm pretty confident that we're not going to take steps backwards in pricing," Kirby said.

"I think we're demonstrating this year that it's different this time."American CEO Robert Isom said the fuel price spike "has just been a catalyst to allow us to realize that there is value," referring to the strong demand from customers willing to pay higher fares.And airlines are becoming increasingly reluctant to operate flights that don't make money — potentially leaving travelers with fewer options.United's Kirby predicted that trend will continue across the industry.

"One golden rule — don't fly places that lose money," he said on the company's earnings call. "There's going to be less loss-making flying," he predicted.Zoom out: The fallout from higher fuel prices — triggered largely by the war in Iran, which has throttled supplies — started with the shutdown of Spirit Airlines earlier this year.While Spirit's troubles were many, the fuel price spike was widely seen as the last straw for the budget carrier.And its exit means it's now easier for airlines to get away with charging more to cover their extra fuel costs, Keyes said."Spirit's demise is another factor in why you're seeing airfare go up so precipitously because they and other budget airlines act as something of an anchor for airfare in general," Keyes said.The bottom line: Fuel prices may eventually come back down.

Don't count on airfares following.

koreatimes.co.kr | 1 days ago

Oil hits 5-month high as Houthi attacks stoke supply fears

NEW YORK — Oil prices climbed about 2 percent to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region. Brent futures rose $2.42, or 2.2 percent, to $111.24 a barrel at 10:45 a.m.

EDT (1445 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.14, or 1.2 percent, to $98.29. That drove Brent into technically overbought territory for a third time in a week and set for its highest close since May 18. Saudi Aramco has told staff to evacuate its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting between the world's largest crude exporter and Yemen's Houthis intensifies.

Clashes between the Houthis and a Saudi-led coalition that backs Yemen's internationally recognised government have raged since the Iran-aligned group pushed towards Bab el-Mandeb, a shipping chokepoint at the Red Sea's mouth. "Reports of Middle East crude oil exports exceeding pre-conflict levels are more than countered by attacks on ships in the Strait of Hormuz and the Houthi strikes on Sa

theguardian.com | 1 days ago

Economy set to worsen, with higher unemployment and weaker growth on the way, Jim Chalmers reveals

Treasury is revising all the numbers for the mid-year update as economists warn of a difficult six months aheadGet our new political email, free app or daily news podcastJim Chalmers has revealed December’s mid-year budget update will project weaker growth and higher unemployment, as economists warn of a difficult six months ahead for the Australian economy.Two days after a senior Reserve Bank official foreshadowed the potential for another interest rate hike in under two weeks’ time, the treasurer in a speech on Friday morning will say “higher inflation is putting people under pressure, tighter monetary policy is weighing on domestic activity, and we can see that in the softening of the labour market”.

Continue reading...

koreatimes.co.kr | 1 days ago

BOK keeps rate steady at 3%, but further hikes remain on table

The Bank of Korea (BOK) held its benchmark interest rate steady at 3 percent on Thursday, describing the decision as the “payoff” from preemptive rate hikes in July and August that gave policymakers greater room to maneuver based on domestic economic conditions, rather than react to market pressures.

The central bank stressed, however, that it is maintaining a hawkish stance as both economic growth and inflationary pressures strengthened further from August levels. The timing and pace of any further rate hikes would depend on incoming data, including third-quarter gross domestic product and October consumer price figures.

“In August, I said we were using a hoe to tackle a problem while it was still small, before it escalated into one that would require a shovel. The October rate freeze can be seen as the fruits of that ‘hoe work,’” BOK Gov. Shin Hyun-song said during a press conference following the Monetary Policy Board meeting.

“By raising rates preemptively in July and August, we secured greater room to maneuver that allowed us to set monetary policy in line with domest

ft.com | 1 days ago

Musk sets lower sales target for Tesla as it explores SpaceX merger

Carmaker reports flat revenue and falling profits as it pivots from electric vehicles to AI

newsbeep.com | 1 days ago

Wage growth in Northern Ireland falls below inflation, but pensioners set to benefit from higher UK rate under triple lock – The Irish News

Wage growth in Northern Ireland has fallen below the rate of inflation for only the second time in…