OPEC cuts 2020 demand forecast again on rising Covid cases

first_imgA coronavirus-led demand shock has seen oil prices collapse in 2020, with strict public health measures coinciding with curtailed travel and economic activity.An easing of lockdown measures in the third quarter helped global oil demand to improve, but OPEC now fears a surge in the number of reported Covid-19 cases could derail an expected recovery.“As new COVID-19 infection cases continued to rise during October in the US and Europe, forcing governments to re-introduce a number of restrictive measures, various fuels including transportation fuel are thought to bear the brunt going forward,” OPEC said. LONDON — OPEC on Wednesday trimmed its global oil demand forecasts for the remainder of this year and 2021, citing a weaker-than-expected economic outlook and a surge in coronavirus cases.In a closely watched report, the group of oil-producing nations said it now expects world oil demand to contract by around 9.8 million barrels per day year over year in 2020. That reflects a downward revision of 0.3 million barrels from last month’s assessment.For next year, OPEC said oil demand growth will rise by 6.2 million on an annual basis, representing a downward revision of another 0.3 million barrels from its October report. The group has steadily lowered its oil demand outlook for 2021 from an initial expectation of 7 million in July.- Advertisement – – Advertisement – International benchmark Brent crude futures traded at $44.84 a barrel on Wednesday afternoon, up around 2.8%, while U.S. West Texas Intermediate futures stood at $42.52, also 2.8% higher.Both oil contracts were on pace to record their third consecutive positive trading session after hopes of an effective coronavirus vaccine continued to bolster market sentiment.Pfizer and BioNTech said Monday that early results showed their vaccine candidate was more than 90% effective in preventing Covid infections. It is hoped a safe and effective vaccine could help bring an end to the coronavirus pandemic that has claimed over 1.27 million lives.Huge challenges remain before a Covid-19 vaccine can be rolled out, but energy markets have cheered the news.Looking further ahead, OPEC warned “risks remain” with regard to oil demand.“Ongoing developments in the COVID-19 pandemic will continue to dominate a recovery amid the latest news relating to a potential imminent vaccine,” the group said.“The structural impact of the pandemic on various sectors, especially the transportation sector, will linger well into 2021.” – Advertisement –center_img Paul Putnam, 53, a rancher and independent contract pumper walks past a pump jack in Loving County, Texas, November 25, 2019.Angus Mordant | Reuters “These downward revisions mainly take into account downward adjustments to the economic outlook in OECD economies due to COVID-19 containment measures, with the accompanying adverse impacts on transportation and industrial fuel demand through mid-2021,” OPEC said in the report.The report comes ahead of the group’s Nov. 30 and Dec. 1 meeting with non-OPEC allies to discuss the next phase of oil production policy.The energy alliance, a grouping known collectively as OPEC+, had agreed to a record supply cut of 9.7 million bpd starting on May 1. The cut was subsequently scaled back to 7.7 million in August and OPEC+ has said it plans further tapering next year.‘Risks remain’- Advertisement – Organisation of the Petroleum Exporting Countries – OPEC logo is seen on the organisations’ headquarters in Vienna, Austria.Jakub Porzycki | NurPhoto | Getty Imageslast_img read more

ITB China: Two awards for Croatian tourism

first_imgThe Croatian National Tourist Board presents the Croatian tourist offer at the ITB China business fair, which will be held in Shanghai from 15 to 17 May 2019.  The Croatian National Tourist Board together with the Slovenian Tourist Board won the prestigious CTW award for the project “Experience Croatia, Feel Slovenia“ u kategoriji „Internet & Media“ Nagrade se dodjeljuju po 16. put u ukupno pet kategorija: inovacije proizvoda, internet/mediji, kvaliteta usluge, marketing, ukupna izvedba. COTRI  će  promovirati pobjednike putem vlastitih komunikacijskih kanala i društvenih mreža, a ove je godine zaprimljen rekordan broj kandidatura, odnosno njih 67. COTRI je jedan od vodećih neovisnih istraživačkih instituta na svijetu za savjetovanje, istraživanje, informiranje, obuku i procjenu kvalitete vezano za kinesko tržište odlaznog turizma.  As part of the fair, the award ceremony “IT’S MY WORLD Travel Awards 2019” was held, and Croatia won the award in the category “Amazing Travel Experiences of the Year” for the experience of the film tour “Game of Thrones” in Dubrovnik. These are awards given by ITB China and the specialized tourist portal Qyer intended for Chinese tourists.  The CNTB points out that the Croatian delegation also met with representatives of the Chinese platform Mafengwo, which is a combination of Facebook and Trip Advisor and with representatives of the agency Travel Link, one of the best marketing agencies in tourism. The possibilities of cooperation were also discussed with the representatives of the agency Tongchengom, treće po veličini online agencije u Kini, ali i sa predstavnicima media buying agencies Hy Link, the first Chinese independent agency to have a U.S. travel brand among its many clients.  Two awards for Croatian tourism – an award for the experience of the film tour “Game of Thrones” in Dubrovnik and for cooperation with the Slovenian Tourist Board Photo: HTZ The Croatian offer is presented as part of the large stand of the European Travel Commission (ETC), where 23 European entities present their offer, including the EPK Rijeka 2020 and the Tourist Board of the City of Zagreb.  Qyer has positioned itself as an extremely popular Chinese and global platform offering travel services used by over 100 million people worldwide.  ITB China is a business fair exclusively focused on the Chinese market, which brings together representatives of international destinations, service providers and technical solutions with the largest Chinese tourism entities and customers, of which there will be more than 850 this year. Photo: ITB China Nastup na sajmu ITB China od velikog je značaja posebice u godini koja je proglašena hrvatsko kineskom godinom kulture i turizma, izjavio je direktor HTZ-a Kristjan Staničić te dodao: “For this reason, we jointly organized a special presentation of Rijeka as the European Capital of Culture in 2020, because cultural tourism is one of the most sought-after products in the large Chinese market. We are also extremely pleased that our key partners report that interest in Croatian destinations is continuously growing, which is confirmed by the tourist traffic generated from the Chinese market so far this year, which is increasing by about 60 percent compared to the same period last year.” CNTB Representation in Shanghai also participated in the ETOA workshop held on the eve of ITB, where the Director of the Representation Franka Gulin met with over 25 tour operators and Chinese media. “Impressions from the workshop are great, we were definitely among the most sought after tourist destinations of the workshop, and everyone is interested in longer tours and extending the number of nights in Croatia. The fact that key Chinese opinion creators have selected us for the Best Travel Experience award speaks volumes about the importance of Croatia as one of the fastest growing markets for Chinese tourists. This award makes us happy because it also indicates that Croatia is becoming a popular destination for Chinese tourists of younger population, which is certainly a departure from the classic type of tourists who visit us and is in line with our strategy aimed at this market., Gulin emphasized. As part of the ITB China fair, an awards ceremony was held “CTW Chinese Welcome Award“, Which has been awarded by the organization since 2004 COTRI – China Outbound Tourism Research Institute. last_img read more

Djoko Tjandra allegedly prepared $10m to bribe Supreme Court, AGO officials

first_imgDjoko Soegiharto Tjandra, a graft convict and former fugitive in the high-profile Bank Bali corruption case, allegedly planned to bribe officials at the Supreme Court and the Attorney General’s Office (AGO) to help him secure an acquittal in the case.AGO spokesperson Hari Setiyono said the figure was estimated to be around US$10 million.“Djoko, along with prosecutor Pinangki Sirna Malasari and NasDem politician Andi Irfan Jaya, agreed to provide $10 million to be handed to some officials at the Supreme Court and the AGO for securing the acquittal,” Hari said on Thursday as quoted by kompas.com.  The AGO had previously accused Pinangki of receiving a $500,000 bribe from Djoko to lobby the Supreme Court to overturn a 2009 verdict that found him guilty of involvement in the 1998 Bank Bali corruption case.In a proposal named “action plan”, Pinangki reportedly asked for $1 million from Djoko in exchange for the prosecutor’s help with the case. Djoko reportedly accepted the offer and paid half of the sum as a down payment. Djoko later canceled the remaining payment after seeing that things had not gone as planned, according to the AGO.Read also: AGO arrests prosecutor Pinangki for alleged corruption in connection with Djoko TjandraPinangki has been named a bribery and money laundering suspect by the AGO for allegedly using the $500,000 bribe to buy a luxury car and pay rent for two apartments in Jakarta, among other purchases. Andi, the NasDem politician, was named a suspect for allegedly serving as a middleman between Pinangki and Djoko.AGO prosecutors reportedly handed Pinangki’s case file over to the Jakarta Corruption Court on Thursday.The AGO previously declared Pinangki guilty of an ethics violation for going on nine international trips to Singapore and Malaysia in 2019, reportedly to meet with Djoko while he was at large.Djoko fled the country in June 2009, a day before the Supreme Court sentenced him to two years in prison and ordered him to pay Rp 546 billion ($37 million) in restitution for his role in the corruption case. He spent more than a decade on the run before being arrested in Malaysia and deported to Indonesia in late July of this year. (vny)Topics :last_img read more

Pardew: Toon have no need to sell

first_img Press Association Pardew is desperate not to sell any of the men upon whom he hopes to build a side capable of bouncing back from last season’s disappointment amid speculation over the likes of Tim Krul, Cheick Tiote, Yohan Cabaye and Hatem Ben Arfa. However, Pardew believes it would take an offer of breathtaking proportions to persuade owner Mike Ashley to cash in. He told the Chronicle: “I feel we are in a strong position financially to hold on to our players. If one of our top players goes, it will be a bid that blows the doors off. That’s it.” Newcastle boss Alan Pardew has warned clubs targeting his biggest names they will have to “blow the doors off” to stand any chance of landing them.center_img Newcastle have worked hard to tie up their best players on long-term deals, but Pardew is aware they are vulnerable to clubs with bigger spending power dangling the carrot of Champions League football in front of his players. There is a pragmatism too at St James’ Park, as was demonstrated when Ashley accepted Liverpool’s £35million bid for Andy Carroll in January 2011, and while it might not take that much to prise out one of the current crop, potential suitors would have to make the Magpies an offer they simply could not refuse. Pardew said: “In terms of the big players, again we have not sold anybody. We have players under long-term contracts here. Hopefully we can add to that.” There is growing disquiet among fans that Newcastle are yet to add to the squad which struggled so much last season – indeed, they have lost Steve Harper, Danny Simpson and James Perch, with Dan Gosling attracting interest from Crystal Palace – while derby rivals Sunderland have made seven new signings to date and have more in the pipeline. Pardew is particularly keen to recruit a proven striker with Aston Villa’s Darren Bent, with whom he worked briefly at Charlton, among his targets. He said: “We are strong in some areas and weak in others. I think it would be nice to strengthen in some areas. “The obvious target is a striker and we have four or five targets. “It is difficult, because I know there is speculation, particularly about Darren Bent.” last_img read more

Cricket News Watch – MS Dhoni’s magic run-out of Glenn Maxwell gives Ranchi fans plenty to cheer

first_imgKuldeep bowled a short ball on off stump and Shaun Marsh jumped back to tap the ball to cover point. Maxwell thought about the quick single but Ravindra Jadeja fired a rocket throw to Dhoni who just deflected the throw from his gloves back onto the stumps. The celebrations by Dhoni was cool and unruffled, but the Ranchi crowd had found their moment of absolute joy. Brilliant work from Jadeja n MS Dhoni. pic.twitter.com/MA7Rc1iLda— shaktikapoor143 (@shaktikapoor143) March 8, 2019With Maxwell’s dismissals, Australia lost four wickets for five runs and India dented their prospects of reaching 350 in a big way. This was not the first time where Dhoni had shown his magic in effecting a run-out. In the 2009 encounter in New Zealand, Dhoni had effected a run-out off the bowling of Yuvraj Singh and he repeated it in a game against Bangladesh. In the 2015 World Cup against Pakistan, Dhoni had similarly deflected a ball back onto the stumps but in 2016, his keeping reached epic levels when he ran-out Ross Taylor for 35 when he back-flicked a throw back onto the stumps. A wonderful keeper, an ace batsmen and a thorough entertainer. That is MS Dhoni in a nutshell. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. New Delhi: Australia were in a great position against India in the Ranchi ODI as they looked to stay alive in the five-match series. Usman Khawaja had slammed his maiden century and he shared a brilliant 193-run stand with skipper Aaron Finch, the second-best opening partnership for Australia in ODIs in India. Following the departure of Finch, Glenn Maxwell, who had blasted a century in the Bangalore Twenty20 International and who had the potential to take Australia close to 350, took control and he tore the Indian bowling apart. He signaled his intentions by blasting Kuldeep Yadav down the ground for a big six over long on and he took on Ravindra Jadeja, clobbering him for a six and two fours. Although Khawaja departed for 104, Maxwell rotated the strike and scored at a strike-rate in excess of 150. The Big Show continued to target Kuldeep by smoking him inside-out over deep extra cover for his third six as he neared yet another fifty. However, there was a moment of magic from Ranchi’s local lad, MS Dhoni and it turned the game totally on it’s head.  Usman Khawaja scored his maiden ton in ODIs.Khawaja and Aaron Finch shared a 193-run opening stand.Australia are trailing the five-match series 0-2. highlightslast_img read more

MongoDB hit version 32 today bringing with it gr

first_imgMongoDB hit version 3.2 today, bringing with it greater integrations to enterprise analytics tools, new storage engines, and a new performance-monitoring tool.Kelly Stirman, vice president of strategy at MongoDB, said that this release was heavily focused on giving enterprise users the features they need to build mission-critical applications on top of MongoDB.(Related: How MongoDB works with NoSQL)“Developers don’t pay for our products; it’s large organizations, and that needs to work really well in order to fund the development of the open-source product,” he said of the enterprise business at MongoDB. “This is, in my mind, a very enterprise-focused release. We’ve added more enterprise features in this release than all previous releases together. Largely, that’s about productivity gains for database teams. There’s also a new connector for BI tools like Tableau. You can take the tools you’re already using and start working with data in MongoDB.” Performance is always a big concern in enterprises, and MongoDB 3.2 includes performance enhancements to address that. First is a new performance-monitoring tool, which can be used by development teams to track down bottlenecks and strange behavior.Performance seekers will also gravitate to the two new storage engines for the platform. With the release of version 3.0, MongoDB untethered itself from the underlying storage engine with which the database had launched. Today, the company announced the availability of its encrypted storage engine, as well as its in-memory storage engine. By the end of the year, there will be seven storage engines available for MongoDB: five from Mongo, and two from the community.“In the future, we are looking to see what are other interesting storage engines we could develop,” said Stirman. “The way we designed it, the cost of developing a storage engine is nowhere near the cost of developing a storage engine for MySQL.”Teams will can also use MongoDB Compass, which allows them to explore their database through a graphical tool rather than through writing query after query.last_img read more