GE Aviation is expecting to gain a substantial boost from India's middle class, which is expected grow to 700 million by 2030 and increase travel demand accordingly. Despite powering around 60% of India's 700+ commercial planes, the company's engines are geared towards narrowbody aircraft that cater to domestic travel. Of India's current 50 widebody planes for long-haul flights, GE sees this changing as more people start travelling internationally. By 2030, it is anticipated the number of international travellers could hit 125 million, which means there is likely to be "significant growth" in the region, according to Vikram Rai, GE Aerospace's country head for India and Indonesia.
Sri Lanka's key inflation rate eases to 25.2% in May
Reuters
23-05-31 09:53
Sri Lanka's key inflation rate fell from April to May, according to data from the Statistics Department, reducing some of the pressure on the struggling economy. Following a severe foreign exchange crisis that triggered the worst financial crisis the Indian Ocean island has seen in 70 years, soaring inflation has battered the economy for over a year. The easing inflation is also expected to mean the Central Bank of Sri Lanka will keep its policy rates unchanged.
The Popular Front for the Liberation of Palestine – General Command (PFLP-GC) has accused Israel of causing a blast that killed five of its members near the Syrian border in eastern Lebanon on 22 May. However, an unnamed Israeli source refuted Israeli involvement. The PFLP-GC is a left-wing group that backs the Syrian government and has operations in the Yarmouk refugee camp in Damascus, as well as Burj al-Barajneh in Beirut. It is responsible for the deaths of dozens of Israelis in previous attacks.
ByteDance's Douyin has held talks with the Dalian Wanda Group over the potential acquisition of the conglomerate's digital payments unit, according to a statement by the Chinese version of TikTok. Wanda is seeking to improve liquidity and sell its payments licence to prospective buyers, which reportedly includes ByteDance, with a price of around CNY1bn ($144m). However, the price could be lowered based on the talks. Wanda has not yet been granted approval for the planned IPO of its Zhuhai Wanda Commercial Management unit in Hong Kong, which has added to the company's need to reduce debt over the next two years.
The Darien Gap, a thick jungle terrain rife with criminals that divides Colombia and Panama, has seen an eightfold increase in the number of children crossing the region during the first four months of 2021, reaching a record 25,431 children and teens. The sharp rise means that one in five migrants making the trek through the jungle are children. This drastic increase has been attributed to a second wave of migration, as families look to link up with relatives who have already settled in the US. It is fuelled by a rise in unaccompanied and separated child arrivals.
The Darien Gap, a thick jungle terrain rife with criminals that divides Colombia and Panama, has seen an eightfold increase in the number of children crossing the region during the first four months of 2021, reaching a record 25,431 children and teens. The sharp rise means that one in five migrants making the trek through the jungle are children. This drastic increase has been attributed to a second wave of migration, as families look to link up with relatives who have already settled in the US. It is fuelled by a rise in unaccompanied and separated child arrivals.
Oil prices will remain lower than $90 per barrel this year despite the supply restrictions imposed by OPEC+ producers, according to a Reuters poll. A survey of more than 40 economsts and analysts predicted Brent crude would average $84.73 in 2023, down from the average expectation of $87.1 in April. Many analysts predicted prices around $80-$82, with macroeconomic issues overshadowing the oil market's tight fundamentals.
Oil prices will remain lower than $90 per barrel this year despite the supply restrictions imposed by OPEC+ producers, according to a Reuters poll. A survey of more than 40 economsts and analysts predicted Brent crude would average $84.73 in 2023, down from the average expectation of $87.1 in April. Many analysts predicted prices around $80-$82, with macroeconomic issues overshadowing the oil market's tight fundamentals.
China's special envoy for Eurasian affairs, Li Hui, has embarked on a 12-day European tour to Ukraine, Poland, France, Germany, Brussels, and Russia to bridge the gap between the European and Chinese approaches towards finding a solution to the Ukraine war. Li stressed that Beijing was encouraging the international community to find the broadest common understandings and contribute to a political settlement to the Ukraine crisis. The visit indicates that there are positive signs of Ukraine slowly warming up to Beijing’s efforts, and there is a certain consensus between Ukraine and China. However, Beijing is a "marginal player" within the European security architecture, so its capacity to underwrite a peace deal in Ukraine is limited. Ukraine's foreign minister told Li that Kyiv would not accept any proposals for ending the war that involved losing territory or freezing the conflict.
China's special envoy for Eurasian affairs, Li Hui, has embarked on a 12-day European tour to Ukraine, Poland, France, Germany, Brussels, and Russia to bridge the gap between the European and Chinese approaches towards finding a solution to the Ukraine war. Li stressed that Beijing was encouraging the international community to find the broadest common understandings and contribute to a political settlement to the Ukraine crisis. The visit indicates that there are positive signs of Ukraine slowly warming up to Beijing’s efforts, and there is a certain consensus between Ukraine and China. However, Beijing is a "marginal player" within the European security architecture, so its capacity to underwrite a peace deal in Ukraine is limited. Ukraine's foreign minister told Li that Kyiv would not accept any proposals for ending the war that involved losing territory or freezing the conflict.
German inflation dropped to 6.1% in May, down from 7.2% in April, due to lower energy costs. This marks the third consecutive month of inflation slowing down, with the cost of groceries continuing to rise more quickly than the average. Meanwhile, the European Central Bank (ECB) released a report stating that tighter credit conditions and higher borrowing costs were testing the resilience of eurozone households and businesses. Demand for new mortgages fell sharply in Q1 2023 and the ECB predicts a 'correction' in housing markets with the risk of significantly decreased demand if mortgage rates were to rise. The ECB anticipates another rate hike in June.
German inflation dropped to 6.1% in May, down from 7.2% in April, due to lower energy costs. This marks the third consecutive month of inflation slowing down, with the cost of groceries continuing to rise more quickly than the average. Meanwhile, the European Central Bank (ECB) released a report stating that tighter credit conditions and higher borrowing costs were testing the resilience of eurozone households and businesses. Demand for new mortgages fell sharply in Q1 2023 and the ECB predicts a 'correction' in housing markets with the risk of significantly decreased demand if mortgage rates were to rise. The ECB anticipates another rate hike in June.
The Bank of Canada is expected to make another increase to interest rates this year, after better-than-expected GDP data for the first quarter of 2018. The Canadian economy expanded at an annualised rate of 3.1% in Q1, higher than the Bank of Canada's own projection of 2.3%, as well as the predicted annualised rate of 2.5%. Some economists forecast that the bank could raise interest rates by a further quarter-point as soon as next week, after the data followed a series of indicators showing heated conditions in the Canadian economy. Expectations were raised further after credit market implied rates jumped, with traders predicting an almost 75% chance of a quarter-point rate hike over the summer.
The Bank of Canada is expected to make another increase to interest rates this year, after better-than-expected GDP data for the first quarter of 2018. The Canadian economy expanded at an annualised rate of 3.1% in Q1, higher than the Bank of Canada's own projection of 2.3%, as well as the predicted annualised rate of 2.5%. Some economists forecast that the bank could raise interest rates by a further quarter-point as soon as next week, after the data followed a series of indicators showing heated conditions in the Canadian economy. Expectations were raised further after credit market implied rates jumped, with traders predicting an almost 75% chance of a quarter-point rate hike over the summer.
Spanish strawberry growers have criticised a German boycott attempt that calls for German supermarkets to stop selling "drought strawberries" from the southern province of Andalusia due to an alleged illegal diversion of water to farms all year round. Campact, a German activist group, has targeted farmers near the Donana national park, which scientists warn is already drying out and in danger. More than 150,000 people have signed the petition. However, the growers' association has said that most local farms use efficiency techniques and that most of them are too far from the park for it to affect their watering.
Sixteen children hospitalized in western Canada after fall in historic fort -CBC News
Reuters
23-05-31 17:55
Seventeen people, including 16 children and one adult, were taken to hospital after falling inside Fort Gibraltar in Winnipeg, Canada. The children, all aged around 10 or 11, were said to be in an unstable condition. The cause of the incident is not yet clear, and city officials did not immediately comment.
Three media groups have been barred from attending oil cartel Opec’s meeting in Vienna over the weekend. Officials say Saudi Arabia — which is leading efforts by Opec to raise oil prices — instigated the moves to block reporters from Reuters, Bloomberg News and Dow Jones. No reason has been given for the ban. Opec having discussions with Russia to set policy for the second half of 2021, and any resulting headlines could easily move financial markets as the global economy wrestles with inflation.
Chris Christie, a former New Jersey governor and past adviser to Donald Trump's 2016 campaign, is to declare himself a candidate for the 2024 Republican presidential nomination. Christie re-emerged recently as a critic of the one-term President and is only backed by one percent of Republicans as a preferred nominee, according to a Reuters/Ipsos poll. Christie, 60, was recently a key critic of Trump’s claims that the 2020 election was rigged. His rivals in the party include Trump, Florida Governor Ron DeSantis, former US Ambassador to the UN, Nikki Haley, and businessman Vivek Ramaswamy.
The global aging population will contribute to higher demand for healthcare and strong long-term profits in the medical technology sector. Medical technology stocks, such as Boston Scientific Corp., Medtronic Inc., Becton Dickinson & Co., and Intuitive Surgical Inc. all saw a decline of around 6% in May after a strong earnings reporting season. However, the premium valuation to the S&P 500 that the sector has always commanded is now smaller than prior averages, making medical technology stocks look on sale. The forward price to earnings ratio is 9.5% above the benchmark compared to 20% in April, with analyst Travis Steed arguing that current valuations are not reflective of future profit growth. A picks and shovels investment strategy is recommended to benefit from demography, with medical technology selling the tools needed for increased healthcare demand.
Sherpa carries Malyasian climber to safety in 'very rare' high-altitude Everest rescue
CBC
23-05-31 21:41
A Malaysian climber has been saved by a high-altitude rescue on Mount Everest in a “very rare” operation by Nepali sherpa guides. Gelje Sherpa, 30, was guiding a Chinese client to the mountain’s summit when he spotted the climber struggling in an area known as the “death zone”. Temperatures there can fall below -30 C. Gelje then led the climber from the Balcony to the South Col, where Nima Tahi Sherpa joined the rescue. From there the trio made their way down to Camp III, 4,687 metres lower. The rescuers then used a helicopter to transport the Malaysian to base camp.
