FirstFT: Opec, allies sign agreement to increase oil production
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Opec has reached an agreement with its allies to increase oil production as a response to skyrocketing prices. They also set a goal for 2022 to restore all output that was cut in the first days of the pandemic.
Opec+ will initially pump an additional 400,000 barrels per day starting in August. This increase will allow Opec+ to ramp up production by approximately 2m B/d by the end.
Opec+ has announced that it will keep the monthly production increase going into next year. The deal was extended to December 2022, from April 2022. After tight supplies caused oil prices to rise three times in three years, the delayed meeting will result in higher oil production by members.
The modest increase in output is an indication of concern over the strength and stability of global recovery. Covid-19 variants are still emerging. This also indicates that oil producers seem to be relatively content with current crude prices.
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2. Pentagon drones are 8-14 times more expensive than banned Chinese craft
According to an internal memo from the US government, camera drones made by the Pentagon cost more and are less powerful than those manufactured in China. This was according to the Financial Times.
3. Pandemic takes away almost $12bn from Asia’s clothing workers
According to labour rights groups, Asian garment workers were deprived of nearly $12bn of wages and severance payments after international retailers stopped accepting orders and requested price cuts in response to the pandemic.
4. China sells the remnants of Anbang’s empireIn the most recent attempt of state control to disintegrate the high-flying, once wealthy group headed by Wu Xiaohui (jail tycoon) the remains of China’s Anbang were valued at over $5.2bn.
5. Chief of Tokyo Stock Exchange defends corporate governance progressAfter a scandal at Toshiba that was highly publicized, the head of Tokyo Stock Exchange has stood by Japan’s corporate governance progress and rejected claims that a market reform due in next year had been heavily watered-down.
New YorkFor the first time since May, more than 1000 new Covid-19 cases were reported by state in one day.
InTokyoThe number of coronavirus-related infections to the Olympic Games is close to 30.
In spite of the Covid-19 pandemic, more than 80 percent of asset management companies increased their workforce last year.
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Publiated at Sun, 18 July 2021 22.39:57 +0000