Tag Archives: soaring

High global demand sends Russian Urals crude oil price soaring

Russia’s Ministry of Finance said on Wednesday that the average price for domestic Urals oil benchmark stood at $ 62.50 per barrel in April, which is a 340% increase in annual terms.

According to the ministry, in the first four months of the year the average price for the Russian export oil brand was $ 60.47 per barrel, compared with the average price of $ 41.04 per barrel during the same period of 2020.

Experts say that the price rise was primarily due to the recovery of global demand for fuel and the fulfillment of the terms of the OPEC+ deal. 
Also on rt.com Oil prices rally towards $ 70 as demand outlook improves
The current rise in the price of Russian oil is also due to the peculiarities of its composition, says Viktor Parno, Argus’ vice president for business development in Russia, CIS and Baltic States. He explained to RT Russia that Urals crude is characterized by a high sulfur content, while Brent and American WTI are considered lighter grades.

“From time to time, the market situation develops in such a way that medium-heavy varieties become more popular than light ones. In terms of supply volumes, Urals is now the most demanded oil grade in Europe,” Parno said, adding that the main importers in the region are Germany, Poland, the Netherlands, Belgium, France, and a number of other EU countries.

According to him, China and Japan are also among the major buyers of Russian oil.

For more stories on economy & finance visit RT’s business section

Author: RT
This post originally appeared on RT Business News

Rhinoviruses are soaring in England due to easing of coronavirus restrictions – professor

This post originally appeared on Daily Express :: Health Feed

Many areas of England are bustling once again with retail and hospitality back open for business. Easing the coronavirus restrictions has provided much needed relief after months of being locked down but it has caused a surge in rhinoviruses. The spike is being attributed to schools reopening in March.

Speaking to The Times, Paul Hunter, professor in medicine at the University of East Anglia, explained: “Rhinoviruses, which are the commonest cause of the common cold, have rocketed in the last few weeks.

“Schools and playgroups are where it’s spreading.”

As The Times reported, data from Public Health England shows that the share of tests coming back positive for rhinovirus has risen significantly since January.

For children aged from five to 14, nearly 30 per cent of tests were positive at the beginning of April compared with none in late January and early February.

READ MORE: Covid vaccine side effects: Three ‘unusual’ sites of blood clots on the body – BMJ

According to a recent study published in The Journal of Infectious Diseases, rhinoviruses trigger an interferon response that blocks SARS-CoV-2 (the coronavirus that causes COVID-19) replication.

Interferons are virus-killing molecules produced by our immune system in response to invading pathogens.

It comes as new data suggests one in 40,000 symptomatic cases of coronavirus are now being recorded in the UK.

“We have one of the lowest rates in Europe,” said Professor Tim Spector, who runs the ZOE COVID symptom app which has been downloaded by some 4.5 million Britons.

What are the symptoms of the common cold?

Cold symptoms come on gradually and can include:

  • A blocked or runny nose
  • A sore throat
  • Headaches
  • Muscle aches
  • Coughs
  • Sneezing
  • A raised temperature
  • Pressure in your ears and face
  • Loss of taste and smell.

According to the NHS, the symptoms are the same in adults and children.

Although, as the health body explains, sometimes symptoms last longer in children.

If you have a high temperature, a new, continuous cough or a loss or change to your sense of smell or taste, it could be COVID-19.

Data suggests most people with symptoms have at least one of these symptoms.

If you have any of the main symptoms of COVID-19, you’re advised to get a PCR test (test that is sent to a lab) to check if you have COVID-19 as soon as possible.

You and anyone you live with should stay at home and not have visitors until you get your test result – only leave your home to have a test.

Anyone in your childcare or support bubble should also stay at home if you have been in close contact with them since your symptoms started or during the 48 hours before they started.

Read More

India’s economy may shrink amid soaring Covid-19 cases, analysts warn

Author: RT
This post originally appeared on RT Business News

The latest surge of coronavirus cases in India is likely to drag down Asia’s third largest economy, which has yet to recover from the pandemic-driven slowdown last year, economists say, revising earlier forecasts.

India reported another 323,144 infections over the past 24 hours, bringing the country’s cumulative Covid cases to more than 17.6 million. Some states have introduced partial lockdowns or harsh restrictions, such as curfews.

The first quarter of the fiscal year that begins in April is “clearly going to see a sequential growth hit,” according to Sonal Varma, chief economist (India) at Nomura, as quoted by CNBC. The analyst projects the country’s GDP to shrink by about 1.5% from April through June.

Also on rt.com India’s double-digit growth in doubt amid massive surge in Covid cases

“There is a downside risk to this number, given the extended lockdowns we are seeing across states, but we do still think it’s going to be a double-digit growth for India,” the analyst told the media.

However, the economy may grow only 25% against the fiscal first quarter of last year, as India’s GDP contracted nearly 24% in the same period in 2020.

“We might still be able to eke out a double-digit growth,” Radhika Rao, an economist at DBS, said, echoing Varma’s sentiment.

DBS expects the Indian economy to grow by 10.5% for the full fiscal year that ends in March 2022.

“I might have to bring [my prediction] down by half a percent or a percent in the coming weeks, depending on how restrictive the restrictions are going to be,” Rao said.

Also on rt.com Covid-19 to delay India’s rise to world’s third-biggest economy – Bank of America

She added that “some kind of recovery” is expected to emerge in the July-to-September period: “Last year’s example also showed that, once the numbers start to peak off and recede, economic activity certainly tends to come back because of pent-up savings, because of pent-up demand.”

Rao also pointed out that the current restrictions are more localized, and concentrated on the services side, in comparison with those imposed during the first wave of infections.

“We have enough anecdotal evidence of factories in the state of Maharashtra which are able to operate at 100% capacity despite the lockdowns,” she said.

Maharashtra, where the country’s financial capital, Mumbai, is located, has become the epicenter of India’s second Covid wave.

For more stories on economy & finance visit RT’s business section

Dogecoin: Elon Musk names himself the ‘Dogefather’ ahead of SNL appearance sending cryptocurrency soaring

Author: Alice Peacock
This post originally appeared on World News – breaking international headlines and exclusives | The Sun

ELON Musk has named himself the ‘Dogefather’ ahead of his appearance on SNL, in a tweet which appears to have sent the cryptocurrency soaring.

The price of dogecoin shot up from $ 0.25 to $ 0.30 in less than 15 minutes after Musk posted a cryptic tweet reading: ‘The Dogefather”

Musk is hosting Saturday Night Live next month


Musk is hosting Saturday Night Live next monthCredit: AP
The cryptocurrency is inspired by a meme


The cryptocurrency is inspired by a memeCredit: Alamy

“SNL May 8”

The spike came after a price slump last week, when the meme-inspired cryptocurrency fell after hitting an all-time high, Reuters reported.

Supporters of the cryptocurrency used hashtags to fuel a rally, bumping up the price of dogecoin, until it eventually lost steam.

This recent spike pushes the value of the currency back towards the record highs that it experienced earlier this month.

It was announced on Saturday that Musk would be hosting Saturday Night Live next month – with Miley Cyrus as the musical guest.

The 28-year-old singer announced the news with just an image of their names on the SNL cork board.

The official Saturday Night Live Twitter account soon shared the image and added a caption of three spaceships.

Fans were shocked to learn the Tesla CEO would be headlining the long-running sketch show.

One fan wrote to SNL on Twitter: “April Fool’s Day was like three weeks ago.”

Another begged: “Guys please this better be a joke.”

A third upset fan tweeted: “Imagine ruining a great season with this and thinking it’s a good idea!!!!”

Others called for the NBC show to change its mind and remove Elon from the schedule.

Musk’s recent tweet suggested that he planned to discuss dogecoin during his feature on the show next month.

While the SpaceX founder reportedly does not have significant holdings of dogecoin, he has been known to post about dogecoin on Twitter, often prompting its value to increase.

The virtual “money” started as an internet parody more than seven years ago, according to CNN, but has since become a legitimate digital currency.

Jackson Palmer, an Australian marketer, made a joke about combining cryptocurrency and the Doge meme in 2013, but that joke has taken on a life of its own: its market cap is now over $ 17 billion.

Dogecoin is simply a digital coin with a picture of dog on it, according to CNET. That dog is the subject of an internet meme of a Shibe with an “inner monologue” featuring phrases like “so scare,” “much noble,” and “wow.”

In January, Musk noted that his posts about dogecoin are “just meant to be jokes”.

But they clearly have a real impact on the value of the cryptocurrency.
In response to his tweet, several people replied with various memes of Musk with “Doge” and with phrases like “Dogerise” and “Doge taking over the world!”

“Anything Musk tweets about shoots higher because he has such a strong following both on social media and as a businessman,” Neil Wilson, chief market analyst at Markets.com, told Yahoo! Finance in February.

“People will literally invest in him and his ideas, and don’t care what the fundamentals are.”

Musk tweeted quite a bit about Dogecoin in February, posting comments like, “dogecoin is the people’s crypto,” “No need to be a gigachad to own,” and, “No highs, no lows, only Doge.”

Following that flurry of tweets, the price of dogecoin surged more than 50 percent.

The price of dogecoin surged more than 50 per cent after a flurry of tweets from Musk in February


The price of dogecoin surged more than 50 per cent after a flurry of tweets from Musk in FebruaryCredit: The Mega Agency

India’s soaring demand for gold could boost price of precious metal

The world’s second-biggest consumer of gold, India, ramped up imports of the metal by 471% from a year earlier to a record 160 tons in March, Reuters reported, citing a government source.

According to the source, the country purchased a record 321 tons of gold in the first quarter, up from 124 tons a year ago. In value terms, imports surged to $ 8.4 billion from $ 1.23 billion, the source said. 

Analysts predict that higher imports by one of the world’s top bullion consumers could support benchmark gold prices, which have corrected nearly 17% from an all-time high of $ 2,072 in August 2020. 

Imports grew after a reduction in taxes, and the correction in prices from record highs drew retail buyers and jewelers alike. In February, India slashed import duties on gold to 10.75% from 12.5% to boost retail demand and curtail smuggling. 
Also on rt.com India considers over $ 1 billion in cash incentives for every chip maker setting up in country – media
Jewelers started building inventories after seeing robust retail demand, said an unnamed Mumbai-based bullion dealer with a gold importing bank. “Throughout the month, gold was trading at a premium because of jewelry demand,” he was quoted by the agency as saying, adding that, in April, imports could fall below 100 tons, as jewelers were raising concerns that the government could impose a lockdown to stop the rise in Covid-19 infections.

For more stories on economy & finance visit RT’s business section


Traffic jam at Suez Canal sends global shipping costs soaring

Costs of overseas shipments are rapidly rising, as the massive container ship wedged in the Suez Canal is holding up billions of dollars-worth of goods, forcing logistics firms to reroute cargos away from the crucial waterway.

The traffic jam has trapped freighters with goods and oil products worth over $ 10 billion, according to the latest estimates by Bloomberg. The agency added that the losses the global economy will eventually sustain are currently difficult to access.

The cost of delivering a standard dry-cargo container with a total intake of 67.7 cubic meters is currently standing at $ 8,000, which is reportedly four times as much as the same shipment cost a year ago.
Also on rt.com Why blockage of Suez Canal could have rollover effect on oil price
If the 193-kilometer long waterway remains blocked for several more weeks, all the tankers carrying crude and petroleum products from the Middle East to Europe will have to take alternative routes around the Cape of Good Hope. This forced measure will extend the route by nearly 10,000 kilometers, increasing the costs of those shipments by at least $ 300,000.

All in all, there are about 185 vessels waiting to transit the Suez Canal, Bloomberg’s data shows. According to separate estimates, published by Lloyd’s List, the traffic jam provoked the halt of $ 9.6 billion-worth of daily marine traffic. The journal suggests that westbound traffic is worth around $ 5.1 billion per day, while the value of eastbound traffic is hovering around $ 4.5 billion.

For more stories on economy & finance visit RT’s business section


With inflation soaring, bottom will fall out of US dollar & gold will go through the roof, Peter Schiff tells Boom Bust

The Covid vaccine rollouts and stimulus optimism lifted stock markets this week while gold prices have taken a hit as volatility has begun to wane.

Peter Schiff of Euro Pacific Capital joins Boom Bust with analysis of the recent price movement for the precious metal and the US economic recovery.

“The markets still believe the Fed that it will be able to contain the inflation problem before it really runs out of control,” says Schiff, adding: “So, it’s the expectation that the Fed is going to fight inflation by raising rates, that’s what’s pressuring gold.”

However, the markets are wrong, the veteran stockbroker says, explaining: “The Fed is not even going to attempt to fight inflation, it’s going to surrender. Inflation is going to win without a fight. And when the markets realize that the Fed is all bark no bite and that inflation is going to be an even bigger problem that is going to be uncontrollable, then the bottom’s going to fall out of the dollar and gold’s going through the roof.”

For more stories on economy & finance visit RT’s business section


Hourglass running out: Sand becoming scarce world over due to soaring demand

The world’s most consumed raw material after water and an essential ingredient to people’s everyday lives is slipping through our fingers, scientists warn. Sand may become a scarce resource due to high demand, they say.

“We just think that sand is everywhere. We never thought we would run out of sand, but it is starting in some places,” a climate scientist with the United Nations Environment Program (UNEP) Pascal Peduzzi said during a webinar hosted by the Chatham House think tank.

“It is about anticipating what can happen in the next decade or so because if we don’t look forward, if we don’t anticipate, we will have massive problems about sand supply but also about land planning,” he added.

Peduzzi, who is the director of UNEP’s Global Resource Information Database in Geneva, Switzerland, described the global governance of sand resources as “the elephant in the room.”

“Is it time for panicking? Well, that will certainly not help, but it is time to take a look and change our perception about sand,” he said as quoted by CNBC.
Also on rt.com Countries around the world spent over $ 13 TRILLION to combat Covid-19 pandemic – report
According to Peduzzi, sand use could only be measured indirectly via a “very, very good” correlation between the use of sand and cement.

The UN estimates that 4.1 billion tons of cement is produced every year, driven primarily by China, which accounts for almost 60 percent of today’s sand-fueled construction boom.

Statistics show that it takes ten tons of sand to produce every ton of cement. This means that, for construction alone, the world consumes roughly 40 to 50 billion tons of sand on an annual basis. The amount is enough to build a wall 27 meters high by 27 meters wide that wraps around the planet every year.

The global rate of sand use has tripled over the last two decades, partially due to surging urbanization and industrialization. It far exceeds the natural rate at which sand is being replenished by the weathering of rocks by wind and water.

UNEP has previously warned of thriving “sand mafias,” saying that groups consisting of builders, dealers and businessmen are known to be operating in countries such as Cambodia, Vietnam, Kenya and Sierra Leone.

For more stories on economy & finance visit RT’s business section