Zeetrade News

  Saturday, 15 Aug 2020 02:11 PM MYT China had emerged as a top US crude buyer, taking US$5.42 billion (RM22.7 billion) worth in 2018 before trade tensions brought flows to a near halt. — Reuters pic NEW YORK, Aug 15 — US crude oil shipments to China will rise sharply in coming weeks, US traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war. Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of US crude for August and September, the people said, moves that may ease US concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal. China had emerged as a top US crude buyer, taking US$5.42 billion (RM22.7 billion) worth in 2018 before trade tensions brought flows to a near halt. In January, China pledged to buy US$18.5 billion of energy products including crude oil and natural gas over its 2017 level,

Warren Buffett's Berkshire Hathaway Inc is being hit hard by the coronavirus pandemic, posting a record quarterly net loss of nearly $50 billion. NEW YORK: Warren Buffett's Berkshire Hathaway Inc is being hit hard by the coronavirus pandemic, posting a record quarterly net loss of nearly $50 billion on Saturday and saying performance is suffering in several major operating businesses. Berkshire said most of its more than 90 businesses are facing "relatively minor to severe" negative effects from COVID-19, the illness caused by the novel coronavirus and now punishing the global economy, with revenue slowing considerably in April even at businesses deemed "essential." The BNSF railroad saw shipping volumes of consumer products and coal fall, while Geico set aside money for car insurance premiums it no longer expects to collect. Some businesses cut salaries and furloughed workers, and retailers such as See's Candies and the Nebraska Furniture

Before the health crisis, gold typically traveled around the world on commercial flights. Swiss refiner Valcambi SA tried for five straight days last month to move a shipment of gold out of Hong Kong. Twice the metal was packed carefully onto a plane, only to be offloaded again. After daily attempts and numerous arguments, the gold suddenly arrived in Switzerland without warning, said Chief Executive Officer Michael Mesaric. “We had not even asked for a slot.” The coronavirus crisis has shone a light on a corner of precious metals markets that usually draws little attention: the logistics of transporting gold, silver and other metals across the world. The business is dominated by companies including Brink’s Co., G4S Plc, Loomis AB and Malca-Amit, which link miners and refiners with gold trading and consumption hubs around the world. In normal times, gold bars worth millions of dollars travel the world in the cargo holds of commercial planes, just a few meters from

The U.S. economy is facing the worst contraction in modern history — and a “confidence shock” will make the recovery slow, says one economist.  Frances Donald, head of macro strategy at Manulife, predicts GDP this quarter could shrink by a whopping 20% amid the  coronavirus pandemic .  “We are going to see, without hyperbole, the worst economic contraction in modern economic history. It will be likely double digits,” Donald told Yahoo Finance. “We are not looking for growth to come back online really until the fourth quarter of this year.” The latest jobless claims show more than  4.4 million Americans filed for first time unemployment  last week. Since the spread of the outbreak, more than 26 million Americans have filed for unemployment insurance as companies big and small have laid off or  furloughed employees  and  shuttered commerce . “What worries me as an economist is that we can give people their jobs back when we turn the economy back on. Not all of them but some,” sh

Investors may be ahead of themselves if they’re expecting an economic V-shaped recovery, according to one top strategist. “We've got this epic battle between monetary and fiscal policy on one side, and weak economic earnings, earnings data on the other,” Tony Dwyer, managing director and chief market strategist at Canaccord Genuity, told Yahoo Finance. Dwyer says looking at the yield curve spread between the 2-year and 10-year US Treasury (^ TNX ) can be an indicator not only of when the economy goes into a recession, but when it’s expected to come out of one. “Having a very, very flat yield curve is telling you that the economy is going to be very slow coming out of the recession and that you want to maybe just kind of wait for some of the overbought condition that was created on this relief rally to work itself out,” he added. Dwyer notes the markets went from a “panic mode” in March into the recent relief rally and are now in a “frustration phase” where investors don’t

Thursday, April 30, 2020 Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET.  And so is the recovery. The U.S. economy is in recession. Take a look outside your window and this reality is plain to see. Businesses are closed, traffic is nonexistent. Efforts to contain the spread of the novel coronavirus have resulted in a forced stoppage of economic activity. First quarter GDP  data published Wednesday  confirmed this slowdown. Economic growth contracted at an annualized rate of 4.8% in the first quarter of the year, a drop in activity that marks the largest since 2008. Many economists expect revisions to this data will show an even sharper first quarter drop in the coming months. Second quarter GDP will be more shocking, with economists widely forecasting declines in growth in excess of 30% or 40%. But unlike recessions that result from excesses in the economy, this recession is a choice. “The forceful measures that we as a count