Oil Holds Steady After IEA Report
Oil prices rose on Thursday, with encouraging news about coronavirus vaccines and industry data showing a fall in U.S. crude inventories helping underpin sentiment.
Benchmark Brent crude edged up 0.2 percent to $43.88 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up 0.15 percent at $41.52.
Oil prices came off from their day’s highs after the International Energy Agency (IEA) said that global oil demand was unlikely to get a significant boost from the roll-out of the vaccine until well into 2021.
“It is far too early to know how and when vaccines will allow normal life to resume. For now, our forecasts do not anticipate a significant impact in the first half of 2021,” the IEA said today in its closely-watched monthly report.
The Paris-based energy agency now expects world oil demand to contract by 8.8 million barrels per day this year – a downward revision of 0.4 million barrels from last month’s assessment amid a resurgence of Covid-19 infections in the U.S. and Europe.
On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) also revised its demand forecast.
OPEC said in its Monthly Oil Market Report that oil demand this year will likely fall by 300,000 barrels per day compared to last month’s estimate because of rising coronavirus cases.
Bank of England eye's 'strong and simple' rules for small lenders
LONDON (Reuters) – The Bank of England is looking at whether it could introduce a graduated system of capital rules for smaller lenders and building societies, Deputy Governor Sam Woods said on Thursday.
“Moving to a fully graduated regime of this kind would be a major undertaking,” Woods told the City of London’s Mansion House.
South Island parachute crash leaves one dead
One person has died after a powered parachute crash in the South Island.
The crash happened in the rural town of Harihari, in the southwest of the West Coast region.
Police say the incident was reported at 7.41pm and nobody else was involved.
The death will be referred to the Coroner and the Civil Aviation Authority will investigate.
Total Acquires Charging Solutions From Viessmann Group – Quick Facts
Total (TTA.L,TOT) said it has finalized the acquisition from the Viessmann group of Charging Solutions, the subsidiary specialized in Electric Vehicle charging infrastructure of its affiliate Digital Energy Solutions. Total said the integration of Charging Solutions to the Group’s German affiliate, Total Deutschland, is effective since November 1st, 2020. With the acquisition, Total becomes the operator in Germany of a network of a 2,000 charge points installed at private businesses’ locations.
“The ambition of Total is to operate 150,000 charge points in Europe by 2025. The acquisition of Charging Solutions will allow us to accelerate our development on the German market,” said declaresAlexis Vovk, President for Marketing & Services at Total.
China will strive to achieve major tech breakthroughs: President Xi
BEIJING (Reuters) – China will strive to achieve major breakthroughs in key technologies, state media quoted President Xi Jinping as saying on Thursday.
China will build trading platforms for international financial assets, Xi was quoted as saying.
Cellnex Agrees to Buy Hutchison Towers for $12 Billion
Cellnex Telecom SA has agreed to buyCK Hutchison Holdings Ltd.’s European telecommunication towers for around 10 billion euros ($11.8 billion), the biggest ever acquisition by the Spanish mast operator.
Cellnex will make an initial payment of about 8.6 billion euros in cash, with the rest paid with new Cellnex shares, according to filings from the companies. The deal will add around 24,600 new towers to Cellnex’s existing 60,000 sites.
CK Hutchison is the latest mobile network operator to carve out mast infrastructure to cut debt and help pay for costly 5G network upgrades.
Cellnex has grown aggressively through acquisitions since its initial public offering five years ago, and the deal marks its entry into three new markets. The company’s shares have soared as it drew investors with a steady stream of revenue from long-term contracts with phone companies.
Talks over a potential sale were reported byBloomberg last month.
AstraZeneca Cancer Drug Fails to Help Patients With Covid-19
AstraZeneca Plc said its blood-cancer medicine Calquence failed to help patients hospitalized with respiratory symptoms of Covid-19.
The group of patients taking the drug in addition to standard care didn’t show fewer deaths or respiratory failures, the U.K. drugmaker said in astatement. Details of the intermediate clinical trials will be presented in due course, the company said.
The Astra study is one of many programs to evaluate known treatments — from antiviral drugs to plasma from recovered patients — against the pandemic virus. Other disappointments include Sanofi’s rheumatoid arthritis medicine Kevzara.
Astra also has a Covid vaccine candidate under development with the University of Oxford, as well as a potential antibody treatment for the disease.