High prices could deepen demand destruction in energy markets: Expert

SINGAPORE – Energy prices have soared globally this year but could face downside pressure in 2023 as prolonged high prices are expected to deepen demand destruction. This is the view of Mr Saugata Saha, president of S&P Global Commodity Insights, on the sidelines of the Asia Pacific Petroleum Conference, which kicked off in Singapore on Monday. It […]

Singapore economy set for further slowdown as demand deteriorates worldwide

SINGAPORE – Singapore’s economy is set for a significant slowdown in this half of the year with demand for goods and services facing challenges both at home and abroad, analysts said. Rising living costs and higher interest rates are likely to squeeze household and business spending alike, risking growth at both consumer-facing and trade-driven sectors […]

Shipping giant Maersk warns of weak container demand and warehouses filling up

COPENHAGEN (REUTERS) – Shipping group Maersk expects global container demand to fall this year as sales of durable goods come to a “standstill”, leaving flat-screen TVs and furniture piling up in warehouses, the company said on Wednesday (Aug 3). A surge in consumer demand and pandemic-related logjams holding up containers in key ports had boosted freight […]

Supply chains inching back to normal brace for headwinds of softer demand

LONDON (BLOOMBERG) – Supply strains, while still afflicting many consumers and businesses, are becoming more mundane than menacing like they were six months ago, especially in the US. Snarls have eased back from their pandemic peaks and some are already adding less inflationary pressure. But the gradual end of the pandemic-driven supply crunch might give […]

Samsung posts higher Q2 profit on strong server chip demand

SEOUL (BLOOMBERG) – Samsung Electronics reported a better-than-anticipated 21 per cent jump in revenue, assuaging investors’ worst fears about the impact of weakening consumer demand and soaring materials costs on tech giants. The marginal beat offset weaker-than-expected operating profit, reflecting margin pressures from rising inflation. Operating profit growth slowed to its lowest in more than two […]