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 […]

Condo resale volume falls for 4th straight month in August, prices continue to rise

SINGAPORE – Condominium resale volume fell for the fourth consecutive month in August, as sales activity typically slows down in the seventh month of the lunar calendar during the Hungry Ghost Festival. However, condo resale prices continue to hold strong, edging up 1.2 per cent for the 25th straight month in August, according to flash […]

Oil prices sink $2 a barrel as markets digest hawkish interest rate-hike cues

NEW YORK (BLOOMBERG, REUTERS) – Oil dropped as traders digested hawkish headlines from United States Federal Reserve officials ahead of chair Jerome Powell’s speech on Friday (Aug 26), exacerbating recessionary fears. Brent crude settled at $99.34 a barrel, shedding US$1.88, or 1.9 per cent. US West Texas Intermediate crude settled at US$92.52 a barrel, losing […]

Carrefour to freeze prices on 100 products to tackle inflation

PARIS (REUTERS) – French supermarket retailer Carrefour says it will freeze the prices on 100 of its products to help French people tackle soaring inflation in the country. Carrefour’s move follows that of other leading French companies which have also taken steps to help the country’s consumers deal with the record inflation, following pressure from […]

Transition to green economy must be orderly to keep inflation in check, job market stable: MAS chief

SINGAPORE – Decarbonising the global economy will induce inflation and trigger a major reset of the labour market, said Mr Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). However, an orderly transition to a greener economy may help keep both inflationary pressures and the disruption in labour markets manageable, he said at […]

Saudi Aramco Q2 profit soars to record $66b on high oil prices, production

RIYADH (BLOOMBERG, REUTERS) – Saudi Aramco has posted the biggest quarterly adjusted profit of any listed company globally, driven by high crude prices and production. Aramco followed big oil rivals reporting a surge in profits. Net income rose to 181.64 billion riyals (S$66.3 billion) in the second quarter, up from 95.47 billion riyals a year earlier, […]