Oil prices of benchmark grades are declining in trading on Tuesday after reaching their highest levels in the last two weeks a day earlier.
At 8:01 a.m., May futures for Brent at ICE Futures Exchange in London stood at $77.8 per barrel, down $0.32 (0.4%) from the previous session’s close. Those contracts rose by $3.13 (4.2%) to $78.12 per barrel at Monday’s trading.
WTI futures for May at electronic trades of NYMEX decreased by $0.04, to $72.77 per barrel. Contracts rose $3.55 (5.1%) to $72.81 a barrel in the previous session.
“The crystal ball, which was clouded by the banking crisis, now shows an opportunity for profit in the oil market,” believes Manish Raj, managing director of Velandera Energy Partners. According to him, “After the disorderly sell-off in mid-March, cooler thinking has begun to prevail as traders see falling oil prices as a good entry point into the market,” MarketWatch reports.
However, analysts continue to fear the possibility of a recession in the U.S. economy, which is weighing on the market, Trading Economics reported.
In 2023-2028, Uzbekistan will implement a project to create a value chain in the fruit and vegetable industry with the participation of the Japan International Cooperation Agency (JICA).
The total cost of the project is $323 million, including:
– a loan from the Japan International Cooperation Agency (JICA) – $200 million;
– the contribution of the Republic of Uzbekistan to the Project in the form of value added tax coverage and customs duty exemptions – $58.3 million;
– contribution of Project participants (loan recipients – Project initiators) – $64.8 million.
The project is being implemented in all regions of Uzbekistan, and its implementation period is 6 years – from 2023 to 2028.
The International Center for Strategic Development and Research in Food and Agriculture under the Ministry of Agriculture of Uzbekistan has been appointed as the executive body responsible for the timely and complete implementation, coordination and management of the project.
Pismennyenny Kyiv Metal Products Plant, PJSC has increased its net profit by 6.1 times compared with the previous year – up to UAH 2.523 mln.
According to the company’s announcement about the annual meeting of shareholders, which will be held on April 28, the undistributed profits at the end of last year amounted to 6.138 mln hryvnia.
At the meeting the shareholders are invited to consider the results of activity in 2022, to update the charter and to decide on profit. It is suggested to leave the profit for 2022 undistributed.
Kiev Pismenny Metal Products Plant previously specialized in the production of metal mesh. Currently, it rents out real estate and provides parking services. The average number of employees in 2019 was 17 people.
According to the NDU as of the fourth quarter of 2022, Oswell International S.A. Limited (UK) owns 42.8712% of the company, individuals Sergei Vakulenko, Natalia Vakulenko and Sergei Popov (all residents) own 9.6495%, 13.8178% and 6.3676% of the PrJSC respectively.
The charter capital of PJSC is UAH 4.138 mln, the par value of the share is UAH 140.
Following the summit of the Organization of Turkic States, the leaders of the member states of the organization decided to establish a Turkic Investment Fund with a capital of $500 million.
The creation of the Turkic Investment Fund will help to solve a whole range of tasks related to the development of the organization’s members. In particular, it is expected that its funds will be used to develop intra-regional trade, finance small and medium-sized business projects, support the expansion of transport and logistics chains, promote the creation and modernization of physical and digital infrastructure, and support development projects in areas of mutual interest, including industrial production, infrastructure, transport, agriculture, information and communication technologies, green economy, and tourism.
The fund will have a president, a board of governors, a board of directors, a CEO, and staff. The President will be appointed by the Board of Governors on a rotating basis for a four-year term without extension or reappointment. The Fund will be headquartered in Istanbul.
The Turkic Investment Fund will operate for 20 years from the date of its inaugural meeting. The Board of Governors may decide to terminate or extend the term of the Fund at any time. In addition, the Board of Governors is authorized to periodically review the adequacy of resources and may decide to make additional contributions.
The Fund will have the status of an international financial organization.
Industrial production in Ukraine in 2022 fell by 36.9%, while in 2021 there was an increase of 1.9%, the State Statistics Service (Gosstat) said on Monday. The agency specified that industrial production in Ukraine decreased by 44.1% in December 2022 against December 2021, while in November the decline was 41.9% and in October – 41.6%.
Last year March was the worst month for the dynamics of industrial production, when after the Russian full-scale invasion it dropped by 53.7%, although in January the growth of 2.9% was recorded, and in February it was 10.1%.
In April the rate of decline decreased to 46.6%, and in May-June – to 40.9%-40.8%, respectively.
In the third quarter, before Russian shelling caused problems with energy supplies, this trend continued: after industrial production fell by 42.3% in July, in August and September it was 39.4% and 39.8%, respectively.
The State Statistics Service specifies that the data does not include the temporarily occupied territory of Crimea and Sevastopol, as well as part of the temporarily occupied territories in Donetsk and Luhansk regions.
By sectors, the statistics agency recorded the largest decline – 41.2% – in the processing industry, while in the extractive industry it was 30.1%, in the supply of electricity, gas and steam – 30.7%.
At the same time, in the extractive industry such indicator provided coal mining (down 7.7%) and gas and oil (down 8.4%), while in the mining of metal ores decline was 61.7% and other minerals and quarrying – 75.1%.
The crisis in the U.S. banking industry has led to a bubble in the segment of money market funds, writes MarketWatch referring to the report of Bank of America Corp.
According to analysts at the bank, over the past four weeks, assets under management of money market funds have grown by $300 billion – more than $5.1 trillion.
In addition, the bank’s experts point to the largest weekly inflows in money market investments since March 2020, the largest six-week inflows in US Treasuries in history and the largest outflows from the investment grade bond market since October 2022.
There was a surge in assets under money market funds in 2008 and 2020. However, at that time, the U.S. Federal Reserve (Fed) was lowering interest rates, not raising them. On March 22, the U.S. regulator reportedly raised the federal funds rate by 25 basis points.
“The stock and bond markets want too much of a rate cut and not enough of a recession,” BofA analysts said.
