HK's New World Development 'actively engaged' with creditors on loan refinance
June 23 (Reuters) - Hong Kong's New World Development (0017.HK), opens new tab said on Monday that it remains "actively engaged" with its creditors on refinancing of its existing loans and the discussions are ongoing.
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BBC News
25 minutes ago
- BBC News
US asks China to stop Iran from closing Strait of Hormuz
US Secretary of State Marco Rubio has called on China to prevent Iran from closing the Strait of Hormuz, one of the world's most important shipping comments came after Iran's state-run Press TV reported that their parliament had approved a plan to close the Strait but added that the final decision lies with the Supreme National Security Council. Any disruption to the supply of oil would have profound consequences for the global economy. China in particular is the world's largest buyer of Iranian oil and has a close relationship with Tehran. Oil prices have surged following the US' attack, with the price of the benchmark Brent crude reaching its highest level in five months. "I encourage the Chinese government in Beijing to call them (Iran) about that, because they heavily depend on the Straits of Hormuz for their oil," said Marco Rubio had said in an interview with Fox News on Sunday. "If they [close the Straits]... it will be economic suicide for them. And we retain options to deal with that, but other countries should be looking at that as well. It would hurt other countries' economies a lot worse than ours."Around 20% of the world's oil passes through the Strait of Hormuz, with major oil and gas producers in the Middle East using the waterway to transport energy from the region. Any attempt to disrupt operations in the Strait could could send global oil prices skyrocketing. They jumped to their highest since January, with the price of Brent crude reaching $78.89 a barrel as of 23:22 GMT Sunday. "The US is now positioned with an overwhelming defence posture in the region to be prepared for any Iran counter attacks. But the risk for oil prices is the situation could escalate severely further," said Saul Kavonic, Head of Energy Research at MST Financial. The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the in particular buys more oil from Iran than any other nation - with its oil imports from Iran surpassing 1.8 million barrels per day last month, according to data by ship tracking firm analyst Vandana Hari has said Iran has "little to gain and too much to lose" from closing the Strait. "Iran risks turning its oil and gas producing neighbours in the Gulf into enemies and invoking the ire of its key market China by disrupting traffic in the Strait", Hari told BBC News. The US joined the conflict between Iran and Israel over the weekend, with President Donald Trump saying Washington had "obliterated" Tehran's key nuclear sites. However, it's not clear how much damage the strikes inflicted, with the UN's nuclear watchdog saying it was unable to assess the damage at the heavily fortified Fordo underground nuclear site. Iran has said there was only minor damage to Fordo. Trump also warned Iran that they would face "far worse" future attacks if they did not abandon their nuclear Monday, Beijing said the US' attack had damaged Washington's credibility and called for an immediate UN Ambassador Fu Cong said all parties should restrain "the impulse of force... and adding fuel to the fire", according to a state-run CCTV report. In an editorial, Beijing's state newspaper Global Times also said US involvement in Iran "had further complicated and destabilized the Middle East situation" and that it was pushing the conflict to an "uncontrollable state".
Reuters
an hour ago
- Reuters
Bank of Thailand forecast to keep rates steady on June 25, cut in Q3
BENGALURU, June 23 (Reuters) - The Bank of Thailand will pause its easing cycle on Wednesday to preserve limited policy space amid ongoing trade uncertainty and renewed domestic political tensions, according to a Reuters poll of economists who expect a rate cut next quarter. The decision to hold would come despite prices falling 0.57% in May, following a 0.22% decline in April, and economic growth slowing to 3.1% last quarter. More than 60% of economists, 17 of 27, in the June 16-20 Reuters poll predicted the BOT would leave its benchmark one-day repurchase rate (THCBIR=ECI), opens new tab unchanged at 1.75% on June 25. Ten forecast a 25 basis point cut to 1.50%. "Following back-to-back cuts in February and April, the case for further near-term easing has diminished," said Lavanya Venkateswaran, senior ASEAN economist at OCBC bank. "BOT can afford to wait until the impact of the previous rate cuts works itself through the system, while preserving its limited policy space. The onus is now on the government to step up with fiscal policies and trade negotiations to mitigate downside risks to growth," she added. Among those who provided a longer-term outlook on rates, 17 of 24 respondents expected the BOT to cut rates by a quarter point to 1.50% by end-September. Five predicted no change, while two expected rates to be half a point lower by then at 1.25%. Looking further ahead, half of those polled, 12 of 24, expected the key rate to be 1.50% at year-end. While trade talks with the U.S. are underway, a 36% tariff on Thai goods announced in April, but put on hold for 90 days, is looming if no deal is reached before July 9. Renewed domestic political uncertainty could also weigh on the central bank's policy decision-making. The United Thai Nation party - the second-largest partner in the governing alliance - has called for Prime Minister Paetongtarn Shinawatra to step down after just 10 months in office. "It's really hard for the BOT right now because a lot of uncertainty is going on. It's not just the trade but also the domestic political situation, so it's better for them to wait a little bit," said Poon Panichpibool, a markets strategist at Krung Thai Bank. "If the situation gets worse then a 50 basis point rate cut will not be ruled out. I think that would be a better time to use monetary policy," he added. (Other stories from the June Reuters global economic poll)
Reuters
an hour ago
- Reuters
China's Hellobike sets up new robotaxi firm with Ant Group, CATL
BEIJING, June 23 (Reuters) - China's bike-sharing platform Hellobike announced on Monday the setup of a new robotaxi firm jointly with Ant Group and CATL ( opens new tab. The three parties have invested over 3 billion yuan ($417.40 million) in total in the new firm as an initial investment, Hellobike said in a statement. The new firm, registered in Shanghai on Monday, will focus on level 4 autonomous driving R&D, safe applications and commercialisation. ($1 = 7.1874 Chinese yuan renminbi)
