CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) yesterday said they would lower fuel prices this week after three consecutive weeks of price increases.
The two refiners said in separate statements that they would cut gasoline and diesel prices by NT$0.4 per liter, effective today, as global crude oil prices weakened amid reports that major producers Saudi Arabia and Russia might ease their oil output curbs in the second half of this year.
Rising production in the US has contributed to the market sentiment that crude prices might not climb any higher, CPC said.
The market was last week also roiled by political uncertainty in Italy, Formosa said, which ended on Friday with the appointment of Giuseppe Conte as prime minister.
Local life insurance companies might see revenue growth decelerate this year as salespeople would not be able to make face-to-face contact with their clients due to the COVID-19 pandemic, although more consumers are likely to buy insurance online, the Financial Supervisory Commission said in a report submitted to the Legislative Yuan’s Finance Committee yesterday. Insurers have paid a total of NT$28.96 million (US$955,586) in compensation to people who were hospitalized or whose flights were canceled due to the outbreak, the report said. The figure is not expected to soar, given the slow growth in the number of infections, it said. However, the pandemic
QUICK RECOVERY? One expert said that stocks were showing signs of forming a bottom and that while a recession would be sharp, ‘it may also be the shortest’ Asian equities mostly rose on Friday, with traders buoyed by government and central bank pledges to prop up the global economy as the COVID-19 pandemic sends countries into lockdown. Despite the painful toll the disease has been inflicting on lives and economies, markets were on course to end the week with healthy gains following a barrage of stimulus and monetary easing. While the number of people contracting COVID-19 continues to escalate — the US now has more confirmed cases than China and Italy — the support measures, which the G20 said amounted to US$5 trillion, have given traders hope that the expected
Rio Tinto Ltd yesterday said that it had found several cases where Australia’s biggest mining industry body advocated for thermal coal in contravention of 2015 Paris climate goals, as it released a review of its membership in industry groups. Rio Tinto in April last year laid out its expectations for the industry associations that it funds to ensure that their policy on climate change and energy advocacy was consistent with the miner’s own, as well as the Paris Agreement, which aims to limit global warming to “well below” 2°C. Where there was a lack of cooperation on advocating for those policies, Rio
The US Federal Reserve would provide essentially unlimited lending to support the US economy as long as it is damaged by the COVID-19 pandemic, Chairman Jerome Powell said yesterday. In an interview on NBC’s Today show, Powell said that the central bank’s efforts are focused on helping the economy recover quickly once the threat from the coronavirus has passed. Powell also acknowledged that the economy “may well be” in a recession, but said that this is a unique downturn in that it was caused by efforts to control the disease. The economy itself was strong before the outbreak began, he added. “If