Global demand for oil is expected to rise, helping push oil prices higher [Xinhua]
For the first time in more than three years when oil prices first took a dive, Brent crude hit $71 a barrel on Thursday on news that inventories had fallen again in the US.
US benchmark West Texas Intermediate crude futures rose to $66.53.
Oil markets have been steadily rising since Saudi Arabian-led OPEC agreed to oil production cuts with non-cartel world producers such as Russia.
Russia and the US have traded numerous accusations over the Syrian crisis in recent years [Xinhua]
Kremlin spokesperson Dmitry Peskov has blasted US claims that Russia was involved in an alleged recent chemical weapons attacks in eastern Syria.
“We categorically disagree with the approach of the Americans, who are following the path of derailing real international investigations of previous cases, and prefer to stick labels groundlessly,” Peskov told the press.
The Prime Minister, Shri Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018 [PMO, India]
Irony was a guest at the 48th World Economic Forum on Monday when Indian Prime Minister Narendra Modi took to the stage to deliver a blistering defense of free trade just as the US announced additional tariffs on Chinese solar panels, washing machines, and aluminum and steel exports.
But Modi deftly navigated the increasing protectionist measures taken by the US since US President Donald Trump won the elections.
Sales only rose by 0.8 per cent y/y in the first half of the year
File photo: The Mall of Africa in Midrand, near Johannesburg, South Africa [Xinhua]
In another sign of the recovery in the South African economy, real retail sales soared by 8.2 per cent year-on-year (y/y) in November after a revised 3.5 per cent (3.2 per cent) y/y gain in October according to Statistics South Africa (Stats SA).
Chinese President Xi Jinping (R) and Japanese Prime Minister Shinzo Abe have meet several times in recent years, often on the sideline of global summits, but their territorial disputes over the East China Sea have strained ties [Xinhua]
Japanese Prime Minister Shinzo Abe used his opening speech at the start of Parliament’s regular session on Monday to call for closer ties with China.
He said he wants to work with China to boost infrastructure development in Asia, and refereed to Beijing’s One Belt, One Road initiative.
Afghanistan military forces have been engaged in bitter fighting with the Taliban in recent months [Xinhua]
The Afghanistan Interior Ministry reported on Sunday that at least 19 people had been killed in the attack the previous night on Kabul Intercontinental Hotel.
Six foreigners – including Venezuelans and Ukrainians – were among the dead, but the death toll is feared to rise higher, the local media said.
Other news reports put the number of killed foreigners at 14. At least 12 people are reported in critical condition.
Economic growth forecasts for 2018 have been ratcheted higher as data exceeds expectations
Growth rates in BRICS nations such as China and Russia have exceed expectations of the IMF and other forecasts [Xinhua]
The news that China’s GDP growth in 2017 was 6.9 per cent as opposed to the government target of 6.5 per cent and the January 2017 international Monetary Fund (IMF) projection of 6.5 per cent is merely the latest in a sequence of economic data releases that has pushed economists to play catch-up with economic reality.
Coal is the largest contributor with a 29 per cent share
South Africa ranks as one of the richest countries in natural resources from gold to iron ore [Image: Archives]
South African mineral sales jumped by 14.3 per cent year-on-year (y/y) in October to a record R42.6bn according to Statistics South Africa (Stats SA). Coal was the largest contributor with a 29 per cent share followed by platinum group metals (PGMs) at 18 per cent, gold at 17 per cent and iron ore at 11 per cent.
China is hoping to expand its railway system to more than 40,000kms by 2022 [Xinhua]
China has started construction of a new $4-billion north-south coastal railway network that will significantly shorten travel time between key cities Nantong and Yancheng in the eastern Jiangsu Province.
Expected to be completed by 2022, the railway project is part of the government’s ambitious $438 billion project to upgrade and expand the existing national rail system.
This is part and parcel of the 13th Five-Year Plan (2016-2020) and is considered a key infrastructure project.
Can new Brazil coach Tite turn Brazil’s World Cup fortunes around? [Xinhua]
Three-time World Cup champion and football legend Pele is convinced that the Brazil national team is favorite to win the 2018 Russia World Cup.
In 2014, the Brazilian national team had great players but was criticized for being disorganized, which contributed to the overwhelming final match loss to Germany who went on to win the cup
