Longines watches new Asian clients eyeing classics
ZURICH (Reuters) – Swiss luxury watches maker Longines said affluent but price-conscious Asian shoppers were snapping up its old-style timepieces, helping it weather a sharp slowdown in China which is shaking much of the luxury industry.
A logo is pictured on a wrist watch of Swiss watch maker Longines at the company headquarters in Saint-Imier September 27, 2012. REUTERS/Valentin Flauraud
“We are not suffering at all,” Chief Executive Walter von Kaenel said in an interview with Reuters on Thursday, sounding an optimistic note amid much recent industry gloom.
British fashion house Burberry’s BRBY.L profit warning, which rattled the luxury sector earlier this month, was the clearest indication to date that all is not well in the industry which has weathered the financial crisis better than any other sector, thanks to unbridled demand from Asia.
Since the warning, shares in Burberry and its rivals LVMH LVMH.PA, Richemont CFR.VX and Hermes HRMS.PA have been under pressure, although they remain well ahead of their pre-financial crisis peaks, with the last three hitting all-time highs this year.
Longines’ parent Swatch Group UHR.VX, the world’s largest watchmaker, had been among the first to warn of a slowdown in China’s high-end segment, but according to von Kaenel, Longines – which has been present in China for many decades – was not affected.
“They (the Chinese) want classical watches, they want sizes adjusted to their wrist … and at a reasonable prices,” von Kaenel said.
Longines watches with the famous winged hourglass logo, the oldest registered trademark in the watch industry, typically sell for 1,000 to 4,000 Swiss francs.
Von Kaenel also said that his and Longines’ approach of never experimenting or following fashion trends was in keeping with what Chinese customers had come to expect from the brand, which was celebrating its 180th anniversary this year.
“They don’t like changing their models,” he said.
Neither does Longines, it seems. The group’s Lindbergh Hour Angle watch – which was designed in 1931 based on the ideas of U.S. aviator Charles Lindbergh, the first man to fly solo across the Atlantic – has yet to come to the end of its production run.
Von Kaenel said Asia accounts for more than half of the group’s total sales, but the United States – where Longines has had a presence for more than 70 years – remains a crucial market. The brand is strongly associated with U.S. sports.
For many years the Longines name was on display on the analogue clocks topping scoreboards in stadiums thoughout the country such the old Yankee Stadium in New York. The watchmaker is a prominent sponsor of tennis and equestrian events, and is the official timekeeper of the Kentucky Derby.
“Only when we stopped selling movements in the U.S. and started selling watches did we become a truly global brand,” von Kaenel said. “To stay No. 1 in the U.S. is still the name of the game,” he added. (Reporting by Andrew Thompson; Editing by Richard Chang)
Asian stocks sink as investors watch for US jobs data
By Joe McDonald | Associated Press
BEIJING — Asian stock markets sank Friday after Wall Street rose to a high as investors waited for U.S. jobs data for an update on how coronavirus flareups are affecting the biggest global economy.
Shanghai, Hong Kong and South Korea retreated. Tokyo was up less than 0.1%.
Wall Street’s benchmark S&P 500 index gained after investors were encouraged Thursday by a decline in U.S. unemployment claims. They were watching for Friday’s monthly employment report for an indication of how new disease flareups and renewed anti-disease curbs might be affecting hiring and wages.
“The jobs report will be the key highlight to end the week” amid conflicting market indicators that “put more uncertainty” on whether hiring expectations can be met, said Yeap Jun Rong of IG in a report.
The Shanghai Composite Index lost 0.6% to 3,444.19 while the Hang Seng in Hong Kong shed 0.4% to 26,093.53. Chinese stocks have been hurt by a spate of anti-monopoly and data security campaigns launched by Beijing against tech companies.
The Nikkei 225 in Tokyo added less than 0.1% to 27,744.24 after Japanese labor cash earnings edged lower in June for the first time in four months.
The Kospi in Seoul lost 0.3% to 3,265.92 and the ASX-S&P 200 in Sydney was little-changed at 7,510.90. New Zealand declined while Singapore and Indonesia advanced.
On Wall Street, the S&P 500 rose 0.6% to 4,429.10. The Dow Jones Industrial Average gained 0.8% to 35,064.25. The Nasdaq climbed 0.8% to 14,895.12.
Tech, retailing and consumer stocks rose. Banks gained as bond yields rose, giving them room to charge more for loans. Health care and materials stocks fell.
On Thursday, the Labor Department reported last week’s unemployment claims fell by 14,000, adding to hopes for recovery in the labor market. That followed a weak report from payroll processor ADP on Wednesday showing the private sector added jobs at a slower pace than expected in July.
In energy markets, benchmark U.S. crude rose 8 cents to $69.17 per barrel in electronic trading on the New York Mercantile Exchange. The contract added 94 cents on Thursday to $69.09. Brent crude, the price basis for international oils, gained 8 cents to $71.37 per barrel in London. It advanced 91 cents the previous session to $71.29.
The dollar rose to 109.86 yen from Thursday’s 109.76 yen. The euro fell to $1.1824 from $1.1836.
Illinois tackles anti-Asian hate with the TEAACH Act
(L to R) Marina Thao, Pakou Vang, and Nou Thao joined hundreds of people in Horner Park on Chicago’s Northwest Side for a rally against anti-Asian hate crimes on March 26, 2021. The rally was in response to a rise in anti-Asian hate incidents, including the killing of six Asian women during a mass shooting at several Atlanta-area spas the previous week.
Update (June 1): The Illinois House passed the TEAACH Act on May 31 with a bipartisan vote of 108-10. The bill has been sent to Gov. J.B. Pritzker’s desk for approval.
Update (July 9): Gov. J.B. Pritzker signed the TEAACH Act into law on July 9 at Niles West High School, making Illinois the first state to require a unit of Asian American history to be taught in public schools.
Illinois is poised to become the first state to require that public schools teach their students the history of Asian Americans, who have endured an increase in anti-Asian hate crimes amid the Covid-19 pandemic.
Investigations that expose, influence and inform. Emailed directly to you.
The Illinois Senate passed the Teaching Equitable Asian American Community History Act, known as the TEAACH Act, by a unanimous vote of 57-0 on Tuesday. The legislation, introduced in January by Illinois State Rep. Jennifer Gong-Gershowitz, D-Glenview, passed the state House in April. The House has to approve a Senate amendment before it will head to Gov. J.B. Pritzker’s desk for his signature.
The bill would require every elementary and high school in the state to devote a unit of curriculum to the history of Asian Americans in the United States, including in Illinois and the Midwest. School districts would have until the start of the 2022-2023 school year to comply.
The TEAACH Act requires schools to include in U.S. history courses the role that Asian Americans have played in advancing civil rights and highlight their contributions to the country’s development.
State Sen. Ram Villivalam, D-Chicago, who sponsored the bill in the Senate, said education is one part of a “multipronged” strategy to tackle the rise in discrimination against Asian Americans and Pacific Islanders. Addressing the issue will also require better hate crime reporting, more representation in government, and training people to be better bystanders who intervene when they witness anti-Asian harassment, he said.
Craig Miller/Senate Democrats
Illinois Sen. Ram Villivalam — the first Asian American in the Illinois Senate — said laws like the TEAACH Act can help deter anti-Asian hate crimes and dispel the model minority myth that all Asian Americans are successful.
“We are also minorities,” said Villivalam, who is Indian American. “We need to make sure that our issues are also being taken in that same lens [as other minorities] and we stand together in solidarity.”
The TEAACH Act’s backers expressed hope that the legislation could help combat stereotypes and ignorance about Asian Americans that they said dehumanize and marginalize the group and create an environment in which acts of hate and violence against Asian Americans are accepted.
The bill gained momentum in the aftermath of a series of mass shootings, first at several Atlanta-area spas in March that killed eight people, including six Asian women, then at a FedEx facility in Indianapolis in April that killed four members of the Sikh community.
“Unfortunately, this really stark rise in anti-Asian violence has played a role in people’s willingness to take action,” said Grace Pai, director of organizing at Asian Americans Advancing Justice | Chicago, which helped draft the legislative language, worked closely with the bill’s sponsors, and coordinated outreach efforts.
If the TEAACH Act is signed into law, the superintendent of the Illinois State Board of Education could prepare free teaching materials for local school boards to use in developing curricula about Asian American history. But the bill leaves most of the details up to individual districts and schools.
One of the bill’s sponsors is Illinois State Rep. Theresa Mah, D-Chicago, who became the first Asian American elected to the Illinois General Assembly in 2016. Mah was also one of the first Asian American studies professors at Northwestern University, after students went on a hunger strike to demand the creation of an Asian American Studies Program in the 1990s.
Mah said she hopes teaching Asian American history in schools will help dispel the stereotype of Asian Americans as perpetual foreigners. During debate about the bill, she shared a story about sitting outside the Faneuil Hall Marketplace in Boston, when a group of middle-school-aged kids passed by and one of them asked, “Who are the Ching Chongs?” while the others laughed.
“Asian Americans tend to experience this othering,” she said. “People see us as not belonging to the country, not ‘real’ Americans.”
‘Forever foreigners’ or a ‘model minority’
Community members gathered for a rally at Horner Park on March 26, 2021 in response to a rise in hate incidents against Asian Americans and Pacific Islanders. “Unfortunately, this really stark rise in anti-Asian violence has played a role in people’s willingness to take action,” said Grace Pai, director of organizing at Asian Americans Advancing Justice | Chicago.
Sohyun An, a professor of social studies education at the Kennesaw State University whose work is grounded in critical race theory, said the way that schools teach Asian American history has real-world implications.
In 2016, An examined how Asian American history is taught in 10 states and found that history lessons about Asian Americans tend to focus almost exclusively on early Chinese immigrants and Japanese internment camps during World War II. These lessons reinforce stereotypes about Asian Americans as “forever foreigners” and teach students that Asian Americans are “an economic and military threat to the United States,” An said.
These racist stereotypes of Asian Americans fueled the rise in anti-Asian violence during the pandemic, she said.
“What’s being written in class, what’s being included or not included — or when they’re included, how they’re being represented — it’s not just a scholarly or academic debate,” An said. “It’s a life-and-death issue.”
Albert Chan, a history teacher in Skokie, a Chicago suburb, said a close read of American history shows that events such as the Atlanta-area shootings or the anti-Asian hate stoked by former President Donald Trump are nothing new. Since the 1800s, Asian Americans have been depicted as dirty and carrying diseases, and Asian women as sex workers, Chan said. Such characterizations have been used to stoke resentment against Asians living in America that has erupted into violence before.
“It’s a resurgence of those old stereotypes,” he said, “that now explode into these acts of violence against Asian people.”
An said what’s often missing in school curricula are lessons highlighting the history of Asian Americans fighting for civil rights, including the 1965 Filipino farmworker unionization, the 1885 California Supreme Court decision in Tape v. Hurley that desegregated schools for Chinese Americans, and the Yellow Power Movement of the 1970s. Instead, Asian Americans are depicted as a “successful, hardworking, law-abiding, compliant minority,” which serves to erase their long history of resisting oppression, An wrote in an article in the journal Theory & Research in Social Education.
Education scholars call the lack of representation and accuracy in curricula “curriculum violence.” An said the phrase refers to the ways that lack of representation in school “kills the spirit and humanity of nonwhite youth” and sends a message to white students that others are racially inferior and unworthy of this country.
“The dominant white group [is] using the model minority myth to control minority groups who are suffering under a white supremacist system,” An said. “They are pitting minority groups against minority groups, so they are fighting each other when they should be united to fight against this whole system.”
Skokie teacher offers a model for Asian-American history
Though the TEAACH Act doesn’t dictate exactly how Asian American history must be taught in Illinois schools, Chan’s class at Niles North High School could be a model.
Starting from the first Filipinos who set foot in America in 1587, Chan covers the mass migration of immigrants from various Asian countries, looks at laws that discriminated against them, and ends with Asian American activist movements. In his lessons, he unravels how Asian Americans have struggled to assimilate and survive in America, covering identity, stereotypes, and critical race theory.
Chan first proposed an Asian American studies course in the north suburban school district in 2005, but it took until 2017 for Chan and a fellow teacher to generate interest and convince school administrators to approve a pilot class.
Since then, the class has become a staple, with 40 students at Niles North taking the course this school year. Since 2019, Chan has also taught the course at Niles West High School.
“If you don’t have access to people, knowledge, culture, all of the things that make you ‘foreign’ become normalized,” Chan said. “The same is true when [students] see a lack of representation and invisibility of themselves and their people in the curriculum; they internalize that.”
Betty Huynh, a 17-year-old student at Niles North, said taking Chan’s Asian American studies course helped her contextualize and validate her lived experience of feeling like an outsider while simultaneously feeling the need to assimilate and stay within a box of Asian stereotypes that society imposed on her.
Courtesy of Betty Huynh
Betty Huynh, a 17-year-old Niles North High School student helped organize to pass the TEAACH Act. Huynh said taking an Asian American Studies class helped validate and contextualize her lived experience as an Asian American.
One time in summer school, she remembers other students asking why she was taking extra math classes—because “Asians are supposed to be good at math.”
In high school, she has felt an immense pressure to be a good student. There were moments in which students hovered over her shoulder because they thought she had the right answers to an assignment and yanked the paper from her hands, Huynh said.
She ignored these microaggressions growing up because her parents would say, “Don’t talk about it, don’t tell anyone about it because we’re in America. And it’s not really our country. And so we have to obey by their rules because we’ve been given this opportunity,” she said.
“When I started taking Asian American studies, I finally realized that I’ve ignored a lot of things growing up,” Huynh said.
Hunyh and other students who took Chan’s class organized with the HANA Center, a community organization focused on empowering Korean American and multiethnic immigrant communities, and lobbied to help get the TEAACH Act passed. They spoke to different student groups about the bill, collected witness slips, and successfully encouraged some of their state representatives to sign on as co-sponsors of the bill.
Courtesy of Zaina Anawarla
Zaina Anarwala, a senior at Niles North who organized in support of the TEAACH Act, said it’s important for students to see themselves in the material they’re being taught. She said learning about others can help bridge a disconnect between communities.
Zaina Anarwala, a senior at Niles North, said she thinks the bill will reduce anti-Asian bias by teaching students about different groups of Asian Amerians and “humaniz[ing] them.”
“I think it’s really easy to direct your hate towards a group of people that you don’t know about,” Anarwala said.
Huynh said she advocated for the TEAACH Act because she wants to educate others about how Asian Americans have been placed on a pedestal as exemplary minorities, when the reality is that they don’t fit into that stereotyped image. Since organizing, she said, she is no longer afraid to voice her opinion.
“I never understood why I always felt different or like I didn’t belong,” Huynh said. “Now I know how to be in control of my life and understand what it means to be Asian American.”
This article was produced in partnership with Report for America.
Correction: A previous version of this story misstated Zaina Anarwala’s grade in school.
Investigations that expose, influence and inform. Emailed directly to you.
Heart of Asia Summit: World watches India and Pakistan in Tajikistan, India News News
As key stakeholders on the situation in Afghanistan gather in Tajikistan this week, focus will be on the country once ruled by Taliban. Heart of Asia summit is taking place in Tajikistan. This is a conference to promote peace in Afghanistan.
But all eyes will be on the foreign ministers of India and Pakistan. They’ll come face to face at the summit.
After the ceasefire at the border, speculation is high. Many say a pull-aside is possible.
The Heart of Asia Summit began in 2011. It is a forum for leaders of Afghanistan and its extended neighbourhood to gather and discuss their differences and disputes.
But this year, the focus has shifted. While Afghanistan will still be discussed, there is intense speculation over a possible meeting between the leaders of India and Pakistan.
India’s External Affairs Minister S Jaishankar is in Dushanbe.
Pakistan’s Foreign Minister Shah Mahmood Qureshi is also participating.
Reports say that Islamabad is pushing for talks. The odds stack in favour of talks.
There have been hints and developments in the past two months. First, India and Pakistan reaffirmed their commitment to honour the ceasefire on the Line of Control.
Then Pakistan’s Army Chief made clear overtures. Gen Qamar Javed Bajwa said it’s time to bury the past and move forward. New Delhi still maintains terror and talks can’t go together.
But India’s Prime Minister Narendra Modi recently penned a goodwill letter to his counterpart in Pakistan, Imran Khan. The letter said that India desired cordial relations with the people of Pakistan.
And for this, an environment of trust, devoid of terror and hostility, is imperative.
Beyond Pakistan, minister Jaishankar has a packed schedule. He met with Iranian Foreign Minister Javad Zarif. They discussed progress on the Chabahar port.
Also in focus will be the Afghan peace deal. Key stakeholders Iran, Russia, Turkey and China will be present.
India can gauge if the peace deal will hold.
The US Is looking for an exit. India has stakes in Afghanistan.
The Heart of Asia Summit is a good platform to assess the situation and make its voice heard in the peace process.
Welcome to BALL Watch – Distribution & Service Center
Subscribe to the latest news on exclusive products BALL
Choose your location Australia Austria Azerbaijan Albania Algeria Angola Andorra Antigua and Barbuda Argentina Armenia Aruba Afghanistan Bahamas Bangladesh Barbados Bahrain Belize Belarus Belgium Benin Bulgaria Bolivia Bosnia and Herzegovina Botswana Brazil Brunei Burkina Burkina Faso Burundi Hungary GABANESE TIME Guatemala Guinea Guinea-Bissau Germany Honduras Hong Kong SAR Grenada Greenland Greece Georgia Denmark Democratic Republic of the Congo Djibouti Dominica Dominican Republic of Egypt Zambia Zimbabwe Yemen Israel India Indonesia Jordan Iraq Iran Ireland Iceland Spain Italy Cape Verde Kazakhstan Caymania Kamatian Islands Cambodia Cambodia China Taiwan, China Colombia Comoros Democratic People’s Republic of Korea Costa Rica Ivory Coast Cuba Kuwait Laos Lat via Lesotho Liberia Lebanon Libya Lithuania Liechtenstein Luxembourg Mauritius Mauritania Madagascar SAR Macau Malawi Malaysia Mali Maldives Malta Morocco Marshall Islands Mexico Micronesia Mozambique Moldova Monaco Mongolia Myanmar Namibia Nauru Nepal Nigeria New Emirates Nigeria Pakistan Netherlands Nica Peru Poland Portugal Republic of Haiti Republic of Cyprus Republic of the Congo Republic of Korea Republic of Macedonia Russia Rwanda Romania El Salvador Samoa San Marino Sao Tome and Principe Saudi Arabia Swaziland Seychelles Senegal Saint Vincent and the Grenadines Saint Kitts and Nevis Saint Lucia Serbia Mienart Singapore Sint Syria Slovakia Slovenia United States of America Solomon Islands Somalia Sudan Suriname Sierra Leone Tajikistan Thailand Tanzania Togo Tonga Trinidad and Tobago Tuvalu Tunisia Turkmenistan Turkey Uganda Uzbekistan country Ukraine Uruguay Fiji Philippines Finland France Croatia Central African Republic Chad Montenegro Czech Republic Chile Switzerland Sweden Sri Lanka Ecuador Equatorial Guinea Eritrea Estonia Ethiopia South Africa South Sudan Jamaica Japan Other
|Subscribe to news|
Your personal data will only be processed to send you our news.More information is available in our Privacy Notice.
90,000 The head of Yekaterinburg launched a countdown clock before the start of the marathon “Europe
Head of Yekaterinburg – Chairman of the Yekaterinburg City Duma Yevgeny Roizman launched a countdown clock before the start of the Europe-Asia international athletics marathon, which will take place exactly 100 days later.
The clock was installed at the monument to V.N. Tatishchev and G.V. de Gennin , near the water tower.The timer shows the number of days, hours, minutes and seconds before the start of the competition and the Russian Cup in marathon running on the 1905 square on August 6, 2017. The design is decorated with the logo of the marathon and the sponsors of the race.
The opening of the clock brought together amateur athletes from the city’s running clubs, as well as the leaders of the Athletics Federation of the Sverdlovsk Region and renowned track and field coaches. The ceremony was attended by the champion of the Sverdlovsk region in marathon Oleg Kulkov .
“We expect that this year the Yekaterinburg marathon will be even more massive than the two previous years. All diplomatic missions located in the Ural capital will take part in the competition, we are waiting for a delegation of athletes from more than a hundred cities of Russia, including heads of cities and deputies from all over our country. For the second year in a row, the Athletics Federation entrusts Yekaterinburg with the organization of the Russian Cup in marathon running, which means that marathon athletes of our country and leading foreign athletes will take part in the competition “, – said, opening the clock, Evgeny Roizman .
The marathon race in August 2017 will become the third international track and field athletics marathon “Europe – Asia” in Yekaterinburg. Last year, the competition brought together more than five thousand participants from 45 regions of Russia and 17 countries of the world. The head of Yekaterinburg also covered the marathon distance with a result of 4 hours 29 minutes. This year he intends to take part in the competition again.
Interesting? Tell your friends!
Asia oil products: Q1 outlook and factors to watch
The Asian oil products market started the first-quarter amid expectations that gasoline, naphtha and gasoil markets could face some downward pressure, while the fuel oil market could see some tightness in supplies.
Not a member yet?
Receive daily email notifications and subscriber notes and personalize your content.
The following are some of the factors that market participants said might influence various Asian oil products in Q1, 2019.
The Asian gasoline markets is likely to remain under downward pressure as prospects of a recovery in regional demand remain uncertain.But China’s decision to reduce gasoline export quotas could help to limit the downside. China has awarded 5.19 million mt of gasoline export quotas in its first round for 2019, down 20.8% from the first round in 2018. On the demand side, Indonesia’s purchasing power has been hit by a depreciating rupiah.
Some market participants highlighted potential bright spots, which could support prices. March will likely witness some refinery turnarounds and maintenance. Others are looking towards the Middle East for some support as demand in the Arab Gulf is pegged to remain healthy in Q1.The FOB Singapore 92 RON gasoline crack against front-month February ICE Brent crude futures fell to a near seven-year low of minus $ 1.56 / b on December 5. While the crack inched upwards towards the end of the year, concerns over persistent oversupply kept cracks firmly in negative territory for most of December.
The Asian naphtha market looks set to face downside pressure in Q1 as key producers in the Middle East and Southeast Asia move to ramp up production.ADNOC’s coker unit that started up in September at Ruwais West refinery will add 300,000 mt / year of naphtha production. Bahrain National Gas has started operations at its third 350 MMcf / d Central Gas Plant, which is slated to double Banagas’ annual naphtha exports to 360,000 mt. Malaysia’s 300,000 b / d Refinery and Petrochemical Integrated Development, or RAPID, is expected to start up in Q1.
Some 1.5-1.8 million mt of arbitrage naphtha supplies from the US and Europe would reach Asia in January.Additional supplies will also come from Australia, from where Japan’s Inpex is expected to load plant condensate from the new Ichthys LNG project. However, with Saudi Aramco planning to take the 225,000 b / d condensate splitter at the Ras Tanura refinery offline for a turnaround in January, the net length brought over from December will likely shrink. The East / West naphtha swap inked the highest level in nearly three years at plus $ 26 / mt on December 4.
The direction of the Asian LPG market will largely hinge on relations between the US and China and developments on Iran sanctions.China’s tit-for-tat action in imposing higher tariffs on US LPG have largely halted imports and created a two-tier spot market – a Middle East market, which is in line with prevailing market conditions, and a US market that carries a discount to Middle Eastern cargoes. This is expected to continue in early 2019 as Chinese importers seek alternative cargoes from the Middle East and Africa, while Asian buyers absorb US cargoes.
Indonesia, South Korea and Japan, which continue to take US tons, will be watching if the current cold Western winter will persist through Q1 and prompt cargo cancellations.With Iranian exports constricted since the November 4 US sanctions, Chinese demand will lean more heavily on other major Middle East producers. The market structure for January / February is wavering between a slight contango and parity, while February / March and March / April are around a backwardation of $ 6 / mt and $ 12 / mt, respectively. Sentiment during the cold season has turned slightly bullish amid expectations of improved demand and concerns over a possible supply squeeze.
The Asian gasoil market heads into Q1 amid surplus availability and weak demand.Sentiment has turned bearish on high levels of gasoil export quotas from China. In addition, China’s domestic demand for gasoil has slowed, with construction projects and agricultural activities cooling because of seasonal winter weather. The Chinese Lunar New Year period could further stall any recovery in demand.
The bearishness was reflected in a lackluster gasoil market in December, with poor demand and ample supplies resulting in the benchmark FOB Singapore 10 ppm sulfur gasoil cash differential sinking to a record low of minus $ 1.02 / b to the Mean of Platts Singapore Gasoil assessment at the close of Asian trade on December 21, 2018. While the market remained weak from oversupply woes, there was a glimmer of hope for the Asian gasoil market. Sources said gasoil outflows from several regional refineries, such as India, would decrease due to scheduled turnarounds, gradually tightening supplies.
JET FUEL / KEROSENE
The Asian jet fuel / kerosene spot market started the year on a weaker footing, as a glut of surplus cargoes pressured cash differentials.While demand has been steady during the winter season, market participants continued to point to a ready availability of cargoes from South Korea, and China. This led FOB Korea differentials to plummet to a two year low of minus 95 cents / b on January 7 in the midst of winter – when the market typically hits its annual peak. Some market participants held out hope that the market would revert to its seasonal strength in Q1 as the winter intensifies.
were more skeptical, Others and remained concerned that the market could face difficulties clearing the stubborn supply overhang in Q1.The recent startup of the Hengli Group’s 400,000 b / d Dalian refinery, the 200,000 b / d Nghi Son refinery could also prove to be challenging for a market that is already struggling to digest product. Outflows from the 400,000 b / d Hengli refinery, which started trial runs in December, is also of particular interest to the jet market, as it is configured to produce a whopping 3.6 million mt / year of jet fuel.
The Singapore high sulfur fuel oil market is expected to tighten in Q1 as the arbitrage window from the west to Singapore has been shut since early December.Singapore is likely to receive only 3.5 million mt-4 million mt of fuel oil cargoes from Europe and the US in January, down from 4 million mt in December. The 380 CST East / West spread – or the spread between Singapore 380 CST HSFO swaps and 3.5% sulfur FOB Rotterdam barge – dropped early December as a result of weak Singapore prices. On the demand side, volumes are expected to rebound in January from December levels.
This may lead to steady Singapore bunker fuel premiums into early Q1 2019.Initial term contracts inked for Q1 ex-wharf 380 CST bunker fuel were between $ 7 / mt to $ 7.50 / mt, but offers had later increased to $ 8 / mt to $ 9.50 / mt. Spot ex-wharf 380 CST bunker fuel premiums over MOPS 380 CST HSFO averaged about $ 8 / mt in December, S&P Global Platts data showed. Bunker suppliers and traders expect relatively stable demand, with Singapore monthly volumes estimated at around 4 million mt.
– Sambit Mohanty, [email protected]
– Asia markets team, newsdesk @ spglobal.com
– Edited by Norazlina Jumaat, [email protected]
Toraga Dastanbek Dzhumabekov presented personal watches to the winners of the Asian Open Championship in Kyrgyz Kurosh
Toraga of the Jogorku Kenesh of the Kyrgyz Republic Dastanbek Dzhumabekov today, on December 6, awarded with personal watches the distinguished athletes – the winners of the Asian Open Championship in Kyrgyz Kurosh, which was first held in Bishkek on November 27-28.
For the contribution to the development of national sports and sports achievements, personal watches from the hands of the Torag of the Jogorku Kenesh were received by: Kyrgyz kurosh coach – Turatbek Toychubekov, championship winners who won 1st place in weight categories up to 66 kg and up to 84 kg – Asankeldi Nurkazym uulu and Bekturgan Kozhomuratov.
Dastanbek Dzhumabekov, on behalf of the entire deputy corps and on his own behalf, congratulated the athletes on excellent performance and noted that their merits are a good incentive for novice athletes, instill interest in sports in young people, contribute to the revival and popularization of the Kyrgyz kuroshu – an invaluable cultural and historical heritage of the Kyrgyz people …
“Your victories are the result of hard work, determination and unshakable sports spirit. We are proud of your achievements and firmly believe that your fighting character and will will help you conquer new sports heights,” said D.Dzhumabekov, noting that one of the primary tasks of the state is to support the sports community, as well as the development of sports infrastructure in all regions of the republic.
Toraga expressed special gratitude to the chairman of the Kyrgyz kurosh federation Ryskeldi Shamiev and coach Turatbek Toychubekov noting that thanks to their instructions, the Kyrgyz people showed good results at the past competitions.
In turn, R. Shamiev thanked the Torag of the Jogorku Kenesh for the warm welcome and congratulations, and also invited Dastanbek Dzhumabekov to lead the Kyrgyz delegation on Kyrgyz kurosh, which next year will go to Mongolia to participate in the International Wrestling Championship.
Note, the Asian Open Championship in Kyrgyz kurosh was first held in Bishkek on November 27-28. The event was attended by athletes from 16 countries. 28 medals were played in 7 weight categories. As a result of the championship, wrestlers from Kyrgyzstan won 2 gold, 3 silver and 2 bronze medals.
Press service of ZhK KR