International News 10 January 2025
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Shell memangkas produksi LNG dan proyeksi pendapatan minyak dan gas
Shell has revised its forecast for liquefied natural gas (LNG) production in the fourth quarter of 2024, with an expected range of 6.8 to 7.2 million metric tonnes, down from the previous estimate of 6.9 to 7.5 million tonnes. The company has cited lower gas deliveries to liquefaction facilities and cargo shipments as the reason for the adjustment. Furthermore, Shell anticipates that its oil and gas trading results in Q4-2024 will be significantly lower than in the third quarter, primarily due to the expiration of hedging contracts in 2022. In relation to renewable energy, Shell has reported a post-tax non-cash impairment of up to US$3 billion on its European and North American assets. This decision follows the company's recent announcement of its exit from new offshore wind investments and the power division.
https://internasional.kontan.co.id/news/shell-pangkas-produksi-lng-dan-proyeksi-pendapatan-migas
Straits Times Index hits record high driven by bank stocks
Singapore stock indices reached record highs on Wednesday, with the Straits Times Index increasing by 1.5% to 3,886.98. The surge in the index was mainly driven by bank stocks, with DBS Group Holdings Ltd., Oversea-Chinese Banking Corp., and United Overseas Bank Ltd. all reaching new highs. The success of local lenders in managing lower interest rates and a strong loan growth played a key role in boosting Singapore's banking sector. Additionally, the government's efforts to revive the stock market have caught the attention of investors. Analysts, such as Thilan Wickramasinghe from Maybank Securities Pte, predict further growth for the Straits Times Index, targeting it to reach 4,020 this year. Singapore is expected to benefit from the ongoing US-China trade war, as well as China's fiscal stimulus, leading to potential positive spillover effects for the country.
Straits Times Index hits record high driven by bank stocks
On Wednesday, Singapore's stock indices hit new all-time highs. The Straits Times Index climbed 1.5% to a record high of 3,886.98. Banking stocks played a major role in the rise, with DBS Group Holdings Ltd, Oversea-Chinese Banking Corp and United Overseas Bank Ltd all hitting new highs. The rise in the index has been attributed to strong loan growth and the resilience of local lenders in the face of lower interest rates, which has helped boost confidence in Singapore's banking sector. The government's efforts to revive the stock market have also caught the attention of investors. Analysts at Maybank Securities Pte, such as Thilan Wickramasinghe, believe that Singapore will benefit from the ongoing US-China trade war and China's fiscal stimulus, and forecast that the Straits Times Index could reach 4,020 by the end of the year.Tencent, China's largest technology company, conducted a major share buyback in response to being blacklisted by the US for alleged links to the Chinese military. The buyback of 3.93 million shares, the largest in decades, is part of Tencent's efforts to increase returns to shareholders and mitigate the impact of the US blacklist. However, despite the buyback, Tencent shares fell 7.3% on the same day. The company has vehemently denied the US government's allegations and expressed its willingness to work with the US Department of Defence to clear up any misunderstandings. The move underlines the seriousness of the situation for Tencent as it seeks to restore market confidence and deal with the fallout from the US blacklist.