International News 27 February 2025
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WTI Oil Prices Correct on Wednesday (26/2) on Sentiment of Economic Uncertainty
WTI crude oil futures were trading close to a three-month low of around $69 per barrel due to concerns over the US economy and broader market uncertainty impacting energy demand.The potential peace deal between Russia and Ukraine, which could lead to the lifting of Russian sanctions and increased oil exports, also contributed to the downward pressure on oil prices.Weak demand in China, a major oil importer, added to the market's concerns amidst uncertainties surrounding the country's economic recovery. However, these losses were partially offset by the renewal of sanctions on Iranian oil flows and expectations that OPEC would delay a planned production increase starting in April.Additionally, US crude inventories declined by 0.6 million barrels, contrasting with expectations of an increase of 2.3 million barrels.
AI technology takes its toll, Southeast Asia's largest bank to lay off 4,000 employees
The Development Bank of Singapore (DBS), the largest bank in Singapore and Southeast Asia, has announced plans to cut around 4,000 jobs over the next three years due to the increasing role of artificial intelligence (AI). The bank stated that AI has been able to replace the roles of thousands of employees, with DBS currently having about 8,000 to 9,000 temporary and contract workers and employing a total of 41,000 people. The bank has also announced its intention to create 1,000 new AI-related roles in the near future.Last year, the then CEO, Piyush Gupta, highlighted that DBS had been utilising AI for over a decade to enhance operational efficiency, with the bank currently employing over 800 AI models. The projected economic impact of these initiatives is expected to exceed S$1 billion ($745 million) by 2025.Mr Gupta is set to depart from the company at the end of March.
Starlink gets tough competition from China, here's SpaceSail's founder
The SpaceSail programme is a strong competitor to Elon Musk's Starlink, utilising Low-Earth Orbit (LEO) technology to provide high-speed internet connectivity with minimal transmission delays. This type of satellite is especially useful for remote communities, marine vessels and military applications.The Chinese military has expressed particular interest in SpaceSail due to the rapid expansion of Starlink and its use in the Ukraine conflict. The SpaceSail programme is being led by Shanghai Spacecom Satellite Technology (SSST), a company established in 2018 with the support of the Shanghai municipal government.By February 2024, SSST had successfully raised 6.7 billion yuan for the construction of the LEO constellation, with plans to have a fully operational network by the end of 2023.