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OPEC and its allies meet on Monday to debate how much oil to release into the red hot market, where supply disruptions and recovering demand from the coronavirus pandemic have pushed oil above $80 per barrel. Watch this report for more details

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Eurozone accelerated to 3.4 per cent, inflation hits 13-year high

WhatsApp added the ₹ (Indian rupee) symbol to its chat composer on Thursday, making it easier for Indian users to transmit payments using the service.

It has also revealed that the composer's camera icon can now scan any QR code to facilitate payment at over 20 million businesses in India.

Payments on WhatsApp should become more inclusive and straightforward as a result of these improvements, as users may now send money using two of the most famous and identifiable symbols inside the WhatsApp conversation composition.

The rollout of the Rupee sign (₹) has commenced and will be available to users across India in the coming weeks.&nbsp;

The most recent improvements aim to make WhatsApp payments more inclusive and straightforward, allowing users to send money using two of the most well recognised symbols, all from inside the WhatsApp conversation composer.

The rollout of the Rupee sign (₹) has commenced and will be available to users across India in the coming weeks.&nbsp;

Speaking at the Global Fintech Festival, Manesh Mahatme, Director Payments, WhatsApp India, said, "We believe true inclusion is when customers don’t have to navigate their way through their phone to make a payment. An arrival point is when payments just "fit" into a customer’s intrinsic behaviour. Hundreds of millions of customers send WhatsApp messages every day. I spent many minutes on WhatsApp. Take a picture and send pictures. We want to make sending money as easy and simplified as sending a message."

"Smartphones, data, and tech advances of the previous decade are key elements that are pushing India towards a fintech revolution," Mahatme stated when asked what it takes to establish "digital payments for Bharat."

"India is only getting started on its digital payments journey," he added.

According to Mahatme, over 80% of consumer purchasing is still done in cash.&nbsp;

(With inputs from agencies)

WhatsApp added the ₹ (Indian rupee) symbol to its chat composer on Thursday, making it easier for Indian users to transmit payments using the service. It has also revealed that the composer's camera icon can now scan any QR code to facilitate payment at over 20 million businesses in India.

WhatsApp added the ₹ (Indian rupee) symbol to its chat composer on Thursday, making it easier for Indian users to transmit payments using the service. It has also revealed that the composer's camera icon can now scan any QR code to facilitate payment at over 20 million businesses in India. Payments on WhatsApp should become more inclusive and straightforward as a result of these improvements, as users may now send money using two of the most famous and identifiable symbols inside the WhatsApp conversation composition. The rollout of the Rupee sign (₹) has commenced and will be available to users across India in the coming weeks. The most recent improvements aim to make WhatsApp payments more inclusive and straightforward, allowing users to send money using two of the most well recognised symbols, all from inside the WhatsApp conversation composer. The rollout of the Rupee sign (₹) has commenced and will be available to users across India in the coming weeks. Speaking at the Global Fintech Festival, Manesh Mahatme, Director Payments, WhatsApp India, said, "We believe true inclusion is when customers don’t have to navigate their way through their phone to make a payment. An arrival point is when payments just "fit" into a customer’s intrinsic behaviour. Hundreds of millions of customers send WhatsApp messages every day. I spent many minutes on WhatsApp. Take a picture and send pictures. We want to make sending money as easy and simplified as sending a message." "Smartphones, data, and tech advances of the previous decade are key elements that are pushing India towards a fintech revolution," Mahatme stated when asked what it takes to establish "digital payments for Bharat." "India is only getting started on its digital payments journey," he added. According to Mahatme, over 80% of consumer purchasing is still done in cash. (With inputs from agencies)

WhatsApp adds Indian Rupee symbol to chat box for digital payments 

Tata Sons has emerged as winning bidder to take over state-run debt-laden Air India, Bloomberg reported on Friday. However, Secretary of Indian government's&nbsp;Department of Investment and Public Asset Management said within hours that media reports were 'incorrect'

"Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken," tweeted the secretary.

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Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken. <a href="https://t.co/PVMgJdDixS">pic.twitter.com/PVMgJdDixS</a>
— Secretary, DIPAM (@SecyDIPAM) <a href="https://twitter.com/SecyDIPAM/status/1443844070757986305?ref_src=twsrc%5Etfw">October 1, 2021</a></blockquote>
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Earlier media reports had said that a&nbsp;panel of ministers had&nbsp;accepted proposal from officials and had recommended Tata Sons ahead of SpiceJet, a budget airline operator in India.&nbsp;

Spokespersons of Air India and Tata Sons declined request from Reuters for a comment.

The debt-laden Air India has&nbsp;been kept aloft by a bailout since 2012. Indian PM Narendra Modi govt has been trying to sell its entire stake in the loss making airline.

The government loses nearly 200 million rupees every day to run the national carrier, which has accumulated losses of over 700 billion rupees ($9.53 billion), officials have said.

An effort to auction a majority stake almost three years ago drew no bids, forcing the government to ease the terms. It had also extended the deadline multiple times due to the pandemic.

(With inputs from agencies)

Tata Sons has emerged as winning bidder to take over state-run debt-laden Air India, Bloomberg reported on Friday. However, Secretary of Indian government's Department of Investment and Public Asset Management said within hours that media reports were 'incorrect' "Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect.

Tata Sons has emerged as winning bidder to take over state-run debt-laden Air India, Bloomberg reported on Friday. However, Secretary of Indian government's Department of Investment and Public Asset Management said within hours that media reports were 'incorrect' "Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken," tweeted the secretary. Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken. pic.twitter.com/PVMgJdDixS — Secretary, DIPAM (@SecyDIPAM) October 1, 2021 × Earlier media reports had said that a panel of ministers had accepted proposal from officials and had recommended Tata Sons ahead of SpiceJet, a budget airline operator in India. Spokespersons of Air India and Tata Sons declined request from Reuters for a comment. The debt-laden Air India has been kept aloft by a bailout since 2012. Indian PM Narendra Modi govt has been trying to sell its entire stake in the loss making airline. The government loses nearly 200 million rupees every day to run the national carrier, which has accumulated losses of over 700 billion rupees ($9.53 billion), officials have said. An effort to auction a majority stake almost three years ago drew no bids, forcing the government to ease the terms. It had also extended the deadline multiple times due to the pandemic. (With inputs from agencies)

Reports say Tatas won Air India race, government denies

Tech billionaire Jeff Bezos' space company Blue Origin on Thursday faced accusations of having 'toxic' work culture. The claim was made by a group of current and former Blue Origin employees. The allegations also say that sexual harassment was rampant in the company&nbsp;and there was a pattern of decision making that prioritized speedy rocket development over safety.&nbsp;

Blue Origin has firmly rejected the allegations. The allegations were outlined in a lengthy blogpost which was signed by Alexandra Abrams, the company's former head of employee communications

The post also said that it represented views of 20 other workers and ex-workers. The blogpost said that these individuals wanted to remain anonymous.

"Workforce gender gaps are common in the space industry, but at Blue Origin they also manifest in a particular brand of sexism," it said.

One senior executive was said to have reported for sexual harassment multiple times, but remained within the "loyal inner circle" of CEO Bob Smith.

Another former executive frequently referred to women co-workers as "'baby girl,' 'baby doll,' or 'sweetheart'" and inquired about their dating lives, the post added.

"It appeared to many of us that he was protected by his close personal relationship with Bezos -- it took him physically groping a female subordinate for him to finally be let go," the authors said.

They also said a former NASA astronaut and Blue Origin senior leader once instructed a group of women: "You should ask my opinion because I am a man."

Abrams and her co-authors further claimed that the company romanticized burnout, suppressed dissent, and was obsessed with competing with rivals SpaceX and Virgin Galactic in the race to launch their billionaire founders, thus compromising safety.

"In the opinion of an engineer who has signed on to this essay, 'Blue Origin has been lucky that nothing has happened so far,'" they said.

A Blue Origin spokesperson denied the allegations, saying Abrams was dismissed two years ago after warnings over issues involving US export control regulations.

"Blue Origin has no tolerance for discrimination or harassment of any kind," the spokesperson added.

(With inputs from agencies)

Tech billionaire Jeff Bezos' space company Blue Origin on Thursday faced accusations of having 'toxic' work culture. The claim was made by a group of current and former Blue Origin employees.

Tech billionaire Jeff Bezos' space company Blue Origin on Thursday faced accusations of having 'toxic' work culture. The claim was made by a group of current and former Blue Origin employees. The allegations also say that sexual harassment was rampant in the company and there was a pattern of decision making that prioritized speedy rocket development over safety. Blue Origin has firmly rejected the allegations. The allegations were outlined in a lengthy blogpost which was signed by Alexandra Abrams, the company's former head of employee communications The post also said that it represented views of 20 other workers and ex-workers. The blogpost said that these individuals wanted to remain anonymous. "Workforce gender gaps are common in the space industry, but at Blue Origin they also manifest in a particular brand of sexism," it said. One senior executive was said to have reported for sexual harassment multiple times, but remained within the "loyal inner circle" of CEO Bob Smith. Another former executive frequently referred to women co-workers as "'baby girl,' 'baby doll,' or 'sweetheart'" and inquired about their dating lives, the post added. "It appeared to many of us that he was protected by his close personal relationship with Bezos -- it took him physically groping a female subordinate for him to finally be let go," the authors said. They also said a former NASA astronaut and Blue Origin senior leader once instructed a group of women: "You should ask my opinion because I am a man." Abrams and her co-authors further claimed that the company romanticized burnout, suppressed dissent, and was obsessed with competing with rivals SpaceX and Virgin Galactic in the race to launch their billionaire founders, thus compromising safety. "In the opinion of an engineer who has signed on to this essay, 'Blue Origin has been lucky that nothing has happened so far,'" they said. A Blue Origin spokesperson denied the allegations, saying Abrams was dismissed two years ago after warnings over issues involving US export control regulations. "Blue Origin has no tolerance for discrimination or harassment of any kind," the spokesperson added. (With inputs from agencies)

Jeff Bezos' Blue Origin accused of 'toxic' work culture involving sexual harassment

At least some of China Evergrande's offshore bondholders had not received a due coupon payment by the close of Asia business on Wednesday. Watch this report for more details.

China's Evergrande crisis: Offshore bond coupon payment to be missed

Cash-strapped China Evergrande Group left its offshore bondholders guessing whether it would pay interest on a bond coupon due Wednesday despite agreeing to settle debt with a Chinese bank in a $1.5 billion stake divestment deal. Watch this report for more details.

China’s Evergrande sells $1.5 billion bank stake amid crisis

Aiming to ease public fear after panic behind the fuel crisis, British PM Boris Johnson has once again reassured the country of his administration's efforts to fix the shortage of fuel plaguing the country. He said that UK's supply chain will be fixed before Christmas. Watch this report for more details.

UK fuel crisis: Boris Johnson promises solution by Christmas

Various media reports running an article on ZEEL about NCLT order are baseless. The news falsely claiming about the NCLT order concerning Zee Entertainment Enterprises Limited (ZEEL) EGM is nothing but a hollow piece lacking any substance, truth and fact.&nbsp;

It is important to note here that NCLT has not passed any such order concerning ZEEL EGM.

Releasing an official statement on the NCLT hearing, ZEEL spokesperson said, "The Board of the Company is scheduled to meet as per the statutory time allotted, about the matter. The next hearing by NCLT is scheduled for 4th October 2021. The Company will continue to take all the actions needed in the interest of the shareholders and as per law."

Recently, ZEEL had announced its mega-merger with Sony Pictures Networks India.

The merged entity, in which SPNI's parent company Sony Pictures Entertainment would infuse USD 1.575 billion, will be a publicly listed company in India.

The Board of Directors of Zee Entertainment &nbsp;Enterprises Limited (ZEEL), had unanimously provided an in-principal approval for the merger between Sony Pictures Networks India (SPNI) &amp; ZEEL. The ZEEL-SPNI mega-merger deal has been seen as an extremely profitable pact for shareholders, stakeholders.

Not only on financial parameters, but the deal ranks very high also on the strategic value which the partner brings to the table.

ZEEL’s strong expertise in content creation and its deep consumer connect established over the last 3 decades, coupled with SPNI’s success across entertainment genres (including gaming and sports) will add immense value to the merged entity and its management team, thereby increasing shareholder value multifold.

With a blend of highly accomplished professionals having rich expertise across varied sectors, it has always been kept in mind to serve the best interests of all the shareholders and the Company.&nbsp;

&nbsp;The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes.&nbsp; 
&nbsp; 
As per legal and regulatory guidelines, at &nbsp;the required stage, the proposal will be presented to the esteemed shareholders of the Company for their approval 
&nbsp; 
With this massive corporate development, the merged entity will result in accelerated growth and a significant opportunity to create tremendous value for all its stakeholders.

Various media reports running an article on ZEEL about NCLT order are baseless. The news falsely claiming about the NCLT order concerning Zee Entertainment Enterprises Limited (ZEEL) EGM is nothing but a hollow piece lacking any substance, truth and fact.

Various media reports running an article on ZEEL about NCLT order are baseless. The news falsely claiming about the NCLT order concerning Zee Entertainment Enterprises Limited (ZEEL) EGM is nothing but a hollow piece lacking any substance, truth and fact. It is important to note here that NCLT has not passed any such order concerning ZEEL EGM. Releasing an official statement on the NCLT hearing, ZEEL spokesperson said, "The Board of the Company is scheduled to meet as per the statutory time allotted, about the matter. The next hearing by NCLT is scheduled for 4th October 2021. The Company will continue to take all the actions needed in the interest of the shareholders and as per law." Recently, ZEEL had announced its mega-merger with Sony Pictures Networks India. The merged entity, in which SPNI's parent company Sony Pictures Entertainment would infuse USD 1.575 billion, will be a publicly listed company in India. The Board of Directors of Zee Entertainment Enterprises Limited (ZEEL), had unanimously provided an in-principal approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL. The ZEEL-SPNI mega-merger deal has been seen as an extremely profitable pact for shareholders, stakeholders. Not only on financial parameters, but the deal ranks very high also on the strategic value which the partner brings to the table. ZEEL’s strong expertise in content creation and its deep consumer connect established over the last 3 decades, coupled with SPNI’s success across entertainment genres (including gaming and sports) will add immense value to the merged entity and its management team, thereby increasing shareholder value multifold. With a blend of highly accomplished professionals having rich expertise across varied sectors, it has always been kept in mind to serve the best interests of all the shareholders and the Company. The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes. As per legal and regulatory guidelines, at the required stage, the proposal will be presented to the esteemed shareholders of the Company for their approval With this massive corporate development, the merged entity will result in accelerated growth and a significant opportunity to create tremendous value for all its stakeholders.

Media propagates baseless report on ZEEL about NCLT order; here's the official statement

Beijing is prodding government-owned firms and state-backed property developers such as China Vanke Co Ltd (000002.SZ) to purchase some of embattled China Evergrande Group's (3333.HK) assets, people with knowledge of the matter said.

China asking state-backed firms to pick up Evergrande assets

As the world's nations prepare to gather for another climate summit next month in Glasgow, the OPEC oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world's less-wealthy countries seek higher growth and standards of living.

OPEC says that more electric vehicles on the road and the push for alternative and renewable energy will indeed usher in an era of declining demand for oil in rich countries.

But the energy needs of expanding economies in other parts of the world will still leave oil as the world's No. 1 source of energy through 2045, OPEC said Tuesday in its annual World Oil Outlook.

"What is clear in this year's WOO is that energy and oil demand has picked up significantly in 2021, after the massive drop in 2020, and continued expansion is forecast for the longer-term," the report said.

Global primary energy demand is expected to increase by 28 per cent in the period between 2020 and 2045, with all energies required, driven by an expected doubling in size of the global economy and the addition of around 1.7 billion people worldwide by 2045.

Only coal will see less use, while other sources of energy will see increasing demand, though the share will shift to include a bigger proportion for renewables, nuclear and natural gas, according to the group.

The 340-page report sketches out a future of declining demand for oil in wealthier countries that belong to the 38-member Organization for Economic Development and Cooperation, as efforts to fight climate change take hold in the form of renewables and alternative fuels in cars, aeroplanes and ships.

It forecasts that the world's vehicle fleet would grow by 1.1 billion to 2.6 billion by the end of the report's time frame in 2045 and that 500 million of those would be electric-powered, or 20 per cent of all vehicles.

But growing populations and expanding middle classes in the rest of the world including China and India will mean increased demand for oil between 2020 and 2045, although much of that increase will take place in the earlier part of that period, the report produced by OPEC's secretariat in Vienna said.

Oil will satisfy 28.1 per cent of the world's energy demand by 2045, down from 30 per cent in 2020 but ahead of natural gas with 24.4 per cent and coal with 17.4 per cent. Hydroelectric, nuclear and biomass energy sources and other renewables such as wind and solar make up the rest.

A key reason cited for declining energy use in the more-developed world was demography: shrinking and ageing populations that usher in lower economic growth.

The report noted that growing awareness of the need to accelerate actions to address climate change has resulted in ambitious new policy intentions to reach net-zero emissions by 2050.

The European Union, the United States, Japan, the UK, Canada and Brazil have proposed roadmaps to meet new goals.

OPEC, however, noted considerable doubts as to whether all these ambitious climate-mitigation commitments will be met in the proposed timeframe.

For example, the European Union in July spelt out its Fit for 55 packages, in which the 27-country bloc vowed to reduce emissions by 55 per cent from 1990 levels by 2030.

OPEC said that the plan remains exactly that for the time being, a plan, which still needs to be negotiated and agreed by all EU Member States, leaving ample scope for exceptions and watering-down.

The UK will host the 26th UN climate change conference October 31-November 12 in Glasgow, Scotland, where national leaders will seek ways to reduce the emission of greenhouse gases and limit the rise in global temperatures.

As the world's nations prepare to gather for another climate summit next month in Glasgow, the OPEC oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world's less-wealthy countries seek higher growth and standards of living.

As the world's nations prepare to gather for another climate summit next month in Glasgow, the OPEC oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world's less-wealthy countries seek higher growth and standards of living. OPEC says that more electric vehicles on the road and the push for alternative and renewable energy will indeed usher in an era of declining demand for oil in rich countries. But the energy needs of expanding economies in other parts of the world will still leave oil as the world's No. 1 source of energy through 2045, OPEC said Tuesday in its annual World Oil Outlook. "What is clear in this year's WOO is that energy and oil demand has picked up significantly in 2021, after the massive drop in 2020, and continued expansion is forecast for the longer-term," the report said. Global primary energy demand is expected to increase by 28 per cent in the period between 2020 and 2045, with all energies required, driven by an expected doubling in size of the global economy and the addition of around 1.7 billion people worldwide by 2045. Only coal will see less use, while other sources of energy will see increasing demand, though the share will shift to include a bigger proportion for renewables, nuclear and natural gas, according to the group. The 340-page report sketches out a future of declining demand for oil in wealthier countries that belong to the 38-member Organization for Economic Development and Cooperation, as efforts to fight climate change take hold in the form of renewables and alternative fuels in cars, aeroplanes and ships. It forecasts that the world's vehicle fleet would grow by 1.1 billion to 2.6 billion by the end of the report's time frame in 2045 and that 500 million of those would be electric-powered, or 20 per cent of all vehicles. But growing populations and expanding middle classes in the rest of the world including China and India will mean increased demand for oil between 2020 and 2045, although much of that increase will take place in the earlier part of that period, the report produced by OPEC's secretariat in Vienna said. Oil will satisfy 28.1 per cent of the world's energy demand by 2045, down from 30 per cent in 2020 but ahead of natural gas with 24.4 per cent and coal with 17.4 per cent. Hydroelectric, nuclear and biomass energy sources and other renewables such as wind and solar make up the rest. A key reason cited for declining energy use in the more-developed world was demography: shrinking and ageing populations that usher in lower economic growth. The report noted that growing awareness of the need to accelerate actions to address climate change has resulted in ambitious new policy intentions to reach net-zero emissions by 2050. The European Union, the United States, Japan, the UK, Canada and Brazil have proposed roadmaps to meet new goals. OPEC, however, noted considerable doubts as to whether all these ambitious climate-mitigation commitments will be met in the proposed timeframe. For example, the European Union in July spelt out its Fit for 55 packages, in which the 27-country bloc vowed to reduce emissions by 55 per cent from 1990 levels by 2030. OPEC said that the plan remains exactly that for the time being, a plan, which still needs to be negotiated and agreed by all EU Member States, leaving ample scope for exceptions and watering-down. The UK will host the 26th UN climate change conference October 31-November 12 in Glasgow, Scotland, where national leaders will seek ways to reduce the emission of greenhouse gases and limit the rise in global temperatures.

Despite the green energy push, Oil will be world's No 1 energy source: OPEC

China's regulators are tightening control over the inner workings of its currency market, pressuring banks to trade less and in smaller ranges, two banking sources told Reuters, as part of a sweeping push to curb speculation.

The moves follow recent efforts at curtailing financial risks that include dampening commodity price rises, banning cryptocurrency transactions and restricting property speculation. And they bring the campaign deeper into day-to-day operations on the dealing desks of a $30 trillion market.

It is also the latest example of scrutiny focused on foreign exchange, which analysts said might be aimed at tightening the leash on the yuan at a sensitive time when U.S. policymakers prepare to withdraw monetary stimulus and China seems poised to add more.

Reuters reported earlier in September that brokers have dropped currency forecasts following regulatory pressure and reports the scrutiny of the interbank market for the first time. Authorities have also been hinting that banks and companies should prepare for volatility.

In recent months many banks have also withdrawn individual FX trading products, closing another avenue for speculation.

Recently, representatives of China's State Administration of Foreign Exchange (SAFE) have embedded themselves on currency trading floors from commercial banks to major state-owned lenders, said the two sources at separate market-making banks.

They said the officials stayed for months, far longer than supervisory visits previously, and urged them to price customer deals faster and in tighter ranges, or spreads.

The bid-ask spread is the difference between the price the bank charges clients and price in the market, so narrowing it reduces trading banks' profit. It could also help hem the yuan in a tighter trading range, but at the same time moves risk from customers to the bank while a deal is being executed.

One source said the regulator reminded them their role is to keep things steady or "smoothen fluctuations without pushing the yuan to either side". They added that regulators had not visited foreign banks this year. Banks in Hong Kong do not participate in China's onshore interbank market.

The other source said they were told to cut volumes to reduce the turnover of interbank trades - once a badge of honour for so-called market makers who provide liquidity to each other and the wider trading pool.

"(Now) you get calls from regulators if you trade too much," he said. Both requested anonymity as they are not authorised to talk to the media about the matter.

SAFE told Reuters by fax it has "always supported" market participants in trading "reasonably", and to promote the integrity, fairness, order and efficiency of the foreign exchange market.

The scrutiny comes at a delicate time for China's currency, which sits near multi-year highs but faces headwinds as markets prepare for the United States to begin tapering pandemic-era policy support just as China seems ready to step in and ease as its economy slows.

The People's Bank of China has pumped a net 750 billion yuan ($116 billion) into the banking system since mid-September as markets have been rattled by fears of contagion from a debt crisis at China Evergrande and economic damage from power cuts.

"Policymakers would rather maintain a loosening bias in the cash conditions, but one side-effect is that too much cash could prompt speculation," said Ken Cheung, chief Asian FX strategist at Mizuho Bank in Hong Kong, noting that is something the latest crackdown might curb.

"The central bank has said multiple times not to bet on currency appreciation or depreciation," he said.

MORE INTENSE

As President Xi Jinping makes his case for a third term, the country's most powerful leader since Mao Zedong is driving what some observers describe as a mini revolution, curbing the excesses of capitalism and returning China to its socialist roots.

Crackdowns on tutoring and on tech firms have unnerved investors and hammered share prices in those sectors. But regulators have also been changing the way markets operate.

"(It's) certainly becoming more intense this year," said one currency trader at a mid-sized bank, noting extra training sessions, stricter scrutiny from compliance and even chatter among peers that was becoming more guarded.

Since SAFE head Pan Gongsheng warned in June against laying bets on the yuan's direction, brokers in China have shied away from publishing once-routine currency forecasts.

Around the same time a handful of banks also began quietly closing foreign exchange trading businesses that had let individual clients bet on non-yuan currency pairs.

Turnover in such accounts was small and has now all but vanished, with the Bank of China, Industrial and Commercial Bank of China, and China Merchants Bank among those to post public statements about restricting access to trade.

SAFE said it had not offered any guidance to commercial banks regarding personal foreign exchange businesses, and nor did the banks provide clear reasons for their decisions.

Yet all used similar language in their explanations.

Huaxia Bank, which said it will suspend its personal FX business in December cited market changes, while ICBC and China Merchants bank both said the move was necessary "to respond to changes in market conditions."

China's regulators are tightening control over the inner workings of its currency market, pressuring banks to trade less and in smaller ranges, two banking sources told Reuters, as part of a sweeping push to curb speculation.

China's regulators are tightening control over the inner workings of its currency market, pressuring banks to trade less and in smaller ranges, two banking sources told Reuters, as part of a sweeping push to curb speculation. The moves follow recent efforts at curtailing financial risks that include dampening commodity price rises, banning cryptocurrency transactions and restricting property speculation. And they bring the campaign deeper into day-to-day operations on the dealing desks of a $30 trillion market. It is also the latest example of scrutiny focused on foreign exchange, which analysts said might be aimed at tightening the leash on the yuan at a sensitive time when U.S. policymakers prepare to withdraw monetary stimulus and China seems poised to add more. Reuters reported earlier in September that brokers have dropped currency forecasts following regulatory pressure and reports the scrutiny of the interbank market for the first time. Authorities have also been hinting that banks and companies should prepare for volatility. In recent months many banks have also withdrawn individual FX trading products, closing another avenue for speculation. Recently, representatives of China's State Administration of Foreign Exchange (SAFE) have embedded themselves on currency trading floors from commercial banks to major state-owned lenders, said the two sources at separate market-making banks. They said the officials stayed for months, far longer than supervisory visits previously, and urged them to price customer deals faster and in tighter ranges, or spreads. The bid-ask spread is the difference between the price the bank charges clients and price in the market, so narrowing it reduces trading banks' profit. It could also help hem the yuan in a tighter trading range, but at the same time moves risk from customers to the bank while a deal is being executed. One source said the regulator reminded them their role is to keep things steady or "smoothen fluctuations without pushing the yuan to either side". They added that regulators had not visited foreign banks this year. Banks in Hong Kong do not participate in China's onshore interbank market. The other source said they were told to cut volumes to reduce the turnover of interbank trades - once a badge of honour for so-called market makers who provide liquidity to each other and the wider trading pool. "(Now) you get calls from regulators if you trade too much," he said. Both requested anonymity as they are not authorised to talk to the media about the matter. SAFE told Reuters by fax it has "always supported" market participants in trading "reasonably", and to promote the integrity, fairness, order and efficiency of the foreign exchange market. The scrutiny comes at a delicate time for China's currency, which sits near multi-year highs but faces headwinds as markets prepare for the United States to begin tapering pandemic-era policy support just as China seems ready to step in and ease as its economy slows. The People's Bank of China has pumped a net 750 billion yuan ($116 billion) into the banking system since mid-September as markets have been rattled by fears of contagion from a debt crisis at China Evergrande and economic damage from power cuts. "Policymakers would rather maintain a loosening bias in the cash conditions, but one side-effect is that too much cash could prompt speculation," said Ken Cheung, chief Asian FX strategist at Mizuho Bank in Hong Kong, noting that is something the latest crackdown might curb. "The central bank has said multiple times not to bet on currency appreciation or depreciation," he said. MORE INTENSE As President Xi Jinping makes his case for a third term, the country's most powerful leader since Mao Zedong is driving what some observers describe as a mini revolution, curbing the excesses of capitalism and returning China to its socialist roots. Crackdowns on tutoring and on tech firms have unnerved investors and hammered share prices in those sectors. But regulators have also been changing the way markets operate. "(It's) certainly becoming more intense this year," said one currency trader at a mid-sized bank, noting extra training sessions, stricter scrutiny from compliance and even chatter among peers that was becoming more guarded. Since SAFE head Pan Gongsheng warned in June against laying bets on the yuan's direction, brokers in China have shied away from publishing once-routine currency forecasts. Around the same time a handful of banks also began quietly closing foreign exchange trading businesses that had let individual clients bet on non-yuan currency pairs. Turnover in such accounts was small and has now all but vanished, with the Bank of China, Industrial and Commercial Bank of China, and China Merchants Bank among those to post public statements about restricting access to trade. SAFE said it had not offered any guidance to commercial banks regarding personal foreign exchange businesses, and nor did the banks provide clear reasons for their decisions. Yet all used similar language in their explanations. Huaxia Bank, which said it will suspend its personal FX business in December cited market changes, while ICBC and China Merchants bank both said the move was necessary "to respond to changes in market conditions."

China's regulators tighten scrutiny of FX dealers

U.S. startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated.

The California-based Lucid began production of its long-delayed Lucid Air cars at its Arizona factory on Tuesday, and said it aims to ramp plant's capacity up to 90,000 vehicles per annum in the next two years.

The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models: Grand Touring, Touring and Air Pure. The company said it has received more than 13,000 reservations for Lucid Air models, and it has increased the planned total production of the Lucid Air Dream Edition to 520 vehicles.

A version of the Lucid Air Dream Edition, priced at $169,000, received an official U.S. government rating of a 520-mile (837 km) driving range, over 100 miles more than its closest rival, Tesla's Model S, which is priced at $89,990. The higher range helped lead to a 23% jump in Lucid's shares this month.

Speaking at the production site, Lucid Chief Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, said his company's cars have an advantage in battery technology and costs over the Model S.

"We've ridden customers of the fear of range anxiety," he said. "The next big obstacle is cost effectiveness of electric cars. We've got to get the cost down."

He said the Air Pure, the least expensive version with a price tag of $77,400, will go into production late next year.

EXECUTION CHALLENGE

The company, founded in 2007, received funding from Saudi Arabia's Public Investment Fund in 2018 before going public via a shell company https://www.reuters.com/article/us-lucidmotors-m-a-churchill-cap-iv-excl/exclusive-lucid-motors-nears-spac-deal-as-klein-launches-financing-sources-idUSKBN2AG2D6 in July.

"(20)17 and (20)18 were brutal. The company was in a parlous state. And then I've got to say, we met a perfect partner," he said.

Rawlinson, who left Tesla in 2012, faces tasks similar to those of Tesla in its early days, including how to address manufacturing challenges and scale up production.

"I think the big challenge for Lucid will be execution," said Sam Abuelsamid, a principal analyst at Guidehouse Insights. "I think that they have a very good car. It's very attractive."

Tesla CEO Elon Musk said in June that Tesla has canceled its plan to launch a Model S Plaid+, with a target driving range of 520 miles, saying the Model S Plaid itself is "just so good" https://www.reuters.com/business/autos-transportation/tesla-launch-high-end-model-s-plaid-fend-off-mercedes-porsche-2021-06-10.

Musk reiterated this month that "production is hard".

"Production with positive cash flow is extremely hard," he said, citing carmakers' razor-thin margins.

Tesla's combined sales of Model S and Model X luxury models stood at only 1,890 in the second quarter of this year, down from 22,300 during the same period three years ago. Tesla does not break out figures for the two high-end models.

"The Model S doesn't look fundamentally different from a Model S nine years ago," Abuelsamid said. "In the premium market, customers are looking for the latest and greatest."

Musk in October 2020 cut the price of its Model S, shortly after Lucid announced the pricing of its base model. "The gauntlet has been thrown down! The prophecy will be fulfilled," he tweeted at that time.

Electric vehicle maker Rivian, backed by Amazon.com Inc and now preparing for a public stock listing, earlier this month started production of electric pickup trucks. That move came ahead of similar expected moves by Tesla, General Motors Co and Ford Motor Co. 
&nbsp;

U.S. startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated.

U.S. startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated. The California-based Lucid began production of its long-delayed Lucid Air cars at its Arizona factory on Tuesday, and said it aims to ramp plant's capacity up to 90,000 vehicles per annum in the next two years. The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models: Grand Touring, Touring and Air Pure. The company said it has received more than 13,000 reservations for Lucid Air models, and it has increased the planned total production of the Lucid Air Dream Edition to 520 vehicles. A version of the Lucid Air Dream Edition, priced at $169,000, received an official U.S. government rating of a 520-mile (837 km) driving range, over 100 miles more than its closest rival, Tesla's Model S, which is priced at $89,990. The higher range helped lead to a 23% jump in Lucid's shares this month. Speaking at the production site, Lucid Chief Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, said his company's cars have an advantage in battery technology and costs over the Model S. "We've ridden customers of the fear of range anxiety," he said. "The next big obstacle is cost effectiveness of electric cars. We've got to get the cost down." He said the Air Pure, the least expensive version with a price tag of $77,400, will go into production late next year. EXECUTION CHALLENGE The company, founded in 2007, received funding from Saudi Arabia's Public Investment Fund in 2018 before going public via a shell company https://www.reuters.com/article/us-lucidmotors-m-a-churchill-cap-iv-excl/exclusive-lucid-motors-nears-spac-deal-as-klein-launches-financing-sources-idUSKBN2AG2D6 in July. "(20)17 and (20)18 were brutal. The company was in a parlous state. And then I've got to say, we met a perfect partner," he said. Rawlinson, who left Tesla in 2012, faces tasks similar to those of Tesla in its early days, including how to address manufacturing challenges and scale up production. "I think the big challenge for Lucid will be execution," said Sam Abuelsamid, a principal analyst at Guidehouse Insights. "I think that they have a very good car. It's very attractive." Tesla CEO Elon Musk said in June that Tesla has canceled its plan to launch a Model S Plaid+, with a target driving range of 520 miles, saying the Model S Plaid itself is "just so good" https://www.reuters.com/business/autos-transportation/tesla-launch-high-end-model-s-plaid-fend-off-mercedes-porsche-2021-06-10. Musk reiterated this month that "production is hard". "Production with positive cash flow is extremely hard," he said, citing carmakers' razor-thin margins. Tesla's combined sales of Model S and Model X luxury models stood at only 1,890 in the second quarter of this year, down from 22,300 during the same period three years ago. Tesla does not break out figures for the two high-end models. "The Model S doesn't look fundamentally different from a Model S nine years ago," Abuelsamid said. "In the premium market, customers are looking for the latest and greatest." Musk in October 2020 cut the price of its Model S, shortly after Lucid announced the pricing of its base model. "The gauntlet has been thrown down! The prophecy will be fulfilled," he tweeted at that time. Electric vehicle maker Rivian, backed by Amazon.com Inc and now preparing for a public stock listing, earlier this month started production of electric pickup trucks. That move came ahead of similar expected moves by Tesla, General Motors Co and Ford Motor Co.

DO NOT PUBLISH ucid to start deliveries of electric cars with range exceeding Tesla's

US&nbsp;startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated.

The California-based Lucid began production of its long-delayed Lucid Air cars at its Arizona factory on Tuesday, and said it aims to ramp plant's capacity up to 90,000 vehicles per annum in the next two years.

The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models: Grand Touring, Touring and Air Pure. The company said it has received more than 13,000 reservations for Lucid Air models, and it has increased the planned total production of the Lucid Air Dream Edition to 520 vehicles.

A version of the Lucid Air Dream Edition, priced at $169,000, received an official U.S. government rating of a 520-mile (837 km) driving range, over 100 miles more than its closest rival, Tesla's Model S, which is priced at $89,990. The higher range helped lead to a 23% jump in Lucid's shares this month.

Speaking at the production site, Lucid Chief Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, said his company's cars have an advantage in battery technology and costs over the Model S.

"We've ridden customers of the fear of range anxiety," he said. "The next big obstacle is cost effectiveness of electric cars. We've got to get the cost down."

He said the Air Pure, the least expensive version with a price tag of $77,400, will go into production late next year.

EXECUTION CHALLENGE

The company, founded in 2007, received funding from Saudi Arabia's Public Investment Fund in 2018 before going public via a shell company https://www.reuters.com/article/us-lucidmotors-m-a-churchill-cap-iv-excl/exclusive-lucid-motors-nears-spac-deal-as-klein-launches-financing-sources-idUSKBN2AG2D6 in July.

"(20)17 and (20)18 were brutal. The company was in a parlous state. And then I've got to say, we met a perfect partner," he said.

Rawlinson, who left Tesla in 2012, faces tasks similar to those of Tesla in its early days, including how to address manufacturing challenges and scale up production.

"I think the big challenge for Lucid will be execution," said Sam Abuelsamid, a principal analyst at Guidehouse Insights. "I think that they have a very good car. It's very attractive."

Tesla CEO Elon Musk said in June that Tesla has canceled its plan to launch a Model S Plaid+, with a target driving range of 520 miles, saying the Model S Plaid itself is "just so good"&nbsp;

Musk reiterated this month that "production is hard".

"Production with positive cash flow is extremely hard," he said, citing carmakers' razor-thin margins.

Tesla's combined sales of Model S and Model X luxury models stood at only 1,890 in the second quarter of this year, down from 22,300 during the same period three years ago. Tesla does not break out figures for the two high-end models.

"The Model S doesn't look fundamentally different from a Model S nine years ago," Abuelsamid said. "In the premium market, customers are looking for the latest and greatest."

Musk in October 2020 cut the price of its Model S, shortly after Lucid announced the pricing of its base model. "The gauntlet has been thrown down! The prophecy will be fulfilled," he tweeted at that time.

Electric vehicle maker Rivian, backed by Amazon.com Inc and now preparing for a public stock listing, earlier this month started production of electric pickup trucks. That move came ahead of similar expected moves by Tesla, General Motors Co and Ford Motor Co. 
&nbsp;

US startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated.

US startup Lucid Group Inc said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated. The California-based Lucid began production of its long-delayed Lucid Air cars at its Arizona factory on Tuesday, and said it aims to ramp plant's capacity up to 90,000 vehicles per annum in the next two years. The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models: Grand Touring, Touring and Air Pure. The company said it has received more than 13,000 reservations for Lucid Air models, and it has increased the planned total production of the Lucid Air Dream Edition to 520 vehicles. A version of the Lucid Air Dream Edition, priced at $169,000, received an official U.S. government rating of a 520-mile (837 km) driving range, over 100 miles more than its closest rival, Tesla's Model S, which is priced at $89,990. The higher range helped lead to a 23% jump in Lucid's shares this month. Speaking at the production site, Lucid Chief Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, said his company's cars have an advantage in battery technology and costs over the Model S. "We've ridden customers of the fear of range anxiety," he said. "The next big obstacle is cost effectiveness of electric cars. We've got to get the cost down." He said the Air Pure, the least expensive version with a price tag of $77,400, will go into production late next year. EXECUTION CHALLENGE The company, founded in 2007, received funding from Saudi Arabia's Public Investment Fund in 2018 before going public via a shell company https://www.reuters.com/article/us-lucidmotors-m-a-churchill-cap-iv-excl/exclusive-lucid-motors-nears-spac-deal-as-klein-launches-financing-sources-idUSKBN2AG2D6 in July. "(20)17 and (20)18 were brutal. The company was in a parlous state. And then I've got to say, we met a perfect partner," he said. Rawlinson, who left Tesla in 2012, faces tasks similar to those of Tesla in its early days, including how to address manufacturing challenges and scale up production. "I think the big challenge for Lucid will be execution," said Sam Abuelsamid, a principal analyst at Guidehouse Insights. "I think that they have a very good car. It's very attractive." Tesla CEO Elon Musk said in June that Tesla has canceled its plan to launch a Model S Plaid+, with a target driving range of 520 miles, saying the Model S Plaid itself is "just so good" Musk reiterated this month that "production is hard". "Production with positive cash flow is extremely hard," he said, citing carmakers' razor-thin margins. Tesla's combined sales of Model S and Model X luxury models stood at only 1,890 in the second quarter of this year, down from 22,300 during the same period three years ago. Tesla does not break out figures for the two high-end models. "The Model S doesn't look fundamentally different from a Model S nine years ago," Abuelsamid said. "In the premium market, customers are looking for the latest and greatest." Musk in October 2020 cut the price of its Model S, shortly after Lucid announced the pricing of its base model. "The gauntlet has been thrown down! The prophecy will be fulfilled," he tweeted at that time. Electric vehicle maker Rivian, backed by Amazon.com Inc and now preparing for a public stock listing, earlier this month started production of electric pickup trucks. That move came ahead of similar expected moves by Tesla, General Motors Co and Ford Motor Co.

Lucid to start deliveries of electric cars with range exceeding Tesla's in October

Exclusive: China's regulators tighten scrutiny of FX dealers

Asian shares lost ground on Wednesday, and were set for&nbsp;worst quarter since the coronavirus pandemic hit, as worries about&nbsp;economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower.

The dollar touched an 18-month high against the yen in Asian hours and&nbsp;stayed steady at over a 10 month high versus other major peers after&nbsp;overnight gains, boosted by a recent run up in U.S. Treasury yields, which had also helped spook US. equity markets.

Doubts are re-emerging over the global recovery at a time when&nbsp;the US&nbsp;Federal Reserve is set to taper stimulus and the administration of US&nbsp;President Joe Biden is stuck in contentious debt ceiling negotiations that could lead to a government shutdown. At the same time, China is grappling with a power crunch that has impacted economic output there.

MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.84% and was heading for a 9.4% decline for the third quarter, its worst quarterly performance since the first three months of 2020, when markets globally were roiled by the initial spread of COVID-19.

There were declines in benchmarks in South Korea, down 1.3%, Australia off 1.2%, and in Chinese blue chips which shed 0.6%%, though Hong Kong bucked the trend rising 0.5%.

Japan`s Nikkei shed 2.12% following declines in the US overnight as the country`s ruling party votes for a new leader who will almost certainly become the next prime minister ahead of a general election due in weeks.

Futures suggested a risk friendlier mood could return later with US&nbsp;stock futures, the S&amp;P 500 e-minis, up 0.51%, pan-region Euro Stoxx 50 futures 0.36% higher and FTSE futures trading just above flat.

One factor sapping the mood in Asia was China`s worsening power crunch, which pushed investors out of Chinese stocks vulnerable to factory shutdowns including chemicals and steelmaking, even as the country`s all-powerful economic planning agency attempted to reassure residents and businesses.

The energy troubles follows turmoil in China`s property sector as investors closely watch the fate of indebted developer Evergrande, and regulatory changes in education and technology, with some observers suggesting authorities wanted to get the changes in while economic growth was reasonably strong.

"I think the window will close in the next one or two months as GDP may surprise on the downside&nbsp;and there may be employment problems," said Alan Wang, Portfolio Manager, Greater China Equities, at Principal Global Investors.

"When the government sees those numbers they may start to change their behaviour, or maybe extend some deadlines"

Evergrande shares rose 10.8% after it said it plans to sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank, but investors are still waiting to see whether the cash-strapped developer will make an interest payment due Wednesday on a dollar bond.

 
ROTATE TO VALUE

Overnight, all three major US&nbsp;stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks worst hit by the surging bond yields, as investors began to shift to value names.&nbsp;

Benchmark 10-year rates have gained 25 basis points in five sessions but inched down in Asian hours to 1.5392%, having hit their highest since mid-June the day before.

"We think (10-year Treasury yields) are likely to around 1.5% to 1.75%, so they obviously still have room to go," said Daniel Lam, senior cross-asset strategist at Standard Chartered.

Lam said the rise in yields was driven by the fact the United States was almost definitely going to start tapering its massive asset purchases by the end of this year.

Oil prices dropped having touched a near three-year high the day before. Brent crude fell 1.8% to $77.67 per barrel US&nbsp;crude dipped 1.75% to $73.97 a barrel.&nbsp;

Gold edged higher with the spot price at $1,739.5 an ounce, up 0.4% from the seven-week low hit the day before as higher yields hurt demand for the non-interest bearing asset.

Asian shares lost ground on Wednesday, and were set for worst quarter since the coronavirus pandemic hit, as worries about economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower.

Asian shares lost ground on Wednesday, and were set for worst quarter since the coronavirus pandemic hit, as worries about economic growth in China combined with fears of a global slowdown and a strong dollar to push equities markets lower. The dollar touched an 18-month high against the yen in Asian hours and stayed steady at over a 10 month high versus other major peers after overnight gains, boosted by a recent run up in U.S. Treasury yields, which had also helped spook US. equity markets. Doubts are re-emerging over the global recovery at a time when the US Federal Reserve is set to taper stimulus and the administration of US President Joe Biden is stuck in contentious debt ceiling negotiations that could lead to a government shutdown. At the same time, China is grappling with a power crunch that has impacted economic output there. MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.84% and was heading for a 9.4% decline for the third quarter, its worst quarterly performance since the first three months of 2020, when markets globally were roiled by the initial spread of COVID-19. There were declines in benchmarks in South Korea, down 1.3%, Australia off 1.2%, and in Chinese blue chips which shed 0.6%%, though Hong Kong bucked the trend rising 0.5%. Japan`s Nikkei shed 2.12% following declines in the US overnight as the country`s ruling party votes for a new leader who will almost certainly become the next prime minister ahead of a general election due in weeks. Futures suggested a risk friendlier mood could return later with US stock futures, the S&P 500 e-minis, up 0.51%, pan-region Euro Stoxx 50 futures 0.36% higher and FTSE futures trading just above flat. One factor sapping the mood in Asia was China`s worsening power crunch, which pushed investors out of Chinese stocks vulnerable to factory shutdowns including chemicals and steelmaking, even as the country`s all-powerful economic planning agency attempted to reassure residents and businesses. The energy troubles follows turmoil in China`s property sector as investors closely watch the fate of indebted developer Evergrande, and regulatory changes in education and technology, with some observers suggesting authorities wanted to get the changes in while economic growth was reasonably strong. "I think the window will close in the next one or two months as GDP may surprise on the downside and there may be employment problems," said Alan Wang, Portfolio Manager, Greater China Equities, at Principal Global Investors. "When the government sees those numbers they may start to change their behaviour, or maybe extend some deadlines" Evergrande shares rose 10.8% after it said it plans to sell a 9.99 billion yuan ($1.5 billion) stake it owns in Shengjing Bank, but investors are still waiting to see whether the cash-strapped developer will make an interest payment due Wednesday on a dollar bond. ROTATE TO VALUE Overnight, all three major US stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks worst hit by the surging bond yields, as investors began to shift to value names. Benchmark 10-year rates have gained 25 basis points in five sessions but inched down in Asian hours to 1.5392%, having hit their highest since mid-June the day before. "We think (10-year Treasury yields) are likely to around 1.5% to 1.75%, so they obviously still have room to go," said Daniel Lam, senior cross-asset strategist at Standard Chartered. Lam said the rise in yields was driven by the fact the United States was almost definitely going to start tapering its massive asset purchases by the end of this year. Oil prices dropped having touched a near three-year high the day before. Brent crude fell 1.8% to $77.67 per barrel US crude dipped 1.75% to $73.97 a barrel. Gold edged higher with the spot price at $1,739.5 an ounce, up 0.4% from the seven-week low hit the day before as higher yields hurt demand for the non-interest bearing asset.

Asian shares stumble while the dollar holds firm

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande`s unsolved debt crisis provided some respite to the safe-haven metal against a firmer dollar and elevated U.S. Treasury yields.

Spot gold was steady at $1,749.86 per ounce by 0454 GMT, while U.S. gold futures edged 0.1% down to $1,749.80.

"Gold seems content to range between $1,740 and $1,760 at the moment with Asian buyers adding to longs on dips with Evergrande and China growth fears encouraging regional buyers to add more weight in gold as a haven play," Jeffrey Halley, senior market analyst for Asia Pacific at OANDA said.

Investors continued to fret over China Evergrande Group, which has 30 days to make the payment before it falls into default while its wealth management unit is now being investigated.

But, bullion prices were capped by a stronger dollar and higher benchmark U.S. 10-year Treasury yields that hovered near a three-month peak.

Investors now eye Congressional testimony from U.S. Federal Reserve Chair Jerome Powell due later in the day, after he said the central bank would move against unchecked inflation if needed.

U.S. central bank officials also tied reduction in Federal Reserve`s monthly bond purchases to continued job growth, with a September employment report now a potential trigger for the central bank`s bond "taper."

While gold is often considered a hedge against higher inflation, a rate hike would increase the opportunity cost of holding gold, which pays no interest.

Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, fell 0.3% to 990.32 on Monday.

Silver fell 0.3% to $22.59 an ounce.

Platinum was flat at $980.62, while palladium rose 0.2% to $1,968.83.

(Reporting by Eileen Soreng in Bengaluru; Editing by Ramakrishnan M., Rashmi Aich and Sherry Jacob-Phillips)

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande`s unsolved debt crisis provided some respite to the safe-haven metal against a firmer dollar and elevated U.

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande`s unsolved debt crisis provided some respite to the safe-haven metal against a firmer dollar and elevated U.S. Treasury yields. Spot gold was steady at $1,749.86 per ounce by 0454 GMT, while U.S. gold futures edged 0.1% down to $1,749.80. "Gold seems content to range between $1,740 and $1,760 at the moment with Asian buyers adding to longs on dips with Evergrande and China growth fears encouraging regional buyers to add more weight in gold as a haven play," Jeffrey Halley, senior market analyst for Asia Pacific at OANDA said. Investors continued to fret over China Evergrande Group, which has 30 days to make the payment before it falls into default while its wealth management unit is now being investigated. But, bullion prices were capped by a stronger dollar and higher benchmark U.S. 10-year Treasury yields that hovered near a three-month peak. Investors now eye Congressional testimony from U.S. Federal Reserve Chair Jerome Powell due later in the day, after he said the central bank would move against unchecked inflation if needed. U.S. central bank officials also tied reduction in Federal Reserve`s monthly bond purchases to continued job growth, with a September employment report now a potential trigger for the central bank`s bond "taper." While gold is often considered a hedge against higher inflation, a rate hike would increase the opportunity cost of holding gold, which pays no interest. Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, fell 0.3% to 990.32 on Monday. Silver fell 0.3% to $22.59 an ounce. Platinum was flat at $980.62, while palladium rose 0.2% to $1,968.83. (Reporting by Eileen Soreng in Bengaluru; Editing by Ramakrishnan M., Rashmi Aich and Sherry Jacob-Phillips)

Gold holds firm as Evergrande crisis offsets firmer dollar, yields

Australia's antitrust watchdog called for powers to curb Google's use of internet data to sell targeted ads, joining other regulators in saying the firm dominates the market to the point of hurting publishers, advertisers and consumers. Watch this report for more details.

Australia: Regulators demand special authority over tech-firms

Goldman Sachs has cut China’s economic growth forecast for 2021 to 7.8%, from 8.2%, as energy shortages and deep industrial output cuts add “significant downside pressures”, it said in a note on Tuesday. Watch this report for more details

Goldman cuts China GDP growth forecast on energy supply crunch

Gas station pumps ran dry in British cities on Monday and vendors rationed sales as a shortage of truckers strained supply chains to breaking point. Watch this report for more details.

Petrol pumps in major British cities run out of fuel

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande’s unsolved debt crisis provided&nbsp; 
some respite to the safe-haven metal against a firmer dollar and elevated U.S. Treasury yields.

Spot gold was steady at $1,749.86 per ounce by 0454 GMT, while U.S. gold futures edged 0.1% down to $1,749.80.

 
“Gold seems content to range between $1,740 and $1,760 at the moment with Asian buyers adding to longs on dips&nbsp;with Evergrande and China growth fears encouraging regional buyers to add more weight in gold as a haven play,” Jeffrey Halley, senior market analyst for Asia Pacific at OANDA said.

Investors continued to fret over China Evergrande Group , which has 30 days to make the payment before it falls into default while its wealth management unit is now being investigated.

But, bullion prices were capped by a stronger dollar and higher benchmark U.S. 10-year Treasury yields that hovered near a three-month peak.

Investors now eye Congressional testimony from U.S. Federal Reserve Chair Jerome Powell due later in the day, after he said the central bank would move against unchecked inflation if needed.

U.S. central bank officials also tied reduction in Federal Reserve’s monthly bond purchases to continued job growth, with a September employment report now a potential trigger for the central bank’s bond “taper.”

While gold is often considered a hedge against higher inflation, a rate hike would increase the opportunity cost of holding gold, which pays no interest.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3% to 990.32 on Monday.

Silver fell 0.3% to $22.59 an ounce.

Platinum was flat at $980.62, while palladium rose 0.2% to $1,968.83.

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande’s unsolved debt crisis provided some respite to the safe-haven metal against a firmer dollar and elevated U.

Gold prices held steady on Tuesday, as concerns over a potential fallout of Chinese property developer Evergrande’s unsolved debt crisis provided some respite to the safe-haven metal against a firmer dollar and elevated U.S. Treasury yields. Spot gold was steady at $1,749.86 per ounce by 0454 GMT, while U.S. gold futures edged 0.1% down to $1,749.80. “Gold seems content to range between $1,740 and $1,760 at the moment with Asian buyers adding to longs on dips with Evergrande and China growth fears encouraging regional buyers to add more weight in gold as a haven play,” Jeffrey Halley, senior market analyst for Asia Pacific at OANDA said. Investors continued to fret over China Evergrande Group , which has 30 days to make the payment before it falls into default while its wealth management unit is now being investigated. But, bullion prices were capped by a stronger dollar and higher benchmark U.S. 10-year Treasury yields that hovered near a three-month peak. Investors now eye Congressional testimony from U.S. Federal Reserve Chair Jerome Powell due later in the day, after he said the central bank would move against unchecked inflation if needed. U.S. central bank officials also tied reduction in Federal Reserve’s monthly bond purchases to continued job growth, with a September employment report now a potential trigger for the central bank’s bond “taper.” While gold is often considered a hedge against higher inflation, a rate hike would increase the opportunity cost of holding gold, which pays no interest. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3% to 990.32 on Monday. Silver fell 0.3% to $22.59 an ounce. Platinum was flat at $980.62, while palladium rose 0.2% to $1,968.83.

Microsoft's Chief Executive Officer Satya Nadella said on Monday that the company's near acquisition of social media app TikTok was the "strangest thing" he had "ever worked on"

Former US President Donald Trump had ordered TikTok to separate its US version from Chinese parent company ByteDance over concerns of data security of US users. Microsoft had begun acquisition talks in August 2020 but the deal collapsed by September.

Also Read | <a href="https://www.wionews.com/world/microsoft-co-founder-bill-gates-offers-15-billion-in-climate-help-if-us-takes-legislative-action-405062">Microsoft co-founder Bill Gates offers $1.5 billion in climate help if US takes legislative action</a>

Trump's divestment push ended by the time he left office in January and no potential suitor ending up acquiring TikTok.

Nadella was speaking at the Code Conference in Beverly Hills, California. He said that he was looking forward to bringing Microsoft's security, child safety and cloud expertise to TikTok.

Also Read | <a href="https://www.wionews.com/world/safe-and-easy-microsoft-announces-passwordless-account-for-users-413771">Safe and easy: Microsoft announces 'passwordless account' for users</a>

"It's unbelievable," Nadella said of the experience during an on-stage interview. "I learned so many things about so much and so many people. First of all, TikTok came to us. We didn't go to TikTok."

"TikTok was caught in between a lot of things happening across two capitals," Nadella continued. "President Trump had a particular point of view of what he was trying to get done there, and then it just dropped off. The [U.S. government] had a particular set of requirements and then it just disappeared."

Nadella said Microsoft's services related to content moderation and child safety was what had attracted TikTOk CEO Zhang Yiming to Microsoft.

Also Read | <a href="https://www.wionews.com/india-news/amazon-microsoft-cisco-among-tech-giants-to-utilise-data-from-indias-farmers-413747">Amazon, Microsoft, Cisco among tech giants to utilise data from India’s farmers</a>

ByteDance did not immediately respond to Reuter's request for comment.

Nadella said he has no idea whether the US is still pushing for a deal under President Joe Biden. The Biden administration has said it is reviewing the national security concerns&nbsp;

"At this point, I'm happy with what I have," Nadella said.

He also expressed support for greater government regulation of cryptocurrency rules, which could stifle ransomware attacks since the ransoms often flow through opaque systems.

Microsoft's Chief Executive Officer Satya Nadella said on Monday that the company's near acquisition of social media app TikTok was the "strangest thing" he had "ever worked on" Former US President Donald Trump had ordered TikTok to separate its US version from Chinese parent company ByteDance over concerns of data security of US users.

Microsoft's Chief Executive Officer Satya Nadella said on Monday that the company's near acquisition of social media app TikTok was the "strangest thing" he had "ever worked on" Former US President Donald Trump had ordered TikTok to separate its US version from Chinese parent company ByteDance over concerns of data security of US users. Microsoft had begun acquisition talks in August 2020 but the deal collapsed by September. Also Read | Microsoft co-founder Bill Gates offers $1.5 billion in climate help if US takes legislative action Trump's divestment push ended by the time he left office in January and no potential suitor ending up acquiring TikTok. Nadella was speaking at the Code Conference in Beverly Hills, California. He said that he was looking forward to bringing Microsoft's security, child safety and cloud expertise to TikTok. Also Read | Safe and easy: Microsoft announces 'passwordless account' for users "It's unbelievable," Nadella said of the experience during an on-stage interview. "I learned so many things about so much and so many people. First of all, TikTok came to us. We didn't go to TikTok." "TikTok was caught in between a lot of things happening across two capitals," Nadella continued. "President Trump had a particular point of view of what he was trying to get done there, and then it just dropped off. The [U.S. government] had a particular set of requirements and then it just disappeared." Nadella said Microsoft's services related to content moderation and child safety was what had attracted TikTOk CEO Zhang Yiming to Microsoft. Also Read | Amazon, Microsoft, Cisco among tech giants to utilise data from India’s farmers ByteDance did not immediately respond to Reuter's request for comment. Nadella said he has no idea whether the US is still pushing for a deal under President Joe Biden. The Biden administration has said it is reviewing the national security concerns "At this point, I'm happy with what I have," Nadella said. He also expressed support for greater government regulation of cryptocurrency rules, which could stifle ransomware attacks since the ransoms often flow through opaque systems.

Failed TikTok deal 'strangest thing I've worked on', says Microsoft CEO Satya Nadella

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.

Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources.

The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand.

Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned.

"It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference.

"That raises the prospect of potential cycles of higher prices for traditional forms of energy.

"Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added.

PRICE SPIKES

A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices.

Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018.&nbsp;

The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers.

But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and&nbsp; rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said.

He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. 
Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings.

"We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist.

"That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition."

But it will take a long time before new energy sources can compensate for global demand, he added.

DEMAND OUTLOOK

Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC.

BP and TotalEnergies expect oil demand to peak in the next decade.

"Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer.

"I think it`s much further out than what a lot of the pundits are thinking right now," he added.

He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040.

"The world needs cheap affordable energy. We want to be in that space," Hill said.

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. "It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. "That raises the prospect of potential cycles of higher prices for traditional forms of energy. "Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. PRICE SPIKES A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018. The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. "We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. "That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." But it will take a long time before new energy sources can compensate for global demand, he added. DEMAND OUTLOOK Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. BP and TotalEnergies expect oil demand to peak in the next decade. "Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. "I think it`s much further out than what a lot of the pundits are thinking right now," he added. He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. "The world needs cheap affordable energy. We want to be in that space," Hill said.

Lack of investment, more demand to drive oil price volatility-industry execs

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. 
Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. 
The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. 
Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. 
"It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. 
"That raises the prospect of potential cycles of higher prices for traditional forms of energy. 
"Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. 
PRICE SPIKES 
A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. 
Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018.&nbsp; 
The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. 
But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and&nbsp; rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. 
He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. 
Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. 
"We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. 
"That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." 
But it will take a long time before new energy sources can compensate for global demand, he added. 
DEMAND OUTLOOK 
Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. 
BP and TotalEnergies expect oil demand to peak in the next decade. 
"Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. 
"I think it`s much further out than what a lot of the pundits are thinking right now," he added. 
He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. 
"The world needs cheap affordable energy. We want to be in that space," Hill said. 
(Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. "It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. "That raises the prospect of potential cycles of higher prices for traditional forms of energy. "Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. PRICE SPIKES A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018. The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. "We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. "That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." But it will take a long time before new energy sources can compensate for global demand, he added. DEMAND OUTLOOK Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. BP and TotalEnergies expect oil demand to peak in the next decade. "Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. "I think it`s much further out than what a lot of the pundits are thinking right now," he added. He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. "The world needs cheap affordable energy. We want to be in that space," Hill said. (Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

Lack of investment, more demand to drive oil price volatility -industry execs

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.

Global energy investment saw its biggest fall on record https://www.reuters.com/article/us-iea-energy-investment-idUSKBN2330FF in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources.

The International Energy Agency (IEA) too has called on investors to stop funding https://www.reuters.com/business/environment/radical-change-needed-reach-net-zero-emissions-iea-2021-05-18 new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand https://www.reuters.com/article/uk-oil-demand-factbox-int-idUKKBN2870LA.

Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned.

"It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference.

"That raises the prospect of potential cycles of higher prices for traditional forms of energy.

"Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added.

PRICE SPIKES

A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices.

Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018.&nbsp;

The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers.

But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said.

He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies.

Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings.

"We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist.

"That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition."

But it will take a long time before new energy sources can compensate for global demand, he added.

DEMAND OUTLOOK

Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year&nbsp;https://jp.reuters.com/article/oil-appec-idAFL4N2QT0RN, in line with a bullish forecast from OPEC.

BP and TotalEnergies expect oil demand to peak in the next decade https://www.reuters.com/article/uk-oil-demand-factbox-int-idUKKBN2870LA.

"Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer.

"I think it`s much further out than what a lot of the pundits are thinking right now," he added.

He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040.

"The world needs cheap affordable energy. We want to be in that space," Hill said.

(Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record https://www.reuters.com/article/us-iea-energy-investment-idUSKBN2330FF in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on investors to stop funding https://www.reuters.com/business/environment/radical-change-needed-reach-net-zero-emissions-iea-2021-05-18 new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand https://www.reuters.com/article/uk-oil-demand-factbox-int-idUKKBN2870LA. Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. "It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. "That raises the prospect of potential cycles of higher prices for traditional forms of energy. "Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. PRICE SPIKES A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018. The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. "We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. "That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." But it will take a long time before new energy sources can compensate for global demand, he added. DEMAND OUTLOOK Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year https://jp.reuters.com/article/oil-appec-idAFL4N2QT0RN, in line with a bullish forecast from OPEC. BP and TotalEnergies expect oil demand to peak in the next decade https://www.reuters.com/article/uk-oil-demand-factbox-int-idUKKBN2870LA. "Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. "I think it`s much further out than what a lot of the pundits are thinking right now," he added. He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. "The world needs cheap affordable energy. We want to be in that space," Hill said. (Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

Lack of investment, more demand to drive oil price volatility - industry execs