Nations consider vaccinating workers exposed to bird flu
The United States and Europe are taking steps to acquire or manufacture H5N1 bird flu vaccines to protect at-risk poultry and dairy workers, veterinarians, and lab technicians.
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Cyprus contemporary festival returns
The Contemporary Dance Festival in Cyprus will feature seven performances in Limassol and two in Nicosia from May 31 to June 23. The festival collaborates with the Cyprus New Movement of Dance to host a workshop on physical theatre exploration led by choreographers Eliana and Borna on June 17.
Crude oil pares losses, WTI rebounds into congestion
West Texas Intermediate (WTI) rebounded on Friday, recovering from a fresh 12-week low set early in the day at .03. The benchmark US crude remains down on the week, in the red by -2.38% from Monday’s opening bids.
Stellantis CEO: electric vehicle tariffs are a trap
Stellantis CEO Carlos Tavares expects a major battle with Chinese rivals in the European market for electric vehicles, warning of significant consequences for jobs and production. The European Commission will unveil an initial decision on potential tariffs on Chinese EV imports on June 5, and China has been threatening counter tariffs. Tavares believes that tariffs would fuel inflation, impact sales and production, and create overcapacity in the European auto sector. Stellantis is in discussions with labor unions about the risks they are facing and how to navigate the challenges ahead. The company will start selling EVs from its Chinese partner, Leapmotor, outside China starting in Europe in September. Tavares aims for Stellantis to be part of the Chinese offensive rather than purely defensive against Chinese competition.
CCLEI: Negative growth trend continues
The Cyprus Composite Leading Economic Index (CCLEI) remained negative for the third consecutive month in April, with a year-over-year decrease of 0.6%. This was driven by a slowdown in tourist arrivals and an increase in crude oil prices.
UAE economy grew 4.3 per cent in fourth quarter of 2023
The United Arab Emirates’ economy grew 4.3% year-on-year in the fourth quarter of 2023, with non-oil GDP surging 6.7% in the same period.
Energean makes Egypt discovery, pays Q1 dividend
Energean plc announced a significant find in offshore Egypt, continued natural gas supply in Israel, and declared a first quarter dividend of 30 cents a share. The company’s production for the first quarter was 142,000 boed, with 82% gas, representing a 49% year-on-year increase. Success was recorded in the Abu Qir infill well drilling campaign in Egypt, with preliminary analysis indicating gas-initially-in-place volumes of approximately 87-129 billion cubic feet. The well encountered around 270 feet of net pay across formations, with first production expected in Q3 2024.
Oil creeps back up after three days of losses
Oil prices increased on Thursday despite the US Federal Reserve considering further tightening of interest rates due to persistent inflation. Brent crude futures rose by 0.6% to .41 a barrel, while US West Texas Intermediate crude futures also increased by 0.7% to .08. The Federal Reserve discussed the possibility of raising interest rates to combat inflation, which could impact oil demand. Additionally, US crude stocks rose by 1.8 million barrels last week, and global crude markets have been affected by soft refinery demand and ample supply. Russia exceeded its OPEC+ production quota in April and will present a plan to compensate for the error. OPEC+ will meet on June 1 to decide on production cut levels, with expectations of a rollover of current voluntary cuts.
First Porsche 911 with hybrid drive ready for the road
The first Porsche 911 sports car for the road with a hybrid drive is ready for series production after extensive testing.
Energean reports new gas discoveries, robust Q1 financial results
Energean, a London-based independent exploration and production company, announced the discovery of new gas findings in the Mediterranean during its first-quarter financial results disclosure.