Chinese coal futures have reached record highs as flooding closed dozens of mines and displaced more than 100,000 people, strangling the country’s main fuel source for electricity and exacerbating a global energy crisis.
Coal futures traded on the Zhengzhou Commodity Exchange climbed 11.6% to close at a record 1,408.20 Rmb ($ 218.74) per tonne yesterday. The CSI Coal index of major mining companies listed in Shanghai and Shenzhen rose 3.7%, partially offsetting losses last week, when official orders to boost coal production pushed prices down.
Flooding in central Shanxi province over the weekend increased pressure on Beijing to contain a growing energy crisis that threatens to undermine the recovery of the world’s second-largest economy. China’s problems come as price volatility in global energy markets has caused countries to scramble to source electricity at ever higher costs.
Indeed, the price of U.S. crude oil hit a new seven-year high yesterday amid fears that fuel demand could recover faster after last year’s economic downturn than producers could bring supply on the market. Marlet. Subscribe to our Energy Source newsletter for the latest news on the global energy crisis.
Have you been affected by the energy crisis in China? Share your experience with me on [email protected]. Thanks for reading FirstFT Asia. Here is the rest of today’s news – Emily
Five other articles in the news
1. Henry Kravis and George Roberts step down as head of the KKR Long-time co-chairmen Scott Nuttall and Joe Bae will take the helm of the company, KKR announced yesterday. Kravis and Roberts, whose debt buyouts in the 1980s made them the face of the private equity industry, will remain executive chairmen of the board and maintain investor relations and advice on business strategy.
Go further: Kravis and Roberts hand over a transformed KKR. The
The buyout business has grown into a diverse institution – almost like conglomerates that barbarians once broke up.
2. Southwest flight delays extend into fourth day Southwest Airlines blamed air traffic control and weather as widespread flight cancellations and delays stretched into a fourth day, while its pilots union said the disruptions signaled just how overtaxed the airline’s operations were. airline collapsed under stress.
3. Kim calls for improved living standards in North Korea Addressing a rally yesterday marking the 76th anniversary of the founding of the ruling Workers’ Party of Korea, Kim Jong Un called on authorities to improve North Korea’s standard of living as his regime struggles to cope to a self-proclaimed âfood crisisâ.
4. The American Nobel Laureates in Economics David Card, Joshua Angrist and Guido Imbens won the 2021 Nobel Prize in Economics for their work on real-world experiments that challenge conventional wisdom, including showing that raising the minimum wage should not hurt the economy. employment and immigration does not always reduce the wages of native people. born workers.
5. Indonesian novice investors burned by IPO reversals New retail investors flocking to the Indonesian stock market have seen baptisms of fire after a number of hot initial public offerings, including e-commerce group Bukalapak, collapsed below their initial negotiation price.
Thailand is set to relax travel rules for tourists vaccinated ahead of the year-end holiday season.
we Covid cases have fallen 22% in the past two weeks, giving hope that the worst of the recent wave may be over.
Merck asked U.S. regulators to authorize the first antiviral pill to treat Covid-19 in a move health experts hope can help mitigate the pandemic.
AstraZenecaCovid-19’s Covid-19 antibody cocktail halves the risk of serious illness or death in patients, the company said yesterday.
Covid responses from many countries are hampered by population data issues. Flawed numbers mean nations don’t know how many residents have been vaccinated.
The day to come
IMF World Economic Outlook released IMF chief Kristalina Georgieva is expected to speak when the report is released as her fate as head of the organization is being debated.
Economic data We’ll be watching the numbers released today, including UK labor market data, India’s monthly consumer price index and Japan’s producer price index.
What else we read and watch
Buyout firm confronts Sanjeev Gupta A group of executives from American Industrial Partners, a little-known and value-conscious private equity firm, say they’ve taken control of the industrialist’s first European asset. For the AIP, this decision would be a coup. For Gupta, this would rob his empire of a vital source of income.
The moment of truth about Taiwan draws near Would America go to war over Taiwan? This question seemed pretty abstract for decades. Now it is more and more urgent, writes Gideon Rachman, as the United States and China remain engaged in a dangerous game of military poker over the future of the island.
What is driving the energy crisis in Europe? If you live in mainland Europe or the UK, natural gas to heat your home costs at least five times more than it did a year ago. While some in the gas industry believe the price spike is temporary, others say it highlights structural weakness in a continent that has become too dependent on imported gas.
Black women pay less as careers stagnate, survey finds Almost three-quarters of black women working in major tech, finance and professional services in the UK said they thought they were paid less than their peers, in a survey by the London School of Economics and Political Science.
A global AI bill of rights is desperately needed The Bill of Artificial Intelligence Rights proposed by White House science advisers could guarantee a person’s right to know if and how AI is making decisions about them, writes Anjana Ahuja. This could enshrine the freedom of algorithms that reproduce biases and the right to challenge unjust AI decisions.
“Are you becoming an old boredom?” Veteran writer Simon Kuper asked last week in his column on retirement for Financial Times magazine. While there is certainly nothing wrong with being an “old boredom” according to one reader, many others have felt compelled to offer their advice on how to avoid becoming one.
âThere is a great benefit to aging and retirement: you no longer have to worry about what others say or even think. . . invaluable. “- JHK
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