Goldman Sachs has warned clients that Congress is unlikely to resolve the debt ceiling issue before October 18, risking the first default in US history, reports CNN. "It seems unlikely that Congress will tackle the debt ceiling issue until the last minute, and the risk that it won't take necessary action before the October 18 deadline is real," the bank's economists said in a letter to its...

The US could release crude oil from the government's strategic reserves to avoid rising petrol prices, Energy Secretary Jennifer Granholm said. "This is a tool we are currently considering," she was quoted by Finanñial Times. The publication notes that gasoline prices are rising in the US, reaching their highest level in seven years. According to Granholm, a ban on the export of crude oil...

Cotton futures on the US commodities exchange ICE hit $1.05 a pound. According to The Wall Street Journal, this is a record high for the period since September 2011. Analysts believe that the rise in cotton prices is due to increased demand from Chinese producers, despite restrictions on the supply of some goods and raw materials from the United States imposed during the Donald Trump...

The International Air Transport Association (IATA) has issued a forecast for the global air transport market in 2022. The association expects industry losses to amount to $11.6bn, which is 4.5 times less than the current year's total of $51.8bn. Earlier IATA estimated losses for 2021 at $47.7 billion. It also revised upwards the losses incurred by global air carriers in 2020 - from the previous...

The energy crisis in China is starting to have an immediate and significant impact on certain sectors of the global industry. Suspension of major petrochemical plants in China amid power shortages has already resulted in a 10% increase in the price of key polymers. The deficit is exacerbated by rising raw material prices. These factors, according to experts, will lead to further increases in...

China's National Bureau of Statistics reported that the country's business activity index (PMI) for the manufacturing sector was 49.6 points in September, down from 50.1 points in August. A reading below 50 points indicates a slowdown in business activity. The decline in September's manufacturing PMI was unexpected: analysts polled by Bloomberg had expected it to be 50 points. The decline in...

Qatar's state-owned oil and gas company Qatar Petroleum has signed a 15-year agreement with China National Offshore Oil Corporation (CNOOC) to supply 3.5 million tonnes of natural gas (LNG) per year, Qatar Petroleum said. "Qatar Petroleum has entered into a long-term purchase and sale agreement with CNOOC Gas and Power Trading & Marketing Limited, a subsidiary of China National Offshore Oil...

Oil consumption will return to pre-demand levels in the third quarter of 2022, said Eugene Leong, president of oil and gas company BP Singapore. In his view, Asia remains the driver of demand growth. In an interview with Bloomberg, Mr. Leong said that the recovery in oil demand has already started and stocks of oil and most petroleum products had returned to normal levels by June. He believes...

The Chinese authorities, in their struggle to save the planet, have imposed restrictions on electricity consumption, which resulted in a shutdown of factories supplying components, including for Apple products. This, in turn, has put the supply chain at risk at the peak of electronics sales, writes Reuters. In particular, electronic components manufacturer Foxconn, which is the main supplier to...