Thank you for reading the news about Macro Snapshot — South Korea inflation at 24-year high; Australia increases interest rate again and now with the details
Jeddah - Yasmine El Tohamy - China In-Focus — Stocks unchanged; China touts Afghan trade plans; major pipeline launched in oil hub Shandong
RIYADH: China stocks closed roughly flat on Tuesday as concerns over the worsening COVID-19 situation offset optimism from recovering services activities in the country.
The blue-chip CSI300 index ended down 0.1 percent at 4,489.54, while the Shanghai Composite Index ended flat, at 3,404.03 points.
China touts Afghan trade and investment plans
China’s ambassador touted trade and investment plans for Afghanistan on Tuesday, in what was a public endorsement for doing business in the Taliban-controlled country after an earthquake drew attention to the humanitarian consequences of Western sanctions.
At a rare press conference alongside the Taliban administration’s acting minister for disaster management, Ambassador Wang Yu announced $8 million in aid for relief from the June 22 earthquake that killed more than 1,000 people.
“Besides emergency humanitarian aid, after the political changes last year and after the earthquake, we also have long-term economic reconstruction plans,” he said. The priority would be trade, followed by investment, as well as agriculture.
No country has formally recognized the Taliban, who seized power last year after the US and its allies withdrew troops following 20 years of war.
China port group launches major pipeline in oil hub Shandong
China’s Yantai Port Group has started pumping oil into a newly expanded crude oil pipeline that connects the port of Yantai to a group of independent refineries in the country’s refining hub Shandong, state media reported on Tuesday.
The 370-kilometer pipeline, with an annual transport capacity of 20 million tons which equals 400,000 barrels per day, is solely invested by Yantai Port Group, a unit of provincial government-backed Shandong Port Group.
The new line, linking Yantai with the city of Weifang, adds to an existing parallel 650 km pipeline connecting Yantai with Zibo, bringing total transport capacity to 40 million tons annually, or 800,000 bpd.
About 10 independent refineries are linked to the two pipelines, according to Shandong-based commodities consultancy JLC.
As part of commodities logistics operations, Yantai Port also operates a 300,000 ton crude oil terminal and a 3.6 million cubic-meter crude oil tank farm.
These were the details of the news Macro Snapshot — South Korea inflation at 24-year high; Australia increases interest rate again for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.