Saudi Arabia cuts oil prices for Asia amid China lockdowns

News Network
May 8, 2022

Riyadh, May 8: Saudi Arabia cut oil prices for buyers in Asia as coronavirus lockdowns in China weigh on demand, countering uncertainty around Russia’s supplies as the Ukraine war drags on.

Saudi Aramco is lowering prices for the first time in four months. The state-controlled company dropped its key Arab Light crude grade for next month’s shipments to Asia to $4.40 a barrel above the benchmark it uses, from $9.35 in May. That’s in line with a Bloomberg survey of refiners and traders from late April that forecast a $5 decrease.

Aramco also lowered all grades for the north west Europe region and almost all for the Mediterranean. Prices for US customers were kept unchanged from May.

Saudi Arabia raised its crude to record levels in the past two months after prices surged above $100 a barrel when Russia invaded Ukraine. Russian exports have already fallen and may drop further as the European Union moves closer to formally sanctioning energy supplies from the country.

While the war has tightened the global oil market, Beijing’s Covid Zero strategy has lead to China’s largest demand shock since the early days of the pandemic. Consumption of gasoline, diesel and aviation fuel last month was expected to slide 20% from a year earlier, Bloomberg reported on April 22.

China’s Strategy

Chinese Premier Li Keqiang warned in a statement on Saturday of a “complicated and grave” employment situation as the government tries to contain Covid. China’s leaders doubled down on their strategy last week, warning against any attempts to question the approach even as economic activity contracts amid factory closings and supply-chain disruptions.

Still, the world’s biggest independent oil trader said on Sunday that China’s measures were working as far as stopping the spread of the virus is concerned.

“It’s obviously a terrible situation for citizens of Shanghai and entire parts of Beijing have been told to work from home,” Mike Muller, Vitol Group’s head of Asia, said Sunday on a podcast produced by Dubai-based Gulf Intelligence. “But it hasn’t spiraled or snowballed into something really, really dramatic. Therefore people have not worsened their demand-loss projections from China.”

Aramco’s decision comes days after OPEC+, led by Saudi Arabia and Russia, agreed to continue increasing crude output only gradually, adding 432,000 barrels a day to the market in June. The 23-nation group has struggled to meet even that modest target.

Saudi Arabia sends more than 60% of its crude exports to Asia, with China, Japan, South Korea and India being the biggest buyers.

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News Network
May 8,2024

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AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a "surplus of available updated vaccines" since the pandemic.

The company also said it would proceed to withdraw the vaccine Vaxzevria's marketing authorizations within Europe.

"As multiple, variant Covid-19 vaccines have since been developed there is a surplus of available updated vaccines," the company said, adding that this had led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied.

According to media reports, the Anglo-Swedish drugmaker has previously admitted in court documents that the vaccine causes side-effects such as blood clots and low blood platelet counts.

The firm's application to withdraw the vaccine was made on March 5 and came into effect on May 7, according to the Telegraph, which first reported the development.

London-listed AstraZeneca began moving into respiratory syncytial virus vaccines and obesity drugs through several deals last year after a slowdown in growth as COVID-19 medicine sales declined.

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News Network
May 8,2024

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Mangaluru, May 8: The health officials in Dakshina Kannada are concerned over the increase in dengue cases in the rural areas of the district. They've seen 108 cases since January, compared to 45 last year. 

Dr. Naveen Chandra Kulal, who works on controlling diseases spread by insects, says humidity makes mosquitoes breed more.

People storing water in pots and drums during summer also make more mosquitoes, he added. 

In Lingappayyakadu village near Mulky, a survey found people store lots of water because they don't have regular drinking water. Dr. Kulal says this water becomes a place for mosquitoes to breed if containers aren't closed properly.

Dengue cases are also rising in Bengaluru, Mysuru, and other districts, he said. Even though there haven't been big groups of dengue cases in Dakshina Kannada yet, the health department is trying hard to stop it from spreading. They're doing things like teaching people how to prevent dengue and getting rid of places where mosquitoes can breed.

So far this year, Dakshina Kannada district has only had 16 cases of malaria. Dr. Kulal says many of these cases were among workers who came from other states to work on building sites.

Dr. Thimmaiah HR, who works for the health department, says if people have a fever, they should go to the nearest clinic or hospital. He also says they should get tested if they have symptoms of dengue or malaria and be careful about the hot weather.

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News Network
May 21,2024

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India is currently polling in the Lok Sabha elections, and AI-generated videos that spread disinformation have emerged as a major threat. As per a report, Meta approved several political advertisements manipulated by Artificial Intelligence that spread disinformation during Lok Sabha elections 2024.

Facebook reportedly approved ads that contained slurs towards Muslims in India like “let’s burn this vermin” and “Hindu blood is spilling, these invaders must be burned” along with disinformation about political leaders and other messages with Hindu supremacist language.

Another advert approved by the owner of Facebook and Instagram called for an opposition leader's execution who as per a false claim sought to “erase Hindus from India”. This ad contained the image of a Pakistan flag alongside the message.

The report comes at a time when the social media platform X had to recently take down an animated video shared by the Karnataka unit of the BJP after an Election Commission direction.

India Civil Watch International (ICWI) and Ekō, a corporate accountability organisation created and submitted these adverts to Meta's ad library to test the company's mechanism to detect and block harmful political content.

All adverts “were created based upon real hate speech and disinformation prevalent in India, underscoring the capacity of social media platforms to amplify existing harmful narratives," the report mentioned.

The researchers submitted 22 adverts to Meta in English, Hindi, Bengali, Gujarati, and Kannada, of which 14 were approved. Another three were approved with small tweaks. However, once approved, the researchers immediately removed the ads before their publication.

The research concluded that Meta failed to detect the presence of AI-manipulated images in all of the approved ads.

While five of the adverts, including one with some allegations against PM Modi were rejected on charge of breaking Meta's policy on hate speech, the report noted that the 14 others approved targetted Muslims and “broke Meta’s own policies on hate speech, bullying and harassment, misinformation, and violence and incitement."

“Supremacists, racists and autocrats know they can use hyper-targeted ads to spread vile hate speech, share images of mosques burning and push violent conspiracy theories – and Meta will gladly take their money, no questions asked,” the Guardian quoted Maen Hammad, a campaigner at Ekō as saying.

In response, Meta clarified that they require advertisers to disclose their use of AI.

“When we find content, including ads, that violates our community standards or community guidelines, we remove it, regardless of its creation mechanism. AI-generated content is also eligible to be reviewed and rated by our network of independent factcheckers – once a content is labeled as ‘altered’ we reduce the content’s distribution. We also require advertisers globally to disclose when they use AI or digital methods to create or alter a political or social issue ad in certain cases," the company said in response.

Meanwhile, Meta has been accused in the past of failing to curb Islamophobia on its platforms.

“This election has shown once more that Meta doesn’t have a plan to address the landslide of hate speech and disinformation on its platform during these critical elections,” Hammad said questioning how one can trust Meta if it fails to detect even a handful of AI-generated images.

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