Fuel demand has sharply improved in the first fortnight of June as factories, offices and shops reopened across the country and more vehicles came on the road with the easing of the lockdown.However, sales are yet to recover to normal levels but are far better than the lockdown months of April and May. The sales of petrol declined 18% in the first fortnight of June from a year earlier, according to industry executives. The petrol sales drop was 35.4% in May and 60.4% in April.The demand for diesel fell 15% in the first fifteen days of June from a year earlier. The fall was 29.5% in May and 55.6% in April for diesel. The June data is for sales by state fuel retailers who control about 90% of the market while the data for the months of April and May include sales by private players as well.With the resumption of domestic flights, jet fuel demand has also improved. The sales of jet fuel declined 73% year on year in the first fortnight of June. The decline was 83.6% in May and 91.3% in … [Read more...] about Fuel demand improves sharply in June as country reopens after lockdown
How subaru is improving fuel economy
BEIJING/SHANGHAI: Auto sales in China rose 11.6% in June from a year earlier to 2.3 million units, driven largely by strong demand for trucks and other commercial vehicles as Beijing ramps up infrastructure spending to revive the economy.In a further sign the world's largest auto market is recovering from coronavirus lockdowns, auto wholesales in June rose for the third straight month to 2.3 million units, according to data from the China Association of Automobile Manufacturers (CAAM), the country's largest auto industry body.Sales of trucks, vans and other commercial vehicles, which constitute for around a quarter of overall market, surged 63% on-year, while sales of passenger vehicles rose only 1.8%."The sales of trucks were driven by investment, and they were strong in past months, which was a precursor to the recovery of economic activity," said Yale Zhang, head of Shanghai-based consultancy AutoForesight.Overall auto sales growth also was helped by supportive local government, … [Read more...] about Surging truck sales boost China’s auto sector revival in June as economy upshifts
By Ferdinando Giugliano The “elephant chart” has been the most influential graph of the past decade in economics. It showed that in the 20 years before the financial crisis, global income growth largely benefitted two groups of people: the middle classes of emerging markets, such as China, and the ultra-rich around the world. Meanwhile, the middle and lower classes of Western Europe and North America saw their incomes stagnate. This work — produced in 2013 by economists Christoph Lakner and Branko Milanovic using World Bank and other data — incensed the left around the world, sparking a debate over income inequality and the failures of capitalism and globalization. The dramatic rise in earnings of the top 1%, seen from 1988 to 2008, has since been blamed for the return of populism and protectionism and resulted in calls for radical policies such as sweeping wealth taxes. A new paper from one of the authors of what’s become known as the “elephant … [Read more...] about Did the world become more equal after the financial crisis?
coronavirus pandemic.Brent crude futures were down 40 cents, or 1.0%, at $40.56 a barrel as of 0047 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 59 cents, or 1.5%, to $37.79 a barrel. Both benchmarks rose over 3% in the previous session after the International Energy Agency (IEA) raised its 2020 oil demand forecast to 91.7 million barrels per day (bpd) and U.S. retail sales posted a record jump in May.However, the rise in U.S. crude and fuel inventories, reported in post-settlement trade, stoked concerns over high supplies and put downward pressure on oil prices.U.S. crude oil inventories rose by 3.9 million barrels in the week to June 12 to 543.2 million barrels, ahead of analysts' expectations for a fall of 152,000 barrels, according to data from industry group the American Petroleum Institute. [API/S]Gasoline stocks rose by 4.3 million barrels and distillate fuel stockpiles, including diesel fuel and heating oil, rose by 919,000 barrels. Official data from the … [Read more...] about Oil prices falls on rise in U.S. crude stocks, virus resurgence fears
"In addition to classifying air and ground targets, the fire control radar has been updated to operate in the maritime environment. It is uniquely suited to meet a commander's needs, including reconnaissance, security, peacekeeping operations, and lethal attack, across myriad environments - without reconfiguration," the Boeing said. … [Read more...] about Amid LAC standoff, IAF receives final delivery of Apache, Chinook