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COVID-19 - News digest as of 17.05.2021

May 17/2021

.1  Asahi Kasei FY2020 net profit falls nearly by a quarter on weak materials business

MOSCOW (MRC) -- Asahi Kasei�s net profit for the fiscal year ending March 2021 slumped by 23.2%, weighed down by weakness in its materials business, and as the company booked a one-off loss for the period, as per the Japanese producer"s statement. The materials segment was hit by global economic deterioration amid the coronavirus pandemic. Sales for the segment declined by 9.3% year on year to Y991.2bn, with operating profit falling by 28% to Y66.5bn. �Performance recovered from the second quarter with recovery of automotive-related markets and recovery of petrochemical market prices, but there was a significant impact from the pandemic especially in the first quarter,� Asahi Kasei said.

2. Crude oil futures in Asia slightly up but increase limited by coronavirus concerns in the region

MOSCOW (MRC) -- Crude oil futures were slightly higher during mid-morning Asian trade May 17, but any upside was limited by concerns over renewed coronavirus-related mobility restrictions in the region, reported S&P Global. At 11:03 am Singapore time (0303 GMT), the ICE Brent July contract was up 34 cents/b (0.49%) from the May 14 settle at USD69.05/b, while the June NYMEX light sweet crude contract was up 31 cents/b (0.47%) at USD65.68/b. The market continues to monitor the progress of the COVID-19 pandemic in Asia, where a growing list of countries have tightened mobility restrictions. Singapore and Taiwan, two countries that have thus far been lauded for reigning in the virus, are among the countries grappling with the rising number of infections. Singapore, on May 14, had introduced new restrictions under what it termed as "Phase 2 (Heightened Alert)" to stem the recent rise in infections, whereas Taiwan, on May 15, followed suit, raising its coronavirus alert level in the capital, Taipei, and the surrounding city, and imposing two weeks of restrictions.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, car components, nonwovens, petrochemistry, Asahi Kasei, COVID-19, India, Singapore, USA, Taiwan, Japan.
Category:General News
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