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Oil Hits 7-year High On Tight Supply

Rupee trades in a narrow range in early session against U.S. dollar

On Friday, the rupee had slumped 25 paise to close at 74.15 against the U.S. dollar.

The Indian rupee was trading in a narrow range in morning trade on Monday as elevated crude oil prices negated the impact of positive domestic equities.

At the interbank foreign exchange, the rupee opened lower at 74.18 against the American dollar, then inched higher to 74.16, registering a fall of 1 paisa from the last close.

On Friday, the rupee had slumped 25 paise to close at 74.15 against the U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading unchanged at 95.16.

The Indian Rupee opened weaker versus the dollar tracking the strength of the greenback and strengthening bond yields, Reliance Securities said in a research note.

Moreover, the strength of crude oil and a weak start in Asian and emerging market peers could also weigh on the local unit this Monday.

On the domestic equity market front, the 30-share Sensex was trading 40.37 points or 0.07% higher at 61,263.40, while the broader NSE Nifty advanced 22.05 points or 0.12% to 18,277.80.

Global oil benchmark Brent crude futures rose 0.06% to $86.11 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth ₹1,598.20 crore, as per stock exchange data.

Apple Says More Than $260 Bln Paid To Developers Since App Store Launch

Tech giant Apple Inc. said it has paid out more than $260 billion to app developers since the App Store’s launch in 2008. This includes $60 billion paid in 2021, as the payment to developers as of 2020 end was $200 billion.

In the latest holiday season alone, App Store customers spent more than ever before between Christmas Eve and New Year’s Eve, driving double-digit growth from last year.

In a statement, the company said the significant number sets a new yearly record for App Store developer earnings from selling digital goods and services.

In June last year, Apple had said the App Store ecosystem facilitated $643 billion in billings and sales during 2020, a 24 percent year-over-year increase.

The company now said its technology coupled with the power of the App Store’s global platform connects businesses of all sizes with over 600 million people each week across 175 countries. During the pandemic, Apps and games became the essential source for the world’s most innovative and timely entertainment.

Millions of apps were downloaded from the App Store. Apple Fitness+ coached users to stretch, lift, lunge, and meditate their way to healthier days, while Apple News kept them informed of pivotal developments in the news and culture.

The new Apple Maps helped users re-explore the world. Apple TV+ streamed many originals, while Apple Arcade allowed to play hundreds of fun, new and classic games.

China Exports Continue To Expand In December

China’s exports continued to log robust growth in December taking the overall trade surplus for 2021 to a record high, data from the General Administration of Customs revealed on Friday.

Exports grew 20.9 percent on a yearly basis in December after rising 22.0 percent in November. The annual growth was forecast to slow to 20.0 percent.

At the same time, annual growth in imports eased more sharply to 19.5 percent from 31.7 percent in the previous month. The expected rate was 26.3 percent.

Consequently, the trade surplus rose to $94.46 billion in December from $71.7 billion in November, and remained above the expected level of $74.5 billion.

There is limited scope for a rise in exports volumes this year given that ports are already stretched to capacity, Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.

Further ahead, the bigger problem for exports is that foreign demand is likely to drop back as shifts in global consumption patterns due to the pandemic unwind and backlogs of orders are gradually cleared, the economists noted.

Regarding the outlook for imports, the economists said although policy easing will drive a rebound in home sales, constraints on developer financing mean that slowing property construction is likely to continue to weigh on China’s commodity imports for some time.

For the full year of 2021, exports logged an annual growth of 29.9 percent and imports advanced 30.1 percent. As a result, the trade surplus rose to a record $676 billion, data showed.

America’s Next Great Restaurants Are in the Suburbs. But Can They Thrive There?

With a shift in demographics and tastes, chefs are finding an unexpected home for their ambitious cuisine.

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By Priya Krishna

Oil Hits 7-year High On Tight Supply

Oil prices climbed to their highest level since 2014 on Tuesday amid worries about possible supply disruptions after Yemen’s Houthi group attacked the United Arab Emirates.

Brent crude futures for March delivery rose around 1 percent to $87.35 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for March settlement were up 1.4 percent at $84.44.

Both benchmarks hovered near their highest levels since October 2014 as attacks in the Mideast Gulf added to an already tight supply outlook.

A suspected drone attack in the United Arab Emirates has killed three people and injured six others. While Houthi rebels far away in Yemen claimed credit for the attack and warned to attack more facilities, the UAE said it reserved the right to “respond to these terrorist attacks.

UAE oil firm ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot.

Goldman Sachs analysts said they expected oil inventories in OECD countries to fall to their lowest since 2000 by the summer, with Brent oil prices rising to $100 later this year.