Readings: Oil prices, Chinese stimulus, Retail growth
- Houston Chronicle: Oil prices low? Chevron CEO says no
O’Reilly tossed aside the notion that oil prices are low. Although half its unprecedented summer high of more than $145 a barrel, $60-$70 oil is still pricey.
On a global basis, it’s the equivalent of 240 million barrels of oil a day, if you can transfer all the energy into oil terms. Put it in gallons per second, it’s 120,000 gallons per second. That’s oil, coal, gas, nuclear, all the sources of energy that the globe uses.
At some point, inevitably demand growth will occur again. We’re in a demand shrink at the moment, based on all the data. Two things have to happen. The price has to stimulate that — that’s how markets work. And that in turn has to help stimulate economic growth.
China announced a 4 trillion yuan ($586 billion) stimulus plan to spur expansion in the world’s fourth-largest economy, helping sustain global growth as the U.S., Europe and Japan teeter on the brink of recession.
The funds, equivalent to almost a fifth of China’s $3.3 trillion gross domestic product last year, will be used by the end of 2010.
The package announced today, of which 100 billion yuan is earmarked for this quarter, will go toward low-rent housing, infrastructure in rural areas, as well as roads, railways and airports.
- Business Standard: Pantaloon’s turnover shoots up 87 per cent
Kishore Biyani’s Pantaloon Retail, the country’s largest listed retailer, has posted an 87 per cent growth in Diwali sales from its value retail formats — Big Bazaar and Food Bazaar — compared with the year-ago period, the highest growth rate in three years.
Consumers are spending more on value for money products. All categories in food and fashion are doing well. In fact, the same store growth of 50 per cent in value formats is a record increase for us,”
One of the few retailers who’s got it right in India.
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