International News 02/04

April 02, 2024 No. 52

Boeing's CEO will resign following multiple aircraft safety incidents.

Boeing's CEO, Dave Calhoun, has announced his decision to step down from his post after the company faced significant scrutiny due to safety incidents and manufacturing issues. In a letter to staff, Calhoun emphasized the importance of safety and quality as top priorities. As part of a broader management shake-up, Larry Kellner, chairman of Boeing's board, will not seek re-election at the annual meeting in May 2024. Steve Mollenkopf, a current Boeing director and former CEO of Qualcomm, will replace him. Mollenkopf will lead the board in selecting a new CEO. Additionally, Stephanie Pope, the current Chief Operating Officer, will take over as president and CEO of Boeing's commercial aircraft business unit, following the immediate departure of Stan Deal. These developments come as airlines and regulators call for greater efficiency in the airline industry.


Oil prices closed lower as the US dollar strengthened and demand for US gasoline weakened.

Oil prices fell for the second day in a row due to a stronger US dollar and unexpected increases in US crude and petrol inventories. The May 2024 delivery contract for Brent crude futures dropped 0.2% to $86.09 per barrel, while the June 2024 contract fell to $85.41 per barrel. Similarly, West Texas Intermediate (WTI) crude oil futures for May 2024 delivery declined by 0.3% to $81.35 per barrel. Both Brent and WTI futures have faced selling pressure since reaching their highest levels in over four months last week. The strength of the US dollar has impacted oil prices, making oil traded in US dollars more expensive for holders of other currencies and reducing demand. Additionally, a surprise increase of 3.2 million barrels in US crude stocks and 1.3 million barrels in gasoline stocks has further added to the downward pressure on oil prices.


What is the cause of the 90% slump in India's gold imports in March?

India's gold imports have fallen by over 90% in March compared to the previous month, reaching their lowest level since the COVID-19 pandemic began. Bank imports have been reduced due to the significant surge in gold prices. This drop in imports, from the world's second-largest consumer of gold, could limit the global price increase, which had recently reached record highs amidst expectations of interest rate cuts by the Federal Reserve in 2024. Moreover, the decrease in imports could help India reduce its trade deficit and strengthen the rupee. According to an anonymous government official, gold imports in March are expected to drop to 10-11 metric tonnes, a significant decrease from February's 110 metric tonnes. These imports are anticipated to be the lowest recorded since the pandemic, when import restrictions and lockdown measures affected the industry. Furthermore, two Mumbai-based gold bullion dealers from two banks have been suspended.