International News 27/05
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Hankook Tire performs well in the electric vehicle segment in the first quarter.
Hankook Tire & Technology, a South Korean tyre company, has announced its sales and profits for the first quarter of 2024. The company made sales of 2.1 trillion won, up 1.1% year on year. It made an operating profit of 398.7 billion won, up 108.8% year on year. Despite global economic challenges and tensions in the Middle East, Hankook Tire is doing well under Chairman Hyunbum Cho. The company is investing in research and development to anticipate future mobility trends. This strategy has made Hankook Tire a leader in the electric vehicle tyre market and has helped it sell high-value products through its supercar strategy and global premium brands. Hankook Tire developed tyre technology for premium electric vehicles before these vehicles were widely available. One of its successful brands is the iON tyre, which outperformed the global electric vehicle tyre market by March 2023.
Oil prices fell as US inflation rose.
Oil prices fell by 1% due to concerns about US inflation. Brent crude oil for July 2024 fell to $82.88 per barrel, while WTI for June 2024 dropped to $79.26 per barrel. WTI prices for the July 2024 contract also fell to $78.66 per barrel. The market is watching US petrol demand closely as consumers are reducing consumption due to inflation. Analysts say this could make the market more pessimistic. Also, before Memorial Day, US gasoline prices fell for the fourth week in a row, reaching $3.58 per gallon. The US Department plans to sell almost 1 million barrels of gasoline in the northeast.
https://internasional.kontan.co.id/news/harga-minyak-ditutup-anjlok-1-terseret-tingginya-inflasi-as
Iranian President's Death Could Spark Rivalry for Succession.
The death of Iranian President Ebrahim Raisi in a helicopter crash is expected to create competition among Iran's hardliners for the position of Supreme Leader. Raisi, who was viewed as the frontrunner to succeed Ayatollah Ali Khamenei, enjoyed the support of the current Supreme Leader. His appointment as President was part of a strategy by hardliners to consolidate their position and strengthen the Islamic Republic. The Supreme Leader of Iran is the country's most powerful figure, with the authority to influence foreign policy and command the armed forces. The death of Raisi has created uncertainty about the succession plan for the presidency when Khamenei dies. The situation serves to illustrate the opacity of Iranian politics and the power struggles within the country's theocracy.