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REVEALED: THE TOP 10 COUNTRIES THAT ARE REDUCING THEIR RELIANCE ON OIL

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TOP 10 COUNTRIES

Ben Lobel, Copywriter at DailyFX

  • New tool charts global commodity trading over the last decade
  • The UK has reduced its oil imports by over 75 million barrels in five years
  • African countries lead the way in reducing their oil imports

 

The world is slowly reducing its reliance on oil and a new online tool from Daily FX has revealed the nations that are leading the movement.

 

Many of these are from Africa, including five of the ten countries that are decreasing their oil imports at the quickest rate. Morocco takes top spot after reporting a staggering 99.99% fall in the number of barrels it imported between 2013 and 2018.

 

Ben Lobel

It’s followed in the list by three other countries from the continent, with Kenya, Burundi and Gambia all reducing their imports by over 99%.

 

In the UK, oil imports dropped by more than fifth (21%) over the five years.

 

While the country remains the 12th biggest global importer of oil, including petroleum oils, it has taken great strides towards reducing its dependency on such environmentally-harmful fuels.

 

During the studied time period, the UK had the eighth-best rate in Europe for reducing such imports, with its intake dropping by 76.9 million barrels (from 359 million to just over 280 million).

 

In financial terms, this meant the UK spent $13.74 billion (£10.63 billion) less on oil. In 2013, the country spent over $40 billion on the commodity (£30.9 billion), but this fell to $26 billion (£20 billion) five years later.

 

Malta (93%) and the Republic of Moldova (92%) experienced the most significant decreases across the continent.

 

Internationally, the 10 countries that have reduced their reliance on oil the most are:

  • Morocco (>99%)
  • Kenya (>99%)
  • Burundi (>99%)
  • Gambia (>99%)
  • Seychelles (>99%)
  • Malta (93%)
  • Republic of Moldova (92%)
  • Estonia (86%)
  • Botswana (84%)
  • Israel (83%)

 

Globally, the money spent on oil imports fell by 28% but still remained above the $1 trillion (£773 billion) mark. From over $1.6 trillion in 2013, it dropped to under $1.2 trillion in 2018. The world’s 17 biggest importers account for over $1 trillion of this (86% of the total value), with the remaining 81 countries in the research making up the remaining $0.2 trillion.

 

The data has been visualised on a new interactive tool built by Daily FX, the leading portal for forex trading news, which displays global commodity imports and exports over the last decade.

 

The tool shows that China has recently overtaken the USA as the world’s biggest importer of oil. The Asian giant imported nearly 3.4 billion barrels in 2018, which was over 240 million more than the USA. China tops the list having increased its oil imports by 64% since 2013 – nearly six times the rate of its rival (11%).

 

Israel is the only country to drop out of the top 10. The country was the seventh biggest importer in 2013, but has fallen down the rankings thanks to its impressive 83% reduction.

 

Taking its place in the top 10 is Singapore, which increased its imports of oil by 18% over the time period. In 2013, the city-state imported 320 million barrels, and this rose to 376 million in 2018.

 

The top 10 global importers of oil (2018) are:

  1. China – 3.38 billion barrels
  2. USA – 3.14 billion barrels
  3. India – 1.65 billion barrels
  4. Japan – 1.09 billion barrels
  5. The Republic of Korea – 1.09 billion barrels
  6. Germany – 622 million barrels
  7. Netherlands – 506 million barrels
  8. Italy – 460 million barrels
  9. France – 397 million barrels
  10. Singapore – 376 million barrels

 

Daily FX’s unique tool allows traders to spot developments in the flow of commodities and the growth of both supply and demand while comparing the changes to critical economic indicators.

 

John Kicklighter, Chief Currency Strategist at Daily FX, said: “The world is changing and so is the way that it uses energy. Renewable and environmentally-friendly fuel options are the future, and while the end of crude oil is still far off, there will be considerable changes in the world’s top importers and exporters. Our new tool helps track those changes.

 

“While some of the larger countries have increased their appetite, it is interesting from an investor’s perspective to see the UK exploring alternative energy sources and reducing its dependence on oil.”

 

‘Global Commodities’ takes the form of a re-imagined 3D globe where the heights of countries rise and fall to show the import and export levels of a range of commodities over the last decade. The data visualisation allows users to switch views from a single commodity or market and show information relevant to that commodity or market’s performance.

 

To learn more about Global Commodities and view the tool, visit: https://www.dailyfx.com/research/global-commodities

 

Top 10

HIDDEN COSTS WHEN INVESTING… AND HOW NOT TO GET HIT

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By Annie Charalambous, Head of Communications at ETX Capital

 

According to recent figures, Brits plan to increase their investments by almost a fifth in the wake of the COVID-19 pandemic – with Gen-Z traders most keen to jump on the markets.

But are those looking to boost their profits paying over the odds without realising? A recent study claims UK investors often pay up to six times more in fees than advertised, costing some traders up to tens of thousands of pounds long-term.

ETX Capital is committed to shining a light on common hidden fees that can trip up new traders. Here’s how you can avoid feeling the pinch.

 

Taxing times

New traders are often unaware that profits made on their stocks and shares are subject to tax, in the same way they pay tax on salary earnings.

If your investment earnings are over £12,300 in a single year, you will have to pay Capital Gains Tax. This will either be 10 or 20 percent, depending on your annual income tax band.

However, married couples can ‘pool’ their tax-free allowance – meaning they can collectively earn up to £24,600 in trading profits each year without contributing Capital Gains Tax.

Some alternative savings vehicles also offer a larger tax-free allowance. For example, you can stash up to £20,000 each year in an ISA and earn interest on your cash.

For those looking to diversify their portfolio, many gold and silver coins are also exempt from Capital Gains Tax as they are technically legal British currency.

 

Commission costs

As with any commercial service, fund managers and platform providers that help traders set up and manage their investments will charge fees for their service.

However, the size of these costs can catch out unsuspecting investors. According to research, commission costs average 1.03 percent in the UK – around double the equivalent fees in the US.

While these costs are unavoidable for those who need support managing their investment funds, it is possible to reduce them. Research investment platforms and fund managers to ensure you find the most cost-effective commissions for your assets.

Alternatively, you may be able to avoid commission if you have the knowledge of the markets and are comfortable with the risk. If so, there are plenty of accessible platforms that will educate you on how to manage your stocks, forex, commodities and more. Although, keep in mind that you’ll likely have to pay fees to trade on these platforms.

 

Not that Stamp Duty

All stocks bought in the UK valued at £1,000 and over are subject to Stamp Duty Reserve Tax (SDRT). At 0.5 percent of the asset price, this can soon add up.

This tax is usually absorbed as part of a total fee charged by a fund manager. However, if you manage your own investments, you’ll need to submit details of your assets to the government in good time to skip late payment fines.

While SDRT marks a relatively small fee compared to the rewards on offer for successful investors, many may still wish to diversify their portfolios to avoid mounting tax bills. A common example is adding corporate bonds, which are exempt from SDRT.

 

Farewell feels

Many budding investors starting their trading journey simply aren’t thinking about what happens when you withdraw funds or transfer them to another platform. And for some, this means getting hit with unexpected ‘exit fees’.

These charges are typically written into the terms and conditions of an investment service and while many platforms and brokers have recently agreed to waive exit fees, there are still plenty leaving traders with a shock when the time comes to withdraw cash.

Exit fees are usually charged as a percentage fee of the withdrawn sum, which can represent a significant cost for longer-term investors.

It’s important to check for exit fees, which may also be referred to as ‘redemption fees’, before signing up for a platform or partnering with a fund manager. And those looking to escape these charges should look for providers that simply don’t apply them in the first place – or at least check the expiry date.

 

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Top 10

INSURANCE TRENDS 2022

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INSURANCE TRENDS 2022
  1. The Insurance market will continue to grow in maturity based on the richness of solutions by InsurTech

In 2022, we’re going to see a true acceleration in the modernisation of the insurance industry. We’ve already started to see this change this year, but it will continue to grow at a rapid pace because of the amount of competition in the market. Competitors are now able to provide direct value propositions to clients that are much more convenient.

It will be key to modernise full technology stacks to get the value from IoT, data and the cloud. As a result, the rise of InsurTech is going to become the norm, with SaaS based solutions based on APIs put in place to deliver personalisation on a grand scale.

 

  1. The Insurance industry will become cloud native

Many companies are already using cloud as part of their growing infrastructure and this will be even more apparent in 2022.

Many of the newer technology solutions in the market are cloud native and as a result the insurance sector is starting to understand the true value of the cloud. Whether that’s based on accessing the wealth of third-party solutions available, improved efficiencies or cost savings , this trend will not slowdown and we’ll continue to see insurance companies look at solutions to help accelerate cloud migration.

 

  1. In 2022, the insurance industry will start using data managements at scale

Once insurance businesses move their IT infrastructure to the cloud, they will see huge gains from using data platforms.

While there are still many constraints in the sector around data management due to various regulations, the need to have proper solutions to cope with GDPR, cybersecurity and more has never been more vital.

We won’t see an explosion of new technologies, but instead insurance companies deploying current technology at scale and leveraging it to fulfil its true potential.

 

  1. The Insurance industry will continue to connect and work together with other industries

There is a huge role for insurance to play in several different industries and this will continue to increase in 2022.

For example, the automotive industry. Many modern cars have various IoT sensors which collect data on how a car travels. The telematics of the data is embedded in the car, which means data can then be sent back to relevant organisations, such as an insurance company, if an accident was to occur. This technology will only continue to get more sophisticated. AI also has a role to play and this will be driven by insurance as well.

There is also a huge opportunity in the healthcare industry and how the ecosystem of services and devices available can help individuals live a healthy life. As more products enter the market, such as Fit Bits and the Apple Watch, having the right solutions to process the data, store data and ensure its compliant will be key. It will continue to be an explosive market for insurance.

 

  1. The insurance sector will move towards being part of a wider ecosystem which will be API driven and open

With new platforms being created every day all over the world, we are already starting to see the development of micro insurance products that are built in a way that can be plugged into different marketplaces. This is driving product simplicity as well as ensuring focused customer engagement and services.

To take this to the next level, next year we will see the insurance sector take a larger role in this wider technology ecosystem. The focus for insurers will be on getting value from the technology. This requires a better use of APIs and creating partnerships with open architecture.

In Europe this has already started to happen and will become even more prominent in 2022.

 

  1. Throughout 2022, the cryptocurrency world will look completely different

We’re currently going through an evolution of tech ecosystems where insurance organisations are developing them and embedding into them more than ever. Already, we see Insurance players who are building payment mechanism leveraging crypto solutions.

As we move throughout 2022, we expect to see a growth in the alternative ways of making payments. We will start to see smaller players in InsurTech provide instant payments that perhaps are currently inexistant right now.

It will still take time for there to be a global crypto market, but blockchain will continue to provide new opportunities which will impact the insurance industry.

 

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