ASEAN Countries

U.S. oil significant Exxon Mobil Corp. is weighing a sale of its petrol stations in Singapore,. an offer that could raise about $1 billion, Bloomberg News. reported on Tuesday, mentioning sources. Exxon runs 59 fuel stations in Singapore under its. Esso brand, according to Esso's website. A sale would enable Exxon to raise money to deploy in other. areas of higher growth capacity, the report said, including that. gamers in the energy industry and mutual fund had actually revealed. initial interest in the disposal. Exxon declined to comment on the report. The company has actually been running in Singapore for...

U.S. trade officials on Friday announced a brand-new round of tariffs on solar panel imports from 4 Southeast Asian nations after American manufacturers grumbled that business there are flooding the marketplace with unjustly low-cost products. It is the second of 2 initial decisions that President Joe Biden's Commerce Department is making this year in a trade case brought by Korea's Hanwha Qcells, Arizonabased First Solar Inc and several smaller producers seeking to protect billions of dollars in financial investments in U.S. solar manufacturing. This is the latest chapter in a more than decadelong trade war with Chinese companies over their...

U.S. trade authorities are expected to announce on Friday a brand-new round of tariffs on photovoltaic panel imports from 4 Southeast Asian nations after American makers complained that companies there are flooding the market with unjustly low-cost goods. It is the second of two initial decisions that President Joe Biden's Commerce Department is making this year in a trade case brought by Korea's Hanwha Qcells, Arizonabased First Solar Inc and numerous smaller manufacturers seeking to safeguard billions of dollars in financial investments in U.S. solar manufacturing. This is the most recent chapter in a more than decadelong trade war with...

OPEC is unlikely to loosen up voluntary production cuts in the short term, executives of global product trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Online Forum in London on Tuesday. OPEC+ is going over an additional hold-up to a prepared oil output hike that was due to start in January, 2 sources from the group stated on Tuesday. Trafigura's global head of oil Ben Luckock presumes OPEC will once again postpone its production boost, though most likely not that far into the future, as OPEC is unlikely to be pleased with present prices. I think that...

Indian billionaire Gautam Adani has actually been arraigned by U.S. prosecutors for his supposed function in a $265 million bribery scheme in India, plunging his conglomerate deep into crisis for the 2nd time in 2 years. Gautam, his nephew Sagar Adani, and Adani Green Energy Ltd. previous CEO Vneet Jaain were charged with breaking securities. and wire scams laws, and the Adanis were likewise charged by the. U.S. Securities and Exchange Commission in a civil case. The SEC likewise charged Cyril Cabanes, an executive of Azure. Power International Ltd, for his supposed role in the scheme. The Adani Group has...

Iraq's fuel oil exports are on track to hit alltime highs this year after the nation ramped up shipments in October as domestic need eased even as output rose, according to industry sources and shiptracking data. The increase in exports of the residue fuel will support oil earnings for OPEC's second-largest manufacturer in spite of stagnant unrefined deliveries this year due to production caps under quotas set by the Organization of the Petroleum Exporting Countries and its allies, or OPEC+. Higher exports from Iraq will likewise contribute to global supply and ease elevated rates in Asia while lowering feed stock...

The founder of collapsed Singaporean oil trading company Hin Leong Trading Pte Ltd was sentenced to 171/2 years in prison on Monday for unfaithful global bank HSBC and abetting forgery, regional media reported. Lim Oon Kuin, known as O.K. Lim, was founded guilty on 2 counts of unfaithful and one of instigating forgery in May. The convictions were over the disbursement by the bank of $111.7. million in March 2020 as payment for 2 oil sales agreements. that prosecutors said were made. Lim, 82, has been going to court in a wheelchair however. district attorneys stated no weight ought to...

Indonesia is wanting to evaluate the way it sets palm oil export levies to maintain competitiveness versus rival edible oils, an official stated on Monday, describing it as a regular move to evaluate its trade policy. Malaysian palm oil futures last week increased as traders prepared for a possible change in Indonesia's export levy or tax structure, though rates fell in early trade Monday, tracking weakness in rival Dalian oils and pressed by a strong ringgit. Indonesia, the world's greatest palm oil exporter, last revised its levies in September this year. We must evaluate export levies routinely to increase the...

Naphtha is anticipated to stay in short supply in Asia over the next number of years as more crackers come online and as need for blending the fuel with gas increases, industry executives and experts stated. Tight supply might support costs for the fuel and petrochemical feedstock and lift refiners' margins. However, raised naphtha rates will put more margin pressure on petrochemical makers which are facing weak need and increases in inventories for their products. In Asia, the naphtha deficiency compared to require is approximated at 1.73 million barrels each day (bpd) in 2025, and 1.51 million bpd in 2026,...

Hurricane Usagi damaged sharply on Friday after bearing down on the Philippines' northern towns, blowing away homes in its course as authorities brace for another storm that might hit the capital Manila over the weekend. Usagi, known locally as Ofel, magnified into an extremely tropical cyclone as it made landfall in the town of Baggao in Cagayan province on Thursday afternoon. Philippine meteorological firm Pag-asa stated that Usagi has because weakened and is now headed towards Taiwan. Usagi is the 15th cyclone to hit the Philippines this year. Authorities are currently bracing for another typhoon, Man-yi, which might strike eastern...

Singapore's middle distillates stocks increased for the third straight week as web exports of both jet fuel and diesel slipped amid increasing imports, main government information showed on Thursday. Stock levels of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore climbed to a little above 9.6 million barrels for the week ended Nov. 13, compared to 9.569 million barrels in the previous week, data from Business Singapore showed. Net exports of diesel/gasoil and jet fuel/kerosene both fell by 60-70% week-on-week. For diesel/gasoil, the circumstance was more exacerbated by a swell up in total imports, as India, South Korea...

The world's leading multilateral banks pledged to ramp up environment financing to low and middle earnings nations to $120 billion a year by 2030 as part of efforts at worldwide talks in Azerbaijan on Tuesday to concur an enthusiastic annual target. Declaring an objective of topping worldwide warming at 1.5 degrees Celsius above the pre-industrial average by 2050, the brand-new figure is a more than 60% increase on what the group of 10 multilateral advancement banks (MDBs) had actually funnelled to poorer nations last year, according to a declaration launched throughout the U.N. climate summit in Azerbaijan's capital Baku. The...

Rio Tinto will invest $2.5. billion to increase production capability at its Argentina lithium. project, it said on Thursday, as it seeks to cement its position. as one of the world's most significant miners of the battery metal. The investment follow's Rio's takeover of Arcadium Lithium. in a $6.7 billion deal announced in October, and as. prices of the metal utilized in electrical cars (EVs) are damaged. by Chinese oversupply and slowdown in EV sales. Following the purchase of Arcadium, Rio is on track to. become the world's 3rd largest lithium miner, behind leader. Albemarle and Chile's SQM. As part...

Electric automobile tech company Ideanomics Inc. filed for Chapter 11 bankruptcy in Delaware on Wednesday to discover a buyer for its wireless charging business and other innovation investments. Ideanomics got in insolvency with over $30 million in debt and simply $189,000 in cash on hand, according to files filed in Wilmington, Delaware personal bankruptcy court. Ideanomics said it has lost over $800 million in the previous five years. The company spent $320 million on electric automobile innovation investments in between 2021 and 2023, but the majority of those investments were unprofitable. It has actually closed down all of its obtained...

Indonesian miner PT Delta Dunia Makmur has increased its stake in Australia's copperfocused base and precious metals miner 29Metals to 19.9% by registering for the latter's newly released shares worth A$ 62 million ($ 40.19 million). The Jakarta-listed business has been diversifying beyond its home of Indonesia, where it runs its BUMA coal mining services company. Last month, Delta obtained a 51% stake in Dawson Complex, Australia, a part of Anglo American's steelmaking coal portfolio, for $455 million. Delta's investment in 29Metals becomes part of the Australian company's A$ 180 million equity raising, carried out at a discounted offer rate...

The Indonesian arm of Malaysiabased home enhancement retailer Mr DIY Group is looking for to raise approximately 4.71 trillion rupiah ($ 297 million) in a going public, according to a prospectus released on Monday. At $297 million, the listing by Daya Intiguna Yasa will be Indonesia's largest IPO in more than a year, following Amman Mineral Internasional's listing in July 2023, according to information compiled by LSEG. IPO continues raised in Indonesia, Southeast Asia's biggest economy, dropped to $298.4 million in the first nine months of the year, from $3.26 billion in 2023, LSEG information revealed. The drop came versus...

South Korea and Malaysia signed an agreement on Monday to cooperate in supplying vital minerals from Malaysia's reserves and to improve cooperation in the defence market as the Southeast Asian country seeks to upgrade its air force jets. South Korean President Yoon Suk Yeol and Malaysian Prime Minister Anwar Ibrahim likewise shared their commitment at a summit to conclude an open market arrangement by next year, which would consist of extra locations such as services, investment, and green energy, Yoon's workplace stated. South Korea welcomed ongoing interest from Malaysia as it embarks on a job to change light fighter jets,...

Lead inventories in London Metal Exchange authorized warehouses have jumped by 49% over 2 days to their highest level considering that March 2013, LME information showed on Tuesday. Inflows of 91,025 metric loads were most likely to be from celebrations providing against brief or bearish positions ahead of Wednesday's November agreement expiry, analysts said. LME information reveals 2 celebrations each holding a significant short position in November- one accounting for more than 40 %of market open interest and another one for 10% -19%. On the other side of the marketplace are 4 long> positions, where one celebration holds up to...

New capability for transforming bauxite into alumina due online next year is set to ease tight supplies and potentially halt a recordbreaking cost rally of the product utilized to make aluminium. Higher alumina rates outside China have turned the top producer and consumer into a net exporter this year from a web importer and boosted costs of aluminium, which is utilized in the transportation, construction and packaging markets. Disturbances in supplies of bauxite from Guinea and Brazil and output suspensions in Australia added to a 70% surge in alumina rates this year to a record 5,645 yuan ($ 779.77) per...

China and Indonesia have agreed to reinforce cooperation in essential sectors, consisting of lithium, brand-new energy cars, green energy and tourist, according to a joint declaration released on Saturday. The statement followed a conference in between Chinese President Xi Jinping and Indonesian President Prabowo Subianto, who is checking out China through November 10, the first nation he has checked out since taking workplace last month. Prabowo, who won Indonesia's governmental election in February, likewise picked China as the first nation to go to as president choose, underscoring Jakarta's dedication to reinforcing its strategic ties with Beijing. China and Indonesia will...

The Japanese steel market is feeling a sense of crisis as the country's steel imports for the AprilSeptember duration reached a 10year high, with supply from China hitting a record high, an executive of Nippon Steel stated on Friday. We notified the government that we are carefully keeping an eye on general steel imports and have a sense of crisis concerning the present trend, Takashi Hirose, Nippon Steel's executive vice president, informed press reporters following the month-to-month meeting between the market ministry and steel market representatives. Japan, the world's third-largest steel producer, saw steel imports increase to 2.8 million metric...

On Thailand's eastern coast, strategies are underway to develop an electric arc heater that will provide green steel to Europe and benefit from controversial brand-new guidelines that will require buyers to pay tariffs on highcarbon imports. Federal governments and market associations in Asia have lobbied ferociously against Europe's Carbon Border Change Mechanism ( CBAM) and it could cast a shadow over COP29 environment talks in Baku, Azerbaijan, next week, with China and others calling for an end to green trade barriers. CBAM was created to stop European companies averting carbon compliance expenses by sourcing commodities from regions with laxer ecological...

Japan's secondbiggest steelmaker, JFE Holdings, lowered its forecast for yearly net revenue by 37%, struck by slow need for building materials at home and a slumping Asian market amid growing exports from China. The company now predicts net profit of 130 billion yen ($ 844 million) for the to March 31, down from its August quote of 205 billion yen. JFE likewise cut its yearly dividend projection to 100 yen a share from its August forecast of 110 yen, while lowering its crude steel output intend on parent-basis to 22.4 million metric loads, down 0.6 million heaps from its earlier...

Siam Cement Group (SCG). , Thailand's largest industrial conglomerate, said on. Monday it has actually suspended business operation at its $5.4 billion. Long Son Petrochemicals complex in Vietnam after just one month. due to the chemicals' low margin. The chemicals industry has been grappling with high. inventory and destocking for the previous couple of quarters, putting. pressure on numerous firms. The resumption will depend upon worldwide vibrant demand, SCG. said in a statement to Reuters. SCG did not provide a clear timeframe for the suspension but. expected the chemicals industry would remained tough well. into the 2025. LSP, which began...