Asia

Five merchant bankers said that Mukesh Ambani’s Reliance Industries was'set' to return to India’s rupee bond markets 'after nearly three years'. This would be the 'largest single tranche fundraising' by a rated company since November 2023. According to bankers, the oil-to-telecom company plans to raise $1.22 billion through the sale of five year notes with an annual coupon rate of 7.47%. It will 'invite investors to bid in the week of September 18th, according to?bankers. This would be RIL’s first rupee-denominated bond issue since November 2023 when it raised 200 billion rupees, the largest local currency debt sale ever by...

Iran threatened the United States with "economic warfare" on Tuesday and said it had ?fired an advanced missile at U.S. warships,underscoring the risks of further escalation in the war only days after both sides traded blows again. The six-month war has been marked by periodic flare-ups and pauses. Last Saturday, U.S. forces attacked three Iranian oil tanks. Iranian state media reported on Sunday that Iran had fired the Qassem Basir rocket. Iran continues to block shipping in the Strait of Hormuz despite U.S. efforts to open it. There is also no progress toward a diplomatic breakthrough which could end the...

OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far...

Weapons experts reviewed video and images verified by the Iranian authorities and concluded that it was likely a direct strike by an American munition, not a ricochet from another target. The incident in Kuhestak, a small town in Iran, has reignited concern about the civilian cost of the U.S.-Iran war. It is the most dramatic case to date since a missile hit an Iranian primary school and killed scores of students and teachers in February. U.S. Central Command announced that its forces had carried out multiple strikes in Iran's southern region on Sept. 1. These targeted air defense systems, radars,...

A senior Russian banker revealed on Wednesday that India, the world's second largest importer of Russian oil, has built a functional payments infrastructure using roubles. India increased its imports of Russian oil at a discount due to Western sanctions, resulting in a record-breaking $70 billion trade between Russia and India in 2024. The bilateral trade dropped in 2025 when the sanctions were tightened, but recovered in the first half 2026. "There are no problems in the settlements between Russia & India." Ivan Nosov is the head of Sberbank India. He said, "I am prepared to say that this is a...

Energy Secretary Chris Wright of the United States said that after arriving in Venezuela on Tuesday, the oil companies in the U.S. as well as?other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling in crude production over the next few year. Wright is in Venezuela for a day-long visit, his second trip since U.S. troops seized Venezuelan leader Nicolas Maduro's office in January. Venezuelan oil production peaked at over 3 million barrels a day in the late 90s, but then plummeted due to a lack investment, poor management and U.S. sanction. In recent months, it...

Chris Wright, the U.S. Energy Secretary, said that after arriving in Venezuela on Tuesday that the 'deals' that oil companies from the U.S. The oil companies from the United States and other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling of crude oil production over the next few decades. Wright is on a one day trip to Venezuela, the founding OPEC member. This is his second visit since U.S. troops seized Venezuela's Nicolas Maduro as leader in January. Venezuelan oil production peaked at over 3?million barrels a day in the late 1990s, but then?plummeted due...

Nvidia may be synonymous with AI, but a group of lesser-known power and cooling equipment providers is also cashing in on the global data center construction boom as developers rush to avoid infrastructure bottlenecks. The energy-hungry data centers have created a surge of demand for equipment from transformers to advanced cooling systems. This has created winners throughout Asia's supply chains, though earlier stock price gains have moderated. McKinsey predicts that data centres will be worth $7 trillion by 2030. Nvidia said last week it expected AI spending to continue for many years. It is getting harder to build data centres...

Treasury Secretary Scott Bessent stated on Tuesday that the United States will likely announce sanctions against a bank in this week as part of its economic campaign against Iran. "We will probably announce a sanction against a bank this week and another the following week." Bessent stated that he was speaking with our allies in the area, who had all expressed their support. The treasury secretary said that the United States was targeting airline leasing companies and other entities who did business with the Islamic?Revolutionary Guard Corps (IRGC) at an event held on the sidelines of a meeting of 20...

Gulf stock markets rose in early trade Tuesday on higher oil prices, while United Arab Emirates stocks were subdued as renewed fighting between the United States and Iran dampened investor sentiment. Brent crude traded at $91.94 per barrel as of 0804 GMT, an increase of 1.6%. Qatar's benchmark rose 0.6% with all sectors in positive territory. Qatar Fuel Company gained 4.6% while Qatar National Bank (the region's biggest lender) added?1.1%. Saudi Arabia's benchmark stock index increased by 0.3%. Healthcare, materials, and energy stocks led the way. Saudi Aramco, the oil giant, gained 0.7% while Rabigh Refining and Petrochemical soared by...

The music publishing divisions of Sony Music 'and 'Warner Music sued Anthropic at the federal court in California for allegedly using their copyrighted compositions as a basis to train Claude AI models. Sony and Warner stated in their complaint filed on Friday that Anthropic had pirated hundreds song lyrics and sheet songs from The Beatles to Taylor Swift to Michael Jackson to train Claude to respond to human prompts. This lawsuit is part of a series of similar cases filed by copyright holders, including publishers, authors, music labels, and news outlets, against tech companies for using their work in AI...

An oil refinery in Russia's Yaroslavl region, Slavneft-Yaroslavnefteorgsintez, or ?YANOS, suspended oil processing at two ?of its three crude distillation units after a drone ?attack on August ?28, two industry ?sources ?told . The local governor stated on Friday that the facility had been hit by debris from an Ukrainian drone. Sources claim that the attack caused damage to the AVT-3 primary unit of crude distillation with a daily capacity of 17,140 metric tonnes, which is about 40% of the refinery's total capacity. The AVT-4 unit, with a daily capacity of 14,300 tons, represents 33% of the total capacity. The...

Volkswagen is exploring a partnership with the Indian conglomerate JSW Group in order to increase 'competitiveness' and profitability?in -the?third largest?car market?in the world. A company spokesperson stated on Wednesday that the partnership aims to expand Volkswagen's India portfolio, strengthen local sourcing, and increase manufacturing. The Economic Times newspaper was the first to report on this move. The proposed deal is timely as 'Volkswagen' has been struggling to expand its presence in India. India is a critical?market for the German automaker to?expand outside Europe. It also highlights the challenges that global automakers have to overcome in order to remain competitive on...

Kazakh gold miner, Solidcore Resources Plc (formerly Polymetal International), which announced plans to buy back shares worth up to $1.2billion, has said that it does not intend to return any more capital to shareholders until they achieve the goals set forth in their strategy for 2029. Chief Executive Vitaly Nesse confirmed this. Tuesday, the company launched a tender to buy up to 23.2% (or $11.66) of its current capital at $11.66 a share. The offer will run between September 9 and October 12, 2009. Nesis stated that the company chose to buy back shares 'because of better liquidity and recognition...

Kazakh gold miner, Solidcore Resources Plc (formerly Polymetal International), has announced plans to repurchase shares worth up to $1.2 billion. However, the company does not intend to return any more capital to its shareholders until they achieve their objectives as set forth in their strategy for 2029. The company launched on Tuesday a tender offer to buy up to 23.2% (or $11.66 each) of its current share capital between September 9 and December 12. Nesis said the company chose to 'buy back' shares because of a?improved liquidity and recognition that not everyone is willing to support its aggressive growth strategy....

On 'Tuesday', the bonds of Ukraine's biggest steelmaker, 'Metinvest', experienced some of their largest falls since Russia invaded in early '2022. This was after one of 'the firm's main plants' was severely damaged by a Russian missile strike. Metinvest announced at the weekend the five deaths caused by the strike at its Kamet Steel Plant in the eastern Dnipro Region. The plant was forced to halt all production. Metinvest only controls two steel mills in Ukraine. Tradeweb data revealed that the firm's bonds on the international market were down as much as 4.44 cents per dollar, as U.S. Investors got...

China's aluminum smelters are booming this year. Shanghai's aluminium price has risen to three-month highs. Raw material costs have been historically low, and margins remain strong. Each producer is encouraged to run their plant at full capacity. Indeed, national output has exceeded Beijing's 45-million-metric-ton capacity cap for the past couple of months, as smelters flex their full production ?potential. However, the mandated ceiling remains in place. Chinese producers have embraced this reality and are investing heavily in smelter projects abroad. While Donald Trump claims that the United States needs more aluminum "desperately", the world's biggest producer consolidates its position as...

The 'price of copper' continued to rise on Tuesday. It reached a record high on speculative purchases on the backs of tight supply outside the U.S. and weak mine production. In open-outcry official trading, three-month copper on the London Metal Exchange rose 1.3% to $14,503 per metric ton, breaking the previous record. LME copper is up 18% in this year. This is largely because a large amount of metal has been moving to the U.S., anticipating?tariffs to be imposed on refined copper. Alice Fox, an analyst at Macquarie, stated that falling inventories outside of the U.S. - including in China...

Solvay, a Belgian chemicals company, is currently in discussions with One Investment Management regarding a possible strategic partnership for its rare earths division. Solvay announced this on Tuesday. OneIM, led by Rajeev Misra (former SoftBank executive), would gain exposure to rare-earths processing. This would complement its existing investments in this sector, which is dominated primarily by China. Sources with knowledge of the situation said that Solvay has been in talks with OneIM about Solvay’s rare earths operations since March. The West is looking to reduce its reliance on China as a supplier of rare earth minerals. These minerals are essential...

Solvay, a Belgian chemicals company, is currently in discussions with One Investment Management regarding a possible strategic partnership for its rare earths division. Solvay announced this on Tuesday. OneIM, led by former SoftBank executive Rajeev Mitra, would gain exposure to 'rare earths processing. This deal would complement its existing investments in this sector, which is dominated primarily by China. Sources with knowledge of the situation said that Solvay has been in talks with OneIM about Solvay’s rare earths operations since March. Rare earth minerals play a crucial role in the energy transition and electronics industries. The West is looking to...

A document seen by revealed that some?key developers of critical minerals projects selected by the EU had called for urgent financing. It said?liquidity restrictions may put others in danger and?limit its ability to reduce its dependency on China. After Beijing placed export controls on critical minerals for energy transition, electronic and defence, the?European?Union selected 47 projects in Europe last March and 13 others outside the bloc by June 2025. In an "Urgent Action Call", 23 of 60 projects stated that "the goal must be to unlock urgently projects, especially those working towards a final investment decision who face acute liquidity...

The dollar was weaker on Monday and the prospects of shortages outside the U.S. boosted the price of copper. The traders said that the U.S. holiday meant volumes would be muted and that they were focusing on copper and zinc. The benchmark copper price on the London Metal Exchange was 0.2% higher, at $14.443 per metric ton. It reached $14,467 earlier in trade, its highest level since January's all-time high of $14,527.50. Since President Donald Trump proposed import tariffs last February, traders and producers have shipped large amounts of copper to the U.S. Comex copper stock levels are at a...

Volkswagen announced on Monday a preliminary agreement that will see one of its German plants switch over to defense production. This is a major step in the automaker’s effort to restructure factories struggling to compete against lower-cost Chinese competitors. The deal could be a blueprint for other Volkswagen plants facing an uncertain future, as Europe's biggest carmaker embarks upon its largest ever restructuring in order to revive margins while combating chronic overcapacity on its stagnant European markets. Volkswagen, under the initial terms of this deal, will sell its Osnabrueck factory to Israel's Aurelius Capital, and Volkswagen's own state of Lower...

China's central banks increased its gold -purchases in August for the sixth consecutive month. This is the highest amount of bullion added to their?reserves? since October 2023. Gold holdings of the People's Bank of China rose from 76.08 to 76.73 millions fine troy-ounces by the end of August. The 650,000 ounce addition was slightly higher than the 640,000 added in July, and it is the largest monthly increase since October 20, 2023 when holdings increased by 740,000 pounds. Since March, when central?bank added 160,00 ounces of gold, the pace of 'purchases' has increased. In June, it added 480,000 ounces. China...