Asia

The governor of the region, Mikhail Evrayev said that a major refinery in Russia's Yaroslavl area is on fire following a large Ukrainian drone attack. Emergency services are working to extinguish the flames. Images posted on social media that have not been verified show plumes of black smoke rising above the facility. Evrayev stated in a statement on Telegram that the refinery’s storage tanks were struck by falling drone debris. He described this as the largest enemy attack on Yaroslavl to date, located about 250 km (160 mi) northeast of Moscow. "Today, the region successfully repelled the biggest attack by...

The Russian central bank published the minutes of its July 24 meeting on Wednesday. They stated that higher fuel prices in Russia accelerated the consumer price growth in June by 0.3% and by 0.2% in the first half. After Ukrainian drone attacks on oil refining facilities disrupted the supply, Russians experienced a 'fuel shortage across all 11 time zones of the country. This led to long queues, higher gas prices, and rationing in some regions. Authorities say that the?situation? has stabilised?in many areas. Central bank officials said that the total direct and indirect impact on inflation of the fuel price...

India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, a stake 18% in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the...

India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, an 18% share in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the...

Reliance Brands is the luxury retail arm of Reliance Retail. They have partnered with Kim Kardashian's SKIMS in order to bring this shapewear brand into India. This comes as global companies race to enter India's growing fashion and beauty market. The company, which is a subsidiary of Mukesh-Ambani's Reliance Industries, said that it would launch the SKIMS name across both physical and digital channels?starting in Delhi and Mumbai. Indian beauty retailers are racing to introduce international brands into the country as Gen Z and younger consumers gravitate towards global trends in beauty and brands backed by celebrities, thanks to social...

India's benchmark Nifty has seen a sharp swing in price following the introduction of a new formula for calculating closing prices?for stocks that have derivatives contracts. The BSE Sensex and the volatility of Wednesday's session triggered a rare, third-straight session divergence. This led to heavy losses among traders. HDFC Bank, ICICI Bank, and Reliance Industries account for more than?27%. The Sensex is composed of 30 stocks that are all also included in the Nifty 50. WHAT IS THE NEW METHOD TO DETERMINE CLOSING PRICE? India introduced on Monday the Closing Auction Session, a separate window of 20 minutes that starts...

Bharti Airtel, India's second largest telecom operator, posted a 37.3% increase in its first-quarter profit on?Tuesday. This was due to?users upgrading their plans and adding new subscribers. The company's consolidated "net profit" rose to 81.67 trillion rupees ($856.28 millions) for the quarter ending June 30 from 59.48 trillion rupees one year earlier. India's telecom companies have relied on customers upgrading to more expensive plans to increase average revenue per user (ARPU), a key telecom measure. There hasn't been any broad-based price increases since July 2024. Airtel, the market leader in 4G and 5G service adoption, and Reliance Jio have revised...

Indian shares dropped on Tuesday, ahead of?the Central Bank's Wedensday Policy Decision. The blue-chip Nifty?50 reversed the sharp rise from the previous session as investors adapted to a new closing auction mechanism?for stock with futures and option?contracts. Investors re-aligned their positions ahead of the weekly expiration of derivative contracts for Nifty. The volatility index reached its highest level in one week, at 12.1875. The Nifty dropped 0.64%, to 24,614.90. Meanwhile, the BSE Sensex fell 0.27%, to 78.428.95. The indexes gained 0.7% and 1.6% respectively on Monday. This was an unusual divergence after the launch of the new system. The new...

German fashion group Hugo Boss announced its operating profit for the second quarter ahead of expectations and maintained its outlook for the full year despite a subdued demand from consumers. In a poll conducted by the company, earnings before interest and tax (EBIT), which were 81 million euros in 2014, fell to 59 million euros. This was higher than analysts' average predictions of 52 million euro. The currency-adjusted sale fell by 9%, to 905 millions euros. This was slightly lower than analysts' expectations, which were 907 million euro, as strategic realignment and a weak consumer background continued to weigh on...

Beiersdorf, the maker of Nivea, said that the conflict in the Middle East was disrupting sales and deliveries in key Gulf markets. This highlights how geopolitical tensions continue to impact consumer goods companies in the region. Vincent Warnery, Chief Executive of the company, said that due to the conflict the company was unable to ship some products to Saudi Arabia or the United Arab Emirates. "This is something that impacts not only our costs, but also consumption." We hope the war will end soon so that we can get back to business as usual," he said in a press conference....

Sinopec, a Chinese oil company, announced on Monday that it has opened a polyvinyl ethanol (PVA), resin plant in Chongqing. This will help China reduce its dependency on imported materials. The 50,000-metric-ton-per-year plant, operated by Sinopec Chongqing SVW Chemical Co, raises the site's total PVA capacity to 210,000 tons a year, ?Sinopec said in a statement. PVA is an?water-soluble biodegradable polymer that's used in a wide range of products, from face masks to high-value applications such as photovoltaics, electronics, and pharmaceuticals. The company stated that the expansion will make the Chongqing site the largest single-site production facility for 'high-end PVA'...

Abu Dhabi National Oil 'Co announced?on Friday that it will change its benchmark for monthly official sales prices for all of its crude grades from Murban crude to Platts Dubai pricing for the month-to-month from November 1. In a press release, ADNOC said that the change will align ADNOC’s OSPs with the month in which cargoes are loaded. This applies to Abu Dhabi crude grades onshore and off-shore, including Murban Das, Umm Lulu, and Upper Zakum. ADNOC will announce differentials for grades to Dubai prices in the month prior to cargo loading. ADNOC stated that the new pricing mechanism "reinforces...

The Reserve Bank of India announced on Thursday that it has included Tata Sons on its list of "upper-layer nonbanking financial companies", a category which faces stricter regulations. This will keep pressure on one the country's largest holding firms to go public, unless they receive an exemption. The?RBI stated that the classification will not affect Tata 'Sons' pending request to give up their NBFC registration. Tata Sons in India, which is the umbrella organization for 31 companies, including TCS and Tata Motors Passenger Vehicles, is under pressure to go public. This, despite the fact that the two-thirds of its conglomerate...

Gold reached a seven-week high on Thursday and extended gains into the fourth session as the hopes of reopening the Strait of Hormuz helped ease fears of inflation and rising interest rates. Gold spot was up 0.6% to $4,271.33 an ounce at 0843 GMT after hitting its highest level in June 18 earlier. The bullion market posted its largest daily gain since February on Wednesday, with an increase of $4,267.24 for each ounce. U.S. Gold Futures increased 0.6% to $4330.20. Gold tries to hold on to its recent gains amid increasing optimism surrounding the Strait of Hormuz. The hope for...

After a recent rally of three sessions, copper prices fell on Thursday, after reaching a new '12-week high. The price increase dampened demand from the top consumer, China, and investors were taking profits. This was offset by tightening supply outside of the United States. Benchmark?copper? on the LME dropped 0.35% at $7,060.50 per metric ton by 0700 GMT after reaching $14,178 an hour earlier, its highest level since May 13. The most active copper contract on SHFE closed at 107330 yuan (15,903.33) per ton after briefly reaching the highest price since May 2014. Yangshan Copper Premium Since July 22, a...

The price of copper rose to its highest level in 12 weeks on Thursday, as the uncertainty surrounding tariffs continued to drive more metals into the United States. Benchmark 'three-month copper' on the LME dipped 0.08% to $14,099.50 per metric tonne as of 0325 GMT after touching $14,178 early in trade, a level not seen since May 13. The most active copper contract on SHFE rose 0.38% to 107,580 Yuan ($15.944.39) per tonne, after briefly reaching the highest level since May 14, at 108.030 yuan. The LME Cash Copper Contract Premium over the Three-Month Contract On Thursday, the spread increased...

The gold price climbed to its highest level in nearly seven weeks on March 3. It is on track to be the largest daily increase?since the beginning of February, due to the lower Treasury yields and the?hopes of progress regarding the opening of the Strait of Hormuz. By 2:15 pm, spot gold had risen 4.4% to $4253.36 an ounce. ET (1815 GMT), it had reached $4,264.93 - its highest level since June 18 - and was above the 50 day moving average which now supports gold at $4,160. U.S. Gold Futures for December Delivery rose by 3.7%, to $4,305.20 an...

The gold price rose to its highest level in nearly seven weeks on Wednesday and was on track to post the largest daily increase since February due?to lower Treasury rates and hopes of progress regarding opening the Strait of Hormuz. By 11:04 am, spot gold had risen 4.4% per ounce to $4256.85. The spot gold price rose 4.4% to $4,256.85 per ounce at 11:04 a.m. ET (1504 GMT), after reaching $4,258.99 - its highest level since June 18 - and breaking above the 50 day moving average. It now stands at $4,160. U.S. Gold Futures for December Delivery rose by...

Gary Nagle, the CEO of Glencore, said that the company had?taken an provision relating to Radiant World. However, he added that Glencore's exposure towards the iron ore trading firm was not significant. We have some existing contracts that still need to be completed. Nagle said on a conference call that they are assessing how to deal with them in a legal manner. However, we have stopped doing any new business. Bloomberg reported that last week, fellow trading houses Vitol and Cargill had stopped doing business Radiant World because they were concerned about the validity of invoices sent to their banks....

South 'Korean stocks closed at a record high for a week on Wednesday, as heavyweight chipmakers rallied in response to strong U.S. earnings. They also showed evidence of massive AI capital expenditure. Meanwhile, lowering oil prices eased inflation concerns. The benchmark KOSPI closed 3.8% higher, at 6,598.26. This was its highest closing since July 27. The junior Kosdaq rose 2.4%, reaching a new closing high of three weeks. Chip stocks rose by a record amount overnight, thanks to strong earnings from AI companies. SpaceX also boosted chip stocks with its massive expenditures. The Philadelphia Semiconductor Index jumped?6.6%. Samsung Electronics, a...

Gold rose for a third session in a row on Wednesday. This was helped by the softer dollar and lower crude oil prices. Investors were waiting for U.S. employment data to get a sense of interest rate outlook. By 0455 GMT spot gold had risen 1.4% to $4,133.83 an ounce, which was a new two-week high. U.S. Gold Futures rose 1%, to $4191.90. Holders of other currencies will find greenback-priced gold more appealing. Oil continued to decline after two days of steep drops. Lower oil prices can reduce inflation fears that are often the cause of expectations for higher interest...

President Donald Trump stated that his administration had "very positive discussions" with Iran on Tuesday during the all-day talks, which fueled expectations of a quick end to the five-month conflict. In Asian trade, oil prices dropped and stocks soared on Wednesday following Wall Street's record highs. This was on the hope that a deal would soon be struck to restore traffic in the Strait of Hormuz. Trump said on Fox News' "@ night" program that the negotiations lasted all day. Trump said that the Strait of Hormuz would be opened very soon. If they retreat again, they will be hit...

Gold rose for a third consecutive session on Wednesday. This was helped by a softer dollar and lower crude oil prices. Investors were waiting for U.S. job data to get clues about the interest rate outlook. As of 0253 GMT, spot gold rose 1.3% to $4,127.04 an ounce. U.S. Gold Futures increased 0.8% to $4184.40. Holders of currencies other than the U.S. Dollar will find greenback-priced precious metals more appealing. After two steep drops, oil prices have stabilized. Lower oil prices can ease inflation fears that often fuel expectations of higher interest rate. Qatar claimed that mediators are making progress...

The top executive of BYD in Brazil said that the Chinese automaker will launch its first Brazilian-made plug-in hybrid flex fuel car on Tuesday, after a two year?investment. In an interview, Senior Vice-President Alexandre Baldy revealed that the Song Pro Super Hybrido Flex Fuel, which hits dealerships in Brazil on Wednesday features a powertrain capable of running on gasoline, electricity or ethanol. He added that the GL version's range on electric power alone is 60 km (37 mi) and 120 km for a higher-end GS model. Baldy stated that the vehicle was built at BYD’s Camacari factory in northeastern Bahia...