Asia

The "wait and watch" period for North American businesses is over. U.S. president Donald Trump imposed a 25% tax on goods coming from Canada and Mexico along with a tariff of 10% on China. This could be the beginning stages of a full scale trade war that will cause new headaches to executives who have already been dealing with rising costs for years. Tariffs on imports from the U.S.’s three biggest trade partners could disrupt industries ranging from consumer goods to autos. Before Saturday's announcement of tariffs, executives were able to dodge questions regarding the issue. Many wanted to avoid...

Reliance Retail launched an app to sell fashionwear in India from China's Shein, under a license deal. This comes almost five years after Shein's App was banned in India following a diplomatic dispute. Reliance is owned by Mukesh Ambani. A person who has direct knowledge of Reliance’s launch plans said that the app was launched on Saturday morning. The launch was not announced by the firm. Shein nor its parent company Reliance Industries did not respond to any requests for comments made outside of normal business hours. Shein India Fast Fashion is a departure from Reliance’s strategy to add brands...

The budget document released on Saturday revealed that India will spend $646.88 million to purchase oil for its Strategic Petroleum Reserves (SPRs). Indian Strategic Petroleum Reserve Ltd. (ISPRL), the company that manages federal oil stocks, operates three SPRs with a combined production capacity of approximately 5 million tons in southern India. Abu Dhabi National Oil Co. (ADNOC) and other companies use a portion of this capacity for commercial operations. Budget proposals include allocations of about 1.8 billion rupies for the operation and maintenance SPRs, and approximately 3.35 billion rupies for land purchase and construction of caverns. India, which is the...

The Moldovan opposition leader, Alexandr Stoianoglo who lost the presidential vote held in November, announced on Friday that he would lead a coalition consisting of three parties against the pro-Western majority ruling at the parliament elections this year. Last year, the former prosecutor general was closer than anyone expected to unseating pro Western President Maia Sandu. She lost in a runoff after campaigning on a balanced foreign policies that looked to Russia and West. He was backed by a pro-Moscow party. The election is expected to be a close one and could result in Sandu's pro Western PAS party losing...

India's Oil and Natural Gas Corp. (ONGC) announced a loss for the third quarter on Friday as a buoyant fuel market failed to compensate the explorer against lower crude oil realisations. The profit of the state-owned company fell by 17% in October-December to 82.40 trillion rupees, or $952 million. This was far below the analysts' average estimate of 179.31 trillion rupees. Profits from joint ventures or operations outside of the country are not included in its standalone earnings. ONGC is responsible for around 71% domestic crude oil production. The company's operating revenue fell by 3% year-on-year, to 337.17 bn rupees....

S witzerland’s top criminal court found Trafigura, a former executive and a company guilty of corruption on Friday in a case involving the payment made to an Angolan government official in exchange for oil contract. The court ordered that the trading house pay $148 million as fines and compensation, and sentenced Mike Wainwright, a former employee of itss to 32 months imprisonment. Of this time 12 months must be served. You can appeal the decision to the same court. This is the first case in Switzerland where a company was charged with corruption of an official from abroad. It's also...

The government has granted permission to Russia's biggest oil companies to continue gasoline sales until the end February. This extends a waiver that was due to expire this Friday. The Russian government lifted the temporary ban at the end of November on gasoline exported by the majority of producers. However, the restrictions were extended to other exporters, such as independent traders or re-sellers until January 31. These restrictions will continue to be in effect in February. The first ban on gasoline imports was implemented in March of last year in response to a steep rise in wholesale fuel costs and...

Several trade sources said that Syria wants to import oil through local intermediaries because its first post-Assad import bids did not attract much interest from oil traders, due to the ongoing sanctions and financial risk. According to tender documents, the caretaker government of Syria issued tenders for the import of 4.2 million barrels crude oil as well as 100,000 tons of each fuel oil and diesel. Sources said that the tenders which closed on the Monday have not been awarded, and the government has now begun negotiating with local firms to meet the requirements. After Iran seems to have stopped...

Czech Republicbased turbine producer Doosan Skoda Power launched a preliminary public offering on Monday, seeking to raise 2.53 billion crowns ($ 105. million) by offering up to a 3rd of its shares in a Prague. listing. The company, whose supreme moms and dad is South Korea's Doosan. Corp, serves consumers including energy groups CEZ. , EPH and Orlen, and earned a profit of 559.3. million crowns on revenue of 4.8 billion crowns in 2023. The offer will consist of existing and brand-new shares, with the. price range set at 220-260 crowns per share, the company said. Last rates is expected...

The leader of Moldova's. separatist Transdniestria area, gripped by power and heating. cuts, said on Friday that gas reserves would be exhausted within. days and prompted the central federal government to end synthetic delays. and offer new products. However Moldova's prime minister said the option could be. solved only if Russian gas manufacturer Gazprom resumed. shipments to Moldova, or if the pro-Russian separatist region. agreed to pay for gas secured on European markets. Transdniestria, which split from Moldova as the Soviet Union. was collapsing, had actually long gotten Russian gas passing through. Ukraine, however authorities in Kyiv, secured a nearly...

Argent LNG, which is developing a 25 million metric tonnes per year (MTPA) LNG center in Louisiana, has signed a nonbinding agreement with the government of Bangladesh to buy up to 5 million metric lots of melted natural gas (LNG) annually, the business said in a statement on Friday. This is the first significant U.S. LNG supply deal because President Donald Trump took office on Monday, and according to the parties, reflects industry self-confidence in the new administration's pro-energy policies. Given that pertaining to power Trump has actually taken executive action to end the Department of Energy's time out on...

OPEC+ has yet to respond to a. call from U.S. President Donald Trump for lower oil prices, with. delegates from the group indicating a strategy currently in place to. begin raising oil output from April. Trump on Thursday revealed he would be asking Saudi Arabia and. the Organization of the Petroleum Exporting Countries to bring. down the expense of oil a call he frequently made in his very first term in. the White House. Speaking on a panel at the World Economic Online Forum in Davos on. Friday, Saudi Arabia's Economy Minister Faisal alIbrahim stated. Saudi Arabia and OPEC's position...

LME base metals fell on Monday. Copper hit its lowest level for more than three weeks as U.S. president Donald Trump's tariff of 10% on imports from China - the largest metals consumer - fueled trade war fears and added uncertainty to market. As of 0126 GMT the benchmark copper price was down by 1.05% to $8,953 per metric tonne, its lowest since January 6. Trump announced on Saturday that he would impose 25% tariffs on Mexican imports, and most Canadian goods. He will also impose 10% tariffs on Chinese goods starting Tuesday. White House officials confirmed that there would...

The "wait and watch" period for North American businesses is over. U.S. president Donald Trump imposed a 25% tax on goods coming from Canada and Mexico along with a tariff of 10% on China. This could be the beginning stages of a full scale trade war that will cause new headaches to executives who have already been dealing with rising costs for years. Tariffs on imports from the U.S.’s three biggest trade partners could disrupt industries ranging from consumer goods to autos. Before Saturday's announcement of tariffs, executives were able to dodge questions regarding the issue. Many wanted to avoid...

Indian infrastructure stocks fell in a special session on Saturday. Sector leader Larsen & Toubro led the losses, as investors were disappointed with the'modest" increase in capital expenditure announced in the budget. Infrastructure index reversed its gains after the budget presentation and was down by 1.1% at last. L&T shares dropped nearly 5% in one day, their biggest drop in over 3 months. The Indian government announced that it would spend a record 11,21 trillion rupees (129.54 billion dollars) on infrastructure during the next financial year, which begins April 1. Amit Anwani is a research analyst with Prabhudas. IRB Infrastructure...

The deadline for President Donald Trump to impose tariffs is fast approaching, while the U.S. releases data on jobs and the markets gauge the new AI landscape before major tech companies report. Bank of England is deciding on interest rates, and lenders across Europe are also publishing their results. Kevin Buckland, Saqib Ahmad, Lewis Krauskopf, and Amanda Cooper, in London, provide a guide to global markets for the coming week. 1/T DAY Everyone wants to know the severity of Trump's tariffs. From currency traders and bond investors to Fed officials and other foreign powers. Trump's promise to impose 25% tariffs...

London aluminium prices rose on Thursday, after the European Union proposed to ban imports of this metal from Russia as part of a new package of sanctions in response to its invasion of Ukraine. The price of three-month aluminum on the London Metal Exchange rose 0.3%, to $2.626 per metric ton at 0215 GMT. The proposal stated that the EU ban would cover aluminium alloys, and there would be a phase-in of one year. Imports "necessary", amounting to 275,000 metric tonnes, were exempt from this ban. Trade Data Monitor reports that the 27-member bloc imported 330,000 tonnes of Russian primary...

The copper price edged upwards after reaching its lowest level in three weeks on Wednesday in London, but concerns that U.S. president Donald Trump's proposed tariffs could harm the global demand outlook held gains in check. The benchmark copper price on the London Metal Exchange rose 0.8% by 1701 GMT to $9,059 per metric ton after it had fallen to $8,957, its lowest level since January 8. U.S. Comex Copper Futures rose 1.1% to $4.195 per lb. This keeps the premium above the LME contract at $400 a tonne. Trump said that he will announce 25% tariffs against Mexico and...

London copper rates extended their decrease to a twoweek low on Tuesday, as concerns over bleak need from leading customer China and the potential impact from U.S. President Donald Trump's tariff policies weighed on market sentiment. Criteria copper on the London Metal Exchange ( LME) was down 0.6% at $9,045 a metric load, as of 0405 GMT, after touching its most affordable level because Jan. 9 earlier in the session. Economic fundamentals point to a weaker copper cost as Chinese growth still appears underwhelming and the threat of global trade wars are increasing, stated Kyle Rodda, senior financial markets analyst...

Tata Steel, India's. secondbiggest steelmaker by market price, published a surprise. thirdquarter profit on Monday, assisted by resilient sales at home. even as rates fell. The business's consolidated net profit dropped about 36%. compared to a year earlier to 3.27 billion rupees ($ 37.9. million) in the quarter ended Dec. 31, due to soft steel costs. amidst a flood of Chinese imports and weak need in the European. market. It was still a surprise as analysts had actually estimated a loss of. 2.47 billion rupees, per data compiled by LSEG. Sales volume for. India, which represents 70% of overall deliveries,...

Copper costs slipped on Monday as weak manufacturing data from leading consumer China suggested weakening demand prospects while Chinese gamers cut long positions ahead of the Lunar New Year holiday. China's production activity contracted unexpectedly in January, a main factory survey showed, and revenues at industrial business succumbed to a 3rd consecutive year in 2024. Unfavorable sentiment has actually also been reinforced by U.S. President Donald Trump's risk to enforce a 10% punitive responsibility on Chinese imports on Feb. 1, which would undermine trade and development. Standard copper on the London Metal Exchange (LME). was down 1.1% at $9,171 a...

UltraTech Cement, India's. top cement producer by capability, is in advanced talks with. German company Heidelberg to obtain its Indian unit,. Moneycontrol reported on Monday, mentioning sources knowledgeable about. the matter. Executives from the Aditya Birla Group, UltraTech's moms and dad,. met Heidelberg management to talk about the acquisition of. HeidelbergCement India, the report stated, without. defining the value of the deal. The German parent's 69% stake in its local arm was valued at. around 33.8 billion rupees ($ 391.08 million) as of Friday's. close. The talks come months after newspaper Economic Times. reported that UltraTech's competing Adani Group remained...

Dalian iron ore futures prices climbed on Monday and were set for monthly gains, helped by resistant demand in leading consumer China, while U.S. President Donald Trump's current remarks alleviated issues about an escalation in U.S.China trade stress. The most-traded May iron ore contract on China's Dalian Product Exchange (DCE) ended daytime trade 1.06%. greater at 810.5 yuan ($ 111.54) a metric lot. The agreement has. acquired 4.31% so far this month. China's monetary markets will be closed on Jan. 28 till. Feb. 4 for a public holiday. Trading will resume Feb. 5,. Wednesday. The benchmark February iron ore on...

London copper alleviated on Monday, as the U.S. dollar firmed after President Donald Trump threatened to impose tariffs on Colombia, while the focus was also on the Federal Reserve's. policy meeting for hints on the interest rate trajectory. Three-month copper on the London Metal Exchange. ( LME) fell 0.3% to $9,246 a metric load by 0330 GMT, after. scaling its greatest because Nov. 12 on Friday. The most-active. copper agreement on the SHFE steadied at 75,500 yuan. ($ 10,396.87) a ton. The dollar index was up 0.2%, making greenback-priced. commodities more costly for holders of other currencies. Recently, tariff concerns...