Asia

A survey on Wednesday showed that the non-oil sector in Saudi Arabia expanded at its fastest pace in three month in May as domestic demand improved. Supply chains also stabilised. However, business optimism was still'subdued' due to conflict in the region. S&P Global's seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose from 51.5 to 52.8 in the month of May. The 50-mark?distinguishes growth from contraction. The output accelerated the most in three months after the March downturn that followed the start of the Iran War.?Firms cited normalising work conditions, renewed contracts, and stronger local demand. The subindex of...

Cambodia has been relying on the little-used UN arbitration procedure known as "compulsory reconciliation" to settle a long-running maritime border dispute with Thailand. It is hoping that this will resolve the dispute and allow it to unlock potential oil and natural gas resources worth billions of dollars. What is the CAMBODIA - Thailand dispute about? Since more than 25 years, Cambodia and Thailand both claim about 26,000 square kilometers of?sea? in the Gulf of Thailand. It is estimated that the disputed maritime belt contains nearly 12 trillion cubic foot of natural gas, and large quantities oil worth about $300 billion....

On Wednesday, the Gulf was roiled again by reports of missile attacks against Kuwait. Meanwhile, diplomatic talks between Iran & the United States made little progress. Kuwait's army claimed that its air defenses intercepted hostile missiles and drones, while Bahrain reported a warning siren and advised residents to "go to the closest safe space". The United States claimed it had fired at a tanker heading toward Iran. The?news agency of Iran reported that there were explosions heard near Qeshm Island which is near the disputed Strait of Hormuz. This was just the latest in a series of similar flare-ups. The...

In a 'joint statement' received on Tuesday, business groups in Indonesia asked the government to provide technical guidance to its plan to centralise exports. The Indonesian Employers Association (IAA), along with associations of coal miners and nickel smelters, palm oil producers and miners, supported the new regulations, but expressed the hope that the government would collaborate with the private sector to implement them. They said that the government should "issue transparent technical guidelines" to eliminate negative speculative and maintain confidence on international markets in Indonesia as a global supplier of commodities. On May 20, President Prabowo announced that resource-rich Indonesia...

Ship tracking estimates revealed on Monday that U.S. crude oil exports reached a record of?5.6m barrels per day during May, as the Middle East Crisis boosted demand from Asian and European refiners for U.S. oil. U.S. and Israel's war against Iran caused the biggest ever disruption in the global energy market, with refiners scrambling to find alternatives to Middle Eastern supplies. The Strait of Hormuz is the conduit for a fifth of all oil and gas in the world. A key waterway was effectively shut down when the war began at the end February. According to Kpler data and analytics,...

India's leading?carmakers have reported increased sales in May. Maruti Suzuki, the market leader, said that bookings for its compressed -natural -gas vehicles had risen by 40% as fuel prices rose because of the energy shock caused by the Iran War. India increased petrol and diesel prices four times in May to offset losses due to soaring crude oil costs related to the Iran conflict. This added to the automakers' woes, as they are also dealing with higher raw materials costs, supply chain disruptions, and labour issues. All automakers reported increased domestic sales on Monday. Mahindra &?Mahindra, a maker of SUVs,...

Summit Therapeutics shares rose up to 7% before bell ringing?after its ivonescimab treatment with China-based Akeso helped advanced lung cancer patients?live 15% longer than BeOne Medicines Tevimbra immunotherapy. Late-stage trial results revealed that in a head to head study conducted in China, patients with advanced non-small-cell lung cancer squamous who were treated with ivonescimab, chemotherapy and Tevimbra lived on average 27.9 months compared to 23.7 months when they received Tevimbra, chemotherapy and Tevimbra. Tyler Van Buren, TD Cowen's analyst, said: "This is a significant advancement in a situation?where other treatments have never found success." Ivonescimab belongs to a class of...

The Russian President Vladimir Putin will host his fifth conference on wartime economics in St. Petersburg. His government is struggling to find a growth strategy, as the?Ukrainian attacks on the economy are hitting the economy. Businesses also see no end to this war. The $3 trillion economy of Russia, which is heavily dependent on commodities, shrank to 0.2% growth in the first quarter 2026 from 4.9% in 2024. Officials blamed high interest rates, Western sanctions and a strong ruble. The growth rate is expected to be a modest 0.4% in 2018. The Ukrainian drone attacks on Russian refineries, fertiliser factories...

Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in...

Authorities in the southern regions Rostov and Krasnodar reported on Saturday that Ukrainian drones had struck a tanker overnight at the port of Taganrog in Russia and also hit an oil depot in Armavir. Yury Slyusar, Governor of Rostov Region, said via Telegram that the fires in Taganrog (a city with a population of 240,000) and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, confirmed that a local state of emergency introduced on May 27 had been extended. Authorities in Armavir in Krasnodar,...

The Indian Supreme Court granted relief to Reliance Industries Ltd on Friday in a securities?fraud?case, overturning both a lower court decision and a 2020 order by the markets regulator that claimed the 'firm' engaged in manipulative trading. According to the order, the court ordered the Securities and Exchange Board of India to refund the 2.5 billion rupees (26.32 millions dollars) that it collected from Mukesh Ambani's company while the appeal was pending. RIL and SEBI didn't immediately respond to requests for comment. Requests for comment from RIL and SEBI were not immediately responded to. The case is about RIL's decision...

Chinese coking coal prices slid on Friday, but are headed for the best week in six as Beijing's calls to ensure energy supplies during?the summer peak demand period? only partially offset supply fears sparked by mine closures following a fatal accident. According to a late-night statement posted on WeChat by China's official planner, efforts should be made to ensure the production and supply primary energy sources like coal and natural gases to meet peak electricity generation needs. Analysts said that this helped ease concerns about coal supply losses caused by?production halts at coal-rich Shanxi Province mines after a deadly gas...

As 'investors' watched for a?development?in the Middle East, amid increasing inflation fears, and awaited US economic data to be released on Thursday, gold prices held steady. Gold spot was unchanged at $4485.17 an ounce as of 0319 GMT after rising by over 1% the previous session. U.S. Gold Futures for August Delivery fell 0.1% to $4,513.60. The market is now looking at the possibility that Trump will push for a resolution to a peace agreement, even though Trump wants to see a ceasefire with Iran. Kelvin Wong said. If we see a further increase in the price of gold, it...

Copper prices fell on Wednesday, as investors locked-in profits after the metal reached a two week high. However, uncertainty around a U.S. Tariff on the metal limited losses. As of 0245 GMT, the benchmark three-month price for copper at the London Metal Exchange fell?0.43%. It was $13,980.50 per metric ton. It?touched an over two-week-high and surged beyond the $14,000 mark on Tuesday. The Shanghai Futures Exchange's most active copper contract gained 0.78%, to 106 820 yuan (15 785.90 dollars) per ton. This is lower than the evening trading high of 107.420 yuan, which was set three weeks ago. As the...

Iron ore fell on Wednesday due to a thinning of steel margins and a seasonal decline in demand from the top consumer, China. As of 0309 GMT, the most-traded contract for iron ore on China's Dalian Commodity Exchange dropped 0.57%, to 780 yuan ($115.27), per metric ton. As of 0259 GMT, the benchmark July iron ore traded on Singapore Exchange fell 1.22% and was at its lowest level since April 15, $103.95 per ton. In a post on WeChat late Tuesday, the steel association, a state-backed organization, said that the steel market had entered its traditionally low demand season sooner...

The market was supported by tighter supply and tariff uncertainty outside the United States, as well as by a rise in copper. Aluminium also reached a four-year high. Benchmark three-month copper on the London Metal Exchange was up 1% to $13,966 per metric tonne at 0915 GMT, after touching $13,994 earlier. Investors will be waiting for a possible tariff recommendation by the U.S. Department of Commerce at the end of this month. Last year, the prospect of a similar duty helped to boost prices. However, it never materialised. Tom Price, an analyst at Panmure Liberum, said that investors with whom...

Two sources with knowledge of the matter said that China Mineral Resources Group, a state iron ore buyer, has instructed some?domestic iron ore producers not to discuss a new product with?Australian Fortescue. The demand 'has stoked' speculation that CMRG might impose a purchase ban on certain Fortescue products, as it did in the long-running negotiations with BHP which concluded earlier this summer. Sources who asked to remain anonymous due to the sensitive nature of the matter said that CMRG and Fortescue are in negotiations over a new contract. CMRG didn't immediately respond to a comment request. A Fortescue spokesman said...

An Indian official stated that New Delhi could reconsider the tariff concessions it made to Britain on Scotch Whisky, if London does not address New Delhi's concerns about its steel safety measures. The India-UK Free Trade Agreement, signed last May and expected to come into effect this year, has hit a snag after Britain proposed tighter safeguards for steel imports in order to protect the?domestic?industry. An Indian trade official told journalists on Monday that the ball was now in their court (UK). If they do not leverage their Free Trade Agreement, we can always revisit the concessions that we offered....

India's industrial production stood at 4.9% last April, according to government data released on Monday. The surge in energy costs and the disruption of supply caused by the Iran War, which has lasted for months, weighed heavily on parts of Asia's third-largest economic system. This was the first data in a series that had 2022-23 set as the base. The latest data cannot be compared to the growth of 4.1% in March. Economists surveyed by expected industrial production to grow by 3.9%. The reading for April is the second one since the Iran War broke out in February. This sparked...

China's finished exports of steel to 'India' more than doubled to their highest level in at least two years in April, causing concern amongst the steel makers in India that they would be overwhelmed by low-cost products despite tariffs. According to data provided by the Indian government, China exported around 232,000 metric tonnes of finished steel during April. It was the largest exporter of this steel into the South Asian country. This is despite the fact that?India, which is the second largest crude steel producer in terms of production, had imposed import tariffs on certain grades from December for a...

China's steel exports to India have more than doubled to the highest level in at least two years. This has caused concern among India's steelmakers who fear that they will be overwhelmed by low-cost products despite tariffs. According to data provided by the Indian government, China exported around 232,000 tons of steel finished in April. It was the largest exporter of this steel into the South Asian country. India, the second largest crude steel producer in the world, had imposed import tariffs on certain grades of steel for a three-year period that had managed?to slow imports from China. The data...

Syrah Resource, an Australian company, said that Tesla had withdrawn its notice of intent to terminate the?graphite deal. This ended a long process of negotiation in which both companies extended a deadline for resolution four times. Syrah planned to provide 8,000 metric tonnes of graphite-anode materials over a period of four years from its Vidalia facility in the United States. The 2021 contract covers the state of Louisiana. The Vidalia plant is the only large-scale vertically integrated producer of anode material outside China. This helps reduce U.S. dependence on Chinese supplies that dominate the market. The market is dominated by...

A rebel army claimed that at least 55 people died in an explosion in Kaung Tat, Myanmar. The blast was caused by a?accidental explosive of material to be used in mining. The Ta'ang National Liberation Army (Ta'ang NLA), which controls the village close to the Chinese border and is currently in a truce with the Myanmar military, has confirmed that there have been fatalities without specifying how many. BBC and Shwe?Phee Myay News Agency, a local news outlet, reported that at least 55 people, including 30 women and 25 men, had been killed, and dozens of others were injured. The...

Two sources who are familiar with the matter confirmed that SAIC Motor would sell a 10% additional stake in JSW MG Motor in India. This will make JSW, the local partner, the largest shareholder in the unit. SAIC Motors' decision comes after the Chinese company struggled to expand operations and raise equity due to New Delhi investment restrictions, even though it had trimmed its ownership to 100% and brought in domestic partners including Sajjan Jindal’s JSW Group. SAIC owns a 49 percent stake in JSW MG Motor. Sources?said that SAIC will sell a stake of 10% to JSW. JSW's stake...