Asia

Portuguese energy company Galp is in talks with private equity-backed Moeve to merge their refining and?chemicals businesses as well as fuel retail businesses. They announced the deal on Thursday. According to their non-binding contract,?Galp, Spain's Moeve and the United Arab Emirates state-owned investment firm Mubadala, as well as U.S. investment firm Carlyle Group plan to form two new companies. One would run 3,500 retail fuel stations, primarily in Spain and Portugal. It would sell more than 6 million metric tonnes of refined products per year. The other would run Moeve’s Huelva, Algeciras and Galp’s Sines oil refineries. Three facilities with...

Lebanese Army said that they had achieved their goal of a monopoly on arms in the south. They said this was done in an "effective" and tangible manner. However, there is still more work to do to remove unexploded ordnances and tunnels from the area. The army set a deadline of year's end to remove?non state weaponry? from the southern Lebanon bordering Israel before moving to other areas. It claimed to have extended its operational control over the southern areas, except those still occupied with Israeli troops. The statement did not mention the Lebanese Hezbollah armed group, which fought an...

The day ahead for European and global markets on Thursday Donald Trump has been the subject of many headlines over the last 24 hours. He promised to stop defense contractors from paying dividends and buying back shares until weapons production increased. He supported a bipartisan bill that targeted countries doing business in Russia. The United States was also removed from dozens of U.N. and international organizations. His vice president said that the U.S. would exert "incredible" pressure on Venezuela by controlling its oil sales. Trump's plans for Greenland are also worth mentioning. But the markets don't seem to give a...

The Financial Times reported that the U.S. oil giant Chevron, along with private equity group Quantum Energy Partners, are teaming up to bid on the international assets of Russian oil company Lukoil, valued at $22 Billion. Chevron's exploration and production portfolio is diverse, globally. The company continues to evaluate potential opportunities. "In all of its activities, Chevron adheres to a code of ethics for business and follows?laws that are applicable to our business." Quantum, Lukoil, and the White House didn't immediately respond to comments. Reports in November said that Chevron was examining options to purchase Lukoil’s global assets. This would...

Aidarous al Zubiaidi, leader of Yemen's Southern Transitional Council, did not board the plane that was supposed to take him to Riyadh and instead fled to an unknown destination. The Saudi-backed coalition said this on Wednesday. The remarks were made amid efforts to stop fighting between the STC - backed by United Arab Emirates - and Yemen's internationally recognised Saudi government. This has caused a major dispute between the Gulf allies. Zubaidi had planned to visit Saudi Arabia just days after the Yemeni government claimed it asked Riyadh for a forum to discuss southern issues. Turki Al-Maliki, spokesperson for the...

Israeli Foreign Minister Gideon Saar, met with the President of Somaliland Tuesday. This was 10 days after Israel officially recognised the breakaway region of?the Horn of Africa' as a sovereign and independent state. Somalia has protested the move, saying that it is a threat to its sovereignty. A Somaliland source and regional diplomat have said other countries are preparing to follow their lead and'recognise Somaliland. U.S. U.S. Why is the location of Somaliland strategic? Somaliland is located at the intersection of the Indian Ocean, Red Sea and the Arabian Sea. Its Berbera Port provides access to the busiest shipping routes...

Reliance Industries, HDFC Bank and other heavyweight stocks weighed on the Indian equity benchmarks, which fell from near-record highs Tuesday. Quarterly business updates also influenced stock movements. The Nifty 50 dropped?0.27% at 26,178.7, and the Sensex fell 0.44% at 85,063.34. In two sessions, the indexes have fallen by 0.6% and 0.8%. Ten of 16 major sectors rose. The small-caps and the mid-caps both fell by 0.2%. Reliance Industries' stock, which is the second-heaviest on the benchmarks index, fell 4.5%. This was its steepest percentage drop in a single day since the announcement of the general election results for India, June...

Reliance Industries announced on Tuesday that it does not expect any Russian crude oil deliveries for January, and has not received any such cargoes over the last?three? weeks. The private refiner that used to be India’s largest buyer for Russian oil published a statement in X denying a Bloomberg article based on Kpler information stating that three vessels laden up with Russian oil 'are headed to its Jamnagar refining facility. India became the largest buyer of discounted Russian crude seaborne after the Ukraine War?in 2022. These purchases have sparked a backlash by Western nations who have imposed sanctions on Russia's...

Dmitry Medvedev, the deputy chairman of Russia's Security Council and a senior legislator said at the weekend that "U.S. The actions of President Donald Trump in Venezuela are illegal and destabilising. However, they can be portrayed as an assertion of U.S. interest. Comments follow Trump's ?statement The United States has struck Venezuela, and Maduro and Maduro's wife have been captured and removed from the country. This prompted international reactions and calls for urgent UN discussion. Medvedev said to TASS that Trump's behavior was not only illegal, but also internally coherent as it served U.S. interest. "It is important to acknowledge...

Merchant bankers and investors said that the high yields on corporate bonds and the cancellation of four planned issues in three weeks has led some issuers?to delay the big-ticket fundraising until the next quarter. Companies, including Micro Units Development and Refinance Agency and Indian Bank as well as ONGC Petro Additions, have delayed debt sales of 150 billion rupees (1.68 billion dollars) that were originally scheduled for the December-January quarter. Non-banking finance companies have also chosen the wait until the next quarter before tapping the market. The yields on AAA-rated bonds for corporates have risen by 20-30 basis point this...

Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its...

As part of its efforts to increase pressure on Moscow over the conflict in Ukraine, Britain imposed sanctions Thursday on additional Russian oil companies and Canadian-Pakistani Murtaza Lakhaani. The government has targeted 24 individuals, entities and companies, including what they describe as Russia's biggest remaining un-sanctioned oil firms: Tatneft, Russneft, NNK-Oil, and Rusneftegaz. The latest measures aim to make it more difficult for Russia to sell its oil globally. In October, Britain sanctioned Rosneft and Lukoil, two of Russia's largest oil companies. On Thursday, the EU sanctioned?41 ships of Russia's?shadow fleet? that tries to circumvent Western trading restrictions. Russia dismissed...

AustralianSuper, BlueScope Steel's largest shareholder, said that a $9 billion takeover bid from SGH & Steel Dynamics in the U.S. undervalued the company and it supported its decision to reject this offer. After announcing its increase from 12.5% on Thursday, the pension fund now holds 13.52% in BlueScope. BlueScope, which rejected the SGH Steel Dynamics offer of?A$30 a share on Wednesday, said that it was "significantly undervalued" and accused the acquirers for trying to purchase BlueScope 'on the cheap. AustralianSuper's spokesperson stated that "we?support the BlueScope Board's decision to?reject?the offer" and to'remain focused' on executing the strategy of the company...

BlueScope Steel’s largest investor, AustralianSuper said on Friday that it supported the Australian company's decision to reject a $9 billion offer from U.S.-based Steel Dynamics and?SGH?. After announcing its increase in stake on Thursday, the pension fund now holds 13.52 % of BlueScope. BlueScope rejected the $A30 offer from?SGH & Steel Dynamics on Wednesday, saying that it was "very significantly undervalued". The company also accused the acquirers of trying to buy BlueScope 'on the cheap. AustralianSuper's spokesperson stated that "we support the BlueScope Board's decision to reject the offer and remain focused on executing the company's strategy, without distraction." The...

China's Industry?Ministry said Thursday that it has urged a battery manufacturer to optimise the industry capacity and?mitigate overcapacity risks. According to the readout from a meeting posted on Wechat on Wednesday, the ministry stressed the need for market regulation and enhanced supervision in the electric vehicle and battery storage sectors. China Daily, citing sources, reported that 16 companies, including top battery manufacturers, were present. According to the report, energy storage system integrators Beijing HyperStrong Technology and Zhuzhou CRRC Times Electric, as well as Trina Solar – a leading solar manufacturer – were also present. The state planner, the?industry minister and...

Gold prices fell on Thursday, as investors prepared for futures sales?linked?to? a commodity index reshuffle. A stronger U.S. Dollar added pressure to the price of gold by making it more expensive for overseas buyers. As of 0921 GMT, spot gold dropped 0.6% to $4.427.28 per ounce. U.S. Gold Futures for February Delivery fell 0.6% to $4435.40. "Gold and Silver remain under pressure, as the annual commodity index rebalancing begins. In the next five business days, COMEX metal futures may see sales in the region of $6-$7 billion. This is according to Ole Hansen of Saxo Bank, who heads commodity strategy....

Iron ore futures fell on Thursday, after a four session rally. Investors booked profits due to fears of a possible government intervention in China, the top consumer. Prices were nearing the psychologically important level of $100 per metric tonne. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading session down by 0.37% to 813 yuan (116.42 dollars) per ton, after reaching 831.5 earlier in the morning, the highest price since July 22, 2025. The benchmark February Iron Ore on the Singapore Exchange fell by 1.05% at 0715 GMT to $107.9?a ton after reaching its...

Gold prices fell on Thursday, as a strong dollar weighed on investors. They were preparing for a major U.S. employment report due later this week, which will be used to assess the Federal Reserve’s policy and gauge U.S. influence on Venezuela. As of 0539 GMT, spot gold dropped 0.4% to $4435.62 an ounce. U.S. gold GCcv1 futures for February delivery dropped 0.4% to $4444.40. Bernard Sin, Regional Director- Greater China at MKS PAMP, said that traders are weighing increased geopolitical pressures, such as the U.S.'s intervention in Venezuela, against macroeconomic signals coming from the United States. The?dollar remained near its...

Gold prices fell on Thursday as a result of a strong dollar. Investors were preparing for the release of a key U.S. employment report this week, which will be used to assess the Federal Reserve’s policy and gauge U.S. influence on Venezuela. As of 0539 GMT, spot gold dropped 0.7% to $4423.20 an ounce. U.S. gold GCcv1 futures for February delivery dropped 0.7% to $4432.0. Bernard Sin, Regional Director- Greater China at MKS PAMP, said that traders are weighing increased geopolitical pressures, such as the U.S.'s intervention in Venezuela, against macroeconomic signals coming from the United States. The?dollar remained near...

Energy and Mineral Resources Minister Bahlil lahadalia stated on Thursday that Indonesia could approve a coal production quota "more or less",?600 millions metric tons, in 2026. The nickel quota will be adjusted according to the needs of industry. The output quota will be lower than 790 million tonnes produced last year. However, the actual production of the world's largest thermal coal exporter is often higher than the quota. The government must approve all annual production plans, also known as RKABs, submitted by miners to the country's mineral-rich Indonesia. Bahlil stated that the reduction in quotas was to?support prices of Indonesian...

De Beers' CEO,?Tony?Taylor, said that Anglo American is looking to sell its stake in De Beers and has received interest from business groups as well as African governments. Al Cook, CEO of De Beers said that Botswana Angola Namibia, all of which are major diamond producers, have shown an interest in purchasing equity in the company. He did not comment on the current status of the talks or who the parties were. In June, it was reported, citing reliable sources, that Anil 'Agarwal and Indian diamond groups, as well as Qatari investment funds, were among the people who had expressed...

Allegro, a Polish ecommerce company, announced on Wednesday that it has agreed to sell its operations in Slovenia and Croatia?to Mutares of Germany. Allegro is aiming to simplify?its global footprint. Allegro claimed that the sale was the last step to turning around Mall Group. The group bought the company in 2022 as a first move beyond its home market Poland. Allegro expanded its presence in Central Europe with the deal, but so far international operations have weighed on its profitability. Allegro announced in March that it would pause the rollout of its third-party market in other countries until it increased...

China's refined copper exports surged to records levels in the last year, as the world’s top buyer found themselves in unusual competition with the U.S. CME's U.S. Copper contract continues to command an impressive premium over the London Metal Exchange's (LME) international copper price as the "market prices" in anticipation of possible U.S. Tariffs. The decision was deferred to June of this year. The ripple effect of U.S. metal delivery premiums is now emptying China’s bonded storage zones. China's exports jumped from 698,500 tons to 143,000 in November. This is already a record. The total for November included 57.700 tons...

The FIM Cisl trade union said that the production of Stellantis vehicles in Italy fell 20% annually in 2025, to 379.706 cars. This is a new concern for the future health of the Italian auto industry. The government of Prime Minister Giorgia Melons said that in 2023, it wanted Stellantis' Italian auto production to reach 1 million units a year. However, the automaker has continued to shrink. FIM Cisl's?Ferdinando Uliano, who presented the union report, said that in 2025 the production of passenger vehicles, excluding light commercial vehicle, will fall by 24.5% on an annual basis to 213,706 cars, the...