Asia

A judge in Ecuador ordered Monday that former president Lenin Moreno stand trial for alleged bribery related to the construction of Ecuador's largest hydroelectric plant. The case was first brought in March 2023 by the prosecutor’s office. It involved Moreno and members of his family as well as local and Chinese business partners in connection with bribes paid for the construction Coca Codo Sinclair, which started operations in 2016. Since then, it has been plagued by technical problems. According to the prosecutor, Sinohydro (the Chinese builder of the hydroelectric plant) allegedly paid around $76million in bribes between 2009 and 2018....

Donald Trump, the U.S. president, has continued to criticize and take action against corporate executives, institutions and corporations, even months after assuming office. His actions, from new export deals to freezing university grants, have changed the status quo in the United States between government, law and academia. Trump has publicly criticised a number of influential individuals and entities. NETFLIX Netflix has acquired Warner Bros Discovery’s film studios, streaming service and Warner Bros Discovery’s streaming arm for $72 billion. This gives Netflix control over one of Hollywood’s most iconic assets. After a lengthy bidding war, Netflix's offer of nearly $28 per...

Two people familiar with the project said that a Chinese refinery operator, whose main business suffered when Washington sanctioned it in May over its purchase of Iranian oil, is pushing ahead with a $3.6billion petrochemicals extension project. Construction at the Xinhai Chemical Site in Cangzhou, north China, shows how independent refiners in the country, Iran's biggest oil customers, maintain their business despite being on the growing Western blacklists aimed to curtail oil revenues for governments such as Tehran and Moscow. State media reported that Hebei Xinhai Holdings Group, the parent company, announced a plan in early last year to convert...

The General Administration of Customs reported on Monday that coal imports from China, the largest buyer in the world, dropped 20% from their record high of the previous year. Imports in November, at 44.05 millions metric tons, were up by 6% compared to 41.74 tons in October. Imports in November of the previous year had reached 54.98 millions tons, a monthly record. The China Coal Transportation and Distribution Association's (CCTD) website reported in late November that although imported coal has a slight price advantage, this arbitrage has decreased as domestic coal prices have fallen. CCTD stated that due to supply...

On Friday, Russian President Vladimir Putin and Prime Minister Narendra modi will meet in New Delhi to discuss ways to increase trade between the two countries. Western sanctions are affecting their long-standing relationship. Putin's first India visit in four years comes at a moment when New Delhi and the U.S. are in negotiations for a deal that will reduce punitive tariffs placed by Donald Trump on India's goods because of its Russian oil purchases. Moscow has been India’s largest arms supplier for decades. It has stated that it would like to import more Indian products in order to increase trade...

The Trump administration allowed transactions on Thursday with Lukoil outside of Russia, with a small waiver from sanctions imposed by the U.S. in October because the company's revenue is used to support Moscow's war against Ukraine. A posting on the Treasury Department website stated that the transactions for approximately 2,000 stations in Europe, Central Asia and the Middle East, as well as the Americas were authorized until April 29, 2026. In October, President Donald Trump imposed sanctions against Lukoil, one of Russia's largest oil companies. This triggered a rush of buyers to buy its assets, estimated at $22 billion. These...

Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December...

India and Russia announced on Thursday they wished to expand their trade, and the items that they deal in. This was just hours before Russian President Vladimir Putin arrived in New Delhi for a state visit. On Thursday, Putin begins a two-day trip to India, his first visit in four years. He hopes to increase sales of Russian oil and missile systems, as well as fighter jets, and to expand business relations between India and Russia beyond energy and defence. India and Russia are aiming to increase their two-way trade from $13 billion to $69 billion by 2030. This is...

Turkey has finalised an extension of one year to its gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, according to the energy minister. Both import contracts with Gazprom expire by the end of the year. Turkey's share of Russian gas has steadily decreased, and is now below 40%. Turkey, Russia's final major gas market in Europe has signed deals to buy long-duration LNG, a large part of which is from the U.S. This takes advantage of the expected global abundance of LNG over the next couple of years. Bayraktar, the...

Two sources with knowledge of the matter claim that Bernd Bergmair (former majority owner of adult entertainment group Pornhub) has approached the U.S. Treasury to buy international assets from sanctioned Russian oil giant Lukoil. As part of its efforts to press Moscow to end the war in Ukraine, the U.S. imposed Sanctions on Lukoil - Russia's largest private oil producer. Exxon Mobil, Chevron, and other oil giants have approached U.S. authorities to get permission to speak to Lukoil. Bergmair, through his lawyer, declined to say which assets he is interested in. He also refused to confirm whether he has already...

The authorities battling the floods that hit Sumatra, an island in Indonesia, this week and killed around 800 people have asked for additional central government assistance to address shortages of food, fuel and funds. According to updated government figures, 463 people are missing in West Sumatra (North Sumatra), Aceh and West Sumatra. Local officials say that the lack of power and roads is preventing aid from reaching those who need it. Iskandar Al-Farlaky, the chief of East Aceh, stated that fuel had been limited in East Aceh for days and that aid was delivered by boat. Some people who lived...

The authorities battling the floods that hit Indonesia's Sumatra island this week, which killed 804 people, have asked for more help from the central government to address shortages in funds, fuel and food. Local government officials say that landslides and floods caused by cyclones have led to 634 deaths in the three provinces West Sumatra (North Sumatra), Aceh and West Sumatra. They also claim that power lines and roads were cut, preventing aid from reaching those who needed it. Teuku Raja Keumangan told Kompas TV that "people are getting sick" in Aceh where flooding has affected 25,000 people. Haili Yogi,...

After a period when the global gold price surged in the fall, the spread between the physical gold prices in Turkey, and the global market level has shrunk sharply, traders reported. The spread between gold prices in Turkey denominated in TL and their global equivalents peaked at over 5%. The spread between the TL-denominated price of physical gold in Turkey and the TL equivalent of global prices peaked at more than 5%. Traders said that the wide spread had affected the lira during the fall as the surge in gold demand was met by imports. Retail flows in Turkey have...

The copper price opened the week strongly, reaching a new record on Monday. This was boosted by the expectation of a rate cut from the U.S. Federal Reserve, and the prospect of squeezing supply. The Shanghai Futures Exchange's most active copper contract closed the daytime trade 1.54% higher at 92,970 Yuan ($13152.91) a metric ton. Shanghai copper reached a record high of 93,300 Yuan in this session. The benchmark three-month Copper on the London Metal Exchange gained 0.79%, to $11,712 per ton at 0700 GMT. It had previously reached a high of $11,771. The markets are pricing in an interest...

China's exports of rare earth minerals jumped in November. This was the first month that President Xi Jinping, and U.S. president Donald Trump had agreed to accelerate shipment. The General Administration of Customs of China reported that exports jumped by 26.5% in November from October, to reach 5,493.9 tons. The customs office will release a breakdown of countries on December 20, but it is not known if increased shipments into the U.S. and Europe fueled that jump. Since April, the introduction of export controls on 17 minerals that are used in autos and consumer electronics as well as defence has...

China's imports of iron ore in November dropped for the second consecutive month by 0.7% compared to the previous month. The decline was due to a decrease in buying interest after several mills began equipment maintenance because profit margins were shrinking. Data from the General Administration of Customs revealed on Monday that China imported 110.54 millions metric tons of this key ingredient for steelmaking last month. It was less than 111.3 millions tons in October, but higher than 101.86 in the same month of last year. Last month, more steel mills performed maintenance on furnaces as iron ore prices remained...

Shanghai Copper began the week on Monday with a higher price, as the U.S. Federal Reserve is expected to cut interest rates. As of 0215 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 0.52% to 92,040 Yuan ($13,020.78) a metric ton. The benchmark three-month price of copper at the London Metal Exchange fell 0.23% to $11,593 per ton. The markets are pricing in an interest rate reduction of a quarter point by the U.S. on Wednesday. Only 19 out of 108 economists voted against any change. Copper prices rose in Asia as signs of lower...

Iron ore futures fell on Monday due to a sagging Chinese demand and increased equipment maintenance. However, the lingering bets for stimulus limited losses. As of 0219 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange fell by 0.7% to $782 yuan (US$110.63) per metric ton. It hit 778 yuan earlier in the session. This was the lowest price since November 17. As of 2109 GMT, the benchmark January iron ore traded on the Singapore Exchange fell 0.57% to $100.8, after earlier touching $102.35, the lowest price since December 1. Analysts said that several steelmakers have...

Anson Resources, based in Australia, announced on Monday that it had signed a nonbinding Memorandum of Understanding with Utah-based Nusano for the supply of lithium chloride to be used in advanced manufacturing and nuclear applications. Anson will provide samples of lithium chloride from its Green River Project in Utah to be tested for qualification. Talks are aimed at an agreement covering a five-year period and at least 300 tonnes equivalent lithium carbonate per year. Nusano is a privately-held company that plans to use Anson’s lithium chloride feedstock in order to produce lithium-6, lithium-7, and other isotopes for the nuclear sector...

The gold price rose on Friday, as expectations of a rate cut by the U.S. Federal Reserve next week boosted sentiment. Silver also reached a new record high. At 1:36 pm, spot gold was up by 1% at $4,212.16 an ounce. ET (1836 GMT), however, was on course for a weekly loss of 0.4%. U.S. Gold Futures for February Delivery settled unchanged at $4.243 per ounce. Bart Melek is the global head of commodity strategies at TD Securities. He said that "the market is increasingly confident the central bank will cut (rates)." In response, the U.S. currency has weakened a...

The dollar was under pressure as the expectation of a rate cut by the U.S. Federal Reserve next week grew. Silver prices also reached a new record high. At 10:44 am, spot gold was up by 1.1% at $4,255.59 an ounce. ET (1544 GMT) and was on course for a weekly gain of 0.5%. U.S. Gold Futures for February Delivery were up 1% at $4,286.90 an ounce. Bart Melek is the global head of commodity strategies at TD Securities. He said that "the market is increasingly confident the central bank will cut (rates)." In response, the U.S. currency has weakened...

Fighting broke out in the eastern Democratic Republic of Congo Friday, just a day after U.S. president Donald Trump met with Congolese leaders and Rwandans in Washington for the signing of new agreements aimed at ending decades of conflict in this mineral-rich region. On Thursday, Congo's Felix Tshisekedi reaffirmed his commitment to the U.S.-brokered agreement reached in June. The deal aims to stabilize the vast country by allowing more Western mining investments. "We are settling a long-running war," said Trump. His administration intervened in many conflicts around the globe to burnish Trump's credentials as a world peacemaker, and advance U.S....

The gold price rose on Friday, as investors began to expect the Federal Reserve to cut interest rates in the coming week. They are awaiting U.S. data on inflation that may clarify the central banks next move. As of 1416 GMT the spot gold price rose by 0.7%, to $4,235.59 an ounce. This was in line with a weekly gain of 0.1%. U.S. Gold Futures for February Delivery edged up 0.6% to $4,266.50 an ounce. "The odds of a rate reduction are in place... Gold is retesting, and reaffirming its $4,200/oz price level." Alex Ebkarian said that although the week...

The gold price rose on Friday as the market increased its bets that interest rates will be cut in the United States. Markets are now focused on inflation data due out next week, ahead of Federal Reserve policy meeting. As of 1208 GMT spot gold was up 0.5% at $4,226.99 an ounce. However, it was still on course for a weekly decline of 0.1%. U.S. Gold Futures for February Delivery edged up 0.3% to $4,257.40 an ounce. Lukman Otunuga is a senior research analyst with FXTM. He said that market bets on the Fed cutting rates next week have kept...