Asia

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...

Data analysis revealed on Friday that the production of diesel in Russia dropped?by about 10% in 'May. This was on top of a %10% monthly drop in April, as Ukrainian drones attacked refineries, forcing them to cut back or stop their output. Kyiv is targeting Russia's energy infrastructure in order to reduce the amount of money that Moscow can earn from oil and gas, which it could use to fund its war against Ukraine. The Russian government has been focusing on exporting diesel at a high price. However, this is the time of year when farmers are in high demand....

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EU foreign ministers warned on Thursday that Russia would not be able to choose who represented Europe in any future talks with Moscow about Ukraine. The bloc's chief of foreign policy also said that Moscow showed no real interest for peace. The?ministers? met informally on Cyprus to discuss their strategy towards Russia, as Kyiv calls for greater European involvement in order to end the conflict while the U.S. is focused on the Iran crisis. The Kremlin told the RIA News Agency on Wednesday that Russian President Vladimir Putin was open to talks with Europe. Meanwhile, Ukrainian President Volodymyr Zelenskiy has...

Turkey will cut its imports of Urals crude from Baltic and Black Sea port this month to the lowest level for almost a year and a half, according to LSEG, Kpler, and trading'sources. Turkey is the third largest importer in the world of seaborne Russian crude after India and China. It mostly buys Urals, and occasionally other grades. Kpler data indicates that Turkey's Urals exports will average 161,000 barrels per day in this month. This is down from an average of 189,000 barrels per day in January-April, and 302,000 barrels per day in May 2025. This is despite the fact...

In an article published a week before his visit to Kazakhstan, Vladimir Putin said that Russia had given the Central Asian country four Amur tigers. Two of these cubs were also handed over to help the country restore the number of the animals. Kazakhstan is rich in minerals and energy, and shares a border and ally with Russia. Putin announced on Tuesday that the four animals caught in Russia's Khabarovsk region, located in the far east, were flown to Kazakhstan and will be released soon into the wild. Putin is not a stranger to using animals as a diplomatic tool....

LONDON/DUBAI - U.S. secretary of state Marco Rubio warned on Tuesday that negotiations with Iran could "take several days." This was after the U.S. launched what they called 'defensive strikes' in southern Iran. Iran's Foreign Ministry spokesperson stated earlier that many of the topics covered in a possible 14-point memorandum were concluded, but this does not mean an agreement to end the war will be reached anytime soon. What is the current stage of the discussions? After a "ceasefire" in early April, both sides remain at odds over difficult issues, including Iran's nuke ambitions, Israel’s war with the Hezbollah militia,...

Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It...

Nirmala Sitharaman, Indian Finance Minister, urged India to concentrate on fuels and fertilisers and to save foreign exchange amid the Gulf Crisis. Modi called for Indians this month to save fuel, avoid buying gold, and take other austerity measures to manage the energy crisis and economic headwinds. Sitharaman stated that it was important for the Prime Minister to call on all countries to conserve their foreign currency as much as possible. She added that this should be considered when focusing on the 3Fs (fuel, fertilizer and foreign exchange). India is suffering from the effects of high crude oil prices and...

Marco Rubio, the Secretary of State, said that although there has been some progress in talks with Iran, and the United States is constantly communicating?with pakistani'mediators', there is still a lot more work to be done. There has been progress. I would not exaggerate. "I wouldn't minimize it," Rubio said to reporters following a NATO Ministers Meeting in Sweden. He added, "There is still more work to do." "We are not yet there." "I hope we get there." Rubio stated that President Donald Trump prefers to make a "good deal". He said that the core concern is that Iran cannot...

Sources with knowledge of this matter said that a Qatari team was in Tehran Friday to "try to secure a deal" to end the "war" with Iran and to resolve outstanding issues. Doha had previously acted as a mediator for the Gaza War and other international conflicts, but it has now backed away from a role of mediation in the Iran War after being attacked by Iranian drones and missiles in the most recent conflict. The source added that "a Qatari team of negotiators is in Tehran this Friday" and that they had traveled in coordination with the United States....

Aleksandar Vucic, Serbia's president, said that he was not optimistic about the possibility of reaching an agreement over the Hungarian oil firm 'MOL's bid for a majority stake in NIS, operator of the Balkan country's only refinery. The deadline is Friday. Gazprom and Gazprom, two Russian oil companies, agreed to sell their majority 56% stake in NIS in January to?MOL after the United States demanded that Russian shares be divested due to sanctions imposed by the United States over Moscow's conflict in Ukraine. Washington has given MOL and the Russian companies until May 22th to complete the sale. This requires...

The?U.S. has stated that Russian unwrought Palladium, which is used to reduce emissions from gasoline vehicles, doesn't?harm American companies. The International Trade Commission announced a decision?on Friday to end Washington's antidumping investigation. Last week, the U.S. Department of Commerce decided on a separate countervailing duty of 109.1%. Sibanye Stillwater, which produces in South Africa as well as the United States, and the United Steelworkers Union had asked Washington to consider imposing duties so that they could 'protect the long-term sustainability of U.S. supplies. The USITC has now concluded the investigation with its negative determination. USITC stated in a press release...

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...

Shanghai copper prices rose on Friday as hopes for a U.S. Iran peace deal pushed the oil price?and dollar lower. This eased fears of higher inflation, and a global slowdown. As of 0324 GMT, the most traded copper contract on the Shanghai Futures Exchange had risen?0.8% to 104,900 Yuan ($15472.55). The contract has increased by 3.7% this month. The price of three-month copper at the London Metal Exchange remained unchanged at $13,699 per metric ton. Both contracts rose for the second consecutive month. Sources told? that the United States and Iran had reached an agreement on Thursday to extend their...

Viridis Mining and Minerals, an Australian rare earths mining company, is in advanced discussions with potential buyers in Europe and the U.S. regarding its Colossus Mine in Brazil's Minas Gerais state, according to CEO Rafael Moreno. He added that the company was not pursuing Chinese interests. Moreno, Viridis's president, said that the company opened its research and processing center for rare earths in Pocos De Caldas on Thursday. The project is geared towards reaching steady-state production at the end of the year 2028. Moreno said that the facility would produce the first rare earth mixed carbonate from the mine, which...

U.S. negotiators and Mexican negotiators started formal talks on Thursday to revamp the North American Trade Deal. Washington demanded stricter regional origin rules, including a U.S. specific minimum content level for cars?and?trucks?built in Mexico. Two people familiar with U.S. negotiating positions said that the new standard was contained in the proposed text to modify the U.S. Mexico Canada Agreement. Although the exact percentage of U.S. auto content demanded by the U.S. Trade Representative’s office is not yet known, the change from the USMCA’s existing content requirements for preferential North American access to the market is notable. Negotiations over the next...

On Wednesday, copper prices reached their highest level since mid-May, as lower oil prices eased inflation worries for the metal that is vital to growth. Aluminium prices remained 'near 4-year highs' amid concerns about reduced supply in the gulf region. The price of three-month copper at the London Metal Exchange dropped 0.2% in open-outcry official trading to $13,597 per metric ton after reaching $13,746, which was its highest level since May 15. Aluminium fell 0.3% to $3.663, after reaching its four-year peak of $3.707.50, on Tuesday. The Iran War has hampered deliveries in the Middle East. September alumina contracts in...

China's coking coal prices fell Wednesday, as concerns about steel demand outweighed supply worries triggered by the?deadly mining accident that occurred in a northern Shanxi Province. This had been a catalyst for a two-session rally. As heavy rains in some southern regions disrupted logistics and temporarily lowered steel consumption, the demand for steel has shown signs of easing. Data from the state-backed Steel Association showed that China's daily crude output is expected to drop 0.9% from its?first 10 days level. This suggests a fall in the intake of feedstock. The Dalian Commodity Exchange's (DCE) most traded coking coal contract closed...

China's coal prices dropped on Wednesday, as concerns about steel demand trumped supply jitters caused by a fatal mine accident that occurred in the northern Shanxi Province. The accident had sparked a rally for two straight sessions. As heavy rains have hit southern regions, steel demand is showing signs of easing. Data from the state-backed Steel Association showed on Tuesday that China's daily crude output is expected to drop by 0.9%?from its first ten-day levels. As of 0315 GMT, the most traded coking coal contract at Dalian Commodity Exchange dropped?1.63% and was now worth $186.81 per metric ton. The DCE...

The federal property management agency announced on Tuesday that Russia had failed to sell a stake in the gold producer Uzhuralzoloto, which it seized last year. This is a major blow to the Russian government, as it attempts to reduce budget pressures. A Russian court ruled in July last year that the majority of UGC owned by Konstantin Strukov should be confiscated and transferred to state. This was part of a larger pattern of nationalisation. This latest auction comes after a failed sale of Strukov’s assets in May. The?lot included a stake of 67.2% in UGC, which was valued at...

Aluminum prices reached their highest level in over four years on Tuesday as rising feedstock prices, alumina,?added?to persistent concerns?about a tightening?market amid a?reduced supply from Gulf producers. The London Metal Exchange's three-month aluminium rose by 1.4%, to $3,698.50 at 0937 GMT, after reaching $3,707.5. This is the highest level since March 24, 2020. On March 7, 2022 the metal reached a record high of $4.073.5, as markets grappled with the immediate aftermath of Russia's invasion in Ukraine. A 5% increase in September alumina contracts on the Shanghai Futures Exchange, which rose to their highest level since early May due to...

The disparity between China's low steel production and its robust imports of?iron ore is still evident, but it is now starting to appear as a structural shift instead of a temporary dislocation. China, which accounts for just over half the world's total steel production, produced 86.63 metric tons of steel in April. This is a 2.8% drop from the same period in 2025 and the lowest April figure since 2018. Steel production for the first four months of the year was 331.12 millions tons, down 4.1% from last year's same period. According to official statistics, however, iron ore exports increased...

Analysts expect that the worst mining disaster in China's history will have a negative impact on the coal supply during the summer, when demand is usually high. Gas explosions at Liushenyu Mine in Northern?Shanxi Province killed 82 people late Friday night. Officials called for better safety oversight. President?Xi _Jinping has ordered an investigation. How much coal mining has been halted due to safety checks? According to an analysis by Mysteel analysts, as of Monday, 319,000 tons of coal per day were halted in 109 mines across Shanxi for safety inspections. This is typical after a fatal accident. Mysteel stated that...