Asia

Saudi Arabia's air defences intercepted and destroyed a Houthi 'drone' south of Mecca on Monday before it entered forbidden airspace over the holy city. This was confirmed by a spokesperson for a Saudi-led military coalition that is fighting Yemen's Iran aligned Houthis. Turki al-Malki, spokesperson for the coalition's early Wednesday announcement, said that security at Islam's two holiest places and pilgrims were a "redline". He added that coalition would take deterrent actions against?the Houthis. Mecca is the holiest city in Islam and the focus of the annual Hajj pilgrimage. Malki said that the incident was the second "Houthi" attempt to...

Three people with knowledge of the matter said that Abu Dhabi National Oil Co (ADNOC), a trading firm in the face of supply disruptions caused by the Iran War, has purchased millions of barrels of discounted crude oil from Iraq's State Oil Firm. Two Iraqi energy sources reported that the state company through its trading arm was the largest lifter of Iraqi oil in August and September, helping to boost Iraqi exports, which had been severely cut in the early months of the war. One of the Iraqi sources said that ADNOC had agreed to purchase 32 million Iraqi barrels...

According to calculations based upon data provided by fuel market participants, half of Russia's top six diesel-producing refineries had to significantly halt or reduce production in September as a result of damage caused by drone attacks. The U.S. president Donald Trump highlighted the Russian fuel shortage on Sunday when he asked Ukrainian President Volodymyr Zelenskiy to stop attacking Russian diesel infrastructure. He said the attacks are causing a fuel shortage that "hurts the world". Ukraine, which regularly faces Russian attacks on their own energy infrastructure, claims that refineries are legitimate military targets. According to GasBuddy's price tracker, the U.S. average...

Vitali Klitschko, the mayor of Kyiv, Ukraine, said that a drone struck a petrol station early Tuesday morning. He also added that a drone had also struck warehouses in another part of the city. Witnesses heard an explosion in Kyiv The attack follows a?U.S. Donald Trump stated on Monday that Ukraine had agreed with Russia not to?hit each other's targets. Recently, Russia began targeting petrol stations in Kyiv and expanded the scope of facilities that were targeted. In the last few months, Russia has targeted around 300 petrol stations, mostly in or near Ukraine's frontline areas. In a social media...

Treasury Department: The United States imposed Iran-related Sanctions on Monday against?Russia's VTB Bank Public Joint Stock Company accusing it of involvement in Iranian sanctions evasion. Washington is seeking to increase economic pressure on Tehran. This action is a continuation of the sanctions that were imposed in 2022 against VTB, Russia’s second largest?lender. The bank was targeted following Moscow's full-scale invasion into Ukraine. Treasury Secretary Scott Bessent stated that "Under Operation Economic Outcast Treasury will continue to target those who provide material or financial support to the Iranian regime to enable it to maintain its terrorist enterprise." Treasury will not tolerate...

The Kremlin welcomed U.S. President Donald Trump's call for Ukraine to halt strikes against Russia's diesel-producing facilities. Trump called on Ukrainian president Volodymyr Zelenskiy on Sunday to stop attacking Russian diesel infrastructure. He said?the attacks are causing a fuel shortage?that "hurts the world". In recent months, long-distance Ukrainian drone strikes on oil refineries have reduced Russia's fuel supply. This has led to fuel shortages in the entire country. Ukraine claims that it is attacking Russian refineries to increase the costs for Moscow to continue its invasion of Ukraine. Dmitry Peskov, Kremlin's spokesman, said in a daily press conference that any...

According to sources familiar with the plans of the administration, the White House is considering?how it can use the Defense Production Act in order to increase U.S. oil refinery capacity. The conflict with Iran has exposed the country's vulnerability due to global crude supply disruptions and price increases. This extraordinary move highlights the growing pressure on the Trump administration to demonstrate that it can control the impact of rising fuel prices for consumers and businesses in advance of the midterm elections scheduled for November. Sources said that the proposal to use the act was brought up at a recent White...

The International Energy Agency announced on Friday that it had again revised its?outlook on Russia's oil output due to the ongoing Ukrainian drone attacks on energy infrastructure. The oil production in?Russia has declined due to the Ukraine's attacks on energy infrastructure and refineries. In its monthly review, the Paris-based IEA stated that Russia's crude production forecast?was reduced by 125,000 barrels a day to 8,7?million bpd by 2026. By 235,000 bpd by 2027 when?it was expected to average 8,6 million bpd. The draft government forecast, seen by?last weekend, showed that Russia has downgraded its oil?output for this year to the lowest...

The largest stock exchange in India, the National Stock Exchange (NSE), will open its initial public offer next week. The NSE IPO, which 'doesn't include any new capital being raised', would value the company at close to $46 billion. This would make it a third largest IPO in the country. Mukesh Ambani, the billionaire owner of Reliance Jio Platforms, is likely to launch his IPO later this year. It's expected to raise $3.8 billion and be the largest stock offering in India's history. The five biggest Indian IPOs so far: HYUNDAI MOTOR INDIANA Hyundai, India's 4th largest passenger vehicle manufacturer...

On Wednesday, President Donald Trump stated that the United States could strike Iran's Pickaxe Mountain and urged Tehran to be "cautious". "We've noticed that Pickaxe is a little busy." Trump told the Republican Convention that he would advise Iran to not be cute, because they will have to be hit very hard. Pickaxe Mountain is located near Iran's badly damaged Natanz uranium-enrichment facility. It has two deep-buried tunnel systems. Trump has been threatening strikes on Pickaxe Mountain at least since mid-July. Trump and the Republican Party are concerned about the rise in gas and oil prices as a result of...

The Wall Street Journal reported Wednesday that top 'White House' advisers, including Vice President JDVance and Secretary Marco Rubio have privately warned Donald Trump that the conflict could last 'throughout the rest of his presidency. The White House did not respond immediately to a comment request. Journal: The 'advisers' told Trump privately in the Situation Room and the Oval Office that Iran could continue to resist U.S. Pressure, possibly prolonging the conflict past Inauguration day in January 2029. The reported warning is in contrast to Trump's public statements about the war. The president stated on Wednesday that he expects 'the...

The price of oil topped $100 per barrel for the first time in six weeks on Wednesday as an increase in fighting between U.S. forces and Iranian forces heightened concerns about supply coming from 'the -region. This also raised fears over inflationary pressures, and increased energy costs for businesses and consumers. Brent, the global benchmark for oil, has increased by 25 percent since early last week as hope fades of a permanent solution to the six-month old U.S./Iran conflict. This week, the rally intensified after Iran-backed Houthi attacked Saudi energy installations and set them ablaze. The increased risk of disruptions...

Prices of copper rose on Wednesday as a result of signs of demand from 'China, the world's largest consumer, although traders were wary of possible volatility in advance of the Federal Reserve of America's decision to raise interest rates. In open-outcry official trading, the price of a metric tonne of three-month 'copper' on the London Metal Exchange rose by 1.1% to $14,231 per metric ton. Metal used for power and construction is down by 4% after hitting a record-high of $14,875 in the past week. The premium of COMEX futures prices against the?London price fell dramatically. The Yangshan copper premium...

The CEO of Alba Aluminium Bahrain said that the company produces aluminium at a rate of 1.3 millions metric tons per year, as opposed to 1.6 million tons before the Iran war. Alba, the world's largest aluminium smelter, closed production lines 1, 2 and 3 after the outbreak of war, as the Strait of Hormuz was closed, limiting exports. In late March, an Iranian attack hit the plant. Ali 'Al Baqali, on the sidelines the Fastmarkets Aluminum Conference in Budapest, said that Alba now operates lines?4,?5, and?6 at its smelter. This is equivalent to 1.3 millions?tons of aluminium per year....

Indian shares will open higher on Tuesday, as the benchmarks are poised for a "technical" rebound after the Nifty50 closed at its lowest level in five months during the previous session. As of 7:54 am IST, the GIFT Nifty Futures were trading at around 23,218.50, which indicates a positive start for the Nifty Index, which closed on Tuesday at 23,118.60. The Nifty 50 as well as the Sensex are both in oversold levels, and a technical rebound is not ruled out at current levels. Vatsal Bhuta, a technical analysts at LKP Securities, stated that the overall trend is still bearish....

The copper price fell to its lowest level in over three weeks on Tuesday as the London Metal Exchange increased their inventories, and oil prices rose. The benchmark copper price on the London Metal Exchange was 0.5% higher, at $14.075 per metric ton of official rings. This is the lowest level since August 20, and it's been trading there for a year. Copper recovered thanks to bargain hunters, traders said. Due to higher premiums on nearby contracts against longer-dated forwards, copper stocks in LME warehouses rose nearly 20% to 242,900 tonnes since the middle of August. The traders expect that...

Data showed that China's aluminum production reached a record high in August. Strong margins encouraged smelters, despite the?long-standing national capacity cap, to maximize?output. Data from the National Bureau of Statistics revealed that production?rose by 4.7% compared to a year ago, reaching 3.98 million metric tonnes. The output of the world's largest aluminium producer increased to just under 3.9 million tonnes in July, and was near to the previous monthly record of 3.979 millions tons that was recorded in June. China produced 31,12 million tons in the first eight months of this year, an increase of?3.9% over the same period the...

Sources familiar with the situation said that the Reserve Bank of India, the country's central bank and regulator of banking, has preemptively approached the courts to seek to be heard on any matter related to the listing of Tata Sons. This move comes after the RBI rejected Tata Sons’ application to deregister from the non-banking finance company (NBFC) category, a decision which pushes the holding firm closer to a listing on the stock exchange. ? The BBC reported on Saturday the RBI's decision to impose a ban in a letter sent to Tata Sons. Local media reported that certain factions...

Executives said that India's met-coke imports will reach a new record high this year, despite the?antidumping levy implemented in July. Domestic?shortages? and strong demand from pig-iron producers are driving higher overseas purchases. India, which is the second largest crude steel producer in the world after China, will import 6 million metric tonnes of met coke during the fiscal year, which began in April. This represents a 32% increase from the previous year, mostly from Indonesia and Poland. Steelmakers have been opposing import restrictions for more than a month, claiming that domestic production is not enough to meet the demand. In...

The shares of several Tata Group firms soared?on Tuesday, after India's Central Bank?rejected Tata Sons?application?to deregister as a non-bank lender. This revived prospects for a stock exchange listing for the holding company. Tata Chemicals shares jumped by 20% while Tata Motors Passenger Vehicles shares rose by 4.4%. Tata Consultancy and Tata Investment, a major provider of IT services, both advanced by 10% and 4.4%. Tata Sons'?potential listing could increase valuation and unlock value for Tata-linked companies. Tata Chemicals, Tata Motors, and Tata Investment?are listed Tata firms that own stakes in Tata Sons. Tata Sons assets alone totaled 1.75 trillion rupees...

The price of copper fell to a new low on Monday. It reached a three-week low as a rise in London Metal Exchange inventory?easened tightness, and the stronger dollar added further pressure to industrial?metals after last week's drop due to uncertainty over U.S. Tariffs. Benchmark 'three-month' LME copper fell by 1.2% to $14,065 per metric ton during official open outcry. It hit a low of $14 018.50 in the session, its lowest level since August 20, and it is already down 5.9% compared with the record high that was reached last Thursday. In a note published by Britannia Global Markets'...

India's?Solar Industries announced on Monday that its unit would acquire South Africa's?Omnia Holdings for?about $1.36billion in a?all cash?deal. The explosives and ammunition manufacturer is looking to expand their global mining business. Solar SA Investments is an indirect wholly owned subsidiary of Solar Industries. It will acquire all the outstanding shares of Johannesburg listed Omnia. This acquisition is subject to regulatory approvals and Omnia shareholders' approvals. African countries are stepping up their efforts to increase output and attract?investment in critical minerals. Zambia, a country rich in copper, is aiming to triple its production at a time when metal prices are rising....

Officials in Ukraine warned that the country is bracing itself for a harsh winter, as Russian attacks on its infrastructure and export industries compound a growing budget crisis. The Economy Minister Oleksandr Kravchenko stated that the damage to Russian infrastructure and fixed assets was estimated to be close to $10 Billion this year. In addition, the wider economic costs and de facto blocking of its ports are seen as about 1.5 percentage points on the gross domestic product. Kravchenko stated that "we anticipate a difficult winter, both in terms critical infrastructure which is destroyed by Russian attacks every day, as...

A leading union representative in Germany said that IG Metall demands Volkswagen honour a landmark labor deal signed in 2024. He cited fears of mass job losses due to a recent turnaround agreement. Thorsten Groeger, a Hanover-based reporter, told reporters that IG Metall members 'decided on Friday to invoke a clause in the agreement signed?in December of 2024. This move is a significant step in the 'fight for Volkswagen's Future', where management has been pitted against state governments and workers over a plan to double layoffs and dramatically cut production. Volkswagen did not immediately comment on the move. Daniela Cavallo...