Asia

Treasury Department: The United States announced sanctions against a network of businessmen who smuggle Iranian oil under the guise of Iraqi oil. They also targeted a Hezbollah controlled financial institution. Since at least 2020, the Department of State has said that the network of companies owned by Iraqi businessman Salim Ahmad Said have been purchasing and shipping billions in dollars of Iranian oil blended or disguised as Iraqi oil. Treasury Secretary Scott Bessent stated that Treasury would continue to target Tehran’s revenue sources, and increase economic pressure in order to disrupt the regime’s access to financial resources which fuel its...

Reliance Industries, owned by Indian billionaire MukeshAmbani, said it would spin off its consumer products unit to create a new company to attract additional investors to the business. Reliance has a consumer business that includes brands like Campa Cola which competes against Coca-Cola and Pepsi. There are also dozens of snacks and confectionery products, such as Mondelez Cadbury chocolates, who fight for shelf space. According to a June 25 order, which was reported for the first time by Indian media, India's National Company Law Tribunal approved the internal restructuring, under which Reliance would transfer its consumer business, from its retail...

Industry sources reported this week that the provincial government of Shandong in China, China's refinery hub, increased the fuel oil import tax exemptions for six independent refining companies to improve their profitability, as they struggled with low margins due to fuel demand and high fuel prices. Three sources who have direct knowledge of this matter confirmed that the Shandong provincial office of taxation increased the consumption tax refunds for independent refiners (also known as teapots) on gasoline and diesel refined using imported fuel oil from 75% to 95%. Sources said that the change is applicable to Chambroad Petrochemicals and Hongrun...

A survey on Thursday showed that the UAE's private non-oil sector grew steadily during June, even though regional tensions affected demand and firms increased output to clear backlogs. The S&P Global UAE Purchasing managers' Index (PMI), which is a seasonally-adjusted index, increased to 53.5 from 53.3 in June, indicating continued growth for the sector. However, new orders grew at their slowest rate in almost four years. The subindex of new orders dropped to 54.5 from 56.2 in may, the lowest reading since Sept. 2021. The tensions between Israel, Iran and other countries dampened demand. David Owen, senior economic analyst at...

A survey released on Thursday showed that the expansion of Saudi Arabia's private non-oil sector activity increased in May due to a strong client demand as well as a spike in hiring. The Riyad Bank Saudi Arabia Purchasing Managers' Index, which is adjusted for season, rose from 55.8 in May to 57.2 this month. This puts it above the 50 point line that indicates growth. The subindex rose to 64.3 from 62.5 in may, indicating a rapid acceleration in new order growth. This upturn was primarily driven by domestic sales, which were supported by client acquisitions that went well and...

Bunge Global, a global agribusiness, announced that it had officially closed the long-delayed $34 billion mega deal with Glencore-backed Viterra. This announcement was made two years ago. The merger creates a global crop trading and processing giant that is poised to rival agribusiness giants Archer-Daniels-Midland and Cargill, at a time when slumping grain prices, weak crop-processing margins and geopolitical tensions have eroded profitability in the sector. Bunge closed Wednesday's trading 1.4% higher. Bunge, based in Missouri, has experienced a dramatic turn-around since the deal was announced. In April 2019, Greg Heckman took over as CEO of the company after Soren...

State Bank of India has classified the Reliance Communications loan account as fraudulent. The bank cites alleged misappropriation of funds dating back to 2016 in an alleged case. Reliance Communications disclosed the information in a filing of securities that included a letter from SBI dated June 23, detailing the reasons for the lender's decision. According to Indian banking laws once a fraudulent account is reported, the matter will be referred to the enforcement agencies, who can take criminal action. The borrower may not obtain further financing from banks or other financial institutions regulated by the government for a period of...

The Kazakhstani energy ministry announced on Wednesday that it had canceled plans to build a processing plant for gas at the Karachaganak Field with the project's major foreign investors. It stated, without going into detail, that they were looking to work with domestic companies. Central Asia has been in a dispute with oil companies for many years over cost. In 2023, the country will bring multi-billion dollar claims against these companies. Companies claim that the government simply wants to increase its share in major oil and gas projects, which amounts to "resource nationalism". Kazakhstan's authorities rejected this criticism and said...

Harindarpal Singh Banga, a Hong Kong-based investor, and his family plan to sell a stake in Nykaa worth $12.84 billion (US$149.93m) through a group deal, reported news portal NDTV profit on Wednesday. According to the report, people familiar with the situation said that the sale would likely take place at a discount of 4% from Nykaa's market price. Nykaa shares closed at 211.59 Rupees, a 2.2% increase. The company didn't immediately respond to an inquiry for comment. Exchange data revealed that Banga owned 4.97% of Nykaa as of March 2025. He invested in Nykaa prior to its public listing. In...

According to shipping documents and data, Venezuela exported 844,000 barrels of crude oil and fuel per day in June. This is an 8% rise from the previous months, as more cargoes were sent to China to offset the loss of U.S. markets and European ones. Washington terminated in late May a grouping of licenses which had authorized partners, such as Chevron and Repsol of the oil company PDVSA to transport Venezuelan crude for U.S. or European refineries. Since then, the state-owned firm has increased its exports to Asia. It sells its crude oil and fuels through little-known middlemen who make...

Oliver Tan, the Chief Executive Officer of Citicore Renewable Energy Corp in the Philippines, said in an interview with The Philippine Star on Wednesday that he expects to see a nearly ninefold increase in solar installed capacity by 2026. This will amount to approximately 2,56 gigawatts. Tan, one of the Philippines’ largest solar power producers, behind ACEN Corp., said that Citicore would add 1 GW by the end this year and another 1.17 GW by 2026. The company has 0.29 GW installed solar capacity. This is the result of a 20% stake purchased by the renewable energy division of Indonesian...

In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged...

The demand for gold in India has decreased due to lower imports. Indian dealers are offering a discount This week, the official domestic prices will be discounted by up to $14 per ounce, including 6% import duties and 3% sales taxes, compared to last week's up to $18 discount. A Mumbai-based dealer of gold bullion with a private banking firm said that despite a weak demand for jewellery, the low imports of gold in May and early June have led to lower discounts. The price of gold in India was around 97.100 rupees for 10 grams, after reaching a record...

China's Foreign Minister downplayed European concerns over rare earth exports on Thursday. He said it was standard practice to control dual use goods exports, but that Europe could meet its needs if they submitted applications. Wang Yi spoke in Berlin at a joint press conference with his German counterpart. He was on the second leg a European tour to prepare for the summit between EU leaders and Chinese leaders that will take place later this month. Wang stated that "rare earths are not a problem, have never been a problem, and will never be a issue between China, Europe, or...

AlixPartners, a consultancy, said that only 15 of the 129 brands currently selling electric vehicles and hybrids in China are financially viable by 2030. This is because intense competition has forced consolidation, and others have left the market. AlixPartners, without naming brands, said that these 15 brands will account for 75% of China’s EV market and plug-in hybrids by the end decade. Each brand sells an average of 1,02 million vehicles annually. Stephen Dyer of AlixPartners, the head of their automotive practice in Asia said that consolidation in China would be slower than other markets because local governments might support...

Gold fell 1% on Thursday as stronger-than-expected U.S. payroll data cemented expectations that the Federal Reserve is unlikely to cut interest rates as early as previously anticipated, denting the metal's appeal. As of 1303 GMT spot gold was down 1% at $3,325.48 an ounce, while U.S. futures gold were down 0.7% at $3,336.00. Bureau of Labor Statistics of the Labor Department reported that non-farm payrolls grew by 147,000 last month. Economists surveyed by had predicted payrolls to rise 110,000. A stronger dollar makes bullion more expensive for overseas buyers. The better-than-expected jobs numbers mean we are less likely to see...

Volvo Cars, according to a spokesperson on Thursday, has delayed the large-scale production of its factory in Slovakia from 2026 until early 2027 to optimize the Swedish automaker’s product launch schedule. The Gothenburg-based firm, owned by China’s Geely Holding, hasn't made it public which model will be manufactured at the Kosice plant, except to say that it will be next-generation Volvo. The spokesperson declined to say when the decision was made, but said that it had not been taken recently. Polestar, which is also owned by Geely and will begin production of its new Polestar 7 SUV in Kosice, Poland,...

Copper prices fell on Thursday, as traders and funds profited from long positions in anticipation of the U.S. jobs data which could influence the direction of interest rates and dollar. By 1032 GMT the benchmark copper price on London Metal Exchange had fallen by 0.2% to $9,994 per metric tonne, after reaching a high of $10 020.50 for three months on Wednesday. The volume of trading was low ahead of the U.S. monthly employment report for June. The data is due on Thursday and should show a slight increase in unemployment. Weak growth numbers could cause concern about U.S. economic...

In a review of the metals markets on Thursday, Nornickel said that it expects to have a nickel surplus this year of 120,000 tons. This is 30,000 tonnes less than they had previously estimated. Nornickel, which is the largest producer of palladium in the world and also a major producer for refined nickel, has said that it has lowered its estimate on the nickel surplus, from the 150,000 tons previously estimated to 120,000 tonnes. Nornickel says that the surplus on the palladium markets is expected to reach 130,000 tonnes next year. Nornickel reported that nickel prices have remained steady at...

Polestar announced on Thursday that it will produce its Polestar SUV model in a Volvo Cars plant in Slovakia. The EV maker is shifting more production out of China to reduce its exposure to high European and U.S. Tariffs. Polestar announced that the two Swedish firms, both controlled and owned by China's Geely, and Li Shufu its owner, had signed an agreement and the new model will be launched in 2028. The company stated that it is expanding its footprint in Europe to diversify its contract manufacturing business. Volvo's Kosice plant in Slovakia will begin production in 2026 with a...

Russian news agencies, citing sources in law enforcement, reported that the office of Russia’s Prosecutor-General has filed a suit to transfer ownership of certain shares of gold producer Uzhuralzoloto. Russian prosecutors have increased the seizure and confiscation of assets in Russia through the courts. This year they have ordered the transfer to the government of a major grain trader, the Domodedovo Airport, as well as strategic warehouse assets. Uzhuralzoloto (UGC), Russia's fourth largest gold producer and listed on the Moscow Stock Exchange, was down 9.4% at 0829 GMT after falling around 17% in earlier trading. UGC is subject to U.S....

The Minerals Council of South Africa has warned that the proposed tax on chrome ore exports will reduce profitability for miners and cause job losses in the industry. Africa's most developed economy is the largest exporter of Chrome, which is mainly used to manufacture stainless steel. South Africa used to be a major producer of ferrochrome (a mixture of chrome and iron), but has lost this position to China. This is mainly due to the high cost of electricity, which forced many smelters into closure. As part of its efforts to stem the decline of the chrome industry, the South...

The gold price was stuck in a range on Thursday, as investors waited for the non-farm payrolls report from the United States that could affect when Federal Reserve will cut interest rates. By 0801 GMT, spot gold had fallen by 0.1% at $3,352.59 per ounce. U.S. Gold Futures increased 0.1% to $3363.10. Nitesh Nitesh, commodities strategist at WisdomTree, said that gold is searching for new triggers. The non-farm payrolls may be the trigger later. ADP released data showing that private payrolls in the United States fell by 33,000 positions in June. This was the first drop in over two years....

Nippon Steel, Japan's steel giant, announced on Wednesday that it will raise 800 billion yen (5.6 billion dollars) via two subordinated loan to partially finance its recent $14.9 Billion acquisition of U.S. Steel as well as refinance existing loans. The largest steelmaker in Japan will partially repay the 2 trillion yen loan it secured for this deal by using a subordinated 500 billion yen loan. Separately, a 300 billion yen refinancing loan will be used to refinance an earlier 450 billion subordinated loan. Nippon Steel's spokesperson confirmed that the 500 billion yen loan would be covered by Japan’s three major...