Asia

York Holdings, a supermarket and retail group, is expanding their'slate' of lower-cost items to appeal to consumers whose finances have been affected by inflation. Seiichiro Itabashi, chief executive of Ito-Yokado, and York-Benimaru, said that after being sold to Bain Capital by Seven & i last year, they are looking to adjust their prices and expand their product line to match the industry. Itabashi stated that the firm is aiming for an initial public offering in 2028. He said that many customer groups were extremely sensitive to prices. If you don't do price increases under inflation correctly, you risk losing customers....

Fuel news agency Enkorr reported that retail prices of motor fuel have risen in Ukraine by 8-10% since the beginning of the month. This is in line with the rises in European prices. Diesel has also climbed close to the psychological threshold price of 100 hryvnias per litre ($2.24). The Russian missile attack on Ukraine has destroyed the country's entire oil refining capacity. Fuel prices have been affected by the U.S. and Israeli war against?Iran. Enkorr data showed that average petrol prices rose 10% in September to 88.3 Hryvnias a litre on September 17 while diesel prices? climbed 8% to...

India announced on Thursday that it was committed to ensuring the 'energy security of its people, and would continue to purchase supplies from a variety of sellers depending on market dynamics. This came hours after the United States. A new measure was taken to punish these buyers. New Delhi said it also warned Washington about any new actions that could affect the ties between both countries. The statement was made after the U.S. House of Representatives approved sweeping tariffs and sanctions to increase economic pressure against Russia for its invasion of Ukraine. The legislation allows President Donald Trump of the...

US President Donald Trump stated on Wednesday that he hopes a "final end" to the war against Iran is near. Separately, a media report said he was expected to meet Gulf Leaders on the sidelines the UN General Assembly to discuss the conflict on Tuesday. He made his comments as the Iran War is in its seventh month, with no end in sight. Axios reported on late Wednesday that Trump's meeting next week with Gulf leaders in New York is expected to be centered around US plans for postwar strategy. Unnamed sources were cited in the report. The report said...

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...

Noel Tata spent most of his life in the shadows, while his half-brother Ratan Tata became the face of the conglomerate. The low-profile executive is now a key player in a battle which could determine the ownership and leadership structure of the 158-year old Tata empire. Noel Tata is the chairman of Tata Trusts. This charity arm owns about 66% of Tata Sons. He now occupies one of the most powerful positions in Indian corporate governance. Noel Tata, who succeeded Ratan Tata in the role of chairman of the philanthropic foundations following the death of Ratan Tata in October 2024...

Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team was reading, watching, and listening to. This week's picks include AI safeguards and the 'power revolution', as well as Europe's quest for critical minerals. This weekend we are reading... ANNA SZYMANSKI is the Editor-in Charge of ROI. This week, US tech leaders warned that artificial intelligence could be a threat to humanity's existence. They were right. Reporters Eduardo 'Baptista' and Laurie Chen reveal in this article how Chinese officials are taking a different approach, while grappling with similar concerns. GAVIN MAGUIRE is a...

India's Tata Group - which owns Jaguar Land Rover, Air India and other companies - is experiencing its worst crisis for years. The board of its holding company is at odds with its charity arm, and questions are being raised about the future prospects of the 158 year-old conglomerate. Here's an explanation of the complex dispute that has engulfed the Salt-to-aviation Group, with annual revenues exceeding $180 billion. What is the tussle about? Tata Sons has been at odds with its controlling charity, Tata Trusts. Issues include a possible listing of Tata Sons as well as a mounting loss for...

Investors have reacted negatively to the uncertainty surrounding the listing of Tata Sons and its leadership following a public disagreement. The sale came just a day after the board of Tata Sons moved to comply with Reserve Bank of India regulations that could force the holding company, Tata Sons, to list. They also extended Chairman N. Chandrasekaran’s term by 5 years. The move follows a growing disagreement between Tata Sons, the Indian conglomerate's largest shareholder, and Tata Trusts over "aspects of governance" and "succession planning". Calculations based on LSEG show that by 10:45 a.m. Friday, the market value of listed...

According to the developer of the project, the US government approved $414 million in financing for an uranium?project?in Niger. This is a victory for Washington, two years after that nation's expulsion of all US forces. According to a statement released by Global Atomic on Wednesday, the US Development Finance Corp has approved the debt facility of the Dasa project in Africa. The company calls it the highest-grade deposit of uranium in Africa. The investment could boost US access to strategic uranium at a time when Niger, world's 7th largest uranium supplier, is in dispute with French-backed Orano which has long...

Indian power producers imported coal at a record high in August, as a heat wave and a decrease in hydropower production boosted electricity consumption, forcing utilities to turn to more expensive overseas supplies. According to local coal traders iEnergy Natural Resources, India's power industry imported more coal in August than ever before, up 85.6% on the previous year to 5.52 millions metric tons. This was their highest level of imports since May 2025. iEnergy reported that 80% or 4.2 millions tons of the imports came from Indonesia. The International Energy Agency stated in a report released last week that India's...

Iron ore prices increased for a second time on Thursday as Chinese steelmakers increased seaborne purchases in anticipation of a holiday. However, shrinking steel margins clouded the demand outlook. Iron ore, the most traded contract at China's Dalian Commodity Exchange(DCE), closed daytime trading 0.28% higher than its previous high of 745 Yuan on September 8, still 4.6% lower. As of 0751 GMT the benchmark October iron ore on the Singapore Exchange had increased by 0.52%, to $96.3 per ton. It has been hovering below the psychologically important level of $100 in six consecutive sessions. Steelmakers have booked seaborne cargoes for...

The price of iron ore rose on Thursday for a second session, as Chinese steelmakers increased seaborne purchases in anticipation of a national holiday. However, a shrinking margin at the steel mills clouded the demand outlook. As of 0147 GMT, the most traded iron ore contract at China's Dalian Commodity Exchange rose by 0.35% to $711 yuan (US$105.94) per metric ton. As of 0137 GMT the benchmark October 'iron ore at the Singapore Exchange was 0.26% lower at $96.05 per ton. It has been hovering below the important?psychological levels of $100 for six consecutive sessions. A number of steelmakers have...

Emirates Global Aluminium's chief financial officer said that it was "very disappointed" at the EU's decision to abandon a proposed export tax on aluminum scrap. The move will affect the decision-making process for a planned expansion of recycling in Germany. Sources familiar with the talks said that the EU retracted its proposal earlier this month for a 15% duty on exports of aluminium scrap, which was intended to prevent so much material from leaving the EU. They were concerned it would complicate the signing of a final free trade agreement with India. The industry lobby European Aluminium has expressed "profound...

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....

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...