Asia

India's leading?carmakers have reported increased sales in May. Maruti Suzuki, the market leader, said that bookings for its compressed -natural -gas vehicles had risen by 40% as fuel prices rose because of the energy shock caused by the Iran War. India increased petrol and diesel prices four times in May to offset losses due to soaring crude oil costs related to the Iran conflict. This added to the automakers' woes, as they are also dealing with higher raw materials costs, supply chain disruptions, and labour issues. All automakers reported increased domestic sales on Monday. Mahindra &?Mahindra, a maker of SUVs,...

The Russian President Vladimir Putin will host his fifth conference on wartime economics in St. Petersburg. His government is struggling to find a growth strategy, as the?Ukrainian attacks on the economy are hitting the economy. Businesses also see no end to this war. The $3 trillion economy of Russia, which is heavily dependent on commodities, shrank to 0.2% growth in the first quarter 2026 from 4.9% in 2024. Officials blamed high interest rates, Western sanctions and a strong ruble. The growth rate is expected to be a modest 0.4% in 2018. The Ukrainian drone attacks on Russian refineries, fertiliser factories...

Early trading on Monday saw oil prices rise by more than 2 percent after Israel ordered troops to advance further into Lebanon, in the midst of a battle against Hezbollah, an Iranian-backed militant group. This was despite a ceasefire that had been announced more than six weeks earlier. U.S. crude?futures?rose by $2.37, or 2.71%, to $89.73 per barrel as of 0028 GMT. Brent futures increased $2.16, or 2.37%, to $93.28 per barrel. This increased fighting came just days after the U.S. held Israeli-Lebanon talks in Washington, and dimmed expectations of a U.S.-Iran ceasefire agreement extension. Brent and WTI had both...

Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in...

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...

India's industrial production stood at 4.9% last April, according to government data released on Monday. The surge in energy costs and the disruption of supply caused by the Iran War, which has lasted for months, weighed heavily on parts of Asia's third-largest economic system. This was the first data in a series that had 2022-23 set as the base. The latest data cannot be compared to the growth of 4.1% in March. Economists surveyed by expected industrial production to grow by 3.9%. The reading for April is the second one since the Iran War broke out in February. This sparked...

China's finished exports of steel to 'India' more than doubled to their highest level in at least two years in April, causing concern amongst the steel makers in India that they would be overwhelmed by low-cost products despite tariffs. According to data provided by the Indian government, China exported around 232,000 metric tonnes of finished steel during April. It was the largest exporter of this steel into the South Asian country. This is despite the fact that?India, which is the second largest crude steel producer in terms of production, had imposed import tariffs on certain grades from December for a...

China's steel exports to India have more than doubled to the highest level in at least two years. This has caused concern among India's steelmakers who fear that they will be overwhelmed by low-cost products despite tariffs. According to data provided by the Indian government, China exported around 232,000 tons of steel finished in April. It was the largest exporter of this steel into the South Asian country. India, the second largest crude steel producer in the world, had imposed import tariffs on certain grades of steel for a three-year period that had managed?to slow imports from China. The data...

Chinese coking coal prices rose on Monday to a 19-month-high, after a provincial-level meeting about mine safety in coal-rich Shanxi heightened supply concerns caused by production halts following a fatal accident last month. According to an official WeChat post on Sunday, Shanxi, in northern China, held a meeting Saturday regarding a special campaign to correct safety risks and hidden hazards in coal mines. Officials in China's largest coal-producing hub have pledged a "zero tolerance approach" for identifying and punishing illegal acts, such as hidden underground tunnels, safety fraud, and illegal mining outside the permitted areas and layers. A fatal mine...

Chinese coking coal rose on Monday, reaching a 19-month high. A provincial-level meeting of mine safety in 'coal-rich Shanxi' reinforced the supply concerns that were stoked following production halts last month at some mines. According to an official WeChat post on Sunday, Shanxi in northern China held a meeting Saturday regarding a special campaign to correct safety risks and hidden hazards in coal mines. Officials in China's largest coal hub have pledged to take a "zero tolerance approach" and to identify and punish all illegal acts, including hidden tunnels, frauds in safety monitoring, and illegal mining outside the allowed area...

Syrah Resource, an Australian company, said that Tesla had withdrawn its notice of intent to terminate the?graphite deal. This ended a long process of negotiation in which both companies extended a deadline for resolution four times. Syrah planned to provide 8,000 metric tonnes of graphite-anode materials over a period of four years from its Vidalia facility in the United States. The 2021 contract covers the state of Louisiana. The Vidalia plant is the only large-scale vertically integrated producer of anode material outside China. This helps reduce U.S. dependence on Chinese supplies that dominate the market. The market is dominated by...

A rebel army claimed that at least 55 people died in an explosion in Kaung Tat, Myanmar. The blast was caused by a?accidental explosive of material to be used in mining. The Ta'ang National Liberation Army (Ta'ang NLA), which controls the village close to the Chinese border and is currently in a truce with the Myanmar military, has confirmed that there have been fatalities without specifying how many. BBC and Shwe?Phee Myay News Agency, a local news outlet, reported that at least 55 people, including 30 women and 25 men, had been killed, and dozens of others were injured. The...

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...