Asia

Two sources who have direct knowledge of this matter confirmed on Thursday that traders had sold Nayara Energy gasoline to Russia. The country is currently experiencing fuel shortages due to Ukrainian attacks on the energy infrastructure. On Wednesday, it was reported that Russia began seaborne imports from India of gasoline without naming the supplier. Nayara has not responded to an email sent by? Nayara did not respond to an email from?Einen seeking comment. Rosneft, the Russian oil giant, owns a 49 percent stake in Nayara. Hardeep Singh Puri, Indian Oil minister, said at a media briefing on Thursday that Indian...

The Danish brewer, Carlsberg, has filed a confidential application for an IPO of its Indian operations, the company announced on Thursday. It joins a growing number of multinationals seeking to tap India's booming equity markets. The 'confidential - route allows companies to keep the IPO filings they make with the country’s markets regulator secret until the launch. Two sources familiar with the matter said that Carlsberg India's planned listing would not raise new capital, but it would allow its parent company to sell a portion of its stake. The brewery is a fully owned subsidiary of Carlsberg Group. This move...

India and Japan signed pacts to enhance their cooperation in metals, energy and artificial intelligence on Thursday, Indian Prime Minister Narendra Modi announced after his talks with Japanese counterpart Sanae Takaichi. Takaichi has been in New Delhi for a three-day trip as the two Asian partners celebrate their 16th annual summit. Modi told reporters that the convergence of Japan’s precision technology with India’s software capabilities would give global AI development a new vigor and strength. According to Indian government statistics, bilateral trade between India and Japan reached $27.5 billion during the fiscal year 2025/26. Japanese investment in India was $3.2...

Kyrgyzstan, which was concerned about possible fuel shortages due to Ukraine's drone strikes against Russian refineries, asked Kazakhstan, Belarus and Azerbaijan to help ensure stable fuel supplies on Wednesday evening. The 7-million-strong Central Asian nation imports 90% of its fuel from Russia. Russia is also experiencing acute fuel shortages due to the Ukrainian strikes on energy infrastructure. Last week, Russian President Vladimir Putin stated that Moscow may ban diesel exports due to the growing domestic shortages. The Kyrgyzstan energy ministry released a statement saying that "to ensure sustainable fuel supply, official requests were sent to the government authorities of?Russian Federation?,...

Sberbank's finance chief said on Wednesday that the bank will lower its corporate lending growth forecast for 2026 due to the deteriorating financial position of its borrowers. Taras Skovortsov, CFO of Bank of Russia, told the Bank of Russia Financial Congress in St Petersburg that the country's largest lender had performed better than expected, but that the economy was slowing due to the ongoing conflict in Ukraine and the growth forecast for 2026 is only 0.4%. Skvortsov stated that "it is true?that we performed slightly better than anticipated in the first half. This is primarily due to interest income and...

Four industry sources reported on Wednesday that Kazakhstan agreed to provide 50,000 metric tonnes?of fuel to Russia as humanitarian assistance in July and August. Russia has been stricken by fuel shortages, long queues and soaring gasoline and diesel prices over the last few weeks, as Ukraine has attacked Russian energy infrastructure, including oil refineries, to undermine Moscow's funding for war efforts. Sources in the industry have said earlier that Russia began importing gasoline from India. In summer, the?Russians consume at least 110,000 tonnes of gasoline per day. Vladimir Putin said that Ukraine is trying to create discord among the Russians....

Nepal has lowered fuel prices up to 17 percent, according to an official statement released on Wednesday. The Himalayan nation reacted to the fall in global prices after progress was made?towards a peaceful resolution of the war iin 'Iran. The sole distributor and importer of fuels in Nepal, the state-owned Nepal Oil Corporation, has reduced retail prices for petrol, diesel and cooking gas. It said that jet fuel prices have dropped by 14.8% for domestic flights from Kathmandu and by 14.47% for international flights from Pokhara. Prices have fallen sharply since recent highs, as fears of supply disruptions in the...

Cuba's Foreign Minister said that the talks started earlier this year between Cuba and its long-time enemy the United States have stagnated, leaving little hope of an end to U.S. Sanctions that have?seiged the islands economy. Top diplomat?Bruno? Rodriguez said that U.S. Sanctions are "causing death" in Cuba, as the islands economic collapse and severe shortages in food, fuel and medicine make life on the island's 9 million residents nearly unbearable. At a Havana press conference, Rodriguez stated that "talks between Cuban and US have not progressed." "The US delegations' generally respectful conduct has been accompanied with constant threats against...

?U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline retailers to lower their prices in honor of the?U.S. The United States celebrates its 250th birthday. President Donald?Trump reiterates his message that "we are watching." Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, particularly?during the 250th anniversary because we are watching." Bessent reiterated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big...

U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline'retailers' to lower prices in celebration of the U.S.'s 250th birthday, reinforcing 'Trump's message with a warning 'we're monitoring' Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, especially during the 250th anniversary of the?Oil Industry, because we are watching." Bessent repeated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big issues." "If Retailers...

According to trade sources, and a document that was reviewed by us, 'Iraq SOMO offered large discounts on its official selling price to encourage term buyers to lift Basrah oil?from the terminal inside the Middle East Gulf this July. Discounts for Basrah Medium Crude ranged between $14 and $16 per barrel. Basrah Heavy Crude discounts varied from $16.80 to $18.80 per barrel depending on the loading period. Discounts for cargoes that load between July 1-5 are greater, while they narrower for those loading between July 6-10 or July 11-31. SOMO has asked buyers to "submit" their quantity nominations within one...

Wang Di, China's embassy to Canada, said that the Lotus electric cars from Geely Holding Group will be arriving in Canada by next month as a result of an agreement signed between Chinese President Xi Jinping and Prime Minister Xi Carney. The vehicles will be the 'first' Chinese-owned, manufactured and sold vehicles under an agreement that allows for up to 49,000 Chinese electric cars to enter Canada at a reduced rate of tariffs each year. Carney is trying to diversify Canada’s trade away form the United States. Wang stated that "Geely EVs are coming to Canada next month, and there...

As investors lowered their expectations for Federal Reserve rate hikes after softer than expected U.S. job data, gold rose by more than 1%. As of 0235 GMT spot gold rose 1.4% to $4179.94 an ounce. This was its highest price since June 23. U.S. Gold futures for delivery in August gained?1.6%, to $4193.20. Bullion is on track to gain 2.3% in a week, its first weekly gain since the week of May 25. Weaker-than-expected data from nonfarm payrolls as well as private payrolls helped ease concerns about inflation and longer-term interest rates. The dollar was heading for a weekly decline,...

A report released by the Australian government on Friday stated that efforts made by China's iron ore buyer, which is backed by its state, to reduce?costs of Chinese steel mills could push prices down in the medium-term. This was a rare admission that such activities may affect earnings. Iron ore is Australia's largest export. It contributes significantly to the government's revenue. China purchases roughly three quarters of all seaborne trade. In its Resources and Energy Quarterly Report, the Department of Industry, Science and Resources said that state-backed China Mineral Resources Group has increased activity 'in the iron ore markets this...

Aluminum prices dropped on Thursday, as improved supply expectations overshadowed the support of resilient manufacturing data. Benchmark -three-month aluminum on the London Metal Exchange fell 0.46% to $3,062 per metric tonne by 0700 GMT. It fell to $3,040 a metric tonne earlier in the day, its lowest level since February 19. The Shanghai Futures Exchange's most traded aluminium contract fell 0.38%, to 22,400 Yuan ($3,300.09). Emirates Global Aluminium announced that it would be able to restore production at its Al Taweelah Complex - one the largest aluminium production facilities in the world - sooner than expected, signaling an "improving outlook"...

?Abu Dhabi’s?International Holding Company? plans to invest $11.5billion in an integrated aluminum project in eastern Indian state Odisha via a joint venture India’s Adani Group?, a State official announced on Thursday. This would be the largest foreign investment?in metals in the country. India is investing in aluminium to meet the growing demand for infrastructure, power, transportation and renewable energy. It also wants to reduce its reliance on imports of metal products with added value. The federal government announced steps last year to increase aluminium production and stated that 'domestic demand will reach 8.5 millions metric tons in fiscal 2030. According...

* It could take up to a year for hot metal production to return to its previous levels Since the first EGA reduction cell on May 26th, EGA has restarted 89 cells. * Cast metal production at the recycling plant resumed in early May (Adds statements, quotes; paragraphs 1-12). By Hadeel Al Sayegh DUBAI, July?2 -- Emirates Global Aluminium announced on Thursday that it had restored production earlier than expected at the Al Taweelah facility, which was hit by Iranian attacks in March. However, hot metal output would take up to one year to reach previous levels. The complex, which...

Aluminum prices edged higher on Thursday as signs of strength in the manufacturing industry supported their rise. Benchmark?aluminium for three months on the London Metal Exchange rose 0.59% to $3,094 per metric ton by 0300 GMT. The most-traded aluminum contract at the Shanghai Futures Exchange increased 0.09%, to 22,505 Yuan ($3,316.83). The manufacturing strength was evident in the prices of light metals used for transport, packaging, and construction. China, Europe, and the U.S. released data on Wednesday that showed manufacturing strength, despite higher input prices. The price of aluminium has dropped in the past two weeks due to the peace...

Sources in the industry said that China's state buyer of iron ore has asked some domestic steel mills to not accept certain portside products of iron ore from Fortescue. This is the latest Australian miner to be snared by Beijing's efforts to 'increase' control over the market. Five sources familiar with the matter said that China Mineral Resources Group (CMRG), notified mills verbally on July 15th, they should not accept portside cargoes containing Fortescue’s Super Special Fines or Fortune Fines. These are both lower-grade products of iron ore. The move is part of CMRG’s campaign to assert its control over...

Aluminum prices fell to their lowest level in four months Wednesday, and copper also lost ground as funds liquidated bullish 'positions due to concerns over rising?U.S. Interest rates and uncertainty about negotiations to end the Iran conflict. The benchmark three-month aluminum on the London Metal Exchange fell 0.9%, to $3,058 per metric ton, by 0930 GMT. It had previously reached its lowest level since February 19, at $3,045.50. Tuesday, metals used for transport, packaging, and construction saw their biggest quarterly and month-to-month declines in years. Ole Hansen is the head of commodity strategy for Saxo Bank, a Copenhagen-based bank. The...

Aluminum prices fell to their lowest level in four months on Wednesday as investors unwound risk premiums associated with the Gulf, despite new uncertainty surrounding U.S. diplomacy towards Iran. As of 0715 GMT the benchmark 'aluminium' for three months on the London Metal Exchange was down 0.73% to $3,063 per tonne, after hitting a four-month-low at $3055.50 earlier during the session. On Tuesday, it posted its largest quarterly and monthly drops in years. The Shanghai Futures Exchange's most traded aluminium contract tracked the LME. It closed daytime trade at 22,370 Yuan ($3,292.47) per tonne, down 0.95% from its six-month-low of...

CopperTech Metals announced a delay in its U.S. initial public offering on Tuesday. The company cited volatility in the global copper equity sector. Postponement is despite a resurgence in investor appetite for new listings. This has been bolstered by buoyant equity market and several blockbuster initial public offerings. Copper prices are volatile due to the expectations of new U.S. Tariffs, and the supply restrictions that will be imposed in response to the surge in AI-related demand. After a review, U.S. commerce secretary Howard Lutnick will?update the president on the refined copper?market and domestic refining capacity on Tuesday. Global X Copper...

Oliver Blume, the head of Volkswagen, is planning a historic overhaul to adapt to structural changes in the global automotive market. Rising Chinese competitors, tariffs, and weak demand for cars in Europe are all affecting its business model. The crisis has increased scrutiny on Europe's largest automaker. It has been struggling for years with a complex structural design, a weak share performance, and some stakeholders' resistance to painful costs cuts. PARALYSED CONGLOMERATED Volkswagen's "governance" and "structure and ownership" are unique to the auto industry. They combine powerful unions and the billionaire Porsche-Piech family, who control the majority of the voting...

The dollar was firmer amid expectations that U.S. rates will be raised, and gold edged up from a near seven-month low. As of 1150 GMT spot gold was up 0.4% to $4,031.29 an ounce after hitting its lowest level in November 2025 earlier in session. U.S. gold futures for August delivery fell 0.2% to $4.045.30/oz. "The failure to maintain gains (for gold), highlights the current fragile mood, where traders continue to?sell into strength instead of buying into weakness, which is a noticeable shift from behaviour seen in the past few years," said Saxo Bank Analyst Ole Hansen. Bullion fell more...