Asia

Aramco chairman Yasir al-Rumayyan stated on Thursday that the Iran War had disrupted energy supplies through the 'Strait of Hormuz. Rumayyan is the governor of the Saudi sovereign wealth fund PIF. Rumayyan spoke at the FII PRIORITY Europe'summit', held in Rome by the 'Saudi non profit institute Future Investing Initiative, which has the backing of PIF. FII organizes Riyadh’s annual flagship summit. Known to some as “Davos in the Desert”, this event brings together world leaders and bankers, along with business executives. Rumayyan stated that PIF has invested EUR98 billion ($112,86 billion) in Europe and Britain from 2017 to 2025...

The National Stock Exchange of India filed draft papers to?along-delayed listing? that will be one of the two mega initial public offerings in India this year. Alongside billionaire Mukesh?Ambani's Reliance Jio. NSE's IPO will likely?be worth $3.3 billion based on a?pricing of its shares in the private market, and it comes?after...years of regulatory delay. As part of this issue, existing investors will sell 6% equity in the company. This will be an offer-for sale with no new equity raised. Ambani’s AI-to Telecoms arm Reliance Jio Platforms, is also preparing for an IPO that could be the largest ever in India....

Sources say that Aramco invited banks to bid for Project Yellowstone last month. One source estimated that the sulphur stake sale could generate up to $7 billion. Sources said that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco, the world's largest crude exporter, is "considering" the sale of its sulphur business, according to three sources familiar with the matter. This strategy extends a strategy that taps into its infrastructure assets in order to raise tens and tens...

Donald 'Trump' said on Wednesday, that Israeli Prime Minister Benjamin Netanyahu could use "softer touches" in his fight against Hezbollah militants. This is the latest public rebuke from the U.S. President to his partner in war on Iran. Trump said to reporters at the end of the G7 summit on Wednesday that Netanyahu is a good person, but he gets a bit 'excited' sometimes. According to U.S. officials and Israelis, the Israeli leader convinced Trump to go to war with Iran and participated in attacks launched on 28 February. Netanyahu 'insisted that Israel was not bound by any U.S.Iran agreement...

A senior U.S. government official told reporters that both Iran and the U.S. could walk away from the memorandum they were set to sign on Friday. Future 'talks' will likely?focus? on the exact sequencing of the steps outlined in the preliminary agreement, the official said. The official, who spoke under the condition of anonymity read out the 14 point memorandum which is to be signed in Switzerland. The official said that upcoming meetings in Switzerland will be "critical" to ensuring the memorandum can develop into a comprehensive agreement. A senior U.S. government official stated that the meeting in Switzerland would...

Sources say that Aramco invited banks to bid for Project Yellowstone last month. Sources estimate that the sulphur stake sale could generate up to $7 billion. Sources claim that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco is considering selling a stake in the sulphur business, according to three sources familiar with the matter. This would be part of its strategy of tapping into its infrastructure assets for tens and tens billions of dollars. Aramco is the...

Sources say that Aramco invited banks to bid for Project Yellowstone last month. One source said that the sale of sulphur stakes could generate up to $7 billion. Sources said that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and Yousef Saba DUBAI, 17 June - Saudi Aramco 'is evaluating the sale of its sulphur division, according to three sources familiar with the matter. This is part of a strategy that aims to tap into the infrastructure assets of the company in order for it raise...

China's official media Xinhua reported that a former chief executive of state-owned oil giant CNOOC Ltd. was sentenced to a death sentence for accepting bribes, but the sentence has been stayed for two years. Yuan Guangyu retired from CNOOC as CEO in September 2019, after reaching mandatory retirement age. He was also the former deputy general director of CNOOC’s parent company, China National Offshore Oil Corporation. According to Xinhua, Yuan's political rights were also revoked for life in the ruling of the Xuzhou Intermediate People's Court. The court found that Yuan accepted illegally, directly or indirectly, more than 152,000,000 yuan...

Donald Trump, U.S. president, told reporters on Tuesday at the G7 meeting in France that Iran's memorandum with Iran clearly states that it will not possess a nuclear weapons. Trump announced that he would release the U.S. - Iran memorandum text in a 'formal' setting. President Trump also expressed his approval of the idea to send the Iran deal for review to Congress, as requested by some Republican legislators. Trump told reporters, "I've never sent it before, I never even considered it. But?I will," he said. "I'll send it to Congress." "I like the idea." Details of the U.S. agreement...

Indian shares closed higher 'on Tuesday. They advanced for a third consecutive session as a preliminary U.S. - Iran peace deal cooled down oil prices & improved risk appetite. The Nifty?50 increased 0.57%, to?23989.15. Meanwhile, the BSE Sensex rose 0.71%, to 76 808.48. This represents gains of 3.6% and 4% respectively in just three sessions. The small-cap and middle-cap indexes each rose 0.4%. Brent crude dropped about 2%, to $81.6 per barrel. This was a good thing for India, which imports oil. The?moderation in oil prices, to around $82 per barrel, along with India's stable macro-fundamentals, steady interest rates, and...

After the U.S. and Iran deal to end the Middle East conflict, spot premiums for crude oil in Asia are back to their pre-war level. However, caution over how soon normal shipping will resume is keeping the oil markets afloat. Prices fell across the board after U.S. president Donald Trump announced that a preliminary deal had been signed. Details have not yet been released, and the U.S. as well as Iran say that a permanent ceasefire is still being negotiated. Dubai's premium for swaps on Middle East crude returned to its pre-war level of $2.06 a barrel on Monday. This...

Authorities?said Tuesday that a fire was caused by debris from a drone at an oil depot located in southern Krasnodar, Russia. They also?closed the local road linking the area with the Crimean Peninsula. The fire that broke out at the oil depot in the Poltavskaya region?of Krasnodar was not fatal, according to a telegram message from the regional authorities. The authorities said that they had closed a local route connecting the area to a regional road leading to a?bridge over the Kerch Strait? linking Crimea with the Krasnodar Region, which was built by Moscow following the annexation. The bridge is...

Riccardo Orcel - a former senior banker of the Russian state-backed VTB Group, and brother to UniCredit's CEO Andrea Orcel – helped broker a deal for UniCredit to sell its Russia business. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank negotiated a deal with Russia. He drew on the expertise of the former VTB executive - who was one of the most well-known Western bankers working in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit?confirmed" that...

Gold prices rose on Thursday, as a lower oil price following the?U.S. Iran ceasefire agreement countered pressures from a stronger US dollar and hawkish Federal Reserve language. Gold spot was up 0.2% to $4,264.67 an ounce by 0913 GMT following a 1.7% drop on Wednesday. U.S. Gold Futures dropped 2.2% to $4285.00. Oil prices dropped after the U.S. signed an interim deal with Iran that would 'end their conflict,' reopen Strait of Hormuz, and lift U.S. sanctions against Tehran oil. This boosted the outlook for oil supplies. Han Tan, Bybit's chief market analyst, says that gold is on the rise,...

Gold prices rose on Thursday, as lower oil costs following the 'U.S.-Iran truce deal' helped bullion recover losses from the previous session caused by Federal Reserve rhetoric that was hawkish. As of 0830 GMT on Thursday, spot gold rose 0.6% to $4,284.67 an ounce after falling 1.7% Wednesday. U.S. Gold Futures dropped 1.8% to $4304.30. Oil prices dropped after the U.S. and Iran signed a temporary agreement to end the Iran War, reopen?Strait of Hormuz and lift U.S. sanctions against Tehran's oil. Han Tan, Chief Market Analyst at Bybit, said that gold is rebounding today after markets quickly moved past...

Metals such as lithium, copper and rare earth elements, which are associated with the energy transition, have been the most consistently bullish commodities in recent years. Iron ore miners want to add their product?to the list. Steel demand in South and Southeast Asia is expected to remain robust and will more than offset the decline in production in China and Western Europe. This was the consensus opinion at this week's industry meeting in Singapore. The optimism of iron ore miners was not shared by those who advocated decarbonising the steel industry. They realised that green steel would be extremely expensive...

Kenya is nearing a deal to process its own minerals in the U.S., said its president on the'sidelines of the G7 Summit on Thursday. He called for a wider reset between Africa and the 'West. In recent years, countries across Africa have been pushing to process more minerals produced domestically. This is a move towards keeping more value in Africa. William Ruto, who represented one of the several partner countries at the summit held on the shores Lake Geneva, told an interviewer that the agreement covering rare earths, other strategic minerals and the like was already being worked on and...

As part of its efforts to reduce its dependence on China, the Trump administration is stepping up efforts to secure U.S. supplies chains for essential minerals and semiconductors. Federal grants are being converted into equity stakes within companies. The U.S. Department of Commerce awarded $500 million on Wednesday to SandboxAQ, a company backed by Nvidia. This money will be used to develop new materials to make chips. The following companies are linked to the strategic investments push: SANDBOXAQ In exchange for a small stake in the company, the U.S. Commerce Department awarded $500 million to SandboxAQ, a Nvidia-backed company. The...

Four sources familiar with the matter have confirmed that C hina's leading copper producers are looking to expand the membership of their smelter team in order to improve their negotiating position with the miners regarding?raw materials supply. A group of 16 large producers who traditionally set the 'floor price' for copper concentrate processing contracts, called The China Smelters Purchase Team invited several potential 'new members to its quarterly meeting in Yantai, Shandong Province on Wednesday. Chinese smelters have begun negotiating with Antofagasta, a Chilean miner, about?concentrate supply deals. Smelters charge treatment and refining fees (TC/RCs), which are paid by miners...

Data showed that the Middle East crude market fell sharply, and even slid into discounts. This was after the United States, Iran, and other countries reached a framework agreement to reopen Strait of Hormuz. The 'Asian refining market led by China is still subdued despite months of?run-cuts.' Hopes for higher supply following the deal have pushed Dubai and Middle East benchmarks to contango, and provided rare arbitrage opportunities in Europe and the United States. Benchmark Dubai’s premium to swaps fell into a 46-cent discount on Tuesday. This is the first contango structure in January. A contango market structure is one...

China's aluminium production rose by 1.7% in May compared to a year ago, marking the ninth consecutive month of gains. This was aided by higher overseas prices. Prices have since eased and may even fall further now that Washington and Tehran have signed a ceasefire. The National Bureau of Statistics reported on Tuesday that China's aluminum output reached 3.89 million tons in May. The first five months of this year saw a 3.5% increase in output to 19.22 millions metric tons. There was still a lot of uncertainty in May about a U.S. - Iran peace deal. The Strait of...

On Monday, aluminium prices dropped to their lowest levels in?two and a half months as a U.S. - Iran framework agreement aimed at ending their war improved prospects of deliveries from Gulf -producers. However, shippers remained cautious about transiting through 'the strait of Hormuz. By 1120 GMT the benchmark three-month aluminum on the London Metal Exchange had fallen 3.2% to $3,422.50 per metric ton, after having reached $3,408, which was its lowest level since March 30. U.S. officials and Iranian officials announced that they had reached a preliminary agreement to end the war and reopen the Strait of Hormuz. The...

Energy Transition Minerals hopes to expand in Spain's Galicia Province as it waits for a resolution of the?legal challenges regarding its massive rare earths project on Greenland. Daniel Mamadou said in an interview with? In an interview, Daniel Mamadou told? Mamadou stated that "Galicia has an ambitious plan to revive its mining industry." He added that up to 52 mines will be put out to tender for development. "We think that the Penouta operation can be at the heart of an expansion of Galicia... We might be able to?benefit from economies of size and position." ETM has not provided any...

Singapore is establishing an over-the counter gold clearing system and introducing central bank gold vaulting services. This comes as the city state looks to establish itself as a gold trading hub. Gan Kim Yong, the Deputy Prime Minister, told the Asia-Pacific Precious Metals conference on Monday that the Singapore Exchange will?establish a gold clearing system over-the-counter for Loco Singapore or physical gold in Singapore by the end this year. He said that six banks will be clearing members: DBS, Deutsche Bank ICBC Standard Bank J.P. Morgan OCBC, UOB. Gan stated that the Monetary Authority of Singapore (MAS) will offer central...