Asia

On Friday, Russian President Vladimir Putin and Prime Minister Narendra modi will meet in New Delhi to discuss ways to increase trade between the two countries. Western sanctions are affecting their long-standing relationship. Putin's first India visit in four years comes at a moment when New Delhi and the U.S. are in negotiations for a deal that will reduce punitive tariffs placed by Donald Trump on India's goods because of its Russian oil purchases. Moscow has been India’s largest arms supplier for decades. It has stated that it would like to import more Indian products in order to increase trade...

The Trump administration allowed transactions on Thursday with Lukoil outside of Russia, with a small waiver from sanctions imposed by the U.S. in October because the company's revenue is used to support Moscow's war against Ukraine. A posting on the Treasury Department website stated that the transactions for approximately 2,000 stations in Europe, Central Asia and the Middle East, as well as the Americas were authorized until April 29, 2026. In October, President Donald Trump imposed sanctions against Lukoil, one of Russia's largest oil companies. This triggered a rush of buyers to buy its assets, estimated at $22 billion. These...

Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December...

India and Russia announced on Thursday they wished to expand their trade, and the items that they deal in. This was just hours before Russian President Vladimir Putin arrived in New Delhi for a state visit. On Thursday, Putin begins a two-day trip to India, his first visit in four years. He hopes to increase sales of Russian oil and missile systems, as well as fighter jets, and to expand business relations between India and Russia beyond energy and defence. India and Russia are aiming to increase their two-way trade from $13 billion to $69 billion by 2030. This is...

Turkey has finalised an extension of one year to its gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, according to the energy minister. Both import contracts with Gazprom expire by the end of the year. Turkey's share of Russian gas has steadily decreased, and is now below 40%. Turkey, Russia's final major gas market in Europe has signed deals to buy long-duration LNG, a large part of which is from the U.S. This takes advantage of the expected global abundance of LNG over the next couple of years. Bayraktar, the...

Two sources with knowledge of the matter claim that Bernd Bergmair (former majority owner of adult entertainment group Pornhub) has approached the U.S. Treasury to buy international assets from sanctioned Russian oil giant Lukoil. As part of its efforts to press Moscow to end the war in Ukraine, the U.S. imposed Sanctions on Lukoil - Russia's largest private oil producer. Exxon Mobil, Chevron, and other oil giants have approached U.S. authorities to get permission to speak to Lukoil. Bergmair, through his lawyer, declined to say which assets he is interested in. He also refused to confirm whether he has already...

The authorities battling the floods that hit Sumatra, an island in Indonesia, this week and killed around 800 people have asked for additional central government assistance to address shortages of food, fuel and funds. According to updated government figures, 463 people are missing in West Sumatra (North Sumatra), Aceh and West Sumatra. Local officials say that the lack of power and roads is preventing aid from reaching those who need it. Iskandar Al-Farlaky, the chief of East Aceh, stated that fuel had been limited in East Aceh for days and that aid was delivered by boat. Some people who lived...

The authorities battling the floods that hit Indonesia's Sumatra island this week, which killed 804 people, have asked for more help from the central government to address shortages in funds, fuel and food. Local government officials say that landslides and floods caused by cyclones have led to 634 deaths in the three provinces West Sumatra (North Sumatra), Aceh and West Sumatra. They also claim that power lines and roads were cut, preventing aid from reaching those who needed it. Teuku Raja Keumangan told Kompas TV that "people are getting sick" in Aceh where flooding has affected 25,000 people. Haili Yogi,...

Sify Infinit Spaces, India's first publicly listed data center operator sees AI as driving the demand for computing power, but it is tempering its future investments in order to avoid being over-exposed to a possible bubble, said its chief executive. India has seen a surge in the number of data centers, largely due to the rapid growth of artificial intelligence technologies. These technologies require massive computing power. Sharad Agarwal, CEO of Sify Infinit, said in an interview conducted late November that the company will continue to expand "responsibly and calculatedly" so as to match sustainable demand. Sify Technologies, the company's...

By America Hernandez PARIS, December 2 - French oil giant TotalEnergies, along with its other partners in the $20 billion Mozambique Gas Project, have agreed to provide more equity to replace previous contributions from British and Dutch Export Credit Agencies, the company announced on Tuesday. Total reported that the UK and Dutch agencies accounted for about 10% of the initial $15.4 billion external funding obtained by the project. Total's 13 million tons per year liquefied gas project will turn Mozambique into a major exporter of gas when it starts production in 2029, but the project has been bogged down in...

Serbian President Aleksandar Vucic announced on Tuesday that the country will continue to allow payments and transactions with the U.S. sanctioned Russian oil company NIS, until the end the week. This is despite the threat of secondary sanctions. Gazprom and Gazprom of Russia, who own the majority of NIS, are required to sell their shares in the company. The U.S. has imposed sanctions on NIS because it is owned by Russians. Vucic, the president of Serbia, said that payments made with NIS by its banks, which includes the central bank will continue through Monday. After meeting with government officials responsible...

The Russian President Vladimir Putin is scheduled to visit India for a summit this week with Indian Prime Minister Narendra modi. The meeting will focus on boosting energy, defense and economic ties as Moscow tries to secure oil sales despite tighter Western sanctions. Energy exports from Moscow are a major source of revenue, but sanctions that were imposed following its invasion of Ukraine in 2022 have started to impact its oil sales. India and Russia are likely to discuss the following issues: OIL PURCHASES Moscow wants India to continue buying more oil after Indian refineries stopped importing due to sanctions....

Shanghai Copper began the week on Monday with a higher price, as the U.S. Federal Reserve is expected to cut interest rates. As of 0215 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 0.52% to 92,040 Yuan ($13,020.78) a metric ton. The benchmark three-month price of copper at the London Metal Exchange fell 0.23% to $11,593 per ton. The markets are pricing in an interest rate reduction of a quarter point by the U.S. on Wednesday. Only 19 out of 108 economists voted against any change. Copper prices rose in Asia as signs of lower...

Iron ore futures fell on Monday due to a sagging Chinese demand and increased equipment maintenance. However, the lingering bets for stimulus limited losses. As of 0219 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange fell by 0.7% to $782 yuan (US$110.63) per metric ton. It hit 778 yuan earlier in the session. This was the lowest price since November 17. As of 2109 GMT, the benchmark January iron ore traded on the Singapore Exchange fell 0.57% to $100.8, after earlier touching $102.35, the lowest price since December 1. Analysts said that several steelmakers have...

Anson Resources, based in Australia, announced on Monday that it had signed a nonbinding Memorandum of Understanding with Utah-based Nusano for the supply of lithium chloride to be used in advanced manufacturing and nuclear applications. Anson will provide samples of lithium chloride from its Green River Project in Utah to be tested for qualification. Talks are aimed at an agreement covering a five-year period and at least 300 tonnes equivalent lithium carbonate per year. Nusano is a privately-held company that plans to use Anson’s lithium chloride feedstock in order to produce lithium-6, lithium-7, and other isotopes for the nuclear sector...

The gold price rose on Friday, as expectations of a rate cut by the U.S. Federal Reserve next week boosted sentiment. Silver also reached a new record high. At 1:36 pm, spot gold was up by 1% at $4,212.16 an ounce. ET (1836 GMT), however, was on course for a weekly loss of 0.4%. U.S. Gold Futures for February Delivery settled unchanged at $4.243 per ounce. Bart Melek is the global head of commodity strategies at TD Securities. He said that "the market is increasingly confident the central bank will cut (rates)." In response, the U.S. currency has weakened a...

The dollar was under pressure as the expectation of a rate cut by the U.S. Federal Reserve next week grew. Silver prices also reached a new record high. At 10:44 am, spot gold was up by 1.1% at $4,255.59 an ounce. ET (1544 GMT) and was on course for a weekly gain of 0.5%. U.S. Gold Futures for February Delivery were up 1% at $4,286.90 an ounce. Bart Melek is the global head of commodity strategies at TD Securities. He said that "the market is increasingly confident the central bank will cut (rates)." In response, the U.S. currency has weakened...

Fighting broke out in the eastern Democratic Republic of Congo Friday, just a day after U.S. president Donald Trump met with Congolese leaders and Rwandans in Washington for the signing of new agreements aimed at ending decades of conflict in this mineral-rich region. On Thursday, Congo's Felix Tshisekedi reaffirmed his commitment to the U.S.-brokered agreement reached in June. The deal aims to stabilize the vast country by allowing more Western mining investments. "We are settling a long-running war," said Trump. His administration intervened in many conflicts around the globe to burnish Trump's credentials as a world peacemaker, and advance U.S....

The gold price rose on Friday, as investors began to expect the Federal Reserve to cut interest rates in the coming week. They are awaiting U.S. data on inflation that may clarify the central banks next move. As of 1416 GMT the spot gold price rose by 0.7%, to $4,235.59 an ounce. This was in line with a weekly gain of 0.1%. U.S. Gold Futures for February Delivery edged up 0.6% to $4,266.50 an ounce. "The odds of a rate reduction are in place... Gold is retesting, and reaffirming its $4,200/oz price level." Alex Ebkarian said that although the week...

The gold price rose on Friday as the market increased its bets that interest rates will be cut in the United States. Markets are now focused on inflation data due out next week, ahead of Federal Reserve policy meeting. As of 1208 GMT spot gold was up 0.5% at $4,226.99 an ounce. However, it was still on course for a weekly decline of 0.1%. U.S. Gold Futures for February Delivery edged up 0.3% to $4,257.40 an ounce. Lukman Otunuga is a senior research analyst with FXTM. He said that market bets on the Fed cutting rates next week have kept...

Gold prices in India rose to near a record high this week. This slowed physical demand, as buyers waited on a correction in price. Demand in China was also relatively low, despite the volatility and high spot gold prices. This week, Indian dealers offered a discount Discounts of up to $18 per ounce on official domestic prices have been increased by as much as $22. Gold is getting more expensive as the rupee falls, and jewellers find it difficult to decide how much and when to buy, said a Mumbai bullion dealer working for a private bank. On Friday, domestic...

The head of the EU-funded agency that oversees key minerals says, "Europe has taken significant steps to develop its rare earths industry to counter Chinese dominance. But the region must also guard against being overtaken by the United States." Bernd Schaefer is the CEO of EIT RawMaterials. He welcomed Wednesday's publication of a new EU Action Plan to secure crucial raw materials used in electrical cars, wind turbines, and semiconductors. REsourceEU, the plan of the European Commission, includes an investment of 3 billion euros (3.49 billion dollars) in projects to accelerate them and reduce reliance on a single source. Schaefer...

The price of copper reached a new record on Friday, after Citi raised its outlook for the metal. A weaker dollar provided additional support in anticipation of a rate cut expected by the U.S. next week. At 1025 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen 1.4% to $11,609.50 per ton. The metal, which is widely used in construction, manufacturing and power generation, rose earlier by as much as 2.2%, reaching a peak of $11,705. LME copper has gained over 30% since 2025 and is expected to finish the week with a gain of...

Boliden, the Swedish miner, said that the European Union had acted on rare earths ten years ago. Boliden was commenting on the European Commission plan to invest 3 billion euro ($3.5 billion) in 25 key mineral projects. China, the country that produces 90% of all rare earths in processed form, has recently increased export restrictions. Boliden CEO Mikael staffas said that Europe's inability to produce critical raw materials on its own is a vulnerability which must be addressed despite the long process of making major changes. He said the latest EU initiative was a sign the bloc of 27 countries...