Asia / Pacific

Portugal's government announced on Thursday that it has approved a windfall tax of 33% on profits earned by oil and refinery companies in 2026 as a result of a surge in energy prices triggered by the Iran War. In a press release, the finance ministry stated that the windfall taxes would be applied to the portion of 2026 profits for companies that exceeded by 20% the average profit recorded in 2024 and 2025. The report said that while oil and refinery companies had made extraordinary profits, it was due to external market conditions. It said: "It's fair and necessary to...

Sinochem sold a 14% share in Pirelli to Czech billionaire Michal Strnad on Thursday. The Chinese state-owned group has significantly reduced its investment in the Italian tyremaker. Sinochem said it sold shares as part of its 34.1% overall shareholding in a block trade deal, reducing its stake to 20,1%. This made Pirelli the second largest shareholder. Strnad’s investment company Lumina Crown issued a statement saying it had acquired a 14% stake in Pirelli, making it the third largest shareholder. It said that the investment was a “long-term” one. Strnad, the largest shareholder in the Czechoslovak Group (CSG), is a defence...

This week, European refiners made bumper profits for producing fuels like gasoline and diesel. A wave of?attacks against oil refineries in Russia and the Middle East further tightened supplies and raised prices worldwide. Fuel prices are rising, which is affecting consumers and businesses around the world. Fuel prices continue to rise despite crude oil falling to $90 per barrel, well below the record $147 set in 2008. This is because attacks on refineries caused by wars in Iran and Ukraine has destroyed a number of major plants which make fuels from crude. The premium that European low-sulphur gasoline futures command...

An official of the Korea Petroleum Association stated that South Korea's refiners were considering importing Venezuelan crude to diversify their supply sources, as the conflict in the Middle East is disrupting shipments through the Strait of Hormuz. GS Caltex is one of the country's largest refiners. In June, it imported 110,000 barrels from Venezuela to?test its quality. The association official confirmed a?local report. Officials said that the refiner would assess whether or not the crude is suitable for their facilities, and evaluate product yields. Officials said that the other 'three refiners - HD Hyundai Oilbank SK Innovation, and 'S-Oil -...

Ampol, an Australian company, said that its Lytton refinery's margins more than tripled in the 2nd quarter. This was boosted by the surging oil prices linked to the Middle East war, which pushed the shares of the company to their highest levels in over two years. Ampol reported that the prolonged closure of Strait of Hormuz has tightened crude supply to Asian refiners. This has reduced refinery activity, and driven up refined fuel margins because of product shortages. Ampol stated that it was in a good position to handle any conflict as they had secured supplies for the majority of...

Ampol, Australia's refinery, reported on Thursday a 255% increase in its second-quarter margins. This was attributed to a rise in oil prices due to the Middle East conflict as well as disruptions in shipping through the Strait of Hormuz. The top fuel retailer in the country said that its Lytton refinery margin?rose from $8.71 to $30.93 a barrel, compared with a year ago. Ampol shares rose by 3.4% to their highest level since April 2024. The higher refining margin highlights how geopolitical tensions - in the Middle East - boosted profitability during this period as concerns over fuel supply disruptions...

?U.S. In their meeting on Wednesday, President Donald Trump and Israeli Premier Benjamin Netanyahu discussed all possible ways to stop Iran's nuclear program, including diplomacy, pressure from the economy and force. The official told reporters in a press conference after the two men had met at the White House, on Tuesday that Netanyahu did not inform Trump of Israel's preference for an attack against Iran. The official stated that Trump's decision was final. The official stated that Trump had 'three options, all of which were discussed in detail: a deal, continuing the blockade, economic pressures and a massive strikes. Officials...

Trade sources reported on Wednesday that Abu Dhabi National Oil Co had sold 12 million barrels of spot crude at a premium to Asian refiners, trading firms and other companies in its most recent tender. The renewed U.S. - Iran hostilities have disrupted the?supplies, and this has sparked an 'impulsive buying spree. Since the fighting between Iran and the United States intensified in the first half of this month, oil?flows have dropped sharply through the Strait of Hormuz. ADNOC uses a shuttle fleet to move crude oil out of the Gulf of Oman and onto other tankers, despite exports slowing...

Washington said that the U.S. military intercepted multiple missiles fired by Iran at U.S. forces based in the Middle East on Tuesday, in what Washington called "a surprise attack" by Tehran. The U.S. Central Command statement did not specify the exact location that it claimed Iran tried to target. Iran's Revolutionary Guards said later that they fired several missiles in response to U.S. action against Iranian interests. Axios had reported earlier, citing an official from the United States, that Iran "had launched ballistic rockets towards a U.S. military base in Jordan, and the missiles have been intercepted." The Islamic Revolutionary...

Saudi Arabia announced 'on Tuesday' that its air defenses intercepted and destroyed a number of drones that were launched from Iraqi territory in an attempt to 'target?oil?installations in the kingdom’s Eastern Province. This was the second attack of this kind in less than a week, and it raises the stakes as Riyadh tries to pressure Iraq to stop its territory being used as a launching pad against Saudi oil installations. Turki al-Maliki, a spokesperson for the Saudi Defense Ministry, said on X that drones had been 'launched by militias backed by Iran from Iraqi soil. Al-Maliki stated that Saudi Arabia...

On August 2, seven members of OPEC+ will meet. Sources say that the group will increase its output quotas for September by 188,000 bpd. Source: OPEC+ requires the result of the oil capacity review to decide on 2027 quotas By Alex Lawler and Ahmad Ghaddar LONDON, 28 July - OPEC+ will likely pause its 'gradual oil production hikes' after September, for?the rest of the year, according to four sources, because it needs to hold additional discussions before deciding on its output quotas in 2027. The pause will mark the end of several month of production hikes that were mostly on...

These are the top stories from?the Wall Street Journal. These stories have not been?verified and we cannot vouch for their accuracy. Johnson & Johnson, a manufacturer of babycare products, has agreed to pay $5.5 Billion to settle outstanding lawsuits alleging that the company's Talc products cause ovarian cancer. The agreement is conditional on 95% participation by the remaining claimants. Iran and Oman have worked to achieve an agreement for the safe passage of ships through the Strait of Hormuz amid a lull between fighting between the U.S. -Kuwait Petroleum signed a $16billion pipeline lease agreement with Kuwait Oil, involving the...

Tata Steel reported better-than expected first-quarter profits on Thursday. The company, India's largest?steelmaker, grew its net profit by 11.6% from a year earlier, despite higher costs for?coking coke. The Tata Group's company reported a net profit of 23.18 billion rupees (about $242.3 million) for the quarter ending June 30. This was an increase of 11.6% compared to a year ago. According to data compiled and analyzed by LSEG, analysts had on average expected a net income of 22.95 bn rupees. Elara Capital analysts said that prices of domestic flat steel products such as cold-rolled and hot-rolled coils rose both sequentially...

Gold prices rose on Thursday, as the U.S. Dollar weakened. Investors also weighed up the Federal Reserve's decision not to change interest rates and watched the escalating tensions that may have triggered inflationary pressures in the Middle East. By 1131 GMT, spot gold had risen 0.3% to $4.076.52 an ounce. U.S. Gold Futures for August Delivery rose 1% to $4074.30. The move for gold is "primarily driven" by the weaker U.S. Dollar, and markets are adjusting their expectations modestly on what next moves will be made by the Fed. UBS analyst Giovanni Staunovo stated. The U.S. Dollar Index has weakened...

Vedanta, an Indian conglomerate that converts metals into oil, announced on Thursday the appointment of Arun Misra to its chief executive position for a term lasting one year starting August 1. The company also reported a 72% increase in their first-quarter profit. Misra, who currently leads Vedanta subsidiary Hindustan Zinc, will take on the new position. Vedanta’s net profit for the quarter ending June 30 rose to 54.73 milliards rupees ($572.4 millions), boosted by higher base metals prices. Prices of base metals grew in April-June due to supply disruptions, and a steady demand. Geopolitical tensions around the Middle East also...

Investors weighed the decision of the Federal Reserve to hold interest rates at the same level this month, as well as the rising tensions that are affecting the Middle East and have raised inflation concerns. The spot gold price was unchanged at $4,062.30 an ounce as of 0841 GMT. U.S. Gold Futures for August Delivery rose by 0.7% to $4,060.60. Kevin Warsh, the U.S. central bank's chief, pledged to keep inflation under control. After the decision, spot gold prices rose by about 2%. The U.S. Military said that it had struck dozens Islamic Revolutionary Guard Corps targets in Iran in...

The dollar fell on Thursday after the U.S. Federal Reserve announced that it would maintain a stable interest rate. The benchmark three-month copper price on the?London Metal Exchange rose 0.75% to $13,676 per metric tonne by 0730 GMT. The Shanghai Futures Exchange's most traded copper contract fell 0.1% to 104 690 yuan (15,492.25 dollars) per ton. Dollar falls to one-week lows as markets assess possible Fed interest rate paths following Wednesday's policymakers' vote to maintain rates. A cheaper ?dollar can boost greenback-denominated commodities by making them more affordable for buyers using other currencies and ?higher interest rates can weigh on...

Gold prices fell on Thursday due to higher?U.S. Markets assessed the yields on Treasury bonds, as well as comments made by Federal Reserve Chairman Kevin Warsh about tackling inflation following this week's unchanged interest rates. As of 0714 GMT spot gold was down 0.5% to $4,045.59 an ounce after a 2% rise in the previous session. U.S. Gold Futures for August Delivery gained 0.2%, to $4043.70. The yields on the benchmark 10-year U.S. Treasury notes increased, increasing the cost of bullion. Soni Kumari, an ANZ analyst, said that "Yields" are a result of rate expectations. If the market believes that...

The World Gold Council reported on Thursday that India has seen an increase in unofficial gold imports since the government increased import tariffs earlier this year. This has led to a widening of margins for grey market operators, and hurting organised players. India, the world's second largest gold consumer, after China, increased import tariffs by more than two-thirds to 15%, on May 13, to reduce demand, reduce the trade deficit, and ease the pressure on the rupee. The arbitrage is huge. Sachin Jain is the chief executive officer of WGC India. He said that grey market inflows, and the disruption...

Heidelberg Materials said that it expects the war in Iran to further increase energy costs for this year. The German cement manufacturer also lowered its profit forecasts for 2026. The group stated that inflation and high financing costs would continue to have a negative impact on global residential construction. High energy costs were also cited as a major factor. Even though CEO Dominik von Achten highlighted "a?environment which remains geopolitically & economically'very challenging", he said that there were still first signs of a visible demand recovery in the core markets. Heidelberg Materials expects to see its operating profit drop from...

Gold prices fell on Thursday due to higher U.S. Treasury yields. Markets also assessed Kevin Warsh's comments on the Federal Reserve's efforts to combat inflation following its decision this week not change interest rates. As of 0445 GMT spot gold was down by 0.4%, at $4,048.39 an ounce. It had risen as high as 2% the previous session. U.S. Gold futures for August delivery rose 0.3% to $4.045.70. The yields on the benchmark U.S. Treasury 10-year note increased, increasing 'the opportunity cost' of holding gold. Soni Kumari, an ANZ analyst, said that "yields are a product of rate expectations." If...

Zijin Gold & Allied 'Gold has scrapped its planned C$5.5 Billion ($3.90 Billion) buyout. Instead, the?Chinese?company took a 9.2% share for around $295 M. In premarket trading, shares of Allied Gold listed in the U.S. fell by nearly 15%. The companies announced on Wednesday that they had mutually agreed to allow the deadline of July 29 to expire as "there was no reasonable likelihood" that the remaining conditions would be met in a reasonable time frame. Allied also cited broader external factors affecting trans-border transactions at this scale but did not provide any further?details. Zijin Gold operates mining operations in...

Copper fell on Wednesday, as traders remained cautious ahead of the Federal Reserve's interest rate announcement later that day. They also looked for signs of an easing of supply constraints in China, the world's largest consumer. Aluminium rose due to renewed fighting in Middle East. Benchmark three-month Copper on the London Metal Exchange fell 0.4% to $13,631 per metric ton at 1002 GMT. However, it held above the moving average of 50 days, which provided support at $13,576. Investors remained on the sidelines as the Fed made its decision. The markets are pricing in roughly 30% of a 25 basis-point...

Copper prices slid on Wednesday as demand concerns and a?strong dollar weighed down ahead of the end of the Federal Reserve's meeting in the United States. Benchmark three-month Copper on the London Metal Exchange fell?0.13%?to $13,667 per metric ton at 0700 GMT. The Shanghai Futures Exchange's most traded copper contract closed the daytime trade down 0.15%, at 104 890 yuan (15,494.96) per ton. Markets have increased the odds that rates will increase in September. The Fed is expected hold rates at their current level on Wednesday. According to CME FedWatch, traders see a 70% chance of no change in rates...