Asia / Pacific

SpaceX, Elon Musk's company, has filed a confidential application for its highly anticipated U.S. Initial Public Offering, according to a source familiar with the matter. This will make space exploration a mainstream investment topic, rather than a speculative one. Here's a timeline for SpaceX’s path to a blockbuster IPO. Elon Musk launched SpaceX in March 2002 using the money he earned from selling PayPal. SpaceX failed to launch its first rocket, the Falcon 1 in March 2006. SpaceX Falcon 1 successfully launched for the first launch in September 2008. It was the first liquid-fuel rocket developed by a private company...

Elon Musk's spaceX could be the break-through that global IPO market needs. Saudi Aramco was the last company to debut on the market with a valuation of over one trillion dollars in 2019. SpaceX has all the ingredients the IPO market?has been looking for to end a long-term drought of mega-deals. It is a company with a valuation over "trillion dollars", a CEO who enjoys cult like retail support, and exposure to a?high-growth?industry. Investors' appetite for an IPO of this magnitude is still uncertain. Analysts and experts say that the company's success is unique, so it could only have a...

Four sources said that Delcy Roddez, interim president of Venezuela, is preparing to take control of the U.S. subsidiaries owned by state oil company PDVSA, including Citgo Petroleum. The move could exacerbate a tug-of-war for control of the seventh largest U.S. refiner. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some names were not received well in Washington. The sources say that if the executives are approved by the Treasury, then the Office of Foreign Assets Control would issue a license. One of the sources said that Treasury...

Bloomberg News reported that Elon Musk’s SpaceX filed confidentially for its highly anticipated U.S. IPO, bringing the billionaire closer to having a publicly traded company within his empire. Here's a timeline of SpaceX’s journey towards its blockbuster IPO. Elon Musk founded SpaceX in March 2002 using the money he earned from the sale of PayPal. SpaceX launched its first rocket in March 2006, but it failed. September 2008 - Falcon 1 was launched successfully by SpaceX for the first launch and became the world's first liquid-fuel rocket. SpaceX signed its first major contract in December 2008 with NASA for the...

Elon Musk's SpaceX may be the answer to the global IPO market's long-term struggle. Saudi Aramco was the last company to have a IPO at a valuation of over one trillion dollars in 2019. SpaceX, with its "over-trillion-dollar valuation", CEO who has a cult following in retail and exposure to a fast-growing industry is what the IPO'market" has been looking for to end a long-term drought of mega-deals. Investors' appetite for such a large?listing? is still uncertain. Analysts and experts say that the company's success is unique, so it could only have a limited impact on the broader market sentiment....

PetroChina supplied a rare shipment of nearly?2million barrels of crude from its storage facility in China to the refinery it owns half of, located in Singapore. The?firm is attempting to fill'shortfalls caused by the iran war. According to tanker trackers Vortexa & Kpler the tanker New Merit delivered 1.8 million barrels in crude oil to Dalian, northeast China, in mid-March. It then transported it to Singapore Jurong Island, where PetroChina & U.S. giant Chevron run a joint venture refinery. Sources declined to name themselves as they were not authorized to speak to the media. China exports crude oil very rarely....

Orlen, the Polish state-owned refiner, announced on Wednesday that it had signed a preliminary agreement with Grupa Azoty (the Polish state-controlled chemical group) under which it would acquire 'all remaining shares in Grupa azoty polyolefins. The transaction involves the purchase of GAP shares and the provision of financing by Orlen to complete GAP’s restructuring. It has a value of $1.35 billion ($364.23 millions). The transaction was in line with expectations. Orlen had been viewed as the "natural candidate" to take over the Polyolefins Project and stabilize it. Erste Group analyst Cezary Bernatek wrote in a client note. He added, "We'd...

Shipping data shows that India's diesel exports into Southeast Asia soared in March to the highest level in over seven years. This was due to traders adjusting supply to cover their short positions, and refiners taking advantage of higher profits in Asia as a result of the U.S./Israeli war against Iran. The increase in exports may boost the spot sales margins of Indian refiners, who have bought large volumes Russian crude oil to replace Middle East supplies disrupted by war. According to Kpler, three trade sources and data from the analytics firm, Kpler, around 1 million metric tonnes (7.45 millions...

When the world was faced with a sudden surge in inflationary forces in 2021-22 due to a severe shock in supply and spikes in energy prices, all major central banks reacted?together. This is unlikely to happen again. Five years ago, supply disruptions caused by pandemics led to a united - but belated cycle of interest rate hikes among the world's largest central banks. This cycle accelerated in response to the skyrocketing prices of energy triggered by Russia’s invasion of Ukraine. By the time the European Central Bank raised rates in July 2022 (and the Bank of Japan did not), every...

Rosneft said that the company's net income for 2025 will be down 73%, to $293 billion ($3.60 billion), due to high interest, a high tax on profits, and other factors. Igor Sechin is the Rosneft CEO and a close ally of President Vladimir Putin. He said that the Russian oil industry was caught in an "ideal storm" last year, which included negative geopolitical conditions, tight domestic macroeconomic conditions, as well as high interest rates. The United States sanctioned Rosneft, Russia's second largest oil producer Lukoil in October last year. Sechin stated that the Middle East conflict has boosted oil prices...

The oil prices continued to rise on Monday. Brent is on track for a monthly record after the Yemeni Houthis launched their first attack on Israel, escalating the Iran War. Brent futures were up 66?cents (0.6%), or $113.23 per barrel, at 1031 ET (1431 GMT), after closing 4.2% higher Friday. U.S. West Texas Intermediate?futures rose $2.2 or 2.2% to $101.83 following a 5.5% gain in the previous session. Brent's price has risen by 58% in the last month. This is the highest monthly increase since 1988. Brent also outperformed gains during the Gulf War of 1990. U.S. Crude, on the...

Analysts do not expect a fuel shortage in Ukraine next month. After Russian missile strikes virtually destroyed Ukraine's refining capability, the country became almost completely dependent on fuel imported from Europe, particularly western, central, and southern Europe. Enkorr fuel consultancy in Kyiv said that the average daily diesel deliveries over a 'four-day period from 23 March 'to 26 March 'were 21,400 metric tonnes, up from 19,400 tons during the same time last week. The consultancy stated that if the current pace is maintained, imports in March could reach 565,000 tons. This would be 9% more than the 522,000 ton estimate...

The U.S. Dollar?slipped? and traders watched developments in the Middle East. Gold spot was up 2.2% to $4,774.25 an ounce at 1510 GMT. This is the highest price since March 19. U.S. Gold Futures rose 2.6% to $4800.40. Dollars of other currencies are more attracted to greenback priced bullion after the U.S. currency fell for a second day. Bob Haberkorn is a senior market strategist with RJO Futures. He said that gold prices could rise above $5,000 an ounce, if we are on a path of?de-escalation', and rate-cutting expectations may creep back into the market. He added: "The focus is...

Rare earths developers REalloys, and U.S.?Critical?Materials Corp. have signed a?memorandum of understanding to create a?domestic?supply chain for the?key?materials? in the U.S. This is in line with Washington’s goals to reduce its reliance on China. The agreement will allow REalloys to secure up 10% of the Sheep Creek Rare Earth Deposit in Ravalli County (Montana) owned by U.S. U.S. efforts have intensified to reduce reliance?on China to supply the critical materials. This has prompted a rush by miners and processors?to?build local rare?earth?supply chains. The Sheep Creek deposit is rich in elements like dysprosium and Terbium that are used for high-performance permanent...

The copper price rose on Wednesday, reaching its highest level in the past two weeks amid hopes that the Iran war may be nearing an end. Open-outcry official trading on the London Metal Exchange saw benchmark three-month copper rise 0.2% to a metric ton of $12,365 after hitting $12,492.50 - its highest level since March 18. This was copper's fourth consecutive session of gains. However, it is still far below the record high of $14,527.50 that was reached on January 29, 2017. Ole Hansen is the head of commodity strategy for Saxo Bank, Copenhagen. "The market wants us to believe...

Emirates Wood Mackenzie, a consultancy firm, said that an Iranian missile and drone attack on Saturday damaged a power station at Global Aluminium's Al Taweelah plant in the United Arab Emirates. Wood Mackenzie said that the smelter of Aluminium Bahrain (Alba), which was also attacked on Saturday, "suffered significant damage and is expected to operate at an estimated 30% utilisation". EGA and Alba said they were assessing the extent of damage to their sites at the weekend, but did not specify what was?affected. A spokesperson for EGA had no comment on Wood Mackenzie’s note when asked about a?update? of?operations. Alba...

On Wednesday, gold was near a two-week-high - after a month that saw its largest monthly loss for nearly 17 years. The U.S. Dollar and Treasury yields fell on signs of a de-escalation of the war against Iran. Gold spot rose by 1.2%, to $4,723.35 an ounce, at 0958 GMT. It had earlier reached its highest level since the 19th of March. U.S. gold futures for April delivery rose 1.5% to $4749.90. U.S. Secretary of State Marco Rubio and President Donald Trump said that?the war against Iran could be close, signaling the potential for direct talks with Tehran and a...

Emirates Global Aluminium’s Al Taweelah plant in the United Arab Emirates has halted its operations following a?Iranian missile and drone attack that damaged a power?plant on Saturday, Wood 'Mackenzie' said in a Wednesday research note. Wood Mackenzie said that the smelter of Aluminium Bahrain (Alba), which was also attacked on Saturday, had "suffered significant damage and will operate with an estimated utilization?of 30 percent". EGA and Alba said that they would be assessing damage to their sites at the weekend, but did not specify what was affected. The Wood Mackenzie report on the current conflict in the Middle East and...

Iron ore futures prices increased on Wednesday. This was due to the positive factory data and hopes that stimulus measures in China, the top consumer of iron ore, could brighten up demand. After a 0.8% decline on Tuesday, the most traded iron ore contract at China's Dalian Commodity Exchange closed daytime trading up 0.12% to 812 yuan (118.14 dollars) per metric ton. By 0751 GMT, the benchmark May iron ore traded on Singapore Exchange was up 0.64% at $106.15 per?ton. China's factory output expanded at its fastest rate in a year in March. This was a relief to an economy...

Two'sources' familiar with the issue have said that India will not 'go ahead with auctioning off deep-sea mine rights due to a lack in technological preparedness, and a low response from potential bidders. India announced its first offshore mineral block auction in November 2024. It included three lime mud, three construction sands, and seven polymetallic blocks. The blocks contained minerals such as cobalt and copper that are essential for solar panels and electric vehicles. In December of last year, the government cancelled the auction because there was a lack of interest. Reports said that the first batch of offshore minerals...

Australian shares closed at a three-week-high on Wednesday, with gains led by gold miners. Prices of bullion were buoyed by optimism about a possible deescalation in conflict over Iran. The benchmark S&P/ASX 200 ended the day 2.2% higher at 8,671.80, its highest level since March 11, The ASX 200 index had fallen 7.8% in march, its steepest monthly drop since June 2022. After reports that?saidU.S. Donald Trump said he was willing to stop the military campaign against Iran, even if the 'Strait of Hormuz' was largely closed. Gold prices rose, which gave Australian gold miners an extra push. The yellow...

The Blue House of the Seoul Presidency reported that South Korean President Lee Jae Myung held talks with Indonesian leader Prabowo?in Seoul on Wednesday?. They agreed to "expand their cooperation in critical minerals, technology, and clean energy". According to the schedule of the president, the leaders met following an official welcome at the Blue House. They then held a summit and witnessed the signing of several memoranda before lunch. As part of his visit to South Korea, the?Indonesian President is expected to also attend a business conference in Seoul on Wednesday evening. As the two countries transform their relationship into...

Prices of iron ore futures rebounded Wednesday on the back of upbeat factory data, and expectations that China's top consumer could take a?stimulus measure to brighten demand prospects. As of 15:00 GMT, the most-traded contract of iron ore on China's Dalian Commodity Exchange climbed 0.62%, to 816 Yuan ($118.55), a metric tonne, after a 0.8% drop the previous day. By 0145 GMT, the benchmark May iron ore contract on Singapore Exchange was up 0.68% at $106.2 per ton. China's factory output grew at its fastest rate in a full year in March. This was a relief to an economy that...

The Australian rare-earths'miner' said on Wednesday that Australian Treasurer Jim Chalmers had barred Hong Kong based Ying Tak, from voting or transferring a combined 361.5 million?"shares" in Northern _Minerals. It said that the shares transferred from Black Stone Resources may have violated a national-interest order of 2024, which required five China-linked shareholders to divest combined 613.6 millions shares. The interim directions highlight Canberra's scrutiny over foreign ownership of?critical minerals as Western governments try to secure supply chains that are dominated by China for use in defence technologies and clean energy technologies. This move is in response to a 'June 2024...