Asia / Pacific

According to three pakistani sources, U.S. president Donald Trump met with Pakistani army chief Asim Munir in the last week, a few days before Munir was scheduled to visit 'Tehran' on Monday. One of these sources said that the U.S. wanted to use Pakistan to influence Iran to return to negotiations. Trump warned last week that any country providing "any kind of lifeline" to Iran would face economic consequences as he sought to isolate the Islamic Republic. Iran, in turn, has promised to stop all oil exports out of the Gulf. According to two Pakistani source, Trump initiated the call...

Multiple trade sources reported on Monday that 'Iraqi state oil marketer SOMO and QatarEnergy are offering crude in rare tenders which require buyers to load their cargoes within the Strait of Hormuz. Sources said that SOMO offered September-loading Basrah Medium or Basrah Heavy Crude from Iraq's Basrah Oil Terminal or Single Point Mooring?and its related facilities. Iran's official news agency IRNA said that Baghdad had repeatedly requested permission to allow a number of Iraqi tankers to cross the Strait of Hormuz. The bids for Iraqi oil will close on the 26th of August. QatarEnergy, in addition to SOMO, has also...

The Financial Times reported that Shell has attracted interest from bidders such as ExxonMobil, LyondellBasell and others for its U.S. chemical assets, which could fetch up to $8 billion. The report cited people who were familiar with the matter as saying that the private equity firm Apollo Global Management, and the chemicals division of the state-owned Kuwait Petroleum Corporation, had also expressed an interest in the?assets. Shell is looking to sell off underperforming chemical?plants. Shell, ExxonMobil and Kuwait Petroleum have not responded to requests for comment outside of regular business hours. Shell, ExxonMobil, LyondellBasell Apollo and Kuwait Petroleum did not...

Prices of oil fell by more than $1 per barrel on Monday, as investors took a profit ahead of an announcement that Washington is expected to make about additional sanctions against Iran. This could further disrupt Middle East supplies. Brent crude futures dropped $1.22 or 1.29% to $93.17 at 0035 GMT. U.S. West Texas Intermediate was $85.86 per barrel, down by $1.20 or 1.38%. The two contracts both posted their second weekly gains, up over 5% last week as the peace talks between Iran and the U.S. hit a deadlock, limiting oil shipments across the Strait of Hormuz, where a...

Ampol, Australia's largest fuel retailer, posted a nearly five-fold increase in?interim profits to a record high on Monday. This was largely due to the sharp rise in refinery margins as a result of supply disruptions in Middle East. Ampol operates one of Australia's?refineries. Profit margins have more than tripled since the beginning of the U.S. War with Iran. The company reported a nine-fold increase in its earnings from the fuel and infrastructure (F&I), while its earnings from convenience retail rose by 12%. The underlying net profit after taxes reached a record A$857.2?million ($614.44?million) for the six-month period ended June 30....

Kazakhs began voting 'Sunday in a snap election for a new parliament that appeared to be strengthening the power of President Kassym Jomart Tokayev over this 'Central asia country. The election was triggered after the adoption of a revised constitution in early this year. This new constitution consolidated parliament into a single chamber, reducing it from two. Kazakhstan's Supreme Court said last month that Tokayev who took office in 2019 was allowed to run for another seven-year term under the new constitution. Opinion polls show a majority of people support 'Adilet', a pro Tokayev party that was founded only a...

The United States, Iran and China exchanged defiant e-mails ahead of the scheduled announcement on Monday of new U.S. sanctions that may?impact Iran and its most important trading partners such as China. The war was approaching six months and the two sides were not only not exchanging shots but they also weren't pursuing any peace talks. Oil shipments have been virtually stopped through the Strait of Hormuz as Tehran holds on to its leverage, threatening to hit any unauthorised oil tankers who attempt to cross the narrow waterway. Scott Bessent, U.S. Treasury secretary, will hold a news conference on Monday...

Iran and the United States exchanged defiant messages before Monday's announcement of new U.S. sanctions that could affect Iran and its most important trading partners, including China. The war was approaching its'six-month mark when the sides stopped exchanging fire and also halted peace talks. Oil shipments have been virtually stopped through the Strait of Hormuz as Tehran holds on to its leverage, threatening to hit any unauthorised oil tankers who attempt to cross the narrow waterway. Scott Bessent, U.S. Treasury secretary, will hold a news conference on Monday at 2 pm EDT (1800 GMT), promising to unveil "the most severe...

According to a?statement viewed by the, the United States issued new sanctions on Thursday against Lebanon's Hezbollah. This included re-designating them?over their actions in support of Iran. According to the statement, the Treasury Department renamed the group for "service to 'the?Iranian government under the command of Iran’s Islamic Revolutionary Guard Corps - Quds Force." According to an anonymous U.S. official who spoke under condition of anonymity about the redesignation, it was meant to demonstrate that Hezbollah acts on behalf of Iran's government, and specifically the Islamic Revolutionary Guard Corps Quds Force. Hezbollah has been designated as a Foreign Terrorist Organization...

According to a statement seen by, the United States is planning to issue fresh sanctions on Hezbollah in Lebanon, including reclassifying it under a terrorist authority. This'move' is intended to highlight its links with the Iranian government. The statement said that while Hezbollah was not designated under a new authority, it is now a Specially Defined Global Terrorist for its "service?to Iran's regime under the command?of Iran's Islamic Revolutionary Guard Corps-Qods Force." An official from the United States said, "the re-designation is intended to show Hezbollah acting on behalf the 'Iranian Government and update the public records to 'link the...

The Central Asian country's Transport Ministry said that Tajikistan had asked for 2.5 million metric tonnes of?oil from Iran, while its traditional supplier, Russia, is also experiencing fuel shortages. The ministry posted a statement on its website last week stating that Tadjikistan had requested 2,55 million tons, which included?2 millions tons of crude oil, 150,000 tonnes of gasoline, 300,000 metric tons of diesel, and 100,000 metric tons of jet fuel. Tajikistan has traditionally imported up to 80% of its petroleum products from Russia. However, the Persian-speaking nation also shares close cultural and linguistic links with Iran. The timeframe was not...

Two sources claim that Coal India Ltd., the world's biggest?coal manufacturer, will open its first overseas trading office in Singapore. The company aims to diversify by trading iron ore and critical and strategic minerals. The move comes as Indian state-run firms step up their efforts to secure overseas supply of critical minerals like lithium and bauxite to reduce dependency on China. However, such efforts so far have not yielded much fruit. Sources involved in the discussion, who requested anonymity because the talks were not public, stated that Coal India had applied to Singapore authorities to register an office. This 'will...

Natrium Redox Technologies is a British green technology startup that has made a 'firm proposal to the Tasmanian Government to purchase and restart Australia’s only manganese smelter to supply global battery and electric car markets. EY?Parthenon announced last month that the Liberty Bell Bay Smelter (LBB) would be closing after a failed sale. The former GFG Alliance owned by British industrialist Sanjeev Gupta entered voluntary administration and liquidation in March after suspending its operations at the end of last year. We have been working with EY Parthenon, the Tasmanian government and other stakeholders on this project for over six months....

On Monday, gold prices reached their highest level in more than three month's time as a'subdued' dollar lent support. Meanwhile, attention shifted towards key U.S. data on inflation and Kevin Warsh speaking later this week. As of 0427 GMT spot gold was up 0.8% to $4,641.27 an ounce after reaching its highest level since 15 May earlier in the session. Prices rose by more than 5% in the last week. U.S. Gold Futures edged up 0.4% to $4,697.70. The dollar was teetering near multi-month lows as the market remained unsettled after the U.S. Treasury promised to?buy back more long bonds....

China's and Indonesian's defence and foreign ministers will meet on Friday. Security, politics, and economic issues are expected to dominate the talks. Jakarta is trying to maintain a balance between its ties with both Beijing and Washington, amid tensions and trade disputes in the South China Sea. China's Foreign Minister Wang Yi will visit Jakarta for the first two years and meet with his Indonesian counterpart Sugiono. He will also participate in the "2+2 meeting" between the defence ministers of the two countries. Arifianto Sofiyanto (an Indonesian official in the East Asia division of the foreign ministry) told a Thursday...

A Brazilian court announced on Thursday that 19 additional cities have joined the compensation agreement reached with the miners BHP Vale Samarco over the 'collapse of the Mariana dam in 2015', including the city which was at the epicenter of the disaster. The deal signed in October 2024 and ratified by 45 out of 49 municipalities that are eligible for funds now has the backing of these 45 municipalities. The 2015 dam failure in an iron ore mining owned by Samarco (a joint venture between Vale, BHP and BHP) near the city of?Mariana, in southeastern Brazil killed 19 people and...

Gold prices fell on Thursday, after rising more than 4% the previous session. A surprise U.S. Treasury "liquidity" move pushed down bond yields as well as the dollar. Meanwhile, rising oil prices and hawkish Fed signaling prompted profit taking. By 1140 GMT, spot gold had fallen 0.9% per ounce to $4479.12. Bullion was earlier at $4,525.79, after prices rose to a two-month high on Wednesday. U.S. Gold Futures slipped?0.2% to $4,535.70. Treasury Department announced on Wednesday that it will double its liquidity-support buyback operation for longer-dated bonds and notes, helping to ease the pressure in the bond markets. The U.S....

Gold prices fell on Thursday after a?4?% gain in the previous session. A surprise U.S. Treasury move to increase liquidity pushed bond yields down and the dollar, while higher oil prices and hawkish U.S. Fed signaling prompted profit taking. By 0946 GMT, spot gold had fallen 0.7% per ounce to $4487.93. Bullion prices were at $4,525.79 earlier, after they reached a two-month high on Wednesday. U.S. Gold Futures were little altered at $4,544.50. Treasury Department announced on Wednesday that it would double its liquidity-support purchase operations for longer-dated bonds and notes, helping to ease the pressure in the bond market....

Gold prices fell Thursday, as investors took profits after the price of gold climbed to its highest level in more than two months. This was due to a U.S. Treasury announcement that it would provide liquidity support for long-term bonds. The unexpected announcement weakened dollar values and reduced Treasury yields. By 0750 GMT, spot gold had fallen 0.7% per ounce to $4488.19. Bullion was earlier at $4,525.79 - its highest price since June 2 - after a more 4% increase on Wednesday. U.S. Gold futures were little changed at $4,462.30. Treasury Department announced it would double its liquidity support 'buyback...

Gold prices fell Thursday, as investors took profits after the price of gold climbed to an 'over two-month high on a surprise U.S. Treasury's announcement of liquidity support for long-duration bond, which weakened the dollar and sent Treasury rates lower. By 0604 GMT, spot gold was down by 0.7% to $4,487.63 an ounce. Bullion was earlier at $4,525.79. This is its highest price since June 2 after a more-than-4% gain on Wednesday. U.S. Gold Futures was?little different at $4,545.60. Treasury Department announced that it would double its liquidity support 'buyback operations' for bonds and notes with longer maturities. This came...

Copper prices fell on Thursday but remained?above $14,000 per metric ton, as increased inventories at the London Metal Exchange (LME), eased supply concerns, and countered the?support of sharp drops in the dollar. The benchmark three-month copper price on the LME fell 0.04% to $14,043.5 per ton at 0300 GMT. The Shanghai Futures Exchange's most traded copper contract edged up 0.15% to 107140 yuan (15,934.20 USD) per ton. The LME copper stocks rose another 12,425 tons on Wednesday. This alleviated concerns about supply caused by outflows into the?U.S. Warehouses are being prepared in anticipation of a possible tariff on refined copper....

Fortescue, an Australian mining company, reported a higher profit for the year on Thursday. This was largely due to a rise in iron ore shipments and a stronger realised price. The company announced a final payout of 46 Australian cents for each share. This is down from 60 Australian cents a year earlier. The miner declared its lowest final dividend?since fiscal 2018 with a payout of?65% on fiscal 2026's underlying net profit. Fortescue met market expectations for its earnings despite increased Hematite C1 costs due to higher diesel prices. The fourth largest 'iron ore miner in the world reported a...

Two senior DFC executives said that the U.S. International Development Finance Corporation (DFC), is supporting a pipeline of African projects involving rare-earth elements, as private investors are reluctant to fund this sector. The DFC announced on Wednesday that it had committed $62.8 to rare-earth project in Malawi, Angola and Madagascar, but none of them has yet reached production. The majority of this funding, about $50 million, was allocated to the Phalaborwa Project in South Africa. It is backed by Dublin-based mining investors TechMet. One of the executives, who asked to remain anonymous because they weren't authorised for public discussion on...

Indian?shares declined on Wednesday as high crude oil prices and rising global bond yields dampened appetite for risk assets globally. The Nifty 50 index has dropped for seven consecutive sessions, the longest losing streak since 11 months. Its drop of 2.1% is over this period. The BSE Sensex fell in six of seven sessions by 2.1%. The Nifty 50 fell 0.32% on the day to 24,078.30, and the Sensex dropped 0.42% at 76,909.68. Sudeep Shah, SBI Securities' head of technical research and derivatives, said that the Indian market has a weakened appetite for risk, with the Nifty index experiencing a...