Asia / Pacific

Prices of oil rose by nearly 1% on Tuesday as the talks to end U.S. - Israel's?war on Iran? appeared fragile. Tehran's response?to a Washington proposal highlighted stark differences which have kept supply concerns alive. Brent crude futures rose 86 cents or 0.8% to $105.07 per barrel. U.S. West Texas Intermediate was up 99 cents or 1% at $99.06 as of 0411 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump said on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements on several demands such as the cessation?of?hostilities across all fronts,...

The oil prices increased in the early Asian trading on Tuesday as negotiations to end the "war" between the United States of America and Iran appeared 'fragile.' Tehran’s response to the U.S. proposal highlighted stark differences which kept supply concerns alive. Brent crude futures rose 30 cents or 0.29% to $104.51 a barrel. U.S. West Texas Intermediate was up 31 cents or 0.32% to $98.38 at 00:02 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump stated on Monday that the Iranian ceasefire was "on life support." He cited disagreements on several demands such as the cessation...

* The GDP growth forecast for 2020 has been reduced to 0.4%. Growth will reach 2.4% by 2029 * Oil price for budget calculations kept ?at $59 per barrel despite global price spikes * Deputy PM Novak stresses that cyclical correction is necessary, and says the slowdown follows robust growth. By Darya Korsunskaya In an interview with Vedomosti on May 12, Alexander Novak, deputy prime minister of Russia, said that despite the rise in oil prices worldwide due to the Middle East war, Russia's economic growth projections for 2026 and the next three years have been cut. Novak stated that...

Four industry sources said on Monday that Hengli Petrochemical International (the former Singapore trading arm of the?sanctions hit Hengli Petrochemical Refinery in Dalian) plans to cease its operations. Three sources stated that the?operation will likely wind down by late May. Hengli Petrochemical, based in China (Dalian), did not immediately respond to an email?requesting comment. Hengli Petrochemical International was a company that employed 100 people and traded mainly oil and petrochemicals before the parent company came under U.S. sanction, according to two of those interviewed. Sources claim that some staff were told they were going to be?made redundant? while others were...

The Iran War has further strained U.S. - Chinese ties and is expected to dominate the May 14-15 summit between U.S. president Donald Trump and Xi Jinping, his Chinese counterpart and host in Beijing. Here are some of the main issues that Washington?and Beijing will be dealing with as the U.S. - Israeli war against?Iran reshapes their broader relationship. IRAN CEASEFIRE CONFERENCES U.S. Treasury?Secretary Scott Bessent said the two presidents would discuss the Iran War, and asked China to "join in this international effort" to open up the Strait of Hormuz for international shipping. Analysts say that while Beijing did...

Reliance Jio Platforms, owned by Indian billionaire Mukesh Ambani, is preparing to apply for regulatory approvals to list in Mumbai. This is expected to be the largest-ever stock offering in India. Jio Platforms is the second largest telecom company in the world by number of users, after China Mobile. TELECOM BUSINESS Reliance Jio Platforms is part of Ambani’s oil-to retail conglomerate,?Reliance Industries. Reliance Jio Infocomm is its most well-known business. It has more than 500,000,000 subscribers and is the largest telecom company in the country. In 2016, when Jio was launched, it offered free voice and data to rivals like...

Sources say that Mukesh ambani's company Reliance Jio has shifted to a pure fundraiser for its planned Mumbai listing, selling 2.5% of the shares and abandoning earlier plans which would have allowed shareholders to exit. Investors include Alphabet, Google, and Vista Equity Partners, as well as Indian billionaire Ambani’s Jio Platforms. Jio Platforms is the second largest?telecom company in terms of users, after China Mobile. One source said that investors were not interested in selling and wanted to remain invested for the long-term. The company 'had earlier held discussions with 'its foreign investors to each sell 8% their individual holdings...

Saudi oil giant Aramco announced on Sunday a 25% increase in its first-quarter profit. This was mainly due to increased sales. The East-West crude pipe that circumvents the Strait o f 'Hormuz is now at full capacity. The?top oil exporter in the world reported a net profit of $32.5 Billion for the three-month period ended March 31. This was higher than the LSEG consensus estimate, which was $30.95 Billion. The total revenue increased 11.4% over the previous quarter, to $115.49 Billion. Amin Nasser said that the results show "strong resilience and operational agility in a complex geopolitical context". He had...

The Russian Victory Day Parade will be the smallest in recent years due to the threat of an attack by Ukraine. Moscow's forces have been unable to win the war, which has been the deadliest European conflict for more than four years. The parade on Red Square, which takes place May 9, is Russia's most revered national holiday. It's an opportunity to commemorate the Soviet Union's triumph over Nazi Germany, and pay tribute to the 27,000,000 Soviet citizens who died, many of whom were Ukrainians. The parade, which was once used to display Russia's military might, including its intercontinental missiles...

China announced on Friday that it would raise the price caps of gasoline and diesel, one month after it curbed the price increases. The country is trying to control the inflationary effects of the Iran War and the closure of the Strait of Hormuz. The?country’s state planner announced on Friday that maximum retail gasoline prices and 'diesel will rise by 320 Yuan ($47.05), per metric tonne, as part of an ongoing price review. Retail diesel prices will also increase by 310 Yuan per metric tonne. China is the world's?second-largest consumer of oil. It has a diversified oil supply network and...

Russia and Ukraine both accused each other of a violation of a ceasefire that was announced by Moscow to cover the celebrations marking the Soviet Union's triumph over Nazi Germany. Sergei Sobyanin, the Moscow mayor, said that the city had been targeted. Officials also said that the Urals region of Perm was attacked by drones. Russia has announced a ceasefire from May 8 to 10, when they celebrate the Soviet Union's triumph over Nazi Germany. They will also hold a military parade in Moscow. Russia warned that any attempt to disrupt the celebrations by Ukraine would result in a massive'missile...

The price of oil rose by more than 1% after renewed fighting between the U.S.A. and Iran. This triggered a fragile ceasefire, and dashed hopes that the Strait of Hormuz would be reopened, an important transit route for oil and gas. Brent crude futures rose $1.41 or 1.41% to $101.47 per barrel at 0123 GMT. West Texas Intermediate (WTI), U.S. crude oil futures, rose $1.12 or 1.18% to $95.93 per barrel. Prices had already risen more than 3% at the opening of the market. This ended three days of declines following reports that earlier in the week,?the U.S. was close...

Gold prices fell on Tuesday as the markets weighed developments in the Middle East conflict and interest rate expectations before key U.S. Inflation data. Gold spot fell 0.6% to $4,705.99 an ounce at 0603 GMT after reaching a session high of three weeks earlier. U.S. Gold Futures for June Delivery fell 0.3% to $4.714.50. The hope for a peace agreement on?Iran has faded since U.S. president Donald Trump said that a ceasefire deal with Iran is "on life support".?Tehran rejected the U.S. proposal and refused to accept a list demands from the U.S. President Donald Trump called the proposal "garbage"....

The rupee and Indian shares both fell to a new record low Tuesday as crude oil prices rose. This was due to fragile negotiations over the end of the Iran 'war, which fueled concerns about global supply and economic fallout. As of 10:15 a.m. IST the Nifty 50?was down 0.69% to 23,652.4 while the BSE Sensex fell 0.82%, to 75,386.61. The benchmarks fell by 1.5% each on Monday. The mood was also affected after Prime Minister Narendra modi, over the weekend, urged fuel conservancy and restraint in gold purchases to help preserve foreign currency reserves. Jewellers, oil companies and travel...

The rupee hit a new record low on Tuesday as crude prices rose. Talks to end the Iran War appeared to be fragile. This fueled concerns about supply and potential economic impacts. The Nifty?50 dropped 0.44% as of?9 :20 a.m. IST to 23,712.2, while the BSE Sensex fell 0.56%?to?75,590.56. Ten of the sixteen major sectors suffered losses. The broader small and mid-caps fell 0.5% and 0.30%, respectively. Other Asian?markets dropped 0.5% as oil prices rose from about $100 a barrel to $105 after U.S. president Donald Trump said that the ceasefire agreement with Iran is "on life support". He had...

Data showed that the share of Russian-origin aluminum stocks in London Metal Exchange (LME) warehouses dropped to 72% in April, from 92% in march, as Indian aluminium was put back on warrant. Aluminium inventories available or on warrant at the LME After a steep drop in March, the number of metric tonnes rose 23% to 332,600 in April. Last month, almost 90,000 metric tons were put back on 0#MALSTXLOC> warrant, which eased the tightness caused by the Middle Eastern conflict. LME data revealed that the share of Indian aluminum in available stocks rose from 7% to 27% by April. The...

Investors awaited the key U.S. Inflation data that is due later this week and assessed developments in 'U.S. diplomacy with Iran. As of 10:20 am EDT (1420 GMT), spot gold had risen 0.3% to $4,730.49 an ounce after having fallen over 1% in the previous session. U.S. Gold Futures increased 0.2% to $4.740.40. Jim Wyckoff of American 'Gold Exchange, a market analyst, said: "There are just some bargain hunters and positions?ahead?of the U.S. Inflation data this week." The U.S. Consumer Price Index is due to be released on Tuesday, and the Producer Price Index (PPI) will be released on Wednesday....

On 'Monday', copper prices rose to their highest level in over three months as fears of supply shortages outweighed worries about lower demand because of the stalemate during the 'Iran War. In open-outcry official trading, benchmark three-month copper at the?London Metal Exchange rose 1.1% to $13,715 per metric ton. This is its highest since January 29. The stock was on course to post its sixth consecutive session of gains. This is the longest bullish streak since December. It has gained 10% this year but is still well below its peak of $14,527.50 in January. Ole Hansen is the head of...

Shares of Indian jewellery retailers fell on Monday after Prime Minister Narendra modi asked people to refrain from purchasing gold for one year in order to protect their foreign exchange reserves. This sparked fears of tariff increases to curb the imports of metal. Oil prices have soared since the Iran War, which has put pressure on India's balance-of-payments and the rupee. India is the third largest oil consumer and importer in the world, importing more than 90% its crude 'oil and half its natural gas needs. Modi's comments about gold on Sunday were made in tandem with other measures that...

Analysts and traders predict that China's imports will increase in the second quarter of this year due to a strong demand for refined copper, as well as a possible decrease in domestic production resulting from smelter repairs. Analysts said that the demand for copper in the 'world's largest consumer of metal used in powerlines and wiring in electric cars has increased due to increasing grid investment and growing EV purchases. The price of benchmarks may be supported by higher Chinese imports. On Friday, they reached their highest level since January 29 when?they hit an all-time record of $14,527.50. State media...

Toyota, the world's largest automobile manufacturer, warned on Friday that the fallout of the Iran War would cost the company $4.3 billion in this fiscal year. This is one of the most serious warnings to date about the impact of the crisis. Toyota has reported a nearly 50% decline in quarterly earnings, and expects to see a full-year loss of 5% in the just-started year. This is due to rising costs from the war and supply problems. These factors outweighed the surge in demand for hybrid cars. This year, the automaker anticipates hybrid sales to surpass 5 million for the...

Australian shares fell on Friday, wiping?gains made in the previous two?sessions. The market was flooded with broad-based sales after the latest exchange of fire between Iran and the United States rattled the sentiment. The S&P/ASX 200 ended the week 1.5% lower, at 8,744.40. The benchmark index rose 0.2% in the past week despite the drop, but it still remained below the record highs set early in March. Investors concluded a week that saw the Reserve Bank of Australia raise its interest rates a third time in this year. The U.S. escalated hostilities with Iran, and the mood deteriorated over night....

The head of Argentina's mining chamber said Thursday that the flagship investment incentive program for large projects, which currently has a 2027 deadline, should be extended. He argued the program was key to unlocking billions in planned investments. Roberto Cacciola said that the Incentive Regime for Large Investments, or RIGI, has helped to attract capital into the mining sector. The RIGI offers tax, currency, and legal stability advantages for projects valued at more than $200,000,000. Cacciola suggested that the scheme be expanded to include smaller projects which are important in creating jobs and supporting local supply chains. Cacciola told the...

Palliser Capital, an activist?investor, has acquired a 2% share in Britain's Autotrader Group. A?source with knowledge of the matter said on Thursday. This comes at a time where artificial intelligence is putting pressure on the automotive market. Autotrader shares rose 4.2% to 521.2 pence each at 0921 GMT. This outperformed the benchmark FTSE-100, which fell 0.7%. Source: The fund manager's stake will likely be between 1% to 2%. According to a calculation based on Autotrader's closing stock price, the stake could be worth as much as 81.2 million pounds (110.6 million dollars). Palliser had previously called for change at several...