Asia / Pacific

After a review by the Australian corporate regulator, Viva Energy has revised its testing of the value of its retail fuel and convenience sites for impairment. This will result in an additional A$25m ($17.55m) in impairment charges on 2025 accounts. The Australian Securities and Investments Commission questioned the fuel retailer’s previous approach to?grouping certain sites into a larger Shell Card cash-generating units, arguing that?individual outlets? should be assessed individually so their recoverable value could?be determined. The regulator said that Viva had adopted the revised method in its financial statements for its year-end?December 2025 and increased the total impairment charges on...

U.S. president Donald 'Trump' said on Saturday that a large number of completely emptied?oil tanks?were headed to the United States for refueling with oil and natural gas. "The best and sweetest oil and gas in the World are being loaded into the United States by a large number of oil tankers that are completely empty. Trump stated in a Truth Social posting that "we have more oil and better quality than the next two largest oil economies combined." The post was made as senior U.S. officials and Iranian officials met on Saturday in Islamabad, Pakistan with Pakistani mediators as Tehran...

Italy has placed new restrictions on Sinochem in an effort to stop a slap on Pirelli's governance, according to people familiar with the matter. Pirelli's largest shareholders Sinochem, a Chinese state-owned company, with 34% of the shares, and Camfin (the investment vehicle of Marco Tronchetti Provera as Executive Vice President), with 26% of the shares, have been involved in a long-running dispute. Tensions grew ahead of the new U.S. regulations that would restrict the use of "Chinese" technologies in the automobile sector. Both Pirelli & Camfin called for "curbs" on Sinochem's ownership, stating that this would complicate Pirelli expansion plans...

Analysts predict that the sharp drop in?global production due to the Iran War will cause the oil market to experience a deficit this year. This is a dramatic change from previous forecasts, which predicted a comfortable supply. The conflict that began on February 28th with U.S.-Israeli strikes against Iran has effectively stopped oil flows through the Strait of Hormuz. This passageway accounts for about one fifth of global consumption. Attacks on energy infrastructure and production shutdowns have also severely reduced output. Eight analysts polled predict that oil demand will exceed supply by an average of 750,000 barrels a day this...

Brazilian pulp giant Suzano announced on Friday that toilet paper, tissue and diaper prices will increase globally as companies try to cover higher transportation and 'chemical' costs if the U.S. and Israeli war against Iran continues. Suzano is the largest producer of pulp in the world, with a market capitalization of more than $60 billion. This pulp is used to manufacture Kimberly-Clark Cottonelle toilet papers, Kleenex tissues and sanitary products, as well as diapers, cardboard packaging, and other everyday items. The Iran War has caused a spike in oil prices, which have increased Suzano’s costs for shipping, trucking and rail....

Holders of bonds issued by Ukraine's Naftogaz, the state energy giant, have hired lawyers to prepare for what appears to be a second debt restructuring since Russia's invasion in 2022. Source familiar with the matter confirmed that the funds hired Cleary Gottlieb Steen & Hamilton - the same firm which represented VR Capital and bondholders when Naftogaz wrote off its debt in?2023. In the face of ongoing Russian attacks, the Ukrainian state energy company, which has recently hired Rothschild to be its debt advisor, is struggling with how to pay a repayment of nearly 700 million euros ($821million) due in...

Donald Trump, the U.S. president, proclaimed in February that this year's refunds were "substantially higher than ever before" thanks to individual tax breaks approved by 2025. He told taxpayers they should think of him as soon as their funds reached their bank accounts. "Don't use all this money at once!" He wrote this on the Truth Social platform. The gasoline pump is eating up the tax refunds from last year's Republican tax-cut legislation. This includes tax breaks for tips, Social Security retirement, overtime pay and car loan interest. Oil prices remained close to $100 per barrel on Friday, despite a...

The Australian Prime Minister Anthony Albanese met with his counterpart Lawrence Wong in Singapore on Friday. They vowed to work together more closely in order to maintain energy security in the face disruptions brought about by the Middle East conflict. Singapore, the oil trading hub in Asia, is the world's largest petrol supplier and also a major diesel and jet fuel supplier to Australia. In Australia, the shortage of diesel has impacted the mining and farming sectors. The leaders agreed to "maximize efforts" to increase their energy security, including ensuring the flow of diesel and LNG. In a joint press...

Saudi state-run news agency SPA reported on Thursday that attacks on Saudi energy plants 'have reduced the kingdom's capacity to produce oil by 600,000 barrels per day, and its East-West pipeline throughput by 700,000 barrels per days, according to an official source at the energy ministry. SPA reported that the attacks, as well as previous strikes against some facilities, disrupted key operations in Riyadh and Yanbu Industrial City. SPA reported that seven Saudi employees, including one Saudi national who was part of the industrial security staff at the Saudi energy company, were injured in the attack. Sources in the ministry...

Benjamin Netanyahu, the Israeli prime minister, said on Thursday that he had 'instructed Israel to start 'peace -talks' with Lebanon which would include disarming Hezbollah. In a statement, Netanyahu said: "In view of Lebanon's repeated request to begin direct negotiations with Israel as soon as possible." The negotiations will be centered on disarming Hezbollah, and establishing peaceful relations between Israel & Lebanon. The?Lebanese Government did not respond immediately to Netanyahu's comments. Aoun had said, an hour before Netanyahu made his?statement: "The only way to resolve the situation in Lebanon would be to reach a ceasefire, then to have direct negotiations...

?U.S. Donald Trump announced on Wednesday that all imports of military equipment from Iran will be subject to immediate 50% tariffs. There would be no exceptions. He made the announcement in a post on social media just hours after agreeing to a two-week ceasefire. Trump's Truth Social posting did not specify the legal authority that he would use to impose these tariffs. In February, the Supreme Court struck down Trump's use of the International Emergency Economic Powers Act in order to impose global tariffs. A lower court ordered refunds for $166 billion collected during the course of one year. The...

Leaked recordings purportedly showed Hungary's Foreign Minister offering to send his Russian counterpart an?document on Ukraine's European Union membership, as the latest sign of Budapest's warm relationship with Moscow. The audio 'clips' released by a group of investigative news - outlets, including VSquare.org, were the latest of a series leaked conversations purporting to show that Prime Minister Viktor Orban of Hungary has been working to serve Russian interests while undermining EU efforts to help Ukraine. Orban, who has ordered an investigation after Orban's previous statement that wiretapping his calls was "a huge scandal", was unable independently to verify the authenticity....

Iron ore futures edged higher on Monday, after a six-session decline to a one month low. By 0258 GMT, the most-traded September iron ore contract on China's Dalian Commmodity Exchange (DCE) had risen?0.4% to $757 yuan ($110.79). The benchmark iron ore for May on the Singapore Exchange rose 0.12% to $103.6 per ton. Steelhome data shows that iron ore inventories at major Chinese ports decreased by 0.16% in a week, according to the latest figures. According to Mysteel, the price of hot metals is'supported' by continued portside destocking. Mysteel data showed that iron ore imports at 47 Chinese ports fell...

Gold prices dropped to a one-week-low on Monday, despite a stronger dollar. A surge in oil prices following the failure of U.S. Iran peace talks fueled inflation fears and dampened expectations that Federal Reserve rates would be cut this year. As of 0222 GMT spot gold was down 0.6% to $4,718.98 an ounce after reaching its lowest level since the 7th of April earlier in session. U.S. Gold Futures for June delivery dropped 1% to $4742. Oil prices rose above $100 per barrel as the U.S. Navy prepared to blockade the Strait of Hormuz, which could limit Iranian oil shipments...

Gold prices rose on Friday - and headed for a week's gain - as the U.S. Dollar weakened. Gold spot rose 0.4%, to $4.780.22 an ounce at 11:11 am. ET (1511 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4.805.40. Gold buyers are carefully reclaiming the narrative this week, with higher lows each day. The tentative ceasefire is helping. Tai Wong, an independent metals trader, said that a significant battle is expected ahead of $5,000. A break above this level could re-ignite a bull run. The ceasefire, which has been in place for...

The gold price rose a little bit?on Friday, and is on track for a weekly increase as the U.S. The?dollar weakened after the U.S. - Iran truce. Market participants continue to assess whether it will last and what its implications are for interest rates. As of 9:29 am, spot gold was up 0.3% at $4,778.89 an ounce. ET (1329 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4804.00. The?tentative truce has helped gold buyers to reclaim the narrative. Each day, they are achieving higher lows. "There will be a major battle before $5,000....

On Friday, copper prices reached their highest level in over three weeks as investors weighed up signs of increased demand from China's top metals consumer against the uncertainty surrounding a fragile ceasefire during?the Iran War. In official open-outcry trade, benchmark three-month copper on the London Metal Exchange rose 0.6% to $13,755 per metric ton and reached its highest level since March 17, at $12,845. The week was expected to close with a gain of about 4%. LME copper rose 1.2% after the official rings, when a Federal Reserve official stated that a rate reduction was possible if oil prices fell....

Chile will break from 'precedent' and host a panel on lithium at its annual global gathering of copper next week, in an effort to radically diversify its economy beyond the red metal which has been?powering it for decades. On Monday, the World Lithium Conference, organized by the International Lithium Association and the consultancy 'CRU', will launch what the copper industry calls CESCO Week. After months of stagnation, lithium prices have risen to levels not seen in two years as renewed interest in the metal is sparked by concerns about oil supplies in the Middle East. The lithium supply is tightening...

Kemcore, an African mining chemicals importer, is planning to build its processing plants in?Botswana?and Angola?to reduce the geopolitical risks associated with imports from China?and the Middle East?. Africa is an important supplier of minerals that are critical to the energy transition. It's also a battlefield for the United States, as Washington tries to curb Beijing's dominance by securing the supply chains. Zambia and the Democratic Republic of Congo are the two countries that dominate Africa's production of copper, while Congo is the world leader in cobalt. This puts the central African copperbelt right at the center of the minerals competition...

Gold prices?edged down, but remained on track for a third consecutive weekly?gain? as the market reassessed whether the U.S. rate cut is likely if the fragile U.S. - Iran ceasefire remains in place. By 0906 GMT, spot gold was down 0.4% at $4.745.43 an ounce. This week, it has gained 1.5%. U.S. Gold Futures for June Delivery fell by 1.1% on Friday to $4,767.30. Dollar was expected to drop by?1.4% this week, which would make bullion in other currencies cheaper. The UBS analyst Giovanni Staunovo said that the announcement of the ceasefire caused the market to sell oil, and inflation...

Bloomberg News reported Friday that the European Union and Washington were close to a?agreement coordinating?on producing?and securing?critical minerals. Reports citing a "action plan" said that the potential deal could include incentives, such as price guarantees, which would favor non-Chinese vendors. Report: The EU and U.S. will also work together on standardization, joint projects, and investments, as well as a greater coordination of any disruptions in supply by countries such as China. The European Commission refused to comment on the report. The U.S. Trade Representative's office did not immediately respond to requests for comments. Maros Sefcovic, EU trade commissioner, said that...

Fortescue, an Australian mining company, announced on Friday that it was accelerating the rollout of its 'off-grid green energy system' to 'eliminate fossil fuels from Pilbara mines, especially diesel. The world's largest mining companies rely on diesel as their primary energy source, but it is expensive, volatile and carbon-intensive. Therefore, they are increasingly looking to replace this with renewable power. By the end of 2028 it is expected that the world's fourth largest iron ore mining company will have completed its Pilbara Green Grid, including a 1.2 gigawatt solar power, more than 600 megawatts of wind energy and 4-5 GW...

USA Rare Earth is considering building a permanent magnetic?plant? in France, according to its CEO, who announced the decision on Thursday after paying 40 million euros ($47m) for a stake of French rare earth processing company Carester. The United States, Europe, and other countries are working to secure domestic supplies of rare Earths. These are essential for green energy, electronics, and defence, and they want to reduce their dependence on China, the world's largest producer. The company announced that as part of its efforts to create an integrated rare-earths operation,?which includes mining, processing, and magnet manufacturing, USA Rare Earth would...

As the U.S. Dollar weakened on Thursday,?investors assessed a fragile ceasefire between the?U.S. As fighting continues in the Middle East, investors are looking forward to important U.S. Inflation data amid rising prices. As of 1121 GMT spot gold was 0.6% higher, at $4,743.50 an ounce. It had reached its highest level since March 19, on Wednesday. U.S. Gold Futures for June Delivery fell 0.2% to $ 4,767.80. The weaker dollar is giving gold a boost at the moment, but the fast news that comes out of the Middle East makes markets untradable from a financial perspective," said Ross Norman, an...