Asia / Pacific

The Australian government released on Thursday its first offshore oil and natural gas acreage available for auction since 2022. The five areas are located in the Otway Basin, offshore of?Victoria in Commonwealth waters. They were announced a day after?the Victorian Government offered state waters for companies to bid on. In 2020, over 40 areas - most of them in the north - were put up for bids. By 2022, there were only 10. Canberra hopes that the offer will prevent a future shortage of gas on Australia's east coast. Madeleine King, Resources Minister, said: "Exploration will be key to meeting...

Oil prices were stable on Thursday, as investors focused their attention?back on the Russia-Ukraine talks and watched for any possible fallout after a U.S. seize of a sanctioned oil tanker off Venezuela's coast. Brent crude futures fell 5?cents or 0.08% to $62.16 a barge at 0400 GMT. U.S. West Texas Intermediate Crude was down one cent, or 0.02% at $58.45 a barge. The benchmarks were higher on Monday after the U.S. announced that it had seized an oil-tanker off the coasts of Venezuela. Escalating tensions between both countries have raised fears about possible supply disruptions. "So far the seizure hasn't...

The ambassadors of EU countries approved the bloc's plan on Wednesday to 'phase out' Russian gas imports in 2027. A spokesperson for Denmark's EU Presidency said that this was the last legal hurdle before the ban can become law. Last week, the EU reached a 'deal' on a new law that will cut ties with Russia, Europe's former largest gas supplier. They had vowed to do so following Moscow's full-scale invasion of Ukraine in 2022. According to the agreement, the EU must stop Russian imports of liquefied gas by 2026. Pipeline gas will be stopped by 2027. Before it becomes...

Investors awaited progress in the Russia-Ukraine talks and concerns about supply exceeding demand. Brent crude futures rose 11 cents or 0.2% to $62.05 per barrel at 0241 GMT. U.S. West Texas Intermediate Crude was trading at $58.38 per barrel, an increase of 13 cents or 0.2%. ING analysts said that while the oil market has moved deeper?into a glut expected, Russian supply is still a concern. ING stated that "while Russian seaborne export volume is holding up well, barrels?are having a hard time finding buyers", adding that Russian oil 'output would start to drop if buyers cannot be found. After...

Elon Musk’s SpaceX will?be pursuing an initial public offer next year. The company is looking to?raise more than $25 billion with a valuation of over $1 trillion. SpaceX has begun discussions with banks regarding the public listing. This could happen around June or July. Musk said in 2020 that SpaceX would list Starlink a few years later, once revenue growth was "smooth and predictable". SpaceX didn't?immediately reply to a comment request. Saudi Aramco is the only IPO that has?achieved a value of $1 trillion or higher. It debuted 'in December 2019 and had an estimated market capitalization of $1.7 billion....

A judge in Ecuador ordered Monday that former president Lenin Moreno stand trial for alleged bribery related to the construction of Ecuador's largest hydroelectric plant. The case was first brought in March 2023 by the prosecutor’s office. It involved Moreno and members of his family as well as local and Chinese business partners in connection with bribes paid for the construction Coca Codo Sinclair, which started operations in 2016. Since then, it has been plagued by technical problems. According to the prosecutor, Sinohydro (the Chinese builder of the hydroelectric plant) allegedly paid around $76million in bribes between 2009 and 2018....

Donald Trump, the U.S. president, has continued to criticize and take action against corporate executives, institutions and corporations, even months after assuming office. His actions, from new export deals to freezing university grants, have changed the status quo in the United States between government, law and academia. Trump has publicly criticised a number of influential individuals and entities. NETFLIX Netflix has acquired Warner Bros Discovery’s film studios, streaming service and Warner Bros Discovery’s streaming arm for $72 billion. This gives Netflix control over one of Hollywood’s most iconic assets. After a lengthy bidding war, Netflix's offer of nearly $28 per...

Two people familiar with the project said that a Chinese refinery operator, whose main business suffered when Washington sanctioned it in May over its purchase of Iranian oil, is pushing ahead with a $3.6billion petrochemicals extension project. Construction at the Xinhai Chemical Site in Cangzhou, north China, shows how independent refiners in the country, Iran's biggest oil customers, maintain their business despite being on the growing Western blacklists aimed to curtail oil revenues for governments such as Tehran and Moscow. State media reported that Hebei Xinhai Holdings Group, the parent company, announced a plan in early last year to convert...

The General Administration of Customs reported on Monday that coal imports from China, the largest buyer in the world, dropped 20% from their record high of the previous year. Imports in November, at 44.05 millions metric tons, were up by 6% compared to 41.74 tons in October. Imports in November of the previous year had reached 54.98 millions tons, a monthly record. The China Coal Transportation and Distribution Association's (CCTD) website reported in late November that although imported coal has a slight price advantage, this arbitrage has decreased as domestic coal prices have fallen. CCTD stated that due to supply...

Flavio Bolsonaro announced on Friday that former Brazilian president Jair Bolsonaro has backed his bid for the presidency next year. This angered markets who had placed bets on a more experienced candidate who would consolidate support among the right. The senator posted on social media about his father choosing him to "carry on our project for nation." Valdemar Costa neto, the leader of Bolsonaro’s right-wing Liberal Party (PLR), confirmed in a press release that Bolsonaro’s eldest child, currently serving time for an unsuccessful coup plot, was the party’s presidential candidate. Brazilian markets were shaken by the news on Friday. The...

On Friday, Russian President Vladimir Putin and Prime Minister Narendra modi will meet in New Delhi to discuss ways to increase trade between the two countries. Western sanctions are affecting their long-standing relationship. Putin's first India visit in four years comes at a moment when New Delhi and the U.S. are in negotiations for a deal that will reduce punitive tariffs placed by Donald Trump on India's goods because of its Russian oil purchases. Moscow has been India’s largest arms supplier for decades. It has stated that it would like to import more Indian products in order to increase trade...

The Trump administration allowed transactions on Thursday with Lukoil outside of Russia, with a small waiver from sanctions imposed by the U.S. in October because the company's revenue is used to support Moscow's war against Ukraine. A posting on the Treasury Department website stated that the transactions for approximately 2,000 stations in Europe, Central Asia and the Middle East, as well as the Americas were authorized until April 29, 2026. In October, President Donald Trump imposed sanctions against Lukoil, one of Russia's largest oil companies. This triggered a rush of buyers to buy its assets, estimated at $22 billion. These...

Thyssenkrupp’s steel unit announced that it would temporarily stop production of electrical steel, a material key to wind turbines and electricity grids. It blamed 'cheap imports' from Asia, which it warned were putting an additional '1,200 jobs in danger. According to industry sources, the move was previously unknown and highlights the struggles Europe's steel industry faces in the face global trade frictions which have forced Chinese competitors to sell surplus capacity on the continent at a lower price, even by a quarter. Thyssenkrupp Steel Europe, Europe's second largest steelmaker, has already cut or outsourced 11,000 jobs as a response to...

The Vietnamese parliament approved on Thursday a revised bill that limits the exports of?rare earths refined and reaffirms an ore -export ban. This is in an effort to support a domestic industry that has been struggling for years to extract its significant reserves. According to the U.S. Geological Survey (USGS), Vietnam has one of the largest reserves of rare earths in the world. However, earlier this year, the government agency significantly reduced its estimate of the?reserves of the country to 3.5 millions metric tons from 22 million tonnes. The new law states that "deep processing must be associated with building...

After the U.S. Fed lowered interest rates, copper prices retreated from their earlier gains. However, they still rose for a second consecutive session. By 0503 GMT, the most traded copper contract at?the?Shanghai Futures Exchange had risen 0.51%, to 92130 yuan (US$13,046.43) a metric ton. It reached an intraday peak of 93,000 yuan. This is close to the record high of 93300 yuan set on December 8. The benchmark three-month Copper on the London Metal Exchange increased by 0.48%, to $11,611.5 a ton. It had reached an intraday high of $11,727.5 and was approaching an all-time record high of $11,771 in...

Gold eased on Thursday after the U.S. Federal Reserve announced a divided rate cut, leaving investors unsure about next year's pace of easing. Silver also hit a new record high. As of 0300 GMT spot gold dropped 0.2% to $4.221.49 an ounce after reaching its highest level since December 5, earlier in the session. U.S. Gold Futures for February Delivery gained 0.6% per ounce to $4,249.70. Tim Waterer, KCM Trade's Chief Market Analyst, said that "gold has not been able to kick on with the things today... Because the Fed's message essentially was that any future rate cuts would be...

Iron ore futures prices moved in a narrow range on Thursday as traders and investors awaited the?political signals of another high-level China meeting. As of 0307 GMT, the?most-traded contract for iron ore on China's Dalian?Commodity Exchange (DCE) increased?0.26% to $769 yuan ($108.91). As of 0257 GMT, the benchmark January iron ore price on Singapore Exchange was down 0.34% to $102.4 per ton. After the U.S. Analysts at Jinyuan Futures stated that the Federal Reserve has lowered interest rates. China will continue to?expand domestic demand and support a broader economy in 2026 with more proactive policies,?state media Xinhua reported on Monday....

As investors booked profits in anticipation of the upcoming?U.S. Silver is hovering below record levels as investors await the Federal Reserve's rate decision and Jerome Powell’s remarks. At 11:40 am, spot gold was down by 0.2% to $4,201.45 an ounce. ET (16:40 GMT). U.S. gold for delivery in February fell by 0.1%, to $4,230.50 an ounce. Spot silver increased 0.3% to 60.82/oz after reaching an all-time high earlier in the day of $61.61. "All you want to note right now is some light profit taking ahead of the Fed Meeting- a highly anticipated event this afternoon," David?Meger said, director of...

Gold prices declined on Wednesday, as investors booked profits in anticipation of the U.S. Silver hovered just below records highs as investors booked profits ahead of the?Federal Reserve interest rate decision today and Chairman Jerome Powell's remarks. At 0948 am, spot gold was down by 0.3% to $4,198.28 an ounce. ET (14:48 GMT). U.S. gold for delivery in February fell 0.2% to $4,227.40 an ounce. Silver spot fell by 0.2%, to $60.56/oz. After hitting a session high of $61.61 an ounce earlier. "All you want to note right now is some light profit taking ahead of the Fed Meeting- a...

Investors awaited hints on the future policy of?the U.S. Federal Reserve, and a possible interest rate cut. Meanwhile, gold prices were lowered on Wednesday. Silver continued its rally to new heights. At 1243 GMT, spot gold had fallen 0.3% to $4197.91 an ounce. U.S. Gold Futures for February Delivery fell 0.2% to $4,226.40 an ounce. Spot silver, meanwhile, rose 0.6%, to $61/oz, after reaching an all-time record of $61.61 in the previous session. This was due to rising industrial demand, falling inventories, as well as its designation by the United States as a "critical mineral". The white metal is up...

The gold price fell on Wednesday, as investors awaited a rate cut by the U.S. Federal Reserve and clues about future policy. Silver prices meanwhile?extended? their rally to new heights. At 1113 GMT, spot gold had fallen 0.4% to $4193.60 an ounce. U.S. Gold Futures for February Delivery were down 0.3% at $4,221.60 an ounce. Spot silver rose 0.7% to $61.11/oz, after reaching an all-time record of $61.61 in the previous session. This was due to rising industrial demand, falling inventories and its designation by?the United States as a critical metal. The white metal is up 112% this year. Silver...

Marubeni Corp, a trading house, said that Japanese buyers will pay premiums between $85 and $203 per metric ton of aluminium in 2026 as overseas premiums are higher. This is because the flow to Asia has been reduced due to higher premiums, which have also slowed down. Japan is a major aluminum importer in Asia. The amount it pays for primary metal shipments above the London Metal Exchange Cash Price each quarter sets the benchmark for Asia. Japanese premiums have been lowered to $86 per tonne due to a combination of sluggish demand, ample supply and low prices. This quarter,...

Ningbo Jintian Copper, a Chinese rare earth producer, announced on Wednesday that it had obtained streamlined export?licences. After a meeting in late October between Donald Trump, the U.S. counterpart of President Xi Jinping, and Xi's Chinese counterpart Xi Jinping, the?new general licences? are intended to allow individual customers more exports with year-long permits. On an investor interactive platform, Ningbo Jintian Copper said that its rare earth magnets are used in electric cars, wind turbines and robots as well as consumer electronics, medical equipment, and consumer electronic products. Last week, it was reported that three Chinese rare-earth magnet manufacturers including JL...

Intel, the U.S. chipmaker, lost its appeal against a 376 million euro ($438 millions) EU antitrust penalty imposed two years earlier for 'thwarting competitors.' But it gained some comfort as Europe’s second highest court reduced the fine by a third. The European Commission (which is the EU's competition enforcer) handed out the fine in 2023, after the court threw out an earlier penalty of 1.06 billion euro imposed by the tribunal in 2009 for blocking Advanced Micro Devices. The 376 million Euro fine was a result of payments Intel made to HP, Acer and Lenovo between November 2002 and December...