Asia / Pacific

Bank of America is set to acquire up to a 49.9% share in Jio Financial Services' non-bank lending arm in a deal worth 182.68 billion rupees ($1.92 billion). The lender is expanding its presence in India's rapidly growing financial sector. The deal is a continuation of a recent trend of large foreign investment in Indian banks and nonbank lenders. These institutions are experiencing a high demand for credit, and low delinquency rate. Recent deals include MUFG's investment into Shriram Finance in Japan, Emirates NBD of Dubai's purchase of 60% stake in RBL Bank, and Sumitomo Mitsui Financial Groups' investment in...

In a deal worth 182.68 billion rupees (about $1.92 billion), Bank of America will take up to 49.9% stake in Jio Financial Services' non-bank lending division. The U.S. lender is expanding its presence in India’s rapidly growing financial sector. Bank of America and Jio Credit announced on Wednesday a preferred allocation of equity shares, warrants, and other securities. BofA initially holds a stake of 26.5% in the transaction. This could increase to 49.9% if warrants are exercised. As part of this deal, Jio Credit will sell shares and warrants up to 66.13 Billion Rupees. BofA CEO Brian Moynihan stated that...

The oil prices remained steady?on Tuesday? at a level higher than a week ago?despite fading hopes of an agreement between the U.S.A. and Iran that would end their war and open the Strait of Hormuz after President Donald Trump demanded damages for the U.S. Brent crude futures remained flat at $87.81 per barrel at 0013 GMT. U.S. West Texas intermediate crude?futures stayed at $82.20 per barrel. Both benchmarks rose by more than 5% Monday, reaching their highest level since July 31. Trump's response to Iran’s conditions for a deal was to demand that Iran pay compensation for those killed in...

Brega Petroleum Marketing Company released a statement saying that a fire broke out, along with a heavy smoke, in the diesel?tank at Zawiya Refinery in Libya on Monday after the tank was hit under circumstances that are still unknown. Brega, owned by the state oil company NOC, is responsible for fuel supply. Zawiya, the largest refinery in Libya, as Ras Lanuf has been shut down, is located around 40 km west of Tripoli. Its capacity is?120,000 barrels a day. It is linked to the 300,000 barrels per day Sharara oilfield. The?company stated that firefighter 'brigades' are battling the fire. It...

Iran has named Mohsenrezaei secretary of the Supreme National Security Council. This is a promotion of a prominent hardliner, and close ally to Supreme Leader Ayatollah Mojtaba Khamenei. The move comes more than five months after the conflict began with the United States. Rezaei succeeds Mohammad Baqer Zolqadr in the position of second-in command at the body that coordinates Iran’s security and foreign policy and is presided over by President Masoud Peshkian. Zolqadr has been appointed to be Khamenei's political advisor. What you need to know about Rezaei 71 COMMANDED RELATIONAL GUARDS AGE 27 Rezaei, who was 27 years old...

Authorities said that at least 13 people, including a child, were killed and 39 others injured by a Ukrainian drone strike on industrial and civil targets in Nizhnekamsk. This is the highest civilian death toll in Russia for months. According to Russian media, the attack also targeted a major oil refinery in the Tatarstan Region, located about 800 km (497 mi) east of Moscow. In a press release, Russian investigators announced that they had opened a criminal investigation into the attack they deemed a terrorist act. They said that Ukraine struck residential areas in which a child was killed. Radmir...

Oil prices rose Monday?on the uncertainty of a reopening the Strait?of Hormuz any time soon. Iran said a?deal with Oman?defining?new shipping?lanes? was in its final phases?but?insisted that the U.S. still must meet other conditions. Brent crude futures increased 91 cents (1.09%) to $84.46 a bar by 0056 GMT. U.S. West Texas Intermediate Crude futures also rose 61 cents (0.78%) to $78.79 a bar. Both benchmarks fell more than 7% in the last week, on the hope that Iran and Oman would soon reach a deal that would lead to the reopening of Strait of Hormuz. The Strait of Hormuz carried...

After?18 months? of intensive negotiating, Syria and Russia have reached an agreement to settle the future of Russian base?at Tartous?and Hmeimim?, according the Syrian Foreign Ministry. The ministry announced that the Syrian state will take over the management of civil facilities, such as Hmeimim Airport and the commercial berth at Tartous Port, allowing for their gradual integration into the civilian administration. The military sites would be converted into joint training and qualification centres, under new arrangements that preserve the interests of both parties. This transition was to be completed in three months. The Russian naval base at Hmeimim and?Tartous air?base...

The Saudi Energy Ministry reported that firefighters extinguished the fire at Saudi Aramco Jazan refinery, which broke out early Sunday morning. The fire was brought under control by Aramco's Industrial Security Teams and the authorities are completing the procedures to handle the incident. This is what the Saudi Energy Ministry said on X. The ministry did not say what started the fire. Jazan lies on the Red Sea, near the border of Yemen. Aramco closed its 400,000 barrels-per-day Jazan'refinery' on July 27, following an attack from Yemen's Houthi militants, which damaged the plant’s Integrated 'Gasification Combined Cycle' (IGCC) and tank...

The United Arab Emirates condemned on Saturday what they said was an Iranian attack against a carrier connected to its state oil company, as it passed through 'the Strait of Hormuz. They accused Tehran of committing "acts?of piracy". Initial reports from the state news agency WAM stated that ADNOC had said one of their vessels was targeted by a rocket early Saturday morning and that everything was under control. Later, the UAE Foreign Ministry condemned what it termed "the hostile Iranian attacks" on an ADNOC ship. No details were given about the tanker, its cargo, or any possible damage. There...

An official from the United States reported progress on Friday between Iran and Oman, which could lead to the reopening of the Strait of Hormuz in the near future. This would allow oil exports to resume that were disrupted during the U.S. The war with Iran is ongoing. The U.S. official who refused to be identified said Washington expected an agreement between the two countries that sit on either side of the Strait so normal oil traffic can resume. The deal between Iran, Oman and the control of the strategic watersway is seen by many as being crucial to a...

The U.S. Senate passed sweeping Russia sanctions legislation by a large majority on Friday. This long-delayed bill was backed by Senator Lindsey Graham, who died in 2013. It now sets the stage for the House of Representatives to consider the measure as early as next month. Graham, a 'South Carolina Republican', was one of Kyiv’s most vocal allies in Congress during its four-year war against Russia. The bill is intended to increase economic pressure upon Moscow for its invasion of Ukraine. The measure also includes the expanded sanctions against Iran that President Donald Trump sought as legislators moved to pass...

India and the five members of the Southern African Customs Union signed terms-of-reference on Wednesday, to begin talks on a preferred trade agreement. New Delhi is seeking lower tariffs for exports such as cars, pharmaceuticals, and industrial machinery. After five rounds of talks that ended in 2010 without an agreement, the move brings back India's negotiations with SACU. SACU is made up of South Africa, Botswana Namibia, Lesotho, and Eswatini. The agreement could be India's first significant trade agreement with a regional African bloc. It would give Indian companies access to 65 million people in Africa while also helping SACU...

Grasim Industries, a company based in India, reported a'standalone profit' in the first three months of this year. This was due to a'strong performance in its fibre business which provides materials for textiles and apparel, as well as fewer losses in newer ventures. Aditya Birla Group's flagship company reported a standalone net profit of 632.2 million rupees (about $6.33 million) in the quarter ended June 30. This compares to a loss?of 1.18 million rupees one year ago. Grasim’s fibre business reported a 12% % increase in revenue year-on-year. Analysts expected a'sharp improvement' in Grasim’s quarterly earnings as higher prices boosted...

Aluminium prices ended a seven session rally on Wednesday, after Emirates Global Aluminium (EGA), a major producer of the metal, reaffirmed that it will resume full-scale production in its war-damaged plant?in 2027's first quarter. Benchmark three-month aluminum on the?London Metal Exchange fell 0.65% to $3,342 per metric ton at 0700 GMT. The rally began on August 3 and has since risen 4.7%. The Shanghai Futures Exchange's most traded aluminium contract was 0.43% more expensive at 24,285 Yuan ($3,600.18). It reached 24,470 yuan per ton earlier in the session, its highest level in nearly 10 weeks. EGA's Al Taweelah Smelter in...

Investors were awaiting key U.S. data on inflation that could change policy expectations. This led to a rise in gold prices?on Wednesday. By 0713 GMT, spot gold had gained 0.9%. U.S. Gold Futures for December Delivery rose by 0.5% to $4464.80. Bullion reached a 10-week-high on Tuesday, before hitting technical resistance around the 100-day moving?average of $4,387. It then closed lower for the second time this month. The primary driver of gold prices is the Fed's reduction in rate hikes, according to Kelvin Wong. He is a senior analyst at OANDA. "In terms of the technical position, we began to?see...

Builder Jay Perham in Brisbane, Australia, was forced to pour cement at a housing site during the night because he couldn't find workers to do the work when the sun came up. Then, quality problems arise. Perham, the manager of Axiom Construction, said that you can't see at night. "The last three or four pours that I have made were all at night and we had head torches on and lamps." Brisbane, the host city for 'the 2032 Olympic Games, will see around A$7billion ($4.93billion) in Olympic-related construction. This will add to the existing shortage of workers. The construction of...

Gold edged up on Tuesday, after reaching a?peak? of more than two months earlier. Market participants are awaiting important U.S. Inflation figures that may influence expectations about the Federal Reserve’s policy. Gold spot was up 0.2% to $4,396.87 an ounce by 11:05 am EDT (1505 GMT) after reaching its highest level in the session since June 5, at $4434.84. U.S. Gold Futures rose 0.8% to $4456.10. The market will be looking at this week's data to confirm that inflation is under control, said Peter Grant, senior metals analyst and vice president of Zaner Metals. He added that a moderated annualized...

China's coal exports increased to the highest level this year in July, but that strength is based on short-term factors and unlikely to last. According to data released by the government last week, total coal imports in July were up 23% from last year's same month to 43.73 millions metric tons. It was up from 42.78 millions tons in June, and nearly a third higher than the low of 33.1million tons for April this year. After 82 miners were killed in an accident at a mine located in Shanxi Province on May 22, China began imposing safety inspections in mines....

Aluminum?prices rose to a seven week high on Tuesday, as 'concerns about supply from the Gulf coincided wth Norsk Hydro announcing a reduction in feedstock production?at?its Brazilian facility. Benchmark three-month "aluminum" on the London Metal Exchange rose 1.9% at 0850 GMT to $3,378.50 per metric ton, after reaching $3,382.5 as its highest level since June 22. Aluminum extended its gains for a seventh session in a row after Norsk Hydro announced that its Alunorte facility in Brazil had reduced alumina production to 50% of its capacity due to the reduction of natural gas supply. The plant's annual production capacity is...

Two sources with knowledge of the matter have confirmed that Coal India is considering the acquisition of a unit?of Canada's Wealth Minerals, which has lithium mining assets?in Chile. This move will be one of India's biggest efforts to secure lithium resources overseas, which is a vital mineral used in the production of electric vehicle batteries and storage systems. India has only had limited success in acquiring vital mineral assets overseas. It has only secured one lithium exploration and mining agreement overseas, which covers five blocks in Argentina by 2024. One source said that as a first step Coal India, and...

The Russian Defence Ministry announced on Tuesday that it had carried out overnight strikes on military-related transport and logistics centres located in Kyiv, the Ukrainian capital. It also said its forces struck a major steel and iron works in Zaporizhzhia which was aiding Ukraine's efforts in Zaporizhzhia. The Ukrainian government said that the 'attacks' had caused the deaths of six people in Zaporizhzhia, in the south-east and 20 injuries in Kyiv. ?Both sides deny deliberately targeting civilians. The Russian Defence Ministry announced that it had struck a sorting facility in Kyiv, which, according to the ministry, was responsible for storing...

Investors focused on inflation data to get clues about the U.S. rate outlook. Gold spot was down 0.3% at $4,374.82 an ounce as of 0548 GMT after reaching its highest level in the session since June 5, $4,434.82. U.S. Gold Futures increased 0.4% to $4435.00. Ahmad Assiri is a Research Strategist for Pepperstone. He said that the move higher in gold's early session trading above $4,400 was primarily driven by renewed flows and a noticeable shift in metal market sentiment. If?this change of sentiment continues to attract more flows, this could be an important factor in determining if gold can...

China's coal exports surged in July to their highest level this year. But the increase is based on short-term factors and will not last. According to data released by the government last week, total coal imports rose 23% from July last year to 43.73 millions metric tons. The increase was from 42.78 millions tons in June and nearly a third higher than the lowest level of?this year, which was 33.1 million tonnes from April. This rebound comes after China implemented safety inspections in mines following an accident that left 82 people in Shanxi Province dead on May 22, China's largest...