Asia / Pacific

The energy minister announced on Friday that Namibia will temporarily lower fuel levies 50% for at least three months, until the end of June. This is to protect consumers from higher prices as the U.S./Israeli war with?Iran continues. Namibia, a southern African nation that is entirely dependent on imported refined petroleum products, has taken this decision to respond to the Middle East Crisis that has stifled around 20% of world oil and LNG exports via the Strait of Hormuz. At a media briefing, Namibian energy minister Modestus Amtse said that the measure was necessary due to the volatility in petroleum...

Valdis Dombrovskis, European Economic Commissar, said that the European Union is at risk of stagflation due to the increase in energy prices caused by 'the U.S. - Israeli 'war on iran. "The outlook is clouded with profound uncertainty. But it's clear that we run the risk of a shock, which is a situation in which a?slower?growth coincides?with a?higher inflation," Dombrovskis said at a?news conference?after a meeting?of EU finance ministers. This is true even if disruptions to energy supply are?relatively brief. Our analysis shows that in such a scenario the EU's growth in 2026 may be around 0.4 points lower than...

The Indian government bond market plunged Friday, ending a week-long loss, as New Delhi’s fuel excise tax?cut clouded fiscal outlook and intensified oil-driven anxieties. This also drove the yield on the 10-year note to its largest weekly increase in almost four years. The benchmark 6.48% bond yield for 2035 ended the session at 6.9419%. This is the highest 10-year bond yield since July 25, 2024. It closed at 6.8750% the previous day. Bond yields are inversely related to bond prices. The yield increased by 20 basis points for the week. This is the largest move since the week ending?May 6,2022...

The rupee is in a tailspin as foreign?investors pull out at record rates from Indian bonds and equities. This is due to the Iran War-driven rise?in oil price, which has sparked a flurry of 'worries about a possible increase?in inflation. Since the beginning of the war on February 28, foreign investors have sold an estimated $12.14 billion in Indian shares, marking the largest monthly outflow ever recorded. The net bond sales of foreign portfolio investors under the Fully Accessible Route, or FAR, reached 152 billion rupees (1.6 billion dollars), the highest amount since the category was first introduced six years...

The 'State Department' reported that U.S. Secretary Marco?Rubio met with Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani on a Thursday. He reportedly expressed "gratitude" for the KRG allowing oil from Iraq to reach international markets, including Kurdistan in Iraq. The State Department issued a statement saying that "the secretary expressed his gratitude to Kurdistan Regional Government, for allowing oil from Iraq to reach the global markets, including the 'Iraq Kurdistan Region. The Iran War has risen oil prices and shook global markets. The State Department said Rubio had "offered his sincere condolences to families of those Peshmerga who were...

A Russian official said on Thursday that a drone attack from Ukraine damaged an industrial area near one of Russia's largest?oil refineries. According to reports on Wednesday, at least 40% of Russia's capacity for oil exports has been halted following Ukrainian drone strikes, a disputed assault on a major pipe and the seizure or tankers. According to Alexander Drozdenko, more than 20 drones have been shot down in the northern Leningrad area. "The attack has been repelled in the Kirishi district." Drozdenko told Telegram that there was damage to the industrial area. Drozdenko ?did not specify what part of the...

The markets overshoot and the recent dramatic increase in bets placed on higher interest rates due to the Middle East energy crisis is the latest example: although the move was logical, its magnitude remains questionable. The Iran War shows no signs of stopping and the?markets are still in flux. Rates traders may need to take a break and re-evaluate. The abrupt change in global 'rate outlook' reflects concerns about the short-term impact on inflation of the soaring prices for oil and gas. Federal Reserve now has a higher probability of raising U.S. interest rates in this year rather than cutting...

Confindustria, Italy's leading business lobby, forecast that the economy would grow by 0.5% in this year. This is a reduction from the 0.7% it had predicted in October. It also warned of'strong' 'downside risks' if the Iran conflict continues. The third largest economy in the Eurozone saw its gross domestic product rise by 0.5%, marking the third consecutive year of growth below 1%. Confindustria stated in its bi-annual report that the 0.5% growth scenario for 2026 was based on an "optimistic hypothesis" that?the conflict in Iran would be over by March's end. The business group warned that if the hostilities...

Sources familiar with the situation said that Indian billionaire MukeshAmbani's?Reliance Jio Platforms? has been in talks with?13?marquee investors to sell 8% of their individual stakes at the upcoming Mumbai listing for the company which will be transforming its telecoms into AI. Ambani’s Jio Platforms is expected to file for approval in Mumbai of its IPO as early as this coming week. The list includes Meta with a stake worth 9.99% and Google?with 7.73%. Vista Equity Partners, KKR and KKR are also big investors. Investors include three sovereign Gulf funds: the Public Investment Fund (PIF), Mubadala, and Abu Dhabi Investment Authority....

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

The Iran War and the global energy crisis it unleashed could have "killed" the idea of an asset that fits all. It is not a novel concept given the poor performance of the U.S. Treasuries did well after the Russian invasion of Ukraine four years earlier. The extraordinary fall in gold prices since the U.S. and Israeli strike on Iran, February 28, has brought it into the spotlight. In times of increased economic, geopolitical or financial uncertainty, investors tend to flock to gold, Swiss franc, Treasuries and the dollar. These are the assets that will most likely serve as a...

Bharat Oil Corp, the state-owned Indian oil company, announced on Tuesday that its head of international trade, Manoj heda, will lead the trading unit in Singapore. BPCL has incorporated a fully-owned subsidiary Bharat Oil Global Energy Services Pte. Ltd. on February 26th, 2026 in Singapore. It said that the new entity would set up a "trading table for trading in crude oils, natural gases,?petroleum, and other petrochemicals" as well as associated activities. Sources said that the unit is expected to begin operations in April. Sources added that Manish Parikh would be the chief financial officer. Sources refused to identify themselves...

After easing restrictions, India allowed some state firms, including Bharat Electricals and the Steel Authority of India, to purchase critical equipment from China on Friday, according to both a government source and a document. Last month, it was reported that India would ease restrictions on purchasing Chinese equipment after a deadly border clash in 2020. This would allow state-run coal and power companies to import limited quantities of Chinese equipment as shortages and delays grew. India has also since eased its investment restrictions on China. The government order stated that Bharat Heavy Electricals, India's biggest state-run power equipment manufacturer, can...

Rosimushchestvo, the federal agency for property management, said that a seized?stake? in Russian gold producer Uzhuralzoloto? (UGC?) could be sold at auction next month. The agency stated that the preparations for auction were in progress. The state owns 67.2% in the company, which at current market prices is worth $1.3billion. A Russian court ruled in July 2025 that Konstantin Strukov's?majority share?, which he had previously owned, should be transferred to?the state. This was part of an 'wider pattern' of 'nationalisations, of assets owned by Russian companies or fledgling Western firms. The Moscow law firm NSP estimated last year that the...

The Congolese government announced that the Democratic Republic of Congo and China had signed an agreement to enhance cooperation in the mining sector of 'the African nation.' Global powers are jockeying for influence in this strategically significant minerals powerhouse. Congo is the largest producer of cobalt in the world and has vast reserves of lithium, copper, coltan, and other battery metals. Chinese mining companies, led by top cobalt miners CMOC, Zijin and Huayou, already dominate the sector. Beijing is Congo's largest bilateral creditor. Kinshasa is also a target for the United States and other countries looking to obtain the minerals...

MOSCOW, 27 March - Severstal is one of Russia's four largest steelmakers and plans to reduce investment by a fifth?and labour by 5% by 2026. This is due to a falling?demand? for steel in the face of an economic recession. The demand for metals in Russia's major industries - construction, energy, automobile and machinery manufacturing - is decreasing as businesses halt investment because of high interest rates to curb inflation. Metals production has been affected by Western sanctions and drones from Ukraine. "The industry's situation is getting more difficult." The demand for steel in Russia has dropped 31% since 2024....

Iron ore futures fell on Friday as traders unwound their?supply disruption bets following Tropical Cyclone Narelle's spared of vital port infrastructure in Western Australia. As of 0330 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange?traded at $813.60 ($117.60) per metric ton. The contract has still gained 0.13% this week. On the Singapore Exchange, the benchmark April Iron Ore was $107 per ton. This is a 0.32% decrease. This week, it has fallen 1%. Atilla Widnell is the managing director of Navigate Commodities. She said that iron ore futures will?likely experience a temporary corrective, because traders...

Singapore announced plans to transform the city-state of Singapore into a gold trading center for the entire Asia. Regulators and industry players are working together to improve the trading, clearing, and storage infrastructure. Singapore is one of many Asian financial centers racing to increase their gold trading and capture more bullion flows. Hong Kong, too, is pushing to expand the gold market's links with Shanghai. The Singapore Bullion Market Association and the Monetary Authority of Singapore have identified four areas of focus. These include the expansion of gold-related products on the capital markets and the establishment of a trust clearing...

Three people familiar with the matter said that Guinea and Emirates Global Aluminium (EGA), had reached an agreement which will prevent a looming arbitration over the seizure last year of the miner’s local unit. According to traders and officials, as part of a broader resolution, traders have explored bauxite deals that are linked to the assets seized, including structures where upfront payments on future shipments would be used to settle?EGA claims. The deal is still being finalised. It follows the government taking over Guinea Alumina Corporation, EGA's subsidiary for bauxite, in October, following a dispute about alumina refineries. It then...

Three people familiar with the matter said that Guinea and Emirates Global Aluminium (EGA), have reached an agreement which 'will prevent a looming arbitral hearing' over last year's seizure by 'the miner's' local unit. According to traders and government officials, as part of a broader resolution, traders have explored bauxite deals that are linked to the assets seized, including structures whereby upfront prepayments for future shipments would help settle EGA claims. The deal is still being finalised. It follows the government taking over Guinea Alumina Corporation,?EGA's subsidiary for bauxite, in October, following a dispute about alumina refineries. The company then...

Aluminium rose to its highest level in nearly a week after Iran denied talks to 'end the Middle East conflict. The benchmark three-month price of copper at the London Metal Exchange fell as much as 1.7% in the previous session. The metal, widely used in construction and power, closed up 1.8% Wednesday, thanks to dip-buying by Chinese consumers who were looking to replenish their stock. Copper, which is considered to be a bellwether of global economic health, has been under pressure because there are fears that the U.S. and Israeli war against Iran will hurt the growth. Copper?stocks are also...

Four people with knowledge of the matter have said that discussions of a possible Thyssenkrupp steel unit sale to Jindal Steel International may be called off because of differences regarding pension liabilities, investments, and 'energy costs. Despite the fact that talks are still ongoing over a possible sale of?Thyssenkrupp Europe (TKSE), and an agreement could still be reached, a deal now seems less likely to happen after almost six months' worth of due diligence and discussion, according to these people. One person said that the companies could decide to stop official negotiations as early as next month. Following the report,...

Four sources said that the Middle East conflict had tightened the supply of aluminium. As a result, Japanese aluminium buyers paid a premium between $350 and $353 per metric ton, the highest in 11 years. Japan is the largest Asian importer and the premiums it pays for metals shipped each quarter above the London Metal Exchange cash price (LME) serve as a regional benchmark. The new rate is 79%-81% higher than the $195 premium paid during the January-March period. This marks the second consecutive quarterly increase, and the highest level since April-June 2015. Global producers offered Japanese buyers a premium...

Prices of copper fell 'on Thursday due to rising stocks, and the waning appetite for the metal by top consumer China after a short dip in purchasing. Investors were waiting on clarity regarding the possibility of a 'ceasefire' in the Middle East. Benchmark three-month Copper on the London Metal Exchange fell by 1.21% at $12,173 a metric ton as of 0711 GMT. The previous day's support came from a weaker dollar. The Shanghai Futures Exchange's most traded copper contract, which had reached its highest level since March 19, at 96.590 yuan per ton ($13,991.05), ended the daytime trading session up...