Asia / Pacific

Holders of Pirelli's 500 million euro (582 million dollar)?bond? will decide on Monday if they want to convert the bond into shares. This could dilute the stakes that the existing investors hold in the group, who are fighting over the Italian tiremaker's governance. Sinochem, the Chinese state-owned company, and Marco Tronchetti Provera, an Italian businessman, both owning Camfin, have been at odds with each other in recent years. Camfin has complained that Sinochem's share is preventing the group from expanding into America. The tiremaker issued a five-year, no-coupon convertible bond at the end 2020. The bond is due to expire...

The British Financial Reporting Council announced on Monday that it has opened an investigation into Ernst & Young’s audit of Shell’s 2024 financial reports for possible violations of audit partner rotation regulations. Shell announced in July that it would update the 2023 and 2024 annual reports, due to EY not complying with the U.S. Securities and Exchange Commission’s audit partner rotation rules. The financial statements, however, would remain unchanged. U.S. SEC regulations require 'lead and review audit partners' to rotate every five years, with a cooling-off period of five years. 'Other key partners must rotate every seven?years after a two-year...

According to government data released on Monday, the annual inflation rate in Saudi Arabia fell to 1.9% from 2.2% in October. The consumer price index, which measures inflation, has been hovering around 2.1%-2.3% for the majority of this year. This is due to rising house prices. According to the General Authority for Statistics in Saudi Arabia, housing rental prices rose 5.4% and passenger transport prices increased by 6.4%. Saudi Arabia's Real Estate Authority in September outlined new rules to combat'rental increases'. These included a suspension of annual rent increases for both residential and commercial properties within the urban boundaries of...

After two days of discussions in Minsk with?President Alexander Lukashenko, John Coale, the envoy for President Donald Trump was quoted by Belarusian media as saying that the United States will lift sanctions on Belarusian Potash. Belarus did not specify what it would do as a response. Belarus is one of the largest producers of potash - a vital component in fertiliser. Coale was appointed by Trump as his special envoy for Belarus last month. The president has tasked Coale with negotiating the?release of more than 1,000 political prisoner in the former Soviet state, which is close to Russia. Belta, the...

Ashwini Vashnaw, India's information minister, said that the cabinet allowed the export of coal on Friday because the power plants in the country have an excess. Power plants that have access coal supply will be allowed to export 50% of the coal they receive and can use it across all group companies. India, which is the second largest coal producer in the world, has opened its coal industry to commercial mining and private players to meet increasing energy demand and reduce dependence on imports. This move to allow the export of coal is in response to the fact that India's...

SolGold announced on Friday that it would "recommend to its shareholders, Jiangxi copper?an improved offer?valuing the gold and copper mining company at approximately?842?million pounds? ($1.13 billion) amid a worldwide race for copper assets. Jiangxi Copper has increased its offer to 28 pence per Share, marking the third time that it has proposed to buy SolGold. This is a 7.7% rise from their previous bid of 26 pence per Share which was rejected last month. SolGold, a company based in Ecuador, said that its board will tell shareholders to accept Jiangxi Copper's (JCC) offer if it is firm. JCC's pursuit for...

Turkmenistan’s President hinted on possible political reforms Friday, ahead of an international meeting that he will be?hosting, with counterparts from Russia and Turkey as well as?Iran. The comments were made in the state newspaper Turkmenistan Today to mark the 30th anniversary since the declaration of neutrality by the former Soviet nation. Berdymukhamedov stated in the article that "we are undertaking extensive work to transform our neutral 'country into a powerful democratic and rule of law state where citizens can live happy lives." He did not provide any further details. The article was released on the eve a forum to be...

The Kremlin announced on Thursday that Russia is interested in attracting more foreign investment. This comes after the Wall Street Journal reported that the U.S. peace plan in Ukraine included proposals to invest in Russian rare Earths and energy. The Journal reported that the plans, which were detailed in the appendices of peace proposals drafted by U.S. president Donald Trump's administration and given to European counterparts during recent weeks, included proposals to restore Russian supplies to Europe. The Journal reported that U.S. firms would also invest in Russian strategic areas such as rare earth extraction and oil drilling in the...

South Korean battery manufacturer SK On announced on Thursday that it has ended its joint venture agreement with Ford Motors for their joint batteries factories in the U.S., as part of a major business revamp to focus on areas such as energy storage systems. This split is a new beginning for one of the largest U.S. battery partnerships. It comes at a time when EV demand has slowed and there are fewer?U.S. South Korean battery manufacturers are pushed to change their U.S. strategy and expand into energy storage systems. SK On is a subsidiary company of SK Innovation that supplies...

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...

Gold rose 1% Monday, hovering near a seven-week high. Supported by a weaker?dollar, expectations of?rate?cuts, and safe-haven purchases due to geopolitical?tensions, silver also gained, but held below the record high set on Friday. Gold spot gained 0.9%, to $4,338.29 per ounce, by 1322 GMT. It had risen more than 1% in the previous session. Bullion reached its highest level since October 21 last Friday. U.S. gold futures rose 1% to $4.372.80 per ounce. Dollars hovered around a two-month-low reached last week. This made gold priced in greenbacks more affordable to overseas buyers. The benchmark 10-year U.S. Treasury rates also declined....

Gold rose 1% Monday, hovering near a seven-week high. Supported by a weaker US dollar, the expectation of interest rate cuts, and safe-haven purchases due to geopolitical turmoil, silver also gained, but remained below Friday's high. Gold spot rose 0.9%, to $4,343.96 per ounce, at 1145 GMT. It had risen over 1% in the previous session. Bullion reached its highest level since October 21 last Friday. U.S. Gold Futures rose 1.1% to $4.374.40 per ounce. The dollar hovered around a two-month-low reached last week. This made greenback-priced gold more affordable for foreign buyers. Meanwhile, benchmark yields on 10-year U.S. Treasury...

The copper price rose on Monday, as traders moved forward their?positions in anticipation of a contract that expires this week. This helped the?market put aside worries about weak data and the property sector in China's top consumer for now. The benchmark three-month copper price on the London Metal Exchange increased 1.4% to $11,670 a metric ton at 1058 GMT. On Friday, copper hit a new record of $11,952 due to concerns about a tight supply. Then there was a "sell-off" amid renewed fears that the AI bubble would burst. Alastair Munro is a senior metals analyst at Marex. He said...

Fortuna Mining's West Africa Operations Chief said that the company is looking for mid-tier gold assets and accelerating new projects as it works to achieve its 500,000 ounces annual production target, after selling mines located in Burkina Faso, Mexico, and?Burkina?Faso. Canadian miner sells Yaramoko mines in Burkina Faso, and San Jose operations in Mexico, cutting short-term, high-cost assets but also reducing production. It has made new deals including a joint-venture with DeSoto to explore in Guinea, and a larger stake in Awale Resources a West Africa focused?gold-explorer with operations on the Ivory Coast. This is in line with a global...

Shanghai copper prices fell on Monday, after hitting a record in the previous session. This was due to renewed demand concerns triggered by an array of 'weak' data in China, which is a major consumer. As of 0228 GMT, the most traded copper contract at the Shanghai Futures Exchange fell 1.49%, to 92180 yuan per metric tonne ($13,068.87). The price of copper reached a record-high?of 94.570 yuan last Friday. The red metal widely used in power plants, construction and manufacturing has seen its largest daily drop since December 9. China's growth in?factory production and retail sales slowed down further in...

China's crude output of steel in November dropped 3% from the previous month, and is now on track for six consecutive months of declines. This has been curbed by thinner margins, as well as a waning domestic market. Data from the National Bureau of Statistics revealed that the 'world's biggest?steel manufacturer manufactured 69.87 millions metric tons of raw steel in December, the lowest monthly total since December 2023. The data revealed that this was down from 72 million tonnes in October, and 10.9% from the same period last year. According to calculations based on data, the November volume equates to...

Copper fell more than 3% Friday after reaching a record-high earlier in the session. Fears of the AI bubble burst prompted a sell-off across a wide range of riskier assets. Benchmark three-month Copper?on the London Metal Exchange? fell by as much as 3.5%, to $11,451.50. It was trading at $11,537.50, down 2.8% as of 1700 GMT. Metal used in construction, manufacturing and power generation earlier hit a record of $11,952, just a few cents away from the psychologically important $12,000 mark. After two weeks of gains, copper is expected to end the week at a 0.7% loss after fading optimism...

The price of silver hit a new record on Friday, as gold prices rose more than 1% and hovered at a 7-week high. This was spurred by a weaker dollar and the Federal Reserve's interest rate reduction this week. By 1028 am, spot gold had risen 0.6% to $4.308,43 an ounce. ET (1528 GMT), and was on course for a weekly gain of 2.7% after previously rising by 1%. U.S. Gold Futures increased 1.5% to $4.376.60. Silver spot rose by 0.8%, to $63,03 per ounce. This is after it reached a new record high of $64.64/oz. The metal has gained...

Gold prices rose by?1% on Friday to a seven week high, helped by a weak dollar, expectations of interest rate reductions and a safe haven demand due to geopolitical turmoil. Silver also hit a new record high. Spot gold climbed 1% by 1248 GMT to $4,327.31 an ounce, its highest since October 21. It was also set for a weekly gain of 3.1%. U.S. Gold Futures rose 1.2% to $4363.20. Dollar hovered at a 2-month low and was on course for a third consecutive weekly decline, making gold more affordable for foreign buyers. Zain Vawda is an analyst at MarketPulse,...

Gold prices rose by?1% on Friday to a seven week high, helped by a weak dollar, expectations of interest rate reductions and safe haven demand due to geopolitical turmoil. Silver also hit a new record high. Gold spot rose by 1.2% at 1136 GMT to $4,332.25 an ounce, its highest since October 21. It was also set for a weekly gain of 3.2%. U.S. Gold Futures rose 1.3% to $4 368.60. Dollar hovered at a 2-month low and was on course for a third consecutive weekly decline, making gold more affordable for foreign buyers. Zain Vawda is an analyst at...

Gold prices rose to a seven week high on Friday. This was boosted by a weak dollar, expectations of interest rate reductions, and a safe haven demand due to geopolitical turmoil. Gold spot rose 0.7% at 0945 GMT to $4,311.73 an ounce, its highest since October 21. This marks a 2.7% gain for the week. U.S. Gold Futures rose 0.7% to $4343.50. Dollar hovered at a two-month high and was on course for a third consecutive weekly drop. This made bullion more accessible to overseas buyers. Zain Vawda is an analyst at MarketPulse by OANDA. He said that "the sharp...

The copper price reached a new record on Friday, and was on track for a third weekly gain. This was boosted by the promise of a fiscal boost from top consumer China next year. The Federal Reserve's lower interest rates and expansion of the balance sheet. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading session higher by 1.95%, at 94.080 yuan per metric tonne ($13,335.03). The contract reached a new record of 94,570 Yuan, exceeding the previous one set on Monday. Benchmark three-month copper on the London Metal Exchange rose 0.13% to $11,887 per ton as...