Asia / Pacific

A number of countries have started to withdraw?dependents and non-essential personnel from certain?locations? in the Middle East or advised citizens not to travel?to Iran?, due to rising tensions between Washington, D.C. and Tehran. Here are some of the moves. AUSTRALIA - The Australian government has advised dependents of Australian diplomatic staff in Israel and Lebanon that they should leave these two countries due to a deteriorating regional security situation. The government also offered voluntary departures for the dependents of Australian diplomats in the United Arab Emirates (UAE), Jordan, and Qatar. It continues to encourage citizens of Israel and Lebanon who...

Amid the rising tensions between Washington and Tehran, several countries have started to withdraw dependents of diplomats and 'non-essential personnel from certain locations in?Middle East. Or they advise citizens to postpone travel to Iran. Here are some of the most popular moves: AUSTRALIA - The Australian government has advised dependents of Australian diplomatic staff in Israel and Lebanon that they should leave these two countries due to a deteriorating regional security situation. The government also offered voluntary departures for the?dependents of Australian diplomats in the United Arab Emirates (UAE), Jordan, and Qatar. It continues to encourage?citizens of Israel and Lebanon...

The race for artificial intelligence dominance by Big Tech may soon hit a bump in the road as U.S. power grids struggle with keeping up with hyperscalers who spend big. Microsoft, Amazon and Alphabet, among other technology giants in the US, announced in recent months that they plan to spend $600 billion in AI by 2026. Some investors are already concerned about the profitability of this strategy due to the investment wave. The ambitious U.S. AI plans will be hindered by severe power-infrastructure bottlenecks including turbine shortages and slow grid expansion. The processing and cooling of data centers that are...

Early trade on Wednesday saw a mixed performance on the Gulf stock exchanges, with Saudi Arabia continuing its decline on fiscal concerns. Market participants were awaiting a third round of U.S. - Iran nuclear talks, scheduled for Thursday. Saudi Arabia's benchmark index fell 0.3%. This was a continuation of its decline as the budget deficit in the kingdom increased quarter-on-quarter because of higher spending. Financial?stocks led the way in losses. Al Rajhi Bank - the largest Islamic bank in the world - and Saudi National Bank - the largest lender of the country by assets – both fell?0.7%. Saudi Aramco,...

Democrats in the Senate Banking Committee criticized President Donald Trump on Tuesday for not stepping up sanctions against Russia to force it to end the four-year war in Ukraine. They noted that the European Union had?designated nearly 900 targets by 2025, compared to only two?for?the?U.S. Democratic staff from the Republican-led panel released an analysis on the fourth anniversary. They identified hundreds of targets that Trump could have sanctioned during his first year as president. The war in Ukraine, Russia’s western neighbor, has caused the deaths of hundreds of thousands of people and ravaged large areas of Ukraine. They said that...

Three people with knowledge of the situation said that the Democratic Republic of Congo (DRC) replaced the CEO and Chairperson?of the state miner Gecamines partly because they opposed the U.S.-backed Virtus?Minerals' plan to purchase cobalt and Copper producer Chemaf. In an effort to establish a mineral partnership with Washington in Kinshasa, President Felix Tshisekedi replaced Guy Robert Lukama, the chair of Gecamines, and Placide Nkala Baasadilua, as CEO and Chair respectively. He did this by replacing them with Deogratias Ngele Masudi, and Baraka Kabemba. Congo has compiled a list that includes Chemaf mines in an effort to attract the?U.S. Previous...

On Tuesday, Gulf stock markets showed mixed results, with Saudi Arabia losing ground due to fiscal concerns while Dubai extending gains from the previous session. Saudi Arabia's benchmark index fell 0.6% following a'slight' recovery in the previous session, as the kingdom’s budget deficit increased quarter-on-quarter because of higher expenditures. Saudi Telecom Company fell 1.7%, while Saudi Aramco lost 0.6%. According to trade sources, it was reported that Aramco had sold several shipments ultra-light crude oil from its $100 billion Jafurah plant to U.S. refiners and majors in India before its first export this month. Dubai's main stock index rose by...

Oil prices were below a seven-month high as traders weighed the uncertainty surrounding U.S. Trade Policy and the prospects for U.S. Iran nuclear talks in light of heightened Middle East tensions. Brent crude futures fell 9 cents or 0.1 percent to $71.40 per barrel at?0120 GMT. This follows a volatile session on Monday, when it reached its highest level since the 31st of July, $72.50, while alternating between gains and losses exceeding 1%. U.S. crude oil futures fell 11 cents or 0.2% to $66.20 per barrel. This is after the previous session saw a rise to $67.28 - the highest...

The U.S. Commerce Department will announce a preliminary decision Monday on whether to impose antisubsidy duty on solar 'cells and panels' imported from India, Laos, and Indonesia. This announcement is one of two that the agency will make in the next few weeks regarding a trade dispute brought by a small group in the U.S. solar industry. Commerce will 'likely make final decisions later this year. The decision on Monday will examine whether the companies in these three countries have received unfair government subsidies, which make American products less competitive. Commerce will make a decision on a separate issue next...

The major Gulf stock exchanges rose on 'Monday morning, following global peers. This was after the U.S. supreme court struck down Trump's import taxes. The U.S. Supreme Court?ruled on Friday?to?overturn the tariffs?, which Trump implemented under a national emergency law, a ruling that is seen as having a significant impact on global trade dynamics. Trump announced a temporary increase in tariffs on U.S. imported goods globally from 10% to 15%. The preparations for the third round of nuclear talks between Iran and the United States also helped to ease investor concerns over a possible escalation of tensions in the region....

Ampol, Australia's largest?fuel retailer, reported a better-than expected annual profit? on Monday. This was driven by robust refiner margins at its lytton refinery in Queensland and a strong performance of its convenience retail operations. The refinery returned to profitability in fiscal year 2025 as a result of the Lytton refinery's margins, which rose by 46%, to $10.34 a barrel. This was due to global refinery failures and additional sanctions against?Russia. Fuel & Infrastructure, including its Lytton refinery business, reported full year operating earnings of A$405.6 (287.04 millions), which is more than double what it earned last year. Despite lower tobacco...

Congress may vote next week on whether to prevent 'President Donald Trump' from striking Iran without the approval of lawmakers. The U.S. Military is preparing for a possible serious conflict with Iran if diplomacy fails. Members of Congress have repeatedly tried to pass resolutions, which would prevent Trump from taking military action without the approval of lawmakers. The Constitution of the United States gives Congress, not the president, the power to send U.S. troops into war. The Constitution gives Congress the power to send U.S. soldiers to war, except for limited strikes to protect national security. Last week, it was...

Iron ore futures were unable to find direction on Thursday, as traders considered the reduced demand for feedstock due to upcoming production cuts and signs that Beijing would?implement additional property stimulus measures. As of 0302 GMT, the most-traded contract for May?iron ore on China's Dalian Commodity Exchange was trading 0.4% lower. It was 745.5 Yuan ($108.91), per metric ton. The benchmark March ore price on the Singapore Exchange fell 0.27% to $98.4 per ton. Chinese steelmakers in the northern region of China will have to reduce production by 30% or more starting March 4, to maintain clean air during the...

BlueScope Steel shares in Australia fell almost 5% on Thursday, after the company said that a re-evaluated A$15 billion bid ($10.7billion) from SGH and U.S. based Steel Dynamics was not enough to win its approval. BlueScope said that it "remains" open to engaging with consortium in order to come up with a bid which reflects the "fair value of BlueScope", as opposed the the revised A$34 offer per share. After a $1 special dividend announced in January, and BlueScope’s A$0.65 interim dividend per share, the value of this bid has been reduced to A$32.35. BlueScope said that it plans to...

The copper price rose to a two-week high on Wednesday, as growth and demand optimism dominated. This was after the U.S. Supreme Court ruled that President Donald Trump could not impose sweeping'reciprocal tariffs. At 1706 GMT, benchmark copper on the London Metal Exchange was?up 1.1% to $13,318 per metric ton after reaching $13,335 in the previous session. This is the highest level since February 11. The U.S. Supreme Court struck down last week tariffs that Trump imposed under a law intended for use during?national emergency'. David Wilson, BNP Paribas commodities analyst, said that the Asian markets benefitted from the Supreme...

Emirates Global Aluminium stated on Wednesday that the outlook for the "aluminium" market is healthy. They cited opportunities created by China's production capacity ceiling, and the demand caused by the high cost of copper, which has led to some manufacturers using aluminium in place of copper. In an interview, Abdulnasser Bin Kalban said that the demand for aluminum was increasing worldwide...and moving away from copper. He also stated that he anticipated demand to exceed supply. EGA, owned jointly by Abu Dhabi's Mubadala, and the Dubai sovereign wealth fund ICD, is planning to build the U.S.'s first primary aluminum plant in...

Zimbabwe has suspended exports of raw minerals and lithium concentrates, its mines ministry announced in a Wednesday statement. The government had accused the country of malpractices and leakages. The Ministry said that the export ban would continue until further notice, and apply to all minerals in transit. The statement stated that the government expects the mining industry to cooperate on this measure, which was taken in the interest of the nation. The government said it was committed to "...in-country beneficiation and value addition, compliance?and accountability" in the export of Zimbabwe's minerals resources. The mines ministry, in a letter sent to...

Analysts and consultancies have said that some Chinese steelmakers will need to reduce production by at least 30% starting March 4, in order to maintain a clean air quality for the annual parliamentary meeting. During meetings, Chinese steel mills are asked to reduce production to improve air quality, especially those located in the northern region near Beijing. State media announced in late December that the annual parliament meeting, which is closely watched, will begin on?March 5th. The consultancy Mysteel said in a Wednesday note that several steel?mills have been told to start voluntarily production controls and reduce?blast furnace output by...

China's dominance in critical mineral supply chain is not as absolute it might appear. Cobalt is a good example. According to the International Energy Agency, China will account for 78% global refined production of battery metal by 2024. It lacks significant mining capacity and is therefore highly dependent on imported raw materials. The export controls of the Democratic Republic of Congo have exposed this vulnerability. This is the biggest source of cobalt products for Chinese processors. Congo suspended exports of cobalt in February and implemented a quota-based system in October. The fourth quarter of the year saw a near-standstill in...

Iron ore futures rose on Wednesday, as traders anticipated a pick-up in the 'feedstock demand' after the Lunar New Year holiday. However, an increase in incoming iron ore shipment may limit price gains. As of 0332 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange increased by 1.42%. It now stands at 752.5 yuan (109.51 dollars) per metric ton. The benchmark March Iron Ore?on the Singapore Exchange increased 1.98% to $98.55 a ton. After the Lunar New Year holiday, Chinese blast furnaces are expected to ramp up production. The broad-based metals rallies also helped to lift...

The copper price rose on Tuesday to its highest level in more than a month, fueled by a positive mood and a stronger demand from China, the world's largest metal consumer, after markets reopened following a holiday. Benchmark?copper for three months on the London Metal Exchange?had gained 2.4% by 1700 GMT to $13,182 per metric ton after reaching its highest price of $13,196 since February 12. LME copper fell 0.7% on Sunday, but has gained 22.5% over the last three months. However, it is still well below its record high of $14,527.50, set on January 29. Alastair Munro is a...

Nippon Steel decided to increase its convertible bond offering to 600 billion yen, the largest in Japan's corporate histories. The company is seeking to refinance their $15 billion acquisition of U.S. Steel as well as fund business expansion. The company announced on Tuesday it would increase the offering by 50 billion yen in total, in two equal tranches. This was based on the investor demand and the market conditions. It aims to invest 6 trillion dollars yen over the next five-year period, including an investment of $11 billion into U.S. Steel to fund growth. Nippon Steel increased the size of...

Glencore agreed to buy nearly 2,000 tons of cobalt from Rami Weisfisch, an industry veteran. The deal is a historic one. Two sources confirmed that the material, which is essential for defense and military gear, will be shipped to the United States to be included in its planned stockpile. The U.S. administration of President Donald Trump is actively seeking out critical materials, including cobalt, to reduce its dependence on China. China is the world's dominant supplier and processor for metals and minerals required by strategic industries. China has used its power to impose quotas, new regulations and ban the export...

The Dalian iron-ore futures fell on Tuesday in response to the drop in the 'Singapore iron-ore prices during the Lunar New Year holiday. However, a recovery in production and a fall in shipments are expected to support the prices. As of 0319 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange was trading 1.19% lower. It was 745 yuan (US$108.03) per metric ton. The benchmark March ore price on the Singapore Exchange rose by 0.89% to $96.7 per ton. Trading on the DCE, SHFE and Singapore Exchange ceased between February 16 and February 23 due to...