Asia / Pacific

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...

Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December...

India and Russia announced on Thursday they wished to expand their trade, and the items that they deal in. This was just hours before Russian President Vladimir Putin arrived in New Delhi for a state visit. On Thursday, Putin begins a two-day trip to India, his first visit in four years. He hopes to increase sales of Russian oil and missile systems, as well as fighter jets, and to expand business relations between India and Russia beyond energy and defence. India and Russia are aiming to increase their two-way trade from $13 billion to $69 billion by 2030. This is...

Turkey has finalised an extension of one year to its gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, according to the energy minister. Both import contracts with Gazprom expire by the end of the year. Turkey's share of Russian gas has steadily decreased, and is now below 40%. Turkey, Russia's final major gas market in Europe has signed deals to buy long-duration LNG, a large part of which is from the U.S. This takes advantage of the expected global abundance of LNG over the next couple of years. Bayraktar, the...

Two sources with knowledge of the matter claim that Bernd Bergmair (former majority owner of adult entertainment group Pornhub) has approached the U.S. Treasury to buy international assets from sanctioned Russian oil giant Lukoil. As part of its efforts to press Moscow to end the war in Ukraine, the U.S. imposed Sanctions on Lukoil - Russia's largest private oil producer. Exxon Mobil, Chevron, and other oil giants have approached U.S. authorities to get permission to speak to Lukoil. Bergmair, through his lawyer, declined to say which assets he is interested in. He also refused to confirm whether he has already...

The authorities battling the floods that hit Sumatra, an island in Indonesia, this week and killed around 800 people have asked for additional central government assistance to address shortages of food, fuel and funds. According to updated government figures, 463 people are missing in West Sumatra (North Sumatra), Aceh and West Sumatra. Local officials say that the lack of power and roads is preventing aid from reaching those who need it. Iskandar Al-Farlaky, the chief of East Aceh, stated that fuel had been limited in East Aceh for days and that aid was delivered by boat. Some people who lived...

The authorities battling the floods that hit Indonesia's Sumatra island this week, which killed 804 people, have asked for more help from the central government to address shortages in funds, fuel and food. Local government officials say that landslides and floods caused by cyclones have led to 634 deaths in the three provinces West Sumatra (North Sumatra), Aceh and West Sumatra. They also claim that power lines and roads were cut, preventing aid from reaching those who needed it. Teuku Raja Keumangan told Kompas TV that "people are getting sick" in Aceh where flooding has affected 25,000 people. Haili Yogi,...

Sify Infinit Spaces, India's first publicly listed data center operator sees AI as driving the demand for computing power, but it is tempering its future investments in order to avoid being over-exposed to a possible bubble, said its chief executive. India has seen a surge in the number of data centers, largely due to the rapid growth of artificial intelligence technologies. These technologies require massive computing power. Sharad Agarwal, CEO of Sify Infinit, said in an interview conducted late November that the company will continue to expand "responsibly and calculatedly" so as to match sustainable demand. Sify Technologies, the company's...

By America Hernandez PARIS, December 2 - French oil giant TotalEnergies, along with its other partners in the $20 billion Mozambique Gas Project, have agreed to provide more equity to replace previous contributions from British and Dutch Export Credit Agencies, the company announced on Tuesday. Total reported that the UK and Dutch agencies accounted for about 10% of the initial $15.4 billion external funding obtained by the project. Total's 13 million tons per year liquefied gas project will turn Mozambique into a major exporter of gas when it starts production in 2029, but the project has been bogged down in...

Serbian President Aleksandar Vucic announced on Tuesday that the country will continue to allow payments and transactions with the U.S. sanctioned Russian oil company NIS, until the end the week. This is despite the threat of secondary sanctions. Gazprom and Gazprom of Russia, who own the majority of NIS, are required to sell their shares in the company. The U.S. has imposed sanctions on NIS because it is owned by Russians. Vucic, the president of Serbia, said that payments made with NIS by its banks, which includes the central bank will continue through Monday. After meeting with government officials responsible...

The Russian President Vladimir Putin is scheduled to visit India for a summit this week with Indian Prime Minister Narendra modi. The meeting will focus on boosting energy, defense and economic ties as Moscow tries to secure oil sales despite tighter Western sanctions. Energy exports from Moscow are a major source of revenue, but sanctions that were imposed following its invasion of Ukraine in 2022 have started to impact its oil sales. India and Russia are likely to discuss the following issues: OIL PURCHASES Moscow wants India to continue buying more oil after Indian refineries stopped importing due to sanctions....

Investors are awaiting important inflation data to get a sense of the Federal Reserve's direction ahead of the meeting next week. As of 0358 GMT, spot gold remained at $4208.46 an ounce and was on course for a weekly decline of 0.5%. U.S. Gold Futures for December Delivery fell 0.1% to $4.237.70 an ounce. The benchmark 10-year U.S. Treasury Yields were near their highest levels in over two weeks. Meanwhile, the dollar was not far off its five-week low compared to other major currencies, making gold attractive for overseas buyers. The market is waiting to see what the Fed will...

The price of copper reached a new record on Friday after Citi raised its outlook for the metal. Supply concerns and the expectation that the U.S. Federal Reserve will cut interest rates next week are driving the market. As of 0330 GMT the most active copper contract at the Shanghai Futures Exchange had risen 1.18%, to 91.860 yuan (12,992.56) a metric ton, after reaching an all-time peak of 92,000 dollars a ton during the session. Shanghai copper will end the week at a 5.3% higher price. The benchmark copper for three months on the London Metal Exchange gained 0.95%, to...

Gold prices remained largely unchanged Thursday as rising U.S. Treasury rates offset the support provided by a weaker US dollar. Meanwhile, markets were waiting for Friday's U.S. Inflation data to get clues about Federal Reserve policy ahead of their December meeting. By 1833 GMT, spot gold had risen 0.1% to $4210.49 an ounce. U.S. Gold Futures for February closed 0.2% higher, at $4243.00 per ounce. Edward Meir, Marex analyst, said: "Higher yields keep a little cap on gold's upside. The general dollar index provides some support." The benchmark 10-year U.S. Treasury rates rose while the U.S. Dollar Index hit a...

The Astana International Trade website reported that Kazakhstan's steelmaker Qarmet had placed bonds for seven years worth $500 million at a coupon of 10.2%. The company has issued 5 million bonds at a par of $100. This is the second issue of this kind since it placed $500 million in bonds priced at 11% annually back in September. Trading will start on December 5. Qarmet will use $150 million for refinancing existing loans, and $350 millions to finance investment projects. This includes reimbursement of capital expenditures and refinancing debts. Qarmet, owned by ArcelorMittal until 2023, was sold to Qazaqstan Investment...

Gold prices fell on Thursday, as investors focused on the Federal Reserve meeting next week and U.S. economic data that could influence interest rate outlooks. As of 1252 GMT, spot gold was down 0.4% at $4,191.26 an ounce. U.S. Gold Futures for February Delivery were down 0.3% to $4,221 an ounce. Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with a rise in risk appetite on equity markets, limits the upside of gold prices," ActivTrades Analyst Ricardo Evangelista stated. Global shares rose on Thursday as investors hoped that the U.S. will cut rates next week to...

Gold prices fell on Thursday, as investors took profits and became cautious in advance of the U.S. Federal Reserve's meeting next week. They are awaiting data to get a better idea about interest rates. As of 0617 GMT, spot gold was down 0.5% to $4,179.71 an ounce. U.S. Gold Futures for December Delivery were down 0.5% to $4,210.20 an ounce. Soni Kumari, ANZ's commodity strategist, said that "with investors a little cautious ahead of the FOMC meeting (Federal Open Market Committee), the market is pricing in a Fed cut by 25 basis point... The market now needs a new trigger...

Gold prices fell on Thursday, as investors took profits and awaited the Federal Reserve's meeting next week. They also waited for upcoming data to provide more clarity on interest rate policy. As of 0446 GMT, spot gold was down by 0.2%, at $4,196.96 an ounce. U.S. Gold Futures for December Delivery were down 0.2%, at $4225.90 an ounce. Soni Kumari is a commodity strategist with ANZ. She said: "The market has priced in a Fed cut of 25 basis points. What is needed now is a new trigger to push (gold) higher." Kumari said that a decline to $4,000 could...

The iron ore futures price fell for the second session in a row on Thursday as global supply increased. As of 0327 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was trading 0.88% lower. It was priced at 792.5 Yuan ($112,10) per metric ton. The benchmark January Iron Ore at the Singapore Exchange dropped 0.19%, to $104 per ton. Analysts from ANZ said that the first commercial shipment of iron ore from the Simandou Mine in Guinea will be heading to China. This marks a change in global supply. India's imports of iron ore hit...

The gold price remained stable on Wednesday, as traders waited for key U.S. indicators to gauge Federal Reserve policy. Silver prices also declined from their new record high. At 0856 GMT the spot gold price was unchanged at $4,207.60 an ounce, after dropping more than 1% during the previous session. U.S. Gold Futures for December Delivery were up 0.4% to $4,237.90 an ounce. Ole Hansen is the head of commodity strategy for Saxo Bank. He said, "(Gold's) price remains unchanged in early European morning hours as attention turns to key U.S. economic data that may cement expectations of a metal-supportive...

The price of iron ore futures fell slightly on Wednesday due to weaker demand signals. Traders were also awaiting the outcome of upcoming Chinese economic meetings for any guidance regarding growth targets that could be supportive. The January contract for iron ore on China's Dalian Commodity Exchange was down 0.19% at 799.5 Yuan ($113.19). As of 0724 GMT, the benchmark January iron ore traded on Singapore Exchange was up 0.24% at $104.15 per ton. Atilla Winnel, Singapore-based Navigate Commodities managing director, explained that a broader macro trade drives speculation in China-centric futures for industrial commodities. Investors await signals from the...

Marie Jaroni is the head of Thyssenkrupp’s steel division. She estimates that a restructuring agreement, which will result in the loss or outsourcing of 11,000 jobs, will cost the company three digit million euro, according to the Frankfurter Allgemeine Zeitung. Thyssenkrupp Steel Europe said this week it had reached an agreement with the IG Metall to reduce or outsource 40 percent of its workforce. It will also reduce production to a level of shipping of 8,7 million to 9,0 million tons from 11.5 millions at present. The restructuring costs us about a million euros. In an interview published Wednesday, Jaroni...

Silver soared to record levels on Wednesday, as investors held onto expectations of a Federal Reserve interest rate cut. This week, a number of U.S. economic data will determine the direction of monetary policy. As of 0506 GMT spot gold was up 0.4% at $4,222.22 an ounce after falling by more than 1% the previous session. U.S. Gold Futures for December Delivery were up 0.8% to $4,252.90 an ounce. GoldSilver Central MD Brian Lan stated that "we've seen some profits-taking in gold and moved into crypto or equity so we should be seeing a return, which is quite normal. Especially...