Asia / Pacific

Fuchs, a German lubricants manufacturer, announced on Friday that the production of its jointly-owned facility in Yanbu (Saudi Arabia) had been suspended until further notification after a Saturday fire caused significant damage to the site. The cause of the fire is not known. It may have been caused by the Houthi?militants who attacked Saudi ports on Saturday. A spokesperson for Fuchs told us that the company relied solely on information supplied by its partner, and was unable to provide further details. The company confirmed that no employees were injured. Yanbu is Saudi Arabia's Red Sea oil port and has now...

Japan's Seven & i Holdings?formed a partnership with SoftBank -Corp, PayPay, and?Sumitomo -Mitsui Card.?Each will invest 100 billion yen (620 million dollars) in the 7-11 operator, a Friday filing revealed. The filing revealed that each of the three would acquire a 2.27%'stake? in Seven & i. LY Corp., a 'SoftBank subsidiary which runs the Line messaging application along with a number of online businesses has also signed a strategic partnership. The filing stated that they aim to 'integrate customer 'information' and create a loyalty point ecosystem across Seven & i physical stores, as well as the online and financial customers...

Local media reported that First Deputy Premier Daniyar Amangeldiev had agreed to a monthly fuel supply of 100,000 metric tons with Russia. Reports stated that fuel would be purchased at the current market exchange rate. Kyrgyzstan relies on Russian imports for over?90% its gasoline and diesel, but the supply has been in question due to Ukrainian drone attacks?on Russian refining facilities and a subsequent shortage. Kyrgyz officials have taken a number of measures in recent weeks to stabilize the fuel market. These include a temporary price control, a ban on exports of petroleum products, and the removal of state regulation...

Austrian oil and gas company OMV reported a record?quarterly profit on Friday, surpassing estimates. Price?hikes?across-the-board more than offset sales impact from the Middle East conflict. Oil companies have benefited as a result of the increased volatility in energy markets, as the U.S./Israeli conflict against Iran has caused sharp fluctuations in crude oil and gas prices. OMV's operating profits jumped by 65% year-on-year, to EUR1.71bn ($1.97bn), exceeding analysts' expectations. The company has confirmed that it expects the Brent price to range between $85-$95 per barrel for the entire year, "subject to the resumption of shipping through the Strait of Hormuz". Brent...

Alimentation Couche-Tard, a Canadian retailer, announced on Friday that it plans to 'buy' Poland's Zabka at a cost of 'about $8.7billion. This will be its largest acquisition. It will also expand its presence in Central & Eastern Europe. Last year the company abandoned a bid worth $46billion for Japan's Seven & I. Couche-Tard announced that it has secured commitments from investors including CVC Capital and Partners Group, to tender their shares. This gives it the backing of investors who represent about 57% Zabka's capital. The company has launched a voluntary tender offer for 32 zlotys a share. This is a...

The'regional governor, Andrei Bocharov said that a drone attack caused a fire at an energy facility in Volgograd, causing five injuries. He did not give any details about the facility. A Lukoil oil refinery is located in the region. Bocharov said on Telegram that five people were seeking medical attention after the attacks. Regional governor Yuri Slyusar posted on a messaging app that a woman was injured in Gukovo after a drone strike. Ukraine recently intensified its attacks on Russian logistic hubs such as those of the top online retailer Wildberries. It also continues to strike energy facilities, which has...

Portugal's government announced on Thursday that it has approved a windfall tax of 33% on profits earned by oil and refinery companies in 2026 as a result of a surge in energy prices triggered by the Iran War. In a press release, the finance ministry stated that the windfall taxes would be applied to the portion of 2026 profits for companies that exceeded by 20% the average profit recorded in 2024 and 2025. The report said that while oil and refinery companies had made extraordinary profits, it was due to external market conditions. It said: "It's fair and necessary to...

Sinochem sold a 14% share in Pirelli to Czech billionaire Michal Strnad on Thursday. The Chinese state-owned group has significantly reduced its investment in the Italian tyremaker. Sinochem said it sold shares as part of its 34.1% overall shareholding in a block trade deal, reducing its stake to 20,1%. This made Pirelli the second largest shareholder. Strnad’s investment company Lumina Crown issued a statement saying it had acquired a 14% stake in Pirelli, making it the third largest shareholder. It said that the investment was a “long-term” one. Strnad, the largest shareholder in the Czechoslovak Group (CSG), is a defence...

This week, European refiners made bumper profits for producing fuels like gasoline and diesel. A wave of?attacks against oil refineries in Russia and the Middle East further tightened supplies and raised prices worldwide. Fuel prices are rising, which is affecting consumers and businesses around the world. Fuel prices continue to rise despite crude oil falling to $90 per barrel, well below the record $147 set in 2008. This is because attacks on refineries caused by wars in Iran and Ukraine has destroyed a number of major plants which make fuels from crude. The premium that European low-sulphur gasoline futures command...

An official of the Korea Petroleum Association stated that South Korea's refiners were considering importing Venezuelan crude to diversify their supply sources, as the conflict in the Middle East is disrupting shipments through the Strait of Hormuz. GS Caltex is one of the country's largest refiners. In June, it imported 110,000 barrels from Venezuela to?test its quality. The association official confirmed a?local report. Officials said that the refiner would assess whether or not the crude is suitable for their facilities, and evaluate product yields. Officials said that the other 'three refiners - HD Hyundai Oilbank SK Innovation, and 'S-Oil -...

Ampol, an Australian company, said that its Lytton refinery's margins more than tripled in the 2nd quarter. This was boosted by the surging oil prices linked to the Middle East war, which pushed the shares of the company to their highest levels in over two years. Ampol reported that the prolonged closure of Strait of Hormuz has tightened crude supply to Asian refiners. This has reduced refinery activity, and driven up refined fuel margins because of product shortages. Ampol stated that it was in a good position to handle any conflict as they had secured supplies for the majority of...

Ampol, Australia's refinery, reported on Thursday a 255% increase in its second-quarter margins. This was attributed to a rise in oil prices due to the Middle East conflict as well as disruptions in shipping through the Strait of Hormuz. The top fuel retailer in the country said that its Lytton refinery margin?rose from $8.71 to $30.93 a barrel, compared with a year ago. Ampol shares rose by 3.4% to their highest level since April 2024. The higher refining margin highlights how geopolitical tensions - in the Middle East - boosted profitability during this period as concerns over fuel supply disruptions...

The copper price?firmed up on Friday, and was set to post a'monthly gain' as the market digested an 'easier dollar and a greater improvement in risk appetite?in equity markets. Benchmark?copper? on the London Metal Exchange rose 0.27% to $13,840.5 per metric ton at 0740 GMT and was on course for a month-long gain of 3.5%. The most traded copper contract at the Shanghai Futures Exchange increased 0.66%, to 105460 yuan, or $15,632.04, a 3% increase since the beginning of the month. The dollar tumbled overnight, making copper and other greenback-denominated commodities ?cheaper for buyers using other currencies, offering support. Dr...

Investors weighed Middle East developments and their impact on U.S. interest rate outlook as they weighed the gold price on Friday. As of 0703 GMT spot gold dropped 0.7%, to $4,075.35 an ounce. However, it was on track for a 0.5% weekly increase. Prices rose by about 1.7% in the last month. U.S. Gold Futures for August delivery fell 0.6% to $4 074. "Gold has a slight negative bias today due to profit-taking, and a moderate bounce in the U.S. Dollar, after the metal's gains and the corresponding drop in the greenback yesterday," said Tim Waterer, chief analyst at KCM...

The copper price rose on Friday, and was set to gain a month-long increase as the market absorbed a lower dollar and continued supply pressure. Benchmark three-month?copper?on London Metal Exchange?was flat at $13,804.5 per?metric?ton?by 0300 GMT and was on course for a 3.25 % gain for the entire month. The most traded copper contract at the Shanghai Futures Exchange increased 0.71%, to 105.510 yuan (15,635.74) per ton. This is a 2.75 percent increase since the beginning of the month. Overnight, the?dollar fell making commodities cheaper for buyers who use other currencies. Copper prices have been supported by the falling stocks,...

South Korean shares rose 16% on Friday morning, fueled by a new surge in investment in global semiconductor stocks. This is the latest swing in a market that has been thrown back and forth by leveraged bets. The benchmark KOSPI rose 919.07 or 16.43% to 6,512.63 at 0115 GMT after three consecutive sessions that saw the index drop to its lowest levels since April 7. Both chipmakers are set to record record gains. Both chipmakers are responsible for more than half the KOSPI market capitalisation. The shocking turnaround was after the Philadelphia Semiconductor?Index soared 8% in U.S.A. on Thursday. Micron...

Tata Steel reported better-than expected first-quarter profits on Thursday. The company, India's largest?steelmaker, grew its net profit by 11.6% from a year earlier, despite higher costs for?coking coke. The Tata Group's company reported a net profit of 23.18 billion rupees (about $242.3 million) for the quarter ending June 30. This was an increase of 11.6% compared to a year ago. According to data compiled and analyzed by LSEG, analysts had on average expected a net income of 22.95 bn rupees. Elara Capital analysts said that prices of domestic flat steel products such as cold-rolled and hot-rolled coils rose both sequentially...

Gold prices rose on Thursday, as the U.S. Dollar weakened. Investors also weighed up the Federal Reserve's decision not to change interest rates and watched the escalating tensions that may have triggered inflationary pressures in the Middle East. By 1131 GMT, spot gold had risen 0.3% to $4.076.52 an ounce. U.S. Gold Futures for August Delivery rose 1% to $4074.30. The move for gold is "primarily driven" by the weaker U.S. Dollar, and markets are adjusting their expectations modestly on what next moves will be made by the Fed. UBS analyst Giovanni Staunovo stated. The U.S. Dollar Index has weakened...

Vedanta, an Indian conglomerate that converts metals into oil, announced on Thursday the appointment of Arun Misra to its chief executive position for a term lasting one year starting August 1. The company also reported a 72% increase in their first-quarter profit. Misra, who currently leads Vedanta subsidiary Hindustan Zinc, will take on the new position. Vedanta’s net profit for the quarter ending June 30 rose to 54.73 milliards rupees ($572.4 millions), boosted by higher base metals prices. Prices of base metals grew in April-June due to supply disruptions, and a steady demand. Geopolitical tensions around the Middle East also...

Investors weighed the decision of the Federal Reserve to hold interest rates at the same level this month, as well as the rising tensions that are affecting the Middle East and have raised inflation concerns. The spot gold price was unchanged at $4,062.30 an ounce as of 0841 GMT. U.S. Gold Futures for August Delivery rose by 0.7% to $4,060.60. Kevin Warsh, the U.S. central bank's chief, pledged to keep inflation under control. After the decision, spot gold prices rose by about 2%. The U.S. Military said that it had struck dozens Islamic Revolutionary Guard Corps targets in Iran in...

The dollar fell on Thursday after the U.S. Federal Reserve announced that it would maintain a stable interest rate. The benchmark three-month copper price on the?London Metal Exchange rose 0.75% to $13,676 per metric tonne by 0730 GMT. The Shanghai Futures Exchange's most traded copper contract fell 0.1% to 104 690 yuan (15,492.25 dollars) per ton. Dollar falls to one-week lows as markets assess possible Fed interest rate paths following Wednesday's policymakers' vote to maintain rates. A cheaper ?dollar can boost greenback-denominated commodities by making them more affordable for buyers using other currencies and ?higher interest rates can weigh on...

Gold prices fell on Thursday due to higher?U.S. Markets assessed the yields on Treasury bonds, as well as comments made by Federal Reserve Chairman Kevin Warsh about tackling inflation following this week's unchanged interest rates. As of 0714 GMT spot gold was down 0.5% to $4,045.59 an ounce after a 2% rise in the previous session. U.S. Gold Futures for August Delivery gained 0.2%, to $4043.70. The yields on the benchmark 10-year U.S. Treasury notes increased, increasing the cost of bullion. Soni Kumari, an ANZ analyst, said that "Yields" are a result of rate expectations. If the market believes that...

The World Gold Council reported on Thursday that India has seen an increase in unofficial gold imports since the government increased import tariffs earlier this year. This has led to a widening of margins for grey market operators, and hurting organised players. India, the world's second largest gold consumer, after China, increased import tariffs by more than two-thirds to 15%, on May 13, to reduce demand, reduce the trade deficit, and ease the pressure on the rupee. The arbitrage is huge. Sachin Jain is the chief executive officer of WGC India. He said that grey market inflows, and the disruption...

Heidelberg Materials said that it expects the war in Iran to further increase energy costs for this year. The German cement manufacturer also lowered its profit forecasts for 2026. The group stated that inflation and high financing costs would continue to have a negative impact on global residential construction. High energy costs were also cited as a major factor. Even though CEO Dominik von Achten highlighted "a?environment which remains geopolitically & economically'very challenging", he said that there were still first signs of a visible demand recovery in the core markets. Heidelberg Materials expects to see its operating profit drop from...