Asia / Pacific

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...

Investors awaited progress in the Russia-Ukraine talks and concerns about supply exceeding demand. Brent crude futures rose 11 cents or 0.2% to $62.05 per barrel at 0241 GMT. U.S. West Texas Intermediate Crude was trading at $58.38 per barrel, an increase of 13 cents or 0.2%. ING analysts said that while the oil market has moved deeper?into a glut expected, Russian supply is still a concern. ING stated that "while Russian seaborne export volume is holding up well, barrels?are having a hard time finding buyers", adding that Russian oil 'output would start to drop if buyers cannot be found. After...

Elon Musk’s SpaceX will?be pursuing an initial public offer next year. The company is looking to?raise more than $25 billion with a valuation of over $1 trillion. SpaceX has begun discussions with banks regarding the public listing. This could happen around June or July. Musk said in 2020 that SpaceX would list Starlink a few years later, once revenue growth was "smooth and predictable". SpaceX didn't?immediately reply to a comment request. Saudi Aramco is the only IPO that has?achieved a value of $1 trillion or higher. It debuted 'in December 2019 and had an estimated market capitalization of $1.7 billion....

A judge in Ecuador ordered Monday that former president Lenin Moreno stand trial for alleged bribery related to the construction of Ecuador's largest hydroelectric plant. The case was first brought in March 2023 by the prosecutor’s office. It involved Moreno and members of his family as well as local and Chinese business partners in connection with bribes paid for the construction Coca Codo Sinclair, which started operations in 2016. Since then, it has been plagued by technical problems. According to the prosecutor, Sinohydro (the Chinese builder of the hydroelectric plant) allegedly paid around $76million in bribes between 2009 and 2018....

Donald Trump, the U.S. president, has continued to criticize and take action against corporate executives, institutions and corporations, even months after assuming office. His actions, from new export deals to freezing university grants, have changed the status quo in the United States between government, law and academia. Trump has publicly criticised a number of influential individuals and entities. NETFLIX Netflix has acquired Warner Bros Discovery’s film studios, streaming service and Warner Bros Discovery’s streaming arm for $72 billion. This gives Netflix control over one of Hollywood’s most iconic assets. After a lengthy bidding war, Netflix's offer of nearly $28 per...

Two people familiar with the project said that a Chinese refinery operator, whose main business suffered when Washington sanctioned it in May over its purchase of Iranian oil, is pushing ahead with a $3.6billion petrochemicals extension project. Construction at the Xinhai Chemical Site in Cangzhou, north China, shows how independent refiners in the country, Iran's biggest oil customers, maintain their business despite being on the growing Western blacklists aimed to curtail oil revenues for governments such as Tehran and Moscow. State media reported that Hebei Xinhai Holdings Group, the parent company, announced a plan in early last year to convert...

The General Administration of Customs reported on Monday that coal imports from China, the largest buyer in the world, dropped 20% from their record high of the previous year. Imports in November, at 44.05 millions metric tons, were up by 6% compared to 41.74 tons in October. Imports in November of the previous year had reached 54.98 millions tons, a monthly record. The China Coal Transportation and Distribution Association's (CCTD) website reported in late November that although imported coal has a slight price advantage, this arbitrage has decreased as domestic coal prices have fallen. CCTD stated that due to supply...

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...

The gold price held at a 7-week high?Friday. This was due to the expectation of further interest rate reductions next year after the U.S. Federal Reserve rejected hawkish bets. Silver prices were just below their record high from Thursday. Gold spot rose by 0.1% at $4,286.35 an ounce as of 0708 GMT. It was still on course for a weekly gain of 2.1% after reaching its highest level since October 21 last Thursday. U.S. gold futures rose 0.1% to $4317.50. Dollar was set to drop for the third consecutive week, making gold cheaper for foreign buyers. Soni Kumari, an ANZ...

This week, gold?discounts widened in India as demand declined despite the?wedding?season after prices reached record highs. Meanwhile, Chinese demand was muted amid high spot prices and volatility. Indian dealers are offering a discount This week, official domestic prices will be discounted by up to $34 per kilogram, including 6% import duties and 3% sales taxes. This is a larger discount than the $22 last week. A Mumbai-based dealer of bullion with a private banking firm said that jewellers had not been purchasing (gold), as the footfall in their stores has dropped due to a?price rise. On Friday, the price of...

Shanghai copper prices reached a new record on Friday, and are on course for a third straight 'weekly' gain. This is due to the promise by China of a fiscal boost next year as well as the U.S. Federal Reserve reducing interest rates and expanding its balance sheet. By 0204 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 1.34%, to 93570 yuan (US$13,261.43) a metric ton. It reached an all-time high of 94.080 yuan earlier in the day. This was a record that had been set on Monday. Benchmark three-month Copper on the London Metal...

Two sources with knowledge of the matter said that Zhuzhou Smelter Group - one of China's biggest zinc smelters - broke a contract to supply Teck Resources’?Red Dog Mine in Alaska due to high tariffs caused by Washington and Beijing's trade war. Teck, a Vancouver-based company, supplies zinc concentrates from Red Dog, the world's biggest zinc mine, to clients around the globe, including Asia. At the height of their trade war, two of the world's largest economies have imposed tariffs in triple digits on each other's imported goods. After multiple rounds of talks, and a'meeting' between U.S. president Donald Trump...

The dollar fell on 'Thursday, as the U.S. Federal Reserve cut interest rates by a quarter point. Silver also surged and reached a new record high. As of 11:49 am, spot gold rose 1.2% to $4,275.39 an ounce. ET (16:49 GMT), it reached its highest level since the 21st of October. U.S. Gold futures for delivery in February gained 1.9%, reaching $4,303.90 an ounce. Spot silver rose 3.2% to $63.77 an ounce, nearing the session's record high of $63.93. Edward Meir, Marex analyst, said that silver is pulling up gold and also platinum and palladium. "There's a lot going on...

Gold edged lower on Thursday, as traders weighed ?the U.S. Federal Reserve's divided vote on a quarter-percentage-point ?interest ?rate cut, while silver climbed to yet another record high. As of 1248 GMT, spot gold dropped 0.3% to $4216.49 an ounce. U.S. Gold Futures for February Delivery gained 0.5%, to $4244.40 an ounce. Ross Norman, an independent analyst, said that the fundamentals of gold remained unchanged. The Fed cut rates by a quarter percentage point in a rare, divided vote on Wednesday. However, officials signaled a pause before further easing. They are assessing the future direction of the job market as...

The European Union has reached a provisional agreement on Thursday regarding new rules that will require all of its members to screen foreign investments into the EU?in sensitive sectors like defence, AI, or critical minerals to determine if it threatens economic security. Representatives from the European Parliament and Council, the grouping EU governments, have reached agreement on a draft text for re-evaluating its?existing FDI screen regulations. The text will still need to be approved by both bodies. All EU countries will be required to screen investments and block them if they pose a risk. The screening will extend to investments...

Gold edged lower on Thursday, as traders ?weighed the U.S. Federal Reserve's divided vote on a quarter-percentage-point ?interest ?rate cut, while silver climbed to yet another record high. As of 1111 GMT, spot gold dropped 0.3% to $4217.09 an ounce. U.S. Gold Futures for February Delivery gained 0.5% per ounce to $4,244.70. It's simply an over-positioning in gold due to the expectation of a rate cut which didn't?happen. Therefore, you're experiencing some selling pressure," said Ross Norman, independent analyst, adding that gold fundamentals were unaltered. In a rare split vote on Wednesday, the Fed cut rates by a quarter percentage...

Gold edged lower on Thursday, as traders ?weighed the U.S. Federal Reserve's divided vote on a quarter-percentage-point ?interest ?rate cut, while silver climbed to yet another record high. As of 0947 GMT, spot gold was down 0.2% at $4,220.09 an ounce. U.S. Gold futures for delivery in February rose 0.5% to $4247.50 an ounce. It's an overpositioning in gold, in anticipation of the rate reduction, which actually happened, and you're experiencing some selling pressure," said Ross Norman, independent analyst, adding that gold fundamentals remain intact. In a rare split vote, the Fed cut interest rates a quarter percentage point on...

Thyssenkrupp’s steel unit announced that it would temporarily stop production of electrical steel, a material key to wind turbines and electricity grids. It blamed 'cheap imports' from Asia, which it warned were putting an additional '1,200 jobs in danger. According to industry sources, the move was previously unknown and highlights the struggles Europe's steel industry faces in the face global trade frictions which have forced Chinese competitors to sell surplus capacity on the continent at a lower price, even by a quarter. Thyssenkrupp Steel Europe, Europe's second largest steelmaker, has already cut or outsourced 11,000 jobs as a response to...