Asia / Pacific

The Energy Minister of Romania, Bogdan Ivan, said that three companies are interested in purchasing the Romanian assets owned by Russian Lukoil. They have been negotiating with the company directly. Lukoil operates 320 petrol stations across Romania. It is the third-largest refinery in the country and has offshore exploration rights to a part of the Black Sea. Ivan, a journalist for the online publication profit.ro, was quoted by the publication as saying: "At this moment, three companies have expressed an interest in acquiring Lukoil Romanian assets - both the refinery, and the petrol stations. They are currently negotiating with the...

India's Russian crude oil imports will be at their lowest level in three years by December. They were already higher than they had been for several months in November as refiners sought alternatives to avoid violating Western sanctions. The United States, Britain and the European Union have all tightened sanctions against Moscow in response to the conflict in Ukraine. Washington's most recent measures target top Russian oil producers Rosneft, and Lukoil. The deadline for buyers of Russian oil to end their dealings with these two companies was November 21. Separately the EU set a deadline of 21 January after which...

The author of the report that plunged BBC into crisis claimed the broadcaster wasn't "institutionally bias" but had editorial flaws. He hoped his criticisms could help to fix these. Michael Prescott, former external editorial advisor, has compiled a dossier of issues at BBC News. This includes allegations of bias regarding its coverage of the Israel/Hamas conflict and trans issues. The leaked report led to the resignations by Director General Tim Davie, and Deborah Turness as head of news, as well as a threat from Trump to sue up to $5 billion. This plunged the public broadcaster in its worst crisis...

The author of the report that plunged BBC into crisis claimed the broadcaster wasn't "institutionally bias" and had hoped to improve things with his criticisms. Michael Prescott, former editorial advisor, has compiled a dossier of issues at BBC News. This includes allegations of bias regarding its coverage of the Israel/Hamas conflict and trans issues. Leaked reports led to the resignations by Tim Davie, Director General, and Deborah Turness as head of news, and Trump threatened to sue the broadcaster for up to five billion dollars. This was the biggest crisis the public broadcaster has faced in decades. Prescott said to...

More milestones in the opening up of Kingdom Dhahran and Jeddah follow Riyadh's 'Booze Bunker. Aramco has not commented on the reported plan By Timour Azhari & Maha El Dahan RIYADH - Saudi Arabia is planning to open two new liquor stores, one of which will serve non-Muslim foreign employees at the state oil giant Aramco. The kingdom has also eased restrictions on alcohol, according to those briefed about the plans. Launching outlets in Dhahran, a province in eastern Saudi Arabia, and in Jeddah, a port city, would mark a new milestone in the efforts of Crown Prince Mohammed bin...

Investors said that BHP should focus on its own growth strategy and move away from Anglo American, following the Australian firm's last minute appeal to the London listed company, which is close to a $60 billion deal with Canada's Teck Resources. In recent days, the world's biggest miner contacted Anglo's board to determine if there was any interest in a merger. This was reported by Sunday. BHP announced on Monday that it would not pursue the bid, but instead focus its efforts on growth. The decision to leave comes before the votes of Teck and Anglo shares - scheduled for...

BHP Group, the mining company, has renewed its takeover bid for rival Anglo American, according to a source with knowledge of the situation. This comes just months after BHP and Teck Resources, the Canadian miner, agreed to merge to form a global heavyweight in the copper industry. Anglo American refused to comment. BHP didn't immediately respond to an outside normal business hours request for a comment. Bloomberg News, citing sources familiar with the situation, reported that BHP made overtures to Anglo American recently. The report added that discussions are still ongoing and a deal is not certain. Anglo American has...

Shumeet Baniaerji, an independent director of the BBC board, resigned on Friday after the broadcaster claimed that a speech given by Donald Trump was incorrectly edited. The BBC has threatened to sue for $5 billion over the matter. Banerji resigned a couple of weeks before the end of his four-year tenure. He is also a member of the board of Indian conglomerate Reliance Industries, and a former CEO of management consulting firm Booz & Company. Banerji, according to the broadcaster's news department, had written in his resignation letter that he felt upset by governance issues at top management. BBC News...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. As new and highly effective treatments for obesity have hit the market in the past two years, this category has become one of the most profitable segments in healthcare. The world's top-selling drug is now Lilly's Tirzepatide. It's...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. Obesity treatments, once considered a niche, are now among the most lucrative segments of healthcare. Demand is steadily increasing. Novo Nordisk was the first to market, but Lilly’s drugs Mounjaro & Zepbound have grown in popularity & helped...

The Russian currency market may be affected by the U.S. sanctions against Russian oil companies Rosneft, and Lukoil that will take effect on Friday at 1701 GMT. The rouble strengthened ahead of the deadline on the back of reports that the U.S. had drafted a plan to end the conflict in Ukraine. If implemented, this could lead to the cancellation or the sanctions. What has been happening on the Russian Forex Market? Last year, sanctions were imposed on Russia's largest operator, MOEX, in June, and Russia's third largest bank, Gazprombank in November. MOEX was subject to sanctions, which halted all...

Reliance Industries, India's largest refiner of crude oil, has ceased importing Russian crude into its Jamnagar complex in western Gujarat from November 20, a spokesperson for the company said. The Indian conglomerate has said that it will abide by the sanctions against Moscow, while maintaining its ties with existing oil suppliers. The United States, Britain and the European Union have all imposed sanctions against Russia for its involvement in the war in Ukraine. New sanctions by the U.S. target its two largest oil producers, Rosneft, and Lukoil. Reliance's spokesperson stated in a press release that all products exported from the...

The price of iron ore futures edged up on Wednesday. Support from a modest improvement in China's demand was greater than the pressure from a rising global supply as well as a decline in steel production. The January contract for iron ore on China's Dalian Commodity Exchange was trading at 797 Yuan ($112.57) per metric ton, up 0.19%. As of 0718 GMT, the benchmark December iron ore traded on Singapore Exchange was $0.71 per ton higher. The global iron ore production is projected to reach a new record in 2026 of 2,68 billion tons, thanks to the continued expansions in...

Gold reached a two-week high Wednesday after U.S. data reinforced expectations of a Federal Reserve interest rate reduction in December, and weighed down on the dollar. As of 0615 GMT spot gold was up 0.7% at $4,156.89 an ounce. This is its highest level since November 14. U.S. Gold Futures for December Delivery were up 0.4% to $4,154.10 an ounce. Tim Waterer, Chief Market Analyst at KCM Trade, said that expectations are shifting towards a rate cut in December. "A chorus of dovish comments from Fed officials has strengthened the case," he added. Data released Tuesday showed that U.S. Retail...

Gold reached a two-week high Wednesday after U.S. data reinforced expectations for a Federal Reserve rate cut in December, and the dollar was weighed down. As of 0437 GMT spot gold was up 0.7% at $4,160.12 an ounce. This is its highest level since November 14. U.S. Gold Futures for December Delivery were up 0.4% to $4,158.00 an ounce. Tim Waterer, Chief Market Analyst at KCM Trade, said that expectations are shifting towards a rate cut in December. "A chorus of dovish comments from Fed officials has strengthened the case," he added. Data released Tuesday showed that U.S. Retail Sales...

The copper price rose to its highest level in over a week Tuesday, boosted by the ongoing withdrawals from U.S. stocks, but weaker prospects for demand from China, a major metals consumer, capped gains. The benchmark copper price on the London Metal Exchange rose 0.6% to $10,833.50 per metric tonne by 0948 GMT, after reaching $10,884.50. This was its highest level since November 14. Copper stocks at the LME registered warehouses The Comex Copper stocks have fallen 42% this year. After hitting a new record in recent days, the continues to rise. The premium for the LME Cash Copper Contract...

Residents of Pari Island sue Swiss Cement Maker Holcim Climate change is blamed for higher temperatures and warmer seas Indonesian coastline is being eroded by mangroves. By Leo Galuh The Women's Group of Pari Island is hoping that mangroves will protect its coastline from rising sea levels, tidal flooding, and stronger waves. Mangroves absorb greenhouse gases, which are harmful to the planet. The sea has changed. "It's hotter and rougher. It scares us," Asmania, a mom of three, said as she dug her hands in the sand below the shallow sea. Pari Island, near Jakarta's capital, is home to only...

The price of copper rose on Tuesday as traders took into account supply developments, record U.S. stocks and the uncertainty surrounding the Federal Reserve’s interest rate decision for December. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading session up 0.65% to 86,600 Yuan ($12206.29) per ton. As of 0754 GMT, the benchmark three-month copper price on London Metal Exchange had increased by 0.71% to $10,850 per tonne. Freeport Indonesia announced on Monday that it had reduced its production plans for 2026 at its flagship Grasberg Mine to 478,000 tonnes of copper cathode, from the 700,000 tons...

Gold rose on Tuesday, reaching its highest level in over a week. This was despite a strong dollar after Fed policymakers' dovish remarks revived the prospects of an American rate cut in December. Gold spot rose by 0.1% at $4,140.85 an ounce as of 0457 GMT. This is the highest level since November 14. It follows a 1.8% increase on Monday. U.S. Gold Futures for December Delivery were 1.2% higher, at $4.141.20 an ounce. Kelvin Wong, senior market analyst at OANDA, said that gold prices recovered in the short-term due to expectations of a rate reduction. Market participants will be...

China launched its Shenzhou-22 space mission on Tuesday to address safety concerns for the crewed spaceflight and space station program after an orbital vessel was damaged earlier this month. According to CCTV's livestream, the Shenzhou-22 took off at 12:11 pm (0411 GMT) from Jiuquan Satellite Launch Center. The spacecraft is headed to China's permanently-inhabited Tiangong station where three astronauts are currently residing. They do not have a flightworthy vessel to return them to Earth if an emergency occurs. The Shenzhou-20 was supposed to bring back three Chinese astronauts to Earth on November 5. However, it was declared unfit for flight...

The price of copper rose on Tuesday as traders took into account supply developments, record U.S. stocks and the uncertainty surrounding the Federal Reserve’s interest rate decision for December. As of 1300 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.33% to 86,320 Yuan ($12154.32) a metric tonne. The benchmark three-month copper price on the London Metal Exchange rose 0.31% to $10,806 per ton. Freeport Indonesia announced on Monday that it had reduced its production plans for 2026 at its flagship Grasberg Mine to 478,000 tonnes of copper cathode, from an earlier expectation of 700,000...

Lynas Rare Earths, based in Australia, said that it estimated a possible shortfall of one month's worth of production at its Kalgoorlie plant in Western Australia due to significant power supply interruptions. Lynas stated that the Kalgoorlie Rare Earths processing facility has experienced a dramatic increase in power supply interruptions since 2025. November saw a particularly high number, which resulted in significant losses in production of Mixed Rare Earth Carbonate. The largest rare-earth manufacturer outside China, the world's biggest rare-earth supplier, also expects that the Kalgoorlie disruptions will affect the production of finished products at its Malaysian plant during the...

Gold prices increased on Monday due to a falling dollar and growing expectations that the Federal Reserve will cut interest rates next month. As of 09:12 am, spot gold was up by 0.4% to $4,081.52 an ounce. ET (1412 GMT). U.S. Gold Futures for December Delivery were unchanged at $4,079.30 an ounce. Dollar index fell, making dollar priced bullion more accessible to holders of other currencies. Bart Melek is the head of commodity strategy at TD Securities. Melek continued, "A combination (of lower expectations) and a stronger U.S. Dollar has helped gold in the current environment." John Williams, the New...

Harmony Gold announced on Monday that its board of directors has approved an investment between $1.55 and $1.75 billion for the development of its Australian copper project, following completion of a new feasibility study. South Africa's largest gold producer is now diversifying into the copper industry as gold mining becomes more expensive and difficult geologically in its own country. Copper's appeal is also boosted by its use in electric vehicles and grid infrastructure. Harmony acquired the Eva Copper Project in Queensland in 2022. Harmony said that the mine will produce 65,000 tons of copper concentrate per year in its first...