China

Four trade sources reported?on Tuesday that the independent Chinese refiner Chambroad Petrochemical had purchased one Canadian crude cargo for May delivery. This follows a decrease in Venezuelan crude supply to China. According to sources, the refiner is one of the biggest buyers of Venezuelan crude oil. It also imports Canadian oil from the Trans Mountain pipeline for its bitumen manufacturing. Chambroad bought Canadian Cold Lake Crude exported?from TMX for a discount of close to $5 per barril compared to the July ICE Brent contract, according to two people. The crude was to be delivered to the eastern Shandong Province in...

Even though oil prices rose 15% in January on the back of fears that a new U.S. attack on Iran was imminent, they remain in a narrow range. A well-supplied oil market makes it unlikely that either side will be able to push prices higher. It would take a massive, sustained action to make a significant impact on the global supply-demand imbalance. Brent crude futures are at their highest level since July?last year. This puts the global benchmark in line for its largest monthly gain since January 20,22, when Russian troops were preparing to enter Ukraine. A series of major...

Four people who are familiar with these reports in recent days have expressed doubts that interim Venezuelan president Delcy Rod will cooperate with Trump's administration by cutting off ties to U.S. enemies. Officials of the United States have publicly stated that they want Venezuela's interim president to cut ties with allies such as Iran, China, and Russia. They also want their diplomats and advisors expelled from Venezuela. Rodriguez, who was sworn in by the representatives of these countries at the beginning of this month, has not yet publicly announced such a decision. She was elected president on January 3 after...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence will accelerate the trend of technological leaps that have been a hallmark of U.S. efficiency, flexibility and dynamism. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a good footing. Demand at home and abroad has been robust since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI...

Sinochem, Pirelli's Chinese investor, said Monday that it had proposed a "structured" solution to end a dispute with the Italian investor of the tyremaker Camfin. The announcement comes at a time when the 'government' is evaluating options to limit Sinochem’s influence over Pirelli or even to turn it into a shareholder passive, in an effort to facilitate the expansion of the tyremaker in the U.S. Sinochem, a Beijing-based company, is the largest shareholder in Pirelli with a 34.1% stake. Camfin, a vehicle owned by Italian businessman Marco Tronchetti Provera, has a 25.3% share, and plans to increase this to up...

India and the European Union have completed negotiations on a long-coveted deal which will be announced Tuesday, said?the South Asian nation’s trade secretary on Monday. Both sides hail this agreement as?historic in light of strained U.S. relations. The agreement paves way for the free exchange of goods between India and the 27 European nations, who together account for a quarter the world's Gross Domestic Product and have a combined market of over 2 billion consumers. "It's a deal that is balanced and forward-looking for better integration of the EU into the economy." "The deal will boost trade and investment between...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence (AI) is expected to accelerate these trends. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a high note. Demand at home and abroad has been robust. This is the fastest growth in output since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI have been below that...

The U.S. took over Venezuela's oil imports and redirected crude barrels which were used to pay off debts owed to China. What is the debt owed by Venezuela to China and why was it paid after Venezuela defaulted? HOW MUCH DO VENEZUELA OWES CHINA? The data on Venezuela's debt are sketchy, especially since 2017, when U.S. sanctioned triggered a default. AidData, a?research laboratory at the U.S. University William & Mary that tracks lending, estimated official sector Chinese lenders extended loan commitments of $106 billion to Venezuela from 2000 to 2018. Separately they calculated that $44 billion was outstanding in 2017....

The U.S.'s control over Venezuela's oil exports ensnared the barrels that were servicing debts to China. This could lead to another showdown between two superpowers, which would further complicate the South American nation's path towards avoiding default. Venezuela's $150billion foreign debt is believed to be a tenth loan from China, which the OPEC country was paying with oil cargoes – until the U.S. seized Venezuelan president Nicolas Maduro this month. Experts in debt said that the impact of China's claim to the cargoes?and?any conflict with the United States?could make it harder for Venezuelans to restructure their debts after a default...

A U.S. official stated on Thursday that the Trump administration allows China to purchase Venezuelan crude oil, but not at the "unfair and undercutting" prices which Caracas had sold it at before the U.S. ousted President Nicolas Maduro. The official, who spoke on condition of anonymity, said that while the oil would be sold globally, the U.S. government has insisted that the majority is sold to them. The U.S. claims it will continue to control Venezuela's oil sales after seizing Maduro in January. The official stated that "thanks to President Donald Trump's successful and decisive law enforcement operation, Venezuelans will...

China has praised the visit by Canadian Prime Minister Mark Carney to Beijing on Thursday, calling it a "pivotal step" in efforts to recalibrate relations following months of intensive re-engagement. The remarks by China's top diplomat Wang Yi came during a meeting between Carney and his Canadian counterpart Anita Anand. Anita is a member of Carney's delegation on this first visit to Canada since 2017. Wang stated that this was the first time in eight years that the Canadian Prime Minister had visited China. This is a landmark and pivotal moment for our bilateral relationship. Wang said that China was...

China's crude imports increased 17% in December compared to a year earlier, and total imports for 2025 will rise 4.4%. The daily volumes of crude oil imported in December 2025 and throughout the year will be at all-time records. According to the General Administration of Customs, the world's biggest crude importer imported 55.97 millions metric tons of petroleum in December. This is equivalent to 13,18 million barrels of oil per day. The increase was 10% compared to 50.89 in November. The data shows that China will import 557.73 millions tons of crude oil by 2025 or 11,55?million barrels per day,...

The head of the mining lobby in Ghana has said that Ghana's finance minister offered to reduce a mining tax by two percentage points to help push a new gold royalties regime through. Africa's leading gold producer is looking to replace the flat rate of royalty with a sliding scale between 5% and 12% in order to maximize value at a time when prices are surging. The new gold royalties regime will come into effect in 21 days if parliament does not amend it. It adds one percentage point to every $500 increase in gold prices, similar to Burkina Faso's...

Investors shifted their focus to?corporate profits, while also weighing U.S. - Iran tensions. Officials from both sides said on Monday that Iran and the U.S. will resume nuclear talks in Turkey on Friday. Trump warned that if the sides failed to reach a deal, bad things could happen with U.S. warships advancing toward?Iran. Saudi Arabia's benchmark stock index rose 0.2% thanks to a 1.9% increase in ACWA Power, and a 0.6% rise in Saudi Arabian Mining Company. According to estimates by the government, the economy of Saudi Arabia grew 4.9% on an annual basis in its fourth quarter. This was...

These are the most popular stories from the business pages of the New York Times. The New York Times has not verified the accuracy of these stories. SpaceX, Elon Musk's rocket and satellite company, announced on Monday that it acquired xAI. This is a sweeping move for Musk to consolidate his empire, as he faces questions about its A.I. ambitions. Waymo, owned by Alphabet (parent company of Google), the self-driving cab company, announced on Monday that they had raised $16 Billion to fund their plans for global expansion. U.S. president Donald Trump announced on Monday that he would be launching...

Francois-Henri Pinault might not have gotten as much as he wanted last week when he sold the controlling stake of his family in Puma, to China's Anta, for $1.8 billion. According to two sources familiar with the matter, there was a "anti-embarrassment clause" in the agreement that sealed the deal. Artemis, Pinault's family company, initially reacted with a cold reception to Anta's cash offer of 35 euros per share for the 29% stake. However, one source said that the Hong Kong listed company agreed to pay more if an even higher offer was made. Hong Kong Stock Exchange filings reveal...

Investors saw that demand and supply prospects remained positive for the "red metal" as they continued to be concerned about supply. As of 0320 GMT the most active copper contract at the Shanghai Futures Exchange had fallen 0.50% to 101,340 Yuan ($14.603.99) per metric ton, after gaining up as much as 0.80% in the previous session. The benchmark copper for three months on the London Metals Exchange rose by 0.82%, to $12,997.50 per ton. Copper prices have been in a downward spiral since Friday after reaching record highs at both exchanges. Shanghai copper fell as much as 13.65% from a...

A Trump administration official who is familiar with the plan revealed that President Donald Trump will launch a?strategic critical minerals stockpile? with $12 billion of seed money from the U.S. Export-Import Bank. The investment is a 'last ditch effort by Washington to counter what they perceive as Chinese price manipulation for minerals such as lithium, nickel, and rare earths, which are vital to items like electric vehicles, high-tech weapons, and many other products. Bloomberg News reported that the project, Project Vault will combine private financing with a $10 Billion loan from the EXIM Bank in order to stockpile minerals for...

The price of copper fell on Monday, as investors entered a risk-off mood after Kevin Warsh's nomination to the position of?Federal Reserve Chair. Demand for the metal also dipped in the run-up to China’s Lunar New Year holiday. The Shanghai Futures Exchange's most active?copper? contract hit the lower price limits, falling 9% and closing daytime trading at $14,183.56 a metric tonne, the lowest level since January 9. On Monday, three other SHFE metals - aluminium, tin and nickel - also hit the lower price limit. Shanghai aluminium fell 9%, closing at 23,035 Yuan per ton. Nickel and tin, both down...

Iron ore futures fell on Monday, as Chinese inventories increased and steel mills finished restocking. Meanwhile, feedstock demand is expected to remain slow ahead of the Lunar 'New 'Year. As of 0257 GMT, the?most-traded contract for May iron ore on China's Dalian Commodity Exchange fell by 0.63% to $788 yuan (US$113.37) per metric ton. The benchmark March ore traded on the Singapore Exchange fell 0.42% to $103.35 per ton. Steelhome, a consultancy firm, released data on January 30, showing that iron?ore stocks at major Chinese ports increased by 1.16% in a week. A note from the Shanghai Metals Market stated...

The copper price fell on Friday due to a stronger dollar, and investors locking in profits after the previous session’s record high. Benchmark three-month Copper on the London Metal Exchange fell?3.3%?to $13,161 per metric ton at 1706 GMT, but held above its moving average of 21 days which provides support for $13,011. The copper price is up by 6% in this month. It has reached a new record high of $14,527.50 as speculators continued their buying spree on Thursday. This drove the LME index of six base-metals contracts to a new'record high. In a recent note, Stonex analyst Natalie Scott...

Mozambique President Daniel Chapo inaugurated a 200,000-metric-ton-per-year graphite-processing plant on Friday at a Chinese mine, as the country boosts its output of the battery mineral. The United States Geological Survey estimates that the annual global production of graphite is 1.6 millions metric tons. Mozambique, meanwhile, is one of world's leading producers of this mineral. It is an?excellent conductor of electricity and heat, and is used to make?batteries and mobile phones for electric cars. China is the largest graphite producer and miner in the world. Chapo said Mozambique was making the most of its resources, including a liquefied gas project worth...

Dalian ore futures were unable to find direction on Friday, as traders weighed China's increasing portside iron ore inventory at the end of the pre-Lunar New Year window against the expectation that the demand for feedstock would soon increase. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.06% higher, at 791.5 Yuan ($113.91). This week's contract gained 0.18%, reversing the previous week’s decline. As of 0717 GMT, the benchmark March iron ore traded on Singapore Exchange was down 1.03% at $103.7 per?ton and had declined by 1.08% for this week. According to a...

Dalian iron-ore futures dropped on Friday as China's portside inventories accumulated towards the end of the pre Lunar New Year restocking period, but?demand is expected to increase. As of 0326 GMT, the?most-traded?May iron ore contract at China's Dalian Commodity Exchange traded 0.32% higher at 788.5 Yuan ($113.46). The contract is expected to continue declining for the second consecutive week. The benchmark March Iron Ore at the Singapore Exchange fell 0.79% to $103.95 per?ton and decreased 0.84% in this week. According to a report from the Shanghai Metals Market, China's iron ore portside inventories are continuing to grow, but that transaction...