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Japan's Sumitomo Realty bets on Mumbai serviced apartments and Mumbai by Japan's Sumitomo Realty
?Japan’s Sumitomo Realty and Development plans to expand into?India using an unconventional strategy: focusing on Mumbai and?managing apartments?rather?than?selling them, executives said. Japanese developers are expanding their presence on India's $300-billion real estate market. They have been attracted by the rising rents and lower construction costs than in Tokyo, New York, or London. Due to the slow process of land acquisition, players such as Japan's Mitsui, and U.S. based Blackstone have expanded their operations in India through partnerships with local developers or by purchasing completed buildings. Sumitomo is, on the other hand, focusing its efforts in Mumbai, and relying on a 'ground-up'?construction. In an interview, Niinomi masato, the general manager of Sumitomo India's business division said that Mumbai is a city with assets and vitality worth focusing on. Sumitomo, which manages 240 properties in Tokyo, has called Mumbai the "second growth engine". Masato?added that Mumbai has fewer geographic risks, such as earthquakes which can threaten assets or cash flow. MAIN BET ON MUMBAI Tomoki Iwata said that the company is reviewing other cities, but has not yet found any suitable sites in Delhi or Bengaluru. Sumitomo believes that there is a greater supply of prime locations than in Mumbai where the land shortage creates opportunities for rental growth over time. Sumitomo has five projects in India, all located in Mumbai, four of which are in the Bandra Kurla Complex, near the international airport and home to many multinational companies. Iwata stated that these four projects will be completed in five years, and cash flow will fund future expansion. He said Sumitomo spent a quarter its $6.5?billion India commitment but declined to provide details. Servicing, not selling Rents for "premium" apartments in India have also increased as the country's wealth has grown. According to Cushman & Wakefield, the average rent in south Mumbai was as high as 730,000 rupees per month this year, which is about 20% more than it was three years ago. Luxury homes are typically sold for millions of dollars by local developers such as Oberoi and Godrej Properties. Masato stated that Sumitomo will manage and rent the apartments in one of its "super high-rise" Mumbai project rather than selling them.
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Azerbaijan ships first gasoline to Armenia after decades-long war
Azerbaijan's state oil company SOCAR delivered 1,220 metric tonnes of gasoline to Armenia on Friday, the first shipment in 30 years as the two countries?gradually? improve their relations after decades of war. Azerbaijani officials said that the gasoline was transported by train near the border of Georgia to Boyuk Kesik, where it will be then delivered to Armenia. Hikmet Hajiyev is the assistant to Azerbaijani president Ilham Aliyev and head of foreign policy in his administration. He said they also discussed demarcation of the disputed border. Azerbaijan has been at war with Armenia for almost 30 years. In the 1990s, Nagorno Karabakh, which is internationally recognized as a part of Azerbaijan broke away from Baku and ethnic Armenians declared de facto autonomy. Azerbaijan took control of the region in 2023. The two sides then began peace talks. Azerbaijan reopened earlier this year its territory to the?transit? of goods from Azerbaijan to Armenia. This?route had been closed since 1997. Two grain shipments?from Kazakhstan, Russia and Azerbaijan have already crossed Azerbaijan on their way to Armenia. Another consignment of Russian grains is expected before the end of this year.
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Von der Leyen: EU will lift sanctions against Kosovo and release financial assistance
According to European Commission President Ursula von der Leyen, the European Union will lift the sanctions it imposed against Kosovo in 2023 due to tensions in the northern part of the country. The EU introduced punitive actions against the ethnic Albanian majority in Kosovo after the government of Prime Minister Albin Kriti failed to respond EU and U.S. requests to defuse violence in northern Serb majority following "the worst violence in more than 10 years". These measures included stopping visits to the EU by Kosovo officials and suspending large parts of EU economic assistance. Von der Leyen posted a 'post on X, late Wednesday night. 'Good news for Kosovo. "We have programmed 216 million euros ($253 millions) in financial assistance and plan to release 205million euros early next year." In 2023, violence erupted after ethnic Albanians became mayors in the northern part of Kosovo following local elections that were boycotted. Serbs demanded the implementation a decade-old agreement granting greater autonomy. Around 30 NATO peacekeeping soldiers guarding townhalls were injured during clashes between protesters and Serbs. Von der Leyen stated that the EU decided to lift the restrictions after the local elections in October, which saw the installation of Serb mayors. Kosovo is due to hold a parliament election on December 28th after a failed attempt to form a new government in February. Normalising relations between Kosovo and Serbia is essential to their common goal of EU membership. ($1 = 0,8532 euros) Reporting by Ivana Skularac and Editing by Timothy Heritage
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Palm oil prices rise on bargain-buying and soyoil price spread
Malaysian palm futures rose for the second session in a row on Thursday, boosted by bargain-buying and improved prices against'soyoil. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Market gained 13 ringgit or 0.33% to $3,979 ringgit (US$974.29) per metric ton. The recent price drop has prompted traders to buy the dips. Palm oil is also more attractive than other oils, especially soybean oil. Dalian's soyoil contract with the highest volume?fell by 0.38% while palm oil contracts grew by 0.46%. Prices of soyoil on the Chicago Board of Trade rose by 0.31%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of rival edible oils. Oil prices increased slightly as investors weighed the risks of a Venezuelan oil blockade and further U.S. sanction against Russia. Palm oil is more attractive as a biodiesel feedstock due to the stronger crude oil futures. The palm ringgit's currency edged up 0.05% against the dollar making the commodity slightly more expensive for buyers with foreign currencies. A circular posted on the Malaysian Palm Oil Board's website revealed that Malaysia had lowered the crude palm oil price reference for January 2026 to a level which?lowers export duty to 9.5 percent. The Indonesian Palm Oil Association reported that Indonesian palm oil stocks fell by 10% at the end of October despite a rise in production. $1 = 4.0484 ringgit (Reporting and editing by Ashley Tang, Subhranshu Sahu, and Tasim Zaid)
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Russia hopes Trump doesn't make a 'fatal mistake' in Venezuela
The Russian Foreign Ministry said Thursday that they hoped the U.S. President Donald Trump administration didn't make a fatal mistake over Venezuela. They also said that Moscow was concerned about U.S. actions that threaten international navigation. Trump ordered on Tuesday a "blockade", of all oil tankers sanctioned by Washington, that enter and leave Venezuela. Washington was trying to increase pressure against Nicolas Maduro’s government. After the U.S. seize a sanctioned oil tanker off the coasts of Venezuela, last week. Loaded vessels with?millions barrels of crude oil chose to stay in Venezuelan waters than risk being seized. In a press release, the Russian foreign ministry stated that it hoped "the D. Trump Administration, which is characterized as a 'rational and practical approach,' will not make a grave mistake." The ministry stated that Venezuela is a friendly nation to Russia and that Moscow hopes the U.S. will not get involved in a situation which could have "unpredictable effects for the entire Western Hemisphere". Russia quoted Simon Bolivar as saying, "Every nation has the right to select its own rulers, and other countries should respect this." Bolivar was a brilliant Venezuelan tactician, who freed much of South America from centuries-long Spanish rule. The Russian ministry stated that it wanted to normalize the dialogue between Washington DC and Caracas and reiterated Russia's "solidarity" with the Venezuelans in the face of their trials. Russia supports "the Maduro Government's course, which is aimed at protecting national interests and the sovereignty of the Motherland." (Reporting and writing by Felix Light, Guy Faulconbridge; editing by)
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Gabon introduces new housing tax to tackle debt
Gabon plans to introduce a housing tax next January in order to finance the needs of this oil-producing nation, as its debt continues to grow. The country is facing an acute liquidity squeeze that has made it more dependent on regional capital markets. Marie-Noelle Ada Meyo, a special adviser to the Gabon Presidency's social media, said that authorities are working on an annual tax which will be paid by the owner or tenant of a dwelling. Ada Meyo, Gabon's Treasury Minister, said that the funds will be used to improve street lighting, road maintenance, and city cleanliness. The amount of the contribution will vary depending on where you live, between $1,000 ($1.80), and 30,000 CFA Francs ($53.88), per month. She added that the exemptions will apply to households in need, schools, and places of worship. According to the World Bank, more than a third (33%) of Gabon’s population is living in poverty. In rural areas, access to basic services like water and electricity is still difficult. The outstanding public debt of Gabon increased to '8.6 trillion CFA Francs' ($15.45billion) by the end October, from '7.1 trillion' for the same time period last year. The total?amount includes 4.2 trillion CFA Francs in external debt and 4 trillion CFA Francs in domestic debt, including 3.2 billion issued on the regional market. At the end of October, arrears totaled 443.6 billion CFA Francs. $1 = 556.7500 CFA Francs (Reporting and editing by Alexander Smith; Anait Miridzhanian)
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China aluminium imports decline 14% y/y, custom data shows
Customs data released on Thursday showed that China's imports of?unwrought aluminium? and?aluminium? products dropped 14% from a year earlier in November. According to the General Administration of Customs, China was the world's largest metals consumer in November. Traders said that the decline in imports, which ended five months of growth in volume, was a sign of softer demand for metals used in construction, transportation and packaging. The traders also added that arbitrage incentives remained muted and import appetite was weak. In the first 11 months 2025, China imported 3,60 million tons unwrought aluminum and aluminium-based products. This is an increase of 4.4% over the same period last year. The data includes primary metals and alloyed aluminum that has not been wrought. Imports of Bauxite (a key raw material for aluminium) increased by 22.9% in November compared to the previous year, to '15.11 millions tons. This brings the total year-to date imports up to '185.96million tons, a?29.4% increase year-on-year. According to Bureau of Statistics data, China's aluminium production remained high in November. It was up 2.5% on the year to 3.79 million tons. (Reporting and editing by Eileen Soreng, Lewis Jackson, Dylan Duan)
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Iron ore continues to gain on improved steel margins and restocking hope
Iron ore futures continued to rise on Thursday. This was due to improved steel margins, and expectations of feedstock replenishment by steel mills in China, the top consumer. The largest iron ore contract on China's Dalian Commodity Exchange rose for the third consecutive session, ending daytime trading up 1.63% to 777.5 Yuan ($110.43), its highest level since December 8. As of 0722 GMT, the benchmark January iron ore traded on the Singapore Exchange had risen 0.87%. It was now trading at $104.55 per ton. The price of iron ore reached its highest level since November 27, at $104.6, earlier in the day. Analysts say that the sharp drop in coal and coke prices last week has improved profitability for some mills. Analysts at Galaxy Futures stated that "some mills could ramp up supply by the end of this month due to improved margins. However, hot metal production will continue to fall this week." Iron ore demand is usually gauged by the hot metal production, which is a blast-furnace product. In the meantime, Chinese steel mills will be frantically buying raw materials to replenish their in-plant inventories, including iron ore. This is to meet production needs during the Lunar New Year, which occurs in February. Coking - Following a decline earlier in the month, coal and coke (other steelmaking ingredients) both grew by 6.07% and 5.91%, respectively. Analysts at Galaxy Futures say that the expectation of a?reduced supply due to equipment repairs by year-end, and mills' need to restock their stocks, has supported coal prices. The majority of steel benchmarks traded on the Shanghai Futures Exchange have gained ground. Rebar gained 1.4%, while hot-rolled coil rose 1.05%. Stainless steel also rose 0.53%. Wire rod, however, fell by 1.19%. ($1 = 7.0409 Chinese Yuan Renminbi)
Stocks rise after softer United States inflation, positive 4th quarter earnings
Global shares jumped and the dollar fell on Wednesday, after data showed core U.S. inflation increased less than anticipated in December, raising the opportunities of a. second rate cut this year, while financiers cheered the first. wave of quarterly profits.
The Bureau of Labor Stats stated the customer price index. ( CPI) rose at a yearly rate of 2.9% in December, from. November's 2.7%, in line with expectations for 2.9%.
Core inflation, which omits food and energy costs, rose. by 3.2% below forecasts for a yearly increase of 3.3%.
U.S. stock index futures skyrocketed 1.5-1.7%,. having been up previously by simply 0.3%, while the dollar fell 0.5%. versus a basket of significant currencies.
Contributing to the upbeat tone for the stock market were bumper. fourth-quarter arise from the likes of JPMorgan, which. reported its most significant annual revenue on record on Wednesday, top. property manager BlackRock, which logged a record $11.6. billion in assets, and Goldman Sachs, which saw profit. more than double in the final 3 months of 2024.
U.S. Treasury yields= RR>>, which hit 14-month highs. near 4.8% earlier this week, fell 8.6 basis points on the day to. 4.704%.
The core index rose a cooler-than-expected 3.2% year on. year, the slowest rate since last August, and an indication of. underlying inflationary pressures fading somewhat, Pepperstone. senior research study strategist Michael Brown said.
Taking a step back, the CPI figures do not include especially. much to the more comprehensive discourse, instead, serving to re-affirm. that underlying price pressures remain relatively stubborn, and. that the course back towards the 2% inflation target will be a. fairly rough one, he said.
MORE RATE CUTS
Nonetheless, the futures market showed traders now anticipate. near 40 basis points in rate cuts from the Federal Reserve. this year, from around 30 bps before the inflation data.
In Europe, London's FTSE 100 was one of the. best-performing major equity indexes, up 0.9%, as shares in. rate-sensitive homebuilders rallied dramatically after data previously. showed British inflation suddenly cooled in December.
This possibly also gives the Bank of England more space to. cut rate of interest this year, which in turn provided some support. to the country's battered federal government bonds, which have seen. long-dated yields hit their highest in almost thirty years this. week.
Benchmark 10-year gilt yields fell 14 bps to. 4.75%, while sterling itself was up 0.6% on the day at. $ 1.223.
The euro increased 0.3% to $1.0303, while the Japanese. yen stayed the stand-out performer. The dollar fell by as much. as 1% after the U.S. inflation data to 156.415.
The yen already got a lift overnight, as traders priced in a. 70% chance the Bank of Japan will raise interest rates in. January after Governor Kazuo Ueda said policy-makers would. talk about such an alternative next week.
In commodities, oil costs rallied 0.5%, supported by the. weaker dollar, to trade at $80.34 a barrel, while gold. , which tends to perform well when bond yields fall, rose. 0.3% to $2,687 an ounce.
(source: Reuters)