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Bharat Coking Coal attracts bids of $13 billion in India IPO
Bharat Coking Coal's $118.7-million initial public offering attracted bids of 1.17 trillion rupees (12.97 billion dollars) on Tuesday as the prospects for strong demand for coking coal by steelmakers boosted appetite for a?shares. According to exchange data, the company, India's largest coking coal miner received bids of 50.93 billion, or nearly 147 times more shares than were offered, after three days of auctioning. The company is a state-owned subsidiary of Coal India. Why it's important After two years of record-breaking fundraising, the strong response shows that investors are still interested in India's primary market. Bharat coal is the first mainboard IPO to be held in India this year. It is made up entirely of a stake-sale by its parent. CONTEXT According to LSEG, India will be the world's second largest primary market in 2025, after the United States. 367 IPOs raised $21.8 billion. The year saw strong demand for products and services from companies like LG Electronics India, Meesho, and other e-commerce platforms. KEY QUOTES This demonstrates that the primary market is still thriving despite the turmoil in secondary markets. Investor interest in Bharat coal is also driven by the strong parentage of Bharat, said Kranthi bathini. Director of equity strategy at WealthMills Securities. Ventura Securities said that the Indian coal industry is benefiting from structural demand growth, driven by government-led development of infrastructure, capacity additions in steel manufacturing and policy emphasis on import substitute. By?THE NUMBERS Qualified institutional investors bid for 24,61 billion shares of Bharat coal Coking Coal. This is about 311 times the number of shares offered for them. The non-institutional investor quota and the retail investor quota have been subscribed to 258 and 49 times respectively. ($1 = 90.1780 Indian rupees) (Reporting by Vivek Kumar M in Bengaluru; Editing by Nivedita Bhattacharjee)
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Shares of L3Harris rocket engine company surge after Pentagon invests $1 billion,
L3Harris will separate rocket motor unit to IPO in 2026 Pentagon's investment marks the first direct-to supplier partnership Conflicts of interest may cause scrutiny to be placed on transaction structure By Mike Stone Jan 13: The U.S. Government will invest $1 billion into L3Harris Technologies, a growing rocket motor business. This investment will ensure a constant supply of motors that are used in many missiles including 'Tomahawks' and Patriot interceptors. In New York, shares were up 11.4% during pre-market trading. This deal is the latest investment by the U.S. Government in Corporate America. Previous investments include a 10% stake at chipmaker Intel, and investments in key mineral producers. The deal comes only a few weeks after President Donald Trump criticised defense contractors for the slow production of weapons. L3Harris announced on Tuesday that it plans to IPO its rocket motor business, which is growing rapidly. The IPO will be backed by an investment of $1 billion in convertible securities from the government. The securities will convert into common equity once the company becomes public in 2026. Michael Duffey, the Under Secretary of Defense (Acquisition and Sustainment) said: "We are fundamentally changing our approach to secure our munitions chain." By investing directly in suppliers, we build the resilient industrial base required for the Arsenal of Freedom. PENTAGON'S INVESTMENT MARKS STRATEGY SHIFT IN DIRECTION It is not surprising that the Trump Administration invested in a major defense contractor, Lockheed Martin. In August last year, U.S. Commerce secretary Howard Lutnick said that the Trump administration had been weighing equity stakes. Intel's shares have doubled in value since the announcement of the?investment. The government's equity stake?in L3Harris may face backlash from L3Harris rivals, as it could create a conflict of interest. Pentagon will own a stake in a firm that bids regularly on government contracts and major defense projects. This investment is the first of its kind, and is a result of the new Acquisition Transformation Strategy of the Department and the "Go Direct to Supplier" initiative. To save money, the strategy requires that the department negotiate directly with key suppliers and invest in them. L3Harris Missile Solutions, which manufactures missile propulsion system for many missiles, including Patriot, THAAD Tomahawk and Standard Missiles, will be "carved out" from the company. L3Harris retains majority ownership and will control the new entity. This deal almost guarantees that the new unit will have a steady stream of business. Christopher Kubasik said that the recent actions of the Trump Administration have renewed focus on strengthening defense industrial base and reinvigorating competitiveness following a 30 year wave consolidation. This new company, which is a result of several years' sustained investment by L3Harris and improvements to its operational capabilities, will be a key partner for the Pentagon. In a press release, the Pentagon stated that its "partnership" will allow it to "negotiate multi-year framework agreements for solid motors vital to a number of critical munitions pending Congressional approval and appropriations." The Pentagon said in a release that the "partnership" with L3Harris positions it to "negotiate multi-year procurement framework agreements for solid rocket motors,?vital to several critical munitions, pending Congressional authorization and appropriations." A STRUCTURE UNUSUAL IN DEAL MIGHT FACE SCRUTINY This transaction structure, which combines a government convertible preferred stock with a planned public offering and maintains control of the parent company, is highly unusual for the defense industry and could be scrutinized by regulators and legislators concerned about market competition and conflicts of interest. A planned IPO in 2026 could enable the U.S. Government to make a profit. J.P. Morgan Securities LLC acts as financial advisor and Vinson & Elkins LLP as legal advisor on the proposed deal. (Reporting and editing by Chris Sanders in Washington, Lincoln Feast, and Louise Heavens).
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What are the trade partners of Iran that will be subject to US tariffs of 25%?
Donald Trump, the U.S. president, said on Monday that any country doing business with Iran will be subject to a 25% tariff when it comes to trade with the U.S. According to the latest data from the World Bank, Iran, a?member? of the OPEC oil producing group, exported its products to 147 trading partner in 2022. Fuel is Iran's largest export item in terms of value. Major imports include intermediate products, vegetables, machinery, and equipment. China is Iran's biggest trading partner. According to the World Bank, Iranian exports to China in 2022 will total $22 billion, with fuels making up more than half. Imports to China were $15 billion. According to Kpler's data, China purchased more than 80% of Iran’s oil shipped in 2025. Due to U.S. sanctioning that aims to stop funding for Tehran's nuclear program, the pool of buyers of Iranian oil is limited. According to India's Commerce Ministry, India's bilateral trade with Iran was worth $1.34 billion in the first 10 months 2025. Indian exports include fruits, vegetables and pharmaceutical products, as well as basmati rice. Turkey According to official and sector data, Turkish exports to Iran in 2025 will be $2.3 billion, while imports are $2.2 billion for the 11 months. GERMANY According to the data of the German Trade & Invest, the exports of Iran to Germany in the first 11 months of 2025 were around 217 millions euros, a rise of?1.7%. German exports to Iran fell by 25% to 871 millions euros during the period. SOUTH KOREA South Korea exports to Iran were only $129 million between January?and?November 2025, while imports were $1.6 million during the same period. JAPAN According to the latest data on Japan's trade with Iran, which goes until November 2025, Japan imports modest amounts of fruits, vegetables, textiles, and machinery. It also ships some vehicle engines and other equipment. Reporting by Jihoon, Heekyong, Yang, Geddie Shubham, Akanksha, Khushi, Christoph Steitz, Jonathan Spicer, Miyoung, Adam Jourdan, and Singleton.
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Copper prices fall on concerns over U.S. interest rate hikes
The copper price was slightly lower on Tuesday due to supply concerns and continued interest by speculators. Benchmark three-month Copper on the London Metal Exchange fell 0.2% to $13,185.50 a metric ton at 1030 GMT after recovering from an intraday low of $13,033 reached in Asian trading. LME copper prices have risen by 45% in the last 12 months. They've reached successive records, including $13,387.50 just last week. Dan Smith, managing Director at Commodity Market Analytics said that there is a large amount of liquidity in the financial markets. He added that there is a high probability LME copper will break through the $14,000 mark in the near term. Copper's rise has been fueled by disruptions in mines and concerns?about deficits for this year. A flow of copper is also being sent to the U.S. as a result of potential tariffs which are reducing supply elsewhere. The LME Cash Copper premium over the three-month contract is increasing as a result of the tightening. The price of, which rose from $3 to $64 per ton in the past week, was at its highest level in over a month. Some traders were however on the sidelines ahead of U.S. Consumer Price Index data due later on Tuesday. Goldman Sachs has shifted back its forecasts that the U.S. Federal Reserve will cut interest rates by 2026 due to softer employment data. "Hopes for any near-term rate cut have been dashed. This has triggered a price drop," said an anonymous trader in Beijing, as he was not authorized to speak to the media. The most traded copper contract at the Shanghai Futures Exchange ended daytime trading 0.5% lower, at 102290 yuan (14,662.71) a tonne. The contract reached a high of 104.880 yuan during the session. This is close to the 105.500 yuan record that was touched last week. Other metals include LME aluminium, which fell 0.4% to $3171.50 per ton. Nickel dropped 0.7%, tin 0.3%, and tin 0.3%, while zinc increased 0.7%, to $3237, and lead rose 0.3%, to $2,059. (1 Chinese Yuan = 6.9762 US dollars) (Reporting and editing by Ronojojo Mazumdar; Additional reporting by Amy Lv, Beijing)
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Iran official: 2,000 killed in unrest
Official blames 'terrorists' for deaths Protests are a result of a rotten economy The biggest challenge for authorities in recent years Elwely Elwelly DUBAI, January?13, - An?Iranian Official?said that about 2,000 people, including security personnel, have been 'killed during protests in Iran. This is the first time the authorities have admitted the high death toll following an intensive crackdown after two weeks of unrest across the country. Speaking to, the Iranian official said that what he referred to as 'terrorists' were responsible for both the deaths of protesters and security staff. The official didn't give any breakdown of the deaths. The?unrest, caused by dire economic conditions has been the greatest internal challenge for Iranian?authorities in at least three year and comes amid increasing international pressure following Israeli?and U.S. attacks last year. Iran's clerical authority, which has been in power since the 1979 Islamic Revolution began, has tried to adopt a dual-approach to the protests. They have called them legitimate, while also enforcing harsh security measures. They have accused the U.S., Israel and other countries of fomenting unrest. Unnamed individuals they label terrorists are also said to be behind the protests. A rights group previously claimed that thousands of people had been arrested and hundreds had been killed. Information flow has been hampered by recent restrictions in communications, including the internet blackout. Video footage of violent clashes between demonstrators, security forces, and vehicles and buildings in the last week, which includes several videos that have been verified, shows gunfire, and buildings and cars on fire.
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Russia responds to Trump's claim about oil in Venezuela
Moscow announced on Tuesday that the oil?assets? Russia develops in Venezuela are its property, and it will continue to work there. This follows Donald Trump's claim of control over Venezuela. TASS reported that Roszarubezhneft, a Russian company, said all of its assets in Venezuela belonged to Russia. It also stated it would honor its agreements with?international partners' there. Roszarubezhneft is owned by an entity of the Russian Ministry of Economic Development. It was founded in 2020, and shortly after acquired the Venezuelan assets of Russian state-owned oil company Rosneft. This happened following sanctions imposed at the time by Washington on two Rosneft subsidiaries for trading Venezuelan crude oil. According to TASS, all?Roszarubezhneft's assets in Venezuela are "the property of the Russian State" in accordance with the laws of Venezuela and international law, as well as agreements between the two nations. PUTIN HAS NOT PUBLICLY COMMENTED ABOUT MADURO CAPTURE Trump, who has accused Venezuelan President Nicolas Maduro of being a drug-trafficking, dictator, working with Washington's enemies, has spoken openly about controlling Venezuela's vast, world's biggest oil reserves in partnership with U.S. companies. Maduro has denied all charges. After a week-long chase, the U.S. also seized an oil tanker with a Russian flag and a Venezuelan connection. The Russian Foreign Ministry has called on Trump to release Maduro and has encouraged dialogue. Moscow has supported Caracas in its diplomatic efforts for many years. This includes energy cooperation, military ties, and high-level contacts. In November, Venezuela's National Assembly extended for 15 years the joint ventures that PDVSA has with Roszarubezhneft to operate two oilfields located in Venezuela's western region. (Reporting and editing by Guy Faulconbridge, Bernadettebaum and Marina Bobrova)
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Pentagon invests $1 billion in L3Harris Rocket Motor Business
L3Harris spins off rocket motor unit to be listed on the IPO market in 2026 Pentagon's investment marks the first direct-to supplier partnership Conflicts of interest may cause scrutiny to be placed on transaction structure By Mike Stone Jan 13 - U.S. Government will invest $1 billion into L3Harris Technologies rocket motor business. This investment guarantees a constant supply of the much-needed motors that are used in missiles like Tomahawks, Patriot interceptors and other types of missiles. The deal represents the latest U.S. Government investment in Corporate America. This includes a 10% stake at chip maker Intel, and investments in key mineral producers. The deal comes only a few weeks after President Donald Trump criticised defense contractors for the slow production of weapons. L3Harris announced on Tuesday that it would spin off its rocket-motor business into a publicly traded?company, backed by an investment of $1 billion in government convertible securities. When the company goes public in 2026, these securities will convert automatically into common equity. It is not surprising that the Trump administration invested in a major defense contractor, Lockheed Martin. In August last year, U.S. Commerce secretary Howard Lutnick said:?the Trump Administration was weighing equity stakes. Intel's investment has been a great boon to the company. Its?shares are up more than twice since the announcement. The government's equity stake in L3Harris may face blowback from L3Harris rivals, as it creates a conflict of interest that could be significant for the U.S. Government. The Pentagon will own a stake in a firm that frequently bids for major government contracts and defense contracts. This is the first direct-to supplier partnership of its kind. It's a result of the new Acquisition Transformation Strategy of the Department and the "Go Direct to Supplier" initiative. The department's strategy is to invest and negotiate directly with key suppliers in order to save money. L3Harris will separate its Missile Solutions division, which manufactures missile propulsion system for many missiles, including Patriot, THAAD Tomahawk and Standard Missile. L3Harris retains majority ownership and will control the new entity. This deal virtually guarantees that the new unit will have a steady stream of business. The U.S. signed a separate agreement with Lockheed Martin for a seven-year period to increase the production of the PAC-3, a type of missile launched by the 'Patriot System,' to 2,000 units per year from around 600. This transaction structure, which combines a government convertible preferred security with a planned IPO while maintaining control of the parent company, is highly unusual for the defense industry and could be scrutinized by regulators and legislators concerned about market competition and conflicts of interest. A planned IPO in 2026 could allow the U.S. Government to make a profit. J.P. Morgan Securities LLC acts as financial advisor and Vinson & Elkins LLP as legal advisor for L3Harris in the proposed transaction. (Reporting and editing by Chris Sanders in Washington, Lincoln Feast and Mike Stone.)
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Livigno, Italy prepares for the Olympics with a snowmaking stockpile and a snowmaking facility
Organisers in Livigno, a town in northern Italy, said that the city is well-prepared to host Olympic snowboarding events and freestyle skiing next month due to its ability to produce and store snow. Livigno, located in the Alps near the Swiss border will require large amounts of snow to build the halfpipe and jumps for the spectacular events. Johan Eliasch, President of the International Ski Federation (FIS), expressed concern last month over the production of Livigno's snow. He accused the Italian government for being slow in releasing some funding. Davide Cerato is the local area manager of the Milano Cortina Games. He said that he could understand FIS's concerns, as there were some "delays" in the construction phase, but they had been rectified. He said, "Now we have completed 80% of snow production. According to the plan?which calls for the production to be complete by January 20th. We are ahead of schedule." Winter Olympics from 6-22 February, with Milan and Cortina in the Dolomites serving as two of the main bases and events taking place across northern Italy. NEW DAM HELPS WITH SNOWMAKING A test event will take place in late January to put Livigno through its paces. Locals report that the venue, located at 1,816 meters, still receives a lot of snowfall, but it has been able to increase its snow-generating capacity, thanks to snow cannons which are fed by a dam of a volume of over 200,000 cubic metres. Fabio Saldini said that the Livigno Snow Park, which is the largest project of the Games, was the most complicated because four disciplines share the same finish zone and are located near a parking lot. The initial feedback received from the visiting Italian team was very positive. Saldini said, "They're here right now preparing the slope. They told us the snow was spectacular." He added, "It's a beautiful slope, the grip is excellent, and in fact they said they hadn't seen anything like it in 10 years." STORED WINTER SNOW IS AN IMPORTANT PART Locals also developed methods?for storing the snow from year to year, some of which have been used to cover key areas of the Olympic courses. Luca Moretti is the head of Livigno's tourism promotion agency. He says that the snow stockpiles are covered in a special material during the summer to help reduce the effect of the sun's rays. Only 23% of it was lost last year. They dug this pile as compensation for the initial delay of artificial?snowmaking. "We began transporting it via lorry. "The lorries covered a distance of only 350 meters, and managed to collect about 10,000 cubic metres?of snow each day," Moretti stated. He added, "In only a few short days, we were able to create 100,000 cubic meters, which will serve as the landing area for Big Air." Moretti said that the weather patterns had changed, but he still sees Livigno's future as a venue for winter sports. He said that the snowiest months, November and December, have now shifted to February, January and March. The season is also getting longer. (Writing and editing by Hugh Lawson; Keith Weir)
Brent crude's premium over Dubai reaches its highest level since July
Brent crude oil premium over Middle East benchmark Dubai grew on Tuesday, reaching its highest level since 'July.
Brent's Exchange of Futures for Swaps to Dubai for the month of March, which had risen since parity was reached in early -December, settled on a premium of 1.97 dollars a barrel at 0830 GMT Tuesday. This is its highest level since July.
The widening price spread for Brent-linked grades makes them more expensive for Asian buyers, prompting them to buy more Middle Eastern oil.
Brent oil futures rose on Tuesday, as OPEC and Iran sparked fears of supply disruptions. Brent was near a 2-month high.
The?Middle Eastern crude oil benchmarks have been weakened due to the adequate supply after OPEC+ increased output in 2025, and limited demand coming from?Asia.
Dubai's cash-premium flipped to a discount at the beginning of the year for the first time since the 2023 due to the unsold cargoes that were loaded in February, and the lack of interest shown in taking bullish positions in this month.
(source: Reuters)