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CNBC-TV18 reports that the top Indian court has rejected JSW Steel's bid for Bhushan Power.
CNBC-TV18, a local television station, reported that India's top court rejected JSW Steel’s resolution plan to purchase Bhushan Power and Steel, four years after its takeover. The court also ordered the liquidation of the debt ridden steelmaker. CNBC-TV18 reported that the Supreme Court said JSW Steel's acquisition of Bhushan Power is "illegal"; and, it should not have accepted this plan by Bhushan Power's creditors committee. After the news, shares of JSW Steel fell 5%. JSW Steel and Bhushan Power have not responded to the email asking for comment. JSW Steel won the bid with a bid of 197 billion rupees ($2.35 billion). The acquisition was completed by 2021. Bhushan Power had a debt of over 470 billion Rupees when the Reserve Bank of India shortlisted it to be admitted to the country's bankruptcy and insolvency code in 2017. Punjab National Bank initiated criminal proceedings against former directors of Bhushan Power in 2019. The lender had discovered fraud of 38 billion rupees on the company's accounts. Punjab National Bank and State Bank of India, who led the committee of creditor, did not reply to emails either. State Bank of India saw its gains ebb on Friday while Punjab National Bank fell 0.7%. $1 = 83.8440 Indian Rupees (Reporting and editing by Siddhi Nyak)
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Copper heads for a weekly gain in hopes of US-China Trade Talks
Copper prices increased on Friday, and are expected to make modest gains for the week as U.S. trade talks with China's top consumer eased concerns about trade. As of 0704 GMT, the London Metal Exchange reported that three-month copper was up 1.9% at $9,378 a metric ton. This week, it has gained a total of 0.1%. ANZ reported that "copper edged up amid signs of progress in trade deals between the U.S. China's Commerce Ministry announced on Friday that Beijing was "evaluating" Washington's offer to hold discussions over President Donald Trump's crippling trade tariffs. This could signal a possible de-escalation of the global market-roiling trade war. Trump said that he thought there was a very good chance his administration would be able to reach a deal with China on Wednesday. Data on Thursday showed that the U.S. manufacturing sector contracted in April, despite tariffs on imported goods putting pressure on supply chains. The U.S. economy shrank for the first three years during the first quarter of this year, as imports flooded in, as businesses rushed to avoid tariff-related costs. ANZ said that while Chinese policymakers could accelerate the roll-out of stimuli to help offset the weakening of export demand, it may not do much to protect copper from the broader impacts of a slower global economic growth. Other London metals saw aluminium rise 0.8% to $2.436 per ton, while zinc increased 1.7% to 2.621, lead rose 0.6% to 1.963.5, and tin climbed 1.5% to $30.225. Nickel also increased 0.3% to $15.350 a metric ton. China's financial market will be closed for public holidays from May 1 to 5. Trading will resume Tuesday, May 6
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After 5 months, the price of Asia Gold-India has increased due to festive demand and a price decrease
This week, gold prices in India rose for the first week in five months. The demand in India's second largest bullion market was boosted by a major festival. Prices also fell sharply after last week's record-high. Indian dealers began the week with a discount They were charging up to $24 per ounce more than the official domestic price, including 6% import duty and 3% sales tax. But by the end the week they had dropped the premium to $3. Last week they offered a discount up to $80. The Akshaya Tiritiya festival boosted the retail demand, which was further boosted by lower prices. A Mumbai-based dealer from a bullion import bank said: On Wednesday, Akshaya Tirtiya was celebrated, which is the second biggest gold buying festival in India, after Dhanteras. The domestic gold price was trading at around 92800 rupees ($1,106.22), per 10 grams, on the day, after reaching a record of 99,358 last week. Many potential retail buyers waited for a correction in prices due to the price volatility. "They would be likely to make purchases in the next few weeks if prices stay stable," said a bullion dealer based in Chennai. As of 0539 GMT, spot gold was trading at around $3,256.44 after reaching a record-high of $3,500.05 in April. Dealers in China, the top consumer, charged premiums between $34 and $48 per ounce above the global benchmark spot prices during the first half week. This compares to premiums between $44 and $50 last week. The Chinese market is closed from May 1 to 5 for Labour Day. In Hong Kong, gold Dealers in Singapore sold it at a premium of $2. Premiums are charged in the $2.50-$2.50 range. Gold demand has increased with the price decline, particularly as Akshaya Tithi prompted Indians to purchase, said Brian Lan of GoldSilver Central in Singapore. In Japan, bullion Was sold at a discounted price of $0.25 up to a premium of $0.50.
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Stocks rise on signs of eased Sino-US Trade tensions
The global stock market surged Friday, as possible trade talks between China and the U.S. lifted risk sentiment. This came after disappointing earnings from Apple and Amazon, two tech giants in the world of technology, fueled concerns about the potential impact of a trade war. China's Commerce Ministry said Friday that the United States had repeatedly expressed their willingness to negotiate tariffs, and that Beijing was open for discussions. This could help ease trade tensions which have been roiling global markets. Apple's share buyback program was cut and Apple warned that tariffs would add $900 million to costs in the current quarter. Futures on the S&P 500 index rose by 0.8%, while Nasdaq futures were up 0.6%. The Eurostoxx futures were up by 1.3%, indicating a positive start for European stock markets. MSCI's broadest Asia-Pacific share index outside Japan reached its highest level since 25 March, recouping its losses after U.S. president Donald Trump launched a trade conflict with his tariffs early in April. Japan's Nikkei rose over 1%, while Taiwan stocks soared by 2.4%. Hong Kong's Hang Seng rose 1.6% while mainland China was closed for a holiday. Matt Simpson, senior analyst at City Index, said that China has struck a cautious note, demanding the U.S. "show sincerity" if it wants trade talks. "While an olive branch was offered, it is hard to say that China has 'come stumbling' as Trump had hoped." Investor sentiment was still evident in the comments, as markets grappled with President Donald Trump’s erratic policies on tariffs that have caused fears of an abrupt global economic downturn. The U.S. economy contracted for the first three years during the first quarter of this year, and China's manufacturing activity declined at its fastest rate in 16 months as new tariffs began to bite. Joseph Capurso of Commonwealth Bank of Australia's international and sustainable economy department said that the tariffs would have the greatest impact on the Australian economy when prices increase. A recession is likely to occur if price increases cause consumers to reduce their spending, and businesses to shrink their workforces and reduce capital expenditure. "While a recession isn't our baseline, this year will be very close." Many companies have cut or withdrawn their profit projections as a result of the U.S. Trade Policy rapidly changing. While investors were disappointed by Apple's and Amazon's earnings, Microsoft and Meta Platforms had posted strong results earlier in the week, which raised hope that the tech sector could survive the tariff storm. The Japanese yen fell to its lowest value since April 10, in the early Asian hours, but it was last slightly stronger at 145.26 US dollars. The Bank of Japan, on Thursday, sharply reduced growth forecasts because of U.S. Tariffs. It also left interest rates unchanged. This suggests that the central bank may keep its policy on hold for some time. Fred Neumann of HSBC's Asia chief economist said that the uncertainty surrounding tariffs could have indirect effects on Japan's growth. The BOJ keeps the door open to further rate increases, but the current state of the door leaves it only slightly ajar. The U.S. Dollar is now on track for a 0.4% weekly gain ahead of the important non-farm payrolls report later that day. The dollar index (which measures the U.S. money against six other currencies) was slightly lower last at 100.02. A survey of economists revealed that nonfarm payrolls increased by at least 130,000 jobs in April, after increasing by 228,000 during March. Katsunobu Kato, Japanese Finance Minister, said that Tokyo's trade negotiations with Washington can be aided by the huge U.S. Treasury stock of over $1 trillion. The remarks came at a time when Japan's chief trade negotiator Ryosei Acazawa was meeting with U.S. Treasury Sec. Scott Bessent for a second round bilateral tariff talks in Washington. Gold prices increased to $3,252.11 an ounce last Friday. However, it was still on track for its worst weekly performance since the end of February. Prices of oil jumped as Trump threatened secondary sanctions against Iran and on the hints that trade tensions would ease, which if they did would support demand. Brent crude futures rose 0.66%, while U.S. West Texas Intermediate futures gained 0.7%. (Reporting and editing by Ankur Banerjee, Shri Navaratnam, and Kim Coghill).
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Wall Street Journal, May 2,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The budget proposal for fiscal 2026, which is set to be released on Friday, will propose a cut of over $160 billion from programs in the areas of renewable energy, education and foreign aid. Kohl's fired CEO Ashley Buchanan after learning that he had directed the retailer to make a "highly abnormal" business deal with a woman with whom he was romantically involved. A spokesperson for the Chinese Commerce Ministry said that China would consider trade talks with the U.S. in order to end the current trade war, but only if Washington shows sincerity through actions like removing tariffs against Beijing. The U.S. and Ukraine signed a deal on Wednesday to invest in minerals that are critical to the country. Treasury officials said oil and gas projects would likely be implemented first because of their feasibility. Apple announced that most of the devices it will ship to the U.S. during the second quarter of this year will be from India and Vietnam. This strategic shift is intended to ease investor concerns over the impact of tariffs. The Justice Department has filed a lawsuit accusing several major Medicare insurers including CVS Health Aetna and Humana of paying brokers hundreds of millions of dollars in kickbacks for them to direct customers to their Medicare advantage plans. (Compiled by Bengaluru Newsroom)
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In April, Indonesia's inflation rate reached an eight-month high.
The statistics bureau reported that Indonesia's headline rate of inflation reached an eight-month high in April. This was higher than expected as the two-month discount on certain electricity prices had ended. Last month, the consumer price index for Southeast Asia's biggest economy increased to 1.95% compared with a polled estimate of 1.60%. It was up from 1.03% last March. After months of readings below target, the April inflation rate returned to the central bank's range of 1,5% to 3,5% for the first month of this year. At a press briefing, the Bureau said that gold jewellery prices, rents for homes and certain food items were driving April's inflation. Data from the Bureau shows that month-to month inflation in gold jewellery reached its highest level for more than four year at 10.52 % last month. Gold purchases have increased in Indonesia as a result of concerns over the economy, and the depreciation rupiah which reached a record low last month. Since the beginning of 2025, inflation has been low mainly due to discounts on some electricity tariffs that only applied from January to February. Bureau said that the impact of the discount had dissipated in April. Some analysts believe that the soft inflation combined with the concerns about a weaker economy outlook due to global trade tensions may lead Bank Indonesia (BI). Hosianna Sitmorang, an economist at Bank Danamon, said that a decline in PMI manufacturing data for April would be a concern, "especially if the 1Q25 GDP is released on Monday and prints below 5%." A poll shows that Indonesia's GDP is growing at 4.91% in Q1. BI anticipates that this year's GDP growth will be a little below the middle of its forecast range of 4,7% to 5,5%. The government has set the GDP growth for this year to be higher at 5.2%, compared to 5.03% by 2024. BI will likely have to focus its efforts on protecting the rupiah, which hit a record low last month against the dollar. (Reporting and editing by John Mair, Stephen Coates and Stefanno Sulaiman)
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Copper Heads for Weekly Gain on Hopes of US-China Trade Talks
Copper prices increased on Friday, and are expected to make modest gains for the week as possible U.S. trade talks with China's top consumer eased concerns about trade. As of 0438 GMT, the London Metal Exchange's three-month copper was up 2%, to $9,389 a metric ton. This week, it has gained 0.1%. ANZ reported that "copper edged up amid signs of progress in trade deals between the U.S. China's Commerce Ministry announced that the United States had approached China for talks about President Donald Trump's tariffs of 145% and Beijing was open to discussions. This could signal a possible de-escalation of the trade war. Trump said that he thought there was a very good chance his administration would be able to reach a deal with China on Wednesday. Data on Thursday showed that the U.S. manufacturing sector contracted in April, despite tariffs on imported goods putting pressure on supply chains. The U.S. economy shrank for the first three years during the first quarter as a result of a flood in imports, as businesses raced against tariffs to reduce costs. ANZ said that while Chinese policymakers can accelerate the roll-out of stimuli to offset the weakness in export-driven demand this may not do much to protect copper from the broader impacts of weaker global economic growth. Other London metals include aluminium, which rose 0.4% to $2.425.5 per ton. Zinc increased 1.5% to 2.616.5; lead climbed 0.8% to $1.967; tin jumped 2.2% to $30.430, and nickel grew 0.1% to $15.265 per ton. China's financial market will be closed for public holidays from May 1 to 5. Trading will resume Tuesday, May 6
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MORNING BID EUROPE - Bright signs from Beijing and bad omens for Apple
Ankur Banerjee gives us a look at what the future holds for European and global markets The possibility of a de-escalation in trade tensions between Beijing, Washington and other countries provided a boost to the markets on Friday. It boosted risk sentiment and lifted stocks worldwide just as Apple's earnings reminded investors of the true cost of a trade war. China's Commerce Ministry stated that Beijing is "evaluating" Washington's offer to hold discussions over President Donald Trump's tariffs of 145% and that Beijing's doors are open for discussion. China also said that Washington should show "sincerity in negotiations" and be ready to drop its unilateral tariffs. Investors were relieved by the prospect of trade negotiations, as tariffs had caused global markets to tremble and raised fears of a recession. The data for the two largest economies in the world has begun to show signs that they are weakening. S&P 500 futures and Nasdaq were surging, and European bourses are set to open strongly ahead of an avalanche of corporate earnings led by oil giant Shell and German chemicals company BASF. The current earnings season has shown the costs of the erratic U.S. Trade Policy and its back-and forth tariffs. This led many companies around the world to lower or even withdraw their profit forecasts. Apple cut its share-buyback program by $10 billion on Thursday and warned that tariffs may add $900 million to costs in this quarter. This has dimmed some of the optimism following strong results from Microsoft Meta Platform. Apple CEO Tim Cook explained how Apple has begun stockpiling products to ensure that most of the iPhones sold in the U.S. during this quarter won't come from China. While the markets may have taken comfort in the comments made by Beijing on Friday, there has still not been any resolution to the trade discussions that the U.S. and its allies have held. This was especially evident when Japan’s Finance Minister said on Friday that the country could use their $1 trillion plus holdings of U.S. Treasuries in trade negotiations with Washington. It raised explicitly for the very first time, its leverage as an enormous creditor of the United States. The following are key developments that may influence the markets on Friday. Economic events: April flash data on inflation for the eurozone, manufacturing PMI data in France and Germany Earnings of ING, BASF NatWest, Shell Want to stay up-to-date with the latest tariffs? Our daily news digest provides a quick overview of the most important headlines that impact global trade. Tariff Watch is available here.
Eversource Energy first-quarter profits rise on higher electricity prices
Eversource Energy announced a higher first-quarter profit Thursday as it benefited from increased electricity rates.
Rate case proceedings are used by utilities to increase their rates. They base their appeals on the investments they have made or the expenses incurred when delivering their services.
The electric distribution segment's quarterly earnings were up 12.1% from the previous year, at $188.4 millions, and its electric transmission segment earned $199.4million, an increase of 12.8%.
Eversource Energy provides electricity and natural gas for about 4,000,000 customers in Connecticut, Massachusetts and New Hampshire.
The company's water distribution segment saw a 33.3% decline in earnings to $3.6 millions from the previous year.
Eversource, a utility company, agreed in January to sell Aquarion Water, its water division, which it had acquired in 2017, in a $2.4 billion deal. The utility wants to reduce its debt and concentrate on its main businesses, electricity and gas.
Eversource reported net income of $550.8 millions for the quarter ending March 31. This is up 5.5% compared to a year ago. (Reporting from Tanay Dhumal, Bengaluru. Editing by Alan Barona.)
(source: Reuters)