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Mukesh Ambani's Reliance Group enters Mumbai slum redevelopment sector
Reliance Group, owned by Indian billionaire Mukesh Ambani, has won the bid to redevelop Dharavi, a slum of 101.4 acres in western Mumbai. This is its first entry into a market where Adani Group, a rival, is already redeveloping Dharavi, one of Asia's largest slums. The Mumbai-based Slum Rehabilitaion Authority announced late Wednesday that a consortium led by Reliance 4IR Real Estate?Private Limited won the bid to develop the Juhu Galli cluster of slums in Andheri. It said that the project will deliver over 28,000 homes of rehabilitation for those who are eligible and currently live in Juhu Galli. JSW Group, a metals giant, and Shapoorji Pallonji Group also submitted bids. Slum rehabilitation in Mumbai was traditionally handled by mid-sized developers working under the Slum Rehabilitation Authority. Projects were often delayed due to fragmented landholdings or the need to obtain consent from residents. Maharashtra, which is under the Bhartiya Janata Party of Prime Minister Narendra modi, has made policy changes in recent years that have brought large conglomerates into the sector. In November 2025 the?state announced the new framework for redevelopment of slum clusters, which allows developers to develop large contiguous lands of at least fifty acres without the need of consent from residents. Developers can also benefit from higher building limits and additional rights to develop, allowing them to create more space for sale once the slums are redeveloped. Reliance must pay 7 billion rupees (73 million dollars) to the Slum Rehabilitation Authority over the next two years in order to cover the temporary rents of the residents. The authority also said that it must?deposit an additional?one-year of temporary rent costs, and a performance warranty of 1 billion rupees (about $10 million) to cover the residents' temporary rentals. The Slum Rehabilitation Authority stated that "the successful bidding process shows the growing interest among India's top corporate houses to partner with the government in order to tackle Mumbai's housing issues through large-scale redevelopment projects." Adani Group was awarded the contract to transform the Dharavi Slum in Mumbai by 2023. However, the project has been plagued with legal issues, and residents have protested. (Reporting and editing by Susan Fenton; Dhwani Paandya)
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ROI-Red-hot SpaceX IPO may burn retail buyers: McGeever
The media frenzy around Elon Musk's SpaceX's public listing is raging. This poses a serious risk to investors, especially retail investors. In a large initial public offering (IPO), the share allocation to small investors is typically less than 10%. Large institutional investors are left with the majority of newly listed shares. This is a good thing for small investors, as a new launch can be a flop during the first few days of trading or highly volatile in weeks and months to come. Large institutions have deep pockets and the ability to tolerate market volatility. They also have a high threshold for loss. Retail investors cannot expect to experience the same level of risk. SpaceX's IPO is not typical, and it's not just the $1.75 trillion valuation. Retail investors will receive around 30% of $75 billion worth of shares. This leaves people more vulnerable to price volatility and volatility than normal. RED FLAGS There has never been a better time for individuals to participate in a major IPO. Fidelity Investments took the unprecedented step of lowering their eligibility requirements for participating in an IPO, from $500,000 to only $2,000. Robinhood Markets clients, SoFi customers, and E*Trade clients are not required to have any money in their account, whereas Charles Schwab requires a minimum of $100,000. Small investors may be lured in. Retail flows tracker Vanda Research reports that the usual increase in equity purchases after U.S. Tax returns in April was tepid. This could be because some investors were raising liquidity in anticipation of the SpaceX IPO. Retail investors should be wary of large tech IPOs. Sam Grelck is an equity strategy analyst with Truist Advisory services. He has tracked 30 tech-related IPOs in the last 15 years. His findings indicate that a significant drop within SpaceX?s first year of trading is highly probable. Within 12 months after the first day of trading, shares in each of these 30 companies experienced a double-digit drop. Some of the drawdowns reached as high as 90%, while the average was only 55%. He advises investors to be ready for "elevated volatility" and possible significant drawdowns, when investing in new listings. His findings show, however, that even if the performance is uneven, returns are positive for the first three month following the IPO. The returns over six and twelve months tend to be negative. The ride is always bumpy. BOLD ASSUMSIONS Will SpaceX's ride be smoother? The numbers that support the IPO seem to suggest otherwise. Goldman Sachs, one of the underwriters for the IPO, estimates that by 2030, total revenue will grow from $18.7bn to $474bn, and its AI segment's revenue will increase 100 times to $322bn from $3.2bn. Anthony Saglimbene, Ameriprise's chief market strategist, says: "By any reasonable measure that is a bold assumption." Morgan Stanley analysts, who are also underwriters, have forecast that total revenue will reach $3.4 trillion in 2040. SpaceX waived the requirement that employees wait for six months to sell their shares. Analysts warn that early investors and employees could profit from their positions by selling shares to retail investors. A rush of sales from insiders of a company could be met by a wall of?buying?from individual. It might not be, and many retail investors may suffer big losses during a downturn while sophisticated shareholders leave early. At the top? Many analysts warn that, on a broader level, the mania around the SpaceX IPO signals that the?top of the market is now. Of course, not everyone is in agreement. Noah Weisberger is the chief U.S. Equity Strategist at BCA Research. He notes that only 20% of mega IPOs occur during market peaks. The previous mega-IPO wave is nothing compared to what's coming up in the next few months. SpaceX will be launching a monster IPO, followed by AI darlings OpenAI & Anthropic whose offerings are expected to reach $1 trillion valuations. Retail interest in other mega-public?listings is sure to skyrocket if?SpaceX proves a success. If it fails, those who invested their?savings in the largest IPO ever will be searching for shelter. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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US producer prices rise more than expected in may amid a jump in energy costs
The Middle East conflict has driven up the price of energy products, resulting in a?largest annual gain in three-and-a half years. The Labor Department's Bureau of Labor Statistics announced on Thursday that the?Producer Price Index?for?final Demand?advanced 1.1%?last month?after a downwardly-revised 1.1% surge in March. The economists polled had predicted the PPI would rise 0.7%, after an earlier reported 1.4% increase in April. The PPI rose 6.5% in the year to May, which is the highest increase since November 2022. Nearly 80% of PPI's rise was due to a 2.8% increase in goods prices, mainly energy products. Prices of?services rose by 0.3%. Fuel prices have risen due to the U.S. and Israeli war against Iran. This includes gasoline and diesel. The Strait of Hormuz shipping restriction has strained global?supply chain, leading to shortages of a variety of goods including fertilizers and aluminum. On Wednesday, the government announced that consumer prices rose above 4% for the first three-year period. In order to achieve its inflation target of 2%, the U.S. Central Bank tracks Personal Consumption Spending price indexes. Financial markets have priced in an increase of the Federal Reserve's rate due to rising inflation and labor market stability. The bar for tightening policy is high, say economists. They argue that the oil price shock has so far been confined to transportation. At its next meeting, the U.S. Central Bank is expected to maintain its benchmark overnight interest rates in a range of 3.50%-3.75%. The Fed is expected to abandon its easing policy, but economists are not so sure. After the CPI report was released, economists predicted PCE inflation would?increase by 0.4% in may after?rising at the same rate in April. Forecasts for PCE inflation were forecast to rise 4.0% over the 12-month period ending in May. This would be the biggest increase since May 20,23. It had risen 3.8% in April. Reporting by Lucia Mutikani; Editing and proofreading by Andrea Ricci
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Russell: China's May data is confusing, but the Iran war has not affected iron ore prices.
The U.S. and Israel war against?Iran has not affected the price of iron ore, but this relative calm hides a shift in the dynamics of the steel raw material. China purchases about three quarters of the global seaborne iron ore and uses it to feed mills that produce just over half of the world's total steel. Iron ore for the United States is largely sourced by Australia and Brazil. Other producers such as South Africa and Guinea contribute a small amount. This trade bypasses the Strait of Hormuz. The narrow waterway that connects Iran to Oman has been closed off since February 28, when the U.S., Israel and other countries launched an air campaign against Iran. Since the beginning of the conflict the iron ore price has remained relatively stable, unlike other commodities such as crude oil, refined goods, liquefied gas, coal and aluminum. So far in this year, Singapore Exchange iron ore contract prices have been trading at a range of $14 per metric tonne with a base price of $105 per ton. The price of marine bunker fuel rose from $98.20 per ton on February 20 to $111.91 per ton on May 11, amid concerns among Chinese buyers about a possible shortage due to the closure of the Strait of Hormuz. Iron ore prices have also moderated as concerns about fuel shortages have eased. They ended at $101.65 per ton on 10th June. Customs data show that China imported 516.26 millions tons of coal in the first five month of this year, an increase of 6.3% compared to a year ago. MAY DATA DISCREPANCY According to official statistics, imports in May were 97.71 mt, a 6% drop from April, and a 3-month low. The commodity analysts DBX Commodities (DBX) and Kpler (Kpler) had predicted a soft imports in May. DBX estimated seaborne iron ore arrivals in May at 105.56 millions tons, while Kpler estimated 106.4 million. Although data from tracking services does not always match up with customs, an 8 million ton gap for a single month is rare. It is likely that official numbers will rebound in June, as the lower May import number may have been due to cargoes arriving at the end of the calendar month being pushed back into June for assessment. China's imports of iron ore have performed better than China's steel industry. The latter has seen its output fall by 4.1% to 331.12 millions tons in the first quarter of this year. Iron ore inventories in China's port, which hit a record of 166.91 millions tons in the week ending March 13, can explain a part of the gap between the imports of solid iron ore and the production of soft steel. SteelHome consultants say that they have since declined to 159.09 millions tons during the week ending June 5. The 132,0 million tons of the same week 2025 are 21% higher. The decline in domestic iron ore grades and volumes is another factor that drives imports. According to MySteel, China's first-quarter iron ore production was 326.8 mt, a 1% decrease from the previous year. The drop in 2025 is 2.8%, from 1.04 billion tons in 2024 to 983.7 millions tons. China's iron ore is a mix of iron and other minerals, with a content between 20% and 30%. This means that it must be upgraded in order to match import grades of 60% to 65%, which is a costly, energy-intensive process. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Learn to love inflation with MORNING BID AMERICAS
What's important in U.S. and Global Markets Today By Mike Dolan, Editor at Large, Finance and Markets The markets are being hit by several factors: war, inflation rate increases, tech jitters, and interest rate rises. While Donald Trump might "love inflation", markets and the wider public disagree. Trump may have erred and was likely nodding to the fact that May's CPI reading for core was slightly lower than expected. Investors trying to find some optimism in the face of headline inflation as high as 4,2% are having a tougher time than Trump. They will also have to take into account today's update on May producer prices. Below, I'll go into more detail. Check out my column about what low-hanging fruits the EU could pick in order to bring about a global euro. Listen to the latest Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. LEARNING TO LOVE INFLATION The oil prices fell on Friday, after a new round of military exchanges overnight between the U.S.A. and Iran, which extended their "tit-fortat" strikes for a second consecutive day. The broader tech and chip sectors are struggling to gain traction as the massive SpaceX IPO is about to be released. The major U.S. indexes closed lower on Wednesday, as chipmakers continued their recent declines. The SOX chip index fell back by over 3%. Wall Street futures rose?before Thursday's bell, but. Oracle's overnight trading plunged by?9% after its earnings report on Wednesday. This comes just a week after Broadcom also experienced a post-earnings slump that set nerves jangling. Oracle's tensions were centered around its growing debt as it borrowed more to build out its AI infrastructure. The European Central Bank will announce its long-awaited interest rate hike on Thursday. This is likely to add to the anxiety about borrowing costs. The Iran war has a negative impact on the ECB's inflation forecasts. The markets are braced to see two more ECB actions later this year. The markets will focus on a possible Bank of Japan rate hike and a Federal Reserve meeting that is likely to be hawkish next week. The '10-year Treasury Debt Auction on Wednesday was a good one, with a decent amount of demand. Kevin Warsh's first meeting will be a difficult one. Chart of the Day The FIFA World Cup, co-hosted this year by the United States of America, Canada and Mexico, begins on Thursday amid great excitement and controversy about everything from U.S. Visas to sky-high tickets prices. Vacation rental bookings are a good indicator of the economic impact of hosting the World Cup. Watch today's events Weekly?jobless claim (8:30 am EDT), U.S. PPI for May (8:30 am EDT). * U.S. 30 year bond auction (1 pm?EDT). * ECB interest rate decision (8:15 a.m. EDT) Want to receive "Morning bid" in your email every morning? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent the views of News. News is committed to the Trust Principles and will always maintain its integrity, independence and neutrality.
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Copper falls to a three-week low due to fund sales and concerns about the Middle East
The copper price fell to its lowest level in three weeks as the U.S. and Iran continued their attacks. Funds liquidated positions on concerns about rising interest rates, weaker economic growth worldwide, and softer metals demands. The benchmark three-month copper price on the London Metal Exchange fell 0.8% to $13,407 per metric tonne by 0925 GMT. It had earlier reached $13,378, which was its lowest since May 20. On Thursday, the U.S. traded air strikes with Iran for a second day in a row, undermining an already fragile ceasefire. Copper's decline is driven more by macro-headwinds than fundamentals. "Escalating tensions are fueling inflation fears and rate increase expectations," said EwaManthey, commodities analyst at ING. Copper is likely to be under pressure in the near future unless energy prices stabilise or expectations of rate changes are lowered. LME copper is down about 6% from?May 13 when it reached its highest level in 3 1/2 months. This was due to a 'pile-up of funds into the market because of'supply issues and bullish signals. Traders said that part of the recent weakness was due to funds liquidating their long positions. The Yangshan Copper Premium fell by 19% in the last 2-1/2 weeks, highlighting the lacklustre demand for metals in China's top consumer. This reflects the demand for imported copper into China and has risen to $59 per?ton. The Shanghai Futures Exchange's most traded copper contract fell 1.3%, to 103.160 yuan (15,223) per ton. It had previously reached its lowest level since May 8. The losses in copper have been cushioned by the speculation that U.S. tariffs could be imposed on imported?refined? copper. This has led to a premium for U.S. metal, and a flow of material into the U.S. resulting in supply shortages elsewhere. Stocks available in warehouses registered with the LME According to LME data, the number of tons has fallen by 37% in two months to 226,975 tonnes. LME aluminium increased 0.3% to $3.475 per ton, as a result of continued concerns about a?prolonged conflict that could create shortages because?the Gulf represents about 9%?of global melting capacity. Nickel fell 0.3% to $17.620, while tin slipped 0.2% to $51,885.
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Singapore's oil products inventories fall to a near 13-year low
Official data on Thursday showed that oil product inventories in Asia's main trading hub Singapore fell to their lowest level?in almost 13 years. This was due to a'sharp' decline in residual fuel stocks as the Middle East conflict continued. Enterprise Singapore's data shows that the combined onshore oil products stocks fell to 34.41 millions barrels during the week ending June 10. This is the lowest level since July 2013. The oil inventories at global storage hubs are shrinking, as Middle Eastern shipments continue to be curtailed by the U.S. - Iran?war. In the week ending June 10, inventories of residual fuel, the oil product that is stored in Singapore's storage tanks and typically used to fuel ships or refineries, totaled 14.84 million barils. This was the lowest level in nearly eight years. The net imports of heavy distilates dropped by 36.3% from week to week, but volumes from the Middle East did not increase. Sparta Commodities analysts stated that recent flows were?stabilised' by U.S. exports, and the repositioning of vessels. However, these are only temporary support. They added that "Inventories are being depleted, key 'hubs are approaching operational minimums and geopolitical risk around the Strait of Hormuz remains unresolved." The fuel oil industry expects that residual fuel stocks will rebound as a result of the increased supply from the West. While middle distillate stock levels continued to fall, they are now at a three-month-low, while net exports for both jet fuel and diesel increased week-on-week. Singapore's diesel/gasoil, jet fuel/kerosene and kerosene stock levels were around 6.9 million barrels. This is down from 7.3 millions barrels one week ago. Diesel/gasoil exports increased by nearly five-fold compared to a week ago, while total imports fell 42%. Imports were dominated by cargoes from India and South Korea. Sources from the region said that more Indian barrels will be arriving in Singapore this June. The narrowing of the east-west spread makes it more profitable for sellers who send their cargoes into Asia rather than west?of Suez. Exports increased by 56% in volume week-on-week. Volumes to regional destinations like?the Philippines and Vietnam, Australia, and Malaysia remained robust. Jet fuel exports increased by nearly 8%. However, imports from South Korea, Malaysia and other countries also appeared. The light distillate stock, which includes naphtha and gasoline, has rebounded at a two-week peak of?12.66 millions barrels. The main sources of gasoline imports were Saudi Arabia and India. Exports were mainly to Australia, Indonesia, and Malaysia, but there were also cargo outflows from Mexico.
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Sources say that Adani, Vedanta and Reliance are all part of India's effort to reduce China's dependence on rare earths.
According to two sources familiar with the matter, Indian industrial 'groups Reliance Vedanta, and Adani have shown an interest in developing a facility to 'process' Andhra Pradesh State’s significant reserves. One of the sources said that New Delhi is looking to reduce India's dependency on China for rare Earths. The three companies have expressed an interest in setting up rare-earth facilities in the south state. Sources declined to identify themselves as they weren't authorised to talk to the media. According to a draft document, Andhra Pradesh has 211 millions metric tons in beach sand minerals, including rare Earths, spread across 16 coastal deposits. According to the Geological Survey of India, India's rare earth ore reserves total 482,6 million tons. RARE EARTH EMBITIONS New Delhi is stepping up its efforts to build a domestic rare earth mining and processing capacity and to manufacture magnets, while Andhra Pradesh wants to attract 500 billion rupees (5.2 billion dollars) in rare Earth and titanium investment over the next decade. Plans were outlined in a draft document by the government. Emails seeking comment from the Andhra Pradesh Government, Vedanta Ltd, Adani Enterprises Ltd, Vedance Industries Ltd, and Reliance Industries Ltd were not answered. Andhra Pradesh is one of four states that were identified in the February federal budget as being a candidate for development of "corridors", which would cover mining, processing, and magnet production. This initiative was launched after New Delhi approved in November a programme worth 73 billion rupees to support the manufacturing of rare earth magnets. Permanent magnets are used in electric vehicle motors and other applications that require rare?earth. India has a large amount of rare earth minerals, but it does not have the industrial scale facilities to process them into high purity. CAPITAL INCENTIVES AND OTHER MEASURES Andhra Pradesh will?issue tenders to rare earth facilities once it receives cabinet approval of its 'rare earth corridor policy. This is expected in a month. Sources said that the state plans to offer capital incentives and extra benefits for projects with an investment of at least 10 billion rupees. Andhra Pradesh has been courting large investments. It has attracted companies such as Google and ArcelorMittal Nippon Steel and hopes to secure $1 trillion by 2029. (Reporting and editing by Mayank Bhadwaj, David Holmes and Sarita Chaganti)
KKR creates $10 billion AI Infrastructure Company with Nvidia and Vistra
A KKR led group launched a new 'company' on Thursday with more than 10 billion dollars in?committed?capital to finance the buildout of AI -infrastructure. This is the latest attempt?by a alternative -asset -manager to capitalize on the growing demand for AI-services.
Kuwait Investment Authority (KIA), AI chip giant Nvidia, and utility firm Vistra, are all anchor investors in Helix Digital Infrastructure. The company is led by Adam Selipsky, former Amazon Web Services CEO.
The surge in U.S. construction of data centers has caused a shortage of electronic components and strain on power supplies, slowing the development of key facilities for Big Tech's AI goals.
Private equity is a funding source for this industry because of?the rising costs and the?growing size of projects. Apollo and Blackstone announced on Tuesday that they will finance a $35 Billion expansion of AI capability for Anthropic by using Broadcom's customized chips as part a new partnership.
Vistra, a preferred power supplier, will replace Nvidia as the preferred AI datacenter designer.
Helix 'can add more institutional investors once the founding 'commitments have been?closed. KKR said that their infrastructure platform, which manages assets worth over $100 billion, includes $70 billion across digital and power.
Selipsky stated that "large users of digital infrastructure need to reduce complexity in order to unlock new capacities."
He left his position as AWS's chief in May 2024 after having doubled the division's operating profit and sales since he was appointed in 2021. (Reporting by Anhata Rooprai in Bengaluru; Editing by Shilpi Majumdar)
(source: Reuters)