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Blume Ventures report suggests that India's quick-commerce industry may struggle to maintain its current growth.
According to a Blume Ventures report, India's fast-growing quick-commerce industry may struggle to keep up its current growth rate as the sector is limited in terms of expansion outside major cities and that competition from larger ecommerce players increases. Indus Valley 2025, a report by the venture capital firm, said that these companies provide everything from groceries to electronics in minutes. Their market share has increased to $7.1 billion fiscal year 2025 compared to $300 million in 2022. It said that India's "fastest-growing industry segment" (defined as the one with the highest growth rate) was dominated by Zomato owned Blinkit, Zepto, and Swiggy Instamart. The gross order value (GOV), which is the total amount of money spent on a product, increased 24 times in the same time period. The report warns that the growth of the monthly transacting users (MTUs) will slow down soon, just as it did in the past for the ride-share sector, food delivery, and ecommerce sectors. The quick-commerce companies are also facing stiff competition from large online platforms like Walmart's Flipkart and Amazon, as well as Reliance who plan to launch their quick-commerce services. "... While it's not certain that they can compete with quick-commerce players in the market, increased competition is likely to have an impact on industry profits," said the report. The report also said that the growing sector would likely affect the local food ecosystem and will attract regulatory measures in order to control its growth. In an interview earlier this month, TVS Capital Funds chairman Gopal Srinivasan said that India's frenzy for quick-commerce is a "passing trend" and not sustainable in the long term. Blume Ventures is one of the first investors in the crisis-ridden quick-commerce company Dunzo. The firm, which has been plagued by layoffs, founder departures, and unpaid vendor fees, may be on the verge of closure. (Reporting and editing by Ashwin Nandy; Ashwin Manikandan)
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Malaysia's Petronas reports a profit decline in 2024 due to global volatility and lower oil prices
Malaysia's Petroliam Nasional Bhd, the state-owned energy company, reported a decline in profits in 2024, compared with a year earlier, due to global volatility, lower oil prices, and geopolitical tensions and economic uncertainty. The firm also warned of future market challenges. Petroliam Nasional (or Petronas) reported a profit of $55.1 billion after taxes in 2024, compared to $80.7 billion in 2023. In 2024, revenue fell from 343.6 billion to 320 billion Ringgit. Capital investments in 2024 were 54.2 billion Ringgit compared to 52.80 billion Ringgit in the year 2023. Tengku Muhammad Taufik Tengku Aziz, Petronas' Chief Executive Officer, said that the oil and gas sector has been facing a number of challenges, including the deglobalisation of the industry, the backlash against efforts to improve environmental, social, and governance, and the threat a long-term trade war. Tengku Tafik said at a press briefing that he expected the uncertainty to last well beyond 2025. Petronas, he said, will overcome the challenges through a prudent financial management and maximising its assets' potential. Tengku Taufik said that Petronas was committed to future-proofing its portfolio by strategic investments into a joint venture for a liquified gas plant in Canada, as well as in upstream ventures with Angola and Indonesia. Tengku Taufik added that the state-owned energy company will need to reallocate resources and eliminate inefficiencies aggressively as it announces plans to reduce workforce. Tengku Taufik stated that the Petronas workforce reduction would begin in stages in the second half of this calendar year. He did not specify how many employees the reduction would affect. According to its website, Petronas employs nearly 50,000 people.
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The Kremlin has said that Russia has a lot of rare earths metals the US requires and is willing to cooperate
After President Vladimir Putin hinted at the possibility of such a collaboration with the United States, the Kremlin announced on Tuesday that Russia has many rare earth metal deposits. It is open to deals to develop these. The Americans need rare-earth metals. Dmitry Peskov, Kremlin spokesperson, said: "We have a large number of rare earth metals." He told reporters that "we have our own plans for developing strategic resources but there are many opportunities to cooperate here." Putin said on Monday to state television that Russia is open to joint projects, including with American partners in the government and private sector, under a future Russia/U.S. Economic Deal. Donald Trump, the U.S. president, has promised that major economic transactions will take place with Russia. Peskov stated that there is still much work to do to normalise the relations between Moscow Washington before any deals can be made. Peskov said, "The next item on the agenda will be the resolution of the Ukrainian crisis." "And, since the Americans have also talked about it, then it's time to think of possible projects related with trade, economic, and investment cooperation." Peskov continued, "When, say, there is a moment of political willingness, we'll be open to (cooperation in rare earth metals)." Rare earths is a grouping of 17 metals, used in the production of magnets for electric vehicles, mobile phones, missile systems and other electronic devices. According to U.S. Geological Survey, Russia is the fifth largest producer of rare earths in the world, behind China, Brazil and India. The U.S. is negotiating with Ukraine a separate agreement involving rare-earth metals. Trump said that the deal was "pretty near" completion this week. Putin said on Monday that the negotiations did not concern Russia. (Reporting and writing by Dmitry Antonov, Editing by Andrew Osborn.)
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Sources say that India may extend the import restrictions on raw steelmaking material.
Two sources say that India could extend its restrictions on imports of low-ash metallurgical coke or metcoke to encourage steel mills in India to source their steelmaking ingredient domestically. India, the second largest producer of crude iron and steel in the world, implemented quantitative restrictions with country-specific quotas for the import of low-ash metcoke. The total amount of overseas purchases was limited to 1.4 millions metric tons between January and June. Sources who declined to be identified because they weren't authorised to speak to the media said that the government could extend the restrictions past June due to the reluctance by Indian steel producers in buying from local producers. Sources said that India's Minister for Commerce and Industry, Piyush Goyal, expressed his concerns about the steel mills' preference to import met coke and stressed the importance of sourcing the raw material locally. The Indian government also told local steel producers not to buy from Jakarta because met coke from China is being rerouted to India via Indonesia. In spite of a recent warming in relations, the relationship between India and China has been tense ever since June 2020 when their biggest military clash in decades took place on their disputed Himalayan Border. The conflict resulted in 20 Indian soldiers and at least 4 Chinese soldiers being killed. India increased its scrutiny over investments by Chinese companies in response. India's met coke imports have more than doubled in the last four years. The quality of met coke produced locally has been a source of concern for leading steel producers such as JSW Steel, ArcelorMittal Nippon Steel India and JSW Steel. The steel industry argues that any further restrictions on imports of raw materials could hamper their plans to increase production to meet India's strong domestic demand for the material. Reporting by Neha arora in New Delhi, and Amy Lv from Beijing; editing by Mayank bhardwaj and Christina Fincher
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Moeve, the Spanish oil company, is on the rise.
Moeve, the second largest oil company in Spain, which was formerly Cepsa said it turned a profit on Tuesday, thanks to growing earnings from its energy and chemical divisions. It also increased investments. The company is advancing its plan for low-carbon energy, sustainable transport and green hydrogen. It also focuses on biofuels, electric mobility and green hydrogen. The net profit for 2023 was a loss of 233 million euros. Maarten Wetselaar, CEO of the company, said that 2024 would be a "historic" year for it. The company's Energy division saw a 75% increase in earnings despite a 30% decline in refining margins. This was also the case for a number of its peers, including Repsol, a larger Spanish competitor. The growing demand for products like acetone has led to an increase of 14% in earnings at the chemicals unit. Moeve, owned by the Abu Dhabi fund Mubadala as well as U.S. private equity firm Carlyle Group and a plan worth 8 billion euros, rebranded itself last year in order to reflect a shift toward low-carbon business. Moeve has sold 70% its oil production assets, including Abu Dhabi and South America operations since 2022. The asset sales are reflected in a 40% drop in earnings at the upstream unit. Wetselaar stated that "robust cash generation" allowed them to double their sustainable capex in order to advance important projects. The company had a good year last year started Construction of a biofuels facility worth 1.2 billion euros. Moeve aims to become a major player within the green hydrogen sector by 2030. The CEO stated that "we're working towards starting construction on the second phase of the Andalusian green hydrogen valley, subject to incentives being resolved and regulatory hurdles be solved."
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Google's battle over Android Auto access is lost as EU court supports Italian watchdog
The refusal of Alphabet's Google to let an emobility app created by Enel to access its Android Auto platform could be deemed an abuse of market power, Europe’s top court ruled on Tuesday. It sided with Italy’s antitrust authority. The Italian watchdog fined Google in 2021 102 million Euros ($106.7 Million) for blocking Enel’s JuicePass, a software that lets drivers navigate using maps on the dashboards of their cars and send messages. Google had refused to allow JuicePass to be compatible with Android Auto citing security concerns. The Italian Council of State then sought advice from the Luxembourg-based Court of Justice of the European Union. Google has resolved the issue but the ruling could be used to guide future dominant companies in similar situations. The CJEU judges supported the Italian regulator. They said that "a refusal by a company in a dominant position, to ensure its platform is compatible with the app of another firm, which becomes more attractive thereby, can be abusive." The Court said that companies could justify their refusal in the event there was no template for the app category concerned. It also stated that granting interoperability would compromise security or integrity of a platform. If that's not the case, it said the dominant company would have to develop a model within a reasonable time frame. The decision is final and can't be appealed. Google's appeal will be decided by the Italian Council of State in accordance with CJEU ruling. C-233/23 Alphabet & Others
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South Korea's political turmoil forces companies to act on their own tariff issues
South Korea's leaders of business are taking steps to counteract the aggressive trade policies of U.S. president Donald Trump. They have hired his former aides, and they are lobbying Republican States out frustration at delays from their own government that is in a political crisis. Trump's sometimes indiscriminate and sweeping trade measures have sparked a debate about how much international capitals can depend on America, from politics to trade. South Korea is facing the most serious political crisis since the 1970s after President Yoon Suk Yeol was impeached and briefly declared martial law in December. Yoon's decision to align more closely with Washington amid the trade tensions between China & the U.S., has increased South Korea's dependence on the U.S., which accountedfornearly 20 percent of its total exports in the past year, making its businesses more susceptible to possible tariff changes. A senior executive of a major conglomerate, who asked not to be named due to the sensitive nature of the topic, said: "We're frustrated." The executive stated that the government had not discussed concrete plans with representatives of corporate companies to bring Trump to a negotiating table. Officials from South Korean companies said that they are also concerned about the lack of support from their government when other leaders, such as those of Japan and India, have already met Trump to try and avoid damaging U.S. Tariffs. Choi Sangmok, the Acting President of South Korea, has not yet spoken directly to Trump. He told lawmakers in early February that the acting leadership is limited in its ability to respond to changes to the U.S. Tariff System. He claimed that Korea could leverage its U.S. energy imports and investments in negotiations. South Korea's Industry Minister will Travelling is a great way to meet new people. The ministry announced on Tuesday that it will be traveling to the U.S. in the coming week to discuss ways to increase cooperation in energy and shipbuilding and to push for a steel tariff exemption. Two sources said that amid uncertainty about how soon the political crisis in Korea would be resolved, the Korean business association sent a group of executives from companies like Samsung, LG and SK to Washington, where they met with U.S. Commerce Secretary Howard Lutnick. According to a source, Lutnick encouraged investments in the U.S. at the meeting. The Korean delegation team's request was not immediately known. Separate meetings are being organized by companies to meet with U.S. Government officials. In a letter sent to shareholders in early November, Jose Munoz (former U.S. CEO of Hyundai Motor) said that the company was in dialogue with the U.S. government to strengthen its significant investments, economic impact and job creation. Hyundai promoted Sung Kim to the position of president responsible for global government affairs, an ex-U.S. diplomat from Trump's first administration. Three people with knowledge of the matter said that the company was looking to host a factory opening in Georgia. Two of the sources claimed the automaker wanted to invite Trump to attend the event. South Korea has a number of major industries, including autos, semiconductors, and steel. The Trump administration is currently reviewing the import duties on these products. Hyundai has said that no decision about the ceremony has been taken. A major business conglomerate's executive said that its affiliates were also considering holding a Tennessee outreach event to promote their combined investments made in the Republican State as part of efforts at gaining political influence on the federal level. In a Bind Analysts predict that a court ruling will be issued in March, deciding whether Yoon should be ejected or if his presidential powers are restored. If Yoon is removed from office, a 60-day election should be held to select a new President. When Trump began his first term in 2017, Park Geun Hye was undergoing an impeachment hearing. Former trade minister Yeo Ha-koo said that the Trump administration had moved more slowly with its tariff policies. This gave South Korea time to move, and helped it to win an exemption from steel tariffs in exchange for a quota which put a limit on export volumes to America. Yeo stated, "Now they're moving at lightning-speed." Unofficially, a Seoul government official stated that it was "having many difficulties" and that there were concerns about the future president not following through with commitments made by the interim government to the U.S. Scott A. Snyder of the Korea Economic Institute of America, a Washington think tank, stated that the lack of communication between leaders in the two countries is a major obstacle. He said that "that is something which just has to be waited," adding that it would be best for Korea to "lie low and avoid picking up its head in many of these areas."
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Reports from RIA: Russia arrests teenager suspected of helping Ukraine to target the Ryazan Oil Refinery with drones
The Russian news agency RIA reported that Russian authorities detained a boy aged 17 for gathering intelligence in order to assist Ukraine in targeting the Russian oil refinery at Ryazan with drones. RIA reported law enforcement officers had arrested the boy under investigation for "terrorism and treason", which can carry a sentence of up 20 years in prison. RIA reported that the boy (whom it did not identify) was accused of collecting information and painting graffiti in exchange for money for Ukrainian intelligence since the fall of 2024. The report said that he confessed his crime when questioned. He was quoted as saying that the Ukrainians had asked him to go to Ryazan in January to collect information about the refinery. Three industry sources have confirmed that the Ryazan refinery in Russia, located 240km south of Moscow has suspended operations following an attack on Monday by Ukrainian drones. Ukraine has repeatedly targeted Russian infrastructure for energy to try and undermine Moscow's funding of the war. Around 10% of Russia's refining capacity has been affected by the strikes. reported Earlier this month. Reporting by Felix Light, Editing by Andrew Osborn
Hurriyet: Minister tells Hurriyet that Turkey wants to extend the gas supply agreement with Turkmenistan
Alparslan Bayraktar, Turkish Energy minister, told the Hurriyet newspaper on Tuesday that Turkey and Turkmenistan are negotiating a deal to extend the natural gas supply contract for five years. He added that the deal should be finalised by the end of the year.
Later in the day, Turkish President Tayyip Erdoan and Vice President Cevdet Ylmaz will meet Turkmenistan officials in Ankara.
Bayraktar announced earlier this month that Turkmenistan and Turkey had signed a contract for Turkmen gas to be supplied to Turkey. The Turkmengaz and Turkey's BOTAS pipeline operators have signed an agreement that will begin March 1 with 1.3 billion cubic metres of gas flowing via Iran.
"We are committed to this for the long term. Our long-term objective is to reach a swap agreement. We are currently working on a program that could extend to a 5-year swap agreement by the end of this year," Hurriyet reported Bayraktar.
Turkey uses more than 50 billion cubic meters of gas per year. It relies on gas imported from Russia, Azerbaijan, Iran and liquefied gas.
Bayraktar stated that the Turkish government aims to sign an oil and gas exploration licence in Somali land block on March 1. As part of a deal with its East African allie, Turkey conducts exploration off Somalia.
(source: Reuters)