Latest News
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SPIE Secures Cabling Job at Taiwanese Offshore Wind Farm
SPIE Global Services Energy, through its SPIE Wind Connect, has secured termination and testing job of the inter-array cables for the Taiwan Power Company (TPC) offshore wind farm phase II.SPIE Wind Connect signed the contract with Shinfox Far East Energy (SFE) for the 300 MW TPC phase II, located approximately 20 kilometers offshore from Changhua County in Taiwan.The inter-array cables connect 31 Vestas V174-9.5MW offshore wind turbines to the offshore substation. Execution of works began in August 2025, with completion scheduled in 2026.Building on the success of TPC Phase I, which added 109.2MW of renewable energy capacity in November 2021, TPC Phase II is set to significantly expand Taiwan’s offshore wind portfolio.Once operational, it is expected to generate 1,000 GWh of electricity annually, meeting the power needs of approximately 270,000 households and reducing carbon dioxide emissions by over 403,000 metric tonnes each year.“This project marks another significant milestone in SPIE Wind Connect growing presence in Asia’s offshore wind sector.“As Taiwan establishes itself as a regional leader in offshore wind, with a robust project pipeline through 2035 and world-class wind resources, we are honored to be entrusted by Shinfox Far East Energy to contribute to the country’s energy transition,” said Sam Dowey, Managing Director at SPIE Wind Connect.
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New tax law aims to give Philippines a fairer share of mining profits
On Thursday, Philippine President Ferdinand Marcos Jr. signed into law a measure that overhauls the country's tax system for mining. The aim is to provide a greater share of revenue to the government as well as more transparency in the sector. The new law replaces the fragmented system that differed depending on what type of mining agreement was signed. Marcos stated during the signing ceremony that "we are putting in place a more fair, clearer system that responds to both the needs of our people and environment." The previous system required only mines located within mineral reserves to pay royalties. However, the fiscal obligations were different depending on the type mining agreement. The new law simplifies and increases taxation on all large-scale metal mining operations. It is expected to generate additional revenue of approximately 6.26 billion pesos (110.56 millions) per year. The margin-based royalties will range from 1% up to 5% depending on profitability. When income margins are greater than 30%, there will be a tax rate of between 1% and 10%. This is to capture excess profits in commodity booms. The law introduces a rule of ring-fencing, which means that each mining project is taxed separately. This prevents companies from balancing losses from one project with profits from another. "The days of a mining contractor burying its profits under the weights of losses are over." Marcos stated that we can no longer use the failure of one project to hide the success of another. "Transparency has become the norm." The Philippines has untapped copper, gold and nickel reserves worth an estimated $1 trillion. Government data revealed that mining concessions cover less than 3% (or 22.22 million acres) of the 9 million hectares (9 million acres), which have been identified as areas with high mineral potential. According to the Mines and Geosciences Bureau, in 2023, the exports of mineral products and non-metallic minerals will total $7.32 billion. This is a slight decrease from $7.53 million in 2022. ($1 = 56.6220 Philippine Pesos)
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Asia markets rise as Fed comments and jobs data indicate rate cuts
Asian stocks rose in the early hours of trading on Thursday, as Federal Reserve officials' dovish remarks soothed investor nerves during a period when global growth concerns and bond market sell-offs were at an all-time high. The Nikkei rose by 1.2%, and Australian shares gained 0.8% after their largest one-day drop since April. MSCI's broadest Asia-Pacific share index outside Japan, which includes Japan and Australia, lost early gains before falling 0.2% in the last few days. Losses in China were a major factor. Bloomberg News reported that financial regulators were preparing cooling measures to cool the market. The Shanghai Composite dropped 1.6%, and was headed for a third consecutive day of declines. The financial markets started September with a gloomy mood. A sell-off of longer-dated debts has dampened investor confidence in advance of Friday's crucial non-farm payrolls in the United States. A 30-year auction of Japanese government bonds will be held later today to test the appetite of global debt markets for super-long fixed income. The bond market sold-off overnight, but the concern about the fiscal health in major economies, from Japan to Britain and United States, kept borrowing costs for long-term loans near their multi-year-highs. Investors received a boost in confidence after Federal Reserve officials including Governor Christopher Waller expressed their support for rate reductions in the months to come. Stephen Miran said that he would also work to maintain the independence of the Federal Reserve Board. He was selected by President Donald Trump to fill a vacant seat. U.S. Stock Futures rose 0.1%, as investors reacted positively to the Fed's dovish remarks and bought beaten-down stocks. Tony Sycamore is a market analyst with IG, Sydney. He said: "We had one or two weak days but dip-buyers stepped in." Many people see this September weakness as a good opportunity to buy, with the economy still growing strongly. "This is an excellent backdrop for equity markets." The latest "JOLTS", or Job Openings Report, released on Wednesday showed that job openings were lower than expected. This boosted market bets for a rate reduction at the Fed meeting scheduled later in the month. The Federal Reserve "Beige Book", which was released in September, painted a mixed image of the U.S. economy. This appeared to confirm the concerns of monetary policymakers. Analysts from ING described the report's tone as "bleak," and said that it "was littered with tariff warnings about prices." According to CME Group’s FedWatch tool, traders are pricing in a 96% probability that the Fed will cut interest rates during its September meeting. The yield on the benchmark 10-year Treasury note rose to 4,2226% from its U.S. closing of 4.211% Wednesday. The two-year rate, which increases with traders' expectation of higher Fed Funds rates, reached 3.6187%, compared to a U.S. closing of 3.612%. The dollar was unchanged against the yen, at 148.13. It remained within the trading range that it has been in since August began. The euro currency fell 0.1% to $1.1652, whereas the dollar index (which tracks the greenback's value against other major trading partners) rose 0.1% to 98.217. Brent crude fell 0.5% on the commodities market to $67.29 per barrel. Gold spot prices fell 0.8% to $3529.94 an ounce, after reaching a record high on Wednesday.
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The price of iron ore is rising on the hope that China will demand more.
Iron ore futures prices rose for the third consecutive session on Thursday. This was aided by expectations of improved demand in China, but rising steel inventories fueled concerns about the pace of resumption of steel production, limiting gains. By 0315 GMT, the most-traded iron ore contract for January on China's Dalian Commodity Exchange rose 0.39%, to 781.5 Yuan ($109.26), per metric ton. The benchmark iron ore for October on the Singapore Exchange rose 0.69% to $103.95 per ton, the highest since August 29. Yingguang Wang said that some steelmakers were planning to resume production and increase raw material procurement on Thursday, according to a note written by an analyst from Lange Steel the day before. Steel mills at the top Chinese steelmaking center Tangshan had to reduce production temporarily to improve air quality in preparation for a military display in Beijing to mark the end of World War Two on September 3. This temporarily weakened ore demand. Bright Futures reported that inventories of construction steel continue to increase, which puts pressure on the prices. Steel stocks are likely to rise and the demand for steel may be low. This could prevent mills from quickly restarting production. Analysts at Yongan Futures stated that portside stocks would be expected to keep price increases in check. Coke and coking coal, which are used to make steel, have fallen by 3.09% and 2.46 %, respectively. The benchmarks for steel on the Shanghai Futures Exchange are stagnant. Rebar fell 0.35%; hot-rolled coil slipped 0.06%; stainless steel dipped 0.39%, while wire rod rose 0.43%. ($1 = 7.1529 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)
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Gold's record high is lowered due to profit-taking and the focus on US job data
Profit-taking led to gold's decline on Thursday, after the bullion reached an all-time high on expectations of a U.S. rate cut. Investors were also looking forward to this week's U.S. employment data. As of 0153 GMT, spot gold was down 0.3%, at $3,546.73 an ounce. On Wednesday, gold reached a new record of $3.578.50 per ounce. U.S. Gold Futures for December Delivery fell 0.8% to $3.605.60. Gold is still on a bullish market, despite some profit-taking. "Rate-cut expectations and concerns over the Federal Reserve’s independence will add to safe haven demand," GoldSilver Central's MD Brian Lan stated. "We will not be surprised if the gold price goes up to $3.800 or higher in near-term." The U.S. Labor Department announced on Wednesday that the number of job openings in July was lower than expected, at 7.181 millions. Fed officials have said that labor market concerns are still driving them to believe in rate cuts. Fed Governor Christopher Waller believes the Fed should cut rates at its next meeting. According to CME Group’s FedWatch tool, traders are now pricing in 97% of a rate cut of 25 basis points at the end the two-day meeting of the U.S. Central Bank on September 17. This is up from 92% prior to the data. Gold that does not yield is usually a good investment in an environment with low interest rates. Now, the focus is on Friday's non-farm payroll data in the United States. According to a poll, the non-farm payrolls in August are expected to grow by 78,000 jobs compared to 73,000 in July. On Wednesday, Donald Trump stated that if the Supreme Court rules against the U.S. in a case regarding tariffs, the U.S. may have to "unwind' trade agreements it has made with the European Union (EU), Japan and South Korea. Silver fell 0.8%, to $40.87 an ounce. It had reached its highest level since September 2011, in the previous session. Platinum fell 0.5% to $1415.03 while palladium dropped 1% to 1136.26.
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Profit-taking and technical correction bring LIVESTOCK-Cattle Futures to a lower end.
Chicago Mercantile Exchange beef futures fell for a second session in a row on Wednesday, as profit-taking and technical selling corrections from recent highs occurred. Since months, beef futures have been supported by elevated prices. Traders are now assessing whether the high prices will begin to affect beef demand as the outdoor grilling season ends. Analysts said that losses were however limited, as the cash cattle price remained higher than futures. It's a bull market driven by cash. Don Roose said that at this time of the year, October, cattle prices should be equal to cash. CME October Live Cattle Futures finished 1.200 cents below at 238,325 cents a pound. This is a larger discount than the $242 per 100weight that packers were willing to pay for cattle on feedlot markets in the previous week. Cash cattle prices may be stable or even higher than last week, according to the bids of packers at midweek. Beef packer profits remained positive despite tight supplies of cattle and high cattle prices, as beef values hovered at multi-year heights. The U.S. Department of Agriculture reported that the value of the boxed choice beef cutout rose $2.59 per cwt on Wednesday, reversing the previous-day decline. This is the highest price since May 2020. Select cutout increased by $1.56 per cwt to $387.73. According to HedgersEdge, a livestock marketing advisory service, the average beef packer's margin fell to $86.20 a head on Wednesday, from $99.25 per head a day before but was up from $82.55 compared to last week. Live cattle prices also fell, and the October contract ended the day at 361,500 cents per kilogram. CME lean-hog futures fell on Wednesday, after seven consecutive sessions of price gains. Prices had reached their highest level in ten weeks. Analysts said that the market was impacted by the spillover pressure of lower cattle futures, and the expectation for seasonal increases in hog supply into the fourth quarter. CME October lean pork ended at 93.8225 cents per pound, a decrease of 1.725 cents.
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Asia markets stabilize as Fed comments and jobs data point towards cuts
Asian stocks rose in the early hours of trading on Thursday, as Federal Reserve officials' dovish remarks soothed investor nerves during a period when global growth concerns and bond market selloffs were at an all-time high. After a mildly positive session for U.S. stock markets, MSCI's broadest Asia-Pacific share index outside Japan rose 0.5%. The Nikkei opened 1.2% higher, after recovering from its biggest one-day drop since April. Australian shares rose 0.7%. Chinese stocks opened lower, bucking the regional trend. Shanghai Composite dropped 0.4%, and was on course for a third consecutive day of declines following a Bloomberg News report that financial regulators were preparing cooling measures to the market. The financial markets started September with a gloomy mood. A sell-off of longer-dated debts has dampened investor confidence in advance of Friday's crucial non-farm payrolls in the United States. A 30-year auction of Japanese government bonds will be held later today to test the appetite for super-long fixed interest rates on global debt markets. The bond market sold-off overnight, but the concern about the fiscal health in major economies, from Japan to Britain and United States, kept borrowing costs for long-term loans near their multi-year-highs. Investors received a boost in confidence after Federal Reserve officials including Governor Christopher Waller expressed their support for rate reductions in the months to come. Stephen Miran said that he would also work to maintain the independence of the Federal Reserve Board. He was selected by President Donald Trump to fill a vacant seat. U.S. Stock Futures rose 0.1%, as investors reacted positively to the Fed's dovish remarks and bought beaten-down stocks. Tony Sycamore is a market analyst with IG, Sydney. He said: "We had one or two weak days but dip-buyers stepped in." Many people see this September weakness as a good opportunity to buy, with the economy still growing strongly. "This is an excellent backdrop for equity markets." The latest "JOLTS", or Job Openings Report, released on Wednesday showed that job openings were lower than expected. This boosted market bets for a rate reduction at the Fed meeting scheduled later in the month. The Federal Reserve "Beige Book", which was released in September, painted a mixed image of the U.S. economy. This appeared to confirm the concerns of monetary policymakers. Analysts from ING described the report's tone as "bleak," and said that it "was littered with tariff warnings about prices." According to CME Group’s FedWatch tool, traders are pricing in a 96% probability that the Fed will cut interest rates during its September meeting. The yield on the benchmark 10-year Treasury note rose to 4,2129% from its U.S. closing of 4.211% Wednesday. The two-year rate, which increases with traders' expectation of higher Fed Funds rates, reached 3.6166%, compared to a U.S. closing of 3.612%. The dollar fell 0.1% to 147.98 yen, staying within the range of trading it has been in since August began. The euro was unchanged at $1.1657 while the dollar index - which measures the greenback's value against the currencies of major trading partners - was unchanged at 98.153. Brent crude fell 0.5% on the commodities market to $67.29 per barrel. Gold spot prices fell 0.2% to $3552.49 an ounce, after reaching a record high on Wednesday.
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Oil prices continue to fall as OPEC+ considers a new output increase
Oil prices fell on Thursday, extending a drop of more than 2% from the previous trading session. Investors and traders are looking ahead to a meeting at the weekend of OPEC+, where producers will likely consider another increase of output targets. Brent crude dropped 27 cents or 0.40% to $67.33 a bar by 0114 GMT. U.S. West Texas intermediate crude fell 28 cents or 0.44% to $63.69 a bar. Two sources with knowledge of the discussions said that eight members of the Organization of the Petroleum Exporting Countries (OPEC+) will discuss further increases in production at a Sunday meeting. The group is seeking to regain its market share. Phil Flynn is a senior analyst at Price Futures Group. He said that the prospect of OPEC+ increasing output had increased before the meeting. The traders had not expected any change from the group. OPEC+ agreed to increase output targets from April to September by approximately 2.2 million barrels a day, plus a 300,000. bpd quota for the United Arab Emirates. Middle Eastern oil has remained the most expensive region in the world despite production increases. According to a Haitong Securities report, this has boosted the confidence of Saudi Arabian and other OPEC member countries to increase output. The market is now awaiting government data about U.S. crude stocks, which are due on Thursday. This will be a day later than usual due to the U.S. federal holiday on Monday. U.S. crude stockpiles increased by 622,000 barges in the week ending August 29, according to market sources citing API figures released on Wednesday. The API estimate of a U.S. increase in crude stock went against the estimates of analysts polled who, on average estimated that U.S. crude inventory fell by 2,000,000 barrels. (Reporting from Sam Li in Beijing, Trixie Yap and Nicole Jao in New York. Editing by Tom Hogue.)
Dollar weakens but shares rise as Fed's independence is threatened
Asia shares reached their highest level in over three years on Friday, as they followed a Wall Street rally. However, the dollar suffered on fears about the Federal Reserve’s independence and on expectations of early rate cuts.
The stock indexes around the world are expected to close the week in a positive manner, as worries over tensions in the Middle East along with uncertainty about tariffs and trade agreements have been put on hold for the time being.
Early in the session, MSCI's broadest Asia-Pacific share index outside Japan reached its highest level since November 20, 21. It was last trading 0.2% higher, and it is expected to post a 3% weekly gain.
Japan's Nikkei rose 1.5%, and the index surpassed 40,000 for the first time since five months.
The news that Washington and Beijing had reached an agreement on how to expedite the shipment of rare earths to the United States was one reason for the positive mood.
U.S. Treasury secretary Scott Bessent said also on Thursday that after Washington reached an accord with the Group of Seven industrialized countries, he had asked Republicans to remove Section 899 of their tax and spending bills.
When that provision was adopted by the House, it made some investors nervous, particularly foreign investors. If that provision is removed, it will ease one of the fears of foreign investors, said Khoon Gh, head Asia research at ANZ.
The positive market sentiment we are experiencing is a result of the accumulation of all these... positive developments.
The European futures market also saw gains, with the EUROSTOXX50 futures and DAX Futures both rising by 0.6%. The FTSE Futures rose by 0.16%.
U.S. Stock Futures are little changed even though Wall Street closed at record highs on Thursday, supported further by the expectation of imminent Fed rate reductions.
FED CUTS COMING
The Wall Street Journal reported on Tuesday that U.S. president Donald Trump had toyed with the notion of appointing and announcing the replacement for Fed Chair Jerome Powell by September or Oct.
The dollar was further weakened as traders worried about the erosion of Fed's independence, and began to price in additional rate cuts for this year.
The dollar was near its lowest level in three-and-a half years on Friday, and it was heading for a weekly loss of 1.4%. This would be the largest drop since over a month.
The greenback has already fallen more than 10% for the year. If it continues to fall in the coming days, this will be the biggest half-year drop since the beginning of the free-floating currency era in the early 1970s.
The euro, against a weaker US dollar, was at its highest level in more than three years. It stood at $1.1688. The pound rose by 0.03%, to $1.3730.
"Trump's wish to'shadow,' the Fed by using a designated successor for Chair Jay Powell, isn't a great way to promote perceptions of autonomy and integrity in U.S. Policymaking, and, by extension that of reserve currency status for the U.S. Dollar," said Thierry Witzman, global FX rates strategist at Macquarie Group.
The Fed's bet on a Fed cut has increased due to a series of economic data that were weaker than expected. Attention is now focused on the release of Friday's core PCE Price Index, the U.S. Central Bank's preferred inflation measure.
The yields on U.S. Treasury bonds were unchanged in Asia, after falling in the previous session. The two-year yield was at 3.7418%, and the benchmark 10-year rate at 4.2554%.
Oil prices are set to decline by a week's end, as the ceasefire between Israel and Iran continues. This has eased concerns about Middle East supply.
Brent crude futures rose 0.41% to $68.01 per barrel, while U.S. oil rose 0.46% at $65.53 a barrel on Friday. However, both crudes are headed for a drop of more than 10% in the coming week.
Spot gold dropped 0.23%, to $3320.25 per ounce.
(source: Reuters)