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Arbitration sought by Combined BHP Ports Unions over wage dispute
The union announced on Tuesday that it would take BHP, the world's largest?miner, to arbitration if the two parties could not agree on the?terms of a new wage?deal in Western Australia for the Port Hedland Iron Ore Operations. Port Hedland, the largest iron ore export center in the world and BHP's main shipping gateway to the Pilbara region, is the hub for BHP Pilbara operations. The union, which represents 450 workers on the site (operators and maintenance), will apply for a "intractable bargaining statement" which allows the Fair Work Commission to determine the terms of the agreement. Over the past nine months, both sides have been in talks to determine a wage agreement that will last four years. They've met almost weekly in recent weeks, with Fair Work Commission as a facilitator. ".....BHP refuses to negotiate an accord that reflects their specialized skills, the extreme conditions they work in and the personal sacrifices made by the employees who have generated more than $13 Billion in profits for the company?this past year", the Combined BHP Ports Unions stated in a press release. In response to a?request for comment, a BHP spokesperson stated: "Our focus is on delivering an?fair?and reasonable?agreement." BHP offers a 17% increase in pay for most workers over the four-year agreement. This includes a 'transition payment' of A$25,000 (17,802.50 USD) spread over two years as well as a rise in roster allowances. The union claims that 40% of workers would be worse off if this proposal were to go through.
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India's Tata share price jumps as RBI decision revives holding company's listing prospects
The shares of several Tata Group firms soared?on Tuesday, after India's Central Bank?rejected Tata Sons?application?to deregister as a non-bank lender. This revived prospects for a stock exchange listing for the holding company. Tata Chemicals shares jumped by 20% while Tata Motors Passenger Vehicles shares rose by 4.4%. Tata Consultancy and Tata Investment, a major provider of IT services, both advanced by 10% and 4.4%. Tata Sons'?potential listing could increase valuation and unlock value for Tata-linked companies. Tata Chemicals, Tata Motors, and Tata Investment?are listed Tata firms that own stakes in Tata Sons. Tata Sons assets alone totaled 1.75 trillion rupees (18.25 billion dollars) as of March 2025. The company has been privately owned for more than 100 years. It controls companies such as Tata Consultancy and Tata Motors. Tata Sons has been classified as a "core investment company" and is subject to RBI rules for non-bank lenders, which require that companies with assets over 1 trillion rupees or those with direct or indirect access to public funds be listed. Tata Sons announced last month that Chairman N Chandrasekaran will not seek reappointment. This has added to the 'uncertainty' surrounding the future leadership of the group.
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Mayor of Kyiv: Russia has hit petrol stations and warehouses in Kyiv
Vitali Klitschko, the mayor of Kyiv, Ukraine, said that a drone struck a petrol station early Tuesday morning. He also added that a drone had also struck warehouses in another part of the city. Witnesses heard an explosion in Kyiv The attack follows a?U.S. Donald Trump stated on Monday that Ukraine had agreed with Russia not to?hit each other's targets. Recently, Russia began targeting petrol stations in Kyiv and expanded the scope of facilities that were targeted. In the last few months, Russia has targeted around 300 petrol stations, mostly in or near Ukraine's frontline areas. In a social media statement, Poland's Armed Forces stated that as a precautionary measure, it had begun military aviation operations to secure its airspace. A regional governor on Telegram said that a Ukraine missile strike?damaged a warehouse owned by the ecommerce company Ozon, in the southern port of Taganrog. Separately, a?industrial facility?in the Samara Region on the Volga River was hit by a drone, said Governor Vyacheslav Federishchev on Telegram without naming this particular industrial facility. A number of large oil refineries are located in the?region. It was not possible to independently verify all the reports. Volodymyr Zelenskiy, the president of Ukraine, said that Kyiv would only support a U.S.-proposed ceasefire between Russia and Ukraine on energy sites if Washington could guarantee that Moscow was truly ready to end its conflict with Ukraine.
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China's oil throughput in August is up for the second consecutive month amid Iran war
China's oil throughput in August?rose for a second consecutive month but was still?6.9% lower than a year ago, according to?data released on Tuesday by the National Bureau of Statistics. In August, the world's largest oil buyer processed 59.07 metric tons crude oil, or 13,91 million barrels per day. This is an increase of 11.2% compared to July. Oil throughput in the first eight months was 456.12 millions metric tons or 13.7 million bpd. This is down 6.6% compared to a year earlier. According to data, China's domestic crude oil production in August rose by 0.8% on the year to a total of?18.43 metric tonne, or 4.34 millions bpd. Beijing does not release information on its reserves. However, calculations that add official crude imports and domestic production, then subtract refinery output, estimated a drop of 639,000 barrels per day (bpd) in August. This was the second largest drop since the Iran War began, following a decline of 936,000 barrels per day?in June. The data also revealed that the crude oil production for the year to date was 146.39 millions metric tons. This is a 0.9% increase from last year. The natural gas production in August increased by 0.8% from the previous year to?21.4 billion cubic meters (bcm). The output for the year to date is 175.7 bcm. This represents a 1.1% increase from a previous year.
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New Hope coal miner in Australia pays out highest dividends since 2022
New Hope Corp, a thermal coal -miner in Australia, declared its 'largest ever final dividend' on Tuesday. This was despite the fact that their annual profit had more than halved and they missed expectations. The shares rose to their highest level in over 3-1/2 years. Rob Bishop, CEO of. "We had a good year and we were able to pay out a large dividend," said he. New Hope announced a final dividend per share of 30 Australian cents for fiscal 2026. This is the highest since 2021 when it was 31 cents and surpasses last year's 15 Australian cents. The company's shares rose by as much as 4.1% in the early trading, reaching their highest level since January 2023. As of 0056 GMT, the broader market was down 0.5%. Sales and production of saleable coal increased by 7.6% and 11.8% respectively. This was due to the ramp-up at its New Acland Mine in Queensland, and the strong performance in the second half of the year at the Bengalla Mine in New South Wales. The annual net profit after taxes fell by 63.4% compared to the previous year, falling to A$161 million ($114.94 millions), the lowest level since fiscal 2021 when A$79million was recorded. Visible Alpha's estimate of A$182.2 millions was also not met. New Hope said that its earnings were negatively affected by a decline of 8.8% in the average realized sales price to A$143.2 per tonne. This was due to unfavourable exchange rate fluctuations, as well as an increase in the percentage of sales with high-ash across the group. The company's Bengalla Growth Project and ramp-up at the New Acland Mine?also contributed to the decline in profits. The company stated that it expects thermal coal prices will be well supported in the medium to long term, due to a shortage of supply caused by ageing assets and a lack of investment in new projects.
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Asian shares fall as oil prices and yields increase ahead of Fed and BOJ meetings
Asian shares struggled on Tuesday, as investors considered Middle East tensions. Industry figures also called for a halt in AI development. Meanwhile, higher oil prices and bond yields heightened caution ahead of 'key' central bank meetings taking place in the U.S. Yemen's Houthis, who are aligned with Iran, launched a new offensive on Saudi Arabia Monday. Riyadh had blamed Iran-backed fighters based in Iraq for an assault on the east-west oil pipeline of the kingdom that could disrupt up to 4% global supply. Gulf Arab states have also delayed planned talks with Iran. Brent crude was up by 1.21% at $106.96 a barrel, while U.S. Crude rose 1.27% to $102,68 per barrel. In a recent note, Yokoo Akihiko, an analyst at Mitsubishi UFJ Bank said that the markets are likely to continue to focus on the possibility that higher crude oil costs could contribute to 'inflationary forces, and in turn, drive interest rates higher. Leading AI figures have called for a'slow down in development of AI technology. This has continued to resonate through the markets, even as U.S. president Donald Trump has played down concerns about misuse. He said that existing U.S. protections are adequate and China would benefit from any doubts regarding AI development. MSCI's broadest Asia-Pacific share index outside Japan fell 0.12%. South Korea's 0.25% drop led the way. Japan's Nikkei index edged up 0.19% after reversing its early losses. Shares of chip-related companies were mixed. South Korea's Samsung Electronics lost 0.2%, while Japan's Kioxia rose 3.3%. Federal Open Market Committee will begin its two-day session later that day. The markets have priced in a 90% probability of a rate increase, which would be the first since mid-2023. Morgan Stanley analysts said in an?address that "while inflation continues to decelerate" recent upside surprises have made the pace of disinflation slower and less convincing. They expect a 25 basis point hike on Wednesday and December. "We can see both arguments for a hike or a hold. However, signs of second-round impacts from energy prices and strong demand linked to AI-related investments, as well as a neutral rate which is temporarily higher and concerns over credibility, mean that the balance of risk now argues in favor of a slightly more restrictive policy." Overnight, the benchmark yield on 10-year U.S. Treasury bonds reached 5% for first time in 2023. Germany's 10-year yield rose above 3.51% to its highest level since 2009, and U.S. Treasury bond yields also touched 5% overnight. Tuesday, Japan’s benchmark 10-year government bond rate jumped back to 3%. Bank of Japan will likely raise its interest rate to 1.25% by 25 basis points at the conclusion of its two-day session on Friday, and signify that more tightening is to come. The Bank of Japan is looking to bolster the yen following intervention that helped move the currency away from a low for 40 years. The dollar index, which measures greenbacks against a basket including the yen, and euro, increased 0.05%, to 99.53. Meanwhile, the euro fell 0.03%, to $1.1543. The dollar rose 0.17% against the Japanese yen to 154.61. Spot gold fell 0.15%, to $4,291.59 per ounce. Spot silver dropped 0.31%, to $63.03 per ounce.
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SB Energy will sell shares worth up to $500,000,000 to Japanese investors as part US IPO
A filing on Tuesday showed that the SoftBank Group-backed Data 'centre developer SB Energy will sell up to $500 million worth of shares to Japanese investors as part a a U.S. public listing. The filing stated that the firm would issue new shares to the Japanese investors and the funds raised would be used for "general operating costs" for the development of data centres, "power generation", and other infrastructure projects. The filing did not disclose the size of the U.S. Initial Public Offering. SoftBank could be looking for a $50 billion valuation for SB Energy. SB Energy's investment prospectus from September reported that Nvidia had committed to investing $1.5 billion at the IPO price in a private placing, while OpenAI was issued warrants valued at approximately $5.5 billion. Investor interest in artificial intelligence led to a flurry of 'public listing' in related firms this year. SpaceX listed in June, and Anthropic is preparing to list in the second half of.this year. Japanese investors?secured a total of $2.2 billion in SpaceX shares at its IPO.
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Interior Secretary Burgum: US wants to issue deep sea mining permits in a few months
The Trump administration announced on Monday that it was close to approving permits to'mine' the deep sea as part of an broader effort to increase U.S. access to the vital minerals needed across the U.S. economy. Interior Secretary Doug Burgum told a G20 gathering in Houston of energy ministers that the permits could be issued within months, as the administration pursues its strategy of "energy add" to expand the supply chains of the country and its allies. Donald Trump, since returning to office in 2017, has taken steps to bolster the deep-sea mine industry. However, he still hasn't issued operational permits to allow it to move forward. Many environmentalists are concerned that seabed mining could lead to irreversible biodiversity losses. The Pacific Ocean, and other parts of the world are believed to have large quantities of polymetallic nodules (potato-shaped rocks) that can be used as building blocks for electronic vehicles, weapons and electronics. Burgum stated that "those nodules we have to vacuum up from the sea floor (are filled with?critical minerals we need." Burgum said that part of the solution is to ensure that we have a diverse, reliable, and affordable supply of essential minerals. In the last 18 months, U.S. exports of critical minerals, especially those processed in China by Chinese companies, have been limited as Beijing limits its exports. This has increased pressure on Washington, which is now urging it to support efforts to increase domestic mining. Burgum responded to Burgum's question about when the federal government could issue permits for deep-sea diving: "Those discussions are taking place right now." He added that "you'll hear more in the coming weeks and months because there's exciting developments on that front." Burgum's Interior Department supervises the Marine Minerals Administration which must approve all?permits for mining?U.S. Territorial waters. The MMA review would begin with a lease to allow private companies to have exclusive access to a part of the seabed. Then, a review process would be conducted to determine if an operational permit was needed. This would include a variety of scientific data. Separately Trump wants the Commerce Department to issue international permits. This could lead to a conflict with the United Nations' International Seabed Authority, which has tried to set standards for more than 25 year. The Metals Company, a privately-held company, and Impossible Metals are among the companies that have requested permits for seabed mining. Other companies have also applied for exploration permits.
Document shows that India has advanced hydro-projects in Kashmir after terminating the pact with Pakistan
According to a government and industry source, India has accelerated the start of four hydropower projects under construction in the Kashmir area by several months. This is after it suspended a water-sharing agreement with Pakistan which had slowed down progress.
The Indian government is using the unilateral suspension of Indus Waters treaty 1960, which it unilaterally imposed following the deadly attack on Kashmir last month, to try and take advantage of this.
India said that two of the "terrorists", who killed 26 men in a popular tourist spot in Kashmir on the 22nd of April, were from Pakistan. It has also taken a number of diplomatic and financial steps against Islamabad at a time when relations between the nuclear-armed neighbors are deteriorating.
Islamabad denied involvement in the attack and threatened legal action for the suspension. It also said that any attempt to divert or stop the flow of water to Pakistan would be viewed as an act war. Pakistan relies on the Indus System for 80% its farms and for most of its output in hydroelectricity.
Since nearly two weeks, the armies have been exchanging small arms fire along the border. Pakistan claims that India is about to launch a military attack.
New Delhi, despite Pakistan's threats, has taken steps to reduce water supplies to Pakistan.
The document was an undated list compiled by the Power Ministry and reviewed by the Prime Minister Narendra Modi’s government.
Pakal Dul (1 000 MW), Kiru (620 MW), Kwar (560 MW) et Ratle (850MW) are the four projects. The four projects are located on the Chenab River. Although its waters are intended for Pakistan, India has been allowed to build hydroelectric projects that use run-of water without significant storage.
All the projects are being built by NHPC (India's largest hydropower company), a state-owned corporation. The document states that they are scheduled to begin between June 2026 - August 2028.
The document states that various agencies, such as those focusing on law enforcement and labor supply, were asked to speed up work.
NHPC, the Indian Ministries of Power, Water Resources and Foreign Affairs did not respond immediately to requests for comments.
Indus River Authority officials in Pakistan held a Monday meeting and "noted unanimously with concern that a sudden reduction in River Chenab flows at Marala, (the headworks which regulates flow), due to a short supply from India, would result in further shortages" of summer crops.
The authority announced in a late-Monday statement that it would use downstream reservoirs "in light of the crisis created by Indian shortages in the Chenab River".
"PLANS FOR MORE"
Last month, India's Water Minister vowed to "ensure that no drop of water from the Indus River reaches Pakistan".
According to a source in the Indian industry, there have been several meetings between officials of various government and private agencies and the power ministry over the last week regarding projects in Jammu & Kashmir.
The source declined to identify herself because the matter was sensitive. "In general, government orders to speed up existing projects such as this means that it wants to plan new ones," she said.
India is requesting that seven projects, with a combined power of 7 gigawatts and a cost of 400 billion rupees ($4.73 billion), be expedited. Could not identify all of the projects.
The Permanent Court of Arbitration at the Hague has already heard a dispute between Pakistan and India over Ratle. The dispute concerns the small pondage or water storage area as well as the turbine design.
New Delhi was required by the water treaty to provide Islamabad with extensive details about projects on three Indus Rivers that were meant for Pakistan, the Indus, the Chenab, and the Jhelum. Modi's Government has sought a modification to the water treaty, citing India's growing population and the need for cleaner forms of power like hydropower.
Officials and experts from both countries had stated that India could not stop the flow of water immediately because the treaty only allowed them to build plants without the need for large storage dams. However, a Pakistani official claimed the Chenab River had already seen a drastic drop in flows.
Muhammad Khalid Idrees Rana told Bloomberg News that the flow of water has dropped by 90% since Sunday.
Sources at Pakistan's Indus Authority said that the Chenab flow has been wildly fluctuating since Sunday. On Sunday, water was flowing at Marala Headworks at 31,000 cusecs. It then dropped to 3,100 on Monday and is now up to 25,000.
Source: "The changes in water supply are due to India's (some hydro) projects," said the source. They can stop the water, then dump it. These variations are not large enough to cause significant damage, but they have an impact on the canals.
(source: Reuters)