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Vedanta, an Indian mining company, misses its quarterly profit forecasts due to weak aluminium prices
Vedanta, an Indian conglomerate that converts metals into oil, missed its quarterly profit forecast on Thursday as lower aluminum and copper prices and increased tax expenses outweighed the impact of a strong local demand. Vedanta’s aluminium business in India is the largest and accounts for nearly 40% of its revenue. Copper is followed by zinc as the company's second largest business. During the quarter under review, benchmark aluminium and copper prices fell 4% and 4,1% respectively on an annual basis, due to geopolitical tensions, and uncertainty over U.S. Trade policies. Mining companies tend to see their margins and selling prices affected by lower commodity prices. Vedanta’s total revenue increased 6.2% on an annual basis to 374.34 billion Rupees ($4.3billion) for the quarter ending June 30. This was driven by increases in revenue from copper and aluminium, which both grew by 7.7% and 34.6% respectively. The net profit of the company has decreased to 31,85 billion rupees, from 36.06 billion a year earlier. LSEG data shows that analysts, on average, predicted a profit of approximately 34.83 billion rupees. The company's earnings before taxes, interest, depreciation, and amortization increased by about 2%, to 60.53 billion rupies, while its tax expenses rose to 15.96 billion rupies from 8.31 billion rupies a year earlier. Vedanta’s operating profit margin was flat at 21%. Vedanta subsidiary Hindustan Zinc reported a higher-than-expected profit in the first quarter, thanks to a strong demand for metal that helped offset the price impact. $1 = 87.6050 Indian Rupees (Reporting and editing by Manvi Pan and Anuran Sahdhu)
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The world stock market is mixed due to weak economic data, but also positive earnings.
The world stock market was mixed on Thursday as markets considered a range of economic indicators, including central bank rate decisions and inflation data, along with last-minute negotiations for a trade agreement ahead of U.S. president Donald Trump's deadline of August 1. Bank of Japan has recently increased inflation forecasts and held interest rates, indicating cautious optimism about Japan's economy. Japan's short-dated bond yields rose at one point to their highest level since early April. However, they retreated after the BOJ policy statement caused market participants to delay expectations of any future interest rate increases. The Nikkei closed just under 1% higher, and the yen gave up its early gains. Investors also focused on earnings. Nasdaq Futures rose 1.4% following better-than-expected results from Microsoft and Meta Platforms. S&P futures increased by over 1%. Dan Coatsworth is an investment analyst with AJ Bell. He said, "Microsoft and Meta have just delivered earnings that most companies only dream about." Investors are ecstatic because they've smashed the market predictions by a mile. Stock indexes across Europe were also supported by earnings. Around 1025 GMT, the Stoxx 600 pan-European index remained steady. The index is expected to finish the month up 1.6% as improved economic data from the U.S., Europe and other countries was better than expected. Standard Chartered, France's Societe Generale and the region's banks all posted gains of over 1.5% Thursday following positive results. MSCI's world-wide index was flat. This was due to the decline in Chinese shares after official PMI gauges revealed weaker economic activity than expected during July. China's blue-chip CSI 300 index ended 1.8% down, its largest single-day drop since April 7. Hong Kong's stock index also closed 1.6% down. Investors in Asia also considered the implications of the trade agreement between the U.S.A. and South Korea, as well as whether Trump’s initial announcement that a 25% tariff would be imposed on India should have been taken seriously. This was especially true since it came in the middle trade negotiations. The benchmark Nifty 50 index in India is just barely in positive territory, after recovering earlier losses. The Korean won rose 0.3% following Trump's announcement that the U.S. will impose a 15% tariff for imports from South Korea. In return, South Korea would invest $350 billion into U.S. projects as well as purchase $100 billion of U.S. products in energy. The announcement is part of a series that was rushed to be made before the deadline of Friday, April 2, in order to avoid the imposition by Trump of his "Liberation Day", or April 2 tariffs. Copper futures fell 19.4% as Trump announced that the U.S. will impose a tariff of 50% on copper pipes, wiring and other copper products. This was far less than the expectations of more sweeping restrictions. On Hold The Federal Reserve’s rate-setting panel voted on Wednesday 9-2 to keep U.S. interest rates unchanged for the fifth time in a row. Two Fed governors dissented for the first times in over 30 years. The comments made by Fed Chairman Jerome Powell after the decision undermined confidence in the ability of borrowing costs to fall in September. The dollar index remained steady at 98.718, down from its two-month high, 99.987, which it reached on Wednesday. The index will gain 3.1% for the month. This is its first increase since 2025. "Although Federal Reserve kept rates at their recent rate setting decision the possibility of rate reductions at upcoming meetings remain live, as they balance the softening economy data with the possible for persistent inflation," Manusha Samanthaweera, Fixed Income Investment Director at Capital Group. The U.S. Gross Domestic Product growth was higher than expected during the second quarter. However, the details painted a picture that showed an economy in decline and plagued with uncertainty due to Trump's protectionist policies. Brent crude futures, for September delivery, were down 26 cents at $72.98 per barrel. U.S. West Texas intermediate crude for September was down 25 cents at $69.75 per barrel as traders exited their positions that would expire on Friday. Brent crude futures for October also dropped 33 cents, to $72.13, amid reports that EU tariffs on crude palm oil and kernels may be removed. Reporting by Nell Mackenzie, Gregor Stuart Hunter. Additional reporting by Ankur Banerjee. Jamie Freed, Mark Potter and Mark Potter edited the article.
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Adani Enterprises' first-quarter profits fall due to weak coal demand
India's Adani Enterprises reported a decrease in its first-quarter profits on Thursday, as a fall in demand for coal-fired electricity weighed on the company's mainstay coal trading business, sending its share price down by 4%. The net profit of the company was 7.34 billion rupees ($84 million) for the quarter ending June 30. This is down from 14.55 trillion rupees one year earlier. The revenue from operations dropped 14%, to 219.61 billion rupies. This was due to a 27% drop in the coal trading unit. Its largest segment is the coal trading business, which accounts for 36% of total revenue. India continued to be a weakness during the quarter. Register to receive updates on the latest news and events. Reduced coal-fired electric demand India's overall power output also declined amid a milder summer, earlier-than-expected monsoon and slowing economic activity, leading to a decline in coal demand. Solar manufacturing and wind turbines are part of the new energy business that has been expanded by the conglomerate. During the quarter, however, revenue for the segment dropped by 11%. The pre-tax profit of the clean energy segment dropped by 34%, to 9.82 billion Rupees. Meanwhile, the coal trading division saw a decline of 45% at 4.85 billion Rupees. After the results, shares of the company dropped as much as 3,8% to 2436.6 rupees. In the period April-June, they grew by 13%.
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ArcelorMittal raises US tariff forecast to $150 mln
ArcelorMittal has increased its estimate of financial impact due to U.S. Tariffs. It now expects that they will reduce its core profits by $150 million in this year. This is more than the forecasted $100 million in February. Genuino Cristino, Genuino's finance chief, said that the world's second largest steelmaker will respond by increasing its manufacturing in America. Christino stated in an interview that the material we provide to the United States is of high value and cannot be replaced. "Our goal is to work closely with our customers to ensure that we can continue to provide, protect market shares and make a profit." He said that the company had several options including sharing tariffs and costs with customers. ArcelorMittal also plans to expand its U.S. footprint. In June, the company acquired Nippon Steel’s 50% stake in Calvert, gaining full control over the Alabama-based plant. Christino stated that the deal will transform the group's market presence. The CFO confirmed that ArcelorMittal had successfully installed Calvert's electric-arc furnace. The furnace has a capacity of 1.5 million metric tons of low-CO2 steel per annum and is designed to produce automotive-grade steel. ArcelorMittal, based in Luxembourg, signed a slab supply contract with Nippon Steel & U.S. Steel in June. The agreement covers a period of seven years and will see the group receive 750,000 metric tons of slabs per year, melted and poured, in the U.S. Christino stated that the combination of the new furnace with the slab supply agreement will allow Calvert to qualify for about half its production as U.S. melted and poured. The remaining will continue to come from Brazil and Mexico.
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Trump's Trade War: Major Developments
The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports. He demands that they reduce the flow of illegal immigrants and fentanyl into the U.S. Trump accepts a 30-day suspension of his threat to raise tariffs on Mexico and Canada, in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump increases tariffs on aluminum and steel to a flat rate of 25%. March 3 - Trump announces that 25% tariffs will be imposed on imports from Mexico and Canada from March 4, and that all Chinese imports will face a 20% tariff on fentanyl. March 6 - Trump excludes for one month goods from Canada and Mexico as part of a North American Trade Pact. Trump announces a 25% import tariff on cars and light trucks. Trump announces tariffs on April 2, with a base of 10% for all imports, and much higher rates on certain countries. Trump suspends, for 90 days, most of the country-specific tariffs he imposed less than 24 hrs earlier. This caused a financial market uproar. The blanket 10% duty on nearly all U.S. imported goods remains in place. Trump has announced that he will increase the tariffs on Chinese imports from 104% to 125%, a rise of 5%. The extra duty on Chinese goods is now 145%. May 9 - Trump announces a limited bilateral agreement with British Prime Minister Keir starmer that keeps 10% tariffs in place on British exports while lowering duties on British auto exports. May 12: The U.S. & China agree to temporarily reduce reciprocal tariffs. The U.S. and China agree to temporarily reduce reciprocal tariffs. May 13: The U.S. reduces the "de minimis", or low-value tariff, on China shipments. Duties for items up to $800 are reduced to 54% instead of 120%. Trump warns Apple that it will face a 25% tax if the phones it sells in the U.S. are manufactured outside the country. May 29: A federal appeals Court temporarily reinstates Trump's most comprehensive tariffs. It suspends an earlier ruling by a lower court to allow the government to appeal. Trump signs an executive order activating the increase in steel and aluminum tariffs from 25% to 50% on June 3. Trump announces a 20% tariff for many Vietnamese exports. Trans-shipments through Vietnam from other countries will be subject to a 40% tax. Trump said on Truth Social, July 6, that countries who align themselves with BRICS' "anti-American policies" will be subject to an additional 10% tariff. Trump announces on Truth Social that the higher additional duties previously announced will take effect on August 1. In letters to 14 countries, including Japan, South Korea, and Serbia, Trump says the tariffs will range between 25 and 40 percent. Trump announced on July 10 that the U.S. would impose a tariff of 35% on Canadian imports in August, and planned to impose tariffs blankets of 15% or 20 % on most other trading partner. Trump threatens to impose 30% tariffs on imports from Mexico, the EU and Canada. Trump announces that the U.S. is imposing a tariff of 19% on Indonesian goods under a new deal. Trump signs a deal with Japan on July 22 that lowers tariffs for auto imports from 25% to 15%. July 27: The U.S. and the European Union reach a trade deal, which imposes a 15% tariff on imports of most EU products. Trump said that most trading partners who do not negotiate separate deals with trade agreements will soon face tariffs between 15% and 20%. Trump announces a 25% tariff for goods imported from India and a 50% tariff for most Brazilian products. He also offers softer quotas in sectors like aircraft, energy, and orange juice. Hours before the deadline of August 1, the U.S. and South Korea reach an agreement that reduces the planned levies from 25% to 15%. Trump said that a 50% tariff would be implemented on copper wiring and pipes on the same date. (Compiled by Paolo Laudani in Gdansk and Mateusz Rabiega; edited by Jamie Freed and Lincoln Feast.
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Comex premium slashed by Trump's diluted copper tariffs
After President Donald Trump shocked the markets by reducing tariffs, the once-mighty premium that U.S. Copper enjoyed over global benchmarks swung into a discount. Trump announced on Wednesday that the United States will impose a tariff of 50% on copper pipes, wiring and other copper products. However, the measure fell short and excluded copper materials like ores, concentrates, and cathodes. The unexpected move brought down U.S. Copper prices by more than 20 percent on the Comex exchange, and slashed the premium that had been growing over the London benchmark in recent weeks. Shipments were diverted to the U.S. because they expected higher prices at home. Anant Jatia is the founder and chief investment office of Greenland Investment Management a hedge-fund that specialises in commodity arbitrage trading. Over time, Comex returns to a premium due to the decline in inventories and the continued U.S. premium." U.S. Comex September copper futures last fell 22% on Thursday to $4.359 per lb, or $9,610 for a metric ton, a $20 discount over LME. The premium last week was $3,000 Benchmark LME Copper fell by 0.7%, to $9.630 per ton. What happens to the U.S. Inventions Since Trump's first warning about tariffs, in February, months of high premiums have sucked up huge volumes of copper around the globe. Even a few short weeks ago, traders still redirected cargoes towards the United States to avoid the new tariffs. Trump's sudden pivot raises the possibility that some of this stockpile could be re-exported. Macquarie estimated in early October that it would take nine full months of normal consumption to exhaust the stocks built up during the first half year. Goldman Sachs stated in a Thursday note that Trump's potential threat to impose tariffs in 2027 on refined copper would keep U.S. prices and global prices close to parity, and limit large-scale re-exporting. Trump teased his tariff for the first time in early July. He implied that the tariff would be applied to all types red metals, from cathodes made by mines and furnaces to wire and other products. In a proclamation issued by the White House however, the administration stated that the tariff would only apply to products where copper is heavily utilized, such as cable and electrical components. Reporting by Lewis Jackson, Polina Devlin and Eric Onstad, London, and Hongmei LI, Singapore; Additional reporting from Pratima Dasai, London; Editing and production by Christopher Cushing and Michael Perry; Lincoln Feast, Kate Mayberry and Kate Mayberry.
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Authorities report at least 60 deaths in North China due to extreme rain.
In the last week, extreme weather conditions in northern China have killed at least sixty people. Thirty of those deaths occurred in an elderly home in Beijing's Miyun district on the hills in the capital. At a press briefing, Xia Limao, the deputy mayor of Beijing said that 44 people had been killed in Beijing and nine others were still missing at midday on Thursday. Miyun experienced rainfall up to 573.5mm (22.6") - levels that local media described in the past as "extremely damaging." Beijing receives an average of 600 mm per year. Authorities reported that 16 people were killed in the nearby province Hebei as a result intense rain. Eight people have been killed and 18 are still missing in Chengde, a city just outside Beijing. State-run Xinhua late Wednesday reported citing local officials that the deaths took place in villages in the Xinglong region of Chengde, Hebei Province, without specifying how or when the people died. The Chengde deaths occurred in villages bordering Beijing's Miyun, about 25 km (16miles) from Miyun reservoir (the largest reservoir in China's northern region). During the recent rains that devastated nearby towns, the reservoir's overall water level and capacity reached record highs. On Sunday, the reservoir reached its maximum capacity when 6,550 cubic meters of water (about 2.5 Olympic-sized swimming pools) flooded in every second. A landslide killed eight people in another Hebei village, north of the reservoir. Four others are still missing. Chinese officials attribute a part of the slowdown in manufacturing activity to extreme rainfall and severe floods, which are linked to climate change by meteorologists. Reporting by Liz Lee and Xiuhao chen; Editing and revision by Stephen Coates, Bernadette Baum
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Gold increases over 1%, as dollar rally stops and trade worries resurface
The gold price increased by more than 1% Thursday, moving from the low of one month it reached in the previous session. A pullback in dollar value and new U.S. Tariff announcements boosted demand for this safe-haven investment. As of 0612 GMT, spot gold was up 1.1%, at $3,312,03 per ounce. On Wednesday, the bullion reached its lowest level since 30th June at $3267.79. U.S. Gold Futures rose 0.4% to $3.309. Gold became less expensive for holders of other currencies as the dollar dropped from its two-month low. Gold prices dropped sharply yesterday, around the time of the FOMC's statement and the announcement on tariffs. A moderately weaker U.S. Dollar is helping gold today, said UBS commodity analysts Giovanni Staunovo. Before the deadline of August 1, U.S. president Donald Trump announced new levies, including updates on copper tariffs, taxes on goods imported from Brazil, South Korea, and India, as well as a halt to exemptions on small overseas shipments. Trump announced on Wednesday that the U.S. will impose a 15% duty on South Korean imports as part of a deal to avoid higher tariffs. He expressed optimism in the trade negotiations with China and said he expected a fair agreement to be reached. Powell stated that it is too early to predict whether the Fed will cut rates during its next meeting, scheduled for September. In an environment of low interest rates, gold tends to do well. The World Gold Council reported on Thursday that global gold demand including OTC trading increased by 3% annually to 1,248.8 tons in the second half of 2025, as investment rose 78%. The focus now shifts to the U.S. Core PCE Index data, due later today. This will be followed by U.S. Non-Farm Payrolls on Friday. These two events should provide more clues about Fed rate path. (Reporting by Brijesh Patel in Bengaluru; Editing by Janane Venkatraman) (Reporting from Brijesh Patel in Bengaluru, Editing by Janane Vekatraman.)
A huge earthquake rocks Russia's Far East and triggers tsunami warnings in the Pacific
The powerful 8.8 magnitude earthquake that struck Russia's Far Eastern Kamchatka Coast on Wednesday caused tsunami warnings to be issued as far as French Polynesia, Chile and the Pacific Islands. It was then followed by the eruption of the volcano with the highest activity on the peninsula.
A shallow earthquake in remote Russian territory damaged buildings and injured a few people. Meanwhile, parts of Hawaii and Japan's east coast, which was devastated by an earthquake and tsunami of 9.0 magnitude in 2011, were ordered to evacuate.
By evening, Japan and Hawaii had lowered most of their warnings. French Polynesia authorities warned residents in the Marquesas Islands that they should move to higher ground to avoid waves up to 8 feet and 2.5 metres high.
Scientists in Russia said that the earthquake in Kamchatka is the strongest to have hit the region since 1951.
It felt as if the walls were about to collapse at any moment. The shaking lasted continuously for at least three minutes," said Yaroslav, 25, in the city of Petropavlovsk-Kamchatsky.
Dmitry Peskov, a Kremlin spokesperson, said that there were no casualties from the earthquake in Russia. He credited the solid construction of buildings and the smooth operation of alert systems.
The Russian news agency RIA reported that in Severo Kurilsk, a town located on the northern Kuril Islands south of Kamchatka the tsunami waves were up to five metres high.
Alexander Ovsyannikov is the mayor of the town. He urged residents to inspect their homes for damage and to not use gas stoves until an inspection had been conducted.
Regional officials and the Russian emergency ministry reported that tsunami waves had partially flooded a port and a plant for processing fish in the town and washed away vessels from their moorings.
Drone footage verified by the local authorities showed that the entire town's shoreline had been submerged. Taller buildings, and even some storage facilities were surrounded by water.
A geological monitoring service reported that the Klyuchevskoy Volcano on Russia's Kamchatka Peninsula started erupting a little later.
On the western slope, a descent of hot burning lava can be observed. "Powerful glow over the volcano and explosions," said the Russian Academy of Sciences United Geophysical Service in a Telegram statement.
The U.S. Geological Survey said the earthquake was shallow at a depth of 19.3 km (12 miles), and centred 119 km (74 miles) east-southeast of Petropavlovsk-Kamchatsky, a city of 165,000.
WAVES IN HAWAII AND JAPAN
Officials said that Hawaii recorded waves up to 1.7 meters while Japan recorded the largest wave at 1.3 metres.
The transportation department reported that flights from Honolulu Airport resumed this evening.
As far as California, waves of up to half a metre in height were seen. Smaller ones reached British Columbia province in Canada.
Waves began to hit French Polynesia's islands early Wednesday morning. Wave heights in other areas were expected to be below 30 cm and not require evacuation or sheltering.
Sebastien Lecornu, French Minister of Defence, said on X that "our armed forces are on alert in French Polynesia as a preventative measure to be ready to help our fellow citizens and the state services with potential search and rescue or medical evacuations."
The Marquesas is a volcanic island with high rises, but French Polynesia has many low-lying islands.
WARNINGS Across the Pacific
In coastal towns along the Pacific coast of Japan, tsunami alarms were sounded and evacuation orders issued for thousands of people.
TEPCO, the operator of the Fukushima plant, said that workers evacuated the facility after a meltdown caused by the tsunami in 2011.
Yoshimasa Haiashi, the Chief Cabinet Secretary, said that no damage or injuries had been reported and that there were no irregularities in any nuclear plant.
"RING OF FIRE"
Scientists say that the quake took place on a fault known as a megathrust, where the heavier North American Plate slides beneath the denser Pacific Plate.
They said that the Pacific Plate is moving, and the Kamchatka Peninsula, off the coast of Russia's Far East, was particularly vulnerable to these tremors. And bigger aftershocks were not ruled out.
The Russian Ministry for Emergency Services reported on Telegram that while a kindergarten suffered damage, most buildings survived the earthquake.
Video footage from the region's health ministry showed a team of medics in Petropavlovsk-Kamchatsky performing surgery as the quake shook their operating theatre.
Kamchatka, and the Far East of Russia are located on the Pacific Ring of Fire. This is a geologically-active region that's prone to volcanic eruptions and earthquakes.
"However due to certain features of the epicentre the shaking intensity was lower than one would expect for such a magnitude", said Danila Cherbrov, Director of the Kamchatka Branch, Geophysical Service on Telegram.
The intensity of the aftershocks will remain high. "However, stronger tremors will not be expected in the near term."
(source: Reuters)