Latest News
-
Coal India unit Central Mine Planning seeks $1.33 billion valuation, IPO opens Friday
A newspaper advertisement states that Coal India subsidiary Central Mine Planning & Design Institute has set a price range of 163-172 rupees per share for its 18.38 billion rupee ($198.68 millions) initial public offering. The company that provides support and consultancy services for coal and minerals exploration is looking to be valued at $1.33 billion, i.e. the top of the price range. The IPO will be available for subscription between?March 20 and March 24. Global markets are under pressure due to geopolitical tensions resulting from a conflict in the Middle East. India's primary markets have also been affected by the weak sentiment, as seven out of 11 IPOs that were launched in 2026 listed below their original issue price. Bharat Coking Coal is another subsidiary of Coal India. Its debut in January saw a nearly two-fold increase, thanks to the support?of its parent and the robust demand for coking coal from steelmakers. Central Mine Planning’s IPO is a pure offer to?sell, with Coal India aiming to?offload as many shares as possible. The company reported a?profit?of 4,25 billion rupees?for the nine-month period ending?December 2025. This is up approximately 9% from the year-ago time period.
-
Japan's Nikkei index falls for a third consecutive day, as the Iran crisis fuels stagflation fears
Japan's Nikkei average fell for the?third day in a row on Monday, as the Middle East Crisis threatened to cause longer-term economic damage through higher energy prices and a weaker yen. As of midday, the benchmark index?Nikkei225? fell by 1.3% to 53138.42. The Topix index, which is a broader measure of the market, fell 0.7% to 3,602.71. The Nikkei index has fallen more than 9% in the past two weeks since U.S. airstrikes on Iran began. As the conflict spread to neighbouring countries, it paralyzed the shipment of oil through the Strait of Hormuz. The Nikkei briefly rose after U.S. president Donald Trump stated that he was urging other countries in order to safeguard shipping routes. Prime Minister Sanae Takaichi stated that Japan has no plans to send?naval ships to escort vessels in the Middle East. Satsuki Katayama, the Finance Minister, said that the government was prepared to act decisively on the financial markets as the yen fell close to the psychologically significant 160 per dollar line. Maki Sawada is an equity strategist at Nomura Securities. She said that the market appears to be increasingly worried about stagflation. This occurs when economies are gripped with simultaneous increases in inflation and declines in economic growth. Sawada stated that "concerns over an economic slowdown caused by a rise in oil prices" are now being taken into account. "Rather than a general selloff, we are seeing a tendency where these domestic demand segments are performing strongly and underpinning Japan's?stock market." The Nikkei had 43 advancing stocks versus 182 declining ones. Furukawa Electric, Fujikura and other key suppliers in the artificial intelligence industry were the biggest losers. Both fell 6.7%. The index's biggest gainers were NH Foods (up 2.3%) and Denka (a chemical and advanced material company), which gained 2.2%. (Reporting and editing by Sonia Cheema in Tokyo)
-
Reactions to Trump’s call for assistance to secure the Strait of Hormuz
U.S. president Donald Trump asked allies to help'secure the Strait of Hormuz' as Iranian forces 'continued attacks on this vital waterway during the U.S. and Israeli war against?Iran in its third week. Trump claimed that his administration has already reached out to seven countries but refused to name them. In an earlier post on social media, Trump said he hoped China would join the effort, as well as France, Japan and South Korea. Iran effectively closed the Strait between Iran and Oman. This narrow passage of water has cut off a fifth global oil supply, the largest disruption in history. Some countries responded to Washington's request to send ships to the region: On Monday, Prime Minister Sanae Takaichi stated that Japan has no plans to send naval vessels to escort ship in the Middle East. "We have made no decisions about dispatching escort vessels." Takaichi, a member of parliament, said that we are "continuing to look at what Japan can do on its own and what is possible within the legal framework". AUSTRALIA A government minister announced on Monday that Australia would not send ships to help reopen the Strait of Hormuz. "We will not be sending a vessel to the 'Strait of Hormuz. Catherine King, who is a cabinet member for Anthony Albanese, said in an interview with ABC that she was aware of how important this issue is. However, the government has not asked her to do so or requested that she contribute. SOUTH KOREAN The South Korean presidential office announced on Sunday that it would "communicate closely with the U.S. about this matter" and then make a "decision following a careful review." BRITAIN A Downing Street spokesperson said that Prime Minister Keir starmer and Trump discussed the necessity to reopen Strait in order to stop disruptions to global shipping. Starmer spoke with Canadian Prime Minister Mark Carney and the two agreed to continue discussions on the Middle East conflict during a Monday meeting, said the spokeswoman. (Compiled by Himani Sarkr; edited by Michael Perry).
-
China's aluminium production in January and February is up due to higher profitability
Official data released on Monday showed that China's primary aluminum output in the first two?months of 2026 increased by 3% compared to the same period last year. This was due to higher profits. According to the latest data from the National Bureau of Statistics, China was the world's largest producer of aluminum. In January and February alone, it produced 7.53 million metric tonnes of primary aluminium. Profit margins for light metal, which is widely used in construction, packaging and auto manufacturing, have improved, resulting in an increase in output. According to Chinese research firm Antaike, aluminium smelters made an average profit per ton of 7,879 Yuan ($1,142.26), up?2.2% from month to month, as input costs fell while the price for the light metal increased. The most active aluminium contract increased by nearly 11% in January. However, it fell back almost 7% in February. Antaike reported that the input costs fell 0.7% on a monthly basis and 6.4% annually as electricity prices and alumina raw materials dropped. The production of ten non-ferrous metals, including copper, aluminum, lead, zinc, and nickel, grew by a?3.9% year-on-year to 13.42 millions tons. Other non-ferrous materials include tin, mercury, magnesium, antimony and titanium. China combines the output data from January and February to reduce the impact of Lunar New Year holidays that fall in either month. $1 = 6.8977 Chinese Yuan Renminbi (Reporting and editing by Sonali Paul; Lewis Jackson, Dylan Duan)
-
Trump: Cuban talks ongoing; action possible following Iran
Donald Trump, the U.S. president, said on Sunday that the United States might soon make a deal with Cuba or do something else. This could mean that there will be rapid changes in the relationship that has been strained for years. "Cuba wants to make a bargain, and I believe we will make a good deal soon or do what we need to do," Trump told reporters aboard Air Force One. "We are talking to Cuba but we will do Iran first." These comments are made as tensions remain high between Washington and Havana after years of sanctions and diplomatic friction, and disputes about migration and security. Regional allies and investors are watching for any signs of policy change. Cuban President Miguel Diaz-Canel announced on Friday that his country had opened "talks" with the United States, as the island is facing one of the'most severe economic crisis in decades. Diaz-Canel stated in a video broadcast on state television that "these talks were aimed at finding a solution through dialogue to the binational differences we have between our two nations." Diaz-Canel expressed his hope that the negotiations will move the two longtime rivals, "away from the confrontation." Oil shortages have exacerbated the country's economic problems. The island depends on imported oil to power its electricity plants and transport networks. Fuel shortages forced authorities to impose rolling power outages and restrict some public services across the country. In recent weeks, Trump has made a number of statements claiming that Cuba is on the brink of collapse or wants to make a deal. On Monday, he said that Cuba could be the subject of a "friendly taking over," but added "it might not be a friend takeover." Despite renewed contact, there are still'significant differences' between the two governments. U.S. officials suggested that any easing in pressure from Havana would depend on Havana's political and economic concessions, while Cuban leadership insists that negotiations must respect Cuba's independence. (Reporting and editing by Himani Sarkar, Michael Perry, and Jarrett Renshaw)
-
Tesla and Australia's Syrah extend deadline for resolving alleged default on graphite supply contract
Syrah Resources, an Australian graphite mining company, announced on Monday that it had agreed to extend to June 1 a deadline for resolving a alleged breach of a graphite supplying agreement with Tesla. Tesla issued a previous notice alleging Syrah had failed to comply with an obligation to supply natural graphite AAM samples from its Vidalia plant in?Louisiana. The notice stated that Syrah must cure the alleged default before March 16 or else Tesla may terminate the offtake agreement for supply from Syrah’s 11,25 kilotons per annum AAM facility located in Vidalia. The companies have agreed to extend the deadline of the agreement to June 1, subject to approval by the U.S. Department of Energy. The contract, which is worth 8,000 tonnes annually over four years, will support Syrah Vidalia and its strategy to become one of the largest?U.S. Suppliers of non-Chinese Graphite. Tesla, based in Texas, issued its first default notice on July 20, 2025. It said that Syrah had failed to deliver active anode samples from Vidalia's processing facility. Syrah announced on Monday that it "doesn't accept" that it was in default, but that the two parties had agreed to extend a cure date until?June 1, while they work together? to resolve?the problem. As of 2302 GMT, shares of Syrah rose 2.9% to A$0.175. (Reporting and editing by Sonali Paul in Bengaluru, Roshan Thomas from Bengaluru)
-
EU to discuss bolstering Mideast Naval Mission amid Iran War Terror
Diplomats and officials claim that the European Union's foreign ministers are expected to discuss Monday the augmentation of a small naval operation in the Middle East, but they will not?decide? on extending the mission to the blocked Strait of Hormuz. Aspides, the EU's mission in the Red Sea to protect ships against attacks by Yemeni Houthi rebels was created in 2024. The mission currently has two Italian and Greek ships under its command, and it can call on a French vessel and another Italian ship for assistance. Some European officials have wondered if the EU mission can help restore the freedom of navigation to the Gulf. The Strait of Hormuz has been largely closed since the United States, Israel and Iran began their attacks on Iran in February. Iran's ability to "choke off" traffic through the Strait of Hormuz, which is the conduit for about a fifth (or more) of the world's oil and natural gas liquefied, has become a major concern for the global economy. The EU officials and diplomats have said that the ministers' discussion on Monday will likely be centered?on an initiative by EU?foreign-policy chief Kaja Kallas, to add more vessels to the mission. The conversation on Monday is about getting more member states to contribute additional capacities, said a senior EU Official speaking under condition of anonymity in order to discuss internal discussions. GERMAN MINISTER SKeptical ABOUT EXPANSION INTO STRAIT of HORMUZ German Foreign Minister Johann Wadephul stated on Sunday that Aspides, named after the Greek term for "shields", was not effective at completing its current task. In an interview with Germany’s ARD TV, he stated: "I am very sceptical about the idea that extending Aspides into the Strait of Hormuz will provide greater security." U.S. President Donald Trump called on China on Saturday to join the effort to reopen shipping routes. He also called on France, Japan and South Korea to do the same. Officials have stated that France is seeking to form a coalition in order to secure the Strait of Gibraltar 'once the security situation stabilises.' Meanwhile, Britain has discussed a variety of options with its allies to ensure the safety of shipping. Diplomats and officials said it was too early to determine whether the EU could play a part in such an initiative. All 27 EU member states would have to approve any change in the mandate of Aspides. A diplomat from the EU said, "Ministers will not take lightly the decision to protect ships in the Strait of Hormuz under the current circumstances." (Reporting and writing by Andrew Gray, Lili Bayer and Diane Craft; Editing by Andrew Gray)
-
UK's Starmer promises to protect "working people" from conflict fallout
Keir starmer, the British prime minister, will pledge on Monday to help "working people", whose cost of living is being exacerbated by the conflict in the Middle East. He will warn companies not to try to "exploit" this crisis by raising prices. Starmer's latest effort to calm British concerns about the Strait of Hormuz conflict, which has effectively closed the Strait of Hormuz as a vital waterway that transports oil and liquefied gas, will be "to assist you in the cost of living through this crisis". Finance Minister Rachel Reeves announced on Saturday that the government would provide "targeted support" for?poorer families after being under pressure to cap household energy tariffs regulated by the government and to scrap an increase in vehicle fuel duties. A Financial Times report was confirmed by a?government official that the government would set up a 50 million pound ($66.11 millions) package to help the most vulnerable families, primarily those in rural areas who depend on heating oil. Moments like these are what show you the true nature of a government. My answer is simple. This government will always be there for the working class, no matter what challenges may lie ahead," Starmer said in excerpts of his speech released by Starmer's office. He will respond to reports that heating oil suppliers were canceling orders and raising prices: "I won't tolerate companies trying exploit this crisis in order to make money off working people." The companies will face legal action if they have violated the law. The government has warned energy companies before. On Friday, it called petrol retailers to have a "frank" and "open" discussion on pricing. However, the meeting almost didn't happen because the Petrol Retailers Association threatened to pull out due to the ministers "inflammatory language". Reeves, in an interview with The Times published on Saturday, said that the government is looking into options to help those?vulnerable to sharp increases in energy prices?, particularly those who rely on heating oil. However, he ruled out universal assistance for all households because it would not be affordable. Starmer and his team believe that the best way to stop the rise in energy prices is to de-escalate things. He will state that "we will continue to work towards a rapid resolution of the Middle East situation." There is no doubt that ending the conflict is the fastest way to lower the cost of living. ($1 = 0.7563 pound) (Reporting and editing by Andrew Heavens; Elizabeth Piper)
As CEO promises accountability, Chevron employees are laid off in a long-awaited process.
A video was shown to Chevron's employees at a town hall meeting held last week. The video highlighted the success of the oil giant in Colorado, where it is the largest producer of oil and natural gas in the state.
In less than 30 minutes, the executives announced their plans to reduce up to 20% of global staff.
Chevron, despite progress made in safety and financial performance has fallen behind its competition, the company's leaders informed employees at a meeting held on February 12th. On the webcast, they stated that Chevron's business was becoming too complex, costs were creeping up, and it had difficulty making quick decisions.
Review of presentation slides as well as a recording from the Town Hall that was broadcast to all staff members worldwide.
Chevron plans to reduce its workforce by up to a fifth - or 8,000 employees - after oil prices have been in the 70-80-per-barrel range for the majority of the last year. The oil prices and the refining margins are lower than last year but enough to generate a profit of $18,3 billion for Chevron in 2024, down from $24.7billion in 2023.
The layoffs are the culmination of a difficult 18 months for Exxon Mobil, the U.S.'s second largest oil producer. Exxon Mobil, along with CNOOC and Hess partners in Guyana challenged the deal at court.
Arbitration is still pending on the deal.
Four Chevron employees said the layoffs had been widely anticipated internally. Some employees even admitted that the move was needed to compete with Exxon, and other rivals.
"I think this will be a positive thing," said an employee of Chevron, who asked to remain anonymous because they weren't authorized to speak in public.
It's hard to go through, but we were the last major company (to make cuts). "Everyone was wondering when Chevron will do it."
Chevron announced in November that it would aim to reduce costs up to $3 billion by 2026. This will include changing the way and where work is done.
Chevron's spokesperson stated that changes in the company structure would improve efficiency and results.
The spokesperson stated that "while these changes are needed, the decision to decrease our workforce is not easy."
Shell, a UK-based oil company, planned to reduce its oil and natural gas exploration and production workforce by 20% in an effort to cut costs. This was reported in August. Last month, rival UK oil major BP announced that it would cut 3,000 contract positions and 4,700 employee jobs.
Three Chevron workers said that they have experienced several rounds of layoffs in their careers due to the nature of the oil-and-gas industry. One of the employees said that layoffs during COVID-19 were even worse.
The employee stated, "They always said it would be the last time."
Due to China's rapid rise in electric vehicle sales, the world's biggest crude importer. This country has been driving the global oil demand for more than a decade.
Nick Hummel is an analyst at Edward Jones and said that uncertainty about the global economy, China's demand, and oil prices could limit future oil prices.
Mass layoffs are common in the oil sector after oil prices plummet. One Chevron employee was dismayed at the timing of layoffs in a time of relative price stability.
The person who refused to reveal his name but identified himself as a Chevron employee said, "It's a biting feeling." "Oil prices appear stable, but then they drop the hammer."
ACCOUNTABILITY
Kim McHugh read out questions from employees during the town hall. Employees asked if Chevron executives will be held responsible for their company's poor performance.
People feel that they are held accountable. "How is leadership held accountable?" McHugh stated.
Mike Wirth, CEO of the company, said that he was looking for transparency and action from his leadership team.
When things don't go well, do I get a nice excuse and a bunch of reasons, or do I get a plan?" He said.
Wirth, in response to a second question, said that Chevron, as part of its efforts to simplify the business, will also clarify who has decision-making authority and hold them accountable.
McHugh said that after several previous reorganizations staffers want to be reassured that the latest restructuring is successful.
She told the CEO, "I believe the employees would like me to say that you've committed to give us simplicity."
We don't want to have to do this again. Reporting by Sheila Dang in Houston, Ernest Scheyder in New York, Arathy Sommesekhar, Marianna Pararaga, and Nia William.
(source: Reuters)