Japan

As concerns grow about the impact of China's new restrictions on mineral exports, some European auto part plants have suspended production. BMW has also warned that its supply network is affected by a shortage of rare earths. China's April decision to suspend the export of rare earths, magnets, and other related products has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. China produces 90%...

This week, MyWheels, a Dutch car-sharing company will add the first 500 Renault EVs that are grid-connected to its fleet. The technology is gaining traction in Europe and the number of cars capable of strengthening power grids has increased. The Vehicle-to Grid technology (V2G) allows electric cars to store energy and deliver it to the grid during times of high demand. It has been around for several years, but it was only recently that the technology became commercially viable. This was due to smart charging and batteries capable of sustaining intensive use. MyWheels' roll-out will be the biggest V2G car...

NextDecade, a U.S. producer of liquefied gas, announced on Thursday that it had signed a deal for supplying Japan's largest power generator JERA 2 million tonnes of LNG per year from the fifth liquefaction plant in its Rio Grande Project. Early trading saw NextDecade shares up 5.5% to $8.11. The United States will be the largest LNG exporter in the world in 2024. It is expected to ship 11.9 billion cubic foot per day. This has been boosted by President Donald Trump lifting a moratorium in January on new export licenses. NextDecade’s deal with JERA - Japan's largest LNG buyer...

Valdis Dombrovskis, European Economic Commission Commissioner, said that the EU will propose this week to the G7 Finance Ministers a reduction of the current $60 per barrel cap on Russian oil seaborne as part the new sanctions against Moscow. Dombrovskis didn't mention the level at which the European Union wants the price cap to be lowered. However, EU officials who were briefed about the discussions stated that the EU would suggest $50 per barrel. When asked by reporters if the G7 Finance Ministers meeting in Canada next week would include a proposal to lower this cap, he replied: "Yes." The...

As they struggle with thin margins and a global oversupply of petrochemicals, executives from several Asian companies said that they plan to reconfigure crackers in order to process more Ethane. This will reduce costs and allow them to take advantage of the rising U.S. supply. SP Chemicals, a Chinese company, and YNCC in South Korea are two of the largest cracker operators. Mitsui Chemicals in Japan is researching the use of ethanol to fuel existing crackers. This change will enable operators to maintain flexibility in their feedstocks, with U.S. exports of ethane expected to increase by about 7% by 2025....

Gas distributor GAIL India posted a larger-than-expected drop in quarterly profits on Tuesday. This was mainly due to lower gas marketing margins, and higher costs. GAIL, India’s largest natural gas distributor based on market share, reported a net profit after taxes of 20.49 billion Rupees ($240.1 millions) for the three-month period ended March 31, a decline of 5.9%. According to data compiled and analyzed by LSEG, analysts had predicted that profit would fall on average 3.1%, to 21.13 billion Rupees. Gas marketing, which accounts for the majority of revenue generated by the company through wholesale trading and distribution of natural...

Trade sources reported on Tuesday that Saudi Arabia's crude supply to China would remain the same in June, after reaching its highest level in over a year the month before. This follows OPEC+'s decision to increase production. Saudi Aramco, the state oil company, will ship 48 million barrels of crude oil to China in June. This is the same amount as May and the highest since at least 2024. Aramco has not responded to the request for comment regarding its June allocations. Sources say that Sinochem, a Chinese state-owned refiner, and private refiners such as Rongsheng Petrochemical, Hengli Petrochemical, and...

The Nikkei reported that the Japanese telecoms giant Nippon Telegraph and Telephone Corp. plans to launch an offer up to 3 trillion Japanese yen (20.92 billion dollars) to purchase the remaining shares of NTT Data. NTT Data is owned by 57.7%, NTT being the largest telco in Japan. NTT Data provides IT services, and its market capitalisation was $29.5 billion as of Wednesday's closing. Nikkei reported that under the tender offer which could be announced by Thursday, NTT will buy out all remaining shares of NTT Data for a premium between 30% and 40%. NTT Data and NTT could not...

Sudan's army claimed that its anti-aircraft system intercepted drones on Wednesday, which were targeting the largest naval base of the country in Port Sudan, the country's wartime capital. There were explosions heard in the city. It was not immediately known if they were near Flamingo's base. Port Sudan was the target of days of attacks, including drone strikes reported by Sudan's paramilitary Rapid Support Forces. These assaults have destroyed the country's largest fuel depots as well as its main humanitarian aid gateway. Port Sudan has enjoyed relative peace since the outbreak of the civil war in April 2023 between the...

Two people who are familiar with the process said that LNG Canada had completed cooling down its Kitimat liquefied gas plant and was preparing to produce the first LNG at the plant in June. To ensure the production of super-cooled gas, cooling an LNG plant is essential. It's also a crucial step before starting operations. LNG Canada will be the first LNG export facility in Canada. It is expected to export 14 million metric tons per year (MTPA). LNG Canada confirmed on Saturday that the Maran Gas Roxana left the plant after delivering a shipment to the plant on April...

Berkshire Hathaway's stock has done well during a turbulent year. This weekend, shareholders will seek reassurances from Warren Buffett to ensure that they are in good hands despite the tariff chaos disrupting corporate America. The 94-year old billionaire will celebrate 60 years of running the conglomerate he created, which now has a value of $1.15 trillion, at Saturday's annual gathering in Omaha, Nebraska. Buffett will spend four-and-a half hours answering shareholder questions. These typically center around Berkshire’s operating businesses, the markets, the economy and life lessons. Berkshire Hathaway Energy is one of the many businesses that Berkshire Hathaway operates. Other...

Alimentation Couche-Tard and Japan's Seven & i have signed a non-disclosure (NDA) agreement that will allow the Canadian company to access the Japanese retailer's data in order to pursue a $47 Billion acquisition. The deal represents progress in the takeover negotiations for Couche-Tard. It operates Circle-K convenience store in Canada and in the United States, and has been trying since August to acquire Seven & i. Seven & i, the operator of 7-Eleven, said that the terms and conditions of the agreement would remain confidential. The agreement includes a clause that protects the target companies against hostile takeovers. Couche-Tard said...

The gold discounts in India reached their highest level in over a month this week, due to a rise in prices that were near record highs. Meanwhile, the rising rates in other major Asian cities also dampened demand. On Friday, domestic gold prices traded at around 98.300 rupees for 10 grams, having rebounded from a monthly low of 90.890 rupees and approaching the all-time record of 99.358 rupees. Indian dealers were forced to offer discounts due to the price spike Up to $56 per ounce less than official domestic prices. This includes a 6% duty on imports and a 3%...

A group of auto suppliers from the United States has called for immediate action in response to China's restrictions on rare earths and minerals, as well as magnets. They warn that the issue can quickly disrupt auto part production. China, which controls 90% of the global processing capacity for rare Earths, used in everything from cars and fighter jets, to home appliances and household appliances, implemented restrictions in April, requiring exporters obtain licenses from Beijing. The new restrictions were imposed after the U.S. and China began a trade dispute following President Donald Trump's tariffs against Chinese imports. The Vehicle Suppliers...

Jorge Montero, Peru's Energy and Mines minister, said that he expects the mining investment to reach $4.8 Billion this year and the production of red metal to be at 2.8 Mt. In 2024, Peru produced about 2.7 millions tons of copper. This is a slight decrease from the previous year. Montero, speaking at a media conference, also mentioned the alarming increase in informal and illegal mining, specifically in the Apurimac region and Arequipa region of southern Peru. Top copper mine Las Bambas is controlled by a miner The mine is located in Apruimac. Teck, a Canadian mining company, is developing...

U.S. president Donald Trump intends to double tariffs for steel and aluminum imports from Wednesday to 50%, increasing pressure on global producers of steel and intensifying his trade war. Why is Trump doubling tariffs? Trump wants to encourage and support investment in the domestic production of aluminum and steel, two essential materials for construction. Aluminium is used in transport and packaging. These tariffs are already causing higher prices for consumers of steel and aluminum, as well as a decline in manufacturing. Meanwhile, the hurdles, such higher electricity prices, are very high. About a quarter (25%) of the steel used in...

At a Friday political rally, U.S. president Donald Trump praised an "agreement", between Nippon Steel & U.S. Steel. He did not clarify if he intended to approve their diplomatically sensitive merger. Trump announced that the American Steel Company would remain American on a Pittsburgh stage, Pennsylvania, decorated with signs praising "American steel." He also praised its new Japanese partner. It's unclear if he has given his approval to a merger that would give Nippon ownership as requested by the companies, or if he has formally approved the deal. Trump said to more than 1,600 people wearing hard hats, "We are...

Japan's top trade negotiator announced that the U.S. and Japan agreed on Friday to continue their trade negotiations ahead of next month's G7 summit. He stressed that any deal would require concessions from Washington on all tariffs including those on automobiles. In Washington, Japan's Economy minister Ryosei Acazawa spent 130 minutes with U.S. Treasury Sec. Scott Bessent and U.S. Commerce Sec. Howard Lutnick for a fourth round in the trade negotiations. Akazawa, speaking to Japanese journalists gathered in the Japanese Embassy in Washington, said that the two countries agreed to speed up the talks and have another round before the...

U.S. auto executives have warned of an imminent shortage of rare-earth magnetic materials from China, which are used in everything from anti-lock brake sensors to windshield-wipermotors. This could lead to the closing of automobile factories within weeks. In an unreported letter to Trump Administration officials dated May 9, the head of the group representing General Motors (GM), Toyota, Volkswagen, Hyundai, and other major automakers expressed urgent concerns. The Alliance for Automotive Innovation sent a letter to the Trump Administration stating that "Without reliable and consistent access to these magnets and elements, automotive suppliers won't be able to produce critical automotive...

The physical gold demand in India this week was tepid, due to an increase in prices at home and the end of wedding season, which kept buyers away. Premiums in China, India's top consumer, were also down. This week, Indian dealers offered a discount Last week, the discount was up to $49, but this week it is down to up to $31 per ounce, including 6% import duties and 3% sales taxes. The wedding season has ended and the monsoon is here, so jewellers expect a seasonal drop in demand. This is why people are holding off on new purchases,"...

Nippon Steel may offer a "golden share" in U.S. Steel in order to complete its long-sought purchase of the iconic American company, the Nikkei reported in Japan on Tuesday. Kyodo, a Japanese news agency, also reported that Washington was debating the idea. This would allow Washington to veto important managerial matters. The information was not attributed to any sources. Nippon Steel refused to comment and the White House was not immediately available for comment. The secretive Committee on Foreign Investments in the United States has been reviewing the deal twice for national security by Japan's largest steelmaker. Donald Trump signaled...

Donald Trump, President of the United States, said on Sunday that as part the partnership between Nippon Steel and U.S. Steel, the United States would have control over U.S. Steel. Nippon Steel announced Friday that it would invest up to $14 billion in U.S. Steel operations. This includes $4 billion for a new mill. Trump claimed on Friday that the merger will create 70,000 new jobs. When asked for more information about the agreement on Sunday, Trump replied: "It'll be controlled by the United States. Otherwise, I wouldn’t make it." Trump told reporters that he was pushed to sign the...

Nippon Steel's shares rose on Monday after U.S. president Donald Trump expressed his support for the company’s $14.9 billion offer to acquire U.S. Steel. Trump stated in a Truth Social post that the "planned partnership", between the two companies, will create at minimum 70,000 jobs as well as add $14 billion to U.S. economic growth. Trump said that most of the investment will be made in the next fourteen months. He also announced that he would attend a rally on Friday at U.S. Steel, but did not provide any specifics. It's unclear if Trump's use of the term "partnership", refers...

Donald Trump, the U.S. president, appeared to have given his approval on Friday to Nippon Steel’s $14.9 billion offer for U.S. Steel. He said that the "planned partnership between the two" would create jobs and benefit the American economy. Investors interpreted Trump's post on Truth Social as a sign that Nippon Steel had cleared the final major hurdle in its takeover of U.S. Steel. In a Truth Social post, Trump stated that the planned partnership between United States Steel (USS) and Nippon Steel would create at least 70.000 jobs and add 14 Billion Dollars in revenue to the U.S. economy....