Japan

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...

SK Innovation Co Ltd, the owner of South Korea’s largest oil refiner SK Energy swung into an unexpected operating loss during the first quarter due to lower oil prices. However, the company forecasts a recovery in the refining margins for the second quarter. The company reported an operating loss for the third quarter ended March 31 of 45 billion won (32 million dollars), a sharp drop from the 625 billion won profits it recorded a year earlier. According to LSEG SmartEstimate, analysts had estimated a profit of 393 billion won. "Operating Income declined despite improving earnings from the Battery Business,...

Mao Saigo, a Japanese player, won the Chevron Championship after beating four other players in a sudden-death playoff. The 23-year old won his first major after being tied with Ryu Haeran of South Korea after three rounds. However, a few late mistakes led to a score of two over par on Sunday. She sank a birdie on the par five 18th hole to keep herself in it. She joined China's Yin Ruoning and South Korean Kim Hyo Joo as well as Thailand's Ariya Jutanugarn, and Lindy Duncan from the United States, in the playoff. In a televised statement, she said:...

Seven & I Holdings is the owner of 7-11 convenience stores. It said that it expected to have to look closely at its supply chain in order reduce costs, as U.S. customers grappled with the impact of U.S. Tariffs. Stephen Dacus, the new CEO of the Japanese retail conglomerate, told reporters that he believes they will be faced with a more challenging retail environment. Retailers will face a difficult challenge as tariffs are imposed or in the process of being imposed by President Donald Trump to reshape world trade. U.S. consumer confidence declined in April, and 12-month inflation expectations soared...

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....

The physical gold demand in India this week was subdued, as a rise in global prices, a weaker rupee and retail purchases were limited. Premiums in the top consumer China remained stable. This week, Indian dealers offered a discount Last week, the discount was up to $34, but this week it's up to $49 per ounce. Last week, prices were falling and buyers began to buy. Now that the prices have rebounded, buyers are stepping back from the market again", a jeweller in New Delhi said. On Friday, domestic gold prices traded at around 95,900 rupies per 10 grams after...

Hiroko Suzuki’s father sparked a U.S. Trade War four decades ago by converting the family business, which produced auto parts, into niche products. The tariffs that the Trump administration has imposed are so extensive, they threaten Hiroko Suzuki's own efforts to diversify her 78-year old company into medical products. Shigeru Shiba, Prime Minister of Japan, has described the U.S. Tariffs, which include 25% on automobiles as a "national crises" for the fourth largest economy in the world. Ryosei Takazawa, Japan's chief trade negotiator headed to Washington for a third round on Friday. Companies like Kyowa Industrial in Takasaki (north of...

The White House said that a national security panel had divided opinions on its recommendation to Donald Trump regarding Nippon Steel’s bid for U.S. Steel. However, most members of the panel believe any security concerns posed by this deal can be addressed. According to an executive order Trump signed last month, the Committee on Foreign Investment in the U.S. on Tuesday submitted a report to Trump regarding the national security implications of the proposed merger. The document was submitted by Nippon Steel after it increased its investment pledge in U.S. Steel from $14 billion to $14 trillion in a desperate...

The recommendation of a national security panel to President Donald Trump regarding the bid by Japan's Nippon Steel for U.S. Steel was divided, but the majority of panel members believed that any security risks presented by the deal could be addressed, according to a White House spokesperson. According to an executive order Trump signed last month, the Committee on Foreign Investment in the U.S. on Tuesday submitted a report to Trump regarding the national security implications of the proposed merger. The document was submitted by Nippon Steel after it increased its investment pledge in U.S. Steel from $14 billion to...

The world's third-largest producer of crude steel, Japan, saw its output fall 6.4% from April 2012 to April 2013, due in part to a weakening construction market and a drop in exports. Shipments that are robust From top Chinese producer. The Japan Iron and Steel Federation reported that the output, which was not adjusted for season, fell to 6.6 millions metric tons after a slight increase the month before. The production also fell 8.4% from the previous month. Steel demand was sluggish because of delays in construction due to labor shortages and material costs. Meanwhile, the slumping overseas market, driven...

India's steel imports in April fell by 11.3% on an annual basis to 0.5 millions metric tons, following a drop in shipments to India from China and Japan. India, which is the second largest crude steel producer in the world, imposed in April a temporary tariff of 12% on certain steel imports. This was locally known as "a safeguard duty" to stop a rush of cheap shipments, primarily from China. The shipments of finished steel from China in April fell by 26.5% to 0.1 metric tons. The data revealed that imports from Japan fell to 85,600 tons, a 60% drop...

The CEO of Komatsu said that the U.S. trade truce with China last week should have a positive impact on the bottom line, reducing the impact by nearly 20 billion yen (140 million dollars) from the U.S. Tariffs. This suggests that the company's outlook for lower profits is not as bad as it was feared. The impact of the tariffs on profit would be disproportionately large, as more than a quarter of Komatsu’s sales come from North America. Takuya Imaoshi, head of the second largest construction and mining equipment maker in the world, didn't say that it was officially revising...

Unnamed sources familiar with the situation said that a powerful U.S. panel of national security experts made a recommendation on Wednesday to President Donald Trump regarding Nippon Steel’s tense $14.9 billion bid to acquire U.S. Steel. They declined to provide any further details. The submission is in accordance with a Trump executive order, signed last month. It instructed the Committee on Foreign Investment in the U.S. to outline whether the measures proposed by the firms mitigate the national security threats previously identified by the Committee. Could not understand the recommendation of the committee. Trump has 15 days from now to...

A senior executive from Japan's Nippon Steel said that the company is committed to acquiring a 100% stake in U.S. Steel. The company also wants to meet with U.S. Treasury Sec. Scott Bessent, to clarify Donald Trump's stance regarding the deal. The deadline is May 21 for the steelmakers to complete a new national security review of the proposed merger of $15 billion by the Committee on Foreign Investment in the US. Former President Joe Biden had blocked the merger in January on national security grounds following an earlier review. Trump ordered the CFIUS in April to reassess this deal,...