Latest News
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Fugro Wraps Up Geotech Survey for Orsted’s OW Project in South Korea
Fugro UST21 has completed offshore geotechnical site investigations for Ørsted’s 1.4 GW Incheon offshore wind project in Incheon, South Korea.The project, located approximately 70 km off the coast, is set to become the largest offshore wind farm in the country and plays a pivotal role in Korea’s transition to net-zero emissions by 2050.Fugro’s Geo-data will support the design of foundations and cable routes across the whole development area of Incheon offshore wind project.The work covers a comprehensive scope of marine geotechnical services, including seabed cone penetration testing, downhole sampling, pressure meter testing, and laboratory analysis.“We are proud to support Ørsted in launching South Korea’s largest offshore wind project. Our work will provide the critical Geo-data needed to inform safe and efficient foundation design, helping Ørsted deliver on its sustainability commitments and local economic development goals,” said Robert Shapcott, General Manager, Fugro UST21.“We would like to extend our sincere thanks to Fugro for their exceptional contribution to the Incheon offshore wind project.“Their technical expertise and dedication to safety and quality, and careful consideration of all stakeholders, have played a vital role in the success of this campaign. We truly value their expertise and the professionalism they brought to the project,” added Kasper Mortensen, Ørsted’s Site Investigation Project Manager.
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As US inflation tests loom, gold is set to end its nine-week winning streak.
The gold price eased on the Friday, and was on course for its first weekly decline in 10 years. A stronger dollar weighed on prices as participants rearranged their positions in anticipation of an important U.S. inflation data due later that day. As of 0315 GMT, spot gold was down by 0.2%, at $4,118.68 an ounce. Bullion is down 3% this week and on track to have its largest weekly percentage decline since mid-May. U.S. Gold Futures for December Delivery fell by 0.3%, to $4133.40 an ounce. Dollar index gains for third consecutive session, making gold expensive for holders of other currencies. Tim Waterer, Chief Market Analyst at KCM Trade, said that a meeting between U.S. leaders and Chinese leaders has a good chance of deescalating the trade tensions. This will help the dollar and reduce the demand for gold as a safe haven. The White House announced on Thursday that U.S. president Donald Trump would meet Chinese President Xi Jinping during a trip to Asia next week. The trade tensions between Washington, DC and Beijing are escalating. Both sides have announced retaliatory actions. The U.S. Consumer Price Index report (CPI) is the next focus. It is expected that core inflation remained at 3.1% in September. Due to the shutdown of government, this report is delayed. Investors are almost fully pricing in a rate cut of 25 basis points at the Federal Reserve meeting next week. Waterer stated that a CPI reading below the Fed's target would be welcome, as it would allow them to continue their plan of cutting rates twice by year-end. "But if inflation surprises are positive, the dollar will likely gain more traction and this could hurt gold." When interest rates are low, gold tends to increase in value as the cost of non-yielding metals is reduced. Silver spot fell 0.6%, to $48.62 an ounce, and is on course for its worst weekly performance since March. It has fallen 6% this week. Palladium fell 1.1% on Friday to $1441.04. Platinum rose by 1%, to $1640.98.
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Marathon Petroleum restarts fuel units at Texas refinery sources say
Marathon Petroleum will restart the fluidic catalytic unit that produces gasoline and the Ultracracker hydrocracking units (HCUs) that produce diesel at its 631,000 barrels per day (bpd), Galveston Bay refinery in Texas City. This is according to people familiar with plant operations. The sources say that Marathon will complete the repairs of the 64,000 bpd residual Hydrotreater at the Galveston Bay Refinery, which was damaged by fire, in mid-November. This is a month after the original plan. Marathon spokesperson Jamal Kheiry refused to discuss the operations of the Galveston Refinery which is the second-largest refinery in the United States. Sources said that the 140,000 bpd FCCU, and the 60,000 bpd Ultracracker had been shut down due to a malfunction. This occurred on 16 October. Sources said that Marathon plans to restart both units by the weekend. A fire that occurred on June 14 caused severe damage to the RHU. Sources said that although most sections of the RHU have resumed production the 400-production section – where the fire took place – is still being rebuilt. FCCs convert gas oil into unfinished fuel under high pressure and heat using a fine silica powder catalyst. Hydrogen and high pressure are used in conjunction with heat and pressure to convert gasoline into diesel or other motor fuels. Hydrotreaters remove sulfur from motor oil and feedstocks using hydrogen in accordance with U.S. Environmental Rules. Reporting by Erwin Seba, Editing by Muralikumar Aantharaman and Sherry J. Phillips
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Oil prices drop as Asia shares rise on hopes of US-China trade
Asian shares rose on Friday, as Wall Street earnings boosted investor confidence and signs of a thaw between the United States and China. Oil prices also eased after new U.S. sanctions against Russian suppliers. Intel's results, released after New York closed, exceeded expectations. This is the latest in a string of positive earnings reports from the United States. Nikkei shares in Japan soared before the new Japanese prime minister's speech, where he is expected to discuss stimulus. Crude futures have trimmed their weekly gains spurred by the new U.S. restrictions on Russia's largest oil companies. The U.S. shutdown has largely obscured most economic data. Friday's consumer prices figures will provide important clues about the Federal Reserve's next-week's policy meeting. The mood was boosted after the White House confirmed that U.S. president Donald Trump would meet Chinese President Xi Jinping during a tour of Asia next week as a deadline for tariffs loomed. The White House's statement was interpreted by senior market analyst Kyle Rodda as "an indication that the trade talks between high-level delegates to be held in Malaysia in the next few days will likely yield positive results." It's unlikely that either side would deliberately set up their leader for a failure. MSCI's broadest Asia-Pacific share index outside Japan rose 0.5% at the opening of trading. Japan's Nikkei stock index rose 1.2%. The U.S. Dollar Index, which measures greenbacks against a basket currencies, increased by 0.1% to 99. The euro fell 0.1% to $1.161, while the yen dropped 0.2% to 152.85 against the dollar. US SET TO PUBLISH CPI DATA AMID GOVERNMENT SHUTDOWN Trump will leave for Malaysia on Friday evening. He will also travel to Japan and South Korea where he is scheduled to meet Xi the following Thursday. The trade tensions between Washington and Beijing have been increasing, and a summit between the two leaders will come before an Nov. 1 deadline when the U.S. is expected to impose a 100% additional tariff on Chinese imports. The U.S. Calendar expects the core consumer price index to remain at 3.1% on Friday. This is a key input into Fed policy. The U.S. Bureau of Labor Statistics announced last week that it would release the report, despite the 23rd-day government shutdown. This was to help the Social Security Administration adjust its annual cost of living. Data released on Friday showed that core consumer prices in Japan rose 2.9% over the past year, exceeding the central bank's target of 2% and maintaining market expectations for a rate hike soon. Sanae Takaichi, the new Japanese Prime Minister, will give a speech that is highly anticipated in the afternoon. Her government is reportedly considering a large spending package. OIL PRICES SOAR AFTER SANCTIONS Against Russian Suppliers Intel's shares soared in after-hours trade after the company exceeded expectations for its September-quarter profits. Early European trades saw the Euro Stoxx 50 futures up 0.16% to 5,689; German DAX futures up 0.14% to 24,345, and FTSE futures up 0.04% to 9,623.5. The S&P 500 E-minis futures rose by 0.12% to 6,783. Bitcoin rose 0.8%, to $110,512.30. Ether rose 1.2%, to $3,878.01. Spot gold rose 0.3% to $4,138.52 an ounce but is still on course for its worst weekly performance since May. The oil prices soared after Washington announced new sanctions late Wednesday on major Russian suppliers Rosneft, and Lukoil. This increased pressure on the Kremlin for it to end its war in Ukraine. U.S. crude fell 0.7% to $61.38 per barrel while Brent dropped to $65.55 a barrel, down by 0.7% for the day.
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Iron ore prices fall as China's demand falls
The price of iron ore futures fell on Friday after a three-session streak of gains, as the demand for steel in China, the world's largest consumer, slowed. The most traded January iron ore contract at China's Dalian Commodity Exchange has fallen 0.26%, to 773.5 Yuan ($108.59), a metric tonne, after a 0.3% rise so far this week. The benchmark iron ore for November on the Singapore Exchange is 0.57% lower, at $104,05 per ton. This represents a 0.1% increase so far this week. Ying Cao is an analyst based in Beijing at SDIC Futures. She said that lower hot metal production, a measure of iron ore consumption, dragged prices down for the main steelmaking ingredient. The average daily hot metal production has declined for four weeks in a row by 0.4% compared to the previous week, and is now at its lowest level since September 5, with 2.4 million tonnes of output per week on October 23. Cao said that he expects hot metal production to continue to decline in the next few weeks, as higher coal prices have forced some mills into reducing output. Analysts at GF Futures reported that coke and other steelmaking components, such as coking coal, continued to gain, with gains of 1.83% and 2.31% respectively. This was boosted by a falling supply due to the halting of mining operations in certain coal production hubs. The price decline was limited by the hope that tensions between traders in the two world's largest economies would ease. Next week, U.S. president Donald Trump will visit Asia and meet Chinese president Xi Jinping. He Lifeng, Vice-Premier of China, will be holding trade talks with U.S. officials in Malaysia between October 24 and 27. The benchmarks for steel on the Shanghai Futures Exchange have been moving sideways. Hot-rolled coils gained 0.31%, while rebar and wire rod fell 0.46%. Stainless steel also rose 0.86%. ($1 = 7.1230 Chinese yuan). (Reporting and editing by Rashmi aich; Amy Lv, Colleen Howe)
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The spot crude premium increases as US sanctions against Russian producers increase demand from China and India
Trade sources and analysts reported that spot premiums on crude markets rose on Thursday, as traders and analysts expected the U.S. sanctions against top Russian producers to spur China and India’s demand for supplies coming from the Middle East and Africa, and South America. Washington imposed sanctions on major oil suppliers Lukoil and Rosneft over the Ukraine conflict, causing concern over a tighter supply from Russia. Russia is the largest supplier of crude oil to China and India. Brent oil futures, the global benchmark for crude oil, rose more than 4% Thursday. Sources said that Indian refiners, as well as some Chinese companies who are among the top buyers of oil in the world, will curtail their Russian oil imports, to comply with new sanctions. They'll turn to alternative suppliers. This triggered a surge in spot premiums Thursday for the key Middle Eastern benchmarks after they had fallen earlier this month due to an abundance of supply, as the Organization of the Petroleum Exporting Countries (OPEC) and its allies were increasing production. Data showed that Cash Dubai's premium reached a high of $2.71 a barrel for the third consecutive session. This is more than twice the $1.26 compared to the previous session. On October 2, it hit a low of 22 months. The data also showed that spot premiums for benchmark grades GME Oman, IFAD Murban, and IFAD Murban, both rose to new one-month highs of $3.12 a barrel and $2.86 a barrel, respectively. Two sources who have direct knowledge of this matter confirmed on Thursday that Reliance Industries, a privately-owned company, will cease importing crude oil as part of a long-term agreement to purchase nearly 500,000 barrels of crude oil per day from Rosneft. Sources with direct knowledge said that Indian state refiners, including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp., are also reviewing their Russian trade documents in order to ensure that no oil will come directly from Rosneft or Lukoil following the U.S. sanctions against the oil companies. Reliance purchased crude oil cargoes in recent days from Brazil and Middle East. These included Qatari al-Shaheen, Land grades and Iraqi Basra Medium. The cargoes could be used as a partial replacement for Russian supplies. Reliance was seen Thursday in the market scouting out supplies, according to a Middle Eastern merchant approached by Reliance. We expect that most of the substitute crudes will come from the Middle East. Richard Jones, an Energy Aspects crude analyst, said that the urgent need for sour-barrels will allow the current Basra surplus to be cleared faster than previously expected. The Brent-Dubai swap has fallen further into negative territory as a result of today's rally, which supports Atlantic basin arbs. Brent's premium to Dubai quotes LSEG data show that the price of a barrel was 1 cent on Thursday. It had been negative since this week's start. Brent-linked grades of oil from the Atlantic Basin are more attractive to buyers in Asia as the price difference narrows. Last week, Britain also sanctioned Rosneft (Russian oil company) and Lukoil (Russian oil company). Reporting by Florence Tan in Singapore and Siyi Luu in New Delhi, with additional reporting by Nidhi verma; editing by Harikrishnan Nair
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Nikkei's Nikkei-listed Fujikura, a century-old Japanese company, rides the AI data centres boom to become a Nikkei standout
Fujikura, a Japanese wire manufacturer that has been in business for over a century, is a notable stock in the Nikkei gauge. This is because investors expect the company to benefit from an increase in investment in artificial-intelligence data centres using its optical fibers. This week, the firm gained another 6% in value after Sanae Taichi was elected Prime Minister following her pledges to invest heavily in AI and key industries. Fujikura shares have risen 160% since the beginning of 2025. This is a far greater increase than the Nikkei, which has only risen 22%. The company's $33 billion market value is now comparable to that of other well-known Japanese companies such as Daikin, which makes air conditioners, and Komatsu, which manufactures construction equipment. The fortunes of "Magnificent 7" U.S. tech companies, such as Nvidia and Amazon, at the forefront in AI development, are increasingly linked to global equity markets. This euphoria in Japan has spread to the major AI suppliers and investors, including Advantest Tokyo Electron, and SoftBank Group. These firms are responsible for the majority of Nikkei gains since early September. Fujikura was founded in Japan during the Meiji Era (1885-1912) of modernisation. Investors have been searching the AI supply chain for the next winners. Kazuaki Shimada is the chief strategist of IwaiCosmo Securities. "Generative AI has become a major theme for the Japanese stock market," he said. Investors are now looking at new targets which could be the next Fujikura. Mitsui Kinzoku is another AI-related company that has soared 192% in 2025. JX Advanced Metals, another supplier, has seen its stock rise fourfold since March's market debut. Fujikura began as a manufacturer of silk and insulated cables, but in 1959 it produced the first optical fiber. These fibres are essential for AI data centres. About 75% of Fujikura's production is sold to foreign customers such as Alphabet, the owner of Google. Fujikura's spokesperson confirmed that the company had increased its fibre production capacity at its existing facility by a third in February and announced in August that it would invest 45 billion yen (US$298.45 Million) in order to build a second factory. ($1 = 150.7800 yen)
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Oil prices drop after surge but remain on course for weekly gains amid supply concerns
U.S. Crude Futures slowed in early trading on Friday. They trimmed part of the previous days' surge, but remained on track to achieve a weekly gain. This was due to supply concerns fueled by new U.S. Sanctions on Russia's largest oil companies for the conflict in Ukraine. Brent crude futures were down 17 cents or 0.3% to $65.82 at 0024 GMT. U.S. West Texas Intermediate Crude Futures rose 17 cents or 0.3% to $61.62. Both benchmarks rose more than 5% Thursday, and are set to gain about 7% a week. This is the largest weekly increase since mid-June. Russian President Vladimir Putin was defiant Thursday, after U.S. president Donald Trump imposed sanctions on Russia's Rosneft & Lukoil to press the Kremlin to end the Ukraine war. Rosneft, Lukoil and their combined output account for over 5% of the global oil production. Trade sources said that the U.S. sanctioned prompted Chinese oil companies to temporarily suspend their purchases of Russian oil. According to sources in the industry, refiners in India, which is the biggest buyer of Russian oil by sea, will drastically cut their crude imports. Satoru Yoshida is a commodity analyst at Rakuten Securities. He said that the buying prompted by concerns about supply due to U.S. Sanctions on Russia, has subsided. He said that a one-sided rise is unlikely because OPEC has spare capacity. He predicted that WTI will trade between $65.95 and $70.00. Kuwait's oil ministry said the Organization of the Petroleum Exporting Countries (OPEC) would be prepared to counter any shortage on the market by rolling out production cuts. The U.S. announced that it is prepared to take additional action. Putin, on the other hand, referred to the sanctions as unfriendly and said they wouldn't have a significant impact on the Russian economy. He also emphasized the importance of Russia to the global marketplace. The European Union also approved the 19th package on sanctions against Moscow, which included a ban on Russian gas liquefied imports. Last week, Britain imposed sanctions on Rosneft & Lukoil. According to U.S. Energy data, Russia will be the second largest crude oil producer on the planet in 2024. Investors also focus on a meeting between Trump's and Xi Jinping's scheduled for next week. The trade tensions between Washington, DC and Beijing are escalating. Both sides have announced retaliatory actions. The confirmation that the two leaders will meet next week seemed to have eased tensions. (Reporting and editing by Stephen Coates; Yuka Obayashi)
Hamilton mourns his beloved bulldog Roscoe before Mexico's Day of the Dead
Lewis Hamilton spoke out about the loss of his pet bulldog Roscoe, on Thursday. He revealed that the grief brought him closer with fans all over the world, particularly ahead of Mexico’s Day of the Dead.
Mexican Grand Prix fans, race organizers and Roscoe have all created tributes to the Autodromo Hermanos Rodriguez for the 2nd of November celebration.
Hamilton, a seven-time world champion, said: "I felt that I connected with people much more during this type of grief period."
"Fans sent me drawings and paintings of Roscoe even though my house is very quiet."
The Ferrari driver smiled when he was told the Mexican legend about dogs helping souls to cross the river into the afterlife.
He said, "Yeah he will ask me to carry him across the river because he has never liked water."
Hamilton spoke about the importance of the support shown during these turbulent times.
He said, "It's really encouraging for me to see that in a world where it feels so dark and there are such great divisions, especially when you look at those who run these countries, they seem to lack empathy."
Hamilton explained that his love of animals had influenced his decision for a plant-based lifestyle. He also revealed how he defied his family's skepticism regarding getting his own pet due to his busy travel schedule.
You learn a lot about empathy. You can't get that kind of love anywhere else. "They bring you such joy, they are the happiest beings on earth," he said.
Hamilton still keeps Roscoe’s memory alive in his home, despite the loss. He said, "I have his bed and toys all over the house. So he is still a big part of our furniture." Reporting by Angelica Medina, Mexico City. Editing by Peter Rutherford
(source: Reuters)