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The wife of a Russian oligarch has asked the UK court to jail her husband for unpaid legal fees
The wife of an oil tycoon from Russia asked a London judge on Wednesday for a jail sentence against her husband. She claimed that he repeatedly refused to pay the legal fees she incurred in their multimillion-dollar divorce case. Elena Kroupeeva, Mikhail Kroupeev's wife, accuses him of refusing numerous court orders after their 36-year-old marriage ended. The legal team of Kroupeeva told the court that the couple split in "tempestuous circumstances" after Kroupeeva learned in 2023 that her husband was living a double-life with a second secret family in Russia for the majority of the past 20 years. Kroupeev began her proceedings in July 2024 for a financial settlement. In February, she was ordered to pay a little over 195,000 pounds toward her legal fees. Her lawyers claimed that he failed to comply with this and subsequent orders demanding that he reveal the full extent of his wealth from his business empire. They said he owed her over 837,000 pounds and that a freezing order was also made for his assets worth 38 million pounds (about $51 million). Her lawyers said that the judge should issue an order to imprison him for contempt. In their submission to the court, her lawyers stated that "nothing less than a period imprisonment would be an effective punishment." Michael Glaser, Kroupeev’s lawyer, said that the accusations about their marriage and an alleged affair should never have been made. He told the court that the court order in dispute was appealable. The judge, however, rejected his request to adjourn the case. The couple, both Russian citizens with British citizenship, moved from Russia to Britain in the year 1993. Justin Warshaw, Kroupeeva’s lawyer, said Kroupeev made his fortune from his connections with Yuri Shafranik - a former Russian Energy Minister. Along with Gulfsands - which Kroupeeva’s lawyers claimed had a contract for the export of oil from Syria - his other business interests include Jupiter Energy which exports oil and gas to Kazakhstan and Waterford Finance, which specialises on oil, gas, and other energy projects. Justin Warshaw told the court that Kroupeeva and her family had lived an "opulent life" for many years. Her lawyers stated that the couple had a large portfolio of assets, including a house worth 15 million pounds in north London and luxury homes in Portugal, Turkey and Russia. They also claimed that the couple took luxury holidays, which included flying on a private jet. In their submission, her legal team stated that a large part of the reason for traveling privately is to allow the family dog to go on vacation with the family. Videolink allowed Kroupeeva's husband in Cyprus to attend the hearing remotely. The hearing continues. The hearing continues.
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Fed markets jittery as Mideast conflict continues
The global markets were nervous on Wednesday, as investors waited for the U.S. to announce its interest rate later that day. Meanwhile, the escalating hostilities in the Middle East added further pressure on an economy already struggling with the uncertainty surrounding U.S. tariff policies. Brent crude prices were up in Asian trading but fell during European morning, and lastly were 0.2% higher at $76.61 per barrel. European stocks fell 0.5%. Most major equity indices in the area also fell into the red as disruption in the Strait of Hormuz - a vital conduit for oil transported by sea - lowered growth prospects in energy importing nations. The U.S. Dollar held firm in the face of a swirling mass geopolitical risks and economic concerns. It regained some of its status as a safe haven after taking hefty hits for months from President Donald Trump’s tariff announcements, and worries about U.S. government debt. The index that tracks the greenback's performance against other major currencies, including the euro and the Japanese yen, was stable but still on course for its first weekly increase in four weeks. The euro was slightly higher today but still on track for a slight weekly decline. U.S. Equity Futures barely moved, as traders avoided placing bets about how the Federal Reserve planned to steer its monetary policy in the face of the intercurrents between weakening economic growth, rising geopolitical risks and inflationary tariffs. The Fed is expected to maintain its main funds rate in the range of 4.25%-4.50% it has been at since December, and to issue monetary projections known as dot plots that indicate it will not act decisively for several months. ESCALATION Israel's biggest ever air strikes against Iran, launched following its conclusion that Tehran was close to developing nuclear weapons pose a grave threat to the prospects of global economic growth as well as international security. Ayatollah Ayatollah Khamenei, Iran's supreme leader, rejected Trump's demand for Tehran to "receive unconditional surrender" on Wednesday. The markets are trying hard to assess the risk of a large U.S. intervention. "It's difficult to know what the markets are thinking, but by looking at the oil prices and currencies they have priced in some risk of a very bad outcome," said Joseph Capurso. Dollar stability also held back gold prices. The precious metal's price, which had been surging for months, remained flat at $3 386 per ounce. UNCERTAINTY REIGNS The Fed faces a difficult backdrop with the conflict in the Middle East and the prolonged uncertainty surrounding Trump's tariffs, as well as signs of fragility within the U.S. economic system. Data released on Tuesday showed that U.S. retails sales dropped by 0.9% more than expected in May. This was the largest drop in four month, and labour market indicators also show weakness. Harvey Bradley, co-head global rates at Insight Investment, said that markets will be closely monitoring the Fed's quarter dot plot to get clues as to how and when it will resume the cutting cycle. He added that "tensions in the Middle East could threaten the inflation picture even further. It cannot be ruled-out that projections will adjust to reflect only one rate reduction this year." U.S. Treasury Yields fell again on Wednesday after falling Tuesday as investors bought government bonds to respond to the recent developments in Israel and Iran. Treasury yields are the benchmark for interest rates on debt around the world. They fall as the price of securities increases. The benchmark 10-year Treasury rate was about 2 basis point (bps) lower on Wednesday at 4.3731 percent, after falling roughly 6 basis points Tuesday. Geopolitical risk outweighed concerns about the U.S. government's debt becoming unsustainable. The yield on the two-year bond, which is more sensitive than other yields to changes in expectations of Fed interest rates, remained at 3,948%. This reflects widespread expectations that Fed will not reduce borrowing costs too much in the coming months. Investor uncertainty, which is closely monitored by the Fed, suggests that sentiment will likely remain choppy. The VVIX Index, which is a measure of market sentiment and rises rapidly when traders anticipate a rapid shift in the mood, was at 115 on Tuesday, after a rapid rise from 89 around early June.
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Does the battle over LME aluminum stocks signal or cause noise? Andy Home
Where has all the aluminum gone? In the warehouses of London Metal Exchange (LME), there were 1.3 million tons of aluminium two years ago. Since then, the inventory has almost halved to levels last seen in 2020. London's market is becoming more turbulent as traders compete for what's left. This may not be apparent at first glance, but the calm exterior masks a lot of turmoil. Short-dated spreads are tightening and becoming volatile. While the LME outright three-month price has been tethered around $2,500 per ton, the LME three month price is still a sedate level. LME's aluminium market has seen titanic battles for metal between traders with deep pockets. The game has taken on an entirely new dimension ever since the exchange in April of last year banned the delivery of new Russian aluminum. This latest LME stock battle echoes past LME battles, but this time the LME noise could be masking an essential market signal. A LARGE MARK, LARGE POSTIONS The biggest base metals market in the world is aluminium, with an annual consumption of about 100 million tons. Aluminium traders are known to have taken outlandishly big positions on the London market. This mega-long position has been roiling nearby spreads over the past month. The benchmark period is three months of cash The market has moved from a comfortable contagious of more than $42 per tonne in April, to a small backwardation. Last week, the "tom-next spread", which is the cost of rolling over a position and a reliable indication of market stress was traded at a backwardation of $12.30 per ton. There is no doubt that someone is looking to buy a large amount of aluminium, but the LME has only 321,800 tonnes of metal available in its warehouses. Two-thirds are Russian. In April of last year, Russian metal was banned from the United States and United Kingdom. It is now subject to quotas and a complete ban in Europe will be implemented at the end 2026. This makes it less desirable. There's no way to tell how many of the 323,000 tonnes of metal in LME storage that are also Russian, but there is no indication of the metal being moved to warrant to ease the spread tightness. If the goal of the squeeze is to get metal out of deep non-LME shadow storage, then it does not seem to work. So far, this month's arrivals have been a mere 150 tons. The LME ban on Russian metal after April 13, 2020 may hinder the normal functioning of the LME stock grab trade. This is to tighten the spreads in order to force holders of metal to release it. This assumes that there are a large number of aluminum products, Russian or otherwise, available for LME deliveries. CHINA'S IMPORT AFFECTION GROWS This assumption is beginning to seem a bit questionable given the absence of significant arrivals in the LME system of any type of aluminium since March. China's imports of Russian metal so far in this year indicate that even Russian metal is in high demand. Since the beginning of the Ukraine war in 2022, the country has absorbed Russian aluminium that was shunned in the West. Imports of Russian aluminum primary by China grew from 291,000 tonnes in 2021, to 1,13 million tons in 2020. In 2025, the pace of growth has increased again. Imports increased by 48% on an annual basis to 741,000 tonnes in January-April. The structural changes in aluminium supply are the main reason for China's appetite to import metal. The smelters of the country are close to reaching the 45 million tons annual cap set by government. Since the beginning of the year, the national annualised run rate has remained at around 44 million tons. The domestic market for primary metals is tightening up against a backdrop that includes a robust demand from solar energy. The Shanghai Futures Exchange has seen stocks fall to their lowest level in 16 months, 110,000 tons. Also, the curve for forward trading is now backwardated. SCRAP WARS China's stated strategy is to increase secondary production of recyclable metals to compensate for the cap in primary metal production. This may become more difficult as recyclable materials flow to the United States, because they are exempted from the tariffs of 50% imposed by Donald Trump's administration. The second major structural shift could lead to a tightening of the global scrap supply, which would force processors outside the United States to use more primary material. The scrap flows to China, which is the largest buyer in the world, could be further disrupted by the European Union imposing export tariffs. This would stop what they call "scrap leakage". The United States is now the threat. Originally, it was China. Testing Availability This latest mega-trade to grab a piece of the available stock is just the latest in an extensive history of mega-trades. It doesn't seem to be drawing any metal into the system. This story may have a Russian twist, but it is also a test to see if the market can be supplied. So far, supply has not been satisfactory. The LME stock churn will appear more like a signal of a downtrend in the LME's inventory the longer it continues. The author is a columnist at
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OPEC Fund pledges $1 billion for new financing to developing nations
OPEC Fund For International Development pledged more than $1 billion to Africa and other developing countries as part of a broader pledge by Arab nations to spend $2 billion over the next 5 years. The fund was created by the Organization of Petroleum Exporting Countries (OPEC) to finance projects in countries that are not OPEC members. It also introduced a new initiative for trade financing to help countries ensure imports and liquidity when times of crisis arise. The United States and several European countries are reducing the amount of bilateral assistance they give to the poorer countries of the world. The Vienna-based OPEC Fund has announced that it will be providing $720 million of new funding to support the development of Africa, Asia, Latin America, and Caribbean countries, as well as signing new loan agreements worth $362 million. These agreements included a $300-million plan for Rwanda for the next three year period, as well as programmes in Ivory Coast worth $65 million each and $40 million for the East African Development Bank based in Uganda. A cooperation agreement was signed with the Central American Bank for Economic Integration for projects in infrastructure, energy, and human development. The Islamic Organization for Food Security and the Islamic Organization for Food Security formalised a partnership on climate-resilient agricultural practices. This week, the OPEC Fund hosted a meeting of the Arab Coordination Group's (ACG) heads. ACG pledged $2 billion in financing for the next five-year period. The Arab Donors Roundtable for the Sahel discussed the urgent needs of the region, such as the drought. Reporting by Duncan Miriri, Marc Jones and Emelia Sithole Matarise; editing by Emelia S. Matarise
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Indian refiners cancel orders for palm oil from July to September due to price surge
Four trade sources confirmed that Indian refiners canceled orders for 65,000 tons of crude palm (CPO) due for delivery between July and September, following an unexpected surge in Malaysian benchmark prices. Refiners of the world's biggest palm oil importer have cancelled orders over the last three days, after Malaysian palm futures increased by more than 6%. They are hedging against the possibility of falling prices and locking in a gain. There is a lot volatility on the market. "There was a greater margin in cancelling CPO purchased than in importing and refining palm oil and selling it on the local market," stated an Indian buyer, who runs a refinery in the west coast. He cancelled shipments scheduled for July. Indian buyers purchased CPOs nearly a week ago, at a cost of $1,000 to $1030 per ton. This includes the cost, insurance and freight. A rebound in palm oil prices brought down prices, which were their lowest for more than eight month. Palm oil futures rose this week in response to a rally of Chicago soyoil after the U.S. proposed a higher biofuel blend volume. Sources who spoke under condition of anonymity as they were not authorized to speak to the media said that this sudden increase prompted Indian refiners cancel contracts between $1,050 to $1,065 a ton. They made a profit greater than $30 per ton. A New Delhi-based dealer at a global trading firm said that buyers agreed to cancel contracts by accepting a slightly lower price than the current market rates. This decision was mutually made with sellers. CPO was offered in India at $1,070 per ton for delivery in July, down from $1,020-1,030 one month earlier. Sandeep Bajoria is the chief executive officer of Sunvin Group. A vegetable oil brokerage. India's imports of palm oil reached a six-month peak in May. This was due to low inventories, and the oil being sold at a lower price than rivals soyoil or sunflower oil. The Indian market had gained momentum following India's halving of import duties on CPO last month, but cancellations by the government have disrupted this momentum, according to a Kuala Lumpur based trader from a palm oil production company. (Reporting and editing by Tony Munroe, Emelia Sithole Matarise, and Rajendra Jadhav)
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Israel will resume natural gas exports once the military determines that it is safe, says energy minister
Israel's Energy Minister Eli Cohen announced on Wednesday that the country will resume natural gas exports once its military deems it safe. The air battle between Israel & Iran is now in its sixth day. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean, off its Mediterranean coastline that provides the bulk of the exports to Egypt & Jordan have been closed. The older leaves are still in use Field used mostly for domestic supply. Cohen stated that he had been in touch with Egpyt, Jordan and Jordan regarding the reduction in supplies. "They can clearly see that we're in a conflict." Cohen said after a press briefing that he had to reduce exports because he didn't want our strategic storage to be used. "I hope that I can use another rig to supply gas (exports) as soon as possible." "I think the most important thing for me is to (supply) Israel," he stated, referring to the need for fuel during the conflict against Iran. Cohen noted that it was not clear when another field would be reopened. "We're working with them (the military), the Navy and at this time their recommendation is to continue one (field) and shut down two." Data from the Joint Organisations Data Initiative shows that Israeli gas makes up about 15-20% of Egypt's total consumption. Egypt's fertilizer industry halted operations Friday due to the disruption in Israel's supply of gas. Israel began its air war against Iran on Friday, after concluding that the country was close to developing a nuclear bomb. Iran insists that its nuclear program is solely for civilian purposes. Other Energy Sources Cohen stated that Israel's energy industry was running normally and no shortages were expected, since the country has reserves of coal, diesel, and renewable energy. Israel's Oil Refineries, located in Haifa, were hit by an Iranian rocket this week. Three people died and the refineries were forced to stop operations. Cohen expressed his hope that the facility will resume its operations in a month. A second refinery is still open to the south. Cohen stated that since Friday, the amount of solar energy or renewable energy used to produce electricity has doubled, reaching about 40%. The airstrikes by Iran also caused some damage to pipelines and wastewater treatment plants. Cohen said that a victory over Iran may take several weeks, but Israel's needs for energy could be met. The Iranians may have damaged some of our energy plants, but we still have a very strong energy infrastructure that can meet all of Israel's energy needs, including fuel, electricity, and water. (Reporting and editing by Bernadette baum)
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Germany passes bill to speed up housing construction through reducing red tape
The German government approved a draft bill on Wednesday that will speed up housing unit construction, which has slowed down amid the wider property market crises, by cutting through red tape, which often drags out projects for many years. In Germany, the number of apartment units built last year dropped dramatically, dropping 14.4% between 2023 and 251,900. This is far below the goal set by previous governments of 400,000 units per year. Germany's real estate sector has been recovering slowly from its worst slump in decades that began in 2022. According to data released by the Federal Statistics Office on Wednesday, residential building permits, a key indicator of future construction, rose 4.9% in April. This is the second consecutive month that construction planning has increased. The new German government hasn't set any concrete goals, but Chancellor Friedrich Merz cited affordable housing as an important social issue. He told the parliament, "Building, Building, Building" was his plan to make housing more affordable. The bill allows municipalities to streamline the approval of residential buildings in Germany by giving more flexibility on the development plans that often take years to put together. According to the bill, construction will be approved automatically if the municipal council does not vote it down within two months. Verena Hubertz, Minister of Construction, stated that the goal is to increase the speed and efficiency in building, urban consolidation, and to make it easier to add floors to homes or apartments. She said: "We don't just throw out all the rules." "But we want to deal with them more pragmatically and faster." At a press conference alongside Hubertz, Finance Minister Lars Klingbeil stated that the government plans to invest large amounts in affordable housing. He added that the key figures of draft budgets that will be presented next Monday would reflect this drive. Klingbeil said, "With the 500 billion Euro special fund we have created the conditions necessary for more investment."
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Copper prices steady before Fed decision; focus on Middle East
The copper price remained stable on Wednesday, due to the softer dollar in anticipation of the Federal Reserve's decision on U.S. Interest Rates. However, the escalating conflict in the Middle East with its impact on demand and growth dominated the mood. At 1001 GMT, the benchmark copper price on London Metal Exchange was up by 0.2% to $9,691 per metric tonne. Traders said that metals activity is low as the Federal Reserve will announce its interest rate decision in a few hours and the U.S. market closed for Juneteenth on Thursday. The oil prices have risen in the last few days, as the markets assess the likelihood of disruptions to supply from the Iran-Israel war. Reports indicate that the U.S. military has increased its presence in the area, causing speculation about a possible U.S. invasion, which investors fear will escalate the conflict. The region is rich in energy resources, supply chain and infrastructure. Tom Price, Panmure Liberum's analyst, said that "Copper and industrial metals were under pressure" because the spike in oil prices was putting the global economy at risk. "We don't have an end in sight to the conflict but they are already discussing one. So the market is settling down, and trading will resume as normal." Concerns about copper availability on the LME due to falling stock, large holdings in warrants (title documents conferring ownership) and cash contracts have pushed up premiums for nearby contracts. Copper Stocks In LME registered warehouses, 107.350 tons has dropped 60% from March to the lowest level since May 2024. Backwardation or premium Cash over the three month copper contract reached near $150 per ton. This was the highest price since October 2022, compared with the discount at the end of April. The traders are also keeping an eye on a large number of aluminum warrants (0#LMEWHC>) and contracts that are nearing maturity (0#LMEFBR>), which have also led to premiums in nearby contracts. Aluminium for three months was down by 0.3% to $2,541, while zinc fell 0.1% to 2,635, lead increased 0.1% to 1,977 and tin rose 0.8% to 32,525; nickel advanced 0.6% at $15,015. (Reporting and editing by David Evans; Pratima Dasai)
China's slowdown in demand for iron ore has led to a further decline in the price of iron ore
Iron ore futures declined on Wednesday, and were on course for a fifth consecutive session of declines. This was due to a slowdown in demand for steelmaking materials from China, the top consumer.
The day-traded price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 695.5 Yuan ($96.79).
As of 0702 GMT, the benchmark July Iron Ore traded on Singapore Exchange fell 0.41% to $82.4 per ton.
"Iron ore price fell below $93 per ton, as China's demand continues to slow." The demand from China will likely remain weak due to the ongoing slowdown of China's real estate market," said ING analyst in a recent note.
Official data released on Monday showed that China's new house prices dropped in May, continuing a stagnation of two years.
According to Mysteel's data, China's blast-furnace steel mills saw their production fall for the fifth consecutive week between June 6-12. The consultancy attributed this to the regular maintenance stops among the mills.
The rainy season in southern China has slowed down construction activity. ANZ analysts said that high temperatures in the north are contributing to a slower pace of construction.
ANZ reported that Beijing's efforts to curb steel overcapacity appear to be working.
The National Bureau of Statistics reported that China's crude output of steel fell 6.9% compared to the same month a year ago, reaching 86.55 millions tons.
Steelhome data show that the total iron ore stocks across China's ports increased by 1.06% in a week to 133.4 millions tons on June 13.
Coking coal was down 0.57%, while coke rose 0.62%.
The benchmarks for steel on the Shanghai Futures Exchange have gained some ground. Hot-rolled coil and wire rod gained around 0.43%, while rebar and stainless steel rose by about 0.1%. ($1 = 7.1856 Chinese Yuan) (Reporting and editing by Michele Pek)
(source: Reuters)