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Bangladesh installs solar panels on public buildings in order to combat energy shortages
The interim government of Bangladesh directed officials on Thursday to install rooftop solar panels in government buildings such as schools, colleges and hospitals. This is part of a drive to produce clean energy and reduce reliance on expensive fuel imports. Bangladesh is governed currently by an interim government led by Nobel Prize winner Muhammad Yunus. This administration took over after Sheikh Hasina, the former Prime Minister, quit and fled to another country amid protests in August. Due to the growing demand for electricity and financial constraints, the interim government has been struggling to stabilize the sector. Yunus gave his directive during a 'National Rooftop Solar Program Meeting'. The meeting was held in the context of an energy crisis exacerbated by the volatile fuel prices around the world. The meeting was attended by officials who cited the 2024 report of the International Renewable Energy Agency which revealed that Bangladesh lagged far behind its peers in the region when it came to solar energy adoption. According to a report, Bangladesh only generates 5.6% of its power from solar sources. This compares with India (24%), Pakistan (17.16%), and Sri Lanka (39.7%). In order to bridge this gap, government has already issued tenders for 55 solar power plants on land with a total capacity of 5,238MW. These projects will not be completed before 2028. Yunus encouraged agencies to adopt quick-to-implement rooftop solar systems and encouraged private investors to install and maintain solar panel on public buildings using roof space provided by government. Yunus stated that the institutions would not have to pay for electricity and could earn rental income from their roofs. The International Monetary Fund (IMF) approved this week a disbursement of $1.3 billion to Bangladesh from a bailout package of $4.7 billion the country requested in 2023. This was due to dwindling reserves in foreign currency and increasing import costs after a surge in commodities prices caused by Russia's invasion in Ukraine. (Reporting and editing by Sudipto Ganuly; Reporting by RumaPaul)
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Russell: Higher prices will affect Asia's crude imports in June.
Asia's crude oil imports rose in the first six months of 2025, as an increase in arrivals in June overcame the slow start of the year. According to LSEG Oil Research, the world's largest import region has seen arrivals of 27,36 million barrels a day (bpd), up by 620,000 bpd compared to the 26,74 million bpd of the same period in last year. The performance improvement was primarily due to the fact that June imports soared from 27.3 million bpd and 26.42 millions bpd last June, respectively. This is the highest LSEG data recorded since January 2023. China was the top importer in June, and LSEG estimated arrivals at 11,96 million bpd. This is the highest since March's 12,11 million bpd. India, Asia's largest buyer, is expected to import 5.26 million barrels per day in June, the highest level since March when 5.35 million barrels were imported. Market participants are wondering if the strong demand seen in Asia in June is a sign of a stronger second-half or if it is merely influenced by temporary factors. Price is the most obvious temporary factor. Both China and India are known to be sensitive when it comes to price fluctuations, increasing their imports at low prices but reducing them when prices rise. The cargoes arriving in June would have been secured six to eight weeks prior to delivery. This means that the oil price was on a downward trend at the time. Brent crude futures traded in a range between a high of 75.47 dollars a barrel (on April 2) and a low of 58.40 dollars a barrel (on April 9). They then traded sideways until another low of 58.5 dollars on May 5. Brent oil has been rising since the low of May 5, reaching $70.40 per barrel on June 12 - the day before Israel began its bombing campaign on Iran. After the Israeli attacks, and subsequent U.S. airstrikes on June 23, crude oil spiked to an all-time high of $81.40 per barrel. The risk premium then disappeared with the ceasefire agreement announced by U.S. president Donald Trump. AUGUST IMPACT Asia's refiners will feel the increase in prices primarily for cargoes that arrive in late July or August. It will be important to monitor if there is a pullback in imports during this time period. There is no evidence to suggest that the demand for crude oil and refined products in Asia is increasing. According to the most recent official data, China's refinery production increased only 0.3% to 14,47 million bpd in the first five month of this year. The small increase in refinery output suggests that China's demand for refined products is slowing down and that most of the crude imported is being added to inventory. India's fuel consumption is flat as well. According to data from the Petroleum Planning and Analysis Cell, the oil ministry, the consumption of refined products for the first five month of 2025 was 4.51 million bpd, down from 4.52 millions bpd in the same period of 2024. From August, the increase in crude oil prices and the shock from the Israeli-U.S. attack on Iran will likely weaken Asia's need for imports. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Prince William of the UK says that indigenous peoples are important in protecting nature.
Prince William said on Thursday to investors, scientists and politicians that Indigenous People have a vital role to play in the protection of nature. This was his latest appeal for urgent action against climate change. The British heir-to-the throne has inherited the environmental zeal of his father, King Charles. He said that in order to protect the environment, it was necessary to support people living in communities all over the world. He said that the stewardship of local communities and their protection is one of the most powerful forces in conservation. The event was held at St James's Palace during London Climate Action Week. If we're serious about meeting climate and biodiversity goals then Indigenous Peoples and the local communities need to be at the center of our efforts as leaders, partners and co-creators. Ed Miliband and Brazil's Minister for Indigenous Peoples were in the audience on Wednesday, when they reaffirmed Britain's commitment towards decarbonising its economy and stimulating growth of green businesses. William's remarks Thursday come after a call earlier this month for world leaders and business to take immediate actions to protect our oceans. He said it was a "challenge like none we've ever faced". (Reporting and editing by Michael Holden)
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Australia sues China's rare earths investors
The Australian national treasurer announced on Thursday that it is suing an associated Chinese company and former associate for a violation of foreign investment laws related to rare earths mining firm Northern Minerals. He added that this was the first such case. Indian Ocean International Shipping and Service Company, one of five foreign investors who had ties to China, was ordered by Treasurer Jim Chalmers in June 2011 to divest its shares for national interest. Chalmers stated in a press release that he filed a lawsuit at the Federal Court, seeking penalties, declarations, and costs. Chalmers stated that foreign investors are required to adhere to Australian law. Chalmers said that "we are doing everything we can to protect our national interest and integrity of the foreign investment framework." The statement did not provide details about the current stakes. It stated that this was the first time a Treasurer had brought a case before the Federal Court over an alleged violation of foreign investment laws. The statement named Indian Ocean but did not identify the former associate. Indian Ocean International Shipping and Service Company was not immediately available for comment. Australia is building a rare-earths supply chain in order to reduce China's dominance of the elements that are used to make products such as smartphones, wind turbines, missiles, radar systems and radar systems. Northern Minerals became the focal point of the contest when Australia prevented Singapore-based Yuxiao Fund to double its stake in the firm to almost 20% by 2023. Yuxiao controlled by Chinese businessman Wu Tao was ordered to sell shares of Northern Minerals worth 10.37% within three months in 2024. This included Black Stone Resources in the British Virgin Islands and Indian Ocean International Shipping and Service Company in the United Arab Emirates. (Reporting and editing by Barbara Lewis in Sydney)
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Palantir and AI software partners for nuclear construction
Palantir Technologies announced on Thursday that it had teamed up with a company that specializes in nuclear deployment to create a software-driven artificial intelligence system for the construction and operation of nuclear reactors. Investors and companies are re-engaging in nuclear energy, which is seen as a more reliable and cleaner fuel source than solar or wind energy. Palantir and Nuclear Company are creating the Nuclear Operating System (NOS) together. This will simplify construction and allow the firm to build faster and cheaper. The agreement follows U.S. president Donald Trump's executive order that sought to boost U.S. production of nuclear energy amid an increase in demand for data centers and AI. The nuclear regulatory commission of the United States was directed by an order signed in May to reduce regulations and expedite new licenses. According to a Palantir spokeswoman, Kentucky-based Nuclear Company is paying the data analytics firm around $100 million for five years in order to develop the platform. Trump's tax and spending bill is expected to also benefit the industry, as it has rolled back many green energy subsidies while preserving tax credits for nuclear power. The U.S. is expected to hit record-high power consumption in 2025 or 2026, after nearly two decades of stagnation. This will be due to the power-hungry crypto mining and AI data centers that plug into the grid. Reporting by Juby Dastin and Jeffrey Babu from Mexico City; editing by Maju Sam)
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What can the UN development conference in Seville achieve?
On Monday, global leaders will launch the once-a decade Conference on Financing for Development in Seville, Spain. The conference aims to improve world aid and financial infrastructure. On the agenda are ambitious reforms ranging from global taxation to climate-focused financing. What will the event be, who will be there, and what is it intended to achieve? What is it? The fourth conference will bring together leaders in the fields of finance, politics and trade to develop a coherent strategy to address global issues ranging from debt to aid. Leaders will adopt a 38 page document, dubbed "Seville Commitment", which had been painstakingly agreed and negotiated before the event. The document will serve as a blueprint to finance development in the next decade. However, it is not legally binding. The first "Monterrey Consensus", which was adopted by the FFD in 2002, set targets for rich countries in order to spend 0.7% on their gross national product (GNP) on official development aid. It also supported the Heavily Indebted Poor Country Initiative that led to billions of dollars in debt relief. The previous FFD in Addis Ababa, 2015, established the 17 Sustainable Development Goals that have guided multilateral financing for the last decade. It also focused on taxation and reducing illicit financial flows. The backdrop for this year is particularly challenging with the widespread cuts to aid across the rich world and Donald Trump's skepticism about climate change. What are the objectives for this year? The Seville Commitment is focused on reforms that will help poor countries adapt to climate crises. These include debt swaps, clauses for natural disasters to pause debt, and the exploration of global solidarity levies which could tax highly-polluting activities or super-rich people to finance sustainable development. The plan also focuses on progress in improving debt restructuring and innovative ways to increase funding, including the efforts of multilateral development banks to leverage special draw rights. The leaders will also launch the Seville Platform for Action which would form alliances in order to accelerate concrete progress towards the goals. Who will be there? Amina Mohammed, UN Deputy Secretary General, said that over 70 heads of government and state would be attending. Among them are French President Emmanuel Macron and South African President Cyril Ramaphosa – this year’s G20 Chair – as well as sustainable finance rock stars like Barbados Prime Minister Mia Mottley. Ajay Bana, President of the World Bank, is expected to attend, as are other development bank heads, Gates Foundation, and other campaign groups. The United States is notable for its absence, having withdrawn during the negotiations, after trying, but failing, to remove climate, sustainability, and gender equality from Seville Commitment. WHY COULD THIS HAVE AN IMPACT? The event could be hampered by the U.S.'s absence and the continued disagreement over certain other issues such as debt. Trump's opposition towards goals like global tax rules changes could make it harder to achieve success in this area. Disagreements between African leaders, and lending nations such as China over a debt treaty also impede progress. Sources said that the event would be more successful if the U.S. participants did not try to dilute the objectives. There is also a consensus among the attendees of the conference on the need for urgent action, such as funding climate adaptation. What is the Backdrop? The U.N. estimates the global funding gap for sustainable development to be a staggering $4 trillion. Multilateral lenders have worked to increase funding, but they've only been able mobilize hundreds of billions in cash so far. In the meantime, the average cost of interest for developing countries in relation to their tax revenues has nearly doubled from 2014. China's lending has become net negative, as repayments of loans are due. More than half of Africans live in countries where debt is more expensive than health care.
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Speculators and a weak dollar push copper prices to a three-month high
The copper price rose to its highest level in almost three months on Friday, driven by the weakening dollar, supply concerns and speculators buying after technical levels had been broken. The price of three-month copper at the London Metal Exchange rose 1.6%, to $9,867 per metric ton, by 1000 GMT. This was its highest since March 28. Alastair M. Munro is a senior metals analyst at Marex. He said, "What's key for us is the dollar weakness, and that it is trending downward, which is supportive of our space." The dollar index fell to its lowest level since early 2022, as fears about the future independence and soundness of monetary policy in the United States undermined confidence. The dollar is weaker, making commodities priced in U.S. dollars less expensive for buyers of other currencies. The LME Cash Copper Contract Premium for the Three-Month The price of a ton rose to $200 from $101 on Tuesday, but was down from $280 a day earlier. This is the highest it has been since November 2021. While traders expected deliveries of copper to LME warehouses would ease the tight situation, these have yet to materialise. Munro stated that the market was still short of offers for July. He noted that the Chinese were buying copper in large quantities. Long positions and open interest on the Shanghai Futures Exchange are also increasing. The ShFE copper contract most traded rose 0.6%, to 11 022,74 yuan per tonne, its highest level since June 11. A trader stated that the LME copper price has been below $9,800 for several months. The break above this level on Thursday resulted in automatic buy orders. LME copper is up 22% from its low of $8,105 (November 2023) in April. U.S. Comex Copper Futures rose 2.7% to $5.05 per lb. This brings the premium of Comex to LME copper up to $1,277 per ton. It is now at its highest level since April 28. The expectation of U.S. steel tariffs triggering a surge in metal into Comex warehouses is what has caused the higher copper prices. Other metals include LME aluminium, which rose by 0.5% to 2,575 per ton. Lead gained 0.6%, nickel increased 0.8%, zinc rose 1.4%, and tin climbed 0.6%. (Reporting and editing by Frances Kerry. $1 = 7.1670 Chinese Yuan)
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India asks the court to reject challenge against copper import curbs
A legal document published on Thursday shows that the Indian government rejected claims by trade groups that its decision to introduce quality control restrictions on copper cathode imported would result in a monopoly. This is because 10 foreign suppliers had already been certified. India, which is the second largest importer of refined cobalt in the world, defends its quality control measures against allegations that they would create supply shortages and a monopoly for three domestic suppliers. The government responded in a 160-page document to petitions from the Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association that their concerns about supply shortages are "misconceived" and "unfounded". The Indian Ministry of Mines asked that the legal challenge by the trade associations be rejected. Emails sent to the Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association, as well as the Federal Ministry of Mines, were not immediately answered. The response seen by adds the quality control order is a regulatory measure that aims to protect consumer interests. It applies to all entities, whether domestic or foreign. Foreign suppliers are not prohibited. "The regulation is intended to improve product safety and reliability, not to restrict competition," the statement added. India has identified copper as one of the 30 critical minerals it will need by 2023. The demand for copper in India is expected to double within the next decade. Hindalco Industries, Vedanta and Adani dominate the domestic supply, followed by Hindustan Copper, a state-owned company, and Hindustan Copper. Since 2018, imports have risen in the country following the closure of Vedanta’s Sterlite Copper Smelter. About two-thirds (about $2 billion) of India's refined cobalt imports come from Japan, followed by Tanzania and Mozambique. The Indian government responded that seven of the ten foreign suppliers who were certified under the new rules are from Japan, while two came from Malaysia, and one was from Austria. Sandeep Jain, the president of Bombay Metal Exchange, said last month that his trade association was "compelled" to seek judicial assistance because the government had not delayed the implementation quality control orders and this measure led to shortages. (Reporting and editing by Arpan Chaturvedi)
Australian shares fall as tech stocks weigh
Australian shares ended lower on Thursday. Technology stocks were the main drag, with software giant Xero falling after raising capital for a discounted price to fund Melio Payments' buyout.
The S&P/ASX 200 Index closed at 8,550.8, a 0.1% decrease. The benchmark index ended Wednesday with a flat finish.
Technology stocks fell 2.1% and closed at their lowest level in over three weeks. Xero, which dropped 5.3%, was the main culprit. The accounting software maker's shares resumed trading a few days after Melio Payments, a U.S./Israeli payments provider, announced that it was acquiring it for up to $3 billion.
The company raised A$1.85billion ($1.21billion) at a discounted price of A$176/share, which is 9.4% lower.
The deal is expected to help Xero establish itself as a leading global software provider, but there are still questions about the price, the possible dilution in free cash flow margin, and how the company's loss-making business will be integrated with Xero. This was stated by Tony Sycamore at IG, a market analyst.
WiseTech Global, a larger competitor, fell by 0.6%.
The Industrial sub-index dropped 0.4%, and Real Estate stocks fell 0.7%.
After three sessions of new record highs, heavyweight financial stocks closed flat. Commonwealth Bank of Australia, Australia's largest lender, closed down by 0.4%.
Sycamore stated that the financial industry is overbought, and there could be a slight cooling.
Copper prices reached a new two-week high. Healthcare stocks rose by 0.4%.
Investors in the local market are now waiting for retail sales figures due next week.
Sycamore stated that there are concerns about Australia's growth trajectory. Retail sales data could reinforce the case for rate cuts in July, and possibly a follow-up in August.
The benchmark S&P/NZX 50 Index in New Zealand ended a six-day loss streak by finishing 0.2% higher, at 12,480.05. $1 = 1.5335 Australian Dollars (Reporting and editing by Vijay Kishore in Bengaluru)
(source: Reuters)