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Typhoon Danas hits southern Taiwan with winds records, injuring dozens
Early on Monday morning, Typhoon Danas slammed southern Taiwan with strong winds and heavy rain. Two people were killed and more than 500 injured in the rare attack to the densely-populated west coast of Taiwan. Taiwan is frequently hit by typhoons, but they usually land on the sparsely-populated and mountainous east coast that faces the Pacific. The storm, which reached winds of up to 220 km/hr as it ripped through Yunlin in the southwest county after landing on Taiwan's southern shores late Sunday night, forced businesses and schools to close along the west coast. Government data revealed that over 700 trees had been felled in western cities and towns, and road signs had been ripped and scattered across the streets. Local television footage showed that in the southern city Tainan, concrete poles snapped at their base, while a wooden temple gate collapsed. Taiwan's weather authority had listed Typhoon Danas as the second strongest storm at one time. Since then, it has weakened and is expected to hit eastern China this week. In a Facebook post, President Lai Ching Te urged citizens to prepare for the typhoon. Government data revealed that power was cut to over 700,000 homes and more than 300 domestic and foreign flights were cancelled. North-South high-speed rail service was reduced. According to the National Fire Agency, one person died when a tree fell on them while they were driving. Another person died after a respirator malfunctioned because of a power outage. No major damage was reported in the Tainan Science Park, which houses tech giants like TSMC. According to CCTV, maritime officials in Zhejiang Province, eastern China, raised their emergency response level to the second highest level on Monday. CCTV reported that as of 10 am (0200 GMT), 64 ferry routes and 121 passenger vessels had been suspended in the province. As a precaution, authorities also suspended 181 construction projects including wind farms. According to the China Meteorological Administration, Danas will gradually approach coastal areas between Zhejiang’s Taizhou city and Fuzhou in the neighbouring Fujian Province. (Reporting by Yimou Lee; Additional reporting by Ethan Wang and Ryan Woo in Beijing; Editing by Saad Sayeed) (Reporting by Yimou Le; Additional reporting in Beijing by Ethan Wang, Ryan Woo; Editing by Saad sayeed)
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EU delays signing climate pledge with China, FT reports
A top climate official said in comments published by the Financial Times on Monday that the European Union will not sign a joint climate pledge with China during a summit to celebrate a half-century diplomatic relationship. EU climate targets are some of the most ambitious in the world, but have always been based on domestic emission reductions. It faces a deadline of mid-September to submit to the United Nations a new climate target for 2035. Officials from the EU said that Brussels refused Beijing's repeated demands for a climate agreement after the summit between the second and third largest economies of the world, unless China promised to do more to reduce greenhouse gas emissions. Wopke H. Hoekstra, Climate Commissioner at the Dutch newspaper De Tijd, said: "There's only merit to having a statement from our perspective when there are also nuts to crack and ambition to display." China is likely to miss its five-year target of a 18% reduction in carbon intensity. The European Commission has not responded to an immediate request for comment. Reporting by Dheeraj K. in Bengaluru, Editing by Tom Hogue & Clarence Fernandez
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Vietnam imposes antidumping tariffs on hot-rolled Steel from China
Vietnam has implemented an anti-dumping tax of up to 27,83% on certain hot-rolled coils steel products that originate from China, after a similar tariff had expired. The ministry stated in a press release that the tariff will remain in effect for five years. In March, the Ministry imposed a temporary anti-dumping levie that lasted 120 days. Baoshan Iron & Steel, Maanshan Iron & Steel are among the companies that will be hit with the 27.83% duty. Guangxi Liuzhou Iron and Steel Group also faces duties of 23,1%, which is higher than the 19,38% rate imposed by March, according the statement. It said that "Domestic Production suffered significant damage." There is a direct correlation between damage to the domestic industry and the dumping of imports from China. Vietnam launched an investigation into anti-dumping in July last year following complaints by Vietnamese producers. Vietnam's government reported that between January and September of last year, the country imported 8.8 million tonnes of hot-rolled metal, of which 72% came from China. Reporting by Phuong nghuyen, Editing by David Stanway
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Amman's copper concentrate export is being questioned by Indonesian Minister
Indonesia's Interior Affairs Minister Tito Karnavian said on Monday that he had asked the country’s mining ministry to lift a ban on Amman Mineral International's export of copper concentrate, citing the effect it has on the local economies. Tito Karnavian said that the Nusatenggara Barat Province, where Amman Mineral International operates, saw its economy contract by 1.47 percent annually in the first three months of the year. This was due to the inability of the company to export concentrates while their smelters are being upgraded. Indonesia has banned the export of copper concentrates, as well as other raw minerals. This is to encourage metal-processing at home. Amman, however, was allowed to continue exporting until December 2024 when the new smelter was expected to be operational. Amman's newest smelter made its first copper cathode in March. This material is used to make wires, cable and electronic products. However, the company stated that it would take time for "optimal, sustained operations" to be achieved. Tito said at a government meeting that he had asked the minister of energy and minerals if there was a way to export while the smelter is being built. He did not reveal the answer. A spokesperson in Amman and officials at the ministry of mining did not respond immediately to requests for comment. Amman stated in February that it had asked the government for flexibility to allow the company to export copper concentrator. Amman's copper-smelter can produce up to 220,000 metric tonnes of copper cathode annually. Reporting by Bernadette Cristina Munthe and Fransiska Nangoy, Editing by Harikrishnan Nair
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INDIA BONDS - India bonds remain steady as traders wait for new triggers
Indian government bonds were barely traded in early Monday deals, as traders did not react to any new domestic or global signals. As of 10:10 am IST, the yield on the benchmark bond for a 10-year term was 6.2926% compared to Friday's closing of 6.2947%. The trading volume was low at the beginning of the week. However, investors will be keeping an eye on U.S. Treasury counterparts, who have been trending lower since Asian hours. The yield on the 10-year U.S. Treasury note was at 4.3319 percent, slightly lower than Thursday's increase, following data showing that more jobs were created in June than anticipated. Brent crude futures fell 0.72% to $66.76 per barrel. A trader in a primary dealer said, "Foreigners have been buying Indian Bonds lately. We are closely monitoring that for future direction." "Public sector banks are selling bonds for a while, so someone will have to absorb this. If foreign investors continue buying, we could see a rally in bonds." The trader said that bonds would still trade in a range. The 10-year yield should be between 6.28% and 6.32%. Foreign investors increased their purchases of Indian government securities under the Fully Accessible Route last week. CCIL data revealed that investors bought bonds worth 87 billion rupees (about $1.02 billion) under the FAR in this period. State-run banks sold net bonds last week worth approximately 143 billion rupees. Early deals in India's overnight swap index (OIS), which is a derivative of the Indian stock market, showed little change as trading volumes were low. The liquid five-year swap rate was a fraction lower, at 5.67%. $1 = 85.7075 Indian Rupees (Reporting and editing by Khushi malhotra)
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Morning Bid Europe-Chagrin at Trump's three-card trade trick
Wayne Cole gives us a look at what the future holds for European and global markets. That's as unclear as mud. According to reports, the U.S. has set August 1 as the deadline by which higher tariffs on certain countries will be implemented if trade agreements are not made or in progress. There's no way to know which countries or deals are covered. Treasury Secretary Bessent said on CNN that President Trump will be sending letters to our trading partners telling them that if they don't make progress, then, on August 1, the tariffs will return to their April 2 level. Today, the "letters" will be sent to 10 to 12 countries. These are likely to be the same letters as those that were supposed go out last Friday. Howard Lutnick, the Commerce Secretary, told reporters that higher tariffs will take effect August 1, but Trump is "setting rates and deals right now". Announcements of trade policy changes made in TV interviews do not provide clarity. It is also unclear if and to whom the original deadline on July 9 still matters. India and the U.S. could, for example, make a mini deal today or tomorrow. However, they will continue to talk after July 9. Bessent reports that many countries have not contacted the U.S. to discuss trade and are likely to receive stiff letters as a result. Trump added confusion to the situation by saying that tariffs on some products could be as high as 60% or 70% - higher than the 50% tariff on China. He also threatened to impose an additional 10% tariff on any country aligning itself with the "anti American policies" of the BRICS group, a group with which the U.S. is currently in tariff negotiations. Investors have responded with amusement, pushing Wall St futures lower by 0.4%. Asian share indices were mostly lower, but not much, on Monday. Treasury yields have fallen a basis point, and the dollar is still near its four-year lows. The oil market has seen a big drop, with a loss of around 1%, after OPEC+ surprised the markets by increasing production much more than initially expected. They also announced a similar rise for September. Analysts believe that Saudi Arabia is putting pressure on lower-margin U.S. Shale production to gain market share. This is OPEC's response to "Drill baby, drill". Market developments on Monday that may have a significant impact Sentix investor sentiment for July, German industrial output for may * ECB Board Member Piero Cipollone and ECB President Christine Lagarde participate in Eurogroup Meeting in Brussels. ECB's Holzmann speaks
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India auto dealers warn about risks to retail volume and supply
India's Federation of Automobile Dealers Associations said that geopolitical tensions, spillover effects of U.S. Tariffs, and China's export restrictions on rare earths could affect consumer sentiment and further restrict vehicle supply, resulting in a drop in retail sales. Retail volume fell by 9.4% from the previous month. The average number of days a car spent in a showroom (or inventory days) increased to 55 from 52-53 in May. This is above the FADA threshold of 21 days. China's export restrictions on rare earth have disrupted global supply chains for automakers, adding to the challenges faced by Indian carmakers who are already struggling with high inventories as well as tighter financing due to uncertainty surrounding President Trump's tariffs. As we approach July 2025, the dealer sentiment is tilted toward a slowdown. De-growth expectations (42.8% & 26.1%), which exceed growth expectations (31.1%). Similarly, booking-pipeline traction remains uneven," FADA said. FADA stated that above-normal rains during the monsoon season should boost rural demand. However, FADA added that July is likely to be a mixed month, with an agrarian tailwind being tempered by seasonal headwinds as well as higher prices. The FADA held its last meeting on the 15th of November. You can also read about the warnings below. Demand may be subdued by June due to increased inventory levels, reduced funding and concerns over rare earth shortages. (Reporting by Chandini Monnappa in Bengaluru; Editing by Sumana Nandy)
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BRICS demands wealthy nations finance global climate change
On Monday, the final summit day in Rio de Janeiro for the BRICS group, leaders of developing nations were ready to tackle the challenges that we all face, including climate change, by demanding wealthy nations pay global mitigation of greenhouse gas emissions. As he prepares for the United Nations Climate Summit in November, Brazilian President Luiz inacio Lula da Silva has emphasized the importance of the Global South to combat global warming. In a statement released by BRICS leaders on Sunday, they argued that fossils fuels would continue to play a major role in global energy, especially in developing economies. We live in an era of contradictions around the world. When asked by a reporter about plans to extract oil from the Amazon rainforest, Brazil's environment minister Marina Silva responded that the important thing was our willingness to overcome the contradictions. In their joint statement the BRICS leaders stressed that providing climate financing "is a duty of developed countries to developing countries", which is standard for emerging economies at global negotiations. In their declaration, the group also indicated its support for the Tropical Forests Forever Facility that Brazil had proposed as a means for emerging economies of funding climate change mitigation above and beyond the requirements set for wealthy nations in the 2015 Paris Agreement. Two sources familiar with the talks said last week that China and the UAE indicated in their meetings with Brazilian Finance minister Fernando Haddad at Rio they planned to invest in the fund. In a joint statement, BRICS leaders criticised policies like carbon border taxes, anti-deforestation legislation, and other measures that Europe recently adopted for imposing "discriminatory protective measures" under pretext of environment concerns. DEFENDING MULTILATERAL DIPLOMATISM The opening of the BRICS Summit on Sunday presented the group as a bastion for multilateral diplomacy within a world that is fractured and highlighted the influence of eleven member nations who represent 40% of global production. The leaders also criticised the U.S. trade and military policies, and pushed for reforms of multilateral institutions, which are now largely controlled by Americans and Europeans. In his opening remarks on Sunday at the meeting, Brazilian President Luiz inacio Lula da silva drew an analogy with the Cold War Non-Aligned Movement. This was a grouping of developing countries that refused to join either side of the polarized world order. Lula said to leaders that "BRICS was the heir of the Non-Aligned Movement." "Multilateralism is under attack and our autonomy has been weakened once more." The Rio Summit, which was the first to include Indonesia, showcased the rapid growth of BRICS, but also raised questions regarding shared goals among its diverse group. In a statement released on Sunday, BRICS condemned the military attacks against Iran and Gaza but did not take a unified stance on which countries would be given seats in a reformed United Nations Security Council. Only China and Russia supported the addition of Brazil and India to this council. Leaders from India's Narendra Modi, and South Africa's Cyril Ramaphosa met in Rio de Janeiro to discuss geopolitical and economic tensions. The meeting's importance was reduced by the decision of Chinese President Xi Jinping to send Premier Li Qiang instead.
Brickworks and Soul Pattinson of Australia secure funding for the $9.15 billion Topco Merger
Washington H. Soul Pattinson, an Australian investment company, and Brickworks, a building materials group from Australia said they had secured funding to merge their companies into a $9.15-billion ASX listed entity named Topco.
The company has secured additional funding of A$220,000,000 ($143.81 millions) at the same price as Soul Pattinson’s last closing price, A$42.61. The proceeds from the sale will be used to pay off Brickworks' outstanding debts and other liabilities.
Topco's debut is expected to be marked by a market cap of approximately A$14 billion (9.15 billion), supported by A$13.1 in diverse assets, including private equity, property and credit holdings.
Brickworks shareholders will receive 0.82 Topco shares at a value implied of A$30.28 per share, which values the building products manufacturer at A$4.62billion.
Mark Ellenor, CEO of Brickworks, said: "With equity in place, the combined company is ready to reap the benefits from the merger. We have a streamlined balance sheet, and a clear growth agenda."
Topco, in conjunction with the capital raising announced in June and in July, has received commitments to buy 34 million shares. This will generate approximately A$1.4 billion. In a statement released on Monday, Topco and the other companies confirmed that the merger was now fully funded. No further shares were required.
Corporate governance experts in Australia have long criticised the complex ownership structure of both companies, which has existed for more than 60 years.
Brickworks' outstanding loan debt was A$721m at the end of the half-year period ending January 31.
As of 0108 GMT shares in Soul Pattinson rose 0.6% while Brickworks remained largely flat. The benchmark index fell by a small 0.1%.
(source: Reuters)