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Kremlin assistant says that Russia and Ukraine are exchanging more war dead.
A Kremlin official said that Russia and Ukraine had exchanged additional bodies of war dead. This was part of the agreement reached at the second round in Istanbul of peace talks, in June. Vladimir Medinsky said that the Russian delegation leader at the peace talks had sent the bodies of 1,000 Ukrainians soldiers to Moscow and received in return 19 of his own dead soldiers. The RIA news agency, citing a reliable source, reported that Russia intends to return the corpses of 3,000 Ukrainian troops and that Thursday's exchange was just the beginning. Since the warring parties renewed peace talks in Istanbul, after a three-year gap, in May this year they have exchanged captured soldiers and remains of dead soldiers. (Reporting and Writing by Lucy Papachristou, Editing by Andrew Osborn).
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Two killed and several injured after raid on Catholic Church in Gaza
Doctors at Al-Ahli Hospital, Gaza City, said that two women died and several others were injured after a strike hit the Catholic parish of the Gaza Strip. The Holy Family Church was damaged, as it is the only Catholic Church in the Palestinian enclave. Vatican officials did not respond immediately to a comment request. The Israeli Defense Forces confirmed that they were looking into the issue. The Italian news agency ANSA reported that six people were injured seriously, and Father Gabriele Romanelli who regularly updated the late Pope Francis on the Israeli-Palestinian Conflict, was only slightly hurt. In a press release, Italian Prime Minister Giorgia meloni stated that "Israeli raids in Gaza also hit the Holy Family Church." "Israel's attacks on civilians that it has been committing for several months are inacceptable." "No military action can justify this attitude," she said. Reporting by Alvise Armillini in Rome, Nidal Al-Mughrabi, and Giulia Segriti, William Maclean. Editing by Giulia Segriti, William Maclean.
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Gold drops on stronger dollar following Trump's statement that he will not fire Powell
Gold prices fell on Thursday as a result of a stronger dollar. Investors' concerns eased after Donald Trump announced that he would not be removing Federal Reserve Chairman Jerome Powell. As of 8:27 GMT, spot gold was down by 0.5%, at $3,330.21 an ounce. U.S. Gold Futures dropped 0.7% to $3335.70. Dollar index rose 0.3% against rival currencies on Thursday. This makes greenback bullion prices more expensive for holders of other currencies. The news comes after a Wednesday source said that Trump would be open to firing Powell. This pushed the gold price up by as much as 1.6%. Trump said later that he did not intend to fire Powell, but left it open for the possibility. He also renewed his criticisms of the Fed head over the failure to lower interest rates. Gold prices rose yesterday on the basis of unfounded rumours. Prices have fallen since the rumours have been quelled," said Nitesh Sha, commodities strategist at WisdomTree. Investors await the U.S. retail sales and jobless claims data for Thursday. They will also listen to speeches from several Fed officials who may provide insight into their policy outlook. In tariff news, Trump stated on Wednesday that the U.S. would probably "live to the letter" of tariffs with Japan. He also hinted at a possible trade agreement with India. Shah stated that if we are able to come out (of the tariff deadline on) August 1st with better trade deals then this could have a negative impact on gold prices. Analysts have noted that the gold price is showing a limited response to current trade uncertainty and is waiting for new catalysts. Prices are still confined to a range between $3,300-$3,400. Silver fell 0.4% elsewhere to $37.78 an ounce. Palladium fell 0.8% and platinum lost 0.7%. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Sonia Cheema)
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S&P lowers Nippon Steel's rating to 'BBB" due to debt pressure from US Steel deal
S&P, the global rating agency, downgraded Nippon Steel from 'BBB+ to 'BBB' on Thursday with a "negative" outlook. The reason given was an increase in financial stress following Nippon Steel's acquisition by U.S. Steel. The downgrade is due to concerns about Nippon Steel’s financial situation, which S&P believes will remain weak in the next year or two because of debt-raising and large-scale investment into U.S. Steel Assets. S&P stated that "we believe the negative effects will outweigh any positive effects from the company's growth and geographic diversification in the rapidly growing North American market." Nippon Steel will raise 800 billion yen (5.4 billion dollars) by way of two subordinated loan to fund the deal in part and refinance existing loans. After 18 months of trying to get the U.S. Government to approve the deal due to concerns about national security, Nippon Steel finally closed its $14.9billion acquisition of U.S. Steel in June. The acquisition includes new investments of $14 billion, including $4 billion to build a new steel plant. This deal is crucial to Nippon Steel’s global growth strategy, and its goal to reach 100 million tons of crude steel production capacity globally. Nippon Steel, which specializes in high-grade steel, is seeing a rise in demand from the U.S. market amid increasing global trade tensions. However, demand is declining for steel products made of Japan. Nippon Steel shares ended the day in Tokyo 0.87% lower than the Nikkei, which rose 0.6%. $1 = 148.6900 Japanese yen (Reporting and editing by Jacqueline Wong; Reporting by Katya Glubkova)
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Volvo CEO wants EU auto tariffs cut to defuse Trump's threat
In an interview on Thursday, the chief executive of Volvo Cars called on the European Union (EU) to reduce its 10% tariff against American-made vehicles, arguing that European carmakers don't need protection from U.S. rivals. Brussels and the auto industry have spent months trying persuade Washington, with its 27,5% tariff, to lower it on imported European cars. Hakan Samuelsson, after the company announced its second-quarter results, said: "If Europe wants free trade then we should lead the way by lowering tariffs to very low levels first." Donald Trump, the U.S. president, has threatened to increase tariffs on European Union imports of autos to 30% on August 1, increasing pressure for the bloc to reach a deal. Prior to Trump's presidency, the U.S. imposed a 2.5% duty on European cars while the EU imposed a 10% tax on vehicles imported from America, which Samuelsson had previously called unfair. He said: "It's not necessary for the European auto industry to be protected from American automakers." Volvo Cars is owned by China's Geely Holdings and as such, it is among the European automakers most vulnerable to U.S. Tariffs. The majority of Volvo Cars sold in the U.S. are imported cars from Europe. Volvo announced on Wednesday night that its most popular model, the hybrid XC60, would be produced in the U.S. by late 2026 as a means to reduce tariffs. The South Carolina plant currently produces only the Polestar 3 electric vehicle and EX90, which have struggled to gain traction among U.S. customers. Volvo, according to a report on Wednesday, has begun to reduce its product offerings in the U.S. Samuelsson stated: "These are measures that we can control, and not tariffs where we only have to have an opinion as everyone else." Reporting by Marie Mannes, Editing by Stine Jacquebsen and Rachna uppal
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VCI, the German chemical lobby, predicts that there will be no recovery in the sector before 2026
Germany's chemical industry lobby VCI does not expect a sector upswing before 2026, even though the rapid downtrend the chemical-pharmaceutical industry has seen in recent years seems to be over, it said on Thursday. VCI reported that the chemical industry, including pharmaceuticals, recorded sales of 107.6 billion euros ($124.66 billion) during the first half 2025. This was down 0.5% compared to a year ago, due to lower output in industry as companies announced plant closures and layoffs. The situation is still tense. "Our industry has produced about 15 percent less in the first half of the year than it did in 2018, the year before the crisis," Markus Steilemann said in a Covestro press release. Chemical association reported that the industry saw a 1% decline in production while prices for producers remained unchanged. Third-largest industrial sector of Europe's economic powerhouse, Germany, can be viewed as a bellwether. It produces materials components that are used across various industries ranging from agriculture and textiles to automotive and construction. Germany's BASF Covestro, and Brenntag have recently lowered their forecasts for the year, citing persistent economic weakness in the world, low demand, and U.S. Tariffs. There are no signs that a recovery is imminent. Steilemann stated that "the business location Germany is too expensive when compared to other countries." He blamed this on the excessive bureaucracy and non-competitive prices of energy, as well as high taxes, labor costs, and raw material prices. In order to overcome these challenges, Germany has implemented a number of fiscal measures in order to stimulate the slowing economy. These include a 500 billion Euro infrastructure fund, launched in March, and a 46 Billion Euro tax relief package, approved in June, to support businesses until 2029. Anna Wolf, an industry expert from the Ifo Institute of Economic Research, says that the German business community is most excited about the new infrastructure fund, and the electricity tax reductions for industry. $1 = 0.8626 Euros (Reporting and editing by Anastasiia Kozova and Isabel Demetz)
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Couche-Tard withdraws its $46 billion bid to buy Japan's Seven & i
Alimentation Couche-Tard, a Canadian retailer, withdrew a $46 billion takeover bid for Japan's Seven & i Holdings. It blamed the lack of constructive engagement on the part of Japanese retailer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. This is the timeline for the bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars). SEPTEMBER 6, 2020 Seven & i rejected Couche-Tard’s offer of $14.86, valuing the business at $38.5 billion. SEPTEMBER 13TH, 2024 Seven & i is classified as "core" by the Japanese finance ministry, leading to speculation that it could be protected from a takeover. The 9th of October 2024 Sources say that Couche-Tard has increased its bid for Seven & i to $47 billion. This is a 22% increase. 10 OCTOBER 2024 Seven & i reveals a plan for separating underperforming businesses and focusing on convenience stores. It also assesses Couche-Tard’s revised offer. 16 OCTOBER 2024 Artisan Partners, a U.S.-based fund, urges the Seven & i Board to allow Couche-Tard to conduct due diligence and negotiate a purchase price. They call the Japanese retailer’s restructuring plan “too little, late”. NOVEMBER 13TH, 2024 Seven & i has announced that a member of the founding Ito family made a white knight bid for $58 billion. NOVEMBER 14TH, 2024 Artisan Partners encourages the company to use a competitive bid process to ensure that it receives the best offer. DECEMBER 25, 2020 Sources say that Seven & i received bids in the first round of over $5 billion for its non-core asset from private equity firms KKR Bain Capital, and Japan Industrial Partners. FEBRUARY 26TH, 2025 Two sources claim that Itochu, a Japanese company, has withdrawn from the proposed buyout of Seven & i by the founding family. Couche-Tard, meanwhile, has reaffirmed its commitment to a purchase. FEBRUARY 27TH, 2025 Ito Family fails to secure financing of $58 billion for buyout bid MARCH 6, 2020 Seven & i appoints Stephen Dacus as its first foreign CEO. He is tasked with overhauling the business in order to engineer a turnaround and respond to Couche-Tard’s takeover offer. 10 MARCH 2025 Seven & i has confirmed that it is in discussions with Couche-Tard about a plan to sell its stores in order to overcome U.S. Antitrust concerns over a merger between the two leading players in its convenience-store market. Couche-Tard has revised its January bid to the yen-equivalent 2600 yen a share. 11 MARCH 2025 Couche-Tard is frustrated with Seven & i’s “limited engagement” and believes there is a clear path to overcome U.S. regulations hurdles. 13 MARCH 2025 Alain Bouchard, the chairman of Couche-Tard, says that if Seven & i would cooperate and reveal more financial data to Couche-Tard it could enhance its offer. MAY 1, 2025 Couche-Tard signs a non-disclosure (NDA) agreement with Seven & i, allowing the Canadian company to access the financial data of the Japanese retailer. JULY 17, 2020 Couche-Tard pulls out of its $46 billion bid, citing a failure to engage constructively by Seven & i's management and the Ito Family. Seven & i states that it is "fully committed" to its standalone value creation plan. Its shares fell 9% and closed 23% below the original offer price. $1 = 148.5700 yen (Compiled and edited by Clarence Fernandez, Kate Mayberry, Sonali Paul)
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India's imports of iron ore will increase due to JSW Steel demand and falling prices
Analysts and traders expect India's imports of iron ore to increase this year due to increased demand by JSW Steel, India's largest steelmaker in terms of capacity. This is because falling global prices have made overseas purchases more appealing. Dhruv Ghoel, the chief executive officer of commodities consultancy BigMint, said: "We expect iron ore imports this year to be between 8-10 million metric tonnes, largely from JSW Steel." Goel stated that India's imports of iron ore totaled around 6 million tonnes last year. JSW Steel accounted for the majority. He said that a drop in prices from $110 per metric ton to under $90 this year will likely support the demand. JSW Steel's iron ore needs are met by a combination between its own mines and purchases from external sources. Hui Ting Sim is an assistant vice-president at Moody's Ratings Singapore. She said that the company plans to increase the capacity of its Vijayanagar facility in southern Karnataka from 1.5 to 2 millions tons per year during the current financial year until March 2026. Hui Ting stated that a separate plan is in place to increase production at the Dolvi plant, located in Maharashtra's western state. A company spokesperson responded to a comment request by saying that JSW Steel was in a period of quietness ahead of the announcements for its quarterly earnings. India imports iron ore primarily from Australia and Brazil. However, imports of Oman have increased this year. Last week, India's iron pellet manufacturers urged the Indian government to curtail a surge of imports that were routed through Oman. They claimed the imports originated from Iran, despite U.S. sanction, and warned that cheaper supplies might harm the local industry. Iron ore imports are likely to increase due to the rising steel consumption in India. Florence Sun, commodities analyst at Macquarie Group, said: "We estimate India's steel production will grow by 8% to 162 millions metric tons this year." India's finished steel consumption in the first two months (2025-26 fiscal) was 25.1 million tonnes, an increase of 7.1% over the previous year. Reporting by Neha arora and Manvi pant; Editing Mayank bhardwaj, Emelia Sithole Matarise
Iron ore prices rise on China's steel demand and production restrictions
Iron ore futures rose for the second session in a row on Thursday. This was boosted by a strong steel demand, despite production restrictions in major steel-producing regions of China.
The contract for the most traded September iron ore on China's Dalian Commodity Exchange rose by 1.81%, to 785.5 Yuan ($109.39), per metric ton.
By 0713 GMT, the benchmark August iron ore traded on Singapore Exchange was up 0.86% at $100.8 per ton.
Broker Galaxy Futures reported that China's steel production has recovered, due to the rapid accumulation of building material, robust manufacturing demand, and continued strength in exports.
Galaxy reported that the two main steel-producing regions of Shanxi, and Tangshan had begun to implement output restrictions.
Hexun Futures, a broker, stated that despite the fact that it's off-season, steel demand has increased. Some blast furnaces will be undergoing mid-year maintenance.
Analysts said that iron ore shipments by top suppliers Australia, Brazil and South Africa have declined after an increase at the end of last quarter.
Rio Tinto's second-quarter output of iron ore was the highest since 2018. However, shipments fell short of analyst expectations and were at their lowest level for the first half of 2014 due to weather-related delays.
Analysts at ANZ said that improving mill margins have started to boost the optimism about demand.
BHP has said that the costs associated with establishing an "eco-iron" industry in Australia are still too high. This is despite Australia and China reaching an agreement last week to work together on decarbonising their steel supply chains.
Australia, which provides 60% of China's needs for iron ore, produces lower grade iron ore that cannot be processed directly into steel using renewable energy.
Coking coal and coke, which are used to make steel, also rose on the DCE. They increased by 1.55% and 1% respectively.
All steel benchmarks at the Shanghai Futures Exchange rose. Hot-rolled coils rose 1.23%. Wire rods grew 0.86%. Stainless steel firmed by 0.32%. ($1 = 7,1810 Chinese yuan). (Reporting and editing by Lucas Liew, Sumana Nandy, and Subhranshu sahu).
(source: Reuters)