Latest News
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CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam
Copenhagen Infrastructure Partners (CIP) has signed a joint development agreement with Petrovietnam to collaborate on the development of an offshore wind project in Vietnam’s south-central region.The project - in early development phase and subject to relevant regulatory approvals - is expected to be among Vietnam’s first offshore wind initiatives and represents a significant step in the country’s efforts to diversify its energy mix and accelerate its green transition toward a sustainable energy future.CIP is developing the project together with Copenhagen Offshore Partners, CIP’s exclusive offshore wind development partner.The joint development agreement builds on the memorandum of understanding signed in March 2024 by both parties and combines CIP’s global offshore wind expertise with Petrovietnam’s deep local market knowledge and offshore operational capabilities.Since 2024, working teams from both organizations have coordinated closely and shared knowledge and technical expertise while exploring opportunities for potential joint projects.“This agreement is a significant step forward in our partnership with Petrovietnam and confirms our Growth Markets Fund II’s long-term commitment in Vietnam.“By combining CIP’s global experience and expertise in offshore wind with Petrovietnam’s proven offshore expertise and deep understanding of the local market, we are well positioned to deliver one of Vietnam’s first offshore wind projects and to establish the groundwork for future offshore wind projects in Vietnam,” said Robert Helms, Partner at Copenhagen Infrastructure Partners.“Petrovietnam and CIP have built a meaningful partnership working closely and effectively to reach this important step. The Joint Development Agreement demonstrates our mutual trust, commitment and shared vision in supporting Vietnam’s energy transition. Together we not only aim to develop successful offshore wind projects, but also to build a clean energy value chain in Vietnam,” added Le Manh Hung, Vice President and Deputy CEO of Petrovietnam.
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Investors wait for US data to get more Fed signals
Gold prices were stable on Thursday as investors waited for U.S. economic reports that may shed more light on Federal Reserve interest rate policy. As of 0257 GMT spot gold remained at $3,390.27 an ounce after reaching its highest level since August 11, earlier in the session. The price of U.S. December gold futures was flat at $3.447.40. Kyle Rodda is Capital.com's Financial Market Analyst. He said, "We have a lot more interest in gold due to the issues surrounding institutional trusts as well as risks regarding Fed's independence." Investors await the release of Friday's Personal Consumption Expenditures Price Index (PCE), the preferred inflation measurement of the U.S. Fed. "But we are really looking for more to push the price over critical level of $3.400... The U.S. data PCE will be very significant. We remain bullish on the gold market. "I think that all fundamentals are moving in the right directions," he said. The economists polled expect that the PCE Price Index will rise by 2.6% in July, a similar increase to the previous month. According to CME FedWatch Tool, the markets expect a rate cut of 25 basis points at next month's Fed policy meeting. Gold that does not yield is usually a good investment in an environment with low interest rates. John Williams, the New York Fed Bank president, said that it is possible for interest rates to fall at some point. However policymakers must wait to see how the economy develops in order to determine if a rate cut should be made next month. Other metals, such as spot silver, rose by 0.3%, to $38.72 an ounce. Platinum remained unchanged at $1,348.07, while palladium increased 0.3%, to $1,095.26.
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After military parade, curbs are lifted and iron ore prices rise in the hope of increasing demand.
Iron ore prices rose on Thursday due to a resilient demand, and anticipation that steelmakers would restock after China's military parade. However, concerns about steel consumption continued to limit gains. As of 0233 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange rose by 0.51% to $781 yuan (US$109.19) per metric ton. The contract has seen a 0.3% rise so far in August. As of 0223 GMT the benchmark October iron ore traded on the Singapore Exchange had risen by 0.48% to $102.95 per ton. This represents a 3% increase so far in this month. Qingwei Xie is an analyst with Shanghai Metals Market. The production restrictions in Hebei this week have led to a decline in the buying interest of steelmakers, said Xie. For better air quality for Beijing's military parade to mark the end of World War Two on September 3, steelmakers in China's largest production hub Tangshan, in the northern region's Hebei Province, have been asked to limit production. Hot metal production, an indicator of iron ore demand, was high. This signaled a steady demand, which supported ore prices. "Hot Metal output will probably climb after the end of this round of production controls." "The anticipation that the U.S. Federal Reserve would cut interest rates in September has also lent a little support to ore price," said SMM's Xie. Despite the price increases, there was caution about whether steel demand would pick up in the next month. Coke and other steelmaking materials, such as coking coal, fell by 1.25% and 1.61 %, respectively. The benchmark steel prices on the Shanghai Futures Exchange are mixed. Rebar was 0.16% higher than before, hot-rolled coil increased by 0.12%, and wire rod grew 0.24%. Stainless steel fell 0.62%. Baoshan Iron & Steel Co, China's largest listed company in the steel industry, has warned of increasing pressure on exports due to rising trade protectionism.
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Officials: Three killed in a night-time Russian attack against Kyiv
Officials said that the Ukrainian capital Kyiv was subjected to a massive Russian attack during the night, with 12 people injured, at least three of them being children, and several buildings damaged in different districts. Three deaths were reported by the military administration of the city, and they occurred in districts that are geographically separated. Mayor Vitali Klitschko confirmed that two children were among the injured. The list of damaged buildings was long, and included several apartment blocks in high-rises. Images posted online show smoke rising from buildings and apartments on fire. Could not verify images immediately. Klitschko stated that two high-rise apartments had been damaged in the eastern suburbs. (Reporting and editing by Ron Popeski, Himani Sarkar, and Lincoln Feast.
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Officials confirm that one person was killed in the massive night-time Russian assault on Kyiv.
Officials said that the Ukrainian capital Kyiv was subjected to a massive Russian attack during the night, with one person dead, four others injured, and buildings damaged in multiple districts. Tymur Tkachenko said that one person died in an attack, in which missiles were used, on Telegram. He said that a kindergarten had been set on fire among the damaged buildings. Vitaly Klitschko also wrote on Telegram that four people were taken to hospital on the east side of the Dnipro River in the Dniprovskyi District. Klitschko said that several floors in an apartment complex had been damaged to the east, and on the opposite side of the river a highrise was on fire. (Reporting and editing by Ron Popeski)
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Nvidia's earnings results cause a drop in the Asia markets
Asian stocks shook on Thursday, as worries about the future of its China operations offset the blowout earnings by artificial intelligence giant Nvidia. The dollar also remained weak as investors betted on a rate cut in the near term. The MSCI broadest Asia-Pacific index outside Japan fluctuated between gains and losses and ended the day down by 0.2%. U.S. equity contracts were affected by the after-hours drop in the shares of the chip-designer, which is now the most valuable company on the planet. Charu Chanana is the chief investment strategist for Saxo, based in Singapore. She added that "we should expect some spillover" even though it's unlikely to harm investor confidence. The cleanest beta for Nvidia is from Asian chipmakers, especially those in Korea and Taiwan. They will feel the drag. After Nvidia released its results, S&P 500 futures dropped 0.2% while Nasdaq fell 0.4%. Investors' concerns about Nvidia were centered on its China operations, which were caught in the middle of the trade war between Washington, DC and Beijing. Goldman Sachs analysts wrote in a report that they expect the stock price to drop modestly after a quarter in line and guidance, against the backdrop of high expectations going into the conference call. Management noted that no H20 products were shipped to China during the quarter. After Kyodo reported that Japan's chief trade negotiator Ryosei Acazawa had cancelled his planned trip to the United States where he would have been expected to finalize the details of the agreement reached last month, Japanese stocks fluctuated from gains to losses. The Nikkei was up by 0.4%. The Bank of Korea held rates at 2.5% as economists had expected. Hong Kong shares fell, with the Hang Seng Index dropping 1%. Meituan shares dropped 9.7% after the Chinese food-delivery giant reported a decline in its second-quarter profits on Wednesday. The dollar is on the defensive in the currency market as traders bet more heavily that interest rates will drop next month. This follows the recent pivot of Federal Reserve Chair Jerome Powell to a more dovish stance, and President Donald Trump's move to take control of the largest central bank of the world. Trump announced earlier this week that he was firing Federal Reserve Governor Lisa Cook. This caused some investors to worry about the Fed’s independence. Cook's attorney said that she would file a suit against the White House. Trump pressed the Fed for lower interest rates in his first term as president. He has intensified this campaign in recent years while seeking appointments to key positions at the U.S. Central Bank. The president demanded that the rates be cut several percentage points, and threatened to fire Powell. He has since backed off from this threat. The yield on 10-year Treasury Notes fell to 4.2362% from its U.S. closing of 4.238% Wednesday. According to CME Group’s FedWatch tool, the market currently prices a probability of 88.7% that a 25 basis point rate reduction will occur at Fed's meeting on 17th September. This is up from 61.9% one month ago. The dollar fell 0.1% to 147.275 against the yen, but the euro was up by 0.1% at $1.16475. This is an attempt to continue a winning streak of three weeks that has pushed its gains for this month up to 2.02%. Brent crude dropped 0.5% on the commodities market to $67.74 a barrel. Gold prices were slightly lower. Gold was down 0.2% to $3391.60 a troy ounce.
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Oil prices drop as the market considers US summer driving, India's supply and the end of summer driving.
Oil prices dropped on Thursday, as investors assessed the outlook for U.S. gasoline demand as the summer driving season draws to a close. They also considered possible shifts in crude supply as India is facing punishing U.S. duties for importing Russian fuel. Brent crude futures fell 31 cents or 0.46% to $67.74, at 0027 GMT. West Texas Intermediate crude futures also dropped 36 cents or 0.56% to $63.79 after rising more than 1% the previous session. U.S. Energy Information Administration announced on Wednesday that U.S. oil inventories dropped by 2.4 millions barrels during the week ending August 22. This was in contrast to analysts' expectations, which were based on a poll of analysts who expected a draw of 1.9 million barrels. ? The drop in prices was a sign of strong demand for the upcoming Labor Day weekend long weekend in the United States. Tony Sycamore, IG's market analyst, said that this is usually the unofficial end to the summer driving season, and the beginning of lower U.S. consumer demand. He said that on technical charts, crude oil faces resistance between $64 and $65, while it's vulnerable to a test near $60. After President Donald Trump doubled the tariffs on Indian imports up to 50% on Wednesday, traders are closely watching how New Delhi reacts to Washington's pressure to stop buying Russian crude oil. Sycamore said that India is expected to purchase crude oil from Russia in the near future, which will limit the impact of new tariffs on the global supply. Russia and Ukraine intensified their attacks on each others' energy infrastructure this week. This is what has been driving up oil prices. Overnight, Russia carried out a massive drone strike on the energy and gas transportation infrastructure in six Ukrainian regions, leaving over 100,000 people without electricity, Ukrainian officials reported on Wednesday. Oil prices have also been supported by the prospect of an interest rate reduction in the near future, which could boost the economy and increase oil demand. John Williams, the New York Federal Reserve Bank president, said that rates are likely to fall at some point. However policymakers need to wait for upcoming economic data to decide whether it's appropriate to cut rates at the Fed meeting on September 16-17.
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South32's annual profit increases on the strength of alumina operations and higher prices
South32, an Australian company, reported a 75% increase in its full-year profits on Thursday. This was due to a strong performance by the alumina division, and higher commodity prices. However, this still fell short of expectations. As of 0010 GMT the shares of the company fell as much as 2,1%, to A$2.85, while the benchmark index remained largely unchanged. A 45% increase in alumina prices boosted the alumina division's earnings from $714 million up to $1.08 Billion. Aluminium division has also benefited from the higher metal prices due to shortages and increasing costs. South32 reported its earnings underlying for the year ending June 30 were $666 million. This is up from $380 million one year earlier. It missed Visible Alpha's consensus estimate of 697.7 millions due to a lower contribution by Australia Manganese operations as a result of the impacts of Tropical Cyclone Megan. As bauxite becomes more readily available, the company anticipates a 4% increase in production for its Worsley Alumina operation for fiscal year 2027. South32 expects to place its Mozal Aluminum smelter under care and Maintenance in March 2026 while also limiting investments in the project. South32 announced earlier this month that it had a $372-million impairment on the smelter. The miner stated it was planning to close the smelter as it might not be able secure power at a reasonable price when the supply agreement expires in 2026. Jefferies analysts said fiscal 2026 will see higher operating costs in most areas. The Perth-based company, which split from BHP Group last year, announced a final dividend per share of 2.6 cents, down from 3.1 cents the previous year. The company also extended the current capital management program by one year, to mid-September of 2026. $144 million is still left to return to shareholders.
South32 is not concerned about Indonesian alumina replicating the nickel success.
South32, a diversified Australian miner, is closely monitoring the alumina developments occurring in Indonesia. The CEO Graham Kerr stated on Thursday that South32 will be watching to see if they drag down the prices of tin in the global markets in the same manner as its nickel industry.
In recent years, Indonesia has increased its production of nickel to make it the world's largest supplier. This is a result of Indonesian efforts to increase domestic processing.
Since then, the Indonesian government has sought to replicate this success on other markets. Last year, Indonesia became a net exporter for alumina. Alumina is a semiprocessed material made from mineral bauxite and eventually turned into aluminium.
Kerr said at an analyst briefing that "the challenge we face is whether or not they can achieve in alumina the same results they achieved in nickel."
He said: "We believe there will be a capital compression, but you won't be able to build the same large industrial parks." The alumina industry also produces a waste called "red mud" which must be managed carefully.
He added: "So, I think that there are some complications which will limit the scale in Indonesia too."
South32 announced a 75% increase in its full-year profits on Thursday. This was largely due to the strong performance of its alumina division, and higher commodity prices. (Reporting and editing by Kim Coghill, Sonali Paul and Melanie Burton)
(source: Reuters)