Latest News
-
Exxon Mobil opens new Singapore refinery unit to boost sour crude oil imports
Exxon Mobil Corp. has begun production at its Singapore oil refining complex at new facilities to produce base stock from residue fuel. It said on Tuesday that this would increase the plant's intake high-sulfur crude. Exxon released a statement that said the technology uses a combination of processes to transform fuel oil and other crude products at the bottom of barrels into more valuable lubricant base stocks and distillates. Exxon said that the new facilities will increase its Group II base stock production capacity by 20 000 barrels per day. According to Kpler data, Crude imports from Exxon Singapore's refinery reached a record high of 541,000 barrels a day in August. This is the highest level since 2016. The region has been experiencing sulphur-rich crude oil demand. Data showed that the refinery had stopped importing low-sulphur U.S. oil since April and was now only buying high-sulphur crude. According to data, in August, United Arab Emirates ranked first with Murban crude and Upper Zakum oil while Qatar ranked second with al-Shaheen crude. According to data, the refinery imported Arab Light crude in August from Saudi Arabia for first time since November 20, 23. Oman and Iraq are also suppliers. Exxon's Jurong Island crude oil processing capacity is 592,00 barrels per day. Base stocks for industrial and commercial applications are used to make engine oils, gear oil, marine oils and greases.
-
Miliband: 'Don't listen to the doomsters.'
Ed Miliband, Britain's Energy Minister, said that talk of an American-led retreat from climate action is overstated. He also stated that the economic arguments for net zero are strong enough to overcome domestic and international scepticism. Miliband spoke from New York Climate Week where speakers called on world leaders to put climate promises into actions, in the backdrop of U.S. president Donald Trump's agenda to boost fossil fuels and roll back pollution regulations, and to defund science and climate action. Not everyone is in favor of climate action He said via video link: "There are many people who say that countries are reversing their climate action and clean-energy policies, but don't listen to the doomsters." When you examine what is really going on, the story is actually very different. He also cited a more positive than expected vibe at Climate Week, and data that showed clean energy technologies had attracted $2 trillion in investments in 2024 -- twice as much as fossil fuels. TRUMP DESCRIBED WIND POWER AS AN EXPENSIVE JOKE Trump, on a recent high-profile visit to Britain described wind energy - which is a major component of Miliband’s plans to decarbonise UK power production by 2030- as "expensive" and encouraged the country to tap into its remaining oil reserves. Miliband responded that countries are entitled to act according to their own interests and that, for many people outside of the U.S.A., focusing on climate goals could lead to more affordable and secure energy. The International Renewable Energy Agency published a report in July that found the majority newly installed renewable energy to be more cost-effective than fossil fuels for electricity production. UK POLITICAL OPPOSITION PREFERS FOSSIL FUEL Miliband is facing opposition from Nigel Farage’s Reform UK party, which currently leads British opinion polls in advance of a 2029 election. They accuse him to be driving up bills through subsidising renewable energy. Farage has pledged to scrap net zero targets, subsidies and support drilling for gas and oil. "I believe they are on a wrong side of the British public, to be honest. People want action on the environmental. Miliband stated that they want it to help tackle the cost-of-living crisis. "We are happy to fight for the future of Britain, and I think it's a battle we can win." (Reporting and editing by Aidan Lewis in London, William James)
-
Gulf markets fall as investors consider regional rate cuts and Fed outlook
Gulf stocks fell in the early trading on Tuesday, as investors digested the regional interest rate reductions following U.S. Federal Reserve’s moves. However, lingering uncertainties about its policy outlook kept sentiment cautious. The Fed cut its benchmark rate on Wednesday by a quarter of a percentage point in response to an improving labour market. However, it signaled a cautious approach to future monetary policy ease, leaving investors uncertain about the pace at which further moves will be made. Saudi Arabia, United Arab Emirates and Qatar have all cut their rates by 25 basis point each. Dubai's main stock index fell 0.6% with the majority of sectors slipping into negative territory. Emaar Properties, which was poised to break a three-day streak of winning, fell by more than 1%. Emirates NBD Bank dropped by 0.8%. National Central Cooling (better known as "Tabreed") fell 0.7% before its ex-dividend day. Consumer discretionary performed better, thanks to a 2.3% increase in Taaleem Holdings. ADNOC Logistics' 0.5% decline weighed on Abu Dhabi’s index, which fell 0.1%. Presight AI, a technology stock that has been down more than 1% compared to global peers, was the biggest laggard. Together with investment firm Shorooq the company announced the launch a $100 million fund to accelerate AI innovations. Qatar's stock market index fell by 0.1% on its way to a third consecutive day of losses, with the selling concentrated in energy and financial shares. Qatar National Bank, which is the largest lender in the region, fell 0.5%. Qatar Fuel also dropped 0.4%. Saudi Arabia closed for National Day. (Reporting and editing by Andrew Cawthorne in Bengaluru, Amna Marieyam)
-
Shanghai copper prices fall, due to higher demand and prices
The price of copper fell slightly on Tuesday, after two days of gains. This was due to higher prices and the uncertainty surrounding China's economy. These factors outweighed a weaker dollar and concerns about supply disruptions. As of 0800 GMT, the most traded copper contract on Shanghai Futures Exchange had closed its daytime trading at 79.930 yuan per metric ton ($11,237.80). By 0809 GMT, the benchmark three-month price of copper at the London Metal Exchange had fallen 0.13% to $9,960 per ton. According to an anonymous Singapore hedge fund analyst, the dip was caused by traders closing long positions on Monday after SHFE closed above a key psychological level of 80.000 yuan/ton. China also kept its benchmark lending rate unchanged on Monday for the fourth month in a row, as authorities keep markets guessing regarding further stimulus. Analysts at Everbright Futures wrote in a Tuesday note that the combination of higher prices, uncertainty over stimulus, and U.S. rates of interest weighed on China's procurement appetite, despite restocking demands, in advance of National Day, which runs from October 1-8. The dollar's slight weakness helped to limit the decline. The dollar's weakness makes commodities priced in greenbacks cheaper for traders who use other currencies. Benchmark Mineral Intelligence analysts said that uncertainty over the future of Freeport's Grasberg Mine also clouds the outlook, as it is uncertain about the balance between supply and demand. Nickel, aluminium, zinc, and lead were all down, while tin was up 0.55%. The LME metals fell 0.19% in aluminium, while zinc dropped 1.07%. Lead was down 0.58%. Tin was down 0.4%. Nickel was virtually unchanged. $1 = 7.1226 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson)
-
European shares start higher as utilities gain momentum, but ASMI caps gains
European shares edged up on Tuesday. Wind energy stocks took the early lead, after Orsted surged on a favorable U.S. Court ruling regarding its stalled projects, but a decline in Dutch firm ASMI held gains back. As of 0712 GMT, the pan-European STOXX 600 index was up 0.3% to 555.1 points. Spain and the UK regional bourses gained around 0.3% each. Orsted shares jumped 9.4% on Monday after a U.S. Federal Judge ruled that Orsted can resume work on a nearly completed project off the coasts of Rhode Island. The utilities sector rose 1%, while Vestas' rival gained about 3%. ASM International, which has been limiting its gains, fell 5.6% following the company's reduction of revenue targets for the second half 2025. ASML, a Dutch company, dropped by 1.3% and was one of the largest drags on STOXX 600. Investors will be watching for comments from Federal Reserve officials, including Chair Jerome Powell, to assess the U.S. Central bank's rate path after it reduced interest rates last Thursday.
-
Stocks rally in Vietnam's IPO markets fails to attract foreign investors
The IPO market in Vietnam is booming, thanks to a stock rally, regulatory reforms and a credit boom, but it has not attracted new interest from foreign investors despite FTSE Russell's potential upgrade of the index. Techcom Securities, an arm of Techcombank, raised $410m last week, which represents a valuation of $4billion. This is one of the largest IPOs in Vietnam over the past few years. According to data provider LSEG Workspace, that was nearly half of the combined value of 36 IPOs in Malaysia this year, Southeast Asia's biggest IPO market based both on value and the number of deals. Dragon Capital, a private equity fund focused on Vietnam, predicted at the beginning of the year, that 13 companies including Techcom Securities would be listed in Vietnam by the end of 2028. The fund said that the combined market capitalisation for all 13 companies could reach $47.5 billion. This is about 14% of Vietnam’s current market value. In 2024, there was only one IPO and in 2023 three. Nguyen Minh, the head of research and developments at Yuanta Securities Vietnam and a brokerage, says that both the share rally and the regulation to reduce listing procedures adopted in this month are fueling enthusiasm. STOCK MARKET RALLIES LSEG data show that the Vietnamese index is Southeast Asia's top-performing stock market. Minh stated that firms who had planned to launch IPOs would not want to miss the wave. Vinpearl is the resort arm for the Vietnamese conglomerate Vingroup. In May, it raised $190 million through an IPO, after being taken private more than a decade earlier. Recently, both the agricultural unit of Hoa Phat Group (a steelmaker) and the securities division of VPBank (a lender) announced plans to issue their own shares. Dragon Capital reports that other potential listings include the largest securities company by market share VPS and Long Chau Pharmacy, a division of FPT. Credit expansion, including margin finance, has contributed to the market boom. This debt, however, could cause asset price bubbles. Vietnam's credit to GDP ratio is more than three-times the median for emerging and middle-income countries. Hoang Huy said that the IPO drive of securities firms was driven by their need to raise additional capital in order to meet new regulations and to support margin loans. BE CAUTIOUS FOR OUTSIDE INVESTORS Analysts also expressed interest in the possible upgrade of Vietnam’s stock exchange by index provider FTSE Russell from frontier market to emerging market status - which could occur as soon as next month. Before and after upgrading, the World Bank estimated about $5 billion in net foreign inflows from both passive and active investors. Foreign ownership of the Ho Chi Minh City stock exchange, the largest in the country, has decreased this year to about 15.5%, down from 17.5% last month and almost 19% by the end of 2024. Huy, a Maybank analyst, said that foreign investors were selling because of concerns about exchange rate volatility. They also wanted to lock in their profits after the index's strong performance. However this did not mean that they had completely left Vietnam. Reporting by Phuong nghuyen and Francesco Guarascio, Editing by Neil Fullick
-
Powell to speak on the Morning Bid Europe-New Highs in Asia
Wayne Cole gives us a look at what the future holds for European and global markets. While Asia was quieter with Tokyo away on vacation, South Korea and Taiwan managed to reach new all-time records amid the AI love affair. OpenAI is the latest attempt by Nvidia to invest $100 billion into the technology. The first data center gear will be delivered to customers in the second half 2026. Analysts are divided on the issue. Bulls see it as OpenAI admitting that there is no other alternative to Nvidia's GPUs. Others wonder why Nvidia would fund a client to purchase its equipment. The flash PMIs released today for September are a hot topic. Will they continue to be resilient in the face U.S. Tariffs? The Australian numbers are disappointing but do not correlate well with the growth in Australia. The EU versions remain above 50.0 - albeit by a small margin - while the U.S. versions have retreated a bit but are still in positive territory. At 1235 EDT/1635 GMT, Fed Chair Jerome Powell will speak about the economy and take questions from the audience. The markets remain dovish, despite the Fed's mixed messages. Stephen Miran, the new Fed governor, was hand-picked by President Trump and argued on Monday for large cuts. However, three of his fellow Fed officials were cautious about inflation. The futures market suggests that there is a 90% probability of another quarter-point cut in October and 75% of a rate easing also in December. On Thursday, President Trump is due to meet with top Democratic leaders. This could add an extra wrinkle to the story. Investors assumed that some kind of extension would be reached, but this time the Senate appears to be in a deadlock. This raises the possibility of a shutdown, which would be particularly bad timing for the markets and Fed. Nomura analysts noted that when the government shuts down, so does its data release. The Fed may be left blind by the lack of data if the standoff is prolonged. Reports on retail sales, CPI, payrolls and other important indicators could disappear. Disney's decision of re-hiring Jimmy Kimmel as a host is a powerful example of how online boycotts can have sway. Just a quick glance at the social media sites shows how many people have cancelled their subscriptions, vacations, time-shares, and even their Disney weddings. Another headache for board members. The following are the key developments that may influence Tuesday's markets: Fed Bank of Atlanta president Bostic and Fed Bank of Atlanta Vice Chair Bowman will be speaking on the economy. Media conference on the Riksbank's monetary policy announcement - Appearances of ECB Director Cipollone and Bank of England Chief Economist Pill. Bank of Canada Governor Macklem - September PMIs for Asia, Europe and the US. US Treasury auctions $69bn in 2yr Notes
-
Australian critical mineral firms flock to US markets
Despite Australia's efforts to develop its domestic industry, some of Australia's leading critical mineral producers are moving ahead with plans to build facilities in the United States. Last week, an Australian delegation of companies that produce critical minerals visited Washington and New York to meet with senior officials and investors. ASX-listed companies such as Australian Strategic Materials and Ionic Rare Earths are interested in expanding their operations in the U.S. They said that the size of the U.S. client base was a major draw, especially given the rapidly growing electric vehicle, defense, and advanced manufacturing industries as well as the cheap energy and subsidies the country is planning to implement. Annaliese Eames, Chief Legal Officer of ASM said that the company is looking to expand its operations beyond its rare earths plant in Korea. ASM, a $85 million company, conducts detailed due diligence in Oklahoma and South Carolina, which includes reviewing sites. ASM was attracted to the U.S. by more than just strong incentives and support from federal and state governments. She said that the commitment to growing the ecosystem was what attracted ASM to the U.S. The national security of some minerals companies that supply customers in the defence industry requires them to be located nearby. This is due to the complex process of converting raw materials into magnets, which are used for everything from missiles to wind power. Tim Harrison, the Managing Director of Ionic Rare Earths said that the company is currently in advanced talks with Tennessee to replicate magnet recycling technology developed in Belfast. There are other states which can offer very low-cost power... He said that they also had a lower cost of labour and both the federal and state government were willing to provide huge funding. Andrew Worland, CEO of International Graphite said that the company is looking into options for building in the U.S. or Europe to better align with the needs of its customers. China's April restrictions on rare-earths exports galvanized the U.S., which has since supercharged its rare-earths industry. Higher Western world prices have also emerged and are attracting investors. Access to U.S. financing is still expected to be very competitive. Lynas Rare Earths in Australia, the largest supplier outside China warned last month its heavy rare earths processing plant may not be built after the Trump Administration provided multi-billion dollar funding for its U.S. competitor. POLICY CHALLENGES This trend highlights the critical policy challenges that Australia faces in developing new markets for its fossil fuels. According to a PwC study from 2023, this opportunity would be worth A$170 Billion ($112 Billion) to Australia's economy by 2040. Amy Lomas, PwC Australia's chief economist, said: "Australia is struggling to establish the crucial minerals industry beyond primary mining." Major miners complain that Australia's high labour and power costs and its cumbersome approvals processes are slowing down growth and decreasing the country's competitiveness internationally. The closure of Australia's auto industry in 2010s has stunted the growth of advanced manufacturing, which is still a relatively small sector. Where do we sell materials to an Australian company that wants to build it in Australia? Where are the magnets, metals and alloys being produced? "Ionic's Harrison stated that it is not being manufactured in Australia due to our high cost base and lack of advanced manufacturing industries. Australia has passed a A$17billion production tax credit that will provide 10% off for key minerals processors starting in 2027. Lomas said that Australia is building partnerships for critical minerals with allies such as Japan, India, and Britain, which could increase its customer base. She said: "This will allow Australia to operate a lot more efficiently, especially for midstream and downstream processing."
Guinea voters endorse post-coup constitution, partial results show
According to partial results announced late Monday, voters in Guinea overwhelmingly supported a new Constitution that would allow Mamady doumbouya, the coup leader to run for President if he so chose.
Djenabou toure, the head of Guinea's general directorate of elections, told reporters that 90.6% of votes were in favor of the constitution and 9.4% were against. These figures are based on approximately 91% of the votes cast during the referendum.
Officials did not have an overall number for voter turnout, but they had counted over 4.8 million votes from more than 6 million registered voters. This means that turnout exceeded 70%.
Doumbouya took power in Guinea in 2021, the country with the largest bauxite reserves in the world. This was one of eight coups in West and Central Africa that took place between 2020 and 2023.
After the coup, a charter was adopted that prohibited members of the Transitional Government from running for office.
The language in question was not included when the Constitution was presented to voters on Sunday.
Doumbouya’s opponents have criticized the referendum as an attempt by him to grab power.
The Doumbouya government has missed the deadline of December 31, 2024 that it set for itself to return to civil rule. The current expectation is that the presidential elections will take place in December.
Doumbouya voted with his wife, a former member of France's Foreign Legion. He wore sunglasses and a baseball hat emblazoned with a drawing of an ancient mask that symbolizes fertility.
He hasn't yet announced whether he plans to run for office.
Cellou Dalein Diallo, the main leader of Guinea's opposition, and former president Alpha Conde had both called for a boycott.
Human Rights Watch accuses the government of arbitrarily suspending news outlets and removing political opponents.
The government denied that it played a role in the disappearances, but promised to investigate these allegations. (Reporting from Guinea newsroom Reporting Robbie Corey Boulet)
(source: Reuters)