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Russia has failed to sell its confiscated stakes in UGC for the third time.
On Wednesday, the Russian state auction website showed that they had failed to sell 67.2% of the gold producer Uzhuralzoloto which it had taken 'from its owner' last year. According to the website, the auction was declared null and void because no bidders had been cleared to participate. Also, no deposit had yet been paid for the single bid made by businessman Mikhail Pimulin. The Russian federal property management agency has yet to announce whether or not it will be holding another auction. Last July, a Russian 'court' ruled that the UGC majority stake owned by the businessman Konstantin Strukov be transferred to state. This was part of an ongoing pattern of nationalisations?of assets of Russian and Western companies that have left Russia since the start of the Ukraine war. Strukov, along with several other people at the time, were accused by prosecutors of "corruption" in obtaining their properties. He has not been indicted and is not under custody. The government wants to sell this stake in order to relieve budget pressures. Last month, the previous auction was a failure after only one bidder, gold miner Pokrovskiy Rudnik owned by Atlas Mining, submitted a?complete application and paid a deposit. A second?contender did not pay the deposit or provide the required documentation. The sale was structured like a Dutch auction, where the price is gradually reduced until a bid is made. The stake could have been sold for as low as 50% of the initial price of 162,02 billion roubles (2,25 billion dollars). In January, the Domodedovo Airport in Moscow, which was seized by a court, was auctioned off at a minimum price of 869 million dollars.
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Kuwait's KPC has delivered the first spot fuel cargoes after the Iran War, according to sources
Kuwait Petroleum Corp. (KPC) is offering fuel on-demand for the first since the start of the Iran War, according to four sources who are familiar with the matter. Separately KPC is 'offering 4,000,000 barrels of?crude? via tender. A fifth source who has direct knowledge of the issue said that the oil is being offered to Asian buyers. Three sources confirmed that the state firm had offered at least 90,000 metric tons (670,500 bar) of 10ppm gasoil, and a 55,000-60,000 tonne (489,500-534,500 barrels) of naphtha via private negotiations for a June loading. It was not possible to determine immediately if any deals were completed. Sources confirm that the force majeure declared in March by KPC for exports is still in effect. KPC didn't immediately respond to our request for comment. Sources said that buyers have the option to transfer fuel cargo via ship-to -ship transfers outside of the Strait of Hormuz, such as in the west coast of India or Sohar (Oman). One of the sources stated that there is an option to load cargo into Fujairah tankers. Kpler data on ship tracking showed that KPC exports of?naphtha rebounded in May to over 40,000 tons after the cargoes had been halted during March and April. According to two separate sources who are KPC's buyers, term deliveries of naphtha should begin in July. KPC sold its last spot diesel cargo via a sales "tender" in January, according to records. Shiptracking data showed that exports had fallen to a five-year low in March and in April. Two shipbroking sources revealed that the Hafnia Despina was chartered by KPC on June 17-19 to load around 90,000 metric tons of refined fuels via ship to ship transfer from?the west of India to either Singapore or northwest Europe. (Reporting and editing by Jason Neely; Additional reporting by Siyi liu)
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As Trump turns 80, his setbacks are fueling talk of a lame duck presidency.
U.S. president Donald 'Trump' is trying to project strength in his 80th year, but setbacks both at home and abroad expose the limits of his power and push him towards the lame-duck situation he told aides that he was determined to avoid. His approval ratings are declining and the courts are pushing him back. He is 17 months into his second tenure. His fellow Republicans are also defying his leadership, though his core supporters remain loyal. Trump still has considerable clout. He has helped to oust Republican incumbents from primaries and has pursued aggressive trade policies. Trump has pursued high-profile building projects in Washington, in what is one of the most ambitious construction drives undertaken by a U.S. President in recent years. The dynamic is playing out just months before the midterm elections in November, as Trump's Republican Party struggles to maintain control over Congress. Losing one or both chambers of Congress to the opposition Democrats could accelerate his slide into lame duck phase. This is when presidents, if they are barred from running for office again, see their influence diminish and domestic priorities stymied. According to a presidential advisor who spoke under condition of anonymity in order to discuss sensitive matters, the White House has tried to prevent this narrative from taking root prematurely. It has also been forceful to let Republican lawmakers know that Trump can still?make or break' them. The adviser said that Trump's authority was bound to diminish as Republicans began to show greater willingness to oppose him. The adviser stated that "he'll start to lose his leverage naturally, especially after midterms." Trump told his staffers privately that he was thinking about a third term despite the fact that it is prohibited by the Constitution. This is done to avoid the public perception that Trump might become "lame duck" and lose relevance, according to an anonymous former senior aide. Olivia Wales, White House spokesperson, said: "President Trump is unambiguous leader of the Republican Party and is committed to maintaining Republicans majority in Congress." SECURITY OF HEALTH Trump's political status is being scrutinized as his personal stamina increases. A February /Ipsos survey found that 61 percent of Americans believed Trump's behavior had become more erratic as he aged. A second survey conducted in April revealed a majority was concerned about Trump's temperament and mental sharpness. Trump, the oldest president to be sworn in, will celebrate his 80th birthday by hosting an UFC cagefight on the White House's lawn on Sunday. Since launching the Iran war in February, Trump has mostly stayed in the White House and his Mar-a-Lago Resort in Florida. Since then, he has only made a few domestic trips. He spends most of his "executive" time and has many meetings behind closed doors. He is more visible through his Truth Social platform where he posts all day long and into the evening. Trump said he is in excellent health following a routine medical checkup. He was spotted at public events last month with swollen feet, which his doctors described as a "slight issue", and bruises on his hands. An anonymous senior White House official said that Trump was eager to avoid comparisons with Joe Biden, the Democratic predecessor, who faced questions regarding his suitability for the job and left office at age 82. Trump was caught on camera on occasion appearing to doze at events. This included at the NBA Finals at Madison Square Garden, on Monday. Trump's aides responded on social media to the viral clips that showed him with his closed eyes, saying he was either blinking or paying attention. Davis Ingle, a White House spokesperson, described Trump as the "sharpest and most accessible President in American History." Weakening Hand Analysts agree that, even if Trump’s political influence fades, he can still use executive orders to help shape policy, and he has more freedom to act on the international stage where presidents are given greater latitude to take unilateral action. There are signs that Trump is losing his grip. Although a full-scale Republican rebellion is unlikely, some incumbents who are still in office until January have begun to oppose parts of his agenda. They have also indicated their opposition against his cabinet nominees. The Senate and the House of Representatives, both Republican-controlled, have united with Democrats in recent weeks to condemn him for the Iran War, to reject funding related to his ballroom, and to force a withdrawal from his $1.8 billion fund that was intended to pay his political allies who claimed they had been victims of "weaponized prosecution". Trump's construction projects have become increasingly important as he struggles to achieve his policy goals. He has been promoting not only an ornate ballroom that is 'under construction, but also the refurbishment of Reflecting Pool at the National Mall as well as a proposed victory arch. Trump will likely continue to exercise his power in 2028 by selecting the Republican presidential nominee. This is seen as a competition between Secretary of State Marco Rubio and Vice President JDVance. Douglas Brinkley is a Rice University presidential historian. He said that the world can expect Trump to be unpredictable for the remainder of his term. He said that "His helter skelter leadership style, will not go anywhere, regardless of whether Democrats win Congress or not." (Reporting and writing by Matt Spetalnick, Nandita BOSE; Additional reporting and writing by Steve Holland, Andy Sullivan and Matt Spetalnick. Editing and proofreading by Ross Colvin and Alistair Bell.
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Oil rises as US-Iran tensions increase, causing gold to fall to an 11-week-low
On Wednesday, gold?fell?to an 11-week low, as oil prices?rose?on renewed hostilities between Iran and the U.S., fueling concerns about inflation. Gold spot was down 1.7% to $4,191.84 an ounce at 0747 GMT after reaching its lowest level since 23 March. U.S. Gold Futures for August Delivery fell?1.6%, to $4,215.60. Ilya Spivak is the head of global macro at Tastylive. He said, "We are seeing a readjustment in what central banks will do globally, and that there has been a major shift towards hawkishness." After President Donald Trump claimed that Iran had?shot down a U.S. Apache helo in the Strait of?Hormuz, the United States launched attacks against Iran on Tuesday. Iran's Revolutionary Guards claimed that they retaliated on Wednesday with attacks against an American base in Jordan as well as 21 other targets within the Gulf. The rise in oil prices has led to expectations of higher interest rates for longer. Gold is often seen as a hedge to inflation. However, rising rates can weigh down on this metal. According to the CME FedWatch tool, traders are now pricing in more than 70% of an increase in U.S. interest rates by December. The markets are waiting for key U.S. reports on inflation?this coming week. These include the Consumer Price Index (CPI) data of May, which will be released later that day, and the Producer Price Index, due out Thursday. This is to gauge the Federal Reserve’s monetary policies. Spivak stated that if we are able to 'break the $4.100 level then I believe the path of resistance for gold fundamentally changes, and we may be starting to?look at $3.500 as the next level towards the end of the year. Silver spot fell by 1.3%, to $64.54 an ounce. Platinum fell 3%, to $1675.25, while palladium dropped 0.7%, to $1213.47. (Reporting by Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu, Sonia Cheema and Harikrishnan Nair)
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Copper prices fall as macro-concerns outweigh US Tariff Fears
Copper prices fell on Wednesday as the volatility of the Middle East conflict and macroeconomic worries overshadowed any price support that could be provided by potential U.S. Tariffs. Benchmark three-month Copper on the London Metal Exchange declined 0.32% as of 0700 GMT to $13,572 per metric tonne. The Shanghai Futures Exchange's most traded copper contract fell 0.29%, to 104110 yuan (15,366.79) per ton. Oil reversed gains and fell 0.1% even after U.S.-Iran exchanged some of their biggest "strikes" since they agreed on a ceasefire agreement in April. The war has pushed up energy prices and stressed manufacturing, which is a major sector for copper demand. Official data released Wednesday revealed that producer prices in?China rose for the third consecutive month in May to their highest level since 2022. This was due to a combination of?rising commodities prices and improved demand' in certain industries. The U.S. will release its May inflation data later on Wednesday. This could influence the Federal Reserve’s policy decisions. The dollar rose after better-than-expected U.S. job data were released last Friday, and the possibility of a rate hike this year increased. The demand for industrial metals that are dependent on growth is generally affected by higher interest rates. Prices were supported by a?decision about U.S. Copper Tariffs expected in the second half of the year. The U.S. is considering a 15% tariff on copper imports starting in 2027. This could be followed by 30% from 2028. Aluminium lost 1.03% among other LME metals. Zinc lost 0.7%. Lead lost?0.58%. Nickel lost 0.58%. Tin lost 0.98%. Other SHFE metals, such as aluminium, zinc, and lead, have also fallen. Nickel has dropped by 1.72%, while tin is down by 0.92%.
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Taiwan uses battle-tested missiles for a'shoot and scoot" anti-invasion exercise
Taiwan's military fired its mobile HIMARS missile system on Wednesday, which is used by Ukraine. The aim was to simulate an invasion of Chinese forces and demonstrate its ability to "shoot and run" while avoiding counter-attacks. China, which considers a 'democratically-governed Taiwan' as its own territory has never renounced using force to take the island under control. Its warplanes, warships, and other military assets operate daily on the island. Last year, Taiwan tested its Lockheed Martin High Mobility Artillery Rocket Systems (HIMARS) off its east coast. The precision weapon was fired for the first time on Wednesday in central Taiwan, Taichung. The drill was designed to show the HIMARS's mobility and its ability to "shoot and scoot", which is to withdraw after firing in order to avoid being tracked by enemy radar, thus "greatly increasing battlefield survivability". Ko Ming-pin, the company commander, said that "our HIMARS demonstrated solid combat abilities of the unit and completed this 'training' successfully." HIMARS is one of Ukraine's most important strike systems. It has been used many times in the war against Russia. In the event of an invasion, the Chinese military is most likely to attempt to land on the beaches and mudflats on Taiwan's west coastline, which face China directly across the Taiwan Strait. Taiwan's military modernizes to be able to fight an asymmetrical war with mobile weapons like the HIMARS that still have a punch. This will turn the island into a 'porcupine' that is?harder to attack - and can survive a Chinese invasion. HIMARS has a range of approximately 300 km (190 mi) and could target coastal targets on the other side the Taiwan Strait in the province of Fujian, located in the south-east of China. The weapon will be combined with Taiwan's own Thunderbolt-2000 launchers to allow Chinese forces to be targeted when they leave port or attempt to land on Taiwan's coastline. On the first day of drill, Tuesday, Thunderbolts have been fired. Taiwan's government has rejected China's claims of sovereignty, saying that only its people can determine the future of their island. (Reporting and writing by Angie Teo, David Lague; editing by Christopher Cushing).
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Pennon UK returns to profit in annual report; CEO warns about operational work ahead
The British water utility Pennon Group reported a profit on Wednesday. However, its new CEO warned that operational discipline was needed to improve after extreme weather conditions and rising performance targets led to regulatory penalties. South West Water's?owner? posted an adjusted profit of PS135.1 (US$180.95) million for the year ending March 31. This is after a PS35.1 loss in the previous year. Regulated water revenues increased by around 25% on higher tariffs and consumption. Below are some details. * Chief Executive Keith Haslett stated that "Improving the operational discipline and capital delivery will be key to meeting our commitments." * A net operational penalty of approximately PS42 million was a result of exceptional storms, sustained rain and stepped up?performance targets? and penalty rates at the beginning of the new 5-year regulatory cycle. Pennon's financial performance is expected to continue improving as revenues increase and the company continues its focus on cost control. * The company has forecasted higher revenues in 2026/27, and said it expects the core profit to increase by 5-10% per year. * "We're well-positioned for anticipated changes in the water sector, and are ready to support the government's Transition Plan," said the company. It added that an update on the strategic plan would be released before the end of September. *?The reported year saw capital expenditures of PS643.6m, with PS588.5m in the water business, part of an investment programme of PS3.2bn, which runs until?2030. * Pennon’s revenue for 2025/2026?also increased to PS1.29billion, up from PS1.05billion a year earlier.
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Japan's Nikkei falls as Gulf tensions cause a shift away from high-flying technology stocks
Japan's Nikkei?average fell on Wednesday, as investors shifted away from?highly-priced technology stocks that are sensitive to energy prices due to renewed Middle?East tensions. The benchmark?Nikkei?225 Index fell 1.89%, closing at 64,179.27. This is a reversal of the 2.1% gain in the previous session. The Topix index fell 1.25%, to 3,847.60. The United States launched attacks against?Iran in retaliation of the downing a military 'helicopter on Tuesday, which deepened doubts about a possible peace deal. The 'Gulf Crisis' caused Japanese wholesale inflation rates to rise at the fastest rate in three years, pushing up domestic bond yields. "Declines are ?centred on AI- and semiconductor-related shares, as heightened tensions in the Middle East and upward pressure on domestic interest rates prompted investors to focus more on relative valuations," said Wataru Akiyama, an equities strategist at Nomura ?Securities. The Topix's fall is therefore relatively small compared to the (tech-heavy Nikkei). The Nikkei Index had 99 movers in its favor compared to 126 decliners. All?technical stocks were the biggest losers, led by Taiyo Yuden with a 12.9% drop, Furukawa Electric at 11.7% and Sumitomo Electric down 11.7%. Nintendo stood out as a?decliner, with a drop of 6.76% following the video game giant’s disappointing presentation of its upcoming titles. Tokyo Disneyland operator Oriental Land was up 4.3%, followed by Screen Holdings, which rose 4.2%. Reporting by Rocky Swift, Tokyo; editing by Harikrishnan Nair
Japan's Nikkei rallies on fresh optimism over AI, Iran peace talks
Japan's Nikkei stock average rose by the most in two weeks Thursday, thanks to renewed interest?in technology stocks?and the easing of geopolitical tensions?related?to the Iran War.
The Nikkei Index benchmark rose by 3.14%, closing at 61.684.14, the highest one-day gain since May 7. The Topix index, which is a broader measure of the Nikkei 225 Index, rose 1.64% to 3,5853.81.
The Nikkei mirrors Wall Street gains ahead of earnings forecast by AI powerhouse Nvidia.
The oil prices fell sharply overnight, after U.S. president Donald Trump said that negotiations to end war in Iran are in their final stages. This eased supply concerns.
Investors also received a boost from the averted 'labour strike' at Samsung Electronics which could have disrupted South Korea’s economy and global supply of chips, as well as reports that OpenAI was preparing to become public. SoftBank Group, a major shareholder in the company, and other AI ventures, surged up to its daily maximum.
"The market is being led by AI and semiconductor-related shares ?following developments including the avoidance of a strike ?at Samsung ?Electronics and Nvidia's earnings," said Wataru Akiyama, an equities strategist at Nomura Securities.
The drop in crude oil has led to?gains for a variety of?sectors."
The Nikkei Index saw 140 advancers and 85 decliners. SoftBank Group was the largest gainer, with a 19.9% increase, followed by Socionext at 19% and Ibiden at 14.3%.
(source: Reuters)