Latest News
-
India's trade deficit in goods reaches 6-month high due to the Mideast conflict.
India's trade deficit in goods grew more than expected, reaching a six-month high of $31,98 billion during July. The Middle East conflict pushed up India's oil imports and global freight costs. Data shows that India's external imbalance is under increasing pressure as the wider trade deficit weighs on its rupee and inflows of capital. According to a poll the merchandise trade deficit for July was higher than expected at $30.20 billion. This is compared to a previous month's deficit of $30.43. Exporters and industry data show that freight rates from South 'Asia have increased sharply over the past few weeks. Rates to the Middle East are also high - due to regional disruptions, high fuel prices and limited vessel capacity. Goods exports reached a record of $44.24 billion for July, exceeding the previous peak of $38.34 in 2022. In June, it was $40.41. Data showed that imports increased to $76.22 bn, up from $70.84 bn in June. This was due to a rise of crude oil prices. Rajesh Agrawal told reporters that exports of electronics, engineering and petroleum products have seen a strong increase so far in this fiscal year. Shipments to the Middle East also increased 8.6% on an annual basis to $5.7 billion last July. According to a senior Iranian official, Iran and the United States are still at odds over the issue of ending the "war". The source said that there has been no progress made in the talks to revive the June interim agreement and to define a time frame for its implementation. Estimates from the trade ministry showed that India's service exports for July were strong at $35.89 Billion, and services imports came in at $18.94 Billion, with a?surplus of $16.95 Billion. India's trade minister Piyush Goyal stated on Wednesday that exports increased by about 15% between April and July, expressing confidence that the country will reach its $1 trillion goods-and-services export target for the fiscal year ending in March. Data showed that the U.S. was India's top export destination, with goods shipments reaching $33,49 billion between April and July, almost matching last year's level. A trade official stated that about 45% of India's exports remain exempt from the new 10% tariff introduced by Washington last July. India is actively working with U.S. officials to resolve any outstanding issues and hopes to conclude a bilateral agreement as soon as possible.
-
Firefighter entrapments in the US have reached a 20-year record high.
Federal data shows that U.S. firefighters are facing the most wildfires in 20 years, with six deaths and?dozens of injuries. This grim statistic comes during an unprecedented fire season for the United States. According to the Wildland Fire Lessons Learned Center (a federal agency), there have been 12 entrapments in 2026. This is already'more than the average full-year number of nine over the past 20 years and the highest year-to date?number? since 2006. Wildfire entrapments can be life-threatening situations where fire behavior compromises escape routes or safety zones for firefighting personnel. Firefighting personnel are at greater risk due to the sheer scale and number of wildfires that have occurred this year. Experts attribute these fires in part to climate changes caused by fossil fuel burning. Seven retired and active firefighters expressed concern that firefighters took unusual risks due to the Trump administration's all-out effort to stop fires. They questioned also the impact of U.S. Forest Service cuts in staffing as part of federal downsizing. Firefighter safety is the highest priority for the U.S. Forest Service. The agency, which is part of the Department of Agriculture, has traditionally taken the lead in fighting wildfires. USFS didn't immediately respond to requests about the impact of aggressive firefighting tactics and staff cuts. The newly formed U.S. Wildland Fire Service is reviewing entrapments in order to improve the safety of firefighter. INTENSE FIRE SESSION The U.S. West is experiencing a fire season that will be intense after a record-low winter snowpack and temperatures, as well as decades of drought. According to the National Interagency?Center, 6.4 million acres (about 2.5 million hectares), or about five times as much land has burned in Europe so far this year. U.S. firefighters had to deal with 46,500 fires in the last decade, which is a record. Wesley Page of the U.S. Forest Service, who has studied entrapments, explained that this means they are in danger for longer periods under drier and more extreme conditions. According to data from the National Interagency Fire Center (NIFC) and USFS, entrapment deaths account for four out of an average of 17 wildland firefighters who die each year in the US. Wildland Fire Lessons Learned Center statistics show that six out of 13 firefighter deaths in 2026 have been entrapped. In 2026, a quarter (25%) of entrapments were caused by helicopter-borne firefighters. These crews are often dropped close to fires in order to create firebreaks. After an entrapment on June 27, four helitack crews died and another was severely burnt in Colorado's Knowles Fire. This is the deadliest entrapment for 13 years. The U.S. Wildland Fire Service issued a statement saying that the fact that Helitack crews may have been involved in three incidents does not mean Helitack operations are more dangerous. In Washington and Oregon, bulldozer operators were entrapped by fires as they were scraping fire breaks. Former and current firefighters expressed concern that fire personnel were taking greater risks than usual, after officials in the administration of President Donald Trump stressed the importance of putting out all fires immediately. This approach is known as "full suppression". In an April letter, Agriculture Secretary Brooke Rollins (who is responsible for the Forest Service) said that her priority was "to accelerate initial attacks and use a complete suppression strategy." Riva Duncan, President of Grassroots Wildland Firefighters and advocate for firefighter groups, said this was not always appropriate given the conditions on the ground, which were "insanely volatile" with extreme drying and strong winds. Duncan, a fire duty officer who was assigned to fires in the U.S. Southwest in this year, said, "We just can't" put people in front. U.S. Wildland Fire Service director Brian Fennessy said on the Hotshot Wake Up Podcast earlier this month he was confused about 2025 policies that encourage firefighters to be aggressive in the initial attack of a wildfire. He added their?procedures are already aggressive. He said that "aggressive" does not mean to take extra or extraordinary risks of harming people. COLORADO DEATHS Page, a U.S. Forest Service specialist who works in Colorado said that the agency's emphasis upon full suppression could have caused firefighters to act more aggressively on the Knowles Fire than they normally would. Page, who was assigned to firefighting duty in the same area two days after the entrapment said that a blaze such as the Knowles Fire will die on its own once the wind drops due to the rough terrain and sparse vegetation of the area. Scott Fitzwilliams is a former supervisor at Colorado's White River National Forest. He said that full suppression was a return of failed policies of the '20th century, which led to the accumulation of forest fuel, now driving the wildfire crisis in the United States. He said that over 6,000 USFS jobs were cut in 2025 as part of federal downsizing, destroying the support system for the agency's 11300 firefighters. This also caused increased fatigue. Fitzwilliams said that the pressure to extinguish all fires at once, even if they are small, puts firefighters in danger. He retired last year, and knew Emily Barker who was one of the Rifle Helitack team members who died in Knowles Fire, and who worked in his forest. Andrew Hay reported from New Mexico, and Donna Bryson edited the story.
-
Copper falls on dollar firmness and concerns about global economy
The price of copper and other industrial metals fell on Thursday. This was due to a stronger dollar, and concerns about the global economy as 'the Middle East conflict continues. Benchmark 'three-month' copper on the London Metal Exchange fell 0.7% to $14,028 per metric tonne at 0920 GMT. It had fallen by 0.2% the previous session. LME copper rose to a six month high last week on tighter inventories outside of the United States. It's obvious that the market is tight. Nitesh Shah is a commodity strategist with WisdomTree. He said that there are a lot more questions about the global economic situation and the dollar, which has a negative impact on prices. As long as there is a war in the Middle East, the risk that the economy will be hampered and the demand may not be as strong initially expected. According to a senior Iranian official, Iran and the U.S. remain at odds over the efforts to reach a permanent "end to the conflict". The dollar index reached its highest level in almost two weeks Thursday, causing commodities priced in U.S. dollars to be more expensive for buyers who use other currencies. The Shanghai Futures Exchange's most traded copper contract fell by 0.7%, to 107.410 yuan per ton. This was due to signs of a waning demand in the world’s largest metals-consuming nation. Yangshan Copper Premium The price of a ton, which is a barometer to measure China's demand for imports, has fallen to $95 per ton, its lowest level in the last four weeks. LME aluminium fell 1.2% to $3.271 per?ton. This is the second consecutive decline after a seven session rally. The Middle East is a major supplier of aluminium globally, and it's improving supply prospects, as well as the anticipated?returning of some war-damaged capacity, helped ease supply concerns. David Wilson, BNP Paribas' head of commodity strategy, said that there is more uncertainty regarding a peace agreement, even though smelters from the Gulf are shipping materials out via Saudi Arabia and Oman. (Reporting by Eric Onstad Additional reporting by Solomon Cefai in Singapore; Editing and Leroy Leo) (Reporting and editing by Leroy Leo; Additional reporting by Solomon Cefai, Singapore)
-
As investors profit from the rally, gold prices drop.
Gold reversed its course on Thursday, falling about 1% as 'investors booked their profits following softer than expected U.S. inflation data that slashed the expectations of Federal Reserve rate increases in the near future. Spot gold dropped 0.7% at $4,373.29 an ounce as of 0838 GMT. It had risen about 1% in the early Asia trade to its highest level since June?5. U.S. Gold Futures for December Delivery fell 0.8% per ounce to $4,430.20 Ross Norman, an independent analyst, said that "gold has reversed its recent increase, sliding below important chart supports at $4,387, as profit-taking sets in after a stellar run." Norman stated that the market had over-positioned itself in anticipation of the soft inflation data. "Having bought the rumour, the market is now selling it as fact," Norman said. Gold is eager to resume its bull run despite setbacks but this rally is currently on hold as geopolitics favours the dollar at the moment, he said. The Fed is unlikely to feel any new urgency to increase interest rates in the next month, after data released on Wednesday showed that inflation had cooled for a second consecutive month on an annual basis. In line with expectations, the consumer price index increased by 3.4% over the past 12 months, compared to 3.5% in June. The focus now shifts to the Producer Price Index due later that day for further evidence of?moderating prices and reduced prospects for U.S. interest rate hikes in the near term. According to the CME FedWatch Tool, traders are only pricing in a 36% chance of a hike during the September meeting. This is down from the 55%?seen just a week ago. Gold is more attractive at lower rates because it does not yield interest. Spot silver, on the other hand, fell by 1.36% at $64.41 an ounce after reaching its highest level since June 22 during the previous session. Palladium dropped 2.16% and platinum fell 1.93%. (Reporting and editing by Mrigank Dhaniwala; Swati verma and Dharna bafna in Bengaluru)
-
India's Tata trusts announces a panel that will select the next Tata Sons Chairman
On Thursday, after N. Chandrasekaran announced that he would not seek re-appointment when his term ends in February, a panel will make a recommendation for the next chairman of India’s largest conglomerate Tata Sons. Tata Trusts announced that the Sir Dorabji Tata Trust - one of two charitable trusts owned by Tata Sons - has passed a decision to set up a selection panel "as quickly as possible". According to the Tata Sons Annual Report, the Sir 'Dorabji Tata Trust' and the Sir "Ratan Tata Trust" collectively owned more than 50% of Tata Sons at the end of March. Tata Trusts stated that they would provide full support for Tata Sons to ensure a smooth and orderly leadership transition, in line with the long-term values and interests of Tata Sons and the Tata Group. Noel Tata - the chairman of Tata Trusts - opposed Chandrasekaran's reappointment as chairman earlier this year. Chandrasekaran's departure was attributed to the lack of support from the board.
-
Singapore's oil products stocks fall to their lowest level in two weeks
Official data showed that oil product inventories in Asia’s main trading hub, Singapore, hit a 2-week low as residual fuel stocks plummeted. However, a recovery of middle distillate stocks capped the declines. Enterprise Singapore data shows that total onshore oil products stocks fell 2.6% in the past week, to 38.44 millions barrels. Middle East outflows into Asia were slowed by ongoing tensions on key Gulf waterways. RESIDUAL FUELS STOCKS ARE WELL BELOW THE AVERAGE The decline in residual fuel inventories was largely due to lower net imports, which pushed the figure down 12.0%. Some sellers also wanted to sell their cargoes in order to avoid rollover costs. Brazil was the largest supplier of residual fuels, which fell by 55.4% and amounted to approximately 419,000 tonnes. China was the number one destination for exports, which fell 33.4%. Market sources said that spot markets for fuel oil were supported by limited supplies of fuel oil. LIGHT DISTILLATES DRAW BACK LOWER The inventories of light distillates, which include naphtha, gasoline and other products, have fallen to 12,193 barrels due to net exports. Exports reached approximately 309,000 tons, whereas imports totaled about 83,000 metric tonnes (701 350 barrels). Exports net totaled 226,000 tons. Australia led the way in terms of gasoline exports, with 118,000 tons. Indonesia was close behind at 104,000 tons. South Korea led the gasoline inflows with nearly 53,000 tonnes, followed by China with about 30,000. The imports of naphtha were 164,000 tons (1,5 million barrels), with the largest share coming from?Russia (approximately 125,000 tons), followed by Malaysia (27,000 tons). Imports from the Middle East are absent. Singapore exported around 213,000 tons naphtha. Its shipments to Taiwan were?nearly 77, 000 tons, and Thailand was?roughly 71,000 tons. This makes it a net importer of about 49,000 tons. MIDDLE MIDDLE?DISTILLATES REBOUND The middle distillate stock rose to a new high of 9 million barrels, a more than one-month old record. This was due to the decline in diesel exports. Net exports for?diesel, gasoil and lubricants fell around 14% from week to week despite a?decline of 87% in total imports. This week, diesel and gasoil cargoes inflows came exclusively from China, while the outflows were mainly to Australia, Philippines, and Sri Lanka. Jet fuel and kerosene net exports increased by 36% from week to week. Imports mostly came from Thailand. The market has seen more barrels from China in recent weeks, as the oil majors continue to export after easing their restrictions for the second month.
-
First Gen Philippines eyes take-private deal with KKR valued at $2.7 billion
First Philippine Holdings and the power producer First Gen Corp said that a'mandatory offer' from KKR to buy First Gen Corp in the Philippines would be worth around 165.44billion pesos (2.70 billion dollars). First 'Gen revealed on Wednesday that KKR offered to buy an 8.43% share of the company from First 'Philippine. The power producer said that the stake purchase would trigger a mandatory offer by KKR for the entire public float, which is?11.67% First?Gen?s outstanding 3.60 billion common shares. The tender offer will support a petition for First Gen to be delisted from the Philippine Stock Exchange. KKR will offer approximately 46 pesos for each share in the tender offer. KKR has declined a???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Request for comment. First Gen's shares rose?up to?9.5% on Thursday to 29.95 pesos, continuing the previous session gains of 28.4% which took them up?to their high since early March 2022. First Philippine, which owns a 67.84% stake in First Gen, has gained as much as 6% today.
-
Metal prices fall due to stronger dollar
The dollar strengthened on Thursday amid a?strong demand from investors for U.S. Treasuries following the release of a benign U.S. consumer inflation report?for the month of July. Benchmark three-month?copper?on the London Metal Exchange fell 0.83% to $14,015 per metric ton at 0720 GMT. Shanghai Futures Exchange's most traded copper contract fell 0.7%, to 107.410 yuan per ton. Demand for U.S. treasuries was solidafter the release of mild U.S. inflation data ?for July, supporting the dollar and weighing on greenback-denominated commodities by making them more expensive ?for buyers using other currencies. Inventory outflows from LME supported copper prices amid uncertainty about potential U.S. tariffs for refined copper imports. David Wilson, BNP Paribas' head of commodity strategy, said: "Still, a lot metal is being sucked in to the U.S." Yangshan copper premium in top metals consumer?China The red metal was further pressured by the fact that, which measures the country's demand for imports, dropped to its lowest level in four weeks. Benchmark LME aluminum fell by 1.19%, and SHFE aluminium dropped by 1.05%. This is the second consecutive drop for the light metal after a seven session rally. The Middle East is a major supplier of aluminium globally, and it's expected that some of the war-damaged smelting capacities will be restored. This helped ease supply concerns. The 'impasse' in the peace negotiations between the U.S.A. and Iran threatens to restrict traffic through the Strait of Hormuz. Wilson stated that there is "more uncertainty" about a possible peace agreement, even though smelters from the Gulf have been exporting material through Saudi Arabia and Oman. Zinc?lost? 1.38% on the LME, while lead?lost? 0.6%, Nickel?lost? 0.96%, and Tin?lost? 0.72%. Zinc lost 0.51% among SHFE metals, while nickel dropped 0.41%. Tin also lost 0.73%. Lead was the only base metal to gain 0.31% in SHFE. (Reporting and editing by Harikrishnan Nair, Rashmi aich and Solomon Cefai)
Gulf markets are easing as U.S. - Iran tensions and the Hormuz disruption factor in
Investors weighed stalled attempts?to resolve the U.S. - Iran conflict, the continued disruptions of?shipping in the Strait of?Hormuz 'blockade?and a softer outlook for oil demand. Iran and the United States are still at odds on a permanent solution. A senior Iranian source said that there has been no progress in reviving or setting a timeline for the implementation of the June interim agreement.
The prospects for a breakthrough have been further dampened by President Donald Trump's renewed criticism of Iran's leaders. Meanwhile, fresh attacks against shipping on Tuesday highlighted the dangers facing regional trade. The energy outlook was further impacted by a surprise increase in U.S. crude 'inventory, combined with lower consumption 'forecasts' from OPEC, the International Energy Agency and other groups.
Saudi Arabian Mining Co. lost 0.9%, while the benchmark index in Saudi Arabia fell by 0.1%.
Saudi Aramco, the world's largest oil company, lost 0.2%.
Brent futures fell $1.22 or 1.4% to $87.82 per barrel at 0750 GMT. Analysts say that the kingdom's crude oil exports to the Red Sea are becoming more difficult to track, as tankers have disabled their transponders in order to reduce the risk of Houthi attack.
Dubai's main stock?index fell 0.1% due to a drop of 1.1% in utility company Dubai Electricity?and Water Authority.
In Abu Dhabi the index increased by?0.2%.
The Qatari Index fell by 0.4% due to a 3.5% drop in the petrochemical manufacturer Industries Qatar.
(source: Reuters)