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After Modi-Takaichi's talks, India and Japan sign pacts in AI, metals, energy, and other areas
India and Japan signed pacts to enhance their cooperation in metals, energy and artificial intelligence on Thursday, Indian Prime Minister Narendra Modi announced after his talks with Japanese counterpart Sanae Takaichi. Takaichi has been in New Delhi for a three-day trip as the two Asian partners celebrate their 16th annual summit. Modi told reporters that the convergence of Japan’s precision technology with India’s software capabilities would give global AI development a new vigor and strength. According to Indian government statistics, bilateral trade between India and Japan reached $27.5 billion during the fiscal year 2025/26. Japanese investment in India was $3.2 billion from April 2025 until December 2025. Modi announced that both countries, which are members of the Quadrilateral grouping, had signed an agreement for their first joint development project in the defense sector. He added, "Through the India-Japan Bio-gas Initiative we will establish 1,000 bio-gas plants and organic fertilizer factories in India." Japan is one of India's biggest investors. It has backed major infrastructure projects, including a high-speed railway corridor connecting Mumbai and Ahmedabad. Japanese firms have increased their investments in Indian companies, including a $1.6 billion deal to buy a 20% stake at Yes Bank. Takaichi will be speaking at a conference on business later in the day with a 'large business delegation. (Reporting and writing by Tanvi Mhta; editing by YPrajesh).
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Aluminium prices fall as supply prospects improve
Aluminum prices dropped on Thursday, as improved supply expectations overshadowed the support of resilient manufacturing data. Benchmark -three-month aluminum on the London Metal Exchange fell 0.46% to $3,062 per metric tonne by 0700 GMT. It fell to $3,040 a metric tonne earlier in the day, its lowest level since February 19. The Shanghai Futures Exchange's most traded aluminium contract fell 0.38%, to 22,400 Yuan ($3,300.09). Emirates Global Aluminium announced that it would be able to restore production at its Al Taweelah Complex - one the largest aluminium production facilities in the world - sooner than expected, signaling an "improving outlook" for supply. Norsk Hydro announced on Wednesday that it will partially restartaluminium at its smelter?in Slovakia during the fourth quarter. Buyers of aluminium have found other sources of supply in the short-term. After surveys in China, Europe and the U.S. showed steady manufacturing activity, despite higher prices for raw materials, aluminium prices have been supported by robust manufacturing data. Other than that, the price of copper has been subdued since a deadline in June for a "recommendation" on possible U.S. Tariffs on refined Copper passed without an official announcement by the White House. On the LME copper dropped?0.49% and fell to $13,234 on the?SHFE. Kevin Warsh's balanced comments about inflation eased concerns that persistent price pressures would lead to higher interest rates for longer. Rate increases suppress economic activity, which in turn affects industrial minerals that are dependent on growth. Zinc fell 1.31% on the LME, while lead dropped 0.16% and nickel fell 0.79%. Tin also fell 1.32%. On the SHFE, tin fell by 0.23%, while nickel and lead both dropped by 0.96%. $1 = 6.8787 Chinese Yuan Renminbi (Reporting and editing by Ronojoy Mazumdar, Sonia Cheema).
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Kyrgyzstan seeks help from neighbours to meet fuel shortages in Russia
Kyrgyzstan, which was concerned about possible fuel shortages due to Ukraine's drone strikes against Russian refineries, asked Kazakhstan, Belarus and Azerbaijan to help ensure stable fuel supplies on Wednesday evening. The 7-million-strong Central Asian nation imports 90% of its fuel from Russia. Russia is also experiencing acute fuel shortages due to the Ukrainian strikes on energy infrastructure. Last week, Russian President Vladimir Putin stated that Moscow may ban diesel exports due to the growing domestic shortages. The Kyrgyzstan energy ministry released a statement saying that "to ensure sustainable fuel supply, official requests were sent to the government authorities of?Russian Federation?, the Republic of Kazakhstan?, the Republic of Belarus?, the Republic of Azerbaijan?, the Republic of Uzbekistan?, and Turkmenistan?." Fuel stocks are sufficient, and deliveries are going as planned, according to the ministry. Kyrgyz officials introduced price controls on some retail fuel sales in June. The Kyrgyzstan oil traders association also reported that some filling stations are experiencing a'shortage of AI-95 gas,' although stocks of the'more commonly used AI-92 grade are sufficient for 30 to 40 days. Diesel fuel is still available, which is critical for the harvesting season. Since the '2022 invasion of Ukraine Kyrgyzstan, like other Central Asian countries, has experienced periodic 'inflationary shocks. It is also a major clearinghouse for Russian trade redirected by Western sanction. Reporting by Aigerim Turgunbaeva. Writing by Felix Light & Louise Heavens
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Adani and IHC plan to build a $11.5 billion aluminum project in Odisha, India
?Abu Dhabi’s?International Holding Company? plans to invest $11.5billion in an integrated aluminum project in eastern Indian state Odisha via a joint venture India’s Adani Group?, a State official announced on Thursday. This would be the largest foreign investment?in metals in the country. India is investing in aluminium to meet the growing demand for infrastructure, power, transportation and renewable energy. It also wants to reduce its reliance on imports of metal products with added value. The federal government announced steps last year to increase aluminium production and stated that 'domestic demand will reach 8.5 millions metric tons in fiscal 2030. According to the Memorandum of Understanding (MoU), IHC Group and Adani Group each will hold 50% of the venture. The venture will include a refinery and a smelter as well as a captive energy plant and downstream aluminum manufacturing park. This will create the largest aluminium complex in the state. The project's annual capacity will be 4 million?tons alumina. It also has a 2 MTPA aluminum capacity, and 1 MTPA downstream aluminium facility. Odisha is home to India's largest bauxite deposits, which are used to make aluminum. It accounts for 54% the nation's 'aluminum' output. At the signing of the MoU, an official said that the project is expected to create 53.500 jobs. 35,000 will be created during construction, and another 18.500 when operations begin. Adani Group led by billionaire Gautam Adani does not operate an aluminum manufacturing facility at the moment, but has announced plans to build alumina refineries and aluminium plants in Odisha. In the Indian state of Gujarat, its flagship company Adani Enterprises operates a copper smelter worth $1.2 billion, which is the largest plant of this kind in the world.
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Mike Dolan: Wall Street's old bull faces an "everlasting" US expansion
The U.S. economy has been undergoing a transformation. One of the most remarkable aspects is its escape from the?significant cyclical depression since mid-2009. This 17-year period has accelerated the stock market's boom and facilitated funding for the AI transformation. This is not the "Great Moderation", the period from mid-2007 to 1984 when macroeconomic volatility was dramatically reduced. The economy of today is bumpy and politically noisy. It's marked by widening income gaps, and it has already started to show signs of inflation. Investors have almost completely abandoned the idea of a possible downturn in the near future. It is harder to imagine what could derail the economy if it can survive surging interest rates and tariffs, or even this year's unprecedented energy shock. This resilience is not all cyclical. A more services-heavy economic system, stronger balance sheets, and quicker policy backstops may help absorb shocks which might have otherwise triggered a recession. The 2020 pandemic was a real event, and it was triggered by the deliberate shutdowns that were made to contain COVID-19. It was neither a cyclical recession nor a winding down of excess. The government also provided massive support, and the downturn was mercifully short. It was a V-shaped decline and recovery as vaccines were created at an unprecedented pace. It can be almost discounted when examining the performance over the last 80 years of the "overall" economy. If you remove the two consecutive quarters in 2020 of real GDP contraction -- which is the accepted definition of a recession by most economists -- then the world's biggest economy will have its longest period of no recession since World War Two. Since the financial crash in 2008, we haven't experienced a major bust. The output fell for four quarters in a row, from mid-2009 to mid-2010, as part of an 18 month stretch where GDP showed five quarterly negative prints. The 10-year period that ended in the dotcom crash was the longest recession-free post-WW2 stretch. In the 1960s, nine years were also unbroken. But neither is close to the 17-year streak that still continues, excluding the pandemic-free year. There have been four isolated quarterly contractions during this long stretch. No quarter, including the first-quarter decline in 2025 tied to an import surge before tariffs, was followed by another quarterly decline. It is possible that up to half of U.S. employees have never experienced a nationwide recession. Many traders and investors today may also be in the same boat. Recession-probability metrics have flashed red several times over the past six years -- during the 2022 inflation and rate shock, after President Donald Trump's tariff sweep early last year, and again during this year's Iran war and fuel-price spike. The downturns didn't happen, and now few see a looming one. Bank of America's global fund managers survey found that only 5% of respondents expect an economic "hard landing" in the next year. A BULL AGING Wall Street has been able to maintain its "buy the dip mentality" for many years due to the absence of recession and the accumulation of wealth and savings. This has been reinforced by a concentration of market dominance in a few tech megacaps, and over the last three years by the transformative AI themes. Strategists say that a recession is not necessary to cause a market shake-up. Deutsche Bank highlighted last year several large S&P 500 drawsdowns which did not involve recessions. These included the 25% peak to trough fall of 2022, as interest rates surged. These episodes were not triggered or influenced by recession. Analysts at Societe Generale say that the U.S. equity bear market has been remarkable both in terms of its size and duration. The S&P 500 gained almost 400% in 13 years. They calculate that, excluding the exceptionally brief drop around the 1987 crash they estimate that, on average, bear-market?downturns have taken over two years to run their course. Recovery to previous peaks has taken an average of 11 years. The SocGen team reiterates that bull markets don't die with age. They added that "they generally succumb to tightening of financial conditions, excessive borrowing or economic shocks." How closely the long-term economic expansion and the long-term equity bull market will remain intertwined in the future remains to be seen. The lack of experience most people have with recessions may make it less likely that one will occur, as they are more confident in the ability to recover quickly. This same lack of experience can also lead to complacency and a carelessness towards cycles that are now long forgotten. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Emirates Global Aluminium sees faster progress in restoring Al Taweelah output
* It could take up to a year for hot metal production to return to its previous levels Since the first EGA reduction cell on May 26th, EGA has restarted 89 cells. * Cast metal production at the recycling plant resumed in early May (Adds statements, quotes; paragraphs 1-12). By Hadeel Al Sayegh DUBAI, July?2 -- Emirates Global Aluminium announced on Thursday that it had restored production earlier than expected at the Al Taweelah facility, which was hit by Iranian attacks in March. However, hot metal output would take up to one year to reach previous levels. The complex, which is one of the largest aluminium production facilities in the world, was severely damaged by the Iranian attacks that hit the Khalifa Economic Zone Abu Dhabi on 28 March. The company said in a statement that two injured employees were able to leave the hospital. It quoted Abdulnasser Bin Kalban, Chief Executive of Al Taweelah as saying: "We are quickly and safely implementing a clear and disciplined plan to restore production at Al Taweelah." EGA must restore each of the 1,262 reduction cells at the smelter to resume hot metal production. The report said that the anode removal has been completed in all cells. Bath cleaning has also been completed for around 90% of cells and frozen metals have been removed from more than 20%. It added that since the first cell was brought back on line in May?26, now 89 have been brought online. The plant's casthouse produced its first casting on May 4, and is remelting the frozen metal that was recovered during restoration along with hot metal from the?restored cell. Early May saw the resumption of cast metal production at the site, and full production is expected to be achieved within six months, depending on scrap availability. The Al Taweelah refinery is expecting to start production in the third quarter, depending on the speed of ramp-up. EGA stated that hot?metal production would not be dependent on the refinery reaching its full capacity. In a statement, CEO Abdulnasser Bin Kalban said that "we are exploring all opportunities to accelerate the timeline even further" and will reach our goal of being stronger than before.
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Gold prices rise on weak US employment data and lower oil prices; focus is on nonfarm payrolls
Gold prices rose on Thursday, as weaker-than-expected U.S. Jobs data and lower oil price eased inflation worries, while investors awaited nonfarm payrolls to get clues about the Federal Reserve policy. Gold spot rose by 0.9%, to $4,065.51 an ounce as of 0425 GMT. It had reached its highest level since the 23rd of June in the previous session. U.S. gold futures for August delivered fell 0.1% to $4,078.20. The bullion recovered from a more-than-seven month low to close higher on Wednesday at $4,029.89 after data showed that U.S. employment increased by 98,000 jobs in June, which was below the economists' expectation of 118,000. Nicholas Frappell is the global head of institutional markets for ABC Refinery. He said, "The market is cautious about shorting down here, because you see a few probes to the downside that are being quickly rejected." Frappell said that "ADP data was a bit lower than forecast so that probably explains the gold's rally, as some people believe that the data would be reflected in the non-farm payrolls." Fed Chair Kevin Warsh stated on Wednesday that both inflation expectations and risks have decreased in recent weeks. He also reiterated the central bank's commitment to bring inflation to its 2% target. According to the CME FedWatch Tool, traders are pricing in a roughly 64% chance of a rate increase in September. The Fed's rate decision could be influenced by the June nonfarm payroll data, which is due at 1230 GMT. The oil prices dropped after Iran and United States concluded indirect talks on Wednesday. They focused on the Strait of Hormuz but made few progresses toward a lasting agreement. Gold is no longer a good investment in high-interest rates. Silver spot rose by 1.8%, to $60.20 an ounce. Platinum gained 2.3%, to $1.613, while palladium increased 1.5%, to $1.228.18. (Reporting and editing by Rashmi aich, Ronojoy Mazumdar, Eileen Soreng and Pablo Sinha from Bengaluru)
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Climate change snares Net-zero champion Europe
The 'June heatwave' that broke temperature records across Europe has brought to light the urgent need for adaptation to global warming. The European Union has been a leader when it comes to climate change. It was among the first major economies that?set a legal binding target of reaching net-zero emission by 2050. A June heatwave in Europe - which peaked at over 40 degrees Celsius (104 Fahrenheit) - revealed that businesses, amenities, and critical infrastructure were not ready for climate change's immediate effects. Krzysztof Blesta, Poland's Deputy Minister of Climate, said, "We haven't done enough to adapt." This was after power supplies were disrupted in parts of the region, outdoor work in some places was banned, trains in Germany were cancelled, and in Sweden, a cargo train derailled due to extreme temperatures buckling metal rails. Spain, one of the worst-affected countries, reported an excess of 1,000 deaths it attributed to the record heat. The EU does not have the expertise to adapt buildings and public areas to extreme heat. Instead, it is the national or regional authorities who are responsible for this. Wopke H. Hoekstra told journalists that it was pointless to try to tell the Greeks and Spaniards how to fight wildfires. He said that the Dutch were better at building dikes than the rest of us. The EU plan will focus on best practices and common scenarios. Even though global warming is heating Europe faster than any other continent, the EU still spends little on adaptation. Official figures reveal that between 2021 and 2025 72% of climate-related expenditures from the EU joint budget went towards mitigation or limiting greenhouse gases which cause warming. Only 18%?went toward adaptation and 9% dealt with both issues. Incentives for mitigation - Financial incentives The EU has a number of financial incentives to reduce emissions. These include subsidies for renewable energy and the EU Emissions Trading system, which limits the amount of?emissions that companies can produce, while allowing greener firms to trade their excess permits to pollute at a profit. Bolesta, a Polish politician, said that there is no similar incentive for businesses to invest in adaption measures. He said that it was easier to understand the business case of mitigation because there is a cap-and-trade, carbon credits and renewable energy companies. "Adaptation is mainly regarded as an expense with long-term benefits. So delayed gratification. But it can also be just a policy of insurance - it may or may not kick in." The Dutch bank ING stated in a report this week that extremes caused by climate change, such as heatwaves and droughts, cost the nearly stagnant European economy 0.3% of its output in 2013. ING stated that "the uncomfortable truth is heatwaves are now considered macro variables, not just weather events." The thermometer has, in fact, become a leading indicator. Costs to economies can range from the threat to tourism and farming in southern countries to the difficulty in working in offices not adapted for hot weather. According to an official estimate, a day of heat over 30 degrees Celsius costs the German economy EUR430,000,000 ($465,000,000) in productivity losses. However, according to the Federal Environment Agency, only 50% of German offices are air-conditioned compared to 90-95% of southern European offices. Geraldine Dany Knedlik, a researcher at the German Institute for Economic Research DIW, said: "We (Germany), have built for cold but not for heat for decades. This is an adaptation gap." Irene Seemann, who leads efforts to assist businesses with climate adaption in the large German State of North Rhine-Westphalia said that there are signs of a mindset change. Seemann explained that, "to use a football metaphor, Germany is one-nil up because heat hasn't been a big issue." "Now, companies are recognizing that it has a direct effect on their operations." Some simple adaptation fixes can be done for a relatively low cost. The glass-domed building is protected by laws that prohibit structural changes. German flooring company 'Project Floors' applied reflective film to its Cologne headquarters. Reflective film was applied to the windows of the German flooring firm?Project Floors' Cologne headquarters. The windows were able to reduce indoor temperatures by 10° Celsius. Bernd Greve, managing director of Project Floors, said: "It's simple, it works, and there is no need for power." Some require fundamental changes in workplaces and labor organisation. For example, rearranging shifts at cooler times during the day or reinventing public transport networks and urban space. The progress has been made compared to the deadly heatwave of 2003. World Health Organization published a statement last week that estimated the number of heat-related deaths would have been 80% higher in Europe today, more than 20 years later, if adaptation measures had not been implemented. These include heat-health plans, early warnings and cooling spaces, as well as outreach to the most vulnerable. Hans Henri P. Kluge, WHO regional director for Europe said: "They save lives now." We need more in the entire European region.
Golf-Schauffele wins PGA Champion for long-awaited very first significant
American Xander Schauffele birdied the last hole to win the PGA Championship by one shot over LIV Golf's Bryson DeChambeau at Valhalla Golf Club in Louisville, Kentucky, on Sunday to claim a longawaited first significant title.
Schauffele, playing his 28th profession significant, put the finishing touches on a wire-to-wire success at Valhalla with a six-under-par 65 that left him at 21 under on the week. The win also moved Schauffele to a career-best 2nd on the planet rankings.
Needing a closing birdie for the win, Schauffele's tee chance at the 18th perched up on the edge of a fairway bunker and forced him to take a compromised position inside the threat for his 2nd shot, which he left simply in front of the green.
A stone-cold Schauffele then displayed nerves of steel as he chipped to six feet from where he knocked the door by draining pipes the greatest birdie of his profession for the lowest gaining rating to par at a major champion.
I truly didn't wish to enter into a playoff versus Bryson, Olympic champ Schauffele said. I'm assuming we most likely would have played 18. It would have been a great deal of work. I just informed myself, this is my chance, and just record it.
DeChambeau carded a bogey-free seven-under-par 64 to complete two shots ahead of Viktor Hovland (66 ), whose spirited effort to become the first Norwegian to win a major came undone at the final hole.
DeChambeau and Hovland were playing in the third-to-last pairing and established pressure-packed 10-foot birdie putts on the final hole. DeChambeau drained his however Hovland's effort curled away and he went on to make bogey and finish third.
That left the result in the hands of Schauffele, who was playing the par-four 17th where he succeeded to conserve par after his tee shot caught a fairway bunker before sealing the offer at the 18th while DeChambeau saw it unfold on a close-by screen.
DeChambeau managed the defeat with the utmost class as the 2020 U.S. Open champ, who had actually been heating up in anticipation of going to a three-hole aggregate score playoff, required time to find Schauffele and congratulate him.
It's cool to see him - not just he's simply a great human being, however an incredible golf player, and it reveals today. Super pleased for him, said DeChambeau.
On my side of the coin, frustrating, but, whatever. I played well. Didn't strike it my best all week. Seemed like I had my 'B' video game basically.
THREE-HORSE RACE
A day that began with 7 gamers within 4 strokes of overnight co-leaders Schauffele and Collin Morikawa (71) became an awesome three-horse race across the back nine.
Schauffele reached the turn holding on to a two-shot lead that vanished by the time he strolled off the 10th green where his par putt lipped out quickly after Hovland, playing two groups ahead, birdied the par-four 12th.
Hovland then poured in a 15-foot putt right into the centre of the cup at the par-four 13th for his 3rd birdie in a four-hole stretch to snatch the straight-out lead from Schauffele.
But an identified Schauffele, unfazed by his bogey, declined to pull back from the difficulty and flashed his resolve, hitting right back with birdies at the 11th and 12th holes to restore the outright lead before going on to close the deal.
DeChambeau might not have actually even been in contention if not for a fortunate break at the par-four 16th where his tee shot was headed for a high bank of thick rough before it bounced off a tree and into the fairway.
DeChambeau took full benefit with a dazzling method shot from 219 lawns out that settled 3 feet from the cup from where he made birdie to get within one.
Thank you to the tree, a laughing DeChambeau stated. You got to have breaks like that occur. I totally made the most of that second shot, put it in there close, struck a terrific shot.
SCHEFFLER EXHAUSTED
Scottie Scheffler, who was apprehended outside Valhalla ahead of Friday's 2nd round following an event with cops, started eight shots back of the leaders and ended up with a six-under-par 65 that was his lowest round of the week.
It was a remarkable response from Scheffler a day after his par-or-better streak ended at 42 rounds however eventually proved insufficient, too late in his quote for a fifth win in 6 starts.
I'm attempting to determine how rapidly I can get home from here and, yeah, that's pretty much it, said Scheffler. I think I'm simply relatively tired and ready to get home.
Protecting champ Brooks Koepka, who started the day 11 shots behind the co-leaders, had 5 birdies through his very first 12 holes en route to a five-under-par 66.
Not excellent, LIV Golf's Koepka stated when asked to examine a week where he was aiming to end up being the PGA Championship's first repeat winner because he retained the title in 2019. I think it's quite apparent, isn't it.
Jordan Spieth, who started the day seven shots off the lead and with an outdoors possibility of finishing the profession Grand Slam of golf's 4 majors, closed with a 73.
Northern Irishman Rory McIlroy, who has actually been stuck at four majors since his 2014 PGA Championship accomplishment at Valhalla, began his day 7 shots back of the co-leaders and opted for a share of 12th after a four-under-par 67.
(source: Reuters)