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India's JioStar terminates Bangladesh IPL cricket broadcast deal, letter shows
Documents seen by the.. In January, Bangladesh banned IPL broadcasts. This was after Kolkata Knight Riders dropped Bangladesh pacer Mustafizur Rahman at the Indian Cricket Board's request. Tensions between the two nations were rising following the murder of a Hindu in Bangladesh. Even though Bangladesh is reviewing its ban, and said on Saturday that any further action will depend on the 'opinion of its sports minister,' the termination by JioStar will mean there will be no broadcaster local for the upcoming IPL season even if it were to change their stance. The agreement is terminated immediately," JioStar stated in a letter dated 17 February to Bangladesh broadcaster TSports. TSports had sublicensed rights from JioStar for IPL season from 2023-2027. The company said that its partner "continued to fail and default" in adhering the agreed payment deadlines. JioStar, the joint venture between Ambani’s Reliance Group and Walt Disney did not reply to questions. TSports, Bangladesh's sport and information ministries and the Ambani-owned Reliance did not reply to queries. IPL is the richest cricket league in the world, valued at $18.5 billion. It is hugely popular in Bangladesh where cricket is a passion, just like in the rest of the subcontinent. The latest season began on March 28. India-Bangladesh ties have been strained ever since the 'political transition' in 'Dhaka on August 20, 2024, which disrupted close ties between Sheikh Hasina and former Prime Minister. Hasina fled to New Delhi following a "mass uprising" in response. There are signs that the relations have thawed since Tarique Rahman said, in February, that Bangladesh will engage with its neighbours on the basis mutual respect and shared interests. In a separate JioStar email, also dated 'February 17', the company also announced that it had terminated the broadcasting deals for the Women’s Premier League Cricket Tournament in Bangladesh due to similar defaults. Reporting by Praveen Parmasivam, Dhaka, and RumaPaul in Chennai; editing by Aditya Koyyur and Arun Kalra
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South Korea confirms imports of Russian naphtha
The South Korean Industry Ministry confirmed the import of 27,000 tons of Russian naphtha arriving on Monday. The ministry refused to confirm the destination of the shipment or if it was for one South Korean company or multiple firms. Local media reported that this is the first time South Korea imports Russian?naphtha after the beginning of the Iran War. Local media reported that the industry ministry is working with the South Korean Foreign Ministry to secure additional supplies of Russian naphtha. Naphtha, a refined oil-based product, is typically used as a feedstock by petrochemical manufacturers and is also a key ingredient in plastics. The ministry said that although South?Korean firms are also trying hard to secure Russian crude, they haven't been successful yet. Ahn Dogeol of the ruling party, who attended a meeting on the economic impact of the Middle East Crisis, said that another problem is a shortage in synthetic resin, which is used to create plastic products and glues. The industry ministry was looking into ways such as limiting the exports of this material. Reporters at the parliament were told that the government was preparing measures to 'prioritise' key sectors such as healthcare, where plastics are used in many different ways, including medical procedures, or everyday necessities, should the war continue, and it'releases domestic oil reserves, or expands supply of petrochemicals,' lawmakers said. Reporting by Heejin Shim, Kyu-seok Kim and Joyce Lee. Editing by Christian Schmollinger & Kate Mayberry.
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Stocks in Europe hold steady ahead of inflation data
European shares were little changed on Monday, ahead of a local inflation report. Investors also continued to watch the Middle East conflict that has impacted global markets. As of 0809 GMT, the pan-European STOXX 600 index was flat at 574.98. Defense sector was the worst hit with a 0.8% drop. The focus is on Germany's CPI data and HICP numbers due later in the day, to gauge the effect of the war on Europe’s largest economy. The Middle East conflict has pushed oil prices higher, causing inflation fears. This is pushing Europe's STOXX600 toward its steepest drop since March 2020. The conflict is escalating and the Houthi militia, which is backed by Iran, has fired missiles towards Israel. This escalates the conflict, and fuels fears that shipping lanes will be disrupted further. Brent Crude soared to $115 per barrel Monday. It is still too early to talk about dates for interest rate hikes. According to Francois Villeroy de Galhau, the French central bank head, it is important to stop any energy-driven inflation spreading. INWIT, a stock that is traded by individuals, fell 3.1% when Telecom Italia announced it had terminated a long-term "lease" contract with Italy's largest mast operator. The UK-listed shares of Rio Tinto rose nearly 5%, after the miner announced that operations had resumed at three of 'its four Pilbara Iron Ore Port Terminals' after 'Tropical Cyclone Narelle' swept across Western Australia's Pilbara Region. This helped boost London's FTSE 100 by 0.2%. Reporting by Avinash in Bengaluru, Editing by Sonia Cheema
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Consultancy says that rising Ukrainian diesel imports will prevent a shortage in April.
Analysts do not expect a fuel shortage in Ukraine next month. After Russian missile strikes virtually destroyed Ukraine's refining capability, the country became almost completely dependent on fuel imported from Europe, particularly western, central, and southern Europe. Enkorr fuel consultancy in Kyiv said that the average daily diesel deliveries over a 'four-day period from 23 March 'to 26 March 'were 21,400 metric tonnes, up from 19,400 tons during the same time last week. The consultancy stated that if the current pace is maintained, imports in March could reach 565,000 tons. This would be 9% more than the 522,000 ton estimate and a 7% increase over the same period of last year. It added that there is no risk of shortage. This was confirmed by traders. Last week, the Ukrainian energy ministry said that the diesel market had been fully supplied in March. About 70% of April's supply was also secured. Enkorr reported this month that traders estimated the wholesale diesel price increase 'because of the Middle East war' at almost 50% in less than one month. (Reporting and editing by David Goodman.)
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Gold prices rise on the back of a weaker dollar but Fed rate cuts dimming hopes limit growth
Gold prices rose on Monday, as the dollar softened. However, gains were limited by a surge in energy costs that fueled inflation fears and dimmed expectations of interest rate reductions from the U.S. Federal Reserve this year. Gold spot rose 0.8%, to $4,528.74 an ounce at 0627 GMT. It had fallen about 1% in the previous session. U.S. Gold Futures for April Delivery gained 0.7%, to $4,556.70. Dollar-denominated goods are now more affordable to holders of other currencies. Gold's price movement last week, when it broke a three-week losing run, suggested that oversold behavior was at play and a possible reversal in recent declines. This must be confirmed this week by the price. It's easy to anticipate volatility, given the rapid flow headlines," said?Nicholas Frappell. Global head of institutional market at ABC Refinery. Brent crude soared to $115 per barrel after the Yemeni Houthis launched an attack?on Israel at the weekend. This widened the war and exacerbated inflation problems. The contract has risen 60% in March so far, which is a record monthly increase. The traders see little likelihood of a rate cut in the United States this year as higher energy costs threaten to fuel broader inflation, and limit scope for monetary ease. This compares to?expectations of two rate cuts prior to the start of the conflict. Gold's appeal is boosted by inflation, but high interest rates reduce its demand. Markets are now awaiting Federal Reserve Chair Jerome Powell’s remarks at an event held by Harvard later that day, as well as John Williams, the New York Fed president. The U.S. Dollar, which has gained more than 2% in the past two months since the U.S. and Israeli war against Iran began on the 28th of February, has been a major factor. Bullion has risen about 5% this quarter. The biggest macro-picture?behind this underperformance is the massive shift in interest rate expectations... Frappell said that the USD has reacted to this. Spot silver increased 1.5% to $70.61 an ounce. Spot palladium increased 3% and platinum rose 3.4%. (Reporting and editing by Sumana Nandy, Harikrishnan Nair, and Noel John from Bengaluru)
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Indonesian prosecutors raid the companies of a coal tycoon suspected of illegal mining operations
The Attorney General Office of Indonesia announced on Monday that it had raided several companies associated with the coal tycoon Samin Tan, after he was identified over the weekend as being a suspect for alleged illegal mining activities. Samin Tan was once a powerful dealmaker, known for his $1 Billion investment in Bumi Plc. This helped save Indonesia's Bakrie family of power from an imminent default. The AGO stated that the coal company of Tan, PT Asmin Koalindo Tuhup was terminated 'in 2017 but the company allegedly continues mining operations until 2025. This case is part of Jakarta's ongoing crackdown on illegal mining, after President Prabowo vowed to eradicate bad practices when it comes to the exploitation and exploitation Indonesia's natural resources. Anang Supriatna, AGO spokesperson, told reporters that prosecutors have raided a number assets connected to AKT, Samin Tan and questioned over 20 witnesses. He said that the raids and seizures were to search for assets suspected of having a'relationship with, or being the proceeds of crime. A government taskforce has already seized nearly 1,700 hectares (4.200.79 acres), of the AKT Mine in Central Kalimantan. The AGO ?is currently calculating the losses to the state caused by the alleged crime, Anang ?said, and a government task force has imposed ?a 4.2 trillion rupiah ($247.20 million)administration fine on the company. Tan was named as a suspect by Indonesia's Corruption Eradication Commission in 2019 in a case of bribery, but he has been legally cleared. Tan's lawyers could not be reached immediately for comment. (1 dollar = 16,990 rupiah). (Reporting and writing by Bernadette Munthe, Fransiska Naangoy, David Stanway, editing)
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Rio Tinto has resumed operations at three Pilbara ports terminals following cyclone Narelle
Rio Tinto announced on Monday that operations had'resumed' at three of the four terminals in its 'Pilbara Iron Ore - Ports after Tropical Cyclone Narelle hit Western Australia. The storm disrupted shipments, but left its annual guidance unchanged. The miner was forced to?close two bauxite mining operations temporarily after Cyclone Narelle caused heavy rains and power outages on Australia's northeast coast earlier this month. South32 has also suspended operations at the?Gemco Manganese Mine, which is co-owned with Anglo American. Narelle slammed into Australia's northwest coastline?last weekend, forcing port closures in the iron-rich region of?Pilbara. Rio, the world's largest producer of iron ore, announced that ship loading at its three terminals was resumed on 28 March following port closures from 24 March. The miner stated that shipping at Cape Lambert A will resume "in the next few days". Rio?said that two tropical cyclones between?February?and March?have impacted iron ore shipments by the firm's eight million metric tonnage. It added that "it has identified a?pathway to recover about half of these losses." Rio's guidance on its Pilbara iron ore shipment for 2026 remains unchanged, at 323 to 338 millions tons.
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Coal India's Central Mine Planning unit valued at $1.3 Billion in a muted debut
Central Mine Planning & Design Institute (CMPDI), a unit of the state-run Coal India made a tepid?debut? on Monday. The company was weighed down by broader market weakness linked to the'month-long Middle East Conflict 'and concerns about the company’s reliance on its parent. The National Stock Exchange of India listed shares of Central Mine Planning (which provides consultancy and support for coal and mineral exploration) at 160 rupees, below the 172 rupees that they were originally issued at. At 10:21 am IST the shares were 165.5 rupees, which valued the company at 117.67 million rupees. India's Nifty 50 index was down by 1.2%. Central Mine Planning's $199 million IPO comes as investors pull money?out from risk assets around the world, due to the U.S./Israel war against Iran driving crude oil prices up and raising inflation and growth concerns. We had a neutral opinion on the IPO, given that the?company is highly dependent on Coal - India for its revenue. Anita Gandhi of Arihant Capital Markets, who is the head of institutional business, said that the weak listing could also be attributed the volatile markets where the Middle East conflict dominates the conversation. Central Mine Planning receives about 90% of its revenues from Coal India, which is the largest coal miner in the world. The Middle East War has weighed heavily on the already weak IPO Market in India. Only four?of 14 companies listed at a higher price than their initial issue price this year. Institutional investors dominated the Central Mine Planning IPO last week, while retail investors and non-institutional buyers, as well as Coal 'India's shareholders, bid for less that half of shares set aside for them. This is in contrast with the successful listing earlier this year of Bharat Coking Coal - another subsidiary?of Coal India. Central?Mine?Planning reported a profit of 4.25 billion rupees during the nine-month period ending December 2025. This is an increase of approximately 9% over the previous period. $1 = 93.9445 Indian rupees (Reporting and editing by Vivek M; Sherry Jacob Phillips, Mrigank Dhaniwala and Sumana Nandy)
Japan, US face shared challenge from low-cost China steel, Japan PM confident states
Japan and the United States should avoid conflict about the steel industry and work together amidst competitors from China, the world's top steelmaker, leading prime ministerial candidate Shinjiro Koizumi stated on Saturday.
Sources informed Reuters on Friday that a powerful U.S. national security panel reviewing Nippon Steel's $14.9 billion quote for U.S. Steel faces a Sept. 23 due date to suggest whether the White Home must obstruct the offer.
Koizumi, Japan's previous environment minister, stated at a. debate on Saturday that Japan and the U.S. must not confront. each other when it comes to the steel industry however to face. together the 'shared obstacle' coming from China's steel. market.
If China, producing cheap steel without sustainable or tidy. energy, floods the international market, it will most negatively affect. us, the democratic nations playing by reasonable market guidelines,. Koizumi said.
Nippon Steel's essential arbitrator on the offer, Vice Chairman. Takahiro Mori, stated last month that his company and other. Japanese steelmakers were urging Tokyo to think about curbing inexpensive. steel imports coming from China to safeguard the local market.
On Sunday, Nippon Steel and U.S. Steel sent out a letter to U.S. President Joe Biden about their deal, as Biden, Democratic. governmental candidate Kamala Harris and Republican presidential. nominee Donald Trump have all opposed the merger.
We are also in the midst of elections, similar to the U.S.,. and throughout elections, numerous concepts may occur. Overreacting to. each of these would, in my view, bring into question diplomatic. judgment, Koizumi said when asked about the deal.
Sanae Takaichi, Japan's minister in charge of economic. security and another prime ministerial prospect, likewise defended. the deal during the exact same argument attended by 8 other Liberal. Democratic Party's (LDP) leadership contenders on Saturday.
It appears they are using (the Committee on Foreign. Investment in the United States) CFIUS to frame this as an. economic security issue, she said.
However, Japan and the U.S. are allies, and the steel. market is about strengthening our combined strength.
The 43-year-old boy of previous Prime Minister Junichiro. Koizumi, the junior Koizumi, is seen as a leading competitor in. the Sept. 27 race to pick the LDP's new leader, who will become. the next prime minister due to the celebration's control of. parliament.
Koizumi stated on Saturday that he would seek a dialogue with. the North Korean management to resolve the problem over the. abduction of Japanese citizens abducted by North Korean agents. in the 1970s and 1980s.
We wish to check out new chances for discussion between. individuals of the same generation, without being bound by. traditional approaches, and without prerequisites, Koizumi. said.
North Korean leader Kim Jong Un is 40 years old.
(source: Reuters)