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UN urges ratification to treaty protecting fragile oceans
U.N. Secretary General Antonio Guterres urged world leaders on Monday to ratify an agreement that would allow nations the ability to create protected marine areas within international waters. He warned that human activity is destroying ocean eco-systems. Guterres spoke at the opening ceremony of the third U.N. Ocean Conference in Nice warned that illegal fishing and plastic pollution, as well as rising sea temperatures, threatened fragile ecosystems and people who depended on them. The ocean is a shared resource. Guterres stated that we were failing to protect the ocean, citing collapsed fish stocks, rising levels of sea water and acidification. The oceans are also a crucial buffer against climate changes, as they absorb around 30% of the planet-warming CO2 emissions. As the oceans warm, the hotter water is destroying marine eco-systems and threatening oceans' capacity to absorb CO2. "These are symptoms that a system is in crisis. They feed off of each other. Unravelling food chains. Destruction of livelihoods "Deepening insecurity". The High Seas Treaty adopted in 2023 would allow countries to create marine parks in the international waters that cover two-thirds or more of the ocean. These waters are unregulated and cover almost two-thirds. Only a small percentage of the international waters known as "high seas" have been protected. As President Donald Trump withdraws US money from climate projects, and some European governments soften their green policies to help anaemic economies or to fend of nationalists, nations are under pressure to make good on years of promises. Rebecca Hubbard of The High Seas Alliance said that the United States had not ratified this treaty yet and would not during the conference. The co-host of the conference, French President Emmanuel Macron told delegates 50 countries have now ratified this treaty, and another 15 have promised to do so. Only 60 countries can ratify the treaty before it becomes law. Macron's Foreign Minister said that he expects this to happen before the end the year. The United States did not send a delegation of high level to the conference. Macron said to reporters on Sunday evening that "it's no surprise. We know the American administration’s position on these matters." Prince William of Britain said on Sunday that protecting the oceans around the world was a "challenge unlike any we've ever faced". The United Nations has stated that investments in ocean health from 2015 to 2019 totaled just $10 billion - far less than the $175 billion needed per year. Reporting by Manuel Ausloos in Nice and Clotaire Acchi in Paris, Richard Lough in London; Editing by Hugh Lawson
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B. Grimm Power in Thailand and Digital Edge, Singapore to invest $1 Billion in Thai data center
The companies announced in a Monday statement that they will invest $1 billion into a 100 megawatt data center in Thailand. Southeast Asia and its neighbours are becoming a popular destination for tech companies looking to invest in data centres and digital infrastructure. They want new clean energy sources to meet the soaring demand of artificial intelligence. The announcement on Monday was the latest of a series by tech giants to invest in Thailand. Bytedance Tiktok will invest $8.8 billion in five years, and Alphabet Inc.'s Google is also planning an $1 billion facility. The Thai Investment Board approved in May $3 billion in investments for data centres and energy projects. Microsoft announced last year its plans to open a regional data center in Thailand. B. Grimm Power & Digital Edge stated in a statement that the construction of the project would be "accelerated" in order to meet the demands of global tech companies planning to expand their AI infrastructures in Southeast Asia. The goal is to have it operational by the fourth quarter 2026. Harald Link, Group President of B.Grimm Power said, "By combining the latest data centre technology with renewable energy, we are enabling Thailand's transformation into an AI and cloud innovation center in Asia." (Reporting and editing by David Stanway; Chayut setboonsarng, Panarat thepgumpanat)
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Chinese and Hong Kong stock prices rise ahead of Sino-US Trade Talks
Chinese and Hong Kong shares edged up on Monday, with rare earths and technology sectors leading the way, as investors awaited U.S. China trade negotiations at a high level in London. Investors are cautiously optimistic as world's largest economies try to resolve their trade dispute. China is struggling with slow exports, deflation and eroding consumer confidence. The first meeting of the economic and trade consultative mechanism between the United States and China will be held by U.S. Treasury Sec. Scott Bessent and Commerce Sec. Howard Lutnick, along with Trade Rep Jamieson Greer. The Shanghai Composite Index and China's blue chip CSI300 Index both closed 0.4% higher. Hong Kong's Hang Seng index rose 1.6%, reaching its highest level since March 21, 2013. Last traded at 7,1852 dollars per yuan, the offshore yuan was struggling to find its direction. The meeting on Monday follows a rare call between U.S. president Donald Trump and Chinese leader Xi Jinping, which took place Thursday. Tensions had risen again after both sides accused the other of breaking a deal reached last month. After talks in Geneva, the two sides agreed to a 90 day pause and a drastic reduction in tariffs. From May 14 until August 12, U.S. duties on Chinese imports were set at 30% and Chinese duties at 10%. This brought temporary relief to a trade conflict that could have caused $600 billion of two-way trade in both directions to come to a halt, disrupting supply chain and impacting global economy. Analysts at China Securities wrote in a report that they thought the meeting could have some positive outcomes, as Trump had hinted at some positive signals. They added that any progress made would provide some relief to the markets. Leading onshore markets higher on Monday, the strategically-important rare earths sector - expected to be a key focus of the talks - advanced 2.4% onshore in its best single-day performance in over a month. Hong Kong's markets rose on the back of technology shares, as the Hang Seng Tech Index rose 2.8% to an all-time high. The subindex is up over 20% from its low in April, entering a bull market. Since April 2, when Trump announced the "reciprocal tariffs" that threatened to upset global trade order, Chinese stocks have struggled for direction. The CSI300 Index has barely moved from its April 2 level and the Hang Seng gained about 4% in the same period. Both markets are lagging behind the global recovery. Reporting by Jiaxing LI in Hong Kong. (Editing by Rashmi aich and Mark Potter.)
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London copper prices rise ahead of US-China Trade Talks
London copper prices rose on Monday due to optimism in advance of the U.S. China trade talks scheduled for later that day. The dollar lost recent gains and shares jumped as Asian markets responded to the better than expected U.S. employment data in advance of the trade talks aimed at repairing a rift between China and the United States. Three of Donald Trump's top advisers from the United States will meet their Chinese counterparts on Monday in London to settle a trade conflict that has been causing global markets to be on edge. By 0709 GMT, the three-month contract for copper on the LME was trading up 0.4% to $9,733.5 a metric tonne. The Shanghai Futures Exchange's most traded copper contract rose 0.1% to $10,981.99. In a recent report, the Shanghai-based commodity analysis house SHMET stated that copper inventories have increased in China, but only moderately. This has not put much pressure on prices. Total Copper Stocks In the SHFE registered warehouses, the weekly gain was 1,613 tonnes to 107 404 tons for the week ending June 6. As for demand, Yangshan copper premium Last Friday, the price of a ton of copper in China fell to $41, a new low for three months. Early May saw a peak of $103, the highest level since mid-December, 2023. Other London metals saw a 0.5% gain in tin to $32,495 per ton. Aluminium rose 0.4% at $2,460, while nickel grew 0.2% at $15,515. Zinc fell 0.3% at $2,657.5. Nickel was up 0.5%, at 122 710 yuan per ton. Lead gained 0.5%, to 16,765 Yuan. Zinc fell 1.8%, to 21,910 Yuan. According to SHMET, the report shows that zinc supply has been abundant and demand is showing signs of easing. Total zinc stocks In the SHFE registered warehouses, the weekly increase was 4,702 tonnes to 47.012 tons. Click or to see the top stories on metals, and other news. (Reporting and editing by Naveen Thkral and Bernadette Baudette Baum; Reporting by Hongmei Li)
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Platinum reaches 4-year high with gold gains due to US-China trade talks
Gold prices increased on Monday as a result of a weaker dollar, ahead of U.S. China trade talks aimed to resolve tensions. Platinum also extended its gains for a six-session-long streak, reaching a four-year high. As of 0806 GMT, spot gold increased 0.4% to $3323.71 per ounce after falling earlier in the session, to $3293.29, which was its lowest level since early June. U.S. Gold Futures remained at $3,344.70. Dollar fell by 0.3% versus a basket. This made bullion more affordable for holders of currencies other than the dollar. UBS analyst Giovanni Staunovo said that investors are aware of the key drivers for gold, such as trade and geopolitical tensions and concerns about debt, and they should continue to support it in the months to come. The top U.S. officials and Chinese officials are scheduled to meet in London, England on Monday to discuss ways to defuse the high-stakes dispute in trade between the two superpowers. This dispute has grown in recent weeks to include more than just tit-fortat tariffs and now includes export controls for goods and components that are critical to global supply chain. Stronger-than-expected U.S. non-farm payrolls data have led investors to scale back expectations for Federal Reserve rate cuts this year from two to only one in October. The market now turns its attention to the U.S. CPI, which is due on Wednesday. This data will provide further clues about the Fed's policy direction. In a low rate environment, gold, which is traditionally viewed as a safe haven during times of political and economic unrest, thrives. Official data revealed that China's central banks added gold to their reserves for the seventh consecutive month in May. Spot platinum increased 3% to $1210.80, the highest level since May 2020. Alexander Zumpfe is a precious metals dealer at Heraeus Metals Germany. He said that the rally (for platinum) was supported by tight supply expectations, improved industrial sentiment and technical follow-through of the broader precious metallic rally. Silver spot rose 1%, to $36.3 an ounce. Palladium was up 2.3%, to $1,070.97. (Reporting by Anushree Mukherjee in Bengaluru)
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Iron ore prices continue to fall as China's deflation persists
Iron ore futures prices fell on Monday, as investors were weighed down by weak data from China, the top consumer. However, hopes for progress in trade negotiations between the two world's largest economies helped to limit losses. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 703 yuan (US$97.83). As of 0711 GMT, the benchmark July iron ore traded on Singapore Exchange fell 0.74% to $94 per ton. China's producer deflation deepened In May, consumer prices continued to decline as the economy struggled with trade tensions. Three top U.S. aides to President Donald Trump will meet their Chinese counterparts on Monday in London for talks that aim to resolve a trade conflict between the two superpowers, which has been causing global markets to be on edge. The temporary agreement reached by both countries on 12 May in Geneva did not address the broader issues straining bilateral relations. The market is anxious to know if a final agreement will be reached, which would ease pressure on the global economy. Additionally, China's Imports of iron ore In May, steel consumption fell 4.9% compared to April as mills were cautious in purchasing seaborne cargoes, anticipating a seasonal slowdown. Analysts said that the high levels of hot metal production and falling iron ore inventories - which are indicators of demand for iron ore - served as a buffer to prevent a greater price drop. Coking coal and coke were both mixed on the DCE. The benchmark steel prices on the Shanghai Futures Exchange are in a rangebound. The price of rebar, hot-rolled coil and wire rod were unchanged. Stainless steel was down by 0.47%. $1 = 7.1856 Chinese Yuan (Reporting and editing by Amy Lv, Lewis Jackson)
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Titan's CaratLane is expanding and opening more stores to cater to the growing demand for low-carat jewellery among young Indians
Titan Company's CaratLane, a brand owned by Titan Company, aims to exceed last year's revenue growth as Indians are warming up to lower-carat jewelry and the company plans to expand. CaratLane's and Kalyan Jewellers' Candere's brands that sell lower-carat jewelry are expanding rapidly as young Indians buy these pieces to adorn themselves in a nation that views jewellery traditionally as an investment. CaratLane introduced 9-carat jewelry around Valentine's Day in a country where 22-carat is the most popular gold. Candere will open 80 stores in India during the first year of the new fiscal year, which began April 1. This is the same number as the Kalyan outlets that are planned for the period. CaratLane, a larger company, plans to open 40 outlets in India, mostly in smaller towns. CaratLane, which had 322 shops as of the end of March, was the second largest jewellery brand within the Tata Group in terms store count. Titan's revenue is influenced by the brand to a degree of 6%. In an interview conducted after the market closed on Friday, CaratLane's Managing Director Saumen Bhaumik stated that "overall growth" (in fiscal 2026)... would be no less than last year. CaratLane recorded its best-ever year in the year ending March 31. The brand's revenue jumped by 24%, to 35.83 milliards rupees (418.96 millions dollars), and earnings before interest and tax reached 2.96 billion rupees. Bhaumik stated that the profit for the new financial year will be "significantly better". Bhaumik stated that despite the fact that many Indians have been opting for lighter, lower-carat jewelry to keep within their budgets, CaratLane’s average bill has increased by a 10th thanks to new launches. CaratLane has plans to open two outlets in Dubai within eight months and a second U.S. outlet by Deepavali festival this year.
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Shein and Reliance plan to export Indian-made clothing abroad within one year, according to sources
Two people familiar with the situation said that fashion retailer Shein, along with partner Reliance Retail, plan to expand their Indian suppliers and begin overseas sales of India made Shein branded clothing within six to twelve months. The China-founded, Singapore-headquartered e-commerce firm has been discussing plans with the Indian retailer since before the U.S. imposed tariffs on Chinese imports that intensified the need to diversify sourcing, the people said. They said the goal is to increase Indian suppliers from 150 to 1,000 within a single year. Shein issued a statement in which it said that its trademark was licensed for use in India. Reliance didn't respond to any questions. Shein offers low-cost apparel, such as $10 jeans and $5 dresses, shipped directly from suppliers in China to around 150 countries. Shein's largest market is the U.S., where it is adapting to tariffs on low value e-commerce packages imported from China that were previously duty-free. The retailer launched its app in India in 2018, but it was banned by the government in 2020, as part of a campaign against China-linked companies amid tensions with its neighbour to the northeast. In February, it returned under a license deal with Reliance Industries' unit that launched SheinIndia.in to sell Shein-branded clothing produced in local factories. Shein's websites, on the other hand, mainly feature products from China. The two sources, who declined to be named due to concerns about confidentiality, stated that Reliance, owned by Asia's wealthiest person, Mukesh Amanani, has signed contracts with 150 garment makers and is currently in discussions with 400 others. People said that the goal was to have 1,000 Indian factories producing Shein-branded clothing within a single year, both for the Indian market as well as to service Shein's websites around the world. One person said that Shein originally wanted to list India-made clothing on its U.S. websites and British sites. The person stated that discussions have been ongoing for several months, and that the launch date of six to twelve months may change depending on the number of suppliers. This is the first time that we have reported on the scale of expansion and export timelines. Shein announced in a press release that Reliance has licensed the use of its brand in India. Reliance is "responsible for manufacturing, supply chains, sales, and operations on the Indian market." In December, Minister Piyush Goyal of Commerce and Industry told the parliament that Shein and Reliance aimed to establish a network of Indian clothing suppliers for Shein brand clothes sold "domestically and internationally". On-Demand Manufacturing Shein, a behemoth in fast fashion, generates annual revenues of more than $30 billion thanks to aggressive marketing and low prices. The majority of Shein's products come from China, with some being made in Turkey and Brazil. Walmart, as well as other companies in the fashion and retail industry around the world are interested in India due to the Sino/U.S. Trade War. Sensor Tower, a market intelligence company, reported that the Shein India App has been downloaded over 2.7 million times in Apple and Google Play Stores, with a growth of 120% per month. In its first four-month period, the company has offered 12,000 different designs. This is a small fraction of its 600,000 items on its U.S. website. The cheapest item in the women's dress category is 349 Indian Rupees ($4), compared to $3.39 at the U.S. website as of June 9, The two people stated that Shein's Indian Partner Reliance operates the app and is working with suppliers in order to determine whether they can duplicate Shein’s global bestsellers at a lower cost. Reliance wants to mimic Shein's model of on-demand manufacturing, and will ask suppliers to produce as little as 100 pieces for each design before increasing production. Manish Aziz is the assistant vice president Shein India for Reliance Retail. In a LinkedIn posting, he described Shein as having "truly incredible" scale and speed. Reliance has dozens of partnerships with fashion brands such as Brooks Brothers and Marks and Spencer. The company also operates the e-commerce website Ajio, and its retail network is in competition with Amazon's Flipkart and Walmart's Flipkart. It also competes against value retailers like Tata Zudio. Reliance will work with new suppliers and import machinery to source fabric, especially synthetic fabrics where India lacks expertise. They said that the firm would invest in suppliers to help them grow, which will in turn help Shein-Reliance go global. Reporting by Dhwani Paandya from Mumbai and Helen Reid from London; editing by Aditya K. Kalra and Christopher Cushing
Omnia declares a special dividend to boost mining profits
Omnia Holdings, a South African chemicals company, declared a special dividend on Monday for the second consecutive year after its explosives business helped offset bad weather and economic turmoil on its African agricultural business.
Omnia reported headline earnings of 7.04 rand per share ($0.3964) for the year ending March 31 compared to 6.99 rand in the previous year.
The company also produces explosives for the mining industry. It supplies fertilisers, soil additives, and other products to countries throughout Africa and beyond.
Omnia's Mining Division reported a 10% revenue increase to 9 billion Rands, helping offset the 2% revenue drop in the Agriculture business. This was due to challenging operating conditions throughout Africa, except South Africa.
In an interview, Omnia CEO Seelan Gobalsamy stated that the currency volatility in Zimbabwe and logistical disruptions due to political unrest in Mozambique had affected Omnia's revenue.
The increased demand for mining consumables is a result of the demand for uranium and copper, which are vital metals for the global transition to renewable energy. This has also boosted incomes for Omnia’s explosives division.
Gobalsamy stated that Omnia is seeing a strong demand for mine-explosives in Namibia, Zambia and the Democratic Republic of Congo, while its Indonesian joint enterprise continues to grow.
Gobalsamy stated that "our mining profits have now surpassed our agriculture profit." "We know Omnia as a fertilizer company, but our mining business is now larger than our agriculture business," Gobalsamy said.
Omnia returned 1.1 billion rand in dividends to its shareholders. The ordinary dividend was 4 rand and the special dividend 2.75 rand. The company distributed a special 3.25 rand dividend per share last year.
(source: Reuters)