Latest News
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Santos awarded new gas exploration land in Queensland, Australia
Queensland, Australia's second largest gas exporting state, has granted three new exploration permits to Santos as well as a?smaller company Drillsearch. This comes a month after federal guidelines for domestic gas reservations were released. The conservative government of the state said?on?Thursday that these awards were part a larger push to boost domestic supplies and streamline bidding. Queensland's Energy Plan, released late in 2025, stated that it expects gas to remain a part of the energy mixture for decades, and extend the life of coal-fired plants indefinitely. In a press release, Queensland Natural Resources and Mines minister Dale Last stated that "this exploration investment sends out a clear signal that Queensland is open for business and committed to getting more gas in the system to alleviate energy 'pressures". Canberra published a gas market review in December mandating that 15 to 25 percent of the gas used by Queensland's three LNG export projects be reserved for domestic use from 2027. Further details are expected later this year. The Australian Energy Market Operator warned of potential gas shortages on the east coast later in this decade. The new permits issued in Queensland's Cooper-Eromanga basin, close to South Australian border, will be subjected to federal reservation rules but unlike the previous acreage releases there is no requirement to only use the land for domestic purposes. Santos' Gladstone LNG relies heavily on domestic gas from third parties to meet its export commitments. Origin Energy, Australia Pacific LNG, and Shell-led Queensland Curtis LNG rely mainly on their own fields for exports. They also sell surplus gas on the domestic market or at the spot market. The awards are part of an overall release of nine exploration zones offered by Queensland in May last year. Victoria offered five parcels of offshore land in state waters last year and five more in federal waters in December. All were aimed at increasing the domestic supply. Reporting by Helen Clark, Editing by Jamie Freed
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Vietnam hails upgrading of diplomatic relations with EU as an 'historic milestone'
Vietnam's President?said Thursday that the two sides had agreed to intensify diplomatic ties. Both sides are seeking to expand their international partnerships in light of disruptions caused by U.S. tariffs. The move is primarily diplomatic and does not involve any binding commitments. However, it carries political significance at a moment when the EU and Vietnam both seek to deepen and expand their international ties in light of the higher tariffs they are both facing on their exports to the United States. At the start of the meeting in Hanoi with Antonio Costa, President of the European Council, Luong Cuong described the upgrade as "an historical milestone that highlights the 'great achievements made by both sides. The free trade agreement between Vietnam, the EU and 27 other countries entered into force on 2020. Costa, who arrived at Hanoi on Tuesday after the EU signed a major deal with India, said that the enhanced partnership "highlights our importance to the region, and Vietnam's growing role". In order to elevate ties up to the highest level in Vietnam, as with the United States of America, China, and Russia, more frequent meetings at high levels are usually required. According to a draft of a joint statement, it is expected to lead to more cooperation between Hanoi, Belgium, and other countries in many fields. This includes critical minerals and technology.
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Investors seek security as gold nears $5600; silver targets $120
Silver came just a few cents short of $120 as gold?extended its ferocious rally on Thursday. Spot gold rose 2.6% by 0349 GMT to $5,538.69 per ounce, after reaching a record of $5,591.61 an ounce earlier in the day. Edward Meir, Marex analyst, said that "growing U.S. Debt and the uncertainty created by signs of a global trade system that is fragmenting into regional blocks as opposed to an U.S. centric model are leading investors to pile up into gold". Yellow metal has gained more than 10% this week. This is due to a combination of factors, including strong demand for safe havens, central bank purchases and a weaker dollar. In a recent note, OCBC analysts stated that gold is not only a crisis or inflation hedge. It is also viewed as neutral and reliable asset for storing value. This provides diversification in macro-regimes of a wide range. This year, gold has increased by more than 27%. It was up 64% in 2025. Tony Sycamore, IG's market analyst, said that despite the fact that the rally has been parabolic, the fundamentals will remain favourable until 2026. This means any dips in the market are likely to be good opportunities for investors. Geopolitically, U.S. president Donald Trump called on Iran to negotiate a nuclear deal with the United States on Wednesday. He warned that a future U.S. strike would be much more severe than last year's attack on Iranian nuclear sites. Tehran's response was a threat of retaliation against the U.S. and Israel, as well as those who support them. As expected, the Federal Reserve left rates unchanged on Tuesday. Fed Chair Jerome Powell stated that inflation in December likely remained well above the central banks' 2% target. The?precious material also received support on Thursday from the crypto group Tether, which plans to allocate 10-15% of their investment portfolio to gold. Customers have been crowding into shops in Shanghai and Hong Kong, where the precious metal is sold, due to high?gold prices. Some are betting that it will rise even higher. Silver spot?was also up 0.6% to $117.30 per ounce, after reaching a record high earlier of $119.34. The white metal has seen a 60% increase in price this year due to a combination of investors looking for alternatives to gold and supply shortages. Standard Chartered analysts said in a report that the silver market will likely deliver another deficit for the year. However, the true market tightness is due to the decreased availability of above ground stocks. After hitting a record-high of $2,918.80 an ounce on Monday, spot platinum increased 1.6% to reach $2,739.48, while palladium dropped 1.3% to $2,000.00.
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Expectations of a hot metal production increase in China have led to a rise in iron ore.
Iron ore futures rose Thursday, after two consecutive sessions of falls. This was due to expectations that?China?s hot metal production would increase as more steel mills resumed production following maintenance. By 0308 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange rose 0.96% to $792 yuan (US$113.99) per metric ton. The benchmark March Iron Ore?on the Singapore Exchange rose by 0.89% to $104 per ton. The Shanghai Metals Market said in a report that China's hot metal production dropped 7,000 tons from week to week as a result of blast furnaces having maintenance done. This delayed the planned production resume until next week. SMM stated in a separate report that hot metal production will?increase. If ore supplies are sufficient, mills must continue to produce to avoid freezing drainage systems. SMM stated that traders were also concerned about the Chinese government's implementation of environmental protection restrictions and safety inspections leading up to the Lunar New Year holiday. This would?impede steel production and temper the demand for feedstocks. Hangda Steel and Chengshi Steel announced maintenance plans for the month of Febuary and will be suspending production. Coking coal and coke both gained 2.1% and 2.43% respectively. The benchmark steel prices on the Shanghai Futures Exchange increased. The Shanghai Futures Exchange saw a rise in steel benchmarks. ($1 = 6.9478 yuan) (Reporting by Ruth Chai; Editing by Subhranshu Sahu)
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Hang Seng Gold ETF soars by over 9% at its debut as spot gold hits a record
Hang Seng Gold ETF soared by more than 9% in its Hong Kong debut on Thursday, as spot gold rose to a new record of just under $5,600 per ounce. Investors were seeking safety due to geopolitical, economic and political uncertainties. The LBMA (the international gold trade association based out of London) announces the morning gold fixing price per troy ounce. Gold has risen more than 10% this week and is now above $5,000, thanks to safe-haven flows and central bank purchases, as well as a weaker US dollar. Zeng Wenkai is the chief investment officer of Shengqi Asset Management. He said that the market looks overheated in the short-term. In the long-term, it may be the beginning of a redefinition to the monetary system. The key event to watch is whether Western central banks sell U.S. Treasuries in favor of gold. If they do so, gold may rise above $10,000. Joni Teves, UBS's strategist, stated that the move above $5500 will extend this year's gains. Gold is supported by the rotation away from U.S. dollars and strong physical demand. This is especially true in China, where onshore prices are at a premium. She stated that the current market is one of strong momentum and it is difficult to resist the trend. However, caution is advised against chasing after gold at such high levels. E-Fund's Gold?ETF has risen more than 5% in mainland China. E-Fund Gold Miner Select Index ETF will debut at the Hong Kong Stock Exchange on Friday. Gold prices are on the rise, which has led to a surge in?inflows. However, several managers have warned against trading at high premiums. They say that such purchases could result in significant losses. E-Fund Management announced late Tuesday that it would suspend subscriptions for Class A units and systematic investment plans of its E-Fund Gold Theme Fund beginning on January 28. (Reporting and editing by Shanghai Newsroom)
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The third day of rising oil prices is due to increased concerns about an attack by Iran
The oil prices increased for the third consecutive day on Thursday, as the U.S.?may launch a military strike against a key Middle Eastern producer?Iran which could disrupt the supply of the region. Brent crude 'futures' rose 50 cents or 0.73% to $68.9 a bar by 0216 GMT. U.S. West Texas Intermediate Crude climbed 58 Cents or 0.92% to $63.79 a bar. Both contracts are up about 5% since January 26. They have reached their highest level since September 29. As a result of President Donald Trump's increased pressure to stop Iran's nuclear program, including threats of military strikes, and the arrival of a U.S. Naval Group in the region, prices are rising. Iran is the fourth largest producer in the Organization of the Petroleum Exporting Countries, with a daily output of 3.2 millions barrels. Trump is considering ways to attack Iranian leaders and security forces?to incite protests that could?potentially overthrow the current regime?, according to sources familiar with these discussions. Analysts at Citi stated in a Wednesday note that the possibility of Iran being hit had increased the geopolitical premium for oil prices by up to $4 per barrel. The analysts added that further geopolitical tensions could push Brent oil prices as high as $72 per barrel. Prices were also supported by an unexpected decline in crude stocks in the U.S. The Energy Information Administration reported on Wednesday that U.S. crude oil inventories dropped by 2.3m barrels, to 423.8m barrels for the week ending January 23. This was in contrast with expectations from analysts in a poll who expected a rise of 1.8m barrels. This development indicates that the'short-term balance between supply and demand has tightened. It reflects the steady refinery demands, as well as the limited barrels on the market," explained Linh Tran. Citi says that oil prices are likely to remain high due to geopolitical risks and U.S. restrictions against Russian oil purchases. China has also continued its buying even though markets had expected a huge oversupply at the beginning of this year.
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Russia searches for new markets to buy naphtha as major buyers pullback
Analyst and traders say that Russia's naphtha shipments to Asia will fall in January as U.S. sanctions force key buyers such as Taiwan, India, and Venezuela to find new markets. After Washington imposed sanctions against top Russian oil producers the buyers have become more cautious. Sellers are forced to store naphtha in foreign storage or on ships, where it can then be re-exported. Armaan Ashraf is the director of Asia oil and natural gas liquids at FGENexant. He added that this means that premiums for "legitimate barrels" of heavy full range naphtha or?discounts to Russian cargoes would widen. Russia exports full-range heavy naphtha, which is then processed in reformers to aromatics that are used for gasoline blends or to produce petrochemicals. EXPORTS?DOWN Russia exports between 1.4 and 1.5 million tons of naphtha each month. However, the amount is decreasing as the Tuapse Refinery and Taman Port are closed for repairs following repeated Ukrainian drone strikes. Market sources say that the Tuapse refinery - which exports between 150,000 and 200,000 tons per month of naphtha - halted production on December 31, and it will take another one month to restore normal production. Preliminary data from a shipping source indicated that Russia's exports of naphtha to Asia may have fallen to 600,000 tonnes in January. This is down from about 800,000 tones in December. According to preliminary estimates by three Singapore-based traders in January and February, Asia’s naphtha exports to Russia could fall to 700,000 to 800.000 tons. This is about 30% less than the average monthly imports of 1 million to 1,2 million tons during the first 10 month period of 2025. In December, Taiwan and India, the two largest Russian naphtha importers, cut back on their purchases after U.S. sanctions were imposed against Rosneft, Lukoil and other producers. RE-EXPORTS Data from a shipping source shows that tankers with around 350,000 tons naphtha from Russian ports loaded in December declared Singapore as the final destination on January 22. Others with more than 320,000 tonnes did not declare final destination. Traders added that some cargoes loaded in December are still unsold on the water. Ashraf, from FGENexant, said that "Russian barrels would?clear in re-exporting locations like Karimun, Indonesia. Some of them could end up in the Singapore Straits or in north or west African commercial tanks." According to FGENexant, around 50,000 tons per month of naphtha are being re-exported, and some Ust-Luga shipments are being re-shipped by Brazil. VENEZUELA Venezuela has also stopped importing Russian naphtha to dilute its crude oil. Some tankers have made U-turns since the U.S. President Donald Trump imposed an embargo on all sanctioned tanks bound for Venezuela mid-December. Between June and December last year, traders reported that Russia delivered an average of 100,000 tons of naphtha per month to Venezuela. The U.S. will resume its flow of naphtha to the Latin American nation in order to plug the gap. Matias Togni, NextBarrel analyst, said: "U.S. Naphtha showed some strength when flows to Venezuela resumed... but U.S. Supply alone will not be enough for Venezuela." Mohi Nairayan reported from New Delhi and Natalia Chumakova from Moscow. Shariq Khan in New York, and Marianna Parra in Houston contributed additional reporting. Florence Tan, Mark Potter and Mark Potter edited the story.
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Gold nears $5,600/oz as investors seek safety, silver eyes $120
Gold spot prices rose to a record high of just under $5,600 per ounce on Thursday, as investors sought refuge amid economic and geopolitical uncertainty. Silver was also close to breaking the $120 barrier. Gold spot rose 2.7%, to $5,542.29 per ounce, by 1:49 GMT. It had previously reached a record of $5,591.61 an ounce. Edward Meir, Marex analyst, said that "growing U.S. Debt and the uncertainty created by signs of a global trade system that is fragmenting into regional blocks as opposed to an U.S. centric model are leading investors to pile up into gold". Prices have risen more than 10% this week due to a combination of factors, including "strong demand for safe-haven assets, central bank purchases and a weaker US dollar." In a recent?note, OCBC analysts stated that gold is not only a crisis hedge but also a store of value. It is also viewed as a diversifier across macro-regimes. This year, gold has gained over 27% after a 64% increase in 2025. Tony Sycamore, IG's market analyst, said: "Although a pullback may be imminent, the fundamentals will remain strong through 2026. This makes any dips attractive opportunities to buy." Geopolitical News: On Wednesday, U.S. president Donald Trump warned Iran that any future U.S. attacks would be much more severe. Tehran has responded by threatening to strike back at the U.S. and Israel, as well as those who support them. The Federal Reserve decided to leave rates unchanged on Wednesday, as widely expected. As widely anticipated, the Federal Reserve left rates unchanged Wednesday. Fed Chair Jerome Powell stated that inflation in December likely remained well above the 2% central bank target. Prices were also supported by the plans of crypto group Tether to allocate 10-15% to its investment portfolio in physical gold on?Thursday. Customers have been flooding into the stores that sell gold in Shanghai and Hong Kong, some of whom are betting on it rising even higher. Silver spot?added 1.1% to $117.87 per ounce, after reaching a record-high of $119.34 an ounce earlier. The prices have been boosted by investors seeking cheaper alternatives to the gold market, supply shortages and momentum purchases. The price of white metal has increased by more than 60% this year. Standard Chartered analysts said that the silver market was expected to show another deficit in 2018. However, the true market tightness is due to the decreased availability of above-ground stocks. After hitting a record-high of $2,918.80 an ounce on Monday, spot platinum increased 1% to $2723.40, while palladium dropped 1.6% to $2,000.00.
Amazon cuts 16,000 jobs to push AI and efficiency
Amazon announced 16,000 corporate job cuts on Wednesday. This completes a plan of around 30,000 jobs since October. However, the company has left open the possibility that there could be further reductions. Last week, it was reported that Amazon planned to cut a second batch of jobs as part of its broader goal under Andy Jassy. Jassy has been working on reducing bureaucracy and abandoning underperforming businesses.
Amazon announced on Tuesday that it would close its remaining brick and mortar Fresh grocery stores and its Go markets despite years' worth of efforts. It also said it would drop its Amazon One biometric payments system, which scans a customer’s palm.
Amazon has cut 30,000 jobs in the last three decades. This is a smaller number than its 1.58 million workers, most of whom work in warehouses and fulfillment centers. However, this represents nearly 10% of their corporate workforce. It's also more than 27,000 cuts made between 2022 and 2023.
Beth Galetti said that the job cuts at Amazon were needed to "reduce layers, increase ownership, and remove bureaucracy", according to a blog post by its top executive in human resources.
Galetti said that some teams will continue to make "adjustments as appropriate" and Galetti did not rule out further reductions. These latest layoffs are the second major round in just three months, after Amazon cut 14,000 jobs last October. At the time, the company blamed artificial intelligence and concerns over changing corporate culture.
Amazon also admitted that it hired too many people during the COVID-19 epidemic, when online shopping soared.
In a note on Wednesday, Galetti stated that "some of you may wonder if we are starting a new rhythm where we announce large reductions every few month." She said, "That's just not our plan."
Amazon sent an incorrect email on Tuesday to Amazon Web Services employees, referring to the layoff plans as "Project Dawn". This caused confusion and upset for thousands of workers. Employees from various AWS units including Prime Video, Alexa, devices, advertising, and last-mile delivery have indicated that they were affected. Other?roles that were affected included those in Kindle, and supply chain optimization within Amazon's Fulfillment unit. Amazon did not reply to a?request for comment after it announced its plans to shut down the Fresh and Go stores on Tuesday.
Job cuts are also a sign of how AI is changing the dynamics of corporate workforces. AI assistants have made significant improvements, allowing enterprises to perform tasks from simple administrative?tasks up to complex coding issues with speed and precision. This has led them become more widely adopted.
Jassy stated last summer that the increasing use of AI tools will lead to more automation, which in turn would result in corporate job losses. Two executives at the World Economic Forum annual meeting in Davos stated last week that AI will be used to justify companies cutting jobs. Amazon, Facebook's Meta Platforms, and Microsoft have all increased their hiring in response to the COVID-19 demand surge. They are also currently restructuring. UPS, Pinterest, and ASML have all announced recent staff reductions.
Amazon invests in robotics for its warehouses, to increase the speed of packaging and delivery and reduce the reliance on labor. Amazon shares, which are set to release quarterly results next Monday, fell 2.1% during regular trading on Wednesday. (Reporting and editing by Arun K. Koyyur and Nick Zieminski in Bengaluru, and Deborah Sophia and Zaheer Kachwala from Bengaluru)
(source: Reuters)