Latest News
-
China calls on South Korea to not take sides and blames US policy in Korea tensions
Wang Yi, China's foreign minister, urged South Korea to not take sides in the dispute between Beijing and Washington. He said that the U.S. North Korea should drop its "hostile policy" towards the peninsula. Wang made these remarks during a meeting on Thursday with South Korea’s National Security Adviser Wi-Sung-lac, reported the Chinese state news agency Xinhua, where he met South Korean president Lee Jae Myung. Wang was quoted by Xinhua as saying that "the fundamental solution to tensions on Korean Peninsula is to address the root causes and urge the United States abandon its 'hostile policy towards North Korea. Wang expressed China's hope that South Korea "will achieve genuine strategic autonomy and refrain from bloc confrontation and taking sides and develop relationships with major powers, including China and the United States, in parallel and without contradiction." The remarks come after U.S. president Donald Trump announced on Wednesday that he plans to meet with North Korean leader Kim Jong Un in the second half of this year. He also said that North Korea possessed 57 "very strong" nuclear weapons. Trump also ordered Pentagon officials that joint military exercises between South Korea and the United States be cut short, citing Kim's "very good relationship". The U.S. continues to demand that North Korea denuclearize, a demand Pyongyang consistently rejects. North Korea fired a suspected missile into the sea Thursday, according to Japan's coastguard and government. Wang, a Chinese diplomat, told Wi that China would welcome a peaceful coexistence on the peninsula between South Korea (North Korea) and South Korea. He called for a re-start of dialogue and restoring trust. Wang, in separate discussions with Lee, called on Seoul to adopt a policy of friendship towards China. He said that bilateral relations had "fully recovered", and they made progress this year. He said that a 'rational, pragmatist, and positive' policy towards China was in full accordance with South Korea’s interests, as well as the current trend. Wang called for a 'rapid completion of the second-stage negotiations with 'South Korea to establish a free trade deal, saying that the two countries must promote regional integration in light of the increasing fragmentation and protectionism in the global market. (Reporting and editing by Christian Schmollinger; Liz Lee, Ethan Wang)
-
Investors question Treasury's rescue measures as bond relief falls and stocks fall
Investors began to question the effectiveness of the Treasury's support on Thursday, as bond prices slid and stocks were under pressure. The yield on the 30-year U.S. Government Bond rose by 3.05 basis points, to 5.2235%. It had fallen to 5.1765% a day earlier. This was after the Treasury announced that it would buy back additional longer-dated bonds. Prices and yields are inversely related. The bond market was closely watching the moves to see if they were able to stop a downturn that had sent shockwaves through multiple asset classes. The MSCI global stock index fell for four straight sessions, the longest losing streak since March. It then gained 0.30% on Thursday. The buyback announcement was more of a temporary fix than a panacea. It is a reminder that Treasury Department is watching and will do everything it can to prevent yields from becoming too high, said Lawrence?Gillum. Chief fixed-income Strategist for LPL Financial. The benchmark 10-year rate rose 1.9 basis point to 4.6723% after a 5 bps drop on Wednesday. Yields of government bonds in Germany, Japan and other countries have eased. SOUR SENTIMENT WEIGHS STOCKS The STOXX 600 pan-European futures and S&P 500 Futures both fell by 0.14% and 0.20%, respectively. Stocks are typically affected by higher bond yields. The high oil prices dampened the mood as well. Brent crude futures increased by 1.54%, to $93.06 per barrel. The disruption in the Strait of Hormuz shows no signs of abating. The drop in futures that track the tech-heavy Nasdaq 100 was more muted. This was helped by optimism about AI. It's penny-wise and pound-foolish of tech companies to be concerned about the yield curve. "The fundamental story of AI is that it will continue to grow regardless," said Marta Norton. Chief investment strategist at retirement services provider Empower. She added that tech firms cannot afford to cut back on their AI spending because they could lose out in the long run. This dynamic may help to limit the impact bond market volatility has on AI stocks. The euro has risen 0.13% on the currency markets to $1.1694, its highest level since May. The yen fell 0.17% to $158,44. The dollar index (which measures the U.S. Dollar against six major counterparts) was down by 0.11% to 98.72. The minutes of the Federal Reserve’s most recent policy meeting, released on Wednesday, showed that inflation concerns have grown. "Several" policymakers appeared ready to increase interest rates. "Many" said a rise in borrowing costs will be necessary if inflation doesn't fall to the central banks' 2% target. (Reporting from Rae Wee and Niket Nishant, both in Singapore and Bengaluru; editing by Jamie Freed and Thomas Derpinghaus)
-
Tajikistan has requested 2.5 million tonnes of fuel and oil from Iran
The Central Asian country's Transport Ministry said that Tajikistan had asked for 2.5 million metric tonnes of?oil from Iran, while its traditional supplier, Russia, is also experiencing fuel shortages. The ministry posted a statement on its website last week stating that Tadjikistan had requested 2,55 million tons, which included?2 millions tons of crude oil, 150,000 tonnes of gasoline, 300,000 metric tons of diesel, and 100,000 metric tons of jet fuel. Tajikistan has traditionally imported up to 80% of its petroleum products from Russia. However, the Persian-speaking nation also shares close cultural and linguistic links with Iran. The timeframe was not given for the supply. In recent months, Russia has experienced a 'fuel shortage' as Ukraine waged a drone campaign against its oil refineries. In July, Tajikistan’s?energy? minister said that the authorities were in negotiations with Kazakhstan, Turkmenistan and Iran regarding additional supplies. Export bans for aviation kerosene, diesel fuel and gasoline have been implemented in Russia to stabilize the domestic fuel market. The ban does not apply to intergovernmental supply agreements. Reporting by Felix Light, Editing by Kirby Donovan
-
Singapore's oil product inventory falls to a two-month low
According to government data, oil product inventories in Singapore, Asia’s main fuel trading hub, fell for the second consecutive?week, reaching two-month lows. Light distillates inventories are nearing a 5-year low. Enterprise Singapore reported that combined onshore oil products inventories were around 37.67 millions barrels for the week ending August 19. This is down from 38.44million barrels one week prior. Even though the imports of refined fuels like diesel, gasoline, and jet fuel from China dropped, they were in line with the expectations that the market had set since Beijing began to loosen its control over exports in July. As U.S. peace talks with Iran faltered, the markets were still worried about supply risks. Meanwhile, shipping through the Strait of Hormuz was unchanged on Wednesday from the previous day. MIDDLE DISTILLATES LIGHT?DISTILLATES SLIP Stocks of both middle and light distillates fell from a previous week. The stocks of light distillates have fallen to just under 11 million barrels, the lowest level since November 2021. The majority of gasoline imports came from countries in Northeast Asia, such as China and South Korea. Exports of gasoline were mainly to Indonesia, Malaysia, and Pakistan during the week. The city-state is a net jet fuel importer despite a 89% decline in its net diesel and gasoil exports week-on week. Imports of diesel and gasoil increased by over?10 compared to a week ago, with China as the main contributor. It was the same for jet fuel and Kerosene as China's volumes grew to nearly 70,000 metric tonnes. The traders expect more Chinese cargoes to be exported in the remaining months of August and September. RESIDUAL STOCK REMAIN BELOW THE AVERAGE EVEN AFTER WEEKLY GAINS The residual fuel stockpiles rebounded after a drop last week but are still below the average. The data showed that inventories were up 6.9% on a week-to-week basis, at 18.42 millions barrels (2.90million tons), reaching a two-week high. The total imports of fuel rose by 77.9%, to over 746,000 tonnes. Mexico was the largest supplier of fuel oil for the past week. Exports increased by 40.1% compared to the previous week, reaching a total of?over 348,000 tons. The majority of these exports went to China. Market sources reported that spot premiums on the low-sulfur fuel market showed some signs of easing this week even though the supply was still tight.
-
Gold falls after a 2-month high on US Treasury move
Gold prices fell Thursday, as investors took profits after the price of gold climbed to its highest level in more than two months. This was due to a U.S. Treasury announcement that it would provide liquidity support for long-term bonds. The unexpected announcement weakened dollar values and reduced Treasury yields. By 0750 GMT, spot gold had fallen 0.7% per ounce to $4488.19. Bullion was earlier at $4,525.79 - its highest price since June 2 - after a more 4% increase on Wednesday. U.S. Gold futures were little changed at $4,462.30. Treasury Department announced it would double its liquidity support 'buyback operations' for longer-dated bonds and notes. This came after investors demanded a higher return on bonds due to increased inflationary risk stemming the U.S. and Israeli war against Iran. The U.S. Dollar was hovering near three-month lows. Ilya Spirak, global macro head at Tastylive said: "There's going to be a certain amount of digestion in the markets after such a large move." The $4,400-$4,500 price range is now cleared. The upward momentum will likely continue if prices remain above this range. The total amount of U.S. government debt has surpassed $40 trillion, causing new warnings about a?fiscal emergency. Edward Meir is a Marex analyst. "The increasing concern over the financial stability of market due to borrowing and debt, and the inability for fiscal?side spending cuts are very bullish on gold." Minutes of the Federal Reserve meeting on last month showed that concerns over inflation had?intensified. "Several" policymakers were ready to increase interest rates. According to the CME FedWatch Tool, traders are currently pricing in 69% of a Fed hold and 31% of a rate increase in September. Gold is often seen as a hedge to inflation, but higher interest rates can reduce the appeal of non-yielding gold. Silver spot fell 0.5% per ounce to $66.60, platinum 1.6% to $1794.91 and palladium 0.5% at $1325.94.
-
Sources say that Coal India is planning a Singapore trading hub to hunt for critical minerals assets.
Two sources claim that Coal India Ltd., the world's biggest?coal manufacturer, will open its first overseas trading office in Singapore. The company aims to diversify by trading iron ore and critical and strategic minerals. The move comes as Indian state-run firms step up their efforts to secure overseas supply of critical minerals like lithium and bauxite to reduce dependency on China. However, such efforts so far have not yielded much fruit. Sources involved in the discussion, who requested anonymity because the talks were not public, stated that Coal India had applied to Singapore authorities to register an office. This 'will also support efforts for mineral assets to be acquired overseas. One source stated that the Singapore office would help Coal India to?expand and develop its vital minerals business, pursue overseas acquisitions, and support its iron-ore business. Coal India didn't immediately respond to our request for comment. Looking for opportunities in Africa, Chile and Canada Source: Coal India evaluates?opportunities' in mineral-rich areas, including Ghana and other parts in Africa. The miner is also interested in rare earth minerals. The second source stated that the miner was focusing its efforts on Chile for lithium while also evaluating other mineral assets in Canada and Australia. However, these opportunities are still at an early stage. The company has begun diversifying its business into other mineral industries. It won a?iron-ore block in eastern Odisha via a competitive 'auction this month, marking its?entry into iron ore mining. Coal India is considering buying a unit from Canada's wealth Minerals, which has lithium mining assets located in Chile. This would give Coal India access to the key metal for batteries used in electric cars and energy storage devices. India's efforts to secure strategic mineral resources abroad in order to support its clean-energy?ambitions, and manufacturing growth have met with limited success. It has only signed one lithium mining and exploration pact overseas, which covers five blocks in Argentina in 2024. Reporting by Sethuraman NR, Neha Arora and Mayank Bhardwaj; Editing by Clarence Fernandez and Mayank Fernandez
-
Exxaro's half-year earnings are down 20%; solar production is up.
Exxaro Resources, a South African diversified mining company, reported on Thursday a 20% decline in its half-year earnings as production costs rose and the rand strengthened. Exxaro reported headline earnings per share ($0.855) of 13.77 rand for the six-month period ending June 30 compared to 17.24 rand during the same period last year. The company stated that mining input costs increased due to a Middle East conflict which disrupted supply chains globally and negatively affected income from its iron ore joint-venture. Exxaro owns a 21% share in Sishen Iron Ore Company, a Kumba Iron Ore subsidiary. The company increased its coal production by 11% in the first half of this year, to 21.5 metric tons. Exports also rose by 15% to 3.9 million tons due to improved logistics. Exxaro produced 1.8 million tonnes of manganese from its newly acquired assets, up 11%. Increase in renewable energy generation Exxaro Cennergi's renewable energy production increased 12%, to 378 gigawatt-hours. The Lephalale Solar Plant helped offset the effect of lower wind power. Exxaro said that the Lephalale solar power plant, with a 68-megawatt capacity, has helped reduce the dependence of its flagship Grootegeluk coal mine on the national electricity grid by 30 percent. Exxaro targets 1.6 gigawatts (or more) of renewable energy by 2030 as part of a broader strategy of energy diversification and carbonisation. The increase in production at Exxaro helped to'soften' the impact of rising costs. Exxaro unit costs increased by 4.6%, while diesel prices rose 21% in the first half. Exxaro has announced that it will pay a?interim?dividend of 7 rands per share. This is a reduction of 17% from the interim dividend paid last year.
-
The LME copper inventory has increased to $14,000 due to the weakening dollar
Copper edged down on Thursday but held above $14,000 a metric tonne psychological level as higher inventories at the London Metal Exchange (LME), relieved supply concerns, and offset the support from sharp drops in the?dollar. Benchmark 'three-month' copper on the LME fell 0.26% to $14,013.5 per metric tonne by 0703 GMT. Shanghai Futures Exchange's most traded copper contract edged up 0.21% to 107200 yuan (about $15,943.13) per ton. On warrant copper stock, which means metal that is not yet marked for removal from the warehouse, on LME Exchange data showed that copper production rose by over 35,000 tonnes on Wednesday. This increase eased supply concerns caused by the outflow of refined copper to U.S. storage facilities due to its?potential tariffs. Stocks on the LME are up more than 50% since the beginning of the week but still less than half their levels from three months ago. The LME cash to three month copper spread has narrowed from its highest level since 2021, earlier in the week. The most recent backwardation was $280 per ton, indicating lingering concerns about material availability. The market is still vulnerable following months of inventory withdrawals. This was partly due to the diverting of metals towards?the US in anticipation of tariffs. As FX investors digested the measures announced by?U.S., the dollar dropped to its lowest level in three months. Treasury Department?to calm down the bond market. Copper recovered from its two-week lows on Wednesday thanks to the decline. The dollar is usually weaker when compared to other currencies. A weaker dollar usually increases the price of commodities denominated in dollars by making them more affordable for buyers who use other currencies. Aluminium, zinc, lead, and nickel all dropped in price on the LME. Tin, however, gained 0.32%. Aluminium?lost 0.61 %, zinc fell 0.28%, lead remained unchanged, only dropping 0.03%. Nickel gained 0.9%, and tin gained 1.39 %. $1 = 6.7239 Chinese Yuan Renminbi (Reporting and editing by Janane Vekatraman, Rashmi aich).
Fortescue hires a law firm to investigate allegations of sexual harassment against senior executives
Gus Pichot, the company's energy chief, said that a senior executive who is under investigation for sexual harassment and bullying continues to work at Fortescue.
Fortescue hired MinterEllison, a law firm to investigate allegations that the company takes "extremely serious", it said in a press release. The Australian Financial Review first published the allegations against the senior executive who was not named earlier in the month.
Pichot stated on a earnings call that "we have taken extensive legal and governance external advice, so we are quite confident that we are following the right process."
In 2021, a state investigation was launched after sexual harassment at West Australian mining sites became a persistent problem.
Fortescue Australia, the third largest miner in Australia, reported on Thursday a drop of 20% to 98 "psychosocial", which includes sexual harassment, ethical issues, and other incidents.
The company with 16,154 employees said that 11 of them were dismissed for violating its code of conduct in relation to sexual harassment and discrimination. The company found 13 instances of inappropriate sexual contact, ten of sexual harassment, and one sexual assault.
Fortescue received a class-action lawsuit in July, alleging misconduct at work, including sexual discrimination and harassment. Potential damages were not specified.
The lawsuit was filed by the law firm JGA Saddler. They also brought similar class actions against Rio Tinto in 2024. These cases are still making their way through the courts.
BHP's report for the year released this week shows that it terminated 109 workers for sexual harassment, and 22 for racial abuse.
In the 2026 fiscal year, it saw a drop of 11% in reports of sexual harassment and a drop by 17% in reports of racial abuse. The top global mining company has 84.309 employees and contract workers worldwide.
Rio Tinto reports its data on a calendar-year basis. In 2025, the company reported a 24% increase in 702 incidents to their care hub. This centre supports employees who are facing a 'variety of disrespectful and harmful workplace behaviors, including harassment.
WorkSafe, the health and safety regulator in Western Australia, logged 28 incidents of sexual assaults and harassment in the first half of this year, according to the data provided. This is down from 113 in the entire last year, and 421 in 2022.
The regulator attributed this drop to the dedicated team of experts that increased their response capacity after the state's investigation into sexual harassment. (Reporting by Melanie Burton; Editing by Sonali Paul)
(source: Reuters)