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In the Pertamina case, Indonesia contacts trading firms in Singapore
It was announced on Monday that the Indonesian Attorney General's Office had contacted a number trading firms in Singapore about a corruption probe involving Pertamina. In the first half of this year, a number of Pertamina subsidiaries executives were arrested for alleged corruption in relation to oil imports from 2018 through 2023. This allegedly caused state losses of $12 billion. Pertamina apologized publicly and promised to improve the transparency after the arrests. Harli Siregar, a spokeswoman for the Attorney General's Office said that investigators want to speak with some Singapore trading firms about the case. Siregar stated that earlier attempts to summon these companies to Jakarta, whose names were not disclosed, failed. Therefore, the companies may be questioned in Singapore. Siregar declined to provide any further details. "These companies will also be questioned in order to gather more evidence for the ongoing investigation." In response to an inquiry for comment, Fadjar Santoso, a Pertamina spokeswoman, said: "We respect and support the Attorney General's Office's investigation and law enforcement activities in accordance with the applicable regulations." Four sources familiar with the matter said that at least four trading firms have received a request to help with the investigation by Singapore's Corrupt Practices Investigation Bureau. They asked not to be named due to the sensitive nature. CPIB didn't immediately respond to an inquiry for comment. Bloomberg reported earlier that Singapore trading companies had been approached as part of the investigation. The Indonesian Attorney General's Office has said that it has interviewed hundreds of witnesses as part of the investigation.
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Six people killed by heavy rains in China's South, disaster alerts issued
State media reported that heavy rains over the weekend in China's southern Guangdong province and Guangxi affected trains and power supplies, and killed at least six. There were also alerts for geological disasters and severe flooding in certain parts of China. The National Meteorological Centre of China issued several heavy rain warnings from Sunday through Monday in the Jiangxi region, Zhejiang province, Fujian, Guangxi, Guangdong and Guangxi regions, and the northwestern province Xinjiang. The yellow alert, which indicates a high-risk of mountain flooding, was issued for parts of Zhejiang and Fujian. According to Shenzhen Railway authorities, heavy rains on Monday caused the closure of at least 10 railway lines that connect Shenzhen to other cities. State media reported that more than 620,000 homes in Guangxi had lost electricity in the past few days because of rain. As of Monday, the local power provider had restored electricity to about 600,000. China uses a four-tiered weather warning system, with the red color representing the most serious warning. This is followed by yellow, orange and blue. The Chinese meteorological data shows that 2024 is the hottest year since records started over 60 years ago. This is the second consecutive year where milestones have been broken. The warmer weather last year was accompanied with stronger storms, higher rainfalls and spikes in China's power consumption. CCTV, the state broadcaster, said that heavy rains were also expected in the Tianshan mountains and the far west region of Xinjiang from Monday through Tuesday. Reporting by Farah master and the Beijing Newsroom; editing by Sonali and Mark Heinrich
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British carbon prices increase after news of EU-Linkage Deal
As part of a broader reset in their relations, Britain and the European Union said Monday that they would work to link their respective carbon markets. This will lead to a 6% increase in British carbon prices. As part of a larger effort to reduce emissions and achieve climate targets, the EU and UK both charge power plants and industrial entities per metric ton they emit. A UK government statement stated that "Closer cooperation on emissions will improve the UK’s energy security by linking our respective Emissions Trading Systems and prevent businesses from being hit with the EU’s carbon tax which is due to be implemented next year." From 2026, the EU's Carbon Border Adjustment mechanism will impose an emission fee on steel, aluminium and cement imports into the EU, as well as electricity, hydrogen, fertilisers and fertilizers. Britain plans to launch their own CBAM in 2027. If both sides prioritise negotiations, then the timeline could be accelerated. Analysts at Veyt say that aligning systems to the UK's Carbon Border adjustment Mechanism (currently planned for 2027) could be ambitious. By 12.19 GMT, the benchmark UK allowance contract had risen 6% to 51.22 pounds (68.52 dollars) per ton. The prices in the UK is lower than in the EU. Analysts predicted that linking the systems would push UK prices closer to those in the EU. This could result in higher carbon costs in the UK for businesses, but they will save money in the long run because they won't have to pay the import levies. Frontier Economics' report, commissioned from several energy companies, stated that linking the two carbon market would reduce trade frictions and improve trading liquidity, as well as increase price stability, leading to an estimated 770 million pounds in savings between 2026-2030. The benchmark EU carbon trades at around 70.00 euros (78.86 dollars) per ton. (1 pound = 0.7475 pounds; 1 euro = 0.8876 euros). (Reporting and editing by Susanna Twidale; Editing by Louise Heavens David Goodman, Barbara Lewis.
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Sources say that Shanghai Exchange is looking to open up domestic nickel contracts to foreigners in this year.
Two sources familiar with the matter have confirmed that the Shanghai Futures Exchange is looking at opening its domestic nickel contract to foreign investors in this year instead of launching a new contract on its International Energy Exchange. ShFE has been exploring a more internationally-accessible nickel contract since at least 2023 as part of broader plans to build its global presence and challenge the dominance of rival the London Metal Exchange (LME). ShFE, according to industry sources, also wants to provide an alternative to LME Nickel after the trading disaster in March 2022. The LME contract had been suspended for eight consecutive days and left the industry without global benchmark pricing for the metal that is used in electric vehicle batteries and stainless steel. Two other attendees, who spoke on the condition of anonymity, said that ShFE will hold a two-day metals industry meeting in Shanghai this Thursday and Friday where nickel contract plans as well as other topics will also be discussed. The LME Asia Week, which concludes on Wednesday, is bringing together a large part of the global metals sector. Sources with knowledge stated that plans are being considered to open ShFE's existing domestic nickel contract to foreign institutional investors registered in China under the Qualified Foreign Institutional Investor Programme (QFII). QFII status allows the international market trade Chinese markets. A broker source told us that China has around 900 QFIIs. About 200-300 companies registered since September 2022 are primarily interested in commodities. In February ShFE opened a number of futures products, including stainless steel and petroleum fuel oil, to QFII Investors. When contacted by the reporter, a senior ShFE official refused to answer any questions about this topic. After hours, ShFE did't immediately answer questions sent by email. China Securities Regulatory Commission would have to approve any launch of domestic exchanges. According to a source familiar with its thinking, the commission has been encouraging exchanges to introduce international futures contracts in order to attract foreign investors. The market confidence was shaken by 2022, when the nickel price rocketed above $100,000 per metric ton. On March 8, the LME canceled all nickel trades for which the hedge fund Elliott Associates sued it. CME and ICE are also looking at cash-settled nickel derivatives, while Abaxx Technologies has launched a nickel sulphate contract this year.
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EU to lower price cap on Russian Oil to $50 Per Barrel
Valdis Dombrovskis, European Economic Commission Commissioner, said that the EU will propose this week to the G7 Finance Ministers a reduction of the current $60 per barrel cap on Russian oil seaborne as part the new sanctions against Moscow. Dombrovskis didn't mention the level at which the European Union wants the price cap to be lowered. However, EU officials who were briefed about the discussions stated that the EU would suggest $50 per barrel. When asked by reporters if the G7 Finance Ministers meeting in Canada next week would include a proposal to lower this cap, he replied: "Yes." The 18th Sanctions Package is a topic that we have raised from the side of the Commission. He said that he would also expect interest and discussion from the other G7 members in this area. G7 includes the United States, Canada and Britain. It also includes France, Germany, Italy, Japan, Germany, France and Japan. G7 meetings are also attended by the European Commission, and the euro zone's chairman of finance ministers. G7 agreed to a price cap in December 2022 that would ban trade in Russian crude oil shipped by tankers at a price above $60 per barrel. Shipping, insurance, and reinsurance companies are prohibited from handling cargoes of Russian Crude around the world unless they sell it for less. The goal of the measure was to reduce Russia's revenue so that it would have less money to pay its invasion in Ukraine, while also preventing a sudden drop in oil supplies worldwide. Russia is bypassing the G7 cap on prices by using a "shadow" fleet of tankers, which are not insured by western companies. They also use Russian Urals crude. The price of this stock has been above the cap for most of the time. The price of oil has dropped below $60 since early April as global concerns about economic growth, following U.S. tariff announcements, have also affected the price. (Reporting and editing by Louise Heavens, Emelia Sithole Matarise, and Jan Strupczewski)
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Aluminium prices fall as stocks and Chinese supplies increase
Prices of aluminium fell on Monday, following a rise in stocks registered at the London Metal Exchange and Chinese data showing a rising production. In official open-outcry trade, the benchmark three-month aluminum on the LME fell 1.2% to $2,452 per metric tonne. Aluminium stocks on warrant in the LME Daily LME data revealed that the number of tons rose to 343,025 after 92950 tons were returned on warrant. A title document conferring ownership, this is a document which confirms ownership. Reverse cancellation has reduced the number of cancelled warrants in total to 12.8%, easing concerns over the availability of aluminium on the LME ahead of this week's expiration of contracts. Spread between cash contract and 3-month aluminum On Friday, it was at a premium of $6. Data showed that China's aluminium production increased by 3,4% between January and April, to 14,8 million tons. This added further pressure. The slowdown in China's manufacturing output and disappointing retail sales figures, coupled with the stagnation of new home prices, also impacted sentiment. The LME Aluminium is supported by a 21-day moving Average of $2,435. Concerns about the future supply of bauxite, the raw material used to make alumina, from Guinea also contributed to a rise of 4.5% in alumina on Shanghai Futures Exchange. This was their highest level since March. Citi stated in a recent note that the decision of Guinea's military to revoke 51 mining licenses for bauxite and gold concessions as well as diamonds, graphite, and other minerals, last week, has added to the growing uncertainty around mining operations in Guinea. In official activity, LME copper climbed 0.7% to $9.515 per ton as the dollar dropped against a variety of currencies. Dollar-priced materials become more appealing to buyers who use other currencies when the dollar is weaker. Other metals saw a 0.1% decline in zinc to $2,689.5 per ton. Lead fell 0.7% to 1,986, Tin increased 0.1% at $32,860, and Nickel dropped 1.1% at $15,470. (Reporting and editing by David Goodman.)
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China's crude oil surplus surged in April, as refinery output dipped. Russell
In April, the amount of crude oil that was available in China for storage grew for a second consecutive month. Imports were relatively high while refinery processing declined. According to calculations based upon official data, China's crude surplus amounted to 1,89 million barrels a day (bpd), the highest since June 2023, and an increase from 1,74 million bpd last March. China, which is the world's largest crude importer and has been a major buyer of oil, has bought large quantities of discounted oil, mainly from Iran and Russia, in countries that are under Western sanctions. China does not reveal the volume of crude oil flowing in or out of its strategic and commercial stockspiles. However, an estimate can still be made if you subtract the amount of crude oil that is available through imports and domestic production from the total crude. According to data released by the government on Monday, refiners processed 14,12 million barrels per day in April. This is down from 14,85 million barrels per day in March, and 1.4% less than one year ago. Crude imports in April were down from a 19-month high (12.11 million bpd) in March. Last month, domestic production fell slightly from its 14-year-high of 4,48 million bpd in March. After subtracting the refinery output of 14,12 million bpd, there is a surplus 1.89 million BPD. The surplus crude was 880,000 barrels per day (bpd) in the first four quarters of the year. This is up from the 580,000 barrels per day for the first three months. China's refiners used up their inventories for the first time since 18 months in the first two-month period of 2025. They processed about 30,000 barrels per day more than they could get from crude imports or domestic production. The massive surpluses of March and April, however, have reversed this earlier trend. Not all this excess crude has likely been stored, as some is processed in plants that are not included in the official data. Even if you ignore the gaps in official data, there is no doubt that China imported crude oil at a rate far greater than what it needed to meet its domestic fuel needs in March and in April. Options What is the likely trajectory of China's crude oil imports and refinery production in the next few months? Refiners have more options with the large amount of crude oil surplus that has accumulated in recent months. China's refineries are known to buy surplus crude oil when prices are low and reduce imports when prices rise too fast or too high. The increase in imports between March and April is largely due to refiners purchasing Iranian and Russian crude. This was partly because these grades are cheaper than other grades but also partially due to fears that U.S. sanctions against vessels and buyers could be effective. According to commodity analysts Kpler, China's seaborne exports from Russia reached 1.38 million barrels per day (bpd) in April, and 1.22 millions bpd during March. These were the two strongest months since 1.51million bpd was recorded in October of last year. Kpler estimated that imports from Iran fell to 743,000 barrels per day (bpd) in April. This was down from 1,39 million bpd, the highest monthly figure since October. If they can find a way to avoid the U.S. sanction, it's likely Chinese refiners would continue to purchase Russian and Iranian crude. It would appear that if the volume of crude they can import from these two suppliers is limited, they will have enough in stock to avoid the risk of driving prices up by importing other sources. These are the views of a columnist who writes for.
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Blackstone's $11.5 billion TXNM Energy investment is a bet on the soaring demand for power
Blackstone Infrastructure is acquiring utility company TXNM Energy for $11.5 billion, including debt. The investment firm is betting on the rising demand for electricity in the U.S. and a move to cleaner energy sources. TXNM shares rose 9.2% in premarket trade to $57.75 after Blackstone Infrastructure, a New Mexico-based utility, announced on Monday that it valued the company at $61.25 a share. This represents a 15% premium compared to the last close of the stock, according to LSEG. More companies are investing in utilities as the U.S. is expected to have a record-breaking power demand in 2025. This will be driven by increasing energy consumption in AI and cryptocurrency datacenters, as well as residential and commercial consumers. Utility NRG Energy announced last week that it will acquire certain power generation assets in a $12 billion deal from energy infrastructure investment company LS Power. Earlier this month, KKR Investments and PSP Investments bought a 20% share in American Electric Power’s transmission network. The deal was worth $2.82 billion. Last week, it was reported that Blackstone is in negotiations to purchase the utility focused on New Mexico and Texas. This information came from people who are familiar with the situation. Blackstone, a $60 billion infrastructure asset manager, bets that the high capital requirements in grid modernization and stable, regulated returns make TXNM an ideal long-term investment. TXNM said that the long-term capital provided by Blackstone will help it meet its clean energy and electricity demands, while maintaining grid stability. The company also plans to issue another $400 million in equity before the Blackstone deal is completed. According to its website, TXNM Energy supplies electricity to 800,000. TXNM reported that CEO Pat Collawn would step down after the closing of the deal, which is expected to take place in the second half 2026. He will be replaced by Don Tarry, an insider. Tanay Dhumal reported from Bengaluru. Editing was done by Anil D’Silva and Shinjini Ganguli.
Top 20 worldwide family-owned retail businesses
Japan's Seven & & i Holdings got a buyout proposition from a member of its founding Ito family last week, a possible $58 billion whiteknight bid which would see the company go personal and allow it to continue running under existing management.
Many worldwide retailers have actually decided to stay privately owned or have founding families which have actually maintained considerable stakes.
An index assembled by EY and University of St. Gallen at the start of 2023 listed the 500 largest household services internationally ranked by revenue. Below is a list of the biggest 20 family-owned retailers, both publicly listed and private, which all appeared within the top 100.
WALMART:
The biggest of all family businesses, American omnichannel merchant Walmart was founded in 1962 by Sam Walton, and is currently headquartered in Bentonville, Arkansas.
The Walton household presently holds 45.5% of its shares impressive, according to LSEG data.
SCHWARZ GROUP:
The moms and dad business of German supermarket chains Lidl and Kaufland is owned by Dieter Schwarz, boy of its creator Josef Schwarz.
The group, which was established in 1930, has about 13,900 stores and 575,000 workers in 32 nations.
LVMH: The Paris-based luxury items group was founded in 1987 through a. merger of Moët Hennessy and Louis Vuitton, and has since 1989. been headed by Bernard Arnault, with his five children recently. moving up the ranks of business management.
The Arnault family currently holds 48.8% of shares. outstanding, according to LSEG information.
NIKE:
The U.S.-based sportswear giant was co-founded by Phil. Knight and Bill Bowerman in 1964 as Blue Ribbon Sports.
Knight is currently Chair Emeritus of the board of directors. and attends conferences of the board as a non-voting observer,. after working as Nike's president for an overall of 25 years. According to Nike's 2024 notification of yearly meeting, Phil Knight. and his boy Travis Knight own more than 97% of exceptional Class. A shares in addition to the holding business and trusts they. control, such as Swoosh LLC.
LOBLAW COMPANIES:
Loblaw is a Canadian food and drug store retailer. headquartered in Brampton, Canada.
The biggest financier is George Weston Ltd, founded by George. Weston in 1882, which owns 53.8%. George Weston is managed by. the Weston family, consisting of Galen G. Weston Galen, 51, chair. and director of Loblaw Companies Ltd.
. L'ORÉAL:
The French cosmetics maker was established in 1909 by Eugène. Schueller and is headquartered in Clichy.
Its greatest shareholder is the Bettencourt-Meyers family,. which holds 34.8% of the shares according to LSEG data.
ELO:
France's Elo is the owner of grocery store chain Auchan, which. was established in 1961 by Gérard Mulliez and has its head office. in Croix, France. The Mulliez family has a 98% stake in the. unlisted group Elo, and controls stores such as home enhancement. and gardening outlet Leroy Merlin or sporting items chain. Decathlon.
HEB GROCERY:
The Butt household owns all the voting shares in the American. grocery giant H-E-B. The personal company has its headquarters in. San Antonio, Texas. It was founded by Florence Butt in 1905, and. her grandson Charles Butt currently is the chairperson of the. company.
RAJESH EXPORTS:
The Indian jeweller was established in 1989 by its present. Executive Chair Rajesh Mehta. The Mehta household manages 54.55% of the business, according to a. statement on the business's site.
INDITEX:
The world's largest noted style merchant was founded in. 1985 in Spain by Amancio Ortega as a holding business for the. Zara brand name and its factory. Amancio Ortega controls about 59% of Inditex capital through. Pontegadea Inversiones and Partler Participaciones, with a 5%. stake held by daughter Sandra Ortega. ALDI GROUP:
Aldi's family-owned business was established in 1913 in Germany. In 1961, brothers Karl and Theo Albrecht divided the business. into 2 lawfully and economically independent business,. grocery store chains ALDI Nord and ALDI Sued.
The 2 sis companies served at first north and south. Germany and after that broadened to much of Europe as well as the. United States and Australia.
MERCADONA:
Mercadona, the Spanish supermarket and online shopping. company, was developed in 1977 by Francisco Roig Ballester and his. wife Trinidad Alfonso Mocholí as part of the Cárnicas Roig. Group.
Juan Roig, child of the creators, is the president of the. business, with the household comprising the majority of the board.
The Roig household holds 100% of the shares in Mercadona. according to the EY St Gallen Household Business Index.
C&S WHOLESALE GROCERS LLC:
The U.S.-based supply chain options supplier and wholesale. grocery provider was founded in 1918. In addition to its core. business, it operates and supports corporate supermarket.
Its owner and Executive Chair Rick Cohen is the third. generation of the Cohen household to lead the business.
JERONIMO MARTINS:. Founded at the end of the 18th century, the Portuguese retailer,. owner of Pingo Doce supermarkets, was acquired by Francisco. Manuel dos Santos in 1921 and has been led by the dos Santos. household ever since. Pedro Soares dos Santos is the current CEO of. the company and the household owns over 56% of the Jeronimo Martins. share capital through the Sociedade Francisco Manuel dos Santos.
EMPIRE COMPANY:
The Canada-based business operates in food retail through the. grocery store chain Sobeys, which was established in 1907 by John W. Sobey as a meat shipment company.
Members of the Sobey family are still involved in the. management of the group, which was incorporated in 1963.
H&M:
The Swedish style seller has its head office in. Stockholm. It was established by Erling Persson in 1947.
His child, Stefan Persson and his family are H&M's biggest. shareholders through Ramsbury Invest AB, which holds all the class A. shares, which provide 10 votes per share, along with a part of. class B shares, amounting to 61% of all shares. The family of. Lottie Tham, Stefan's sister, holds 5.5%.
Stefan Persson's kid, Karl-Johan Persson, is the board's. chairperson, having actually served formerly as H&M's CEO from 2009 to. 2020.
COMPAGNIEFINANCIERE RICHEMONT:
Cartier-owner Richemont was formed in 1988, when the. Rembrandt Group spun off its non-South African operations into. the brand-new entity.
The Swiss high-end group, which also owns Swiss watchmakers. IWC, Piaget and Jaeger-LeCoulture, is managed by Chair Johan. Rupert through a mix of 2 categories of shares that offers. him 51% of the voting rights.
KERING:
The France-based Gucci owner is led by the founder's child,. François-Henri Pinault, who has actually been CEO of the group given that. 2005.
The Pinault household owns 42% of the shares and nearly 60% of. voting rights in the company, which was established in 1962 by. François Pinault as a lumber trading business and noted on the. Paris Stock Exchange in 1988, before shifting its focus to the. high-end sector in the late 1990s.
LOVES TRAVEL STOPS & & NATION STORES:
The U.S. based privately-owned chain operates truck travel. stops along with sustaining stations with attached convenience. shops and has about 650 places in 42 states.
It was founded in 1964 by Tom and Judy Love and is owned by. their 4 kids.
Their kids Greg and Frank have been co-CEOs given that 2014.
QUICKLY RETAILING:
The Japanese operator of the Uniqlo clothing chain was. established in 1949 and presently headed by Tadashi Yanai, Japan's. richest guy and Uniqlo brand name founder. Yanai, 75, who has long aimed to make Quick Selling the world's. greatest fashion merchant, presently holds a 17.19% stake in the. company, according to LSEG information. The stake held by his household in. total amounts to 41.28%.
(source: Reuters)