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Japan's Sumitomo Realty bets on Mumbai serviced apartments and Mumbai by Japan's Sumitomo Realty
?Japan’s Sumitomo Realty and Development plans to expand into?India using an unconventional strategy: focusing on Mumbai and?managing apartments?rather?than?selling them, executives said. Japanese developers are expanding their presence on India's $300-billion real estate market. They have been attracted by the rising rents and lower construction costs than in Tokyo, New York, or London. Due to the slow process of land acquisition, players such as Japan's Mitsui, and U.S. based Blackstone have expanded their operations in India through partnerships with local developers or by purchasing completed buildings. Sumitomo is, on the other hand, focusing its efforts in Mumbai, and relying on a 'ground-up'?construction. In an interview, Niinomi masato, the general manager of Sumitomo India's business division said that Mumbai is a city with assets and vitality worth focusing on. Sumitomo, which manages 240 properties in Tokyo, has called Mumbai the "second growth engine". Masato?added that Mumbai has fewer geographic risks, such as earthquakes which can threaten assets or cash flow. MAIN BET ON MUMBAI Tomoki Iwata said that the company is reviewing other cities, but has not yet found any suitable sites in Delhi or Bengaluru. Sumitomo believes that there is a greater supply of prime locations than in Mumbai where the land shortage creates opportunities for rental growth over time. Sumitomo has five projects in India, all located in Mumbai, four of which are in the Bandra Kurla Complex, near the international airport and home to many multinational companies. Iwata stated that these four projects will be completed in five years, and cash flow will fund future expansion. He said Sumitomo spent a quarter its $6.5?billion India commitment but declined to provide details. Servicing, not selling Rents for "premium" apartments in India have also increased as the country's wealth has grown. According to Cushman & Wakefield, the average rent in south Mumbai was as high as 730,000 rupees per month this year, which is about 20% more than it was three years ago. Luxury homes are typically sold for millions of dollars by local developers such as Oberoi and Godrej Properties. Masato stated that Sumitomo will manage and rent the apartments in one of its "super high-rise" Mumbai project rather than selling them.
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Azerbaijan ships first gasoline to Armenia after decades-long war
Azerbaijan's state oil company SOCAR delivered 1,220 metric tonnes of gasoline to Armenia on Friday, the first shipment in 30 years as the two countries?gradually? improve their relations after decades of war. Azerbaijani officials said that the gasoline was transported by train near the border of Georgia to Boyuk Kesik, where it will be then delivered to Armenia. Hikmet Hajiyev is the assistant to Azerbaijani president Ilham Aliyev and head of foreign policy in his administration. He said they also discussed demarcation of the disputed border. Azerbaijan has been at war with Armenia for almost 30 years. In the 1990s, Nagorno Karabakh, which is internationally recognized as a part of Azerbaijan broke away from Baku and ethnic Armenians declared de facto autonomy. Azerbaijan took control of the region in 2023. The two sides then began peace talks. Azerbaijan reopened earlier this year its territory to the?transit? of goods from Azerbaijan to Armenia. This?route had been closed since 1997. Two grain shipments?from Kazakhstan, Russia and Azerbaijan have already crossed Azerbaijan on their way to Armenia. Another consignment of Russian grains is expected before the end of this year.
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Von der Leyen: EU will lift sanctions against Kosovo and release financial assistance
According to European Commission President Ursula von der Leyen, the European Union will lift the sanctions it imposed against Kosovo in 2023 due to tensions in the northern part of the country. The EU introduced punitive actions against the ethnic Albanian majority in Kosovo after the government of Prime Minister Albin Kriti failed to respond EU and U.S. requests to defuse violence in northern Serb majority following "the worst violence in more than 10 years". These measures included stopping visits to the EU by Kosovo officials and suspending large parts of EU economic assistance. Von der Leyen posted a 'post on X, late Wednesday night. 'Good news for Kosovo. "We have programmed 216 million euros ($253 millions) in financial assistance and plan to release 205million euros early next year." In 2023, violence erupted after ethnic Albanians became mayors in the northern part of Kosovo following local elections that were boycotted. Serbs demanded the implementation a decade-old agreement granting greater autonomy. Around 30 NATO peacekeeping soldiers guarding townhalls were injured during clashes between protesters and Serbs. Von der Leyen stated that the EU decided to lift the restrictions after the local elections in October, which saw the installation of Serb mayors. Kosovo is due to hold a parliament election on December 28th after a failed attempt to form a new government in February. Normalising relations between Kosovo and Serbia is essential to their common goal of EU membership. ($1 = 0,8532 euros) Reporting by Ivana Skularac and Editing by Timothy Heritage
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Palm oil prices rise on bargain-buying and soyoil price spread
Malaysian palm futures rose for the second session in a row on Thursday, boosted by bargain-buying and improved prices against'soyoil. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Market gained 13 ringgit or 0.33% to $3,979 ringgit (US$974.29) per metric ton. The recent price drop has prompted traders to buy the dips. Palm oil is also more attractive than other oils, especially soybean oil. Dalian's soyoil contract with the highest volume?fell by 0.38% while palm oil contracts grew by 0.46%. Prices of soyoil on the Chicago Board of Trade rose by 0.31%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of rival edible oils. Oil prices increased slightly as investors weighed the risks of a Venezuelan oil blockade and further U.S. sanction against Russia. Palm oil is more attractive as a biodiesel feedstock due to the stronger crude oil futures. The palm ringgit's currency edged up 0.05% against the dollar making the commodity slightly more expensive for buyers with foreign currencies. A circular posted on the Malaysian Palm Oil Board's website revealed that Malaysia had lowered the crude palm oil price reference for January 2026 to a level which?lowers export duty to 9.5 percent. The Indonesian Palm Oil Association reported that Indonesian palm oil stocks fell by 10% at the end of October despite a rise in production. $1 = 4.0484 ringgit (Reporting and editing by Ashley Tang, Subhranshu Sahu, and Tasim Zaid)
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Russia hopes Trump doesn't make a 'fatal mistake' in Venezuela
The Russian Foreign Ministry said Thursday that they hoped the U.S. President Donald Trump administration didn't make a fatal mistake over Venezuela. They also said that Moscow was concerned about U.S. actions that threaten international navigation. Trump ordered on Tuesday a "blockade", of all oil tankers sanctioned by Washington, that enter and leave Venezuela. Washington was trying to increase pressure against Nicolas Maduro’s government. After the U.S. seize a sanctioned oil tanker off the coasts of Venezuela, last week. Loaded vessels with?millions barrels of crude oil chose to stay in Venezuelan waters than risk being seized. In a press release, the Russian foreign ministry stated that it hoped "the D. Trump Administration, which is characterized as a 'rational and practical approach,' will not make a grave mistake." The ministry stated that Venezuela is a friendly nation to Russia and that Moscow hopes the U.S. will not get involved in a situation which could have "unpredictable effects for the entire Western Hemisphere". Russia quoted Simon Bolivar as saying, "Every nation has the right to select its own rulers, and other countries should respect this." Bolivar was a brilliant Venezuelan tactician, who freed much of South America from centuries-long Spanish rule. The Russian ministry stated that it wanted to normalize the dialogue between Washington DC and Caracas and reiterated Russia's "solidarity" with the Venezuelans in the face of their trials. Russia supports "the Maduro Government's course, which is aimed at protecting national interests and the sovereignty of the Motherland." (Reporting and writing by Felix Light, Guy Faulconbridge; editing by)
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Gabon introduces new housing tax to tackle debt
Gabon plans to introduce a housing tax next January in order to finance the needs of this oil-producing nation, as its debt continues to grow. The country is facing an acute liquidity squeeze that has made it more dependent on regional capital markets. Marie-Noelle Ada Meyo, a special adviser to the Gabon Presidency's social media, said that authorities are working on an annual tax which will be paid by the owner or tenant of a dwelling. Ada Meyo, Gabon's Treasury Minister, said that the funds will be used to improve street lighting, road maintenance, and city cleanliness. The amount of the contribution will vary depending on where you live, between $1,000 ($1.80), and 30,000 CFA Francs ($53.88), per month. She added that the exemptions will apply to households in need, schools, and places of worship. According to the World Bank, more than a third (33%) of Gabon’s population is living in poverty. In rural areas, access to basic services like water and electricity is still difficult. The outstanding public debt of Gabon increased to '8.6 trillion CFA Francs' ($15.45billion) by the end October, from '7.1 trillion' for the same time period last year. The total?amount includes 4.2 trillion CFA Francs in external debt and 4 trillion CFA Francs in domestic debt, including 3.2 billion issued on the regional market. At the end of October, arrears totaled 443.6 billion CFA Francs. $1 = 556.7500 CFA Francs (Reporting and editing by Alexander Smith; Anait Miridzhanian)
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China aluminium imports decline 14% y/y, custom data shows
Customs data released on Thursday showed that China's imports of?unwrought aluminium? and?aluminium? products dropped 14% from a year earlier in November. According to the General Administration of Customs, China was the world's largest metals consumer in November. Traders said that the decline in imports, which ended five months of growth in volume, was a sign of softer demand for metals used in construction, transportation and packaging. The traders also added that arbitrage incentives remained muted and import appetite was weak. In the first 11 months 2025, China imported 3,60 million tons unwrought aluminum and aluminium-based products. This is an increase of 4.4% over the same period last year. The data includes primary metals and alloyed aluminum that has not been wrought. Imports of Bauxite (a key raw material for aluminium) increased by 22.9% in November compared to the previous year, to '15.11 millions tons. This brings the total year-to date imports up to '185.96million tons, a?29.4% increase year-on-year. According to Bureau of Statistics data, China's aluminium production remained high in November. It was up 2.5% on the year to 3.79 million tons. (Reporting and editing by Eileen Soreng, Lewis Jackson, Dylan Duan)
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Iron ore continues to gain on improved steel margins and restocking hope
Iron ore futures continued to rise on Thursday. This was due to improved steel margins, and expectations of feedstock replenishment by steel mills in China, the top consumer. The largest iron ore contract on China's Dalian Commodity Exchange rose for the third consecutive session, ending daytime trading up 1.63% to 777.5 Yuan ($110.43), its highest level since December 8. As of 0722 GMT, the benchmark January iron ore traded on the Singapore Exchange had risen 0.87%. It was now trading at $104.55 per ton. The price of iron ore reached its highest level since November 27, at $104.6, earlier in the day. Analysts say that the sharp drop in coal and coke prices last week has improved profitability for some mills. Analysts at Galaxy Futures stated that "some mills could ramp up supply by the end of this month due to improved margins. However, hot metal production will continue to fall this week." Iron ore demand is usually gauged by the hot metal production, which is a blast-furnace product. In the meantime, Chinese steel mills will be frantically buying raw materials to replenish their in-plant inventories, including iron ore. This is to meet production needs during the Lunar New Year, which occurs in February. Coking - Following a decline earlier in the month, coal and coke (other steelmaking ingredients) both grew by 6.07% and 5.91%, respectively. Analysts at Galaxy Futures say that the expectation of a?reduced supply due to equipment repairs by year-end, and mills' need to restock their stocks, has supported coal prices. The majority of steel benchmarks traded on the Shanghai Futures Exchange have gained ground. Rebar gained 1.4%, while hot-rolled coil rose 1.05%. Stainless steel also rose 0.53%. Wire rod, however, fell by 1.19%. ($1 = 7.0409 Chinese Yuan Renminbi)
US settles $9.63 billion loan for Ford, SK On joint battery venture
The U.S. Energy Department on Monday said it has actually finalized a $9.63 billion loan to a joint venture of Ford Motor and South Korean battery maker SK On to assist fund building of three new battery manufacturing plants in Tennessee and Kentucky.
The low-priced government loan for the BlueOval SK joint venture is the largest ever from the federal government's Advanced Innovation Cars Production loan program. SK On is the battery system of energy group SK Development.
The last award - initially reported - is among a. series of actions by the Biden administration to improve electrical. vehicle production before President-elect Donald Trump takes. office next month.
The amount is greater than the $9.2 billion conditional. dedication revealed in June 2023 for the BlueOval project. Trump and his consultants have been vital of the Biden. administration's efforts to incentivize EV production.
This program is necessary to getting individuals to pick the. United States of America, stated Jigar Shah, who heads the DOE. Loan Programs office, in an interview. When you look at the. competitors that we have from China, it is really clear to me that. they have used inexpensive debt for a very long time to promote a. lot of making capacity that has burrowed lots of. neighborhoods in Kentucky, Tennessee, and other states around the. country.
The joint venture is constructing battery manufacturing. centers in Kentucky and Tennessee that will enable more than. 120 gigawatt hours of U.S. battery production each year.
BlueOval SK said it has actually invested more than $11 billion to. date in the building of the three 4-million-square-foot. facilities and plans to start production at the first Kentucky. plant in 2025 and will be all set to begin production in Tennessee. in late 2025.
Asked why it took almost 18 months to complete the loan,. Blue Oval SK stated the DOE carried out rigorous due diligence that. needed to conduct technical, market, financial, credit, legal,. regulatory, and other evaluations.
Previously this month, the DOE stated it is planning to loan up. to $7.54 billion to the StarPlus Energy joint endeavor of. Chrysler-parent Stellantis and Samsung SDI. to assist build 2 EV lithium-ion battery plants in. Indiana.
The conditional dedication award must still be settled and. includes $6.85 billion in primary and $688 million in. capitalized interest
The DOE said last month it was proposing to loan Rivian up. to $6.6 billion to construct a plant in Georgia to start constructing. smaller, less expensive EVs in 2028.
In December 2022, the DOE settled a $2.5 billion low-cost. loan to a joint endeavor of General Motors and LG Energy. Option to help spend for 3 new lithium-ion battery cell. producing facilities in Ohio, Tennessee and Michigan.
(source: Reuters)