Latest News
-
Singapore exports fall unexpectedly by 3.5% in May
Singapore's domestic non-oil exports dropped 3.5% from the same period a year ago, according to government data released on Tuesday. This was in contrast with analyst expectations, as shipments into the United States plummeted a month after Washington announced new tariffs. The drop was compared to a poll prediction of an 8.0% growth year-on-year, and came after a 12.4% increase in April. Electronics shipments rose slightly, but petrochemicals and non-monetary gold as well as specialised machinery dropped. Brian Lee, an economist at Maybank, said that a boost in exports caused by frontloading is cooling. This can be seen in the 20,6% drop in exports from the United States compared to a year ago after five months of growth. He suggested that the drop could have been made worse by a large base from a year ago. In May, exports to Taiwan and Indonesia increased on an annual basis, while those to Thailand, Malaysia, and the U.S. decreased. The outlook remains uncertain for the financial center as the United States' tariffs are expected to slow global trade. Singapore's GDP forecast was downgraded in April from 1%-3% to 0%-2%, citing the risk of a recession and job loss. Gan Kim Yong, Singapore's Trade Minister, said in May that the U.S. would not budge from its 10% tariff on Singapore but that the nation was working to negotiate concessions for pharmaceutical tariffs President Trump had threatened to implement. Singapore, one of the most open economies in the world, is often viewed as a bellwether economy for global growth. Its international trade dwarfs that of its domestic market. (Reporting and editing by John Mair; Reporting by Jun Yuan Yong)
-
Oil prices jump as Trump calls for Tehran to be evacuated.
U.S. Stock Futures fell and Oil Prices rose on Tuesday as Investors were shaken by U.S. president Donald Trump's request for everyone to leave Tehran, with the fifth day of Israel-Iran combat sowing fears of an broader regional war. The markets were tense after another report claimed that Trump asked the national security adviser to prepare the situation room when he cut his trip short to the Group of Seven Summit in Canada. Trump had earlier called on everyone to evacuate Tehran immediately and reiterated the fact that Iran should've signed a deal with the United States. Recent developments have triggered a wave in the early Asian trading. S&P futures dropped 0.46% and European futures declined 0.69%. Crude prices briefly rose more than 2%. The market is now exhibiting some risk aversion as it adds another element of uncertainty to the market. This was said by Tony Sycamore a market analyst with IG. Wall Street closed Monday higher after sources said that Iran wanted an immediate ceasefire between Israel and Trump, which also dampened a rally of crude prices. Israel's attack on Iran's state-run broadcaster and its uranium-enrichment facilities escalated the Iran-Israel air conflict, the largest battle between two long-time enemies. Investors moved towards safe-haven assets like gold, which gained 0.5%. Meanwhile, a rise in U.S. Treasuries drove yields down across the curve. The yield of the benchmark 10-year bond was about 2 basis points lower at 4.43%. The dollar strengthened against the euro and yen, while maintaining a tighter range. The broadest MSCI index of Asia-Pacific stocks outside Japan rose a little, and futures tracking Hong Kong’s Hang Seng Index also increased a bit. Investors will focus on interest rate decisions from a number of central banks this week, with the Bank of Japan's decision expected later that day. The BOJ's two-day meeting is expected to end with the BOJ maintaining short-term rates at 0.5%. However, markets will be interested in the institution’s view on quantitative tightening. The Nikkei 225 index in Japan rose 0.5%. Meanwhile, the yen fell to 144.96 dollars per yen. Investors expect the BOJ will consider slowing down its reductions in bond purchases next, as it focuses on avoiding major market disruptions, and tries to wean off the decade-long massive stimulus. This would be the country's first major decision after recent auctions showed a declining appetite for longer-dated bonds and drove yields on the country's debt to record levels. On Tuesday, the yields of 30-year and forty-year bonds were largely stable. Investors will pay attention to the comments of officials during a week that is filled with meetings by central banks around the world as they try to navigate Trump's unpredictable tariff policies and the impact they have on the global economic situation. On Wednesday, the Federal Reserve will likely hold its rates at the same level. However, the attention once again will be focused on the future path that Fed Chair Jerome Powell outlines for rate reductions. Traders have priced in two rate cuts by the end the year. Sycamore, IG's central banker, said: "To be a Central Banker is a challenging job right now. On top of the current tariff situation and trade policy as well as the signing of deals by deadlines there is this Middle East uncertainty." The macro backdrops we are seeing now are not more difficult than they were before. The risk of prolonged unrest and disruptions in oil supply have sent commodities prices higher. Brent crude futures contract rose 0.34% to $73.47 per barrel. West Texas Intermediate crude rose 0.43% to $72.09. Gold was trading at $3,393.05 an ounce, up by 0.3% for the day.
-
London metals fall as dollar strengthens, Middle East tensions increase
The price of metals fell in London on Tuesday due to a stronger dollar, and the escalating tensions with Iran and Israel. As of 0124 GMT, the London Metal Exchange reported that three-month copper was down by 0.3%, at $9,673.50 a metric ton. LME aluminium fell by 0.1% to 2,511.50 dollars a ton. Zinc fell 0.4% at $2,649; lead fell 0.4% at $1,998.50; and nickel dropped 0.4% at $15,005. Tin fell 0.4% to $32,505. The SHFE's most-traded contract for copper gained 0.3%, to 78.500 yuan per metric tonne ($10,934.67). Israel and Iran attacked one another for the fifth day in a row on Tuesday. U.S. president Donald Trump called on Iranians to leave Tehran citing his country's rejection to a deal that would curb nuclear weapons development. As geopolitical tensions escalated in the Middle East, U.S. futures fell and oil prices rose. The dollar index increased by 0.3% against its competitors. The dollar's strength makes commodities priced in greenbacks more expensive for buyers of other currencies. Better-than-expected retail data from China released on Monday offered some relief and raised hopes for a rise in metals demand. As part of the deal between the United States and the United Kingdom announced during the G7 Summit, on Monday, the U.S. will impose a tariff-free quota for steel and aluminum imported from the United Kingdom. SHFE aluminium was unchanged at 20,400 Yuan per ton. Lead was also flat at 16,915 Yuan. Nickel fell by 1.1%, to 118.400 Yuan. Zinc gained 0.3%, at 21,870 Yuan. Tin fell 0.4%, to 263,620 Yan. Click or to see the latest news in metals, and other related stories.
-
Australian shares lack direction due to financial counter miners
Investors were cautious after reports of an Israel-Iran possible ceasefire. This led to a decline in Australian shares on Tuesday. As of 0035 GMT, the S&P/ASX 200 was unchanged at 8,547.50. The benchmark closed Monday with little change. Reports late on Monday indicated that Iran had asked its regional allies, including the United States President Donald Trump, to exert pressure on Israel to bring about an immediate ceasefire. This raised hopes for a possible Middle East ceasefire. Market participants are trying to gauge how much of an impact the conflict between Israel and Iran could have on asset prices, said Kyle Rodda. Senior financial market analyst for capital.com. The Australian stock exchange saw heavyweight miners gain 0.6%, as the iron ore prices rose, supported by a resilient steelmaking demand. BHP Group, a mining giant, rose by 0.2%. Rio Tinto, a miner of iron ore, rose by 0.8%. Information technology companies rose by 0.3%. Australian gold stocks rose nearly 1%, as investors sought safe havens due to the conflict between Israel and Iran. Financials were among the losers, with a 0.2% drop after traders locked up profits to prepare for increased market volatility. The "Big Four Banks" lost between 0.1% to 0.6%. Oil prices fell after hopes of a ceasefire eased concerns about a disruption in crude supply from the region. Woodside Energy, the oil and gas company that dominates Australia's energy sector, lost 0.4% of its value while Santos, a smaller rival gained 0.4%. This was a day after Woodside Energy received an offer for $18,7 billion from a consortium led by Abu Dhabi National Oil Company. New Zealand's benchmark S&P/NZX 50 Index was mostly flat at 12,703,25 points.
-
Ecuador reopens the mining concession registry seven years after it was closed
The mining ministry of Ecuador announced Monday that it had launched a new register of concessions, the first in seven years. This was done to encourage more mining projects in the South American nation and to curb illegal activities. Since 2018, the previous registry has been closed due to concerns about irregularities in concession system. No new concessions were granted since then. Mining Minister Ines Manuelo said at a recent press conference that "regulation is needed to protect investments and promote responsible development with respect for the environment and communities." The Ministry will open the register in phases, starting with small-scale nonmetallic mining such as limestone or clay, which are used to make cement and ceramics. The second phase, which will be for small-scale metal mining, is scheduled to open in September. In 2026, the registry will be opened to other forms of mining. Manzano stated that the National Mining Cadastre will consolidate all information about mining concessions in a transparent and efficient manner. Reopening coincides new regulations for how to apply for permits in small-scale non-metallic mines. Manzano stated that "we have improved the regulations, and we will issue guidelines to enable the proper development" of the mining value-chain. In October, President Daniel Noboa who pledged to combat drug gangs, boost the economy and fight the drug trade, ordered the relaunch of the mining registry as part of an mining decree which includes measures to stop the spreading of illegal gold mines. Ecuador exports more than $3 billion worth of copper, gold, and silver. Due to the opposition of indigenous communities and negative court rulings, Ecuador has lagged behind countries in the Andean region such as Peru or Chile when it comes to large-scale mining. Noboa’s administration also proposed new fees for mining, causing a backlash among the mining chamber of the country. Carolina Jaramillo, a government spokesperson, told reporters on Monday that fees will be based on the size and type mining projects and that an open dialogue is being held with representatives of the sector. Reporting by Yury Garca in Quito, Daina Beth Solon in Santiago and Jamie Freed.
-
Trump calls for Tehran's evacuation as the Iran-Israel conflict enters its fifth week
Israel and Iran attacked one another for the fifth day in a row on Tuesday. U.S. president Donald Trump called on Iranians to leave Tehran citing his country's alleged rejection of a nuclear arms deal. The White House announced that Trump would leave the Group of Seven Summit in Canada a day earlier than planned due to the Middle East crisis. Fox News reported that he would convene the National Security Council. French President Emmanuel Macron stated that Trump's early departure is positive because the immediate goal was to get Israel to agree to a truce with Iran. "Iran would have been better off signing the 'deal,' which I had told them to do. It's a waste of life and a shame. IRAN CANNOT HAVE A NUCLEAR WEAPON. I repeated it again and again! "Everyone should immediately evacuate Tehran!" Trump posted a message on Truth Social, his platform for social media. Iranian media reported heavy fires and explosions in Tehran as early as Tuesday morning. Asriran News reported that air defences had also been activated in Natanz which is home to important nuclear installations located 320 km away. After midnight, Israeli air raid sirens were heard in Tel Aviv and an explosion occurred as Iranian missiles again targeted the country. Israel reported 24 civilian deaths while Iranian officials claimed 224 deaths in five days. Bezalel SMotrich, Israeli Finance Minister, said that nearly 3,000 Israelis were evacuated because of damage caused by Iranian air strikes. According to sources, Tehran asked Oman and Qatar to ask Trump to put pressure on Benjamin Netanyahu, the Israeli prime minister to reach an immediate ceasefire. Two Iranian and three regional source said that Iran would be flexible in its nuclear negotiations. Abbas Araqchi, Iranian Foreign Minister Abbas said that the next steps would be consequential if President Trump was sincere about diplomacy. He also expressed interest in ending this war. "Israel must stop its aggression. And unless there is a complete cessation of the military aggression against us our responses will continue." Netanyahu told reporters Monday that Israel is committed to eliminating the threats posed Iran's ballistic missile and nuclear programs. He added, "If it can be done in another way, fine." We gave it 60 days." Trump told reporters on Friday morning, the first day Israel launched its assault, that he gave the Iranians 60-days to reach an agreement with regard to the cessation of uranium enrichment. He said the deadline had passed without a deal. After Trump's warning to evacuate, oil prices rose more than 2% in Asia early on Tuesday. This reversed losses from Monday amid reports that Iran wanted an end to hostilities. CHINESE URGED TO LEAVE ISRAEL The Chinese Embassy in Israel has urged Chinese nationals to leave Israel as soon as they can via land border crossings. Israel's attack on Iran's state-run broadcaster and its uranium-enrichment facilities escalated the Iran-Israel air conflict, the largest battle between two long-time enemies. Rafael Grossi of the International Atomic Energy Agency told the BBC the Natanz plant suffered extensive damage and likely destroyed 15,000 centrifuges. Iran's Fordow facility remained mostly intact. The talks between Iran and the United States, which were to be hosted by Oman on June 15, have been cancelled. Tehran has said that it cannot negotiate under threat. Israel began its air war by launching a surprise strike that killed the top nuclear scientists and military commanders of Iran. Israel claims to have taken control of Iranian airspace, and plans to intensify the campaign over the next few days. Trump has repeatedly said that the Israeli attack could be ended quickly if Iran accepted U.S. requirements to curb its nuclear program. Trump said to reporters at the Group of Seven Summit in Canada, Monday, that Iran would be foolish not sign a deal. An official from the United States said that Trump would not sign G7 leaders' draft statements calling for deescalation in the conflict. The draft statement states that Iran cannot have a nuke and Israel has the right of self-defense.
-
Element 25, a company in Australia, secured $32.6 million in government debt for the construction of a manganese mine
The Australian manganese manufacturer Element 25 announced on Tuesday that the Northern Australia Infrastructure Facility has agreed to provide an advanced debt facility up to A$50m ($32.57m) for its Western Australia project. Early trading saw shares of the producer jump as high as 10.3%, to A$0.215. Manganese, a metal in high demand by the electric vehicle industry, is being funded. General Motors, along with its battery partner LG Energy Solution, announced last month that they plan to begin commercial production in the United States of lithium manganese rich (LMR) batteries chemistry starting in 2028. GM says the chemistry will be cheaper than the nickel-rich cell technology used today but still provide the customers with the range that they desire in future electric trucks or full-size SUVs. NAIF will fund the Butcherbird Manganese Expansion Project in the Pilbara Region, while Element 25 continues exploring other funding sources such as offtake prepayment. The miner plans to increase the production capacity of Butcherbird to 1.1 millions tonnes per year of manganese dioxide concentrate. The project will also be able to provide manganese concentrate as feedstock to Element 25’s planned high purity, battery grade manganese monohydrate (HPMSM), which the company plans to build in Louisiana in the United States. Our feasibility studies confirmed Butcherbird’s pedigree, as a long-life production hub for manganese from its 274,000,000 tonne resource. This is essential to our plans of HPMSM in USA and possibly other locations worldwide," said Element 25’s managing director Justin Brown. Brown said that Element 25 also considers other geographies such as Tokyo to build processing hubs of the vital mineral, which is expected to grow in demand by the electric vehicle industry. The firm also said that it was in talks with several potential financiers to provide the remaining project financing.
-
Supply concerns fuel oil price rises as Iran-Israel conflict fuels supply fears
Oil prices rose over 2% Tuesday, as tensions between Iran and Israel intensified. U.S. president Donald Trump also urged "everyone to evacuate Tehran", increasing the likelihood of further unrest and disruption in the oil supply. Brent crude futures contracts were up $1.17 or 1.6% at $74.4 a barrel as of 0005 GMT, and U.S. West Texas Intermediate Crude was up by $1.34 or 1.87% at $73.11 – both had risen over 2% in the previous trading session. After media reports that Iran was seeking to end hostilities, both contracts were settled at a lower price than 1% on Monday in the hope of easing geopolitical stress. The conflict took an ugly turn on Tuesday, when Iranian media reported heavy air defence and explosions in Tehran. Tel Aviv's air raid sirens were activated in Israel in response to Iranian rockets. Iran is the third largest producer of oil among the members of the Organization of Petroleum Exporting Countries. Hostilities may disrupt the oil supply and increase prices. The head of U.N.'s nuclear watchdog said that Iran's largest uranium-enrichment plant had also suffered extensive damage. Trump stated that Iran should have reached a nuclear agreement with the U.S. prior to Israeli strikes and he believed Iran is now willing to come to an agreement. As part of any agreement, the lifting of U.S. sanction would allow Iran export more oil and impact global crude prices. OPEC+ - which includes Russia and pumps half the world's oil – said Monday that they expected the global economy, including the U.S., to be resilient in the second part of the year. The group also lowered its estimate for the growth of oil supply in 2026 from non-OPEC+ nations and the U.S. (Reporting and editing by Christopher Cushing in Bengaluru, Anjana Anil)
Texas startup sells fungi that eat plastic to reduce landfill waste
Could baby poop, fungi and landfill waste work together? This is the concept behind a new product from an Austin-based startup, which sells disposable diapers with fungi that are designed to break down plastic.
Hiro Technologies MycoDigestible Diapers come with a packet containing fungi that should be placed in the diaper before throwing it away. The fungi will begin biodegrading after a few weeks when they are exposed to moisture in feces and urine.
Disposable diapers are a significant contributor to landfill waste. According to the Environmental Protection Agency, approximately 4 million tons worth of diapers was disposed in the United States last year without any significant recycling or composting. It takes hundreds of years for diapers to decompose naturally. The very first disposable diaper is still sitting in a landfill.
Hiro Technologies used fungi to combat this problem. These organisms, which include molds, mildew, and yeasts, derive their nutrients from organic matter. Researchers from Yale University discovered in Ecuador in 2011 a fungus that feeds on polyurethane - a polymer commonly found in plastic products. The researchers figured that the fungus Pestalotiopsis could survive in landfills, which are environments without oxygen.
Tero Isokauppila is the co-founder of Hiro Technologies, a Finnish entrepreneur and founder of Four Sigmatic. He said that more than 100 species are now known to be able to degrade plastics.
"Many moons ago, fungi developed to break down trees. Especially this hard-to -break-down compound called lignin. "Isokauppila explained that the carbon backbone in plastics is similar to its carbon backbone.
Hiro Technologies has three sealed jars that show the decomposition stages of a diaper treated over time. Isokauppila says that after nine months the product looks like black soil, which is "just digested and basically earth".
The company said it needed to do more research in order to determine how the product would decompose under real-world conditions and in different climates. It hopes to have data available to make "consumer facing claims" by next summer. The company also plans to test plastic-eating mushrooms on adult diapers and feminine care products.
For the moment, "diaper packages" are being sold online for $35 per week. Miki Agrawal said that the MycoDigestibleDiapers have been generating excitement among consumers and investors ever since they launched about a year ago. She declined to provide details. Agrawal stated that the company chose to focus on diapers because they are the most common household plastic waste.
Agrawal stated that "there is a detrimental lasting effect which we have not really thought about or considered." "Because, when you throw away something, no one asks themselves, "Where is away?"
(source: Reuters)