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Reliance Industries reduces its stake in Indian Asian Paints
Reliance Industries, owned by billionaire Mukesh Amani, announced on Thursday that it had sold shares in Asian Paints worth 901 million dollars. India's largest Paintmaker is currently facing Potential antitrust scrutiny While its growth is being New aggressive tactics are a challenge Aditya Birla Group is one of the new entrants Birla Opus Urban consumers as well Cutting back Spending discretionary money is a good idea. Reliance Industries has announced that it sold its stake via affiliate Siddhant Commercials. This company held a 4.9% stake until March in the paintmaker. Shown Below Reliance Industries retains approximately 8,7 million shares after the sale. This represents a 0.9% share in the company. The oil-to -telecom conglomerate has sold 35 million shares of Asian Paints for 2,201 rupees each, a discount from the stock's closing price on Wednesday of 2,208.8. Asian Paints closed Thursday with a gain of 0.48%, but it has lagged behind the benchmark Nifty50 both this year as well as last year. The Economic Times reported last month that Reliance wanted to sell its entire 4,9% stake, and exit the 17-year old investment. The buyers' identities were not immediately known and will be revealed later on in the day, when the exchanges provide details of that session's trading. Reporting by Hritam Mukerjee and Nishit Nair; Editing and proofreading by Harikrishnan Nair, Tasim Zahid
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Mozambique: Hunger is a problem because no one helps the children
Mozambicans are in need due to drought and conflict USAID cuts put strain on charities and households UN warns about 'children's crisis' By SAMUEL COME Nobody brings food, clothes and blankets anymore to her camp in Pemba city, where she's lived for five years, ever since she fled the rebel attack on Macomia, a northern town, five years ago. "They used to help us for a long time but they have now left us." "Everyone manages on their own, we don't receive food or clothing, and no one supports the children any longer," she said. Omar and the other families in the camp received help from the Association for the Protection of Women and Girls. The decision by Donald Trump, President of the United States, to freeze $60 billion in foreign aid as well as other cuts made by international donors has caused a global backlash. These cuts have a devastating impact on Mozambique. This is one of the most disaster-prone nations in the world. Conflict, climate shocks such as floods and droughts along with political unrest, economic decline and other factors have contributed to a severe hunger crisis. Erasmo Mature is the project manager of PROMURA. Aid agencies report that Mozambicans are not only regularly displaced from their homes by cyclones, but also more than 1.3 millions people have fled since militants linked to Islamic State launched an insurgency at Cabo Delgado last year. According to the World Food Programme (WFP), there are approximately five million Mozambicans who lack food and require urgent assistance. Omar said, "It is dawn and we don't know what to feed the children." 'CHILDREN'S EMERGENCY' In February, during a visit to Mozambique, officials from the United Nations called for immediate action to deal with the crisis brought on by the conflict and two cyclones that hit the country in December and January - Chido & Dikeledi. During the trip, Joyce Msuya said that global humanitarian funding was under enormous strain. "We cannot leave Mozambicans in this critical moment." UNICEF, the U.N. agency for children, has warned that cuts in international aid budgets will cause a "children’s emergency". Funding for Mozambique is expected to drop by 20% by 2026. The budget has only been funded to about 35% of the total amount. The crops on the field wilted during the devastating drought of last year, which was fueled by El Nino. The harvests were poor, and prices of food rose. Families with low incomes who rely primarily on subsistence agriculture are still feeling the effects of the dry spell in some districts surrounding the capital Maputo. Teresa Vilanculos, a resident of Bobole village, said that during her most recent harvest, this year, the seeds in the soil had dried out. She relies on farming to feed two of her grandchildren and has now no harvest or seeds for the next planting in September. She said that she used to get seeds and food through the Red Cross and projects funded by U.N. Food and Agriculture Organization and African Development Bank. But this is no longer available. She sells wood to help her make ends meet. However, it's not enough to buy food for her granddaughters. She said, "Here it is normal to not have anything in your mouth throughout the day." UNICEF reports that Mozambican Children face "unprecedented crisis" and 3.4 million need immediate aid. Donors have only contributed 3% of the $619m the WFP needs to help Mozambique. The agency will need $170m to provide essential assistance in the next six month to avoid a major hunger crisis. Vilanculos needs support now. She said, "I feel sorry for my grandchildren because they are not at fault for anything."
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Indonesia invites foreign investors to invest in seawall worth $80 billion that will protect the coasts against flooding
On Thursday, Prabowo Subito announced that foreign investors were invited to participate in Indonesia's plan for a seawall of hundreds of kilometers to prevent flooding along the north coast on its largest island Java. The wall is expected to cost $80 billion and will be built to prevent flooding. The project builds on a plan from 2014 by the government of Jakarta to protect the city against rising sea levels, land subsidence and flooding along the north Java Coast. Prabowo announced that he will form an agency for the project to build a giant seawall stretching from Banten province to East Java, which could take up to 20 years to finish. Officials have stated that the wall will be approximately 700 km (435 miles). In a speech delivered at an event on infrastructure, Prabowo stated that the construction of a giant seawall along the coast of northern Java was one of the most important infrastructure projects. He said that "(sea) water has threatened the lives and livelihoods of our people", citing several towns in central Java. According to Indonesia's Meteorology, Climatology and Geophysical Agency, sea levels on Indonesian coastlines increased by an average of 4,25 millimetres per year from 1992 to 2024. However, the rate has accelerated over the past few years because of climate change. Prabowo stated that he has invited countries like China and Japan to invest, but did not elaborate. Experts claim that Jakarta is sinking because of excessive groundwater extraction, which has led the central government plan to move its capital to the jungles on Borneo Island. (Reporting and editing by Mark Heinrich; Stanley Widianto)
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What is behind Iran's long-running dispute with the United States of America?
The United States has withdrawn some diplomatic staff as well as military families from the Middle East citing regional security threats that are not specified. The long-standing rivalry between Iran and the United States may have contributed to tensions. This article explains the history of the rivalry and how it played out. It also explains why tensions have risen again. Why did Iran and the United States become enemies? Iran and the United States have been friends for much of the 20th Century. In the 1950s as the Cold War began to take hold, Washington relied heavily on Iran's ruling Shah to stem the spread of Soviet influence in the oil producing Middle East. The Shah's popularity was waning at home, and the CIA helped to topple a populist Iranian Prime Minister, Mohammed Mossadegh. He had nationalised Iran’s British-owned Oil Company and wanted a neutral Cold War stance. The Islamic Revolutionaries in Iran who overthrew the Shah of Iran in 1979 accused the CIA for training the secret police of the Shah and vowed that they would fight Western imperialism throughout the region. They called America the "Great Satan". The American embassy was taken over by revolutionary students who held dozens of diplomats, staff and others hostage for a period exceeding a year. This ended a strategic alliance which had shaped this region for decades. How did the US-Iranian Rivalry play out? The new Iranian government sought to export the Islamic Revolution to other Shi'ite Muslims, as well as groups that opposed Israel. It saw Israel as the main avatar of an imperialist Western project oppressing Muslims throughout the Middle East. Hezbollah was established in Lebanon by the Islamic Revolutionary Guards Corps of Iran in the early 1980s. The United States accuses this group of bombing their embassy and Marine barracks in Beirut, Lebanon, in 1983 and killing 300 people, mainly Americans. Hezbollah has claimed that other groups are responsible for the wars it fought with Israel, the U.S.'s main regional ally. Iran also had complaints. Baghdad backed Baghdad in its war against Iran. Iraq invaded Iran and began using chemical weapons in 1982. In 1988, a U.S. ship mistakenly downed an Iranian passenger aircraft and killed 290 people. After 1990 tensions began to ease as the U.S. focused its attention on Iraq following Baghdad's invasion and Iran elected Mohammed Khatami in 1997, a reformist president who wished for better relations with Western countries. In the early 2000s, rivalry erupted again when U.S. president George W. Bush labelled Iran as part of an “Axis of Evil” along with Iraq and North Korea. This label caused anger in Iran. In 2002, Iran's secret nuke programme was revealed. The U.S. invasion of Iraq led by 2003 placed the two countries at odds in a battle for control of the Shi'ite-majority country. Who are the U.S. and Iran in the Middle East? In conflicts and political battles between both sides' proxies, the U.S. and Iranian rivalry is often played out in the background. Iran also supports Hezbollah and other armed Shi'ite groups in Iraq, including the Houthi group, which has attacked international shipping on the Red Sea, as well as the Palestinian militant group Hamas. The United States has been the principal international supporter of Israel for many years, Iran's main regional rival. The United States is also an ally of the Sunni Gulf monarchies, who have for many years been waging their own war against Iran. Saudi Arabia, along with other Sunni-majority countries, has buried the hatchet and is now a friendly nation. However they are still wary of any U.S. attacks on Iran and fear retaliation. How does the Iranian nuclear issue fit in? Iran's nuclear program was put in the crosshairs of the U.S. after it was revealed that Iran secretly enriched uranium. This process can be used to make fuel for a power plant, but also more concentrated material for a weapon. As negotiations on Iran's nuclear program have been dragging out for years, the West has stepped up its pressure with sanctions. Iran claims that its program is completely civilian and it has the right enrich uranium. Washington and its allies claim that Iran has always hidden key elements of its program and believes it is trying to build a nuke bomb. Iran and six major countries including the United States agreed in 2015 to curb Tehran's nuke work in exchange for limited sanctions relief. But U.S. president Donald Trump ripped the deal up in 2018. Trump has warned that if there's no new agreement, he will bomb the country. Why is Israel's position on Iran important? Israel has repeatedly called Iran its most dangerous adversary and indicated that it could strike Iran's nuclear sites. A similar attack would require the U.S.'s consent, which could drag Washington into a war with Tehran. Israel has been widely viewed as being behind the covert attacks against Iran's nuclear program, including Stuxnet and the assassination of scientists. Israel has not confirmed or denied this. Since the Hamas attacks on Israel in October 2023, tensions have risen as the war in Gaza has raged. Israel struck Iranian targets in Syria, Iraq and Syria last year. Iran's Houthi ally in Yemen launched strikes against Israel. Iran and Israel exchanged direct fire twice with drones and missiles, highlighting the possibility of full-blown warfare.
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Germany's Bund yield falls to its lowest level since May due to safe-haven flows
Germany's 10-year bond yield fell to a six-week low Thursday, as safe haven flows benefited from market anxiety over trade and tensions with the Middle East. This came a day following soft U.S. Inflation numbers. The benchmark yield for the Eurozone, Germany's 10-year Bund, is now at 2.473% - its lowest level since early May. Yields dropped around the globe on Wednesday, after data showed that U.S. consumer price increases were lower than expected in May due to cheaper petrol and a healthy appetite for U.S. Treasuries at auction. The bond rally on Thursday was supported by a global tone of risk-off after U.S. president Donald Trump announced that the United States will send letters outlining terms of trade agreements to dozens countries in one to two week, which they can accept or reject. Separately Trump stated that U.S. personnel was being relocated out of the Middle East "because it could be a very dangerous place". Stocks fell and safe haven currencies such as the Japanese yen, Swiss franc and other currencies rose. Now, the focus is on U.S. producer prices due Thursday. It's not usually a major market mover but it will be interesting. In a note, ING analysts predicted that it would show a rebound from the declines seen in May. They also said that they expect U.S. Treasuries will continue to rise unless the bounce is "overly vigorous". Investors in Europe were watching European Central Bank speakers to determine if the rate cut last week was the final one in this cycle. This is despite the ECB's forecast that inflation will fall below its 2% goal next year. Isabel Schnabel, a member of the ECB Executive Board, said that on Thursday interest rates are in a good place because inflation will likely return to its target over the medium-term. Gediminas Simkus, a Lithuanian policymaker, said that interest rates could need to be further lowered this year due to the risk of undershoot. The markets are pricing in another rate cut for this year. The other euro zone bonds moved largely in line with benchmark. Italy's 10-year bond yield fell 5 basis points to 3.42%. The yield on Germany's two-year interest rate sensitive bond fell by 4 basis points to 1.81%. (Reporting and editing by Kate Mayberry and Kirby Donovan; Alun John)
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Yankees aim for a season-series sweep over Royals
The Kansas City Royals have only been swept in one series this year -- by the New York Yankees. They are now looking to repeat that feat. On Thursday night, the visiting Yankees will attempt to complete a season-perfect series against a struggling Royals. New York defeated Kansas City by 12-6 in all three games played in the Bronx between April 14-16. Then, on Tuesday, they won the first game of the current series 10-2. The Yankees tagged Kris Bubic for five runs on Wednesday in the second inning. He had entered the game with a 1.43 ERA which was the best in the major league. Aaron Judge hit his 25th and fourth home runs in three games as New York won 6-3. You have to execute. Matt Quatraro, Kansas City's manager, said that there are no "free outs" in the New York lineup. The Royals' inability to score more than three runs against the AL East leaders, the Yankees, this season hasn't been helpful. The three runs were scored in the ninth inning on Wednesday, with Salvador Perez's home run bringing them to a two-run total. Kansas City is 10-18 after starting with a 24-16 record. In this series, the Royals scored just two runs against Yankees starters over 13 innings. The Yankees scored 39 runs over their last five games. Trent Grisham, a New York outfielder, told Amazon Prime Video: "I think we're doing everything around." Judge has a batting average of.394 and a five-homer, three-RBI performance against Kansas City. Aaron Boone, manager of the Yankees, said: "The most amazing thing is that I feel like he just plays well." I don't think he was on fire at all. "I think that he is just playing well and getting his hits. He's doing his thing." Judge is only 1-for-11 and has five strikeouts versus Seth Lugo, Kansas City's scheduled starter for Thursday (3-5, 3.46 ERA). Lugo allowed two walks and three hits over six and a half innings in a 4-1 Royals loss on April 14. Jazz Chisholm Jr. and Grisham also homered against Lugo. Lugo has a 5-3 record with a 3.00 ERA over 15 appearances (5 starts) against the Yankees. The right-hander gave up a single home run and another run in five innings of a no decision against the Chicago White Sox. New Yorkers Paul Goldschmidt and DJ LeMahieu, who each hit a single with two runs on Wednesday, are combined 14 for 27 against Lugo. Will Warren (4-5, 5.34) will face Kansas City on Thursday for the first-time. During a stretch of four starts from May 9-25 the right-hander was 2-0 with a 2.05 ERA. In his last two starts, he's allowed 11 runs with eight walks in 6 2/3 inning. Warren allowed four of these runs and four walk-offs in 4 34 innings against the Boston Red Sox on Friday, but New York took a 7-0 advantage and won 9-6. Vinnie Pasquantino of Kansas City, who has been batting.429 in this streak, will be trying to stop him. Pasquantino also has reached base in 26 straight games. Field Level Media
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Palm vegoils prices rise on bargain-buying
Malaysian palm oil futures recovered on Thursday, after two consecutive sessions of losses. Supported by bargain-buying and the expectation of a slow rise in production for June, while weakness in competing vegetable oils limited gains. At closing, the benchmark contract for palm oil delivery in August on Bursa Malaysia's Derivatives exchange was up by 1 ringgit or 0.03% to 3,840 Ringgit ($910.60). A Kuala Lumpur based trader stated that "Bursa Malaysia crude Palm Oil Futures are supported by the slow increase in production as well as the outlook for improved exports because of competitive pricing." Dalian's palm oil contract, which is the most active contract in Dalian, lost 0.22%. Chicago Board of Trade Soyoil fell 0.58%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils. The Malaysian Ringgit, the contract's currency, has eased by 0.43% against U.S. Dollar, making it more attractive to foreign currency holders. The palm oil price may test the 3,812 ringgit support level per metric tonne, and there is a high chance that it will fall below this level to 3,768 ringgit.
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Burkina Faso has completed the nationalisation of five gold mines
According to a late-released decree, Burkina Faso completed the transfer of gold mining assets from the state-owned miner to the country. This finalised a process which began in August, to increase its control over mineral resources. Burkina Faso, like its neighbours Mali & Niger, is trying to gain a greater share of their resources following the revision of its mining code in 2013. The Societe de Participation Miniere du Burkina, or SOPAMIB, was established to manage and own strategic mining assets. The five assets that were transferred to the government include two gold mines and exploration licenses owned by subsidiaries of London listed Endeavour Mining and Lilium. These include Wahgnion Gold SA and SEMAFO Boungou SA. The state stepped in after a deal to sell Endeavour assets to Lilium stalled. The decree stated that "this acquisition is in accordance with the State's policy on sovereign ownership of mineral resources for optimal exploitation to the benefit of the populace." Burkina Faso will be Africa's fourth-largest gold producer in 2023, with more than 57 tonnes of gold. It has announced that it will continue the nationalisation process, which, according to the government, will bring in more revenue for the country, especially after the 27% increase in gold prices this year. The reforms have also alarmed western investors such as IAMGOLD Canada, Nordgold, and West African Resources Ltd.
Markets assess the outcome of US-China trade talks by lowering oil prices
The oil prices dropped in the early hours of Wednesday's trade as the markets assessed the outcome U.S. - China trade talks that President Donald Trump has yet to review. Weak Chinese demand for oil and OPEC+ increased production were also weighing on the market.
Brent crude futures fell 24 cents or 0.36% to trade at $66.63 per barrel. U.S. West Texas intermediate crude dropped 21 cents or 0.32% to $64.77 as of 0119 GMT.
U.S. officials and Chinese officials have agreed on a framework for re-establishing their trade truce and resolving China's export limitations on rare earth minerals, magnets and other materials. This was announced by U.S. Secretary of Commerce Howard Lutnick on Tuesday after two days of intensive negotiations in London.
Lutnick said that Trump would be informed of the results before giving his approval.
Tony Sycamore is a market analyst at IG. He said, "I think that it will remove some downside risks for crude oil. This includes the Chinese economy, and it will stabilize the U.S. economic ship. Both of these should support crude oil demand and price."
The oil import data released by China this week, as well as the ongoing production increases of OPEC+ (which includes the Organization of the Petroleum Exporting Countries, and its allies, such Russia), have contributed to the decline.
OPEC+ will increase its oil production in July by 411,000 barrels a day as it attempts to undo production cuts for the fourth consecutive month.
China's Customs data revealed this week that the world's largest oil importer imported 46.60 millions tonnes of crude in May. This is down 3% compared to the previous month. Imports of oil-related products also fell by 12.9%.
The Energy Information Administration (the statistical arm of U.S. Department of Energy) will release its weekly report on U.S. crude oil inventories on Wednesday.
According to analysts polled, U.S. crude stockpiles are expected to fall by 2,000,000 barrels during the week ending June 6, but distillate and gasoline stocks will likely rise.
They estimate a greater decline in crude stock than the American Petroleum Institute. Sources said under condition of anonymity that the API reported Tuesday that crude stock fell by 370,000 barrels in the last week.
(source: Reuters)