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Volvo Group and Daimler to form technology joint venture to reduce costs
AB Volvo, a European truckmaker rival, and Daimler Truck, a European truck manufacturer, hope to reduce costs and rely less on suppliers through collaborating on implementing a software defined vehicle program. Like automakers, truck and fleet manufacturers are racing to create vehicles with advanced technology while also battling the need to cut costs. Daimler-Volvo's new venture, Coretura, aims to reduce this dependence by developing a software defined vehicle platform. Daimler Trucks CEO Karin Radstrom said that the companies were looking to create a "standard industry". Radstrom stated that they are looking to see how to move away from the current situation where suppliers drive both costs and timelines. They will instead be looking to see what is the next generation software we should bring to vehicles. The Gothenburg venture will initially employ 50 people, and hopes to deliver its first connectivity platform by 2027. Further deliveries are expected towards the end decade. Johan Lunden is a Volvo veteran who has just been appointed as CEO of Coretura. He said, "Everything about the automotive industry revolves around software. He added that software will be a vital tool in achieving future sustainability, productivity and safety goals. Volvo Group and Daimler, while rivals, have worked together on various projects in the past, including hydrogen fuel cell and charging technology. Reporting by Marie Mannes and Jesus Calero from Gdansk, editing by Matt Scuffham
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WGC survey: Central banks prefer gold to dollar as reserves
A survey by the World Gold Council showed that central banks expect to see their gold reserves as a percentage of their reserve increase in the next five year while their dollar reserves will be reduced. Gold demand has increased significantly in the last three years, despite gold's price record-breaking rally. Gold reached an all-time record price of $3,500.05 per ounce in April. This is up 95% from February 2022, when Russia invaded Ukraine. WGC's survey was conducted between February 25 and may 20 and 73 central banks responded. 76% expect their gold to be higher five years from now compared to 69% last year. Nearly three quarters of respondents expect dollar-denominated reserve levels at central banks to fall in five years, compared with only 62% last year. WGC stated in a press release that "gold's performance during crisis times, portfolio diversification and the hedging of inflation are some key themes" driving plans to acquire more gold in the next year. WGC reported that central banks had accumulated over 1,000 metric tonnes of gold each of the past three years. This was a substantial increase from the average of 400-500 tons in the previous decade. WGC stated that "this marked acceleration of the pace of accumulation occurred against a background of geopolitical uncertainty and economic insecurity". WGC's survey shows that 95% of respondents believe central bank gold reserves will rise over the next year. This is up from 81% in the previous survey. The Bank of England continues to be the most popular place for gold reserves. The survey revealed that 59% of the central banks surveyed cited potential trade conflicts and tariffs as being relevant to their management of reserves. The council stated that a greater percentage of respondents came from developing and emerging economies (69%) than those who responded from advanced economies (40%)
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Analysts say that Le Vot and Stellantis' Picat could be included in Renault's search for a new CEO.
The sudden departure of Luca de Meo as CEO of Renault has sparked a search for a successor. Analysts have mentioned longtime insider Denis Le Vot, and Maxime Picat from Stellantis rival as candidates to continue the French carmaker's turnaround. Investors worried about Renault's future with de Meo gone, pushed the shares down by up to 8%. This was the biggest percentage drop in a single day since February 2022. Kering shares, where de Meo will be CEO, rose. Picat, the head of global procurement and supply chains for Stellantis, was in the running to be the CEO at the No.4 automaker in the world. 4 automaker. Antonio Filosa, one of two internal candidates he was competing against, won the race. Le Vot, the executive vice president of Renault, joined Renault after graduating and is now in charge of its Dacia low-cost brand. Analysts from French brokerage Kepler Cheuvreux believe both men are potential successors. JP Morgan analyst Jose Asumendi also noted Renault's "strong" bench of brand managers including at Dacia. He said: "We (...) would also envision external candidates (from other companies) like Stellantis Group, VW Group and Nissan, amongst others." Le Vot and Picat are both French citizens. They did not respond immediately to our requests for comment. Renault has declined to comment about its succession plans. Anyone who succeeds de Meo must be ready to go. While he revitalized Renault and restructured its strategic alliance between Nissan during his five-year tenure as CEO, it faces increasing competition from Chinese competitors. It is also smaller than other manufacturers, so it must rely on partnerships. De Meo's exit will increase concerns over Renault's independence, according to Jefferies analysts. This is a challenge that has always existed in an industry based on scale. Renault was the No. According to Felipe Munoz's data, the 15th largest automaker in terms of sales will be in 2024. This is down from 2023, when it was 14th. It is expected that Changan will surpass BYD in sales. Renault, under de Meo, teamed up with Google, Qualcomm, and China's Geely to make up for the small size of the company, as the auto industry struggles with the high cost of going electric. Although the partnerships have reduced costs, labour unions say they are a threat to in-house knowledge. INSIDER VS OUTSIDER Dacia has been a success under Le Vot, thanks to the Sandero and Duster. The subcompact Sandero, behind the Renault Clio, was Europe's number 2 selling car in April. According to research firm JATO Dynamics, the subcompact Sandero was Europe's No. According to research firm JATO Dynamics, the Duster SUV was ranked No. 7. Le Vot has held previous management positions in Turkey and Russia where he served as chief operating officer between 2011 and 2013, and he ran North American operations for alliance partner Nissan where he managed the launch of the Altima sedan in 2018 Picat spent all his career with PSA, and then Stellantis when the French group merged FCA in 2021. He headed the Peugeot brand in 2012 and oversaw two of the SUVs' bestsellers: the 2008 model and the 3008 model. A Stellantis insider who is familiar with Picat told us that while he did not know whether Picat was interested in a top position at Renault, he "wouldn't be surprised" to hear him speak with the French automaker. Source, who spoke under condition of anonymity as he wasn't authorised to speak publicly about the matter, said that it was normal for a CEO to consider other options after losing the race.
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Australian accused of mushroom killings had no motive to kill, court heard
The lawyer for an Australian woman accused in the murder of three elderly relatives by her estranged spouse using toxic mushrooms in a meal had told the court Tuesday that the victim's motive was not to kill the victims. Erin Patterson has been charged with the murders and attempted murders of Gail Patterson's mother, Donald Patterson's father, Gail's sister Heather Wilkinson as well as Heather's husband Ian Wilkinson in July 2023. The prosecution accuses the woman of scouring for poisonous death caps mushrooms, drying them, and then knowingly serving these mushrooms in portions of Beef Wellington, at her home, in Leongatha. This town has a population of 6,000, about 135 kilometers (84 miles), from Melbourne. Patterson denies all charges that carry a sentence of life imprisonment. Her defence called the deaths "a terrible accident" earlier. Colin Mandy, Patterson's lawyer, said on Tuesday that the prosecution's evidence that the accused and her estranged spouse Simon Patterson's relationship soured over a disagreement about child support was illogical. He told the court that "whatever we call these spats, disagreements, and frustrations," it does not provide a motive for murdering someone's parents. He said that the accused actually had a good working relationship with the Pattersons, and had even loaned hundreds of thousands to Simon Patterson's sisters in order to purchase property. On Tuesday, Nanette Rogers concluded the closing argument of the prosecution by accusing Patterson a trail of calculated deceptions before and after lunch. Rogers said that Erin Patterson had told so many lies, it was difficult to keep track of them. She's told lies after lies because she knew that the truth would expose her. After the closing statement of the defence, Justice Christopher Beale, the presiding judge will instruct the jury on how to proceed before the jury retires to deliberate a verdict. The trial that has gripped Australia for eight weeks and is expected to end later this month.
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Profit taking by palm oil rivals Chicago soyoil
The Malaysian palm futures market extended its losses on Tuesday. This followed three consecutive sessions of gains. It was dragged lower by a drop in soyoil prices in Chicago and profit-taking actions. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 19 ringgit or 0.46% to 4,075 Ringgit ($961.54) per metric ton. A Kuala Lumpur based trader stated that "the futures are in profit-taking mode following recent rally tracking Dalian and CBOT Soyoil sentiment". Chicago Board of Trade Soyoil was down by 0.83%. Dalian's soyoil contract with the highest volume was up by 0.63%. Palm oil contracts rose 1.29%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils. U.S. Biofuel Blending Proposals are likely to increase Demand. Soybean futures reached a month-high before losing gains. The oil prices rose on Tuesday amid fears that the conflict between Israel and Iran could intensify. This would increase the likelihood of unrest in the Middle East - a major producing region - as well as a disruption to the oil supply. Palm oil is a better option as a biodiesel feedstock because crude oil futures are stronger. Intertek Testing Services, a cargo surveyor, reported that exports of palm oil products from Malaysia for the period June 1-15 were up 26.3% over May 1-15. AmSpec Agri Malaysia, an independent inspection company said that shipments increased 17.8%. Palm oil could test the support level of 4,042 Ringgit per metric tonne. A break below this mark would open up the possibility for a drop to 3,998 Ringgit.
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China builds up a crude-oil war chest amid Middle East tensions, says Russell
China continues to accumulate crude oil stocks, despite the fact that it refines less crude oil than it can produce or import. The world's largest oil importer can now buy less in the coming months, as prices rise due to Middle East tensions. Calculations based on data from the Chinese government show that the surplus crude in China reached 1.4 million barrels a day (bpd), the third consecutive month where it was above the 1,000,000 bpd mark. Since June 13, when Israel launched airstrikes against Iran, Tehran has responded with missiles and drones. Brent futures have risen almost 6% in the last week since the end of June, to around $73.58 per barrel on Tuesday. Refineries in China have reacted to rapid increases in crude oil prices by reducing their imports or using stored oil. Due to the two-month lag between cargoes being arranged and their delivery, any reduction in China's imports is likely to be noticeable only from August. China's ability to reduce imports and lower prices is not dependent on the crude oil price. 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 13.92 millions bpd during May. This is down from 14.12million bpd recorded in April, and 1.8% less than one year ago. In May, crude imports fell to 10.97 million barrels per day (bpd) from 11.69 in April. Domestic production rose slightly to 4.35 in May from 4.31 in April. After subtracting the refinery output of 13.92 millions bpd, the total crude oil available for refiners is 15.32 million barrels per day. This leaves a surplus of about 1.4 million barrels per day. The surplus crude was 990,000 barrels per day (bpd) in the first five of the year. This is up from 880,000 barrels per day for the first four. China's refiners used up their inventories for the first time since 18 months in the first two-month period of 2025. They processed around 30,000 bpd per day more than they could get from crude imports or domestic production. The massive surpluses of March, April and may have reversed this earlier draw. 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 since March China has imported crude oil at a rate far greater than what it requires to meet its own domestic fuel needs. Imports, Prices The strong crude imports that LSEG Oil Research expects to arrive in June of 11,72 million bpd is a good indication of the price-sensitive nature of China's refiners. The increase is due to the decline in crude oil prices since the cargoes for June would have been purchased. Brent futures fell from a six week high of $75.47 per barrel on April 2, to a low of $58.50 per barrel, a four year low on May 5. This prompted Chinese refiners sucking up cargoes. The majority of these shipments are expected to arrive in June and early July, giving the impression that China's demand for crude oil is improving. The weak numbers for refinery processing show that China may be storing crude. Due to the high prices due to Middle East tensions it is likely that refiners would also cut their purchases and seek discounted oil from sanctioned suppliers such as Russia and Iran. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Oil prices rise as Iran-Israel conflict creates uncertainty
On Tuesday, oil prices rose on fears that the conflict between Israel and Iran could intensify. This would increase the risk of unrest in the Middle East region as well as the disruption of the oil supply. Brent crude futures were up 34 cents or 0.5% to $73.57 per barrel at 0340 GMT. U.S. West Texas Intermediate Crude was up 29 cents or 0.4% at $72.06. Both contracts had risen more than 2% in the previous trading session. The oil prices fell more than 1% on Monday, as media reported that Iran wanted to end hostilities. Concerns have increased after U.S. president Donald Trump, in a post on social media, urged " Everyone can benefit from this Tehran, the capital of Iran, should be evacuated. The fighting in Iran has entered its fifth day, with Iranian media reporting heavy air defence and explosions. Tel Aviv air raid sirens were sounded by Israel in response to Iranian rockets. In an email, Priyanka Sackdeva, Senior Market Analyst at Phillip Nova said that the conflict between Iran & Israel was still fresh. Investors are still holding onto 'war risk'. "Additional volatility and caution before the Fed policy decisions are further ensuring a higher-paced reaction in price for oil," Sachdeva said, referring the U.S. Federal Open Market Committee, which makes interest rate decisions. The meeting begins on Tuesday. The market remains largely focused on the uncertain situation surrounding the Iran-Israel conflict. Iran is the third largest producer of oil among the members of the Organization of Petroleum Exporting Countries. It is feared that the fighting may disrupt Iran's oil supply, which could lead to higher prices. On Monday night, U.S. media reported that Trump proposed renewed talks with Iran over a nuclear agreement. Meanwhile, other reports of a shipping incident in the Gulf of Oman highlighted the risks for companies transporting oil and fuel in the region.
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London metals drop as the dollar strengthens and Middle East tensions increase
The prices of metals fell in London on Tuesday due to a stronger U.S. Dollar and the escalating tensions with Israel and Iran. As of 0246 GMT, the London Metal Exchange reported that three-month copper was down by 0.3%, at $9,677 a metric ton. LME aluminium fell by 0.2%, to $2 508 per ton. Zinc dropped 0.4%, to $2 646, while lead dropped 0.5%, to $1 996.50, and nickel fell 0.4%, to $15 005. Tin fell 0.3% to $32,505. Metals prices fell this morning as a result of the conflict between Israel and Iran, according to a Singapore-based metals dealer. Israel and Iran both attacked each other on Tuesday for the fifth day in a row. U.S. president Donald Trump also urged Iranians, citing their rejection of an agreement to reduce nuclear weapons development, to leave Tehran. U.S. Stock Futures fell and Oil Prices climbed. 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 an agreement announced by the United States and the United Kingdom on Monday during the G7 Summit, the U.S. will impose a tariff-free quota for steel and aluminum imported from the United Kingdom. The SHFE's most-traded contract for copper gained 0.2%, to 78470 yuan per metric tonne ($10,926.84). SHFE aluminium was unchanged at 20,405 Yuan per ton. Lead was also flat at 16,910 Yuan. Nickel fell by 0.9%, to 118640 Yuan. Zinc gained 0.1%, at 21,820, and tin dropped 0.4%, to 263,400. Click or to see the top news stories on metals, and other topics. ($1 = 7.1814 Chinese Yuan Renminbi). (Reporting and editing by Harikrishnan Nair in Bengaluru and Sherry Jacobi-Phillips.
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)
(source: Reuters)