Latest News
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Governor of Samara Region, Russia: Two killed in drone attack on Syzran
The local governor reported that two people had been killed in a drone strike on Syzran, a town located on the Volga River in Russia's Samara Region. Ukraine also reported a death toll of two as both sides traded attacks over the night. Syzran is a large oil refinery located about 1,000 km from the Ukrainian border. In a post on Telegram, the Samara Governor, Vyacheslav Federishchev, did not mention whether infrastructure had been damaged. Authorities reported on Telegram that three people were also injured in another drone attack, this time in the town of Shebekino, in Russia's Belgorod Region bordering Ukraine. Emergency services in Ukraine reported on Telegram that two people were killed and several others injured after Russia struck the Chernihiv area on the Russian border as well as southeastern Dnipropetrovsk. We could not independently verify these reports. Russia and Ukraine deny targeting civilians. Peace efforts to end war, which began with Russia's invasion of Ukraine in 2022, have stalled. Both sides are exchanging regular attacks against each other. This includes strikes on energy infrastructure. In an address delivered overnight, Ukrainian 'President Volodymyr Zelenskiy said that there has been a recent 'productive contact with the U.S. which is trying to mediate the talks to end the war. "If we can return in the next few weeks to meaningful trilateral communications and include the Europeans, that would be the best outcome," Zelenskiy stated. "We are prepared for such steps." I trust that our partners will be prepared, and the Russians won't hide. (Reporting and editing by Lincoln Feast in Tokyo, with Jekaterina Glubkova reporting from Tokyo)
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Arafura, Australia approves rare earths project worth $1.6 billion
Arafura Rare Earths announced on Thursday that it has approved the development of its $1.6 billion Nolans Project in the 'Australian Northern Territory', which will 'become 'the third-largest rare earths operations of the country by the end of this decade. The project is designed to deliver 4,440 metric tons of neodymium-praseodymium (NdPr) oxide annually, targeting markets outside China amid growing demand for rare earths used in electric vehicles and wind turbines. Arafura has secured financing commitments with the export credit agencies in the United States, Canada and Germany, as well as global trading houses and manufacturers. This is because Western countries are increasing their efforts to diversify and move away from the dominant 'rare earths' producer China. Arafura is supplying South Korean automakers Hyundai, Kia and Siemens Gamesa RE in Germany, as well as commodity traders Traxys Luxembourg and the United States. units. Arafura shares rose 13.6% intraday to A$0.335, their largest intraday gain since 11 March. As of 0440 GMT, the benchmark stock index was up 1.5%. Construction of the project will begin in September. First production is expected in mid-2029. Arafura has secured a funding package of $1.6 billion, including a significant cushion, and is backed Gina Rinehart. Hancock Prospecting, Gina Rinehart's company, owns 15.5%. RAISING THE GLOBAL SOURCE Arafura is Australia's third largest rare earths producer, after Lynas Rare Earths (the world's biggest producer outside China), which produced 6,600 tons of?NdPr during the last financial period, and Iluka which has a capacity of 5,500 tons and will start production in 2019. Arafura will supply 500 tons of NdPr for the country's strategic mineral reserve by the end of the year. According to Australian government estimates, the project is expected to meet up to?5% of global demand. "This announcement is a really important step forward for Australia's rare earths industry", said Treasurer Jim Chalmers. Rare earths represent a golden opportunity for the United States. This is essential for our economic security and national security. Arafura has engaged engineering contractor Hatch to support the development. The final investment decision was made after a multiyear financing and offtake plan.
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TBS: Japan considers an extra budget of $19 billion
TBS, a Japanese broadcaster, said that Japan was considering a supplementary?budget of about 3 trillion yen (19 billion dollars) for the current fiscal year in order to prepare for a prolonged Middle?East crisis. The report was released after Prime Minister Sanae Takayichi said on Monday that she had asked the cabinet to consider a supplementary fund to help cushion the blow to the economy caused by the Iran War. TBS reported that the extra budget of 3 trillion yen was one idea being floated by the government. About 500 billion yen from the amount would be used to fund the rollout?of gas and utility subsidies starting in July. It added that the government would issue new debt in order to finance its spending. However, rising tax revenues could allow it to limit issuance. The Japanese finance ministry did not respond to a request for comment. Japan uses existing funds to subsidise utility bills and may revive them. The extra budget will be added to the record 122 trillion-yen 'budget' for the fiscal period that began in April. This is the core of the expansionary fiscal policies pursued by the premier. Critics say that a combination of more spending plans and slow rate 'hikes' by the Bank of Japan could increase inflationary pressures in an economy already experiencing rising energy prices from the Middle East war, as well as higher import costs due to a weaker yen. The yields on Japanese government bonds (JGBs) jumped to multi-decade records this week, partly due to concerns about the country's worsening financial situation. Reporting by Chang-Ran Kim, Editing by Himani sarkar and Clarence Fernandez.
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Japan's Nikkei rallies on fresh optimism over AI, Iran peace talks
The Nikkei 225 index rose more than 3.5% Thursday, the biggest gain in two-weeks, thanks to renewed interest in 'technology stocks' and a easing of geopolitical tensions related to?the Iran War. If the current momentum continues, the benchmark Nikkei Index will be on track for its biggest daily gain since May 7 if it maintains this pace. The Topix index rose 2.21% to 3,875.34. The Nikkei was up ahead of Wall Street's gains before earnings from AI bellwether Nvidia. Nvidia forecasted sales that exceeded market expectations. Oil prices fell sharply overnight after U.S. president Donald Trump announced that negotiations to end war in Iran are?in their final stages, alleviating supply concerns. Investor confidence?was also boosted by the averted strike at Samsung Electronics that could have disrupted South Korea’s economy and global supply of chips, as well as reports that OpenAI was preparing to become public. SoftBank Group, a major shareholder in the AI company and other ventures, surged up to its daily maximum. "The market is being led by AI ?and semiconductor-related shares following developments including the avoidance of ?a strike at ?Samsung Electronics and Nvidia's earnings," said Wataru Akiyama, an equities strategist at Nomura Securities. We're seeing gains in a variety of sectors as a result of the fall in crude oil prices. The Nikkei Index saw 156 advancing stocks versus 69 declining ones. SoftBank Group was the largest percentage gainer, with a 19.9% increase, followed by Socionext which increased 17.2% and Ibiden trading at 15.2%.
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Chile's Codelco dismisses a senior executive following an internal audit of its 2025 production report
Codelco, the largest copper miner in the world, announced on Wednesday that it had fired one executive and taken disciplinary action against others after an audit of the incorrect reporting of the 2025 production report. Codelco reported that it found a group of 7 executives and 1 former executive responsible for the incorrect reporting. It also reported the incident to the public prosecutor's office to determine if there was any criminality. Codelco's internal audit found no?reasons for modifying its 2025 financial statement. Codelco reported that the?audit was a result of a complaint filed in March regarding the reporting by its Chuquicamata Division of 20,000 tons of ore and 6,875 tonnes of ore at its Ministro Hales Mine. The materials were still undergoing processing and therefore should not be reported as finished goods. Chile's mining minister?Daniel Mas said on X that "Codelco has gotten out of control." "In the Government of President Jose Antonio Kast, we have the Duty?to Bring Back Transparency and Tell Chileans the Truth." He said, "That's the?mandate for the new _directors." The Chilean newspaper "Diario Financiero" reported the irregularities last week.
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CORRECTED - China aluminium wire exports increase as war-driven rally and tax gap drive shipments
Customs data on Wednesday showed that China's exports for aluminium stranded wire increased in April. The rise in prices was largely due to the Iran War, and a tax loophole encouraged traders and producers to ship more metal in processed form, rather than ingots. Customs data released Wednesday show that in?April?China exported 15,565 tons of aluminium-stranded cable, wire and similar products excluding steel core material. This is up 166% compared to a year ago and almost 95% compared to March. Two sources familiar with the matter say that aluminium stranded cable is usually used for power transmission and distribution. However, traders are now looking to use it to export aluminum after the rally opened up an arbitrage opportunity. They requested anonymity because they weren't authorized to speak in public. Sources said that the product qualifies for a value-added tax refund of?13%, while unwrought aluminum faces an export duty of 30%. One of them is interested in 'getting involved' in this business. Sources said that some traders purchase aluminium ingots in China, and then send them to wire producers for processing into stranded cable before export. Buyers overseas will need to remelt the ingots to make items like aluminium bar and alloy. The export boom was also driven by higher overseas prices. The Iran War has driven LME Aluminium up by more than 13%. It has disrupted shipments through Strait of Hormuz, and damaged aluminium facilities located in the Gulf which provide nearly 9% of worldwide supply. Analysts expected China's semi-fabricated and manufactured aluminium product exports to increase as higher overseas prices opened up a?export window. Customs data revealed that South Korea, which had almost no shipments in March, was the number one destination for?Chinese aluminum stranded?wire in April. Vietnam was ranked second with shipments increasing to 2,288 tonnes, almost five times the level in March and nearly 30 times that of a year ago. Exports to Algeria increased to 1,340 tonnes from 36.7 tons last month, while shipments into Ethiopia rose to 1,124 ton from 254 ton. South Korea, Vietnam and?Algeria, together, accounted for almost half of China's April exports. Data also revealed shipments to countries that rarely purchased the product in the past. Japan received 457 tonnes in April, compared to just 4 tons over the 15 previous months. (Reporting from Dylan Duan and Lewis Jackson).
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China's aluminium wire exports increase as a war-driven rally and tax gap drive shipments
Customs data on Wednesday showed that China's exports for aluminium stranded wire increased in April. The rise in prices was largely due to the Iran War, and a tax loophole encouraged traders and producers to ship more metal in processed form, rather than ingots. Customs data released Wednesday show that in?April?China exported 15,565 tons of aluminium-stranded cable, wire and similar products excluding steel core material. This is up 166% compared to a year ago and almost 95% compared to March. Two sources familiar with the matter say that aluminium stranded cable is usually used for power transmission and distribution. However, traders are now looking to use it to export aluminum after the rally opened up an arbitrage opportunity. They requested anonymity because they weren't authorized to speak in public. Sources said that the product qualifies for a value-added tax refund of?13%, while unwrought aluminum faces an export duty of 30%. One of them is interested in 'getting involved in this business. Sources said that some traders purchase aluminium ingots in China, and then send them to wire producers for processing into stranded cable before export. Buyers overseas will need to remelt the ingots to make items like aluminium bar and alloy. The export boom was also driven by higher overseas prices. The Iran War has driven LME Aluminium up by more than 13%. It has disrupted shipments through Strait of Hormuz, and damaged aluminium facilities located in the Gulf which provide nearly 9% of worldwide supply. Analysts expected China's semi-fabricated and manufactured aluminium product exports to increase as higher overseas prices opened up a?export window. Customs data revealed that South Korea, which had almost no shipments in March, was the number one destination for stranded aluminium wire from China in April. Vietnam was ranked second with shipments increasing to 2,288 tonnes, almost five times 'the level in March and nearly 30 times that of a year ago. Exports to Algeria increased to 1,340 tonnes from 36.7 tons last month, while shipments into Ethiopia increased to 1,124 ton from 254 ton. South Korea, Vietnam and?Algeria, together, accounted for almost half of China's April exports. Data also revealed shipments to countries that rarely purchased the product in the past. Japan received 457 tonnes in April, compared to just 4 tons over the 15 previous months. (Reporting from Dylan Duan and Lewis Jackson).
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Shares rise on Nvidia earnings and Samsung strike suspension
Stocks rose on Thursday as some vessels resumed their passage through the Strait of Hormuz. Meanwhile, forecast-beating Nvidia results and a suspended workers' strike by Samsung Electronics boosted?shares of the chipmakers. The MSCI broadest Asia-Pacific share index outside Japan rose 1.2% to end a four-day losing streak. Meanwhile, the KOSPI soared over 4%. Brent crude futures rose 0.7% in Asia to $105.76 per barrel, retracing their declines following the passage of three supertankers through the Strait on Wednesday. Iran also consolidated control over the waterway. Wall Street saw the S&P500 rise 1.1% and the Nasdaq Composite rally 1.5%, after three days of declines. President Donald Trump stated that the United States would be ready to continue with more attacks against Iran if Tehran refused to agree to a peaceful deal. However, he suggested Washington wait a couple days until it "got the right answers." Analysts at Westpac said in a report that "Oil prices fell and other major markets rallied as investors were comforted by headlines quoting Trump as saying the U.S. is in the final stages" with Iran. Asian chipmakers' stocks rose on Wednesday after Nvidia announced a better-than expected revenue forecast. CEO Jensen Huang wanted to assure investors that world's largest company, Nvidia, could sustain a blockbuster increase in demand for their flagship AI chips. Dan Ives is the global head of technology at Wedbush in New York. He said, "The chipscape remains Nvidia’s world, with everyone else paying rent. Nvidia shares dropped 1.1% during extended trading while S&P500 e-minis futures fell 0.5%. Tony Sycamore is a market analyst with IG Sydney. He said that the market's response was "relatively muted" by his own high standards. The lack of China sales in the outlook, and guidance that only modestly exceeded expectations left some investors wanting more fireworks. Samsung Electronics shares in Seoul jumped more than 6% following the union's announcement that it would suspend its industrial action if a tentative wage agreement was reached with the company. This prevented a strike of nearly 48,000 employees, which threatened South Korea's economic growth and the global supply of?chips. The Nikkei index rose 1.9% in Japan after S&P Global’s flash manufacturing PMI expanded a?slower rate than a?month earlier. It?slipped to 54.5 from 55.1 last month. Data from the Finance Ministry showed that Japanese exports increased 14.8% on an annual basis in April. This was the eighth consecutive month of growth, and dispelled fears about a global economic stagflation. Australian shares rose 1.5%, despite mixed leading indicators. Flash PMI data showed that activity in Australia's service sector slowed in May to 47.7 from 50.7 one month earlier. However, a manufacturing gauge remained at 50.2, which is just above the threshold separating growth from contraction. The yield on the 10-year Treasury bond in the United States increased 1.9 basis points, to 4.588%. This is a return to growth after a three-day decline. The minutes of the Federal Reserve meeting on April 28-29 showed that policymakers were more concerned about inflation last month. Bitcoin fell 0.3% to $77,453.44, and ether dropped 0.3% to $2,127.53. (Reporting and editing by Jacqueline Wong; Gregor Stuart Hunter)
Americans give economy record low marks, a sign of doom for Republicans
Americans have a sour view of the U.S. Economy to a level 'never seen before. The stiffest inflation for four years has exacerbated the political risk facing President Donald Trump. Some administration officials are concerned that he is focusing on the affordability issues for voters while he focuses on the war on Iran.
Price increases are a major issue for U.S. citizens. The latest inflationary surge is causing concern among White House officials who worry about the Republican Party's chances in the upcoming midterm elections.
Republican lawmakers and senior White House staff have been urging Trump for months to focus on the economy. This is the number one concern of voters. Trump, on the other hand, has been unable to demonstrate that he understands Americans' concerns and has declared victory against inflation despite data that shows otherwise. The Labor Department released data on Friday showing that inflation rose in March, the first month of the U.S.-Israeli war against Iran which began on February 28. This resulted in Tehran blocking a fifth of world oil supplies from flowing through the Strait of Hormuz.
Data from the Bureau of Labor Statistics showed that the resulting spike in crude oil costs drove an unprecedented increase in gasoline prices across the U.S. This 'pushed headline inflation to its highest level since June 2022, when the post COVID pandemic surge in price that devastated former President Joe Biden’s political prospects reached its peak. The University of Michigan's Consumer Sentiment Index, which is a benchmark for the state of the economy, fell to a new record low in early April.
In a press release, survey director Joanne Hsu stated that "demographic groups of all ages, income levels, and political parties have experienced a decline in their sentiment. This reflects the widespread nature of the fall this month."
Not only Trump's Democrats critics, but also other Democrats gave low grades to the current state of the economy and its future prospects. Self-identified Republicans showed the biggest drop in sentiment scores, with their score nearing its lowest level since Trump's return to office after regaining the White House in January 2025. Trump had won back the White House by promising to lower high prices that plagued Biden for most of his tenure. Some top Trump officials, such as White House Chief Staff Susie Wiles have grown increasingly concerned that not enough effort is being made to bring down high prices.
Wiles privately asked advisers to be more explicit about the economic and political downsides the war. A White House official said this week, under condition of anonymity in order to discuss sensitive discussions.
Public opinion polling, beyond the University of Michigan survey, shows Americans losing faith in Trump's economic management. This, according to political analysts, could harm?his Republican Party, as it fights to maintain a slim majority in Congress during the November midterm elections.
The White House tried to divert attention from the high price of gasoline by releasing a statement on Friday. The price of dairy, eggs, beef, prescription drugs and other essentials is falling or staying the same thanks to President Trump’s policies.
Trump often cites the fact that food prices have remained unchanged in the past month, and that egg prices are down 45% over the last 12 months, the biggest drop ever.
The economists are concerned that if energy costs remain high for a long time, they could feed into an inflationary breakout.
Diesel fuel prices that are now within 20 cents of their previous record high could be passed on to consumers as higher food prices.
(source: Reuters)