Latest News
-
China's gold reserves have risen the most since 2023, despite a decline in bullion.
Official data released on Tuesday showed that China's central banks reported its biggest monthly increase in gold reserves for more than two and a half years in June, even though bullion prices fell. The People's Bank of China reported that the central bank of China continued to purchase gold for the 20th consecutive month. Its reserves reached 75.44 million fine troy ounces at the end of the month compared to 74.96 million a month before. This was the largest monthly increase since October 2023 when the holdings increased by 740,000 pounds. Data showed that the value of gold reserves in the country had declined to $303.72 Billion at the end last month. This is down from $340.75 Billion in May. Gold prices fell sharply in June, but the rise was still significant. In June, spot gold fell?11.65%, the most since October 2008. It briefly broke below $4,000 per ounce. Dollar strengthened, and traders priced in the possibility that Federal Reserve interest rates would remain high. Concerns about a'sticky' inflation were also raised by the Iran war.
-
Oil rises despite Samsung's record profits; stocks fall despite tech slide
Investors remain concerned about the sustainability and the AI-driven rally. Oil prices also rose on renewed Middle East tensions. Samsung Electronics expects a 19-fold increase in operating profit?in April to June?to 89.4 trillion dollars. This marks the third consecutive quarter that Samsung Electronics has achieved record operating profits. The results did not reassure investors but rather triggered heavy sales of Samsung and rival SK Hynix, weighing down South Korea's Kospi as well as other tech-heavy Asian market. Investors are increasingly questioning whether artificial intelligence-related profit growth can be sustained in the event that supply bottlenecks for key components like memory chips improve. Kathleen Brooks said that these results are a record-breaking achievement for Samsung. However, rather than appease the markets, they have raised fears about the sustainability of the AI chip boom. Morgan Stanley said in a Monday note that the recent weakness of U.S. semiconductor shares signaled a widening of the market gains. Investors are likely to shift their attention towards AI hyperscalers, as well as consumer discretionary and transport stocks. SK Hynix will list on Nasdaq in a $28 Billion listing this week, making it one of the largest share sales ever. The chipmaker is looking to 'capitalise on AI boom. The shares of this company, which had risen as high as 350% in the past year when they peaked two weeks ago, have fallen by about 30% since then amid a global sell-off. Oil and gas stocks rose as crude prices increased amid signs of a slowdown in the U.S./Iran peace talks. Axios, citing US officials, reported that the Iranian Revolutionary Guards had fired at least 2 missiles on commercial ships passing through the Strait of Hormuz Monday. Reports said that the ships sustained significant damage but no injuries. Brent crude futures increased by?1%, to $72 per barrel. U.S. S&P E-minis fell 0.3%. Nasdaq E-minis dropped 1.2%. Dow E-minis declined 0.02%. NATO MEETING Donald Trump of the United States, who has called on Europe to increase defence spending, and has clashed over Greenland and the Iran War, will attend a NATO summit in Turkey starting Tuesday. Trump stated on Monday that the U.S. will either "reach a?deal with Iran" or "finish the job," renewing a threat of military action, as Tehran shows defiance after the funeral of the former Supreme Leader Ayatollah Ali Khamenei. The dollar index, which compares the U.S. dollar to six other currencies, remained unchanged at 100.88. The euro fell 0.03% to $1.1436. The yen has recovered from near its 40-year low of 162?per dollar and is now up by 0.17% to 161.79 per dollars. Traders were on the alert for any signs of intervention by Japanese authorities. After a strong demand for?super-long term debt, the yields on Japanese government bonds fell from multidecade highs. The yield on U.S. 10-year benchmark notes increased by 1.62 basis points, to 4.495% from 4.479% on Monday. Investors will learn more about the new Federal Reserve chair Kevin Warsh's approach to monetary policy on Wednesday when the minutes of the Federal Open Market Committee meeting, the first published under his leadership, are released. Satoshi Sugiyama contributed additional reporting from Tokyo. (Editing by Lincoln Feast, Mark Potter and Mark Potter).
-
Report: Woman suspected of being involved in the Monaco bombing shot dead near Kyiv
Ukrainska Pravda reported on Tuesday that the body of a Ukrainian woman suspected in carrying out a bombing attack against a wealthy Ukrainian businessman who was living in Monaco last weekend?was discovered near Ukraine's capital Kyiv. The Ukrainian news outlet cited sources from law enforcement to report that the woman was shot. Her body was discovered close to 11:00 p.m. local (2000 GMT), on Monday. Anastasiia Bérezovska (39), was listed as the main suspect in an Interpol Red?Notice. It stated that she was Ukrainian and spoke German. She was also wanted by authorities in Monaco, for attempted murder, placing explosives in public places with criminal intent, and criminal conspiracies. Monaco's deputy prosecution said last week that the attacker fled Monaco on foot, then drove to Germany via Italy and several European countries. Sources claim that Vadym, a Ukrainian, and his son, as well as his partner, were injured in the attack last Monday. Ukrainska Pravda reported, citing a source within the law enforcement agencies that two "suspects" had been arrested in connection with this 'case. Ukrainska Pravda reported that one of them is an officer of the Main Directorate of Intelligence. The other is a former law enforcement officer. HUR and the Ukrainian police did not respond immediately to a comment request. Yermolaiev received Cypriot citizenship in 2019 and was placed under Ukrainian sanctions in 2023. Ukrainian media said this was because Yermolaiev had been doing business with Russian-occupied Crimea. Reporting by Anna Pruchnicka, Gdansk. Editing by Daniel Flynn and Aiden Lewis.
-
Aluminium prices rise on concerns about supply, but buyers remain cautious
Aluminium prices rose a little bit on Tuesday, after initially struggling to find a direction. Buyers, still shaken by the price drop in June, were cautious, despite waning stocks and concerns about'supply shortages. Aluminum prices stabilised in the past week, after being battered over the previous week by the expectation of returning Middle East supply and the declining Gulf war risk premium. The prices were supported by renewed supply concerns as well as macroeconomic conditions. Benchmark three-month aluminum on the London Metal Exchange increased?0.24% at $7,123 per metric ton as of 0700 GMT. It had hit a session high of $3.136 earlier in the day. In June, the price of aluminium fell by?16%, its largest monthly drop since 2008. In its fourth consecutive session of gains, the most traded aluminium contract at the Shanghai Futures Exchange rose 0.46% to 22940 yuan (3,374.47) per ton. Analysts at Sucden Financial wrote that despite the signs of fading downside momentum, "buyers?remain cautious" despite its modest gains. Copper prices fell 0.29% at the LME, and 0.11% at the SHFE. The White House did not make any announcements last week, disappointing traders who were expecting to hear about potential tariffs for refined copper. The market was in a wait-and see mode. Copper has been supported by tariff considerations that have pushed material into U.S. Warehouses. This is in addition to the prospects for demand growth due to AI infrastructure, grid upgrade, and electric vehicles. The U.S. Futures Regulator released data overnight that showed that speculators reduced their bullish positions on Comex during the week ending June 30. The other industrial metals fluctuated as well, but SHFE Zinc, which rose 1.12%, was an exception. The Sucden analysts stated in a?note that zinc is supported by the near-term tightness. Other LME metals saw a 0.15% decrease in zinc, 0.13% increase in lead, 0.16% decline in nickel, and 0.12% drop for tin. Lead was unchanged, nickel was flat, and tin was up 0.21%.
-
Market monitors US-Iran Talks
The price of oil rose on Tuesday as traders' anxiety over a lack of progress in peace talks between?the United States?and Iran?overrode any price impact of the slight improvement in shipping through Strait of Hormuz. Brent crude futures rose $1.02 or 1.42% to $73.01 per barrel. U.S. West Texas intermediate crude gained 93 cents or 1.36% to $69.48 per barrel at 0748 GMT. Ole Hansen, analyst at Saxo Bank, said: "The deal has not been signed yet. So something could still go wrong. And?any comments by either side can raise concerns which helps to underpin the prices. It's also removing some of?the recent intense focus on a rapidly oversupplied market." Iran's Foreign Minister said that talks to reach a final agreement between Tehran and Washington would not happen if U.S. threat continue. This follows Donald Trump's threats to "finish the deal" without a deal. Hansen said that if the price of oil and gas continues to rise, $75 will be the next level to watch. Investors are closely monitoring the talks between the U.S., Iran, and their impact on shipping through the Strait of Hormuz. Before the Iran War began at the end of Feburary, the Strait of Hormuz carried a fifth of the daily oil and gas supply in the world. Axios, citing US officials, reported that Iran's Revolutionary Guards launched at least two missiles on Monday at commercial ships passing through the Strait. Reports said that the commercial ships suffered significant damage. However, there were no injuries. Shipping data showed that on Tuesday, Japanese supertankers with Saudi Arabian crude were heading to the Strait of Hormuz in order to leave the Gulf. They joined a fleet of previously-stranded vessels which left the Gulf a day before. ANZ analysts stated in a report that oil flows are?recovering slower than expected'. They said that the initial recovery in tanker transits across the Strait of Hormuz had stalled. The vessel crossings were still in single digits and there was no sign of a sustained recovery. Five sources said that Saudi Arabia was considering expanding its crude oil pipeline capacity to the western Red Sea Coast. This would allow the kingdom, and perhaps neighbours, to transport more oil, without having to cross the Strait of Hormuz. Saudi Arabia has cut the price of its crude oil to Asia by more than 20 years, but it is still more expensive than rival Gulf suppliers. Reporting by Anushree mukherjee in Bengaluru, Pranav Mathur and Emily Chow from Singapore. Editing by Jacqueline Wong Jamie Freed Barbara Lewis
-
The UK has sanctioned Russia for allegedly developing chemical weapons that killed Navalny
The UK imposed sanctions Monday on two Russian research institutes and their senior staff, alleging that they were involved in Moscow's chemical weapon?program and had developed toxins used to poison Russian opposition activist Alexei Navalny. The British government has imposed sanctions to deter Russia from using chemical weapons. This comes ahead of the NATO summit, which will be held in Ankara, the Turkish capital, and follows a similar action by the European Union. Navalny became seriously ill in 2020 on a flight to Siberia. Western laboratories determined that he was poisoned by a Novichok, a type of military-grade nerve agent developed during the Soviet period. Britain and other European Allies claim that Navalny will die in 2024 after being poisoned by Epibatidine. This is a toxin from poison dartfrogs. Russia has denied the accusations that it is responsible for this death. The British government announced on Monday that the sanctioned individuals were involved in developing Epibatidine and Novichok. Foreign Minister?Yvette cooper said that Russia's "repeated" use of chemical weapons was a violation to international law, and a danger to global security. She added, "From the use Novichok nerve agent in Salisbury, to Epibatidine, to poisoning Dawn Sturgess, and Alexei Navalny in Siberia to poisoning Dawn Sturgess, Russia continues using barbaric instruments to inflict suffering and death on innocent civilians including in Ukraine." In a Telegram post, the Russian embassy in London stated that it "categorically rejects" such accusations and called them "slander". The embassy claimed that the allegations were being made to promote an imaginary Russian threat and justify a confrontation with Moscow. Novichok was used to poison former Russian double-agent Sergei Skripal, his daughter Yulia, and a civilian in Salisbury in 2018. The victims survived the attack, but Sturgess died after coming into contact with the substance. Last year, a?British inquiry concluded that Russian President Vladimir Putin?had to have?ordered' the attack on Skripal by GRU intelligence agents. The Russian government has denied all involvement in the incident and has portrayed it as anti-Russian propagandists. (Reporting and writing by Sam Tabahriti, Muvija M. Editing by William James and Andrew Heavens.
-
China's CATL obtains safety permit for restarting production at flagship lithium Mine
CATL, a Chinese company, has received a safety production permit for the flagship Jianxiawo Mine. This is a major regulatory hurdle that will allow production to resume after a nearly year-long suspension. According to Credit China, an official website that tracks corporate and individual compliance, the Chinese battery giant obtained the permit on 29 June. It will be valid until 27 February 2028. CATL announced in August that it had ceased operations at the Jianxiawo Mine, located in eastern China's Yuchun city, when its previous license expired. The stoppage triggered a temporary rise in the price of lithium futures, and stocks in lithium-miners. It also sparked speculation that China would crack down on excess supply. CATL was forced to rely on external suppliers of?lithium after the mine shut down, according to a report in October, which cited sources with first-hand knowledge. According to Australian government data, the Jianxiawo Mine 'has a production capacity of 46,000 metric tonnes of lithium carbonate per year, which is 3% of global output in 2025. Reporting by Ethan Wang, Lewis Jackson and Thomas Derpinghaus; editing by Tom Hogue and Thomas Derpinghaus
-
Indonesia, India sign BrahMos missile deal
The Indonesian Presidential 'palace' announced on Tuesday that India and Indonesia had?signed an agreement on the BrahMos Cruise Missile System. During his two-day trip to Indonesia, Indian Prime Minister Narendra Modi visited President Prabowo Sibito. This was his first visit to Southeast Asia since 2023. According to a Jakarta announcement that did not provide any details, BrahMos - an India/Russia joint venture missile company - and Indonesia's Defence Ministry signed a deal for the BrahMos system of missile defense. The?reported on Tuesday earlier that India would supply the BrahMos missile defense system to Indonesia and also?the Astra Air-to-Air missile, citing a government official in India. BrahMos stated that it is in advanced discussions with Indonesia for a deal between $200 million to $350 million. It has already signed agreements with its neighbours Vietnam, and the Philippines. The palace also announced that Indonesia's Republikorp - a private defence holding company - and India's Bharat Dynamic - a defence company based in India - had signed an agreement regarding air-to-air weapons. Both countries signed memoranda of understanding to strengthen supply chains for critical minerals, steel and agriculture. Steel Authority of India will establish a joint-venture with Indonesia's Krakatau Steel for the production of stainless steel plates in Indonesia. Prabowo and Modi both said, "We are two of the biggest democracies on the planet." "Partnerships between us will benefit the region." Prabowo, the Indonesian minister of trade and industry, said that India will speed up its negotiations with Indonesia on a preferential trading agreement. Modi stated that the two countries would work together to promote maritime safety and security in Indian Ocean. In their comments, neither leader mentioned the BrahMos agreement. Prabowo and Modi met in New Delhi, India last year. They signed a number of agreements. Modi will be departing for Australia and New Zealand tomorrow. (Reporting from Stanley Widianto and Sakshi dayal in Jakarta; Additional reporting by Anandateresia, Editing by Martin Petty.)
Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and revise financial forecasts.
In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for up to 25% of its operating costs.
Here is an alphabetical list of the ways that?airlines have responded:
AEGEAN AIRLINES
The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs, will have "a significant impact" on their first-quarter earnings.
AIRASIA X
Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%.
AIR CANADA
The Canadian largest airline plans to reduce four of its daily flights to New York to 38 due to rising fuel prices. From June 1, 2026, the four flights to JFK International Airport are being cut.
AIR FRANCE-KLM
The airline group said that it would increase the price of long-haul tickets to offset rising fuel costs. Cabin fares will rise by 58 euros (50 euros) per round-trip.
KLM, the Dutch subsidiary of the group, announced on April 16 that it would cancel 160 flights across Europe in a month due to rising fuel costs.
AIR INDIA
The Indian airline said that it will change its fuel surcharge system from a flat surcharge for domestic flights to one based on distance. The Indian carrier said that surcharges for international routes do not compensate the steep rise in fuel costs.
AIRLINE OPERATORS IN NIGERIA
In a letter to the Nigerian fuel industry association, it was claimed that they were artificially increasing prices.
AIR NEW ZEALAND
On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was one of the earliest to announce a large increase in ticket prices after the conflict erupted. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets.
AKASA AIR
Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights.
ALASKA AIR
The U.S. carrier said that it would raise fees by $5 for the first bag and $10 for the second for flights in North America, as well for Hawaiian Airlines. The third checked bag was raised from $50 to 200 dollars.
AMERICAN AIRLINES
The U.S. carrier announced that it would increase the fees for checked baggage by $10 for each of the first two bags, and $150 for the third bag, on both domestic and short-haul flights. The airline also reduced certain benefits for passengers in economy class.
The company had previously said that it anticipated a $400-million increase in expenses for the first quarter due to rising fuel prices.
ASIANA AIRLINES
Newsis reported that the South Korean airline would cut 22 flights from April to July because of fuel price increases.
CATHAY PACIFIC
Hong Kong Airlines announced that it would cancel about 2% scheduled passenger flights between mid-May and the end of June. Meanwhile, HK Express, its budget airline, was cutting approximately 6% flights.
The carrier had previously stated that it would increase its fuel surcharge across all routes by 34% from April 1, and will review the charges every two weeks.
CEBU AIR
The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact.
CHINA EASTERN EXPRESS AIRLINES
Air China said that it would increase fuel surcharges on domestic flights starting April 5. Flights of less than 800km will be charged a surcharge of 60 yuan, and flights above 800km will be charged a surcharge 120 yuan.
DELTA AIR LINES
Delta announced that it would reduce capacity by approximately 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The increase will be $10 for first and second bags, and $50 on third bags.
The U.S. carrier pulled all planned growth in capacity for the current quarter, and predicted profit that was below Wall Street expectations. Delta's CEO said that the company would not update its full-year forecast due to the uncertainty surrounding the fuel price hike.
EASYJET
EasyJet has warned that it will suffer a larger half-year loss before tax of between 540 and 560 millions pounds ($731 and $758) in March, including an extra 25 million pounds of fuel costs.
Kenton Jarvis, CEO of British Airways, said that European consumers can expect to pay higher prices at the end summer when fuel hedges expire.
FRONTIER AÉRIENS
Fuel prices have risen'significantly' since the airline issued its outlook.
GREATER BAY Airlines
The Hong Kong-based firm said that it will increase fuel surcharges for most routes on April 1, but keep them the same on routes to mainland China and Japan.
The carrier has announced that the surcharge on flights between Hong Kong, Philippines and other destinations will be more than doubled.
HONG KONG Airlines
The airline announced that it would increase fuel surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49).
British Airways' owner IAG stated in March that it does not intend to increase ticket price immediately as it has hedged a large amount of fuel for the short to medium term.
INDIGO
India's largest airline announced that it will begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is lobbying for a reduction in fuel taxes by the Indian government.
JETBLUE AERWAYS
Low-cost airline based in the United States has announced that it will increase fees for optional services, such as checked luggage, due to "rising operating expenses". The airline said that baggage prices would rise either by $4 or $9.
Sources with knowledge on the subject have confirmed that KOREAN will be in emergency mode as of April due to rising oil costs. The airline will implement phased responses based on the oil price levels and increase company-wide efficiency to offset surging fuel prices.
LUFTHANSA The group announced that it would ground 27 aircraft servicing its CityLine short-haul subsidiary earlier than expected, citing the high cost of jet fuel and industrial action. Lufthansa also plans to withdraw four Airbus A340 600 long-haul planes at the end the summer, and will reduce its short- and medium-haul fleet by five aircraft during winter 2026/2027.
PAKISTAN INTERNATIONAL FLIGHTS
Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international fares up to $100.
QANTAS AIRWAYS
Qantas, Australia's largest airline, said that it has delayed a planned A$150m ($106m) buyback. It also increased its projected fuel bill in the second half 2026 from A$2.5bn to A$3.1bn-A$3.3bn.
Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "couple hundred" of flights.
SAS, which has already raised flight prices, stated that the surge in fuel costs would be a major blow to the aviation industry, even if they tried to absorb them.
SPRING AIRLINES
Budget Chinese airline announced that it will increase fuel surcharges for domestic flights from April 5. Details to be announced later.
SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES
The American carrier announced that it would increase the fees for checked bags by $10 each for the first two bags. This will bring the cost to $45 and $55 respectively for the first bag.
The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues.
THAI AIRWAYS
The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices.
TURKISH AIRLINES LUFTHANSA
SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would be imposing a temporary fuel surcharge between Turkey and Europe of 10 euros for each passenger starting May 1. The fuel surcharge will be applied to all bookings made after April 1, for departures after May 1.
Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep the earnings and preserve cash.
T'WAY AIR
As part of measures taken to combat the effects of war, the South Korean low-cost airline said that it would furlough cabin crew in May and/or June without pay.
UNITED AIRLINES
Scott Kirby, CEO of the U.S. carrier, said that the airline will cut unprofitable flights in the next two quarters to prepare for the oil price remaining above $100 by the end 2027.
Andrew Nocella, United's Chief Commercial Officer, said that the company was able to increase fares in response to a rapid rise in oil and jet fuel costs.
In an email to customers, the airline announced that it would also be increasing first and second checked baggage fees by $10. This applies to all travelers in North America, Mexico, Canada, and Latin America.
VIETJET
Due to possible fuel shortages, the Vietnamese budget airline has 'adjusted' flight frequencies on certain routes.
VIETNAM Airline
Vietnam's Aviation Authority announced that the carrier will cancel 23 flights a week on domestic routes starting in April after it requested assistance from the government to remove an environment tax on jet fuel.
VIRGIN ATLANTIC
Corneel Kster, the CEO of the airline, told The Financial Times that despite adding fuel surcharges on fares this year it will struggle to achieve profitability.
VIRGIN AUSTRALIA
Virgin Australia has said that it expects an increase of jet fuel costs of between A$30 and A$40 million in the second half of the fiscal year. It also anticipates a 1% decrease in capacity for the fourth quarter.
The airline had previously stated that it would adjust fares in order to reflect the rising costs.
WESTJET
Canadian Press reported that the airline would add a C$60 fuel surcharge ($43) to certain bookings, and also combine flights due to rising costs.
(source: Reuters)