South Asia

Adani Group, owned by Alphabet, plans to invest $5 billion into Google's India AI Data Centre Project, an executive revealed on Friday. The company is looking to capitalize on the booming demand in data capacity across the world's largest nation. Google announced in October that it would invest $15 Billion over five years in the state of Andhra Pradesh to build an artificial intelligence data center. This is its largest investment in India. AI demands enormous computing power. This is driving demand for data centres with thousands of chips linked together in clusters. Adani Group CFO Jugeshinder Singh stated that...

The companies and government of Andhra Pradesh announced on Wednesday that a joint venture between Reliance Industries and the state will invest $11 billion in five years for the development of 1 gigawatt AI data capacity. Digital Connexion is a joint venture between the Canadian multinational Brookfield Corporation, and the U.S. real estate investment trust Digital Realty. The project will establish a campus of AI-native data centres on 400 acres in Visakhapatnam, Andhra Pradesh. Google announced in October that it would build AI data centres in Visakhapatnam, India, over a five-year period. This will be the largest AI hub the...

The author of the report that plunged BBC into crisis claimed the broadcaster wasn't "institutionally bias" but had editorial flaws. He hoped his criticisms could help to fix these. Michael Prescott, former external editorial advisor, has compiled a dossier of issues at BBC News. This includes allegations of bias regarding its coverage of the Israel/Hamas conflict and trans issues. The leaked report led to the resignations by Director General Tim Davie, and Deborah Turness as head of news, as well as a threat from Trump to sue up to $5 billion. This plunged the public broadcaster in its worst crisis...

The author of the report that plunged BBC into crisis claimed the broadcaster wasn't "institutionally bias" and had hoped to improve things with his criticisms. Michael Prescott, former editorial advisor, has compiled a dossier of issues at BBC News. This includes allegations of bias regarding its coverage of the Israel/Hamas conflict and trans issues. Leaked reports led to the resignations by Tim Davie, Director General, and Deborah Turness as head of news, and Trump threatened to sue the broadcaster for up to five billion dollars. This was the biggest crisis the public broadcaster has faced in decades. Prescott said to...

The U.S. Treasury announced on Monday that U.S. sanction against Russian oil giants Rosneft, and Lukoil have already reduced Russian oil revenues. They are also likely to reduce Russian oil sales in the future. In a press release, the Treasury's Office of Foreign Assets Control stated that their analysis of the first market impact of sanctions announced on the 22nd of October showed they were "having their intended effect of dampening Russian revenue by lowering Russian oil prices and therefore the ability of the country to fund its war against Ukraine." The Treasury's action was one of the strongest U.S....

A senior White House official stated on Monday that President Donald Trump would be willing to sign legislation imposing sanctions on Russia, as long as the ultimate decision-making power remained with him. Trump told reporters on Sunday night that he was "OK" with Republicans working on legislation to impose restrictions on countries that do business with Russia because Moscow failed to negotiate a deal with Ukraine. Trump suggested that lawmakers could add Iran to sanctions measures. Both Senator Lindsey Graham, and U.S. Rep. Brian Fitzpatrick are Republicans. They sponsored legislation to impose restrictions on countries that do business with Russia....

Sources at three Indian refiners reported on Tuesday that Saudi Arabia and Iraq, producers from the Middle East, have allotted full-term crude volumes for Indian refiners in December while also offering additional quantities under optional contracts. After halting their Russian oil purchases due to the tightening of Western sanctions, Indian suppliers have increased demand for Middle East crude. Last month, the United States, Britain and European Union designated Russian Top oil producers Rosneft, and Lukoil caused immediate disruptions in trade as fears of sanctions drove away buyers from India and China. Sources said that the Indian refiners received their full...

Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S....

The quarterly profit of Indian beauty retailer Nykaa more than tripled on Friday. This was boosted by the steady demand for skincare and makeup products, as well as through new partnerships with global brands. The company, which was formerly known as FSN e-Commerce Ventures posted a profit for the quarter ending September 30 of 344.4 millions rupees (about $3.9 million), up from 100.4million rupees one year earlier. Nykaa's quarterly results reveal that it is focusing on profitability and doubling down on the core beauty business. This has meant expanding the offline presence and securing strategic partnerships, including Katrina Kaif’s Kay...

Reliance Industries in India and Google announced tie-ups in artificial intelligence for consumers and businesses, including a free 18-month subscription to Google's Gemini AI Pro Platform, as part of a push to increase AI adoption in India. The companies have announced that the offer, currently priced at 35.100 rupees (about $399) for 18 months will allow Jio users to access the latest Gemini 2. Pro model, 2TB of cloud storage and its image and videos generation models. OpenAI announced a few days earlier that it would provide users with ChatGPT Go access for a full year in India. India's AI...

India announced on Thursday that the U.S. had granted it a six-month waiver of sanctions to operate Chabahar's Iranian port. This will help New Delhi to boost its trade with Afghanistan and Central Asian nations, bypassing Pakistan. Last year, India signed a contract for 10 years with Iran. Develop and operate a port This month, the United States has increased its cooperation with Taliban-run Afghanistan. Reopening of its Embassy Kabul was closed in 2021 after the Islamist group took power following the withdrawal by the U.S. led NATO forces. Initially, the port was planned to be built on Iran's Gulf...

The oil prices were stable on Wednesday, as investors weighed the optimism surrounding a meeting of the top two consumers in the U.S.A. and China with the expected rise in production quotas at the next OPEC+ summit. Brent crude futures rose 11 cents or 0.2% to $64.51 a barge at 1020 GMT. U.S. West Texas Intermediate Crude futures climbed 6 cents or 0.1% to $60.21. China's Foreign Ministry said Chinese President Xi Jinping will meet U.S. president Donald Trump in Busan, South Korea on Thursday. The statement said that the meeting will "inject new energy into the development U.S. China...

The gold price rose on Friday, as investors began to expect the Federal Reserve to cut interest rates in the coming week. They are awaiting U.S. data on inflation that may clarify the central banks next move. As of 1416 GMT the spot gold price rose by 0.7%, to $4,235.59 an ounce. This was in line with a weekly gain of 0.1%. U.S. Gold Futures for February Delivery edged up 0.6% to $4,266.50 an ounce. "The odds of a rate reduction are in place... Gold is retesting, and reaffirming its $4,200/oz price level." Alex Ebkarian said that although the week...

The gold price rose on Friday as the market increased its bets that interest rates will be cut in the United States. Markets are now focused on inflation data due out next week, ahead of Federal Reserve policy meeting. As of 1208 GMT spot gold was up 0.5% at $4,226.99 an ounce. However, it was still on course for a weekly decline of 0.1%. U.S. Gold Futures for February Delivery edged up 0.3% to $4,257.40 an ounce. Lukman Otunuga is a senior research analyst with FXTM. He said that market bets on the Fed cutting rates next week have kept...

Gold prices in India rose to near a record high this week. This slowed physical demand, as buyers waited on a correction in price. Demand in China was also relatively low, despite the volatility and high spot gold prices. This week, Indian dealers offered a discount Discounts of up to $18 per ounce on official domestic prices have been increased by as much as $22. Gold is getting more expensive as the rupee falls, and jewellers find it difficult to decide how much and when to buy, said a Mumbai bullion dealer working for a private bank. On Friday, domestic...

Marie Jaroni is the head of Thyssenkrupp’s steel division. She estimates that a restructuring agreement, which will result in the loss or outsourcing of 11,000 jobs, will cost the company three digit million euro, according to the Frankfurter Allgemeine Zeitung. Thyssenkrupp Steel Europe said this week it had reached an agreement with the IG Metall to reduce or outsource 40 percent of its workforce. It will also reduce production to a level of shipping of 8,7 million to 9,0 million tons from 11.5 millions at present. The restructuring costs us about a million euros. In an interview published Wednesday, Jaroni...

Silver soared to record levels on Wednesday, as investors held onto expectations of a Federal Reserve interest rate cut. This week, a number of U.S. economic data will determine the direction of monetary policy. As of 0358 GMT spot gold was up 0.4% at $4,222.19 an ounce after falling by nearly 1% the previous session. U.S. Gold Futures for December Delivery were up 0.8% to $4,253.90 an ounce. GoldSilver Central MD Brian Lan stated that "we've seen some profits-taking in gold and moved into crypto or equity so we should be seeing a return, which is quite normal. Especially with...

India is considering the viability to import coking coal from Mongolia, despite the transport bottlenecks. New Delhi wants to diversify its supplies of this key ingredient in steelmaking. India, which is the second largest crude steel producer in the world, imports about 85% its coking coal, more than half of which comes from Australia. The source stated that the demand is expected to increase in the coming years. This will prompt the government and steelmakers alike to seek out new suppliers. Mongolia is a landlocked country with two export trade routes - one via Russia, and the other through China....

Gold spot rose 1% on Friday to a new two-week-high, amid expectations that the Federal Reserve would lower interest rates in the coming months. Silver also hit a record high. By 10:09 am, spot gold had risen 0.9% to $4.192.78 an ounce. ET (1510 GMT), was at its highest level since November 14. It was also on track for a weekly gain of 2.9%. Bullion is set to rise 4.6% this month and will be on course for its fourth straight monthly gain. Silver reached a new record high of $55.33 an ounce. This is a 3.5% increase for the...

The demand for gold was muted across the major Asian markets during this week. High prices slowed retail purchases even as India began its wedding season. In China, the elimination of tax exemptions on gold purchases lowered consumer interest. This week, Indian dealers offered a discount The discount is now up to $18 an ounce, inclusive of import duties and sales taxes. This is a smaller discount than the one of last week of up $21. On Friday, domestic gold prices traded at around 126.100 rupees for 10 grams, an increase of 4.4% over the previous week's lowest price of...

Iron ore futures were unable to find direction on Thursday, as falling China lump-ore premiums indicated weak demand for steelmaking materials and offset support from a soft dollar. By 0317 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange climbed 0.13% to 797 Yuan ($112.57) per metric ton. The benchmark December Iron Ore at the Singapore Exchange fell 0.04% to $106.5 per ton. According to Chinese consultancy Mysteel, China's seaborne Iron Ore Lump Premiums against 62% Fe Fines have fallen 42.2% since two months ago and reached their lowest level in late May 2024. Mysteel stated...

According to three sources familiar with the issue, Indian officials are looking into whether a safety lapse in the supply chain of a pharmaceutical component was responsible for the contamination of cough syrup which has caused the deaths at least 24 children over the past few months. Three health and drug safety officers from Tamil Nadu said they believed the solvent used in the production of a batch Coldrif cough medicine could have been contaminated by a toxic chemical at the time when it was delivered to the drugmaker Sresan Pharmaceutical Manufacturing. Sresan purchased 50 kg of propylene glycol solvent...

Two officials familiar with this matter claim that the creditors of India's Jaiprakash Associates have unanimously supported Adani Enterprises 135 billion rupees ($1.53billion) bid to take over the bankrupt infrastructure company. They preferred it to Vedanta. The officials, who declined to be identified because the matter was private, said that Adani's bid, which included higher upfront payments, won out over Vedanta’s offer of 170-billion rupees. Other bidders were Dalmia Bharat and Vedanta as well as Jindal Power, PNC Infratech, and Dalmia Bharat. Manoj Gaur, the controlling shareholder, had also made a last-minute offer, which was later withdrawn. Jaiprakash Associates owes...

T.V. Narendran, the chief executive of Tata Steel India, hopes that the government will extend the import tariffs for some steel products in order to protect against imports from China and other countries. Narendran said on Thursday. Narendran, in an interview, said that although the import volumes in India are small, they still affect the market. Narendran stated that "China exports a lot" of steel globally, and added that Indian steel producers had no choice but to export due to the "over-saturation" of most markets by Chinese competitors. In April, India, the second largest crude steel producer in the world,...