South-East Asia

New Zealand and Australia announced on Thursday that they were each working with other countries on a potential joint response to bolster free trade in the face of a barrage U.S. Tariffs. Christopher Luxon, the New Zealand Prime Minister, said that he spoke with leaders from Singapore, Vietnam, and Malaysia as well as with the head of the executive of the European Union about international trade. Luxon, in a speech he gave on Thursday, floated the idea that members of the European Union and Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) could work together. The global trade system has been...

Authorities reported that a fire on a gas pipe operated by the state-owned energy company Petronas in Malaysia injured 33 people Tuesday, just outside the capital Kuala Lumpur. Astro Awani reported that Selangor Fire Department Director Wan Md Razali Wan Ismail said six of the injured had been sent to hospital. The fire is still burning and efforts are being made to put it out. Selangor Disaster Management Committee Chairman Mohd. Najwanhalimi told the state news agency Bernama that there are still people trapped in homes in Kampung Sungai baru, and rescue efforts continue. In a press release, Petronas said...

Puma Energy, a Trafigura-owned refinery products company, reported a 5% increase in net profit for 2024 in financial results published on Thursday. This is the third consecutive year that the business, which was once in a state of struggle has made a profit. Trafigura, a global commodity trading company, bought Sonangol’s stake in Puma Energy (then a loss-making company) in 2021. It took full control of the company and integrated it to its company as a way to increase its downstream market share. The company announced that its net profit was $39million. The company will not be paying a dividend....

The trade of Venezuelan crude oil to China, its top buyer, slowed on Tuesday following the U.S. President Donald Trump’s order that threatened tariffs against countries purchasing from Caracas. This came days after U.S. sanctioned China's imports of Iranian oil. Trump's surprise order caught Chinese traders and refiners by surprise. It states that, at the discretionary discretion of the Secretary of State, the U.S. can impose 25% tariffs starting April 2 on any goods imported from countries importing Venezuelan crude oil. Chinese traders and refiners are waiting to see the implementation of the order and if Beijing will instruct them...

Trafigura’s top executive for Mongolia has been suspended pending an investigation into a fraud scheme worth billions of dollars at the Swiss trading firm. The executive, however, lent more than $500 million from Trafigura to a company owned by his aunt. Lex Oil is Trafigura’s main counterparty in Mongolia. According to three sources and a document, it belonged to Erdenetuul who is the aunt of Trafigura’s suspended local boss Jononbayar Erdenesuren. Trafigura announced last October it had suffered a loss of $1.1 billion after an internal investigation found that employees within its Mongolian petroleum product supply business had engaged in...

The Singapore-based Jadestone Energy PLC, an oil and gas company that develops offshore gas fields, has submitted to the state-controlled PetroVietnam a plan for a joint development of two offshore gasfields in southwest Vietnam. Jadestone stated in a press release that the proposal included drilling two wells at the Nam Du and U Minh field to support a plateau production rate of 80 millions standard cubic feet per day. Jadestone, a separate company, said that the development of Nam Du and U Minh's gas fields will reduce Vietnam's future dependency on expensive liquefied gas imports. Gas will be transported to...

Freeport-McMoRan CEO Kathleen Quirk expressed her hope that U.S. president Donald Trump will declare copper to be a critical metal. This would allow tax credits for the American production of red metal, and help offset its global competitors, she said. Trump said to the U.S. Congress that he would take "historic action" to expand production of vital minerals, but he has not yet provided details. Copper is widely used in the global economy for power generation, electronic devices and construction. The U.S. Geological Survey identifies lithium, nickel and other minerals as essential. Quirk said that adding copper to Freeport's portfolio...

According to a document from the government, Vietnam is expecting to sign pacts this week with the United States after its trade minister met U.S. energy and trade officials. This step follows weeks of conciliation messages Vietnam sent to Washington, in an attempt to avoid tariffs that the Trump administration may impose on Southeast Asian nations due its large trade deficit with the United States. The document dated March 5, from the Trade Ministry, contains the itinerary of Nguyen Hung Dien, the Minister of Commerce's visit to the United States in this week. The list also included energy companies, government...

Mark Russell will replace Hadi Hallouche as the chief executive officer of Trafigura's downstream energy company Puma Energy. Trafigura, a Swiss company, said that Hallouche would work as co CEO with Russell until June's end. Hallouche, who is the CEO of Puma, has held this position since October 20, 2021. Prior to that, he was Trafigura’s Asia Head of Oil and Global Head of Liquefied Natural Gas. He was previously an LNG trader at Shell. Richard Holtum, who replaced Jeremy Weir in January as Trafigura's group CEO, is the latest Trafigura leader to leave. This was followed by a number...

Energy Minister Danantara Indonesia said that Indonesia is looking to increase coal gasification through its newly established sovereign wealth fund Danantara Indonesia. Indonesia, which is the world's largest thermal coal producer has been trying to process low-ranking coal into dimethyl ether in order to reduce LPG imports. However, previous projects have failed due to investors pulling out. Energy Minister Bahlil stated late Tuesday that the government will provide the capital investment, and the local investors will cover the rest. "Danantara will be one of them." Bahlil stated that four coal gasification project will be implemented in South Sumatra, East Kalimantan...

Howard Lutnick, the U.S. Secretary of Commerce, said that on Sunday tariffs against Canada and Mexico would go into effect starting on Tuesday. However President Donald Trump will decide whether or not to keep with the planned 25% rate. Lutnick said on the Fox News show "Sunday Morning Futures" that "that is a fluid scenario." There will be tariffs on Mexico and Canada on Tuesday. We'll leave it up to the president and his team of negotiators to decide what they are. Lutnick’s comments were Trump's first indication that he may not impose all the threatened tariffs of 25% on...

France's Vallourec announced a 24% decline in its core profit for the fourth quarter on Thursday. It cited lower average selling prices for its steel tubes, its primary market, in North America. Vallourec makes tubings for oil and gas markets, low-carbon energies and industrial markets. Its operating earnings before interest taxes, depreciation, and amortization (EBITDA), fell to 214 millions euros ($224) in the fourth quarter of 2024. This was due to a 27% decline in North American tubes. In the fourth quarter, around 92% (globally) of Vallourec’s total revenues came from the tubes business. In a conference call with journalists,...

Secretary general Meidy Kathrin, of the Indonesia Nickel Miners Association, said that on Wednesday they called on the government to reevaluate a recent regulation imposing higher royalty rates on nickel ore. Meidy says that the new royalties will burden miners already facing rising costs. She said that she understood that the policy had been officially enacted but hoped that the government would still allow for dialogue. Meidy stated that under the new rules Indonesia will impose a royalty rate of 14% to 19.0% on nickel ore. This is an increase from the existing single tariff of 10.0%. Semi-refined nickel pig...

B2Gold, a Canadian gold mining firm, plans to reduce 300 jobs in Namibia by the end of this year. The company will continue its phased downscaling at Otjikoto after it has exhausted open pit reserves. Otjikoto, which started commercial production in March of 2015, produced an unprecedented 198,142 gold ounces last year. This accounted for almost a quarter B2Gold’s total output. "By 2025, we will reduce our permanent staff from 700 to 400. This means that 300 employees will be affected during 2025", B2Gold Namibia’s country manager John Roos told reporters Monday at a company presentation. Otjikoto also reported a...

A top official said that Indonesia's social security fund BPJS Ketenagakerjaan (a $48 billion institution) aims to increase the local equity share in its portfolio up to 20% in three years. The recent stock market crash has created room for investing in undervalued stocks, he added. Edwin Ridwan is the director of the state-owned agency's investment development. He said that, since the Indonesian stock market crash, the fund has increased its investment in stocks with large market capitalisation. In an interview, he stated that "these are the conditions in which people sell, if you look at the history, whenever the...

S ingapore-headquartered real estate investment manager SC Capital Partners has emerged as a potential bidder for British data centre group Global Switch, two people familiar with the matter told . One of the sources said that the firm, which is backed by the global real estate manager CapitaLand Investment is working with advisors to purchase the London-based Jiangsu Shagang Group. The matter is a private one, so both sources requested anonymity. The people cautioned that the talks are still ongoing and will depend on market conditions. The first person who spoke said that the transaction could be valued between $4...

The mining minister announced on Wednesday that an Indonesian regulation will increase the royalties mine companies pay on commodities like coal, nickel and copper as well as gold, tin, and gold. The regulation aims to improve industry governance by increasing royalties for metal products, such as nickel ore and nickel matte, based on prices. The Miners Group has urged the Government to reconsider this hike as they already struggle with increasing operational costs. Minister Bahlil Lahadalia said to reporters, "We are appreciating all the inputs, but we see the greater interest for our nation." He said that the regulation would...

The only option for U.S. trade partners in the current trade war with Donald Trump is to sue. Most countries that are hit by tariffs of 10%-50% on their exports, to the dominant economic superpower in the world, lack the firepower or political will to fight back, according to government officials, economists, and trade experts. The vast majority of Trump's trading partners didn't immediately respond and instead indicated their willingness to negotiate with him a compromise that would save face. Even those who have counter-measured left the door open to negotiations. China, who on Friday imposed an additional 34% tariff...

A statement from the trade ministry dated April 1 revealed that Vietnam would impose a temporary antidumping levy up to 37,13 % on certain galvanised products from China and up to 15,67 % for some South Korean products. Statement: The tariffs are effective from 16 April and will be in effect for 120 days. The rate of 37.13% will apply to all Chinese steel producers, including the industry leader Baoshan Iron & Steel. According to a statement, however, Yieh Phui and Boxing Hengrui New Material will be exempted. The statement stated that South Korea's Hyundai Steel would face a tariff...

Danish jeweller Pandora estimated on Thursday that the total impact of U.S. Tariffs on its company would be around 1.2 billion Danish Crowns ($178.34 millions) per year. This is before any mitigation actions taken by the company. Pandora's shares fell 12% to a low of 15 months on Thursday after U.S. president Donald Trump raised duties on imports of goods from many countries. This included a 37% duty on Thailand where the company has two factories that produce most of its charms bracelets and other jewelry. Pandora's biggest market, the U.S.A., which accounted for 31% in revenue last year, estimated...

A government notification states that India launched an anti-dumping investigation at the request of an industry group over imports from Australia, China and Russia of met coke (low-ash metallurgical or met coal). In a March 29 notice, the Commerce Ministry said that the Indian Metallurgical Coke Manufacturers Association requested an investigation into the imports. These imports have more than doubled in the last four years due to concerns about local companies. According to the notification, the trade body said that there was no difference between the quality of met coke imported from abroad and the domestically produced version, which is...

According to internal memos and sources, the former head of Mercuria's Beijing office will join China's largest oil refining group Rongsheng Holdings as a senior executive. Li Xinhua will assist Xiang Jingjiong as president of Rongsheng Holdings. Li will be responsible for Rongsheng’s coal, petrochemical and oil trading businesses in Singapore, according to sources who declined to name themselves as the move had not yet been announced. Rongsheng has not yet commented. Li has been with Mercuria in Geneva for 17 years, one of the top four commodities and energy traders on the planet. Li's new role is to grow...

Two sources and an official statement have confirmed that a rebel group in Myanmar, which controls one of the largest rare earth zones on earth, has informed its miners it will permit shipments of rare earth to China starting Thursday. The Kachin Independence Army (KIA), which controls the town of Panwa, and Chipwe in Kachin State is the main mining company in Myanmar. Chinese customs data show that since the group's takeover, China has seen a sharp decline in its imports of rare-earth oxides and compounds, which have driven up prices. In a letter sent to the miners of the...

Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain. As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence. Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne. The Congo conflict is a serious problem for the global market. Not only are units being...