Category Archives: World Business

Trade and Commerce.

Nissan to suspend operation in Russia for next three months.

Japanese automaker Nissan will extend its suspension of a factory in Saint Petersberg, Russia for three months until late December, the daily Nikkei reported on Monday.

The plant, which was idled in March following Russia’s invasion of Ukraine, was originally set to restart in late September according to the report.

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Bitcoin rose more than 7 per cent to $20,796, a two-week high.

Bitcoin surged past the $20,000 barrier and was eyeing its best day in six weeks on Friday as the U.S. dollar fell broadly and markets found reasons to be cheerful at the end of a dour week.

Bitcoin, the biggest cryptocurrency by market value, rose more than 7 per cent to $20,796, a two-week high. Ether, the second-biggest, rose 5 per cent to also hit a two-week peak at $1,717. Bitcoin had been as low as $18,540 on Wednesday.

Market participants said there was no particular trigger for the gains beyond a broad upbeat mood in evidence across asset classes on Friday, led by a drop in the safe-haven dollar and a rally in Chinese stocks.

If the cryptocurrencies can hold their gains until Sunday’s close, Bitcoin could log a second weekly rise in a row, and its best week in about a month.

Ether’s weekend volatility may be heightened by a looming software upgrade known as the merge, due sometime between Sept. 10 and 20, with the exact timing uncertain.

The shift will radically change how transactions are processed and is supposed to slash energy consumption. Some exchanges plan to pause deposits and withdrawals while the upgrade occurs.

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China’s market regulator on Tuesday published draft rules to govern the sales and marketing of “mystery boxes”.

China’s market regulator on Tuesday published draft rules to govern the sales and marketing of “mystery boxes”, where consumers do not know which toy figurine they will get until they open the box.

The regulator aims to bring order to a market which has become a big trend in recent years and seen buying frenzies.

The State Administration for Market Regulation (SAMR) said in a statement that sellers of mystery boxes should not excessively price their wares, and to set up mechanisms that would encourage buyers to “rationally” purchase such boxes.

Companies will not be allowed to sell these boxes to customers under 8 years old, SAMR said, and must obtain their guardian’s permission to sell them to minors above 8 years old.

Companies such as Chinese toy seller Pop Mart International Group have built their businesses on the mystery box trend.

The SAMR said the draft rules were open to public comment until Aug 30.

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Tsingshan Holding Group is considering selling some of its assets in Indonesia.

China’s stainless steel and nickel giant Tsingshan Holding Group is considering selling some of its assets in Indonesia to China Baowu Steel Group, the world’s top steel producer, sources said.

Tsingshan has in recent years been investing heavily in Indonesia, turning the nickel-rich Southeast Asian nation into a hub of stainless steel and nickel production and a possible top supplier of electric vehicle battery chemicals.

It’s still under discussion, a Tsingshan official said, referring to the possible sale, without elaborating.

Two other sources at Baowu confirmed the talks, with one saying that the acquisition would be part of the Chinese state-controlled steel firm’s long-term goal to expand in the stainless steel sector, especially in Southeast Asia.

It would also be in Baowu’s interests to expand into nickel, most of which is used in making stainless steel.

Our layout in the nickel industry is quite limited, and it is now too late to buy resources and invest a large amount of money to build factories, said a second source at Baowu.

Tsingshan has the intention to sell some of their . Both sides are interested in getting a deal, the source added.

Baowu did not respond to a request from Reuters for comment and Tsingshan could not be reached for comment.

Bloomberg News first reported the possible sale on Monday. It could be worth up to $4 billion and cover stainless steel and nickel pig iron plants in Indonesia’s Morowali Industrial Park.

The reason for the sale was that Tsingshan’s boss, Xiang Guangda, had been rethinking his company’s future in a short squeeze when he faced billions of dollars in mark-to-market losses, Bloomberg reported.

Tsingshan was caught in the cross hairs this year after its short positions in nickel were exposed by a price surge of the metal on the London Metal Exchange partly due to fear of disruption of supplies from Russia because of sanctions over Ukraine.

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Ukraine aims to ship out 3 million tonnes of grains a month from its Black Sea ports.

A foreign-flagged ship arrived in Ukraine on Saturday (Aug 6) for the first time since the war started in February, and will be loaded with grain, Ukrainian Infrastructure Minister Oleksandr Kubrakov said.

Ukraine is starting to resume grain exports in an effort overseen by a Joint Coordination Centre in Istanbul where Russian, Ukrainian, Turkish and UN personnel are working.

The United Nations and Turkey brokered a deal after UN warnings of possible outbreaks of famine due to a halt in grain shipments from Ukraine.

Before the invasion, Russia and Ukraine together accounted for nearly a third of global wheat exports.

Kubrakov said the Barbados-flagged general cargo ship Fulmar S was in the Ukrainian port of Chornomorsk.

We are doing (everything) possible to ensure that our ports can receive and handle more vessels. In particular, we plan to reach the level of at least three to five vessels per day in two weeks’ (time),” he wrote on Facebook.

This event is an important market signal that the (grain shipment deal) is a safe and, most importantly, profitable business opportunity for ship owners to return to Ukrainian ports,” he added.

Ukraine eventually aims to ship out 3 million tonnes a month from its Black Sea ports, he said.

Roughly 20 million tonnes of grain from last year’s crops are still stuck in the country.

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Coral Energy, which deals in crude oil and refined products, outbid China’s Sinopec for the purchase of Russian ESPO crude oil.

Dubai-based trader Coral Energy has become the top fuel oil supplier to Pakistan in recent months after winning a slew of import tenders floated by state-run Pakistan State Oil (PSO), data compiled by Reuters showed.

Coral Energy won tenders to sell eight fuel oil cargoes to PSO during April-August, said a spokesman for Pakistan’s energy ministry, as the country’s demand for oil in power generation grew after liquefied natural gas prices surged.

This is equivalent to more than 475,000 tonnes of fuel oil, Reuters calculations showed. Pakistan imported about 992,500 tonnes of fuel oil in the first half this year, data from Pakistan’s Oil Companies Advisory Council showed.

PSO started buying fuel oil from Coral Energy this year and, so far, the private trader has become the main supplier for PSO in July and August, PSO’s spokesperson said.

It last sold two cargoes of high sulphur fuel oil (HSFO) cargoes to PSO for delivery in the first half of August, at premiums of $77 and $78 per tonne to Middle East quotes on a cost and freight (C&F) basis.

Trading houses Vitol and BB Energy were previously active participants in PSO’s fuel oil tenders.

For supplies in the second half of August, Coral Energy had submitted three offers for HSFO cargoes and one offer for low sulphur fuel oil (LSFO) in PSO’s tender, documents from PSO’s website showed.

It was not immediately clear if PSO bought any cargoes in this tender.

Coral Energy could not be immediately reached for comment. The company is looking at expanding its trading activities across Asia, said a source familiar with the matter.

The South Asian nation in June posted record monthly highs for imports and petroleum-related purchases, central bank data showed last week, as electricity demand peaked during summer.

Pakistan’s foreign exchange reserves have dwindled and it has been struggling to finance a widening current account deficit amid a fast depreciating currency.

Coral Energy, which deals in crude oil and refined products, outbid China’s Sinopec for the purchase of Russian ESPO crude oil cargoes in July.

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On Monday Bitcoin rose to 7.93 per cent.

Bitcoin rose 7.93 per cent to $31,780.51 at 2200 GMT on Monday, up $2,334.8 from its previous close.

The world’s biggest and best-known cryptocurrency is up 25.1 per cent from the year’s low of $25,401.05 on May 12.

Ether, the coin linked to the ethereum blockchain network, rose 9.8 per cent to $1,989.38 on Monday, adding $177.54 to its previous close.

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E.U Ambassadors to approve embargo on Russian oil next week.

Indications emerged Friday that the European Union may turn to Nigeria and other oil-producing countries for oil supply amid moves to approve an embargo on Russian oil.

The New York Times reported Friday that the oil embargo would be phased in over a period of some months.

Quoting EU officials who spoke on condition of anonymity, the newspaper said the new resolution is expected to be approved by E.U. ambassadors next week as part of plans to avoid delays.

The EU resolution comes against the background of new assessments that the Russian military’s eastern offensive was faltering amid plans to provide Ukraine with more weapons and support.

With about one quarter of the Europe’s yearly oil needs coming from Russia, European countries rely heavily on Russia for supply. But officials said the union is looking elsewhere for oil supply.

As the oil embargo is phased in, officials said the bloc would seek to make up the shortfall by increasing imports from other sources, like Persian Gulf countries, Nigeria, Kazakhstan and Azerbaijan, the New York Times reported Friday, quoting officials.

Since the invasion of Ukraine earlier in thee year, the EU embargo If enacted will be the biggest and most important new step in the E.U.’s sixth package of sanctions against Russia.

The new sanctions will also be directed at Russia’s biggest bank, Sberbank, according to officials who spoke to the New York Times.

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DBS Group Holdings and OCBC both reported 10 per cent falls in their quarterly profits on Friday (Apr 29).

Singapore lenders DBS Group Holdings and OCBC both reported 10 per cent falls in their quarterly profits on Friday (Apr 29), accompanied by declines in revenues as their wealth management businesses were affected by weaker markets.

Net profit at DBS, Southeast Asia’s biggest bank, fell to S$1.8 billion (US$1.3 billion) in January-March from a record S$2 billion a year earlier but came in above an average estimate of S$1.63 billion from six analysts, according to Refinitiv data.

Second-ranked OCBC posted a quarterly profit of S$1.36 billion, down from S$1.5 billion a year earlier, but this also came above an average estimate of S$1.2 billion from six analysts, according to Refinitiv data. 

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