Latest News
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IHC makes gains in India Aluminium Venture
The stock markets of the United Arab Emirates ended higher on Friday, following gains in global equities. A lukewarm U.S. employment report dampened expectations for a near-term Federal Reserve interest rate hike. The STOXX pan-European Index rose?0.2% while MSCI's broadest measure of global equity edged up by 0.1%. As more people left the workforce, the U.S. unemployment rates fell from 4.3% to 4.2% in May. Soft jobs data decreased expectations of an impending Fed rate hike and increased betting that rates will remain on hold until October. Changes in U.S. currency policy can have a major impact on Gulf markets, including the UAE. Dubai's main stock index rose 1.1% on Friday as gains in industrial and financial stocks helped to sustain the momentum. The Salik Company, a toll-gate operator, jumped by 2.4%. Meanwhile, blue-chip developer Emaar Properties as well as top lender Emirates NBD Bank both grew by 1.5%. Emirates Global Aluminium, owned jointly by Abu Dhabi's and Dubai's sovereign wealth funds, announced on Thursday that it had restored production earlier than expected at the Al Taweelah Complex, which was damaged in March by Iranian missile strikes. However, hot metal production may take up to one year to reach previous levels. Abu Dhabi's benchmark index rose 0.9% for the second time in a row. Alpha Dhabi Holding rose 4.3%, while property?giant Aldar?Properties rose 1.2%. International Holding Company (IHC), the UAE's biggest listed company based on market value, gained 0.6% following its announcement that it would invest $11.5 billion in an integrated aluminum project in eastern Indian state Odisha via a joint venture with India's Adani Group. According to LSEG, the Abu Dhabi and Dubai indexes both gained 0.2% this week. (Reporting from Mohd. Edrees, Bengaluru. Editing by William Maclean.)
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Bloomberg reports that China's CMRG has extended the limits for Fortescue Super Special Fines.
Bloomberg News reported that China Mineral Resources 'Group Co. (CMRG), has widened the restrictions affecting iron ore purchased from a?Australian producer, Fortescue ltd. The restrictions now extend beyond port inventories and cover new purchases of the Super Special Fines products. The report stated that the'state-backed buyer' has also instructed several Chinese steelmakers and traders to refrain from purchasing any new cargoes priced in U.S. dollars of Fortescue Super Special Fines. I was unable to independently verify the Bloomberg report. CMRG verbally informed some domestic steel mills earlier this week that they'must' not take delivery of Fortescue’s?Super -Special Fines? and Fortune Fines? held in Chinese ports. The move was 'the latest indication of Beijing's attempts to increase its control over the iron ore market and tighten its influence. Reporting by Dagmarah Mckos. Mark Potter edited the article.
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Sources: Iran explores oil sales to Japan; buyers want longer sanctions waiver
Three Iranian and Western sources confirmed that Iran has started 'talks' to sell oil to Japanese companies, but 'potential buyers' are requesting a longer U.S. sanction waiver and assurances about safe shipping conditions in Gulf. In June, the United States authorised Iranian oil exports. This was a significant step in easing decades-old sanctions and paving the way for a final peace agreement with Tehran. The deal would be in exchange for nuclear inspections?and freedom of movement through?the Strait of Hormuz?. China has been the largest buyer of Iranian oil over the past few years, after South Korea, Japan and Europe stopped buying it as sanctions tightened in response to President Donald Trump’s withdrawal from Iran’s nuclear agreement in 2018. The current waiver of'sanctions' by the U.S. Treasury Department allows for the sale of crude and petrochemical products and petroleum products with Iranian origin until?August 21, 2009. The U.S. Treasury and Japan's Foreign Ministry?didn't immediately respond to?requests for comments.
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Sources say that Russia is set to import North Asian Jet Fuel amid the fuel crisis.
Three sources briefed on this matter said that Russia is preparing to import jet fuel via traders. The country is currently battling a fuel shortage after Ukrainian attacks against its energy infrastructure. Two sources said that at least 200,000 barrels (of jet fuel) are expected to be loaded from Chiba in Japan in the first half July, and shipped first to South Korea. They added that the cargo will then be expected to be transferred to another tanker, probably via a ship-to-ship transfer at South Korea's Yeosu Port, before being sent to Russia. The final destination of the cargo was not immediately known. Sources declined to name themselves because they were not authorized to speak to the media. The Russian energy ministry has not responded to a comment request. The South Korean Industry Ministry refused to comment, and the Japan Ministry of Economy, Trade and Industry didn't respond to comments immediately. Kpler ship tracking data revealed that a previous shipment of jet fuel by Russia was for 22,000 barrels from Yeosu, South Korea, in February 2022. The cargo was delivered in the Far East region of Vladivostok. Fuel?crisis caused by Ukraine's drone attack on Russian oil refineries, depots and depots disrupts Russians' everyday life. Moscow has imposed restrictions on fuel purchase while farmers have warned they may not be able to harvest their crops. Kpler data shows that Russian jet fuel exports to Turkey have fallen to 13,000 barrels per day this year. Last year, Russia exported about 30 bpd. Reporting by Asia Energy Desk Additional reporting from Seoul Bureau Editing by Florence Tan & David Goodman
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Kremlin: EU should consider Nord Stream explosions when discussing Ukrainian membership
The Kremlin stated on Friday that the European Union must consider Ukraine's suspected role in blowing up a Nord Stream gas pipeline in September 2022, when deciding whether or not to grant EU membership for Kyiv. Dmitry Peskov, the Kremlin's spokesman, was commenting on German federal prosecutors charging a former Ukrainian officer with being involved in the blasts. The man, identified only as Serhii, was accused of co-perpetrating a war crimes and acting for?Ukrainian government entities. The authorities in Kyiv stated on Thursday that they didn't have enough information about the case to be able to answer in detail the allegations of?German prosecutors. Peskov stated that the case demonstrated the involvement of the Ukrainian government in what he termed "a terrorist attack targeting critical European Union Infrastructure". Peskov said to reporters that this was a very significant case and all EU countries should take it into consideration when discussing the prospects for Ukraine's EU Membership, closer ties with EU and other issues. The explosions caused damage to the Nord Stream 1 'pipeline, a 'vital route for Russian exports of gas to Europe. They also damaged the Nord Stream 2 branch which was yet to be put into service. Moscow has accused Kyiv for years of being responsible for the explosions that followed Russia's "full-blown" invasion of Ukraine on February 22, 2022. Kyiv has denied that it ordered, carried out or was officially involved in these explosions. Russia and Western nations have called the explosions sabotage. (Reporting and editing by Gareth Jones, Dmitry Antonov)
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Wall St Week Ahead: Investors watch for Fed clues and earnings signs, as tech wobbles
Investors will be looking for clues to the possibility of an impending rate hike and the early signs of a crucial earnings season in the coming weeks as they gauge the strength the U.S. Stock Market's rally. The second half 2026 began 'this week, much like the first half did.' Heavyweight technology shares were swaying the major indexes. The minutes from the Federal Reserve's meeting last month, along with earnings from Delta Air Lines, PepsiCo and other companies, may provide new signs for a market that has been shaky in recent weeks. The market has seen gains over the last few months thanks to tech shares, and in particular semiconductors. The benchmark S&P 500 rose 14.9% during the second quarter, which ended on Tuesday. This was its best quarter since 2019. In recent months, this group has seen dramatic swings, with some steep drops to close out the week. Over the last month, other sectors such as financial, industrial, and healthcare stocks have done well, giving investors hope of a healthy market rotation. Joe Mazzola is the head trading and derivatives strategy at Charles Schwab. He said, "I'll be watching to see if that broadening persists." If you start to see a prolonged pullback of some technology winners, will that mean the market is going backwards? INVESTORS GET RATE INSIGHTS FROM FED MINUTES. The interest rate outlook has changed from the expectations of equity-friendly rates cuts at the start of the year to the projections of increases in the months ahead. These expectations of rate hikes were slightly reduced on Thursday after a less-than-expected job report. Following the Federal Reserve's meeting last month, which was led for the first time by Kevin Warsh as its new chairperson, hawkish bets were on the rise. He said the Fed would be focused on price stability and inflation that is above its 2% target. The minutes of that meeting will be published on Wednesday. Warsh warned that the Fed would not 'hold the hand of the market any longer and had thrown out its forward guidance as to what it might do in the short term. This could make the minutes of future Fed meetings more significant. Matthew Miskin is the co-chief investment strategy at Manulife John Hancock Investments. Investors and markets will be asking: what is the new Fed Chairman and updated (Fed Policymaking Body) looking for in order to determine the future path of interest rates? Investors said that a key issue was how Fed policymakers viewed the inflationary impact on energy prices. Prices had declined in recent months due to the Iran war spikes. The extent of the divisions among Fed officials is another important topic. Bonds can be more attractive to investors than stocks if interest rates rise. This is because higher interest rates increase borrowing costs for both consumers and businesses. LSEG data showed that Fed fund futures were trading at roughly equal odds late Thursday night. The central?bank is expected to raise rates before its meeting in September. The Labor Department's data on Thursday showed that U.S. employment growth was slowed dramatically in June. This eased some concerns about a rate hike. "If the Fed does become more restrictive and begins a tightening process, this is a risk for the market and valuations," James Ragan, director of investment research and co-CIO at D.A. Davidson. "I think it's important to get more information about what the Fed is thinking. SEASONAL PIVOTAL EARNINGS The release of data on manufacturing and services could clarify the inflation trend in a week that is relatively light for U.S. Economic Data. In recent months, stocks have recovered from the declines caused by the U.S./Israeli conflict over Iran. The S&P 500 has risen more than 9% since 2026 while the Nasdaq Composite, which is heavily tech-heavy, has risen 11%. The market's rise was fueled by the surprising strength of first-quarter corporate profit. This has raised the bar as the second-quarter report season heats up this month. Next week, two early reports will be released: Delta snacks and beverage maker PepsiCo. They offer different perspectives about consumer spending trends. According to LSEG, IBES, the S&P 500 is expected to grow earnings in the second quarter by over 24%. Keith Lerner is the chief investment officer of Truist Advisory Services. He said that if the north star is earnings, then the most important thing to do for earnings season is to confirm the earnings trajectory this year, and ensure the upward momentum will continue into next year. (Reporting and editing by Michelle Price, David Gregorio, and Lewis Krauskopf)
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Electric school buses are used to support the fragile US power grids in summer heat
The batteries in over 200 electric school buses in the United States are helping people to find relief when temperatures soar. When temperatures soar, you can find relief. Yellow electric school buses from California to North Carolina are returning power to the grid, relieving some of the strain during summer heatwaves. More than a hundred more buses are expected to be online. Power plants are dwarfed in terms of the energy stored by school buses and other electrical vehicles. But attempts to use their batteries to send power to electrical systems (known as Vehicle-to-Grid, or V2G) show how EVs can strengthen strained power grids. According to the World Resources Institute (WRI) Electric School Bus Initiative, fully deployed V2G project involving approximately 230 of the country's 6,700 electric busses can now supply up to 8 megawatts-hours at any given time. PJM, which is the largest U.S.'regional grid,' will require more than 160,000 Megawatts to meet the peak demand of 67 million Americans this week. This week, the U.S. has experienced record-breaking heat. It's still very early. Steve Letendre is a senior advisor at the Vehicle Grid Integration Council, a trade association. Some electric school buses have batteries that are larger than 200 kilowatt hours. They can recharge when the demand is low, and then send electricity back to the utility. During the summer months, they are usually unused. WRI reported that at least 31 utilities in 21 U.S. States are involved with V2G projects. WRI data indicated that the number of electric buses in use should double over the next few years to 14,625, which is 3% of all fleets. Many of them will be V2G enabled. To make a significant difference, the capacity of V2G electric bus projects must grow exponentially. ICF, a consulting firm, forecasts that the U.S. grid will add 445,000 megawatts by 2030. This is partly due to the boom in data centers. TECHNOLOGY FACE MULTIPLE BARRIERS V2G projects are faced with a number of obstacles, including upfront costs and the lack of a universal V2G standard. Standards and regulatory frameworks are still years away. Owners and operators of electric vehicles are concerned that the repeated charging and discharge of a vehicle's battery may accelerate its degradation and that V2G use could invalidate a warranty. Electric buses emit no tailpipe pollutants, but critics who oppose vehicle electrification or government/public investments in alternative energy projects claim that they could tax the grid. Many schools use solar energy to charge their devices. GOLDEN STATE BUS INITIATIVE California is leading the U.S. when it comes to developing and adopting V2G technology for school buses. The largest project in the country is the Oakland Unified Schools District where Pacific Gas & Electric, and transit provider Zum, operate a fleet of 74 buses that generate 2.1 gigawatt hours of electricity per year. Next month, a separate Zum project in collaboration with the San Francisco Unified Schools District will?launch. The project is expected to?surpass the Oakland project with a fleet of 104 starting buses that return about 3 gigawatt hours of energy per year during peak times. In 2027-2028, the fleet will double to 238 buses. California requires that all electric school buses funded by state programs have Vehicle-to Grid capability. The state is also funding V2G infrastructure projects and has the largest utilities in California -- PG&E, Southern?California Edison and others -- as partners. The Branford Public School district in Connecticut will be using 46 electric buses that are V2G capable by August. Cherokee Boys Club in North Carolina will operate 21 electric buses for Cherokee Central Schools, which are tribally run. Duke Energy has funded a V2G test program. Donnie Owle, the service manager at Cherokee Boys Club is working on an initiative to use?buses that are used as emergency shelters in schools as generators. Daniel Thomas, the director of administrative services for Glades County Schools in South Florida, says that he does not have any funding to support V2G, but plans to cool 13 Blue Bird electric busses when the next storm hits. Thomas: "We hope that it will never come, but Florida is Florida."
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Sources say that Russia is set to import North Asian jet-fuel amid fuel crisis
According to 'three sources who were briefed about the issue, Russia is preparing to import jet fuel via traders from Japan, as it 'confronts a fuel shortage - after Ukrainian attacks on its energy infrastructure. Two sources said that at least 200,000 barrels (of jet fuel) are expected to be loaded from Chiba in Japan in the first half July, and shipped first to South Korea. They added that the cargo will then be expected to be loaded onto another tanker, probably via a ship-to-ship transfer at South Korea's Yeosu Port before heading?to Russia. The final destination of the cargo was not immediately known. Sources declined to be named because they were not authorized to speak with the media. The Russian ministry of energy?didn't respond to a comment request. The South Korean Industry Ministry and the Japan Ministry of Economy, Trade and Industry didn't respond to comments immediately. Kpler ship tracking data revealed that a previous shipment of jet fuel by Russia was for 22,000 barrels?from Yeosu, South Korea in Febuary 2022. The cargo was delivered to Vladivostok in the Far East. Fuel crisis caused by drone attacks in Ukraine on Russian oil refineries, depots and refineries is disrupting Russians daily lives. Moscow has imposed'restrictions' on fuel purchases. Farmers have also warned that they may not be able to harvest their crops. Kpler data shows that Russian jet fuel exports to Turkey have dropped to about 13,000 barrels a day. Last year, Russia exported about 30 bpd. Reporting by Asia Energy Desk Additional reporting from Seoul Bureau Editing by Florence Tan & David Goodman
Sources: Iran explores oil sales to Japan; buyers want longer sanctions waiver
Three Iranian and Western sources confirmed that Iran has started talks with Japanese companies as part of a U.S. sanction waiver, allowing it to resume its oil sales. However, 'prospective buyers' are asking for a longer waiver, and reassurances about ship safety.
The waiver was part of the 60-day talks between Washington and Tehran, and it expires on August 21.
Two Iranian sources declined to identify themselves due to the sensitive nature of the matter. They said that three Japanese buyers are considering possible crude oil purchases in Iran. This would be their first purchase since 2019.
A Western industry source with knowledge of the situation said that Japanese and Iranian officials had begun initial discussions about oil sales.
Unknown to him was any such issue. An official from Japan's Ministry for Economy, Trade and Industry (METI), the department that oversees fuel infrastructure.
The U.S. Treasury and Japan's Foreign Ministry did not respond to requests for comment immediately.
After President Donald Trump withdrew from the?nuclear agreement in Iran, U.S. sanctions were tightened. Japan, South Korea and European countries stopped purchasing Iranian oil.
China is Iran's largest buyer in recent times.
HORMUZ RISKS
A separate METI official told a different reporter in June that any Japanese purchases were a private company's matter. However, the official said that it was uncertain whether such deals could proceed due to shipping times and current contracts.
Officials added that the safety of all tanker trips would have to be guaranteed.
According to a senior Iranian official, any agreement would require that the U.S. extend its current waiver due to the time it takes for shipping between Japan and Iran.
The official also added that cargoes will be loaded on Iran's Kharg Island using Japanese-operated tanks.
According to a senior Iranian oil official, Iran's national company NIOC has approached its traditional customers such as Japan and asked them to resume purchasing if a deal is reached and sanctions are lifted.
The Iranian oil ministry has not responded to a comment request.
The 'Strait of Hormuz Ship Passage' is far from being safe. It is also not known how the passage will work once a lasting deal is reached between Washington and Tehran.
Last week, Iranian forces attacked a container ship in the Strait of Hormuz. The elite 'Revolutionary Guards' of Iran have stated that all transits of the strait must be cleared first with them.
According to the U.N. shipping agency, there are an estimated 80 floating mines in the central part of a waterway.
A senior official at a major Japanese oil refiner stated that securing insurance would be the greatest challenge.
Trade sources and analysts said that the current temporary U.S. sanction waiver is unlikely to attract orders from Asian refineries with large inventories, which leaves independent Chinese refineries, as the primary buyer.
(source: Reuters)