5 Minutes Read

Glencore likely to declare force majeure on some aluminum supply

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Swiss-based trading and mining giant Glencore will declare force majeure on some aluminum supply, days after the United States sanctioned major supplier Rusal and its boss, metals magnate Oleg Deripaska, a source familiar with the matter said.   Glencore is a Rusal shareholder and one of its biggest customers. Glencore Chief Executive Ivan Glasenberg resigned from …

Swiss-based trading and mining giant Glencore will declare force majeure on some aluminum supply, days after the United States sanctioned major supplier Rusal and its boss, metals magnate Oleg Deripaska, a source familiar with the matter said.

 

Glencore is a Rusal shareholder and one of its biggest customers. Glencore Chief Executive Ivan Glasenberg resigned from his role as Rusal director on Tuesday.

Force majeure is a clause in contracts that allows both parties to walk out of the contract when an extraordinary event or circumstance beyond the control of the parties happen.

 Global aluminum production is forecast at around 65 million tonnes for 2018. Glencore will control about 4-5 million tonnes, about half of which would be from Rusal.

It was not immediately clear what volume would come under force majeure or which buyers might be affected.

On Friday, the United States widened its sanctions against Russia to include allies of President Vladimir Putin as punishment for Moscow’s alleged meddling in the 2016 U.S. election and other “malign activity”.

The inclusion of Rusal marks the first time a major international company has been targeted by Washington in its moves to punish Russia for alleged meddling in the 2016 U.S. election.

 International financial groups have been quickly distancing themselves from Rusal shares, bonds and metal. The company has been dropped from global equity and debt indexes while its metal will not be allowed on the London Metal Exchange (LME) and the CME Group.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Oil hits highest since 2014 after Trump missile warning

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Brent crude jumped to a high of nearly $72 a barrel, its strongest since early December 2014, after Trump’s comments.

Oil hit its highest in more than three years on Wednesday after US President Donald Trump threatened to fire missiles at Syria in response to a suspected chemical attack last week.

Some major airlines were re-routing flights on Wednesday after Europe’s air traffic control agency warned aircraft flying in the eastern Mediterranean to exercise caution due to possible air strikes on Syria.

Trump has criticised Moscow for standing by Syrian President Bashar al-Assad.

Read Also: Missile Wars: Trump warns Russia; Dow Futures drop

“Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and ‘smart!’,” he wrote in a post on Twitter on Wednesday.

Brent crude jumped to a high of nearly $72 a barrel, its strongest since early December 2014, after Trump’s comments, while gold rallied for a fourth day as investors ditched risk-linked assets such as equities.

Brent rose 60 cents on the day to $71.64 a barrel by 1341 GMT, while US crude futures rose 58 cents to $66.09, down from a session peak of $66.44.

The United States and its allies are considering air strikes against Assad’s forces following a suspected poison gas attack last weekend.

Syria is not a significant oil producer, but any sign of conflict in the region tends to trigger concern about potential disruption to crude flows across the wider Middle East, home to some of the world’s biggest producers.

There are also concerns that the United States could renew sanctions against Iran.

“The focus right now is definitely on a possible military strike against Syria,” said Commerzbank’s head of commodity research, Eugen Weinberg.

“We think the fundamentals do not justify the current price, but unfortunately the market is focusing more on the politics and ignoring some of the warning signs, especially the hike in U.S.oil production.”

Saudi Arabia Energy Minister Khalid al-Falih said on Wednesday that his country would not sit by and let another supply glut surface, implying that the de-facto leader of the Organisation of the Petroleum Exporting Countries (OPEC) would continue to withhold supply.

Not all oil market indicators suggest the price will continue to rally strongly, analysts said.

US crude inventories rose by 1.8 million barrels to 429.1 million barrels in the week to April 6, according to a report by the American Petroleum Institute (API) on Tuesday, compared with analysts’ expectations for a decrease of 189,000 barrels.

The US Energy Information Administration (EIA) said on Tuesday that it expects domestic crudeoil production in 2019 to rise by more than previously expected, driven largely by growing US shale output.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Missile Wars: Trump warns Russia; Dow Futures drop

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Russian lawmakers have warned the United States that Moscow would view an airstrike on Syria as a war crime, saying it could trigger a direct military clash.

Dow Futures dropped on Wednesday after US president Donald Trump warned Russia of ‘nice, new and smart’ missiles coming Syria’s way.

Around 7:20 a.m. ET, Dow Jones industrial average futures fell 251 points, indicating a drop of 276 points at the open. Nasdaq 100 and S&P 500 futures also indicated a negative start to Wednesday’s session for their respective markets,  CNBC said in a report.

Trump tweeted, “Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and ‘smart!'”

The tweet exchange between Trump and Russia was a result of an alleged chemical attack by the Bashar Assad’s Syrian government against its citizen. Syria denied the accusation.

Trump has suggested that he has little doubt that Syrian government forces are to blame for what he says was a chemical attack, but neither he nor other administration officials have produced hard evidence.

Russian lawmakers have warned the US that Moscow would view an airstrike on Syria as a war crime, saying it could trigger a direct military clash.

Trump didn’t mention whether he was referring to a US military strike. But he has threatened military action in response to Syria’s suspected chemical attack, which activists and rescuers say killed at least 40 people. The Syrian government and its ally Russia have denied that such an attack ever happened.

Trump administration discussed a possible join military attack on Syria with France and Britain.

US officials told The Associated Press that the allies have weighed launching a military strike as early as the end of this week.

In the past Trump has vowed to stand up to Syrian President Assad.

(Developing story)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Ruble falls sharply following US sanctions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

U.S. sanctions imposed Friday barred U.S. citizens from doing business with numerous Russian businessmen, officials and companies, and froze any assets they may have in U.S. jurisdiction.

The Russian ruble has again fallen sharply as last week’s U.S. sanctions continue to bite.

The dollar traded above 64 rubles on the Moscow exchange Wednesday morning for the first time since 2016, a 2 percent drop, though the ruble later recovered slightly to 63.8 by midday.

The euro neared the 80-ruble mark briefly before falling back to 79.

U.S. sanctions imposed Friday barred U.S. citizens from doing business with numerous Russian businessmen, officials and companies, and froze any assets they may have in U.S. jurisdiction.

Russian markets have been spooked not only by the impact on sanctioned companies such as aluminum producer Rusal but also by the prospect of further such sanctions.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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US, Russia clash at UN over chemical weapons attacks in Syria

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Moscow and Washington halted attempts by each other in the UN Security Council to set up international investigations into chemical weapons attacks in Syria, which is in the throes of a seven-year-old civil war.

Russia and the United States tangled on Tuesday at the United Nations over the use of chemical weapons in Syria as Washington and its allies considered whether to strike at President Bashar al-Assad’s forces over a suspected poison gas attack last weekend.

Moscow and Washington halted attempts by each other in the UN Security Council to set up international investigations into chemical weapons attacks in Syria, which is in the throes of a seven-year-old civil war.

US President Donald Trump and Western allies are discussing possible military action to punish Assad for a suspected poison gas attack on Saturday on a rebel-held town that long had held out against government forces.

Trump on Tuesday cancelled a planned trip to Latin America later this week to focus instead on responding to the Syria incident, the White House said.

Trump warned of a quick, forceful response on Monday, once responsibility for the Syria attack was established.

Pan-European air traffic control agency Eurocontrol warned airlines to exercise caution in the eastern Mediterranean due to the possible launch of air strikes into Syria in next 72 hours.

On the diplomatic front, the United Nations Security Council failed to approve three draft resolutions on chemical weapons attacks in Syria. Russia vetoed a US text, while two Russian-drafted resolutions failed to get a minimum nine votes to pass.

Moscow opposes any Western strike on its close ally Assad and has vetoed Security Council action on Syria 12 times since the conflict started.

US Ambassador to the United Nations Nikki Haley told the Security Council that adopting the US-drafted resolution was the least that member nations could do.

“History will record that, on this day, Russia chose to protect a monster over the lives of the Syrian people,” Haley said, referring to Assad.

At least 60 people were killed and more than 1,000 injured in Saturday’s suspected chemical weapons attack on the town of Douma, according to a Syrian relief group.

Doctors and witnesses have said victims showed symptoms of poisoning, possibly by a nerve agent, and reported the smell of chlorine gas.

RUSSIA ACCUSES

Russian UN Ambassador Vassily Nebenzia said Washington’s decision to put forward its resolution could be a prelude to a Western strike on Syria.

“I would once again ask you, once again beseech you, to refrain from the plans that you’re currently developing for Syria,” he said after the council failed to approve a third draft resolution on chemical weapons attacks in Syria.

International chemical weapons experts are expected to go to Douma to investigate the suspected poison gas attack.

France and Britain discussed with the Trump administration how to respond to the Douma attack. Both stressed that the culprit still needed to be confirmed.

The Douma incident has thrust Syria’s conflict back to the forefront of the international stage, pitting Washington and Moscow against each other once again.

Trump said that he would make a decision about how to respond within a few days, adding that the United States had “a lot of options militarily” on Syria.

Assad’s government and Russia have said there was no evidence a gas attack had taken place and that the claim was bogus.

Any US strike is likely to involve naval assets, given the risk to aircraft from Russian and Syrian air defence systems. A US Navy guided-missile destroyer, the USS Donald Cook, is in the Mediterranean.

A key issue being considered by US defense and intelligence agencies and war planners is the effectiveness of Syrian air defenses and the extent to which Russia is helping to organize, and ultimately, direct Syrian air defense operations, according to two US government sources.

Last year, the United States launched strikes from two Navy destroyers against a Syrian air base.

US military action similar to last year’s would likely not cause a shift in the direction of the war that has gone Assad’s way since 2015 with massive aid from Iran and Russia.

There was little expectation that members of Congress would object if Trump launched an attack on Syria, despite some calls for lawmakers to exert their power to authorize military action. Most members of Congress – Democrats as well as his fellow Republicans – praised Trump after the strike last year.

French President Emmanuel Macron said on Tuesday that any strikes would not target the Syrian government’s allies or anybody in particular, but would be aimed at the Syrian government’s chemical facilities.

CHEMICAL WEAPONS PROBE

The Hague-based Organisation for the Prohibition of Chemical Weapons (OPCW) said Syria had been asked to make the necessary arrangements for the deployment of an investigation team.

“The team is preparing to deploy to Syria shortly,” it said in a statement.

The mission will aim to determine whether banned munitions were used but will not assign blame.

The Assad government and Russia both urged the OPCW to investigate the allegations of chemical weapons use in Douma, a move by the two countries that was apparently aimed at averting any US-led action.

“Syria is keen on cooperating with the OPCW to uncover the truth behind the allegations that some Western sides have been advertising to justify their aggressive intentions,” Syria’s state news agency SANA said.

A European source said European governments were waiting for the OPCW to carry out its investigation and for more solid forensic evidence from the attack to emerge. Any plan by Washington and its allies to take military action was likely to be on hold until then, the source said.

In Syria, thousands of militants and their families arrived in rebel-held parts of the country’s northwest after surrendering Douma to government forces.

Their evacuation restored Assad’s control over eastern Ghouta, formerly the biggest rebel bastion near Damascus, and gave him his biggest battlefield victory since 2016, when he took back Aleppo.

Aggravating the volatile situation in the region, Iran – Assad’s other main ally – threatened to respond to an air strike on a Syrian military base on Monday that Tehran, Damascus and Moscow have blamed on Israel.

Russian Deputy Foreign Minister Mikhail Bogdanov, meanwhile, said there was no threat of the situation in Syria resulting in a military clash between Russia and the United States. TASS news agency quoted him as saying he believed common sense would prevail.

A Russian warplane flew over a French warship at low altitude in the eastern Mediterranean this weekend, a deliberate breach of international regulations, a French naval source said on Tuesday.

The weekly magazine Le Point said the Russian plane had flown over the frigate Aquitaine and was fully armed. The Aquitaine is equipped with 16 cruise missiles and 16 surface-to-air missiles. It is currently operating off Lebanon alongside US ships as part of France’s military contingent fighting Islamic State militants in Syria and Iraq.

Despite the international revulsion over chemical weapons attacks, the death toll from such incidents in Syria is only a fraction of the hundreds of thousands of combatants and civilians killed since the war began in 2011.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Global Markets: Stocks gain as Xi calms US-China trade fears; rouble tanks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Chinese President Xi Jinping’s promise to cut import tariffs eased investor concerns about an escalating US-China trade row.

Global equity markets rallied and the Japanese yen fell on Tuesday as Chinese President Xi Jinping’s promise to cut import tariffs eased investor concerns about an escalating US-China trade row.

Russian assets extended Monday’s slide as investors digested the new round of US sanctions targeting the country’s tycoons. The rouble plunged more than 4% against the dollar to its lowest since late-2016.

Speaking at the Boao Forum for Asia in Hainan province, Xi vowed to open China’s economy further, protect intellectual property of foreign firms and he criticised a “Cold War mentality” as obsolete, in his first public comments since the trade dispute with US President Donald Trump’s administration erupted.

Xi’s comments prompted a largely positive reaction in financial markets, which have been rattled over the past week on fears the tit-for-tat US-China tariffs will escalate into a full-scale trade war that would threaten global growth.

European markets followed Asia with solid gains. Germany’s DAX rose 0.8%, France’s CAC 40 0.51% and Britain’s FTSE 100 0.59%.

The US S&P 500 E-mini futures gained 1.15%, suggesting US shares would open positively.

The MSCI World Index rose 0.34%.

“In the current environment markets are grabbing at the slightest hint. Today’s message from Xi contained nothing really new but it seemed like a conciliatory tone and so the market is just grabbing at that,” said Peter Garnry, head of equity strategy at Saxo Bank in Copenhagen.

“It goes back to the fact that there is still uncertainty on trade wars and even if we get a slight indication that it won’t be the worst case scenario, the market reacts positively,” he said, while predicting ongoing trade tensions throughout 2018.

Oil markets rose sharply on hopes that the trade dispute may be resolved without greater damage to the global economy. Brent crude futures climbed more 2% to $70.12.

After trading flat for most of the day, the euro surged when European Central Bank policymaker Ewald Nowotny told Reuters that the central bank could stagger the process of raising euro zone interest rates by first lifting its sub-zero deposit rate back toward positive territory.

The euro rose 0.4% to $1.2378 and left the dollar down across most major currencies aside from the Japanese yen.

The yen, which traditionally rises in times of market stress, fell versus both the dollar and euro. The dollar rose to as high as 107.245 before giving up some of those gains.

Safe haven bond prices including 10-year Treasuries initially dropped as risk appetite recovered.

Gold rose 0.2%.

The Australian dollar, which has fallen in recent weeks because of the economy’s exposure to global trade flows, gained against the dollar, as did Asian currencies including the Chinese yuan.

“Xi explicitly did not continue the trade war rhetoric so this is going to be risk-friendly and the market will be relieved,” said Kit Juckes, a macro strategist at Societe Generale.

Russian falls

Russian financial markets sold off sharply.

The rouble tumbled 4.2%, bringing its losses against the dollar since last Friday to around 10%.

Rouble-denominated shares rose 0.8%, bouncing off multi-month lows hit on Monday when the Moscow bourse dropped 8.3%. The shares of Rusal, the aluminium giant, which, with its boss Oleg Deripaska, was highlighted prominently in the sanctions, fell a further 7.5%in Hong Kong after slumping 50% on Monday.

Its dollar bonds maturing 2022 were trading at record lows around 52 cents, having lost half their value since the sanctions were announced.

“It is very serious, it’s very rare that you see a country literally force a company from another country towards bankruptcy. When you are shut out of dollar funding markets, a lot of your business will just stop working,” Saxo Bank’s Garnry said, adding that Russia’s smaller role in global financial markets would limit the wider fallout. The MSCI Emerging markets index was up 0.63% as other larger markets outside of Russia rallied.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

New US sanctions rattle Russian stock market, ruble

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

New US sanctions imposed on major Russian businesses and their owners sent Russian stocks and the ruble, the country’s currency, sharply down on Monday.

New US sanctions imposed on major Russian businesses and their owners sent Russian stocks and the ruble, the country’s currency, sharply down on Monday, exchange data showed.

Russia’s benchmark RTS stock index was down 11.33%. According to data from Moscow Exchange, the ruble was at 59.11 against the dollar, down from 57.88 on Friday, after several months of relative stability, Xinhua reported.

The US Treasury announced on Friday it had imposed new sanctions on 38 Russian individuals and entities, including seven business leaders and 17 senior officials, for their alleged “malign activity” around the world.

As a result of the punishment, all assets of the designated persons and entities that are subject to US jurisdiction are frozen, and US persons are generally prohibited from dealing with them.

One of the targets of the new round of US sanctions is Russia’s aluminium tycoon Oleg Deripaska and his Rusal company, the world’s major primary aluminum producer.

On Friday, Rusal issued a statement warning that the new sanctions may result in technical defaults, which pushed its stock down by nearly 50% on the Hong Kong Stock Exchange on Monday. In Moscow its shares fell by more than 25% by Monday afternoon.

Russian Prime Minister Dmitry Medvedev said at a meeting with his deputies on Monday that the new sanctions were aimed at “promoting American commercial interests around the world in defiance of the current trade rules, contrary to the established order”.

“Of course, these decisions are unacceptable, and we consider them illegitimate, since they are generally outside the domain of international law,” Medvedev said, according to an official transcript of his remarks.

He said Russia reserved the right to respond, “including within existing trade agreements and procedures.”

Medvedev also asked the government to work out proposals on providing support to companies affected by the sanctions, including those in the metals, energy and defense sectors, as well as efficient measures in response to the US move.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

India-Iran-Russia resume talks on activating key trade corridor

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

India, Iran and Russia are leading in activating the International North South Transport Corridor (INSTC) route since 2000, through existing road-route and with the development of some railway gaps in between the 7,200-km long multi-mode network of ship, rail and road.

India, Iran and Russia have resumed talks on activating the International North South Transport Corridor which will cut freight time to Europe by half and bring down the cost for the benefit of east and southeast Asian exporters.

India, Iran and Russia are leading in activating the International North South Transport Corridor (INSTC) route since 2000, through existing road-route and with the development of some railway gaps in between the 7,200-km long multi-mode network of ship, rail and road.

The INSTC was discussed during Iranian President Hassan Rouhani’s visit to India in February while Russia maintains a strong interest in the trade route, said Ambassador P S Raghavan, Convener of National Security Advisory Board in the Indian government.

“It is not only to make Indian-Russian trade or Indian-European trade profitable, actually it will make it very lucrative for east Asia and southeast Asia exporters. There is nothing to stop the INSTC from being activated in a matter of months,” said Raghavan.

He said that capacity building can be carried out as trade volume increases and progress is made on related issues.

The potential is enormous and well known, Raghavan said.

With no trade sanctions against Iran, the INSTC becomes “very competitive”, he said.

Raghavan said the INSTC cuts transportation time and cost by half as compared to the Suez Canal route.

The current shipment through Suez Canal route involves a longer distance, and is expensive as well as congested.

The INSTC could transport exports from India’s west coast, through Iran’s Bandar Abbas and Chabahar ports, Central Asian states, Russia and onwards to Europe.

Indian-Iranian-Russian customs have discussed trans-shipment processes while logistics such as containerisation needs to be sorted out, Raghavan said after addressing the 12th Institute of South Asian Studies International Conference on South Asia.

The conference was organised by the Institute of South Asian Studies, a think tank of the National University of Singapore.

It needs a special purpose vehicle of multi-national capacity to manage the transportation network from end-to-end, he said.

In 2014, the Federation of Freight Forwarders Association of India had a dry run on the INSTC.

The INSTC member states recognise the potential for efficient and seamless North-South transport caused by economic globalisation and by ever-increasing trade within the Eurasia region, the forwarders had said in a report at that time.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

US sanctions close Putin allies for meddling in 2016 Presidential election

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The sanctions largely respond to what U.S. intelligence agencies have said was Russian interference in the presidential election

The United States imposed major sanctions on Friday against 24 Russians, striking at allies of President Vladimir Putin in one of Washington’s most aggressive moves to punish Moscow for its alleged meddling in the 2016 U.S. election and other “malign activity.”

The action, taken under pressure from the U.S. Congress, freezes the U.S. assets of oligarchs such as aluminium tycoon Oleg Deripaska, a close associate of Putin, and lawmaker Suleiman Kerimov, whose family controls Russia’s largest gold producer, Polyus.

The sanctions largely respond to what U.S. intelligence agencies have said was Russian interference in the presidential election, although the Treasury Department painted them as a response to a series of adversarial actions by Moscow.

U.S. President Donald Trump has been under fire for not taking strong action against Russia after a series of diplomatic disputes reminiscent of the Cold War era. The sanctions could complicate his hopes for good relations with Putin.

Relations already had worsened recently as the United States expelled Russian diplomats over a poisoning case in Britain and imposed sanctions on Russians for alleged links to cyber attacks.

The latest move is aimed at seven Russian oligarchs and 12 companies they own or control, plus 17 senior Russian government officials. They freeze the U.S. assets of the people and companies named and forbid Americans in general from doing business with them.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Check Out: Asia-Pacific’s highest paid leaders

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Check Out: Asia-Pacific’s highest paid leaders

Multi-billion dollar corruption in India and a whopping 36% cut in the salary for Singapore’s prime minister have once again raised the question: How much should politicians be paid?

We’ve tallied up a list of Asia Pacific’s highest paid politicians based on figures from a number of publicly available sources, including The Economist.

Some of Asia’s fastest growing and largest economies, such as India and China, have the lowest salaries for their leaders.

India’s Prime Minister Manmohan Singh for example takes in just USD 36,200 per year, according to AFP.

Susilo Bambang Yudhoyono, president of Indonesia

Annual Salary: USD 124,000

President Susilo Bambang Yudhoyono, the leader behind Indonesia’s newfound status as Asia’s “economic golden child,” pulls in USD 124,000 a year.

This sum amounts to over 25 times the country’s GDP per capita, according to The Economist. The leader is working on narrowing the wealth gap in the country by raising the salary of civil servants by 10%.

The former army general is credited with initiating a crackdown on corruption.

Lee Myung-bak, president of South Korea

Annual Salary: USD 162,000

Keeping tensions under control on the Korea peninsula is no easy task.

Lee Myung-bak’s annual salary is set to rise to USD 162,000 this year, according to the Chosun Ilbo newspaper, from USD 156,000 in 2011, putting him in seventh place among Asia’s top paid politicians.

However, Lee clearly isn’t in the job for the money. Shortly after he was elected president, the former CEO of Hyundai Construction & Engineering pledged to donate his full salary to the underprivileged during his five-year term.

He was said to be the richest presidential candidate in South Korea’s last election, with personal wealth exceeding 35.3 billion won or USD 31 million.

Ma Ying-jeou, president of Taiwan

Annual Salary: USD 184,000

Taiwan’s President Ma Ying-jeou rakes in a salary of USD 184,000 per year.

The Hong Kong-born, US-educated lawyer has played an instrumental role in improving relations with China.

Ma has raised the country’s permit quota for Chinese tourists, eased restrictions on Taiwanese investment in China and approved measures to open Taiwan’s equity markets to mainland investors.

John Key, prime minister of New Zealand

Annual Salary: USD 310,000

Fifth on the list is Prime Minister John Key of New Zealand.

He takes home an annual salary of around USD 310,000, according to The Wall Street Journal . Impressive for some, but probably not for Key.

Prior to politics, the Kiwi PM amassed a personal fortune of around USD 40 million, working as a foreign exchange trader with Merrill Lynch, where he earned as much as USD 2.25 million per year.

He is now New Zealand’s wealthiest member of Parliament and one of the region’s wealthiest leaders.

 

Click here to see the rest of Asia-Pacific’s highest-paid politicians from CNBC.com.

 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?