By Selena Li HONG KONG (Reuters) -Fund manager Elliott Associates has sued London Metal Exchange (LME) for $456 million following the suspension and cancellation of nickel trades on the platform owned by Hong Kong Exchanges and Clearing Ltd, the Hong Kong bourse said on Monday. LME and LME Clear Limited have been named as defendants…
(Reuters) – Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer. The official selling price (OSP) for July-loading Arab Light to Asia was hiked by $2.1 a barrel from June to $6.5 a barrel…
By Praveen Menon SYDNEY (Reuters) -Russian aluminium producer Rusal has filed a lawsuit against global miner Rio Tinto, seeking to win back access to its 20% share of the alumina produced at a jointly owned refiner in Queensland. The lawsuit challenges Australia’s response to Russia’s invasion of Ukraine, which included wide-ranging sanctions against Russian firms…
SINGAPORE (Reuters) – Singapore-headquartered Carro, a Southeast Asian online used-car marketplace, has acquired a 50% stake in the rental unit of Indonesian automotive group PT Mitra Pinasthika Mustika Tbk for nearly $54 million, both companies said in a joint statement on Monday. PT Mitra Pinasthika Mustika Rent (MPMRent) is one of Indonesia’s leading car rental…
By Jeff Mason WASHINGTON (Reuters) – President Joe Biden will use executive action on Monday to seek to bridge a solar panel supply gap and kickstart stalled U.S. solar projects after a Commerce Department probe effectively froze imports from key foreign suppliers, sources familiar with the matter said. Biden also will invoke the Defense Production…
BEIJING (Reuters) – China’s services activity contracted for a third straight month in May, pointing to a slow recovery ahead despite the easing of some COVID lockdowns in Shanghai and neighbouring cities, a private business survey showed on Monday. The Caixin services purchasing managers’ index (PMI) rose to 41.4 in May from 36.2 in April,…
By Devayani Sathyan and Anant Chandak BENGALURU (Reuters) – Thailand’s central bank will leave interest rates unchanged at their record low for the rest of the year to support economic recovery, but there are growing calls for an earlier rate rise amid inflationary risks, a Reuters poll found. Driven by higher food and energy prices,…
By Wayne Cole SYDNEY (Reuters) – Asian shares made a muted start on Monday as caution gripped ahead of a critical reading on U.S. inflation, while the euro gained on the yen amid wagers the European Central Bank will take a major step toward policy tightening this week. Oil prices jumped in early trade after…
MELBOURNE (Reuters) – Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months. Brent crude futures were up $1.80, or 1.5%,…
(Reuters) – Billionaire investor Carl Icahn is dropping a proxy fight focused on the treatment of pregnant pigs at Kroger Co after losing a similar fight with McDonald’s Corp last month, Wall Street Journal reported on Sunday. “I congratulate the McDonald’s team on their victory in this proxy engagement and, after much contemplation, given the…
