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Xiamen Tungsten Subsidiary Halts Production as CMOC Cuts Off Tailings Supply; Shares Up 3%

Xiamen Tungsten's (SHA:600549) processing subsidiary, Luoyang Yulu Mining, has suspended operations following the cutoff of its essential raw material supply, according to a Shanghai bourse filing on Thursday.Joint venture partner and primary supplier CMOC Group (SHA:603993, HKG:3993) stopped delivering scheelite tailings to Yulu Mining's facility.The raw materials are sourced from CMOC's Sandaozhuang molybdenum-tungsten mine in Luanchuan County, China.Xiamen Tungsten said the duration of the work stoppage is currently uncertain, and the impact on the company's performance cannot be predicted at this time.In 2025, Yulu Mining achieved operating revenue of 362.7 million yuan, accounting for 0.78% of the company's consolidated operating revenue for that year.Shares of Xiamen Tungsten rose nearly 3% in recent trade, while CMOC's shares jumped 5% in Shanghai and 1% in Hong Kong.

HKG:3993SHA:600549SHA:603993

Asia34d ago

SAIC Motor Reports Higher Vehicle Sales, Output in June

SAIC Motor (SHA:600104) logged vehicle sales of 394,798 units in June, up 8.1% from the previous year.Vehicle production rose 13% year over year to 383,596 units, according to a Thursday filing with the Shanghai bourse.Shares of the company rose 1% in recent trade.

SHA:600104

Asia34d ago

Market Chatter: JBIC's US Exposure Surges Fivefold as Japan Prioritizes Economic Security

Japan's state-owned Japan Bank for International Cooperation or JBIC saw U.S. approvals surge over fivefold to 1.31 trillion yen in fiscal 2025, now at 52% of its portfolio, up from 18% a year ago, Nikkei reported on Thursday.The shift from emerging markets reflects Tokyo's push to fortify supply chains amid U.S.-China friction, highlighted by a $3.7 billion loan for Nippon Steel's (TYO:5401) acquisition of U.S. Steel, the news daily said.Other deals back energy and materials procurement, including Mitsubishi Corp.'s (TYO:8058) purchase of a U.S. gas developer and a Mitsui (TYO:8031)-JERA low-carbon ammonia venture, the publication said.JBIC is also financing Japan's $550 billion U.S. investment pledge, having already funded 350 billion yen in first-round projects like a gas power plant and oil port, with more rounds expected, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225TYO:5401TYO:8031TYO:8058

Asia34d ago

BHP Group Files Environmental Permit Application to Reopen Chile Copper Mine

BHP Group (ASX:BHP) has filed an environmental permit application to reopen the Cerro Colorado copper mine in Chile, according to a disclosure on the country's environment regulator website.The disclosure showed that the investment amount for the development of the project is estimated at $1.5 billion, including a 7.7-year construction phase divided into two periods, a 20-year operational phase, and a 13-year closure phase beginning once the operational phase is completed.The overall objective of the project is the production of up to 130,000 tons per year of high-purity copper cathodes through the operation of the Cerro Colorado mine over a period of 20 years.The company's shares fell 1% in recent Thursday trade.

ASX:BHP

Asia34d ago

Market Chatter: BYD to Soon Decide on Acquiring Existing Car Factory in Europe

Chinese electric car manufacturer BYD Company (HKG:1211, SHE:002594) is close to deciding on the acquisition of an existing European automobile manufacturing plant to act as a catalyst for expansion in the region, according to a Reuters report on Wednesday, quoting BYD's special adviser for Europe, Alfredo Altavilla.The company is looking at Spain and France for brownfield investments and acquiring an existing factory from a traditional automaker, Altavilla said in a Reuters conference in Frankfurt, adding that a decision was expected soon.If the acquisition materializes, it would give BYD a second European assembly site after Hungary, which is due to start production in the fourth quarter, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:1211SHE:002594

Asia34d ago

Clinuvel Pharmaceuticals Extends CEO Philippe Wolgen's Term of Employment

Clinuvel Pharmaceuticals (ASX:CUV) extended the term of employment for Chief Executive Philippe Wolgen through June 2029, according to a Thursday filing with the Australian bourse.The executive's annual fixed base remuneration remains unchanged, while all retention payments have been discontinued, per the filing."For us it was obvious we needed to find a way to retain Philippe to execute a plan aiming to generate further value," said Clinuvel Chair Jeffrey Rosenfeld.The company's shares fell nearly 1% in recent Thursday trade.

ASX:CUV

Asia34d ago

LY and Bain Capital Submit Binding Bid to Take Kakaku.com Private

LY (TYO:4689) and Bain Capital submitted a binding takeover proposal on Wednesday to take Kakaku.com private via a cash tender offer and squeeze-out, following earlier non-binding proposals in May.A Cayman Islands partnership, wholly owned and operated by Bain Capital, will act as the offeror, according to a Tokyo bourse filing on Thursday.The bid received approval from Bain's investment committee and LY's board, read the filing.

TYO:4689

Asia34d ago

China Merchants Energy Shipping Expands Fleet With Delivery of 62,000-dwt Vessel

China Merchants Energy Shipping (SHA:601872) has taken delivery of a new 62,000-deadweight-tonnage (dwt) vessel, completing its four-vessel Supramax heavy-lift multipurpose order placed in 2023.The Pacific Virtue vessel was handed over to a wholly owned subsidiary of the company on Tuesday, according to a Shanghai bourse filing on Thursday.The vessel is equipped with three 150-ton cranes.

SHA:601872

Asia34d ago

Market Chatter: Nissan Seeks to Cut Costs on Mexico-Made Models Amid US Tariffs

Nissan Motor (TYO:7201) is working to lower production costs for vehicles built in Mexico to offset the impact of U.S. tariffs, Bloomberg News reported Wednesday, citing an interview with Chief Executive Ivan Espinosa.Espinosa told Bloomberg Television the automaker is focusing on models subject to a 25% U.S. tariff, which have become harder to sell as affordability pressures weigh on demand.He said Nissan is seeking to make the Mexico-made vehicles more competitive as negotiations to renew the U.S.-Mexico-Canada free trade agreement continue, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TYO:7201

Asia34d ago

Singapore Shares Open Marginally Higher, Investors Eye Cues on US Fed Rate, Iran War

Singapore shares opened nearly flat with a positive bias on Thursday, taking cues from the choppy movement in the U.S. markets that closed lower on Wednesday.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, rose marginally in early trade by 0.4%, or 18.71 points, to open at 5,180.21.Investors are taking cautious calls and watching out for cues on interest rates and developments in the Middle East.U.S. Federal Reserve Chairman Kevin Warsh on Wednesday said the risks of higher inflation have receded; however, he did not comment on whether the central bank needed to consider a rate increase later this month.Investors are also closely eyeing the development in Iran as Qatar says "positive progress" has been made in US-Iran negotiations during the first indirect talks.

^STI

Asia34d ago

China Shares Down in Thursday Open as Resale Home Prices Fall Faster, US Probe on Clinical Trials

Chinese shares opened lower on Thursday as resale home prices continued to decline and amid a U.S. probe into Chinese clinical trials.The Shanghai Composite Index, the main gauge of Chinese stocks, opened 1.4% lower to 4,054.09. The Shenzhen Component Index fell 2.4% to 15,729.92.Resale home prices across 100 cities in China fell 0.42% month over month to 12,639 yuan per square meter in June, quickening from the 0.32% contraction logged in May, according to the China Index Academy.New home prices in 100 Chinese cities slid 0.16% month over month to 17,184 yuan per square meter, matching the pace in May.Meanwhile, A U.S. congressional committee on China has launched investigations into whether five major pharmaceutical companies conducted clinical trials in China that may have supported Chinese military capabilities.

Shanghai Composite^SZSE

International34d ago

Singapore Home Prices Rise at Slower Pace in Q2

Singapore home prices rose at a slower pace in the second quarter, recording a 0.5% gain versus the 0.9% increase witnessed during the first three months of the year, according to preliminary data published by the Urban Redevelopment Authority Wednesday.The pace of increase was also slower than the 1% rise in the same quarter last year, but came ahead of the Trading Economics forecast of a 0.4% rise.The government agency warned that the macroeconomic outlook remained "highly uncertain."

^STI

Asia34d ago

Navigator Global Investments Completes Acquisition of Revenue Share Portfolio From Stable Asset Management

Navigator Global Investments (ASX:NGI) completed its acquisition of a portfolio of net revenue share interests in alternative investment managers from funds managed by Stable Asset Management for $190 million, according to a Thursday filing with the Australian bourse.Navigator issued about 58.7 million ordinary shares as scrip consideration to Stable Asset Management's limited partners and management, per the filing.The company said the total consideration was cut from a previous $195 million due to a change in the final deal composition, resulting in the final cash consideration being $5 million lower than originally planned.The acquired portfolio, which comprises 17 net revenue share interests in alternative asset managers, has been named the NGI Stable Growth Portfolio.Additionally, Navigator and Stable Asset Management entered a long-term partnership for the management and monitoring of the NGI Stable Growth Portfolio. Navigator will pay Stable a flat fee of about $1.6 million per year for an initial six-year term, after which the fee will be calculated based on the number of managers in the portfolio.Navigator Global shares fell 1% in recent Thursday trade.

ASX:NGI

Asia34d ago

Zhuhai Trinomab Pharmaceutical Files for Shanghai IPO

Zhuhai Trinomab Pharmaceutical (SHA:688806) filed a prospectus for the initial public offering of 69.1 million shares on the Shanghai bourse's STAR Market.Proceeds will be used for new drug research and development, antibody manufacturing expansion and for working capital, according to the Thursday prospectus.The expected offering date is July 10.Huatai United Securities serves as lead underwriter.

SHA:688806

Asia34d ago

Kazakhstan's State-Owned Rail Operator Files for Hong Kong IPO

Kazakhstan Temir Zholy, Kazakhstan's state-owned railway operator, filed for an initial public offering in Hong Kong, according to a preliminary prospectus.The company, wholly owned by Kazakhstan's sovereign wealth fund, Samruk-Kazyna, operates a 16,000-kilometer rail network connecting Kazakhstan's production centers with China, Central Asia, Russia, the Caspian Sea region and Europe.In 2025, Temir Zholy generated freight turnover of 288.8 billion tonne-kilometers, while net profit more than doubled to 343.7 billion Kazakhstani Tenge.The company plans to use the proceeds to invest in railway digital infrastructure, build new railway lines, repay borrowings, and fund working capital and general corporate purposes.China International Capital Corporation Hong Kong Securities is acting as sponsor-overall coordinator.Citigroup Global Markets Asia, J.P. Morgan Securities (Asia Pacific) and Société Générale are serving as overall coordinators.

Hang Seng

Asia34d ago

Hong Kong Stocks Open Higher as Investors Await U.S. Labor Data

Hong Kong stocks opened higher on Thursday, kicking off the month's first trading session, as investors awaited key U.S. labor data and monitored developments in the Middle East.The Hang Seng Index increased 190.41 points, or roughly 1.1%, to 23,071.43, while the Hang Seng China Enterprises Index climbed 54.83 points, or 0.7%, to 7,613.13.Investors will be following the release of the U.S. non-farm payrolls data for clues on the Federal Reserve's stance on rate hikes.The U.S. economy is expected to have added 110,000 jobs in June, with unemployment remaining steady at 4.3%, according to a median estimate of economists polled by Reuters.Elsewhere, representatives from Iran and the U.S. concluded a round of indirect talks in Doha with no sign that any progress had been made towards ending their conflict permanently, Reuters reported.

Hang Seng

Asia34d ago

Nanoveu Completes Acquisition of Singapore-Based Drone Technology Company

Nanoveu (ASX:NVU) completed the acquisition of Spinoff Robotics, a deep-tech company spun out from the Singapore University of Technology and Design specializing in proprietary aerial platforms and sensing systems, according to a Thursday Australian bourse filing.The company said the deal brings together two proprietary, commercially validated drone platforms, ALICE and METRON, and an experienced in-house aerial robotics engineering team.Chee How Tan, co-founder of Spinoff Robotics and lead researcher in lean sensing and embodied perception for lightweight aerial robotics, has joined the Nanoveu team to lead the company's drone vertical initiatives, it added.The company's shares rose 2% in recent Thursday trade.

ASX:NVU

Asia34d ago

NZX Midday Sector Update: Finance Advances, Communications Decline

Finance shares gained the most on New Zealand's Exchange, rising almost 2% by midday Thursday.Westpac Banking (NZE:WBC, ASX:WBC) gained 2% in recent trade.Meanwhile, the communications sector shares fell past 1%.Spark New Zealand (NZE:SPK, ASX:SPK) was down past 1% in recent trade.

^NZ50ASX:SPKASX:WBCNZE:SPKNZE:WBC

Asia34d ago

Black Bear Minerals Identifies High-Grade Silver Mineralization at Texas Project; Shares Up 5%

Black Bear Minerals (ASX:BKB) said it identified high-grade silver mineralization at its Shafter Project in Texas, according to a Thursday Australian bourse filing.The results were up to 3.8 meters at 171 grams per tonne silver from 146.2 meters, including 1.1 meters at 328 grams per tonne silver.The company said the intercept strongly supports continuity of mineralization outside of the Shafter foreign mineral resource estimate (MRE) and highlights the potential to define mineralization through further exploration drilling.The Shafter foreign MRE incorporates only silver, with no previous consideration given to multi-commodity potential, it added.The company's shares rose past 5% in recent Thursday trade.

ASX:BKB

US Markets34d ago

Update: Alibaba, US Payments Partner to Pay $600 Million in Drug-Import Probe

(Updates to remove the seeking comment line in the 9th paragraph, as Alibaba has since responded)Alibaba Group (HKG:9988) and its US payments processor, AUS Merchant Services, agreed to pay a combined $600 million to resolve an investigation by the US Justice Department into illegal pharmaceutical sales on the company's e-commerce platforms.The Chinese tech and e-commerce firm admitted that between January 2016 and December 2024, it failed to prevent roughly 80,000 product sales on Alibaba.com and AliExpress.com that involved unlawful imports of pharmaceuticals, controlled substances, listed chemicals and pill presses, according to a Wednesday notice from the Justice Department.In a statement issued to, Alibaba described the settlement as a "mutually satisfactory resolution with U.S. regulators.""This settlement reflects a thorough regulatory process with Alibaba's full cooperation and our commitment to best-in-class standards of control, policies, and measures against non-compliant product sales."The products involved in the investigation have a combined gross merchandise value exceeding $200 million, the DOJ said, adding that federal agents made more than 40 undercover purchases of illegal drugs and counterfeiting equipment during the probe.Separately, AUS admitted that from January 2020 to December 2023, it accepted US dollar-denominated wire and credit-card payments on behalf of overseas Alibaba merchants.Under a non-prosecution agreement, Alibaba will pay a $125 million criminal penalty and forfeit $200 million, while AUS, formerly known as Alipay US, will pay an $85 million penalty and forfeit $190 million.First Assistant U.S. Attorney Charles C. Calenda for the District of Rhode Island called it "the largest monetary settlement in the history of the District of Rhode Island."Assistant Attorney General Brett A. Shumate of the Justice Department's Civil Division, said, "Companies operating online marketplaces - whether based in the United States or abroad - must implement appropriate safeguards to prevent bad actors from exploiting their platforms. If they fail to do so, the Department will hold them accountable."The settlement marks the latest US action against Alibaba after the US Department of Defense in June added the company to its list of "Chinese military companies" under Section 1260H of the National Defense Authorization Act, alongside Baidu (HKG:9888), BYD (HKG:1211, SHE:002594), Nio (HKG:9866), WuXi AppTec (HKG:2359, SHA:603259), Robosense Technology (HKG:2498) and more.Last week, Alibaba sued the Pentagon, seeking to overturn the designation and accusing the department of acting without factual basis or fair process in branding it as a threat to national security."The determinations have no basis in fact or law... To label Alibaba a 'Chinese military company' is to brand it an instrument of the Chinese military and a threat to US national security," Alibaba wrote.

HKG:9988

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US Markets34d ago

Update: Alibaba, US Payments Partner to Pay $600 Million in Drug-Import Probe

HKG:9988