YES Bank shares surge 3% after report of SMFG eyeing $1.1 bn investment, 5% stake buy
As part of this potential move, SMFG may also acquire approximately $680 million worth of convertible bonds. Additionally, the Japanese financial giant is said to be exploring the purchase of a 5 percent stake in Yes Bank from existing shareholders such as Carlyle and others. This development underscores SMFG's growing interest in expanding its footprint in India's banking sector through strategic investments in one of the country's leading private lenders.
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Business Standard
44 minutes ago
- Business Standard
Mitsubishi to invest $600 million for 30% stake in US copper mine project
Mitsubishi Corporation will invest $600 million in a copper mining project in Arizona, marking its first US copper mine stake in 45 years, the company announced on Thursday. This comes as the United States, under President Donald Trump, implements steep import tariffs on semi-finished copper products. The transaction includes $420 million for the equity stake and $180 million as a matching contribution toward development costs. The Japanese trading and investment company will acquire a 30 per cent interest in the Copper World project from Canada's Hudbay Minerals. The partners plan to complete a definitive feasibility study and make a final investment decision around 2026, with operations expected to start in 2029. Arizona accounts for roughly 70 per cent of US copper mine production and offers strong access to infrastructure, the company said. The open-pit mine, near Tucson, has permits in place and is expected to produce about 100,000 tonnes annually at peak for around 20 years, with potential for expansion. Project overview Mining method: Open pit Ore reserves*: 2 Mt Resource estimate**: 5 Mt Production begins: Around 2029 Max annual production: 100,000 tonnes (approx) Life of mine: 20 years (potential for further expansion) *Economically mineable part of resources **Total quantity of minerals confirmed through geological surveys [Source: Mitsubishi Corp] Copper demand to grow 31MT by 2030 According to the International Energy Agency, global copper demand, including recycled sources, is expected to increase to 31 million tonnes by 2030, up from 27 million tonnes in 2024, with supply projected at 28 million tonnes. Copper is used in batteries, cables and motors for electric vehicles, as well as renewable energy facilities and data centres. The US accounts for 6 per cent of global copper demand, second only to China's 57 per cent, but has limited smelting capacity, which could prompt the partners to consider adding refining facilities in later years. US announces 50 per cent tariff on copper On July 30, the White House announced a 50 per cent tariff on imports of semi-finished copper and copper-based products, effective August 1. The order said copper imports threaten to impair US national security. Refined copper that has not been made into wiring, sheet, or other products will be exempt. India exported copper products worth $360 million to the US in the financial year that ended on March 31, 2025, including plates, tubes, and other semi-finished forms. The country is a net importer, with copper imports of $14.45 billion in 2024–25, mainly from Chile, Indonesia, and Australia. Mitsubishi operates copper mines in Peru, Chile Mitsubishi also has interests in two operating copper mines in Peru and three in Chile, producing 329,000 tonnes in 2024, the largest among Japanese companies, according to a report by Nikkei Asia. The Arizona project could add up to 30,000 tonnes annually, raising output by nearly 10 per cent. This would contribute to its goal of exceeding 400,000 tonnes by 2030.
Time of India
2 hours ago
- Time of India
Markets watch: Asian stocks pause after rally; oil rises on Fed cut hopes
Representative image (Picture credit: AP) Asian shares moved in a tight range on Thursday, pausing after three days of gains fuelled by growing expectations that the US Federal Reserve will cut interest rates next month. Japanese stocks pulled back from record levels, while South Korea and Australia advanced. Japan's Nikkei 225 fell 0.31% and the broader Topix dropped 0.64%, reversing from Wednesday's all-time high close. South Korea's Kospi gained 0.39% while the small-cap Kosdaq was flat. In Australia, the S&P/ASX 200 rose 0.49% after official data showed the country's unemployment rate eased to 4.2% in July, in line with economists' forecasts, down from 4.3% in June. Employment rose by 24,500 last month, slightly below expectations of a 25,000 increase, as per news agency Reuters. The Australian dollar climbed to its highest level since late July on the news. Chinese equities were also in focus after a US-listed gauge of mainland stocks rose for a second session, supported by Tencent's latest earnings, Bloomberg reported. In the US, stocks closed at record highs overnight, led by Apple and Amazon, while Bitcoin hit a fresh all-time peak. Market sentiment is being underpinned by bets that the Fed will deliver a quarter-point cut in September, with CME FedWatch data putting the probability at nearly 100%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dementia Has Been Linked To a Common Habit. Do You Do It? Memory Health Learn More Undo Bloomberg quoted Ulrike Hoffmann-Burchardi of UBS Global Wealth Management as saying, 'As the labour market continues to weaken, we think the US central bank will resume interest rate cuts next month, with 25-basis-point cuts at each meeting through January 2026 for a total of 100 basis points. ' US treasury secretary Scott Bessent has gone further, suggesting a 50 basis-point reduction could be on the table, and arguing the Fed's benchmark rate should be at least 1.5 percentage points lower. 'We could go into a series of rate cuts here, starting with a 50 basis-point rate cut in September,' he said on Bloomberg Television. Meanwhile, oil prices edged higher, recovering from a sharp drop the previous day. Brent crude rose 28 cents, or 0.43%, to $65.91 a barrel, while US West Texas Intermediate added 23 cents, or 0.37%, to $62.89, according to Reuters. Prices were supported by expectations of lower US interest rates, which could boost energy demand, and geopolitical risks surrounding an upcoming meeting between US President Donald Trump and Russian President Vladimir Putin on August 15. Trump has warned of 'very severe consequences' if Putin fails to agree to a ceasefire in Ukraine during talks in Alaska on Friday. As per Reuters, analysts at Rystad Energy noted in a client report that 'the uncertainty of US-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure.' However, gains in crude were capped by bearish signals from supply data and forecasts. US crude inventories unexpectedly rose by 3 million barrels last week, against expectations of a small draw, according to the US Energy Information Administration. In addition, the International Energy Agency forecast that global oil supply growth in 2025 and 2026 will outpace earlier projections as OPEC+ and other producers ramp up output. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Mint
3 hours ago
- Mint
Japans Nikkei slips from record peak on concerns over BOJ policy, stronger yen
TOKYO, - Japan's Nikkei share average slipped on Thursday, pulling back from the record high reached in the previous session, amid concerns over the Bank of Japan's potential policy shift and a stronger yen. The Nikkei fell 1.3% to 42,764.04 as of 0137 GMT. The index crossed the key 43,000 metric for the first time on Wednesday, marking six consecutive sessions of gains. That took its winning run to 9% since the drop on August 4. "Investors sold stocks as they locked in profits on growing concerns about the market overheating," said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory. "Also, the market became cautious that the Bank of Japan may raise interest rates soon after Bessent interfered with Japan's central bank's policy," he said. In an interview with Bloomberg Television, Bessent said the BOJ is going to hike interest rates as it is "behind the curve" in handling monetary policy. The comments came as bets that the Federal Reserve will resume rate cuts next month sent the U.S. dollar to a three-week low. A stronger yen typically weighs on exporter shares by reducing the value of overseas earnings when converted back into Japanese currency. The broader Topix lost 1% to 3,060.33 and was set to snap a six-session winning streak. Shares of chip-testing equipment maker Advantest lost 0.3% and chip-making equipment maker Tokyo Electron fell 1.1%. Automakers declined, with Toyota Motor and Honda Motor losing 1.77% and 0.55%, respectively. Bucking the sombre mood, technology investor SoftBank Group rose 2.82%. This article was generated from an automated news agency feed without modifications to text.
