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India Plans Strategic Rare Earths Reserve

FILE PHOTO: A mine worker drives a shovel truck across an open-cast coal mine located in the Ordos mining district, Inner Mongolia Autonomous Region, March 14, 2014. REUTERS/Fayen Wong/File Photo
FILE PHOTO: A mine worker drives a shovel truck across an open-cast coal mine located in the Ordos mining district, Inner Mongolia Autonomous Region, March 14, 2014. REUTERS/Fayen Wong/File Photo
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India Plans Strategic Rare Earths Reserve

FILE PHOTO: A mine worker drives a shovel truck across an open-cast coal mine located in the Ordos mining district, Inner Mongolia Autonomous Region, March 14, 2014. REUTERS/Fayen Wong/File Photo
FILE PHOTO: A mine worker drives a shovel truck across an open-cast coal mine located in the Ordos mining district, Inner Mongolia Autonomous Region, March 14, 2014. REUTERS/Fayen Wong/File Photo

India is considering setting up a strategic reserve of critical minerals for emergency use in defense manufacturing, Bloomberg News reported on Saturday, citing a defense official.

The reserve of critical minerals and metals would be used to tide over immediate requirement when needed, the report added, citing Rajesh Kumar Singh, a top Ministry of Defense official who was speaking at a media event in New Delhi.

The Indian defense secretary's office did not immediately respond to a request for comment. Reuters could not immediately verify the report.

India has been quietly tapping rare-earth mines in Myanmar to diversify its supply chain away from China, in an unusual engagement with the Kachin Independence Army, Reuters reported this month.

Beijing has sharply restricted exports of processed rare earths to major economies like India this year as it builds geopolitical leverage in a trade war with the United States.

India does have reasonable stocks of critical minerals by all accounts which it should be able to better utilize in the future, Singh said, according to the report.

 

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Saudi Investment Ministry to Participate in LEAP East 2026 to Showcase Opportunities

Saudi Investment Ministry to Participate in LEAP East 2026 to Showcase Opportunities
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Saudi Investment Ministry to Participate in LEAP East 2026 to Showcase Opportunities

Saudi Investment Ministry to Participate in LEAP East 2026 to Showcase Opportunities

The Saudi Ministry of Investment, represented by Invest Saudi, will participate in LEAP East 2026, which will take place in Hong Kong from July 8 to 10, as part of its efforts to strengthen the Kingdom's presence on the global investment stage.

The participation aims to showcase Saudi Arabia's investment environment in the information and communications technology (ICT) and entrepreneurship sectors, while enhancing engagement with global investors and technology companies.

The Invest Saudi pavilion will feature representatives from Saudi Arabia's investment ecosystem to provide information and services to investors and showcase the Kingdom's investment enablers, including its regulatory framework, advanced digital infrastructure, and incentives and services that facilitate the investor journey.

It will also highlight investment opportunities in artificial intelligence, data centers, cloud computing, and emerging technologies.

The participation highlights Saudi Arabia's competitiveness in the technology sector. The Kingdom ranks among the world's leaders in 5G speeds, has one of the highest fiber-optic penetration rates globally, and hosts the world's leading cloud service providers, reinforcing its position as a regional hub for the digital economy and advanced technologies.

The participation also showcases Saudi Arabia's entrepreneurship ecosystem and the programs and enablers it offers to support the establishment and growth of startups.

It will promote the Startup Saudi Program and strengthen engagement with investors, venture capital funds and international partners, helping attract high-quality investments and forge strategic partnerships.

The participation builds on the investment ecosystem's efforts to attract foreign direct investment, strengthen partnerships with global technology companies, and support knowledge transfer and technology localization.

It reinforces Saudi Arabia's position as a global destination for high-value investments and a regional hub for business and investment.

Business

Iran War Adds $5 Billion to Exxon Mobil's Quarterly Profit

Exxon Mobil company logo is shown in this illustrative image (Reuters)
Exxon Mobil company logo is shown in this illustrative image (Reuters)
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Iran War Adds $5 Billion to Exxon Mobil's Quarterly Profit

Exxon Mobil company logo is shown in this illustrative image (Reuters)
Exxon Mobil company logo is shown in this illustrative image (Reuters)

US oil and gas major Exxon Mobil signaled on Tuesday that its second-quarter earnings could see a boost of about $5 billion compared to the previous quarter, as oil prices spiked during the US-Israeli war with Iran and the company's refining margins also improved.

Investors scrutinize Exxon's earnings snapshot for signals on how oil firms will perform when they release second-quarter results, Reuters reported.

The conflict in the Middle East that began in February injected a hefty geopolitical risk premium into oil ⁠markets. For months, it ⁠virtually shut down the Strait of Hormuz, which carries about a fifth of global oil flows.

Benchmark Brent crude had an average closing price of $96.68 per barrel during the April-June quarter, up 23% from the first three months of the year.

Prices climbed to $109.27 a barrel in ⁠April for the first time since 2022.

Exxon's upstream segment could see profits lifted by about $1.6 billion, according to the midpoint of estimates provided by the company.

Earnings from refining could see a lift of about $2.6 billion due to so-called timing effects, according to Exxon's regulatory filing on Tuesday.

Exxon took a multi-billion dollar hit in the first quarter due to financial hedging related to physical deliveries of cargoes.

It said at the time that the positions would unwind and lead ⁠to profitability in ⁠subsequent quarters.

Disruptions due to the war could hurt second-quarter profit across the upstream and downstream units by about $1 billion, the filing showed.

The company will report second-quarter results on July 31. Analysts expect Exxon to report $15.7 billion in adjusted earnings for the quarter, according to consensus analyst estimates compiled by LSEG, about triple first quarter earnings.

This could raise eyebrows among Americans feeling pain at the pump. US President Donald Trump has pressed oil companies to do more to lower gasoline prices.

Business

Industry Ministry Hosts Workshop to Support Localization of Helicopter Manufacturing in Saudi Arabia

Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at the workshop. (SPA)
Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at the workshop. (SPA)
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Industry Ministry Hosts Workshop to Support Localization of Helicopter Manufacturing in Saudi Arabia

Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at the workshop. (SPA)
Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at the workshop. (SPA)

Saudi Arabia's Ministry of Industry and Mineral Resources held a workshop on the Kingdom’s pioneering national helicopter manufacturing project, in collaboration with the National Center for Industrial Development and global aviation company "Airbus".

Attended by Minister of Industry and Mineral Resources Bandar Alkhorayef, the workshop explored opportunities to build international partnerships in the aviation sector and transfer helicopter manufacturing technologies to Saudi Arabia, with the participation of 20 local and global suppliers, reported the Saudi Press Agency on Wednesday.

The workshop highlighted Saudi Arabia’s strategic aviation industry goals, particularly helicopter manufacturing, while showcasing the growth of national industrial capabilities and the incentives, enablers, and initiatives available to attract high-quality investments.

It also strengthened direct engagement between local and international suppliers across aviation value chains, supporting knowledge transfer and the localization of advanced aircraft manufacturing technologies.

The workshop witnessed participation from relevant government entities and reflects ongoing efforts to localize high-value industries and establish Saudi Arabia as a leading global aviation manufacturing hub.