Business
Asian shares mostly higher after Wall St ends an erratic day with gains
People stand in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on Oct 15, in Tokyo. (AP)
MANILA, Philippines, Oct 16, (AP): Most Asian stock indexes rose on Thursday, tracking gains on Wall Street following a topsy-turvy trading day. U.S. futures edged higher and oil prices gained. Japan’s Nikkei 225 rose 1.3% to 48,277.74 as investor sentiment was lifted by a strong start to the earnings season and expectations of US rate cuts.
Japan’s core machinery orders, excluding ships and electric power, fell 0.9% month-on-month in August, missing market expectations for a 0.4% gain. But they marked improved from a 4.6% drop in July, according to data released Thursday. South Korea’s Kospi surged to a record high, adding 2.5% to 3,748.37 on buying of tech and auto stocks that was spurred by hopes for a trade deal with US Samsung Electronics and automakers Hyundai Motor and Kia Corp were among the big gainers.
In Chinese markets, Hong Kong’s Hang Seng index shed 0.4% to 25,812.20, while the Shanghai Composite index was nearly flat at 3,911.42. Australia’s S&P/ASX 200 closed nearly 0.9% higher at 9,068.40, breaching the 9,000 level for the first time amid gains in gold stocks. Miners in resource-rich Australia are benefitting from a runup in gold prices.
Early Thursday, the precious metal was up 0.9% at 4,237.60 per ounce. Also, the jobless rate rose to 4.5% in September, the highest in four years, stepping up expectations that the country’s Reserve Bank may resume rate cuts as early as next month. India’s BSE Sensex added 0.5% while Taiwan’s Taiex advanced 1.4%. On Wednesday, most US stocks rose.
The S&P 500 added 0.4% to 6,671.06, but only after jumping toward one of its biggest gains since the summer, erasing it all and then climbing back. The Nasdaq composite climbed 0.7%, closing at 22,670.08 after earlier pinballing between a drop of 0.4% and a rally of 1.4%. The Dow Jones Industrial Average lagged the market, shedding less than 0.1% to 46,253.31.
Technology stocks helped lead the way Wednesday following a better-than-expected profit report from Netherlands-based ASML, a major equipment supplier to the semiconductor industry. It expects its revenue for 2025 to be 15% above last year’s, while next year’s should be at least as high as this year’s. Several big banks also drove the market higher.
Business
India seeks to import more US oil, gas under pressure from Trump to stop Russia oil purchases
US President Donald Trump shakes hands with India’s Prime Minister Narendra Modi in the Oval Office of the White House on Feb 13 in Washington. (AP)
NEW DELHI, Oct 16, (AP): India says it is looking to step up purchases of crude oil and natural gas from the U.S. as it diversifies its energy supplies and confronts criticism by US President Donald Trump over its imports of discounted Russian oil. Trump said Wednesday that Indian Prime Minister Narendra Modi had personally assured him his country would stop buying Russian oil, in a move that might add to pressure on Moscow to negotiate an end to the war in Ukraine.
“There will be no oil. He’s not buying oil,” Trump said. The change won’t take immediately, he said, but “within a short period of time.” India is the second biggest buyer of Russian oil after China. Trump cited its purchases from Moscow when he announced 50% tariffs on imports from India in August. A statement Thursday by India’s foreign ministry did not address Trump’s remarks directly.
It said the government’s consistent priority was to safeguard the interests of Indian consumers in a volatile energy environment. “Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad basing our energy sourcing and diversifying as appropriate to meet market conditions,” said Randhir Jaiswal, a ministry spokesman.
He said the Trump administration had shown interest in deepening energy cooperation and talks on that were underway. Expanding India’s energy dealings with the US could help India mitigate supply disruptions and align with Washington’s push to reduce global dependence on Russian oil. India’s Trade Secretary Rajesh Agarwal said Wednesday that India was willing to increase its purchases of American oil and natural gas if prices were competitive.
Agarwal told reporters India has been buying around $12-$13 billion worth of crude oil and gas from the US annually and there was room to nearly double that without causing disruptions for Indian refiners. A team of Indian government officials was visiting the US to discuss a bilateral trade agreement that includes energy cooperation, he said.
“In discussions we are in, we have indicated very positively that India as a country would like to diversify its portfolio as far as energy imports are concerned. That’s the best strategy for a big buyer like India,” said Agarwal. In February, Modi and Trump set a target of finalizing the first tranche of a trade agreement by autumn. Talks were suspended after five formal rounds of negotiations after Trump expressed displeasure over India’s continued purchases of Russian oil. He said that was helping to fuel Moscow’s war against Ukraine.
PAI conducts over 1,000 inspections and uncovers 222 violations in industrial and commercial plots.
KUWAIT CITY, Oct 16: The Public Authority for Industry (PAI) announced Wednesday it has carried out more than 1,000 inspection tours across industrial, service, and commercial plots under its supervision, uncovering 222 violations related to misuse of land and regulatory breaches.
In a statement to Kuwait News Agency (KUNA), the Authority detailed that the violations included using plots for unauthorized purposes, housing laborers within industrial zones, environmental and occupational safety infractions, and illegal subletting without proper licensing.
The inspections follow directives issued in September by the Minister of Commerce and Industry and Chairman of PAI’s Board of Directors, Khalifa Al-Ajeel, who ordered the formation of specialized inspection committees led by three advisors. These teams were tasked with conducting a comprehensive survey of all plots managed by the Authority, detecting infractions, and initiating appropriate actions.
The Authority affirmed that in cooperation with relevant government agencies, it had issued warnings, closed non-compliant facilities, and referred several violations to both the Public Prosecution and the Environment Public Authority for legal measures. PAI emphasized its commitment to enforcing regulations firmly and fairly, ensuring that plots allocated for industrial, service, and craft purposes are used as intended.
Quoting Minister Al-Ajeel, the statement said: “This step is part of the Authority’s broader effort to reinforce transparency and discipline in managing industrial plots, support compliant factories and businesses, and foster a fair competitive environment that boosts investor confidence and contributes to the national economy.”
He added that the coming phase will see expanded inspection efforts covering all plots under PAI’s supervision, with findings to be submitted to relevant committees. This aims to strengthen oversight and rectify violations through established legal procedures.
One of the commercial properties is being sealed
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