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SINGAPORE, October 31 (Reuters) – The world’s biggest oil exporter, Saudi Arabia, may reduce its December crude price for Asian buyers to multi-month lows due to ample supplies, but demand to replace Russian supplies hit by Western sanctions could limit the cuts, sources said.

The December official selling price for flagship Arab Light crude will likely decline by $1.20-1.50 a barrel to a premium over the Oman/Dubai average of between 70 cents and $1 a barrel, after holding steady at $2.20 in the previous two months, five Asia-based refining sources said in a Reuters survey.

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The December OSPs for other crude grades – Arab Extra Light, Arab Medium and Arab Heavy – could fall by $1.20-1.50 a barrel compared with November, they said.

The forecasts mirror a monthly drop in cash Dubai’s premium to swaps, which have averaged $1.12 per barrel so far this month, down $1.73 from September.

The weakness follows rising supply expectations as the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, have boosted their output target by a total of more than 2.7 million barrels per day – or about 2.5% of global supply – in a series of monthly increases.

Two respondents said Saudi may opt for smaller price cuts as a result of increasing demand for spot barrels from China and India to replace Russian supply.

Some buyers from Japan and South Korea have also requested more December-loading Saudi crude, worried that near-term spot prices could rise, they added.

Strong pre-cycle nominations and expectations that Saudi Arabia will have fewer barrels to place next month as refineries come back from maintenance may result in a smaller price reduction, said Richard Jones, a crude oil analyst at Energy Aspects.

Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million barrels per day (bpd) of crude bound for Asia.

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.

Below are expected Saudi prices for December (in $/bbl against the Oman/Dubai average):

Source: Reuters, trade

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Mumbai, 31 October 2025 – Snapmint, one of India’s fastest growing EMI payments platforms (or “the Company”), today announced a new round of funding led by General Atlantic, a leading global investor. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and other existing angel investors. With this new capital, the Company plans to grow its Equated Monthly Instalments (“EMI”) on UPI offering and expand its merchant network. Financial terms of the investment were not disclosed.

Snapmint was founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa to bring honest and transparent EMI offerings to mass affluent consumers of India without the need of a credit card. Beyond the conventional categories of electronics, home and travel, Snapmint shoppers also use its EMI-on-UPI offering for fashion, furnishing and other lifestyle purchases. The Company today serves more than 7 million monthly active users across 23,000 pincodes in India and finances more than 1.5 million purchases every month

Nalin Agrawal, Co-founder of Snapmint, said: “We believe India will leapfrog credit cards and go straight to EMI on UPI. We have pioneered EMI on UPI since 2020 and have enabled brands to increase their sales by 10 to 20% with our offering. With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to more than 100 million consumers in the next few years.”

Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said: “Snapmint has built one of India’s largest EMI-on-UPI platforms, through its strong value proposition of affordability for consumers, and increased sales for merchants. We are excited to partner with Snapmint as it continues to scale its EMI payments platform and expand its network of merchants and customers.”

Prashasta Seth, Managing Partner of Prudent Investment Managers, said: “We are proud to have partnered with Snapmint since 2020 when they first started to build their EMI-on-UPI platform. Over the years, Snapmint has established market leadership and the founders have shown a steadfast commitment to building a sustainable and customer-centric business. As we deepen our partnership, we know that this is just the beginning of an exciting growth journey, and the best is yet to come.”

Radix Capital Advisors, led by Abhishek Taparia, has been Snapmint’s exclusive investment banking advisor since 2019.

About Snapmint
Snapmint is a Mumbai-based EMI payments company that provides seamless EMI payments on UPI without the need of a credit card. Founded in 2017 by IIT Bombay alumni – Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint is on a mission to provide fair and transparent EMI options to young mass affluent consumers of India. The company has offices in Mumbai, Bangalore, Delhi NCR and Jaipur.

About General Atlantic
General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $114 billion in assets under management, inclusive of all strategies, as of June 30, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

Media contacts

Shilpi Sinha
[email protected]

General Atlantic
Jess Gill
[email protected]

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Gina Rinehart’s Hancock Prospecting has warned that iron ore demand has “plateaued” as the mining group owned by Australia’s richest person diversifies with investments in lithium and rare earths.

Hancock on Friday said its net profit fell 44 per cent to A$3.1bn (US$2bn) in the year to June as the iron ore price declined and severe storms disrupted shipments from the Pilbara region of Western Australia. Revenue fell 21 per cent to A$11.6bn.

Iron ore is Australia’s largest export, accounting for as much as 4 per cent of the country’s GDP, according to economists. But weakening demand from the Chinese property sector and the official launch later this year of the Simandou mine in Guinea, part-owned by Hancock’s partner Rio Tinto, has put pressure on prices.

In recent years, Rinehart has expanded her company’s holdings to other materials, particularly rare earths, which are vital to the manufacture of fighter jets, electric vehicles and smartphones and of which China controls much of the world’s supply.

The value of her holdings in companies including Lynas Rare Earths, MP Materials and Arafura Rare Earths has boomed after Australia and the US signed an agreement to co-invest in a non-Chinese supply chain. She has also invested in the energy, beef and consumer goods sectors.

But Pilbara’s iron ore remains the core of Hancock’s business. The company said on Friday that “red tape” was threatening Australia’s mining sector, echoing peer BHP’s warning on the impact of stricter regulation.

“This is concerning given demand for iron ore has plateaued and first ore from the massive, high-grade Simandou iron ore development — which will compete against Australian ore — is expected before the end of the year,” Hancock said in its results statement.

Garry Korte, chief executive of Hancock, took aim at the Australian government’s spending plans and emissions reduction goals. 

“Australian industries and companies operate in an environment of escalating government expenditure, including subsidies, benefits, opaque forms of support and increased bureaucratic wastage,” he said. “Many of these industries and companies cannot afford the massive changes and costs required to meet greater net zero requirements.”

Rinehart, a supporter of US President Donald Trump, who has long railed against regulation and high taxation in the sector, said red tape would have a knock-on effect for public services.

“Less real investment, record debt and substantial interest payments, declining international competitiveness, record business failures and excess bureaucracy do not enhance our standards of living,” she said.

In the year to June, Hancock paid discretionary dividends of A$488mn to Rinehart and other family members. But A$6.4bn remains held in reserve for an unresolved court case over royalties between Rinehart and two of her children.

ZONG 4G (CMPak Ltd) continues to strengthen its position as a front-runner in the country’s digital transformation journey. As part of its commitment to technological excellence and workforce development, Zong recently partnered with ZTE to deliver an extensive five-day technical training program focused on 5G network design, capacity planning, and modernization.

The program was designed to equip Zong’s planning, optimization, implementation, and operation teams with the technical knowledge and strategic insight needed to support the company’s future 5G rollout and long-term network evolution strategy.

The training covered a comprehensive range of subjects, consolidated into three key domains: 5G Network Design and Planning encompassing 5G network planning procedures, coverage and capacity optimization, and radio network cell parameter design, enabling participants to understand how to build and optimize next-generation networks for superior performance and efficiency.

Network Modernization and Solution Architecture focusing on 5G NR site solutions, modernization design frameworks, and all-scenario microwave solutions, providing hands-on understanding of integrating new technologies within existing infrastructure while ensuring scalability and reliability.

Technology Evolution and Industry Applications including 5G NR network design principles, 5G technology trends, and real-world industry applications, offering a broader perspective on how 5G innovations will transform industries and customer experiences in Pakistan.

The sessions were led by a ZTE University technical expert lecturer, known for his rich experience, comprehensive technical acumen, and ability to relate complex concepts to practical field scenarios. His engaging approach and depth of knowledge ensured that participants not only understood the theoretical aspects of 5G but also how to translate them into actionable strategies for Zong’s upcoming deployments.

Participants praised the training for its practical relevance, strategic value, and hands-on approach, highlighting its importance in shaping Zong’s roadmap for nationwide 5G readiness.

This collaboration reaffirms Zong’s dedication to investing in human capital, fostering innovation, and leveraging partnerships with leading global technology vendors. Through such initiatives, Zong continues to prepare its teams and networks for the next era of connectivity, ensuring that Pakistan remains at the forefront of 5G evolution.