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US sanctions companies that it claims sent Iranian oil to China
The U.S. Treasury Department imposed sanctions Tuesday on more than twenty companies that are part of a network it claims has been sending Iranian oil to China for years. This comes days after Iran and the United States completed a fourth round nuclear talks. Treasury reported that the network was responsible for shipping oil worth billions to China, on behalf of Iran’s Armed Forces General Staff, and Sepehr Energy (the front company of Sepehr Energy), Treasury stated. The department sanctioned CCIC Singapore PTE and other companies, including CCIC Singapore PTE. It said that CCIC Singapore PTE helped Sepehr conceal the oil's Iranian source. They also carried out the pre-delivery checks required before oil could be transferred to China. Huangdao Inspection and Certification Co Ltd was also sanctioned for assisting Sepehr. Treasury sanctioned Qingdao Linkrich International Shipping Agency Co Ltd, which they said assisted Sepehr Energy chartered vessels with their arrival at Qingdao Port and their discharge as its designated agent. According to Tammy Bruce, State Department spokesperson, the sale of oil funded the development of Iranian missiles and drones as well as nuclear proliferation and attacks on the U.S. Navy, Israel and ships in the Red Sea by the Houthi militants group. Bruce stated, "We will continue using all tools available to us to hold the regime responsible." The sanctions imposed on Tuesday are the latest to be imposed since U.S. president Donald Trump re-instituted his "maximum press" campaign against Iran. Prior to Tuesday's sanctions, China's "teapots" of independent oil refineries were targeted. Analysts said that the measures had increased pressure on Iran and China. However, Washington would need to impose sanctions against China's state owned enterprises in order to have a broader impact. Tehran and Washington both say they prefer diplomacy in resolving the decades-old nuclear dispute. However, they are deeply divided over several redlines including Iran's enrichment of uranium. (Reporting and editing by Nick Zieminski, Matthew Lewis and Timothy Gardner in Washington)
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Copec warns that the China pulp market may be challenged by US tariffs
Empresas Copec, a Chilean conglomerate of industrial companies, said that the Chinese market could be more difficult for its forestry product if paper manufacturers struggle to increase sales due to uncertainty about U.S. Tariff policies. In a recent presentation, Cristian Infante, the head of Copec’s forestry division Arauco, said that most of the customers who export to the U.S. don’t really know the price at which their goods will be sold. "They're trying as hard as they can to buy as little." Arauco sells wood panels and pulp worldwide and contributes to the majority of Copec’s earnings. However, its core earnings fell by over 22% during the first quarter of 2025 due to lower pulp prices and smaller volume shipped. Infante warns that prices may continue to fall in May. When Chinese customers start to feel that prices are near the bottom of the market, they'll start talking. "When that will happen, is a good question," he said, noting recent news about Talks between the U.S. had made futures markets jump. Infante, Copec's U.S. Market Director, said that he viewed the market as stable at the moment, despite the fact that costs for resins used to make wood panels had increased due to the volatility of new import tax policies. He said, "I wouldn’t say that it’s booming." "This volatility we've experienced due to the tariff problem has affected the market." Copec, however, said that in Europe, uncertainty and concern are increasing due to the potential implementation of new U.S. Tariffs and possible trade conflicts with other nations. (Reporting and editing by Kyra Madry; Sarah Morland is the reporter)
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Petrobras revises strategic plan in response to falling oil prices
Magda Chabriard, the chief executive of Brazil's state-run oil firm Petrobras, told analysts on Tuesday that it would be revising its five-year strategy plan because Brent crude oil is now cheaper. Chambriard stated that a Brent price of $65 would force the company to simplify its projects. The firm added that now was the time for cost-cutting measures and austerity. When the price increases, we are more willing to share ideas. Chambriard said that when the price drops, it's time to tighten up. Petrobras will unveil its new strategic plan by the end of this year. Fernando Melgarejo, the Chief Financial Officer of the oil giant, said that it is also taking cost-cutting steps, while maintaining the $18.5 billion capital expenditure estimate for 2025. Petrobras will first focus on reducing costs, simplifying projects, and prioritizing those projects that generate positive cash flow on a short-term basis. Melgarejo said, "We will continue to study (cost-cutting measures)." Fabio Teixeira, Gabriel Araujo (Reporting)
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British stocks fluctuate as investors evaluate US inflation and UK labour market reports
British stocks finished mixed on Tuesday as investors weighed a slight increase in U.S. Inflation data while signs of a slowing UK labour market fueled speculation about the Bank of England’s future rate decisions. The blue-chip FTSE 100 index was almost flat, but the domestically focused midcaps index rose 0.6%. Consumer prices in the United States rebounded modestly in April. They rose 0.2%, after a dip of 0.1% in March. The inflation rate is expected to increase in the coming months, as tariffs will raise import costs. After the report, traders bet that the Federal Reserve will delay lowering interest rates till September. Britain's job market also showed signs of slowing down, as both employment and wage growth slowed. This will likely reassure the BoE about the waning inflation pressures. Last week, the central banks cut rates by 25 basis point to prepare for the anticipated impact of U.S. President Donald Trump’s tariffs. However, a surprising three-way split between policymakers dampened expectations that future actions would be accelerated. Industrial metal miners, which are a component of the stock market indexes gained 1.4% in line with increases in copper prices. The energy sector gained 1.1% after crude oil futures rose more than $1 per barrel. Shell, the heavyweight in the FTSE 100 index, led the way with a 1.2% increase. DCC, a provider of sales and marketing services, fell 6.5% to the bottom blue-chip index following a 2025 adjusted operating income below estimates. GSK's stock fell by nearly 3% following the announcement that it and its partner iTeos Therapeutics would be discontinuing lung cancer drug development. Global stocks rose on Monday after the U.S. announced that it would suspend its trade war with China for 90 days. They will also remove other measures and reduce reciprocal duties while they negotiate an agreement more permanent. Sanchayaita, Ragini and Twesha in Bengaluru. Edited by Shreya biswas and David Gregorio.
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China allows Brazil's ethanol-by-product in the wake of Lula visit and US-China trade dispute
Brazil signed protocols on Tuesday with China to allow the export of an ethanol-by-product used as animal feed. This is a challenge to the U.S. market dominance amid the ongoing China/U.S. Trade Standoff. This deal is outlined in an official document from the Brazilian government. Animal feed is highly valued for distillers dried grains, especially for pigs and cattle. In an interview on Monday, the president of Brazil's National Corn Ethanol Union said that Brazil and China had been working together since 2022 to reach a sanitary accord for DDG exports. He added that current "broad political shifts" are a good time to close the deal. "It gives Brazil the opportunity to be a supplier of animal nutrition products to China. Guilherme added, "For us, this means reestablishing and strengthening our relationship with the Brazilian and Chinese markets which share many mutual interests." The Chinese data on customs showed that in 2024 the United States would be the only supplier of DDGs for China. They would dominate the market, with 99.6% by volume and a value of $65.7 million. Nolasco reports that over 10 new plants for corn ethanol, DDG and DDG are currently under construction, and will begin production in the next two or three years, coincident with the opening of China's market. UNEM stated that Brazilian DDG exports last year totaled $190.65 millions. Their main destinations included Vietnam, Turkey New Zealand, Spain, and Thailand. Nolasco anticipates that DDG production could reach 5 million tonnes in Brazil in 2025/26. In April, Agriculture Minister Carlos Favaro announced that Brazil and China were close to a deal allowing DDG exports. According to a Brazilian Agriculture Ministry statement, Beijing has agreed to allow Brazilian exports of DDG as well as duck meat, turkey, chicken giblets, and peanut meal. Favaro's statement on the success of the trade talks said: "Under President Lula's leadership, Brazil has achieved an historic feat." (Reporting from Ella Cao in Beijing and Eduardo Baptista, Additional reporting by Ana Mano at Sao Paulo. Editing by David Evans.)
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The European First-Quarter Corporate Profits are expected to rise 1.9% from the last estimate
The latest earnings estimates showed that the outlook for European corporate health is improving. According to data from LSEG, European companies will report an average increase of 1.9% for their first quarter earnings. This is better than the 0.4% analysts had predicted a week earlier. This improvement comes after 59.6% STOXX600 companies have already exceeded analyst expectations in the first quarter. LSEG data shows that at the time of Donald Trump's inauguration, in January, forecasts called for a 3.5% rise in earnings for the first quarter. However, this was reversed following Trump's announcements on tariffs in April, with expectations of a drop as high as 3.5%. The global stock market rallied on the news that the U.S.-China trade war would be temporarily deescalated for 90 days. The consensus forecasts of first-quarter revenue have also increased from last week. A 2.3% rise is now expected, compared to a 1.9% increase expected last week. The data revealed that earnings had fallen by 3.3% and revenues dropped by 4.6% compared to a year earlier. Reporting by Marleen Kasebier. Mark Potter edited the story.
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EU delays 'low carbon' hydrogen regulations, riles nuclear industries
The European Union's draft plans, which would delay until 2028 the classification of hydrogen produced by nuclear power as "low-carbon" fuel, could cripple the market for this nascent source of energy. The European Commission has been drafting EU standards to determine which types of hydrogen fuels will be labeled as "low-carbon". This certification is intended to build a market for this nascent source of green energy. According to a draft of these rules seen by the, by July 2028, the Commission will assess a classification for hydrogen produced using nuclear power - which means that a producer of hydrogen has signed an agreement to purchase electricity from a nuclear facility. The draft also stated that Brussels will begin consultations on nuclear rules in June 2026. Emmanuel Brutin Director general of industry group Nuclear Europe said that this timeline would hinder the development of hydrogen fuel derived from nuclear sources compared to other types. In a press release, he stated that "this unjustified delay of three years gives an unfair advantage to hydrogen produced by renewables." In 2023, the EU adopted rules confirming that hydrogen produced using renewable energy can be counted towards Europe's green targets. The EU is at odds with itself over nuclear energy's role in Europe’s energy transition. Political clashes have caused a halt to negotiations over a number of EU policies over the past few years. France, Poland, and Sweden are among the countries that support nuclear energy. They say Brussels needs to do more in order to recognize it. Other countries, such as Germany and Denmark have been against incorporating nuclear power into green policies. They said that this could distract from the massive expansion of wind and sun needed to achieve climate goals. Nuclear energy does not emit CO2, but it's not renewable like solar or wind. Nuclear reactors can produce base-load electricity regardless of the weather, such as sunshine or wind. The majority of hydrogen used by European industry today is produced from fossil fuels. The EU wants to replace it with hydrogen that is produced from emissions-free energy. On Thursday, experts from EU member states will discuss the EU draft proposal. A spokesperson for the European Commission declined to comment on this draft. The spokesperson stated that "we are committed to finding an equitable solution that works in all of our member states, and clarifies the rules governing the different hydrogen pathways." (Reporting and editing by Tomasz Janovowski)
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Wall Street is mixed after US inflation data
The dollar dropped and the major U.S. indexes were mixed Tuesday, after data showed that U.S. consumer prices rose less than expected in March. This was when President Donald Trump announced a series of tariffs which have caused havoc to global markets. On Monday, the U.S. announced that it would suspend its trade war with China for 90 days. It will also reduce reciprocal duties as well as other measures. They will continue to negotiate a permanent agreement. Tuesday's inflation numbers helped fuel this move. The agreement has reignited investors appetite for stocks and commodities, and cryptocurrencies. The MSCI index of global stocks rose by 0.61%. The Bureau of Labor Statistics reported that its Consumer Price Index (CPI), which measures consumer prices, rose by 0.2% in April. This brings the annual rise down to 2.3% and away from 2.4%. Economists surveyed by predicted a rise of 0.3% per month and 2.4% annually. Bill Adams, Chief Economicist at Comerica Bank, Dallas, stated in a letter that the report was "good". In 2025, inflation should be manageable by most consumers and business. Wall Street saw the Dow Jones Industrial Average fall 0.31%, down to 42,276.83. The S&P 500 climbed 0.71% to 5,885.47, and the Nasdaq Composite rose 1.38% to 18,966.06. The dollar continued to lose ground against a basket currency and was down by 0.29% at the last minute, while the euro rose up to 0.4% in a single day reaching a high of $1.113. Peter Cardillo is the chief market economist of Spartan Capital, a New York-based firm. The European stock market was virtually unchanged, with the pan European STOXX 600 index rising 0.05% and Europe's FTSEurofirst 300 broad index increasing 0.03%. Emerging Market Stocks fell by 0.61% to 1,154.75. The broadest MSCI index of Asia-Pacific stocks outside Japan fell by 0.51% to 603.95 while Japan's Nikkei gained 1.43% to 38,183.26. After the Geneva talks, the U.S. announced it will reduce tariffs on Chinese imports from 145% to 30%, and China announced it would lower duties on U.S. imported goods from 125% to 10%. Traders have reduced their expectations of Federal Reserve rate reductions due to the shift in U.S. China trade relations. They believe that policymakers will be more able to lower rates as inflation risks decrease. The traders are now pricing in 56 basis point cuts for this year. This is down from April's forecasts of over 100 basis points, when the fears of Trump's Tariffs were at their highest. Cardillo stated that "the Fed is on the right track and until there are any real changes in terms of ending the trade war by June, a rate cut in June remains in doubt." Economists and fund managers have stated that the 90-day break is welcomed, but it hasn't changed the larger picture. Christopher Hodge said that the tariffs would still be higher after all was said and done and this will have a negative impact on U.S. economic growth. The ratings agency Fitch estimates that the U.S. tariff rate has dropped to 13.1% from 22.8% before the agreement, but is still above the 2.3% at the end 2024. The benchmark 10-year U.S. Treasury yield increased 2.2 basis point to 4.479%. Meanwhile, the 2-year note yield fell 0.8 basis point to 3.994%. Spot gold rose by 0.31%, to $3243.73 per ounce, and U.S. Gold Futures gained 0.29%, to $3229.40. Brent crude futures increased to $65.93 a barrel, an increase of 1.49% for the day. U.S. crude rose 1.74% to $63.00.
Security sources confirm that 5 soldiers were killed in an attack on two Nigerian bases by militants
Security sources and a district officer said that suspected insurgents attacked two army bases early Tuesday morning in northeastern Borno State, killing five Nigerian soldiers. This attack came less than 24 hours following another deadly attack against troops in the area.
Nigeria has been fighting an Islamist insurgency in Borno for more than 15 years. This year, Boko Haram, and its offshoot Islamic State West Africa Province, have intensified their attacks in the militants' heartland.
Two soldiers of the 24 Task Force Brigade, in Borno’s Dikwa District, said that militants had flown two surveillance drones near the base before they attacked it around 1 am (0000 GMT), on Tuesday.
At least five soldiers were killed in the attack on Marte district that took place Monday.
The Nigerian Defence Headquarters (which coordinates anti-insurgency operations) did not reply to a comment request.
The Nigerian Air Force provided support in pursuing them. "We killed many of them," said a soldier who was involved in the fight by phone.
Two security sources and an official from the district said that around the same time militants mounted on trucks with machine guns attacked army's 3rd Battalion in the Rann region of Kala Balge District, 65 km (45miles) away from Dikwa.
Security sources said that insurgents set fire to a mine-resistant car, a gun-truck, and a Russian T-72 tank, but they quickly fled when fighter jets from the air force arrived.
The Kala Balge district official confirmed that at least five soldiers died and four others were wounded by gunshots.
Babagana Zulum, the governor of Borno State, said that he is "more determined than ever" to support our military, our security agencies and our volunteer forces to fight terrorism and the insurgency.
Zulum warned last month that the jihadists who controlled much of the northeast a decade before being pushed by the military were once again making gains in Borno. MacDonald Dzirutwe, Mark Heinrich and MacDonald Dzirutwe contributed to this report.
(source: Reuters)