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Russia arrests two church leaders over an alleged Ukrainian plot against a Putin-linked priest
The Russian FSB security agency said that it arrested two church leaders on suspicion of plotting the murder of a priest who was close to President Vladimir Putin, on Ukrainian intelligence's instructions. Kyiv did not immediately respond to the allegation. Tikhon Shevkunov (66), who Russian media has described as "Putin’s confessor" for years, was the alleged target. Since the late 1990s, he has been a close friend of Putin. The Kremlin says the two men are well acquainted. Shevkunov will be appointed as the Metropolitan of Crimea in 2023. This peninsula, which Russia annexed from Ukraine, is the highest church rank. In a press release, the FSB announced that it had arrested two men who it claimed were recruited by Ukrainian military intelligence in mid-2024 on Telegram messenger. The FSB reported that it seized two fake Ukrainian passports and an improvised bomb. Nikita Ivankovich is a Russian priest at a Moscow church. Denis Popovich was Shevkunov’s assistant. He is a Ukrainian, born in Chernivtsi. Authorities released videos showing both men confessing. The men spoke slowly and it wasn't clear how they had obtained the confessions. Popovich claimed he was recruited to track Shevkunov and that he was threatened with murdering his family if he didn't comply. He claimed he then had to find an accomplice so as to "eliminate Shevkunov". He claimed that the plan was for a bomb to be planted in the residential building of Sretensky Monastery, a 14th century monastery in Moscow where Shevkunov held the position of superior until 2018. Ivankovich confessed that the men were given a homemade bomb to use in the attack. In the video, investigators recovered a box of fake passports and a hidden place in a forest. Since the beginning of the war, Ukraine has been responsible for a number assassinations that have occurred in Russia. Most recently, Igor Kirillov, head of Russia's Nuclear, Biological and Chemical Protection Troops, was killed in December. (Additional reporting from Felix Light and editing by Mark Trevelyan).
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Kosovo Businesses at Risk from Trump's USAID Freeze
Kenan Gashi, a shop owner in Kosovo, saws the limbs of old mannequins and then throws them in machines donated by the U.S. Government that shred the plastic and clean it so that it can be reused. Gashi's business of recycling in Fushe Kosova has been transformed since it received equipment from USAID two years ago. This prompted him to plan to hire more employees. Gashi, however, is now worried. Gashi is worried now. Now, the Trump administration has frozen USAID's funding and is attempting to reduce the agency and U.S. Foreign Aid in line with his "America First Agenda". In a press statement, Trump cited the Kosovo recycling donation in his video as an example of what kind of government expenditures he wanted to cut. Gashi threw plastic pieces into an USAID grinder that had a sticker on it saying "Recycling matters". According to U.S. Government figures, the U.S. is one of Kosovo's most ardent supporters, ever since this small Balkan landlocked country separated from Serbia. The U.S. provided $1.1 billion worth of aid since 2001. GAP, a Pristina based think tank, said that USAID is currently managing 17 projects totaling more than $156m. However it's unclear how much has been actually disbursed. Politicians and residents of Kosovo say that Kosovo is among the poorest countries of Europe, and it still needs urgent aid. The north is plagued by ethnic tensions that persist between the Albanian minority and the Serb majority. The European Union has cancelled more than 12 aid projects, worth at least $150 million, as a direct result of the role played by Kosovo authorities in this conflict. Burim Ejupi, a think tank based in Pristina called Indep, said that the USAID funds will not be frozen. "However ..., each dollar or euro is important to a country in desperate need of them." Funds that were intended to protect marginalised communities, accelerate the transition from coal, a highly polluting fuel, to renewable energy and strengthen Kosovo's democracy institutions are at risk. The recipients of the funding claim that it has made a positive impact on them and their communities. Qazim, a 38-year-old recycler, searches daily for plastic in the rubbish bins of Pristina, the capital. USAID gave him a small tractor, and a machine to crush plastic. His income has increased from five euros per day to twenty euros. Before the Americans helped, there were times that 10 family members went to bed without eating. Grashtica, surrounded by plastics ready to sell in his workshop, said: "We had nothing to eat." "I'll tell Trump that you are a good person and should help others, especially in Kosovo."
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Asia Gold - India's demand for gold improves with the price of gold falling from its highs
India's demand for gold improved in the second week of this year, but it remained below normal levels as prices fell from their all-time highs. In China, traders continued to provide discounts as business remained lacklustre. A jeweller in Ahmedabad in India said, "Demand is starting to creep in, as prices are coming down. But many buyers still remain on the sidelines." On Friday, domestic gold prices traded at around 84.750 rupees for 10 grams after reaching a record of 86.592 rupees the previous week. This week, Indian dealers offered a discount The discount is now between $12 and $27 per ounce, including 6% import duties and 3% sales taxes, compared to the previous week's $35. "Supplies have tightened as banks imported very little this month. Discounts are declining," said a Mumbai dealer working for a bullion-importing bank. India's gold exports will drop by 85% from the levels of a year ago in February, to the lowest level in 20 years. Gold prices in China, the top gold consumer, were $3 below spot. Data showed that the flow of gold imports from China to Hong Kong reversed, with a 44.8% drop m/m. Ross Norman, an independent analyst, said that shipping bars to CME vaults registered in New York at this time is a virtually risk-free profit. This is draining the physical liquidity of other markets. A Singaporean dealer stated that gold was traded between $0.50 and $3 per ounce. Hong Kong dealers offered gold at a discount between $1.8 and $2.3 per ounce. . Bullion was traded in Japan A discount of $6 or a premium of $1.50 is the difference between these two options. A Tokyo-based trader stated that sales volume was higher than buybacks because people were waiting for the prices to drop before they made purchases. (Reporting by Rahul Paswan and Anjana Anil in Bengaluru and Rajendra Jadhav in Mumbai;)
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European shares fall on Trump's tariff plan
The European stock market continued to decline on Friday as the market's sentiment was affected by President Donald Trump's announcement that his proposed tariffs against Mexican and Canadian products would go into effect next week. As of 0813 GMT the pan-European STOXX 600 Index was down 0.9%. Basic resources were leading the losses, falling 2%, as metal prices fell due to U.S. tariff plans. Trump has also promised to impose a new 10% duty on Chinese imports, on top of the existing 10% tariff imposed on February 4. The technology stocks fell 1.9% after Wall Street sold off the AI darling Nvidia, whose earnings report did not impress investors. The automakers' share price also fell 1%. This is a continuation of the decline that began in the previous session, when Trump proposed a "reciprocal tariff" of 25% on European cars and goods. Valeo dropped 8.1% following the announcement of its annual results. CEO Christophe Perillat stated that he only saw a marginal effect on earnings due to the U.S. steel and aluminum tariffs. Holcim gained 1.5%, as the company reported earnings that were better than expected for the fourth quarter. (Reporting and editing by Nikhil Aich; reporting by Nikhil Shar)
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China Steel Exports Worried by Iron Ore Loss
The price of iron ore fell on Friday, and was set to fall for the month due to U.S. trade tensions and rising tariffs. The May contract for the most traded iron ore on China's Dalian Commodity Exchange closed at 799.5 Yuan ($109.72), a decrease of 0.74%. The contract has fallen by 1.17% in the last month. The benchmark March ore price on the Singapore Exchange fell 1.36% to $103.65 per ton after losing 1.94% during February. Donald Trump, the U.S. president, announced on Thursday that his proposed tariffs of 25% on Mexican and Canadian products will go into effect on March 4, along with an additional 10% duty on Chinese goods. Trump imposed 10% tariffs on Chinese imports in the first half of this month. This resulted in a total tariff of 20%. Trump announced that he would impose a 25% tariff on all imports of steel and aluminum, which has sparked a new round of trade frictions with China. Vietnam announced a temporary antidumping levy against some Chinese steel products. South Korea, meanwhile, has imposed tariffs provisionally on Chinese steel imports. According to a report on Thursday, the U.S. tariffs on steel are also likely to disrupt Chinese transshipment, which is estimated at $7 billion. This will undermine a crucial source of sales for China’s struggling steel industry. The shortcomings of China's Trade-in Scheme, which could lower expenses on non-subsidised products and reduce future expenditure, is increasing pressure on authorities to announce consumer-focused policies that have a long-term impact at the Chinese parliament's annual meeting, on March 5. China's manufacturing activity probably contracted for the second consecutive month in February. This is keeping calls for more stimulus to boost domestic demand alive. Steel benchmarks at the Shanghai Futures Exchange are still rising. Hot-rolled coils rose 0.18%. Wire rod increased 0.14%. Stainless steel gained 0.3%. Coking coal and coke both increased by 0.41% and 0.788% respectively. $1 = 7.2868 Chinese Yuan (Reporting and editing by Eileng Soreng, Mrigank Dhaniwala).
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Fugro warns that US headwinds will affect revenue in 2025
Dutch geological data specialist Fugro reported that its fourth-quarter revenues were affected by political uncertainty in the U.S. and further setbacks are expected next year. Fugro, a provider of geotechnical and survey services, subsea, and geosciences, reported 610.37 millions euros in revenue for the fourth quarter, slightly less than market expectations, which were 589.8 million euro. This was due to headwinds from the Americas and Middle East, and India. The Americas region, which accounts for 22% of group revenue, saw sales fall 11.5% organically to 137.8 millions euros in the fourth quarter, due in part to the uncertainty surrounding the U.S. election and possible policy changes. This had a particular impact on the geophysical division. Fugro's 2025 EBIT margin is expected to be between 11% and 15%. The group expects that the slowdown on the U.S. Market will weigh on revenue growth in particular during the first half of this year. The company reported adjusted EBIT of 71.8 million euro in the fourth quarter. This was higher than the 54 million euro consensus estimate. The group said that it would also propose a 0.75 euro dividend per share. This is an 87.5% rise compared to a year earlier. $1 = 0.9630 euro (Reporting and editing by Himani Sarkar, Mrigank Dhaniwala and Alban Kachler)
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Holcim cement company beats fourth-quarter earnings expectations
Holcim announced better-than expected earnings for its fourth-quarter on Friday, as the building materials firm gave more details about its plan to spin-off its North American operation. Holcim's recurring operating profit rose 4.4%, to 1.17 billion Swiss Francs ($1.30billion), exceeding analyst consensus estimates of 1.14 billion Swiss Francs. Sales of 6.47 billion Swiss francs by the cement manufacturer in the three-month period ending December were down 1.9% compared to a year ago. This was in line with expectations of 6.45 billion francs. Holcim said on Friday that it has filed with the United States Securities and Exchange Commission about its planned spin-off from the North American division, which is expected to be the largest deal in the global construction industry this year. Holcim filed a Form 10 Registration Statement to the SEC, detailing the details of the business that was carved out. It also announced it would be holding an Investor Day on March 25, in New York. Holcim has said that the business is booming Last week Amrize would be the name of this company, which had revenues of $11.7 Billion in 2024 with a core profit adjusted of $3.2 Billion. In a press release, Holcim Chairman Jan Jenisch who will be the CEO of Amrize said: "Today's filing represents an important step toward Amrize's planned listing and our ambition to become North America’s leading building solution company from foundations to rooftops."
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Empire Energy Offshore, Boom Logistics Join Forces for OW in Australia
Empire Energy Offshore has formed a strategic alliance with Boom Logistics, a provider of heavy lifting and logistics solutions, to strengthen Australia’s future offshore wind infrastructure.The collaboration marks a pivotal advancement in the development of Australia’s offshore wind sector, prioritizing early stakeholder engagement and creating essential pathways for upskilling local service providers.Empire Energy Offshore and Boom Logistics will work alongside key stakeholders to support the research, development, deployment, and long-term viability of offshore wind projects in the rapidly evolving market.Long term, the alliance will offer a comprehensive range of services, including port infrastructure development, construction, engineering, heavy lifting, logistics, and expert consultancy.Combining Boom Logistics’ experience in the Australian renewable energy construction and installation market with Empire Energy’s expertise in onshore and offshore project development and management, the strategic alliance is designed to streamline the offshore wind supply chain and accelerate the delivery of large-scale wind energy projects.“This strategic alliance marks a significant milestone in our efforts to expand Australia’s offshore wind capabilities. By leveraging Boom Logistics’ industry-leading lifting and transport solutions, we are strengthening the supply chain and creating a more resilient infrastructure for the country’s renewable energy future,” said Mike Milledge, President of Empire Energy. “Collaborating with Empire Energy presents a tremendous opportunity to showcase our expertise in large-scale logistics and lifting solutions. Together, we aim to support offshore wind projects with best-in-class services that drive efficiency, safety, and innovation,” added Ben Pieyre, CEO, Boom Logistics Limited.
SAP is seeing a growing demand for sustainability software in spite of U.S. climate disengagement
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Dominik A. Asam, the chief financial officer of SAP Germany, told a reporter that despite the trend in the United States to lower climate protection goals, SAP's global demand for sustainability software is growing.
The United Nations announced this week that the U.S. would withdraw from the Paris Climate Agreement on January 27, 2026. Washington had formally informed Secretary-General Antonio Guterres about President Donald Trump’s decision to leave.
Asam stated that "the topic of sustainability won't disappear from investor discussions", adding that companies will still require reliable figures and analytical tools to make decision on the topic.
I spoke with many investors who were concerned about sustainability at the World Economic Forum. "They are very optimistic, despite recent U.S. election results," he says.
He sees great potential in SAP's Green Ledger, a fledgling software, that he says helps companies to make their sustainability reports as verifiable and transparent as a balance sheet. This will be required by 2028 under the European Corporate Sustainability Reporting Directive.
The CFO is expecting contracts to be signed. He said that "a lot will happen" in the second half.
(source: Reuters)