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Oil prices rise as ceasefire agreement in Ukraine remains elusive
The oil prices recovered some of the more than 1% loss they suffered in the previous session. This was partly due to the diminishing prospect of an end to the Ukraine conflict that would bring more Russian energy back. Brent crude futures were up 46 cents or 0.7% to $70.34 per barrel at 0406 GMT, after closing 1.5% lower the previous session. U.S. West Texas Intermediate Crude was at $67.03 per barrel, up 48c or 0.7% after closing 1.7% lower on Thursday. Vladimir Putin, the Russian president, said that Moscow supports a U.S. ceasefire proposal in Ukraine but that it has a few conditions and clarifications that appear to prevent a rapid end to the fighting. Tony Sycamore, IG's market analyst, said that "Russian support for a 30-day truce with Ukraine has decreased confidence in a short-term ceasefire." The feeling is that the U.S. will not lift sanctions until a ceasefire has been agreed. The global trade war, which has caused financial markets to be roiled and sparked recession fears, is intensifying. On Thursday, U.S. president Donald Trump threatened to slap 200% tariffs on wine, cognac, and other alcohol imported from Europe. The International Energy Agency warned Thursday that the global oil supply may exceed demand this year by 600,000 barrels a day due to a growth in demand led by America and fewer than expected global consumers. The IEA stated that "the macroeconomic conditions which underpin our oil consumption projections deteriorated in the last month as trade tensions increased between the U.S.A. and other countries." This led the IEA to lower its estimates of demand growth for the fourth and first quarters of 2025. Oil prices fell on Friday due to the Trump-driven trade conflict woes, and concerns about demand. However, the prospect of less Russian oil being available in the short term helped cushion the market. In a client note, ANZ analysts stated that "most price projections are to the downside over the short-term but geopolitical tensions could still cause disruptions in supply." Reporting by Florence Tan Editing and proofreading by Shri Navaratnam
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Shanghai tin price jumps after Alphamin stops mining in Congo
Alphamin Resources, which has halted its mining operations in the Democratic Republic of Congo, has halted the production of tin. Alphamin Resources announced on Thursday the halting of activity at the Bisie Tin Mine in Congo's North Kivu "after insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo". Shanghai's most actively traded tin contract rose 8.8% on Friday to 288,450 Yuan ($40212.16) per metric ton at 0346 GMT after reaching the upper limit by 10% in the morning Asian trade session. The benchmark three-month tin price on the London Metals Exchange increased 0.6% to $35,110 per ton. This is a decline from its intraday peak of $37100 per ton in mid-2022. In a recent note, Wang Weiwei said that the Bisie Tin Mine is the third largest tin mining operation in the world, and will contribute 6% of tin ore to the global market by 2024. Wang believes that even though Myanmar's Wa State is considering restarting their mining operations, any significant increase in the tin production from this region is not expected to be apparent until May 2025. Base metals traders said that they were closely following the news of militancy and tin in Congo. LME copper rose by 0.4%, to $9,817.5 per ton. LME Aluminium was down by 0.1%, to $2,699.5 per ton. Lead gained 0.3%, to $2,079.5. Nickel increased 0.4%, to $16,570. SHFE copper increased by 0.7%, to 80,150 Chinese yuan ($11 070.44) a metric ton. SHFE aluminium fell 0.1%, to 20,960 yuan. SHFE zinc rose 0.2%, to 24,120 Yuan. Lead jumped up 0.4%, to 17,640 Yuan. Nickel lost 0.2%, to 133 300 Yuan. $1 = 7.2400 Chinese Yuan Renminbi (Reporting and editing by Rashmi aich and Sonia Cheema).
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EU-Backed Project to Unlock Tidal and River Energy Potential
A new EU-funded project has brought together 14 partners across Europe to unlock the potential of harnessing tidal and river energy in the North-West Europe.The SHINES project, short fo Showcasing Hydrokinetic energy Innovations for Northwest European Energy Sovereignty, is ready for launch, bringing together 14 partners from France, Ireland, Belgium, the Netherlands, Switzerland, and Germany.Co-financed by Interreg North-West Europe under the fourth call for projects, SHINES is set to unlock the potential of tidal and river energy systems, an opportunity still largely untapped in the region.With a total budget of $10.9 million, including 60% ERDF funding of about €6.5 million, the project, led by OPEN-C Foundation, will span from January 2025 to December 2028.SHINES will work to address several investment, economic and regular hurdles by replicating and scaling up three innovative solutions - HydroWing, RivGen and TidalKite - through grid connections and real sea deployments in France and the Netherlands.Some of the most promising sites across the region will be developed, engaging 100 organizations in the adoption of tidal and river energy systems.One of the partners in the project is Inyanga, which will design, construct and install a grid-connected 600kW tidal energy turbine, based on HydroWing concept, on the Paimpol-Bréhat test site in France, then operate and monitor the device throughout the test period.In addition, Inyanga will install and maintain SeaQurrent’s TidalKite device at Paimpol-Bréhat, managing all offshore operations.The project is aligned with Europe’s Net-Zero Strategy and the Critical Raw Materials Act, contributing to the goals of 1 GW of ocean energy capacity by 2030 and 40GW by 2050. Ocean energy holds the promise of creating 400,000 high-value jobs by 2050, revitalizing coastal communities with histories rooted in shipbuilding, fishing, and oil and gas industries.Project partners include, ORPC Ireland with RivGen technology, SeaQurrent, ÉireComposites Teo, Foras na Mara – Marine Institute, Bretagne Développement Innovation, Geemente Ameland, and others.
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Asia shares remain steady; gold reaches record levels as trade war escalates
Asia shares rose and global markets tried to rebound after a brutal saleoff. Gold reached a new record as an increase in global trade tensions made investors nervous, causing them to flee into safe-haven assets. Stocks in early Asian trading rose as investors were relieved that a U.S. shutdown was unlikely. Senate Democrat Chuck Schumer had said he'd vote to advance a Republican short-term funding bill and signaled his party's support. U.S. futures for stocks rose in response. The Nasdaq futures were up 0.87%, and the S&P 500 futures were up 0.7%. The FTSE Futures also gained 0.1% and the EuroStoxx 50 futures rose 0.04%. Alvin Tan is the head of Asia FX Strategy at RBC Capital Markets. He said that this news, for today at least, was positive for market sentiment. MSCI's broadest Asia-Pacific index outside Japan, which measures the performance of stocks in that region, traded 0.2% higher. However, it was still on track to drop more than 2% this week as global trade conflicts impacted global stock markets. Donald Trump, the U.S. president, said that he will impose a 200% tariff on imports of European spirits and wine if the EU does not remove the retaliatory duties on American whiskeys and other products which come into effect in the next month. Vishnu Varathan is the head of Asia ex-Japan macro research at Mizuho. He said that Trump is making it clear that, if someone were to retaliate against him, his counter-escalation would be even more sharp. The latest developments were the catalyst for the steep selloffs on Wall Street, and confirmed that the S&P 500 is in a correction. This comes just one week after Nasdaq also confirmed this. "I don't think Trump 2.0 is the same as Trump 1.0. Michael Strobaek is the global chief investment officer of Lombard Odier. He said that this time the president appears to be willing to let U.S. stocks and the economy suffer as he implements his "America first" goals. Gold, a traditional safe-haven asset, has benefited from the trade war. The yellow metal hit a record of $2,990.09 per ounce last Friday. The yellow metal was expected to rise 2.6% this week. Japan's Nikkei recovered from early losses and rose 0.12%. Hong Kong's Hang Seng Index gained 1% as well, but was on track for a weekly decline of 2.3%. China's CSI300 index of blue-chip stocks advanced by 1.4%, and is expected to increase 0.6% this week. Dollar Trouble The dollar recovered some lost ground thanks to safe-haven flows on Friday, but it was still not far from recent lows due to fears of an imminent U.S. economic recession. The euro traded at $1.0841 last, down 0.1%. Sterling fell by 0.05% to reach $1.2944. The fiscal reset plan of Germany, which includes a 500-billion-euro fund for infrastructure as well as sweeping changes in borrowing rules and growth boosters to boost military spending and revive the largest economy in Europe, has given additional support to the euro. The outgoing lower chamber of the German parliament will vote on these measures on 18 March before the formation a new Parliament on 25 March. Investors will be waiting for further information on the rate outlook, amid the uncertainty surrounding Trump's policies on trade and the impact they have on U.S. inflation and growth. "Our assessment shows that the rate trend is constant, and will continue to be lower." Varathan from Mizuho said that it's a matter of timing. "I believe that the tariffs won't be a hindrance to the Fed cuts because, even if prices increase, it will still result in a negative shock of demand and the people will not benefit." The dollar last gained 0.3% against yen, at 148.25. However, it was on track for a small weekly loss versus the Japanese currency due to bets that more Bank of Japan rate hikes will occur. Next week, the BOJ will also meet. Oil prices rose after falling the previous session. Brent futures increased 0.54%, to $70.26 per barrel. U.S. West Texas Intermediate Crude Futures rose 0.6% to $66.66 per barrel.
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Iron ore gains on China's stimulus and resilient demand.
Iron ore futures prices rose on Friday, reaching their highest level in almost two weeks. They were also on course for a weekly increase, thanks to a resilient demand, as well as rising expectations about additional stimulus measures from China, the world's largest consumer. As of 0214 GMT on China's Dalian Commodity Exchange, the most traded May iron ore contract was trading 1.68% higher, at its highest level since 3 March, at 789 Yuan ($108.86), a metric tonne. This is an increase of almost 2% this week. Singapore Exchange's benchmark April Iron Ore rose by 0.71%, to $102,95 per ton. This is the highest price since February 28. This week, the price has risen by 2.5%. China's central banks said that they would reduce interest rates, the reserve ratio for banks and their liquidity at the right time. Steelmakers increased production during March's peak construction season, which has also helped to support prices. A survey by consultancy Mysteel revealed that the average daily hot metal production, which is typically used to gauge demand for iron ore, increased for a third consecutive week, up 0.03% on a weekly basis to 2,31 million tons as of 13 March. China's plans to reduce crude steel production and the escalating trade war in the world, which could dampen outlook for demand, continue to be headwinds that limit further gains. Coking coal and coke both fell by 0.67%. The benchmark steel prices on the Shanghai Futures Exchange have increased. Steel benchmarks on the Shanghai Futures Exchange advanced.
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Shanghai tin price rises 10% after Alphamin stops mining in Congo
The price of tin on the Shanghai Futures Exchange reached its upper limit on Friday and soared by 10% as Alphamin Resources stopped their tin mining in the Democratic Republic of Congo. Alphamin Resources announced on Thursday the halting of activities at the Bisie Tin Mine in Congo's North Kivu. "Insurgent militants have recently advanced in the westward direction in the direction the mine's position in DRC, occupying Nyabiondo", said the company in a press release. Shanghai's most actively traded tin contract soared 10% on Friday to 291,510 Yuan ($40212.16) per metric ton, at 0219 GMT. In a recent note, Yide Futures analyst Wang Weiwei said that the Bisie Tin Mine is the third largest tin mining operation in the world. It will contribute 6% of tin ore to the world in 2024. It's unclear when Alphamin will restart operations. As Wa State in Myanmar looks to restart their mining operations, it is not expected that any significant increase in the tin supply from this area will be apparent until May 2025. This potential delay and current supply tightness could lead to a possible bullish trend for tin prices in the near term. LME copper rose 0.4% to $9,817.5 per ton. LME Aluminium was flat at 2,703.5 per ton. Lead gained 0.6% to $2,000, tin increased 2.9% to $35,945 and Nickel rose 1.2% at $16,710. SHFE copper increased by 0.8%, to 80,180 Chinese yuan ($10 957.18) a metric ton. SHFE aluminium rose 0.1%, to 21,000 yuan. Zinc grew 0.6%, to 24,235 Yuan. Lead jumped up 0.2%, to 17,605 Yuan. Nickel rose 1.0%, to 134 800 Yuan. ($1 = 7.2493 Chinese Yuan Renminbi). (Reporting and editing by Rashmi aich; Violet Li, Mei Mei Chu)
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Gold reaches record heights, aiming for $3,000 peak
Gold prices reached a record-high on Friday as fears over trade tensions and uncertainty about U.S. tariffs pushed up the price, while increased expectations of Federal Reserve monetary policy eased boosted gold's value. Gold spot fell 0.1% at $2,983.78 per ounce by 0132 GMT after reaching a session high of $2.990.09, just a few centimeters away from the $3,000 mark. Bullion has also logged a second consecutive weekly gain, with a 2,5% increase so far. U.S. Gold Futures increased 0.2% to $2.996.70. The risk-off market stance reflects the expectation of investors that trade tensions will likely get worse before they cool down, and they are once again turning to gold as a safe-haven to hedge portfolio volatility," said IG Market Strategist Yeap JunRong. The latest in U.S. president Donald Trump's multifaceted trade war is the European Union's response to U.S. tariffs blanketed on steel and aluminum by imposing an additional 50% tax on American whisky exports. This prompted the president to make a threat on Truth Social that he would impose a tariff of 200% on the imports of European wine and spirits. Gold prices are now approaching the psychological $3,000 mark. As we move into the second quarter where reciprocal tariffs may cause another round of market turmoil, gold is a safe-haven investment in an environment with few alternatives. Trump's tariffs have been widely predicted to cause inflation and economic instability, and gold has reached multiple record highs by 2025. Gold is seen by many as a way to protect against inflation and political risk. The markets are now awaiting the Fed's meeting on monetary policy next Wednesday. The Fed is expected to maintain its overnight benchmark interest rate between 4.25% and 4.50%. In an environment of low interest rates, non-yielding gold bullion thrives. The Russian president Vladimir Putin stated on Thursday that Russia supports a U.S. ceasefire proposal in Ukraine, but has asked for clarifications and conditions which appear to prevent a rapid end to the fighting. (Reporting by Anjana Anil in Bengaluru; Editing by Rashmi Aich) Spot silver fell 0.2% to $33.72 per ounce. Platinum rose 0.1% to $995.00, while palladium rose 0.7% to $964.32. (Reporting by Anjana Anil in Bengaluru; Editing by Rashmi Aich)
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Rusal, the aluminium giant, has seen its annual profits nearly triple on account of rising demand
Rusal, a Russian company, reported on Friday a nearly three-fold increase in its annual profits. This was due to higher prices of aluminium and aluminum alumina, as a result of a surge in demand. These products are crucial in the race towards decarbonisation. Hong Kong listed Rusal is the largest aluminium manufacturer outside China. It posted a net income of $803 millions for the period ended December 31. This was an increase of 184.8% compared to the $282 reported the previous year. Rusal has indicated that the transition to greener forms energy will accelerate in 2024 due to tighter emission standards globally, the growing demand from consumers for sustainable products, and the increasing importance of environmental social governance criteria. The consumption of aluminium by the transportation industry continued to grow in 2024 despite a decline in vehicle production. Rusal stated in a Hong Kong stock exchange filing that "the EV market is growing due to stricter emission regulations, government incentives, as well as advancements in battery technologies." The company, one of only a few Russian companies still listed on the stock exchanges of any country in the world, noted that EV growth is being driven by the expansion of charging infrastructure as well as the demand from consumers for more sustainable transportation. Rusal stated that its results were prepared under the assumption that it would be a continuing concern, but warned that geopolitical uncertainties, including possible sanctions imposed by United States, European Union, and other countries, could result in "significant limits".
Save LGBTQ+ and climate data as Trump deletes
Government websites scrubbed under Trump orders
Experts warn that green policies put vulnerable communities at risk
Courts file lawsuits against the government for data removal
Adam Smith
Following a series of executive orders issued by President Donald Trump, thousands of U.S. Government web pages have been altered or removed. The orders target what the administration refers to as "gender ideologism extremism" (or environmental policies).
To make rational and effective public health policies, you must have access to accurate, comprehensive data. Charles Gaba is a healthcare data analysts who works to support information on the Center for Disease Control and Prevention's (CDC) website.
Health agency officials took offline datasets from the CDC late last month, including the Social Vulnerability Index and Environmental Justice Index used to quantify disproportionate risks of health among different demographics.
The average person should consider this as censorship.
The CDC, along with other federal agencies, has also purged data on HIV in transgender individuals and disparities in health among gay, lesbians, bisexuals and transgender youth.
Benjamin stated that removing information would make it more difficult to track infectious diseases such as HIV and mpox and could have a severe impact on everyone.
To stop the move, organizations such as Doctors for America and Minority Veterans of America filed lawsuits with the U.S. Government.
The lawsuit filed by Doctors for America stated that "the removal of this data robs researchers of information they need to treat patients and develop policies and practices that protect the health and safety of vulnerable populations as well as the nation at large."
Preserving Data
The Office of Personnel Management (OPM), the U.S. Government's Human Resources agency, has told all departments to stop programs that promote gender ideology or "recognize" women as biologically female and men as biologically male.
Academics and online preservation organizations, which keep a record of U.S. Government as it changes through time for historical research and educational purposes, have increased their efforts to backup information.
Gaba created an online index of CDC sites using Internet Archive. This non-profit website allows anyone to backup a website simply by sending a URL.
Other weaknesses exist in the process. The archived library may lead to broken or dead websites if the site has not been backed up completely, if malware is detected or if the server hosting the website is down.
The main databases of public health were not saved. They had to be downloaded separately.
The Public Environmental Data Project (PEDP), a coalition of volunteers that works to preserve public access federal environmental data, has archived the Climate and Economic Justice Screening Tool, developed by the Council on Environmental Quality.
The federal agencies use the CEJST to identify areas with significant environmental, economic and social burdens. These communities need targeted investments from environmental initiatives.
The Public Environmental Data Project has now replicated the Environmental Protection Agency’s ‘EJScreen’ tool which combines demographic and environmental indicators to assess higher-risk communities. The U.S. Government took it off-line between February 3 and 5.
CHALLENGES ARCHIVE
Archiving government data is nothing new. The End of Term Web Archive (which includes the Internet Archive, libraries, and research organizations) has been saving government websites for the past five presidential terms.
The rapid policy changes of the Trump administration have increased the urgency.
Katie Hoeberling is the director of policy initiatives for Open Environmental Data Project. The project promotes environmental data that can be used to facilitate community-driven governance, information sharing, and support.
She said that taxpayer dollars had paid for CEJST, EJScreen and other software, so the public "deserves access" to them, whether it is for research, advocacy, litigation or just to help people better understand their environment.
Legal means could be used to recover more data, such as the lawsuit filed by Doctors for America against the CDC and the Food and Drug Administration.
The lawsuit claims that removing data on youth behavioral risks, HIV support, and FDA guidance regarding diversity in clinical studies would hamper vital research.
The CDC refused to comment on this lawsuit. The FDA and HHS have not responded to a comment request on the lawsuit.
Researchers are worried that even if the existing data is preserved, new data may not be collected. This could affect future research and policy accuracy.
Benjamin added that Benjamin's statement about the inability to use information collected for a specific purpose for a different one was a good reminder of how even small differences can have a huge impact on areas like disease prevention.
(source: Reuters)