Latest News
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Iron ore prices fall on China demand concerns
Iron ore futures fell on Monday due to concerns about demand prospects in China, the top consumer of iron ore. Steelmakers' production reductions have reduced ore's consumption. As of 0103 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange was trading 0.83% lower. It was 778 yuan (US$107.12) per metric ton. Beijing announced that it would reduce steel production due to an overcapacity. Although there has not been an official announcement yet, some steelmakers reduced their production to prepare for the formal announcement. This helped reduce demand for iron ore. Prices are also being impacted by concerns over the demand outlook, which have been intensified by a global trade conflict sparked by new U.S. Tariffs. Coking coal and coke, which are used to make steel, also suffered losses of 1.2% and 1.79 %, respectively. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell 0.53%, wire rod slipped 0.44% and hot-rolled coil dropped 0.65%, while stainless steel rose 0.15%. Singapore Exchange will be closed for the public holiday on Monday. $1 = 7.2628 Chinese Yuan Renminbi (Reporting and editing by Violet Li, Mei Mei Chu)
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Financial Times – March 31,
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Volvo Cars brings former boss back to provide a'steady' hand Trump threatens to impose secondary tariffs on Russian Oil if there is no agreement on Ukraine Isar declares launch of rocket a success, despite first-time failure to reach orbit Task force urges to eliminate oil and gas windfall taxes before 2030 View the full article Volvo Cars has appointed Hakan Samuelsson as its new chief executive after warning last month of a potentially challenging 2025. Donald Trump, the U.S. President, said that he was "pissed" at Russian President Vladimir Putin's inaction on talks about a ceasefire agreement with Ukraine. He also threatened secondary tariffs for buyers of Russian oil should a deal not be reached. Isar Aerospace, a rocket start-up in western Europe, has attempted to launch a vertically into orbit for the first time. However its two-stage Spectrum Launcher flipped over and crashed to Earth within seconds after lift-off. - A business-led taskforce has called on the UK government to replace the windfall taxes on oil and natural gas as soon as possible. It warned that the window of chance for securing the future of North Sea was "closing quickly". (Compiled by Bengaluru Newsroom)
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France's Le Pen faces a crunch day on a corruption trial that could end her presidential hopes
Marine Le Pen, the French far-right politician who leads the French far-right party, faces a pivotal day in her political career when a French court decides whether she's guilty of embezzlement. She could be barred from running for the presidency of France in 2027 if found guilty. The ruling threatens to change the face of French politics. Le Pen, leader of the National Rally, a far-right party, is currently the frontrunner in the polls for the vote of 2027. Her party called the trial "a witch-hunt" and her removal would intensify the debate over how judges police political activity. A harsh sentence "would cause significant disruption as the main opposition leader's ability to run would be hindered by the judges", according to Arnaud Benedeti, a political expert who wrote a book about the rise of the RN. Le Pen, RN and over two dozen figures from the parties are accused of diverting more than 3 million euros ($3.3million) in European Parliament funds for paying staff based in France. The defendants claim that the money was spent legitimately, and that the accusations define a parliamentary assistance too narrowly. The prosecution has asked for Le Pen to be banned from holding public office immediately if she is found guilty. This ban would apply regardless of the appeal process. Acquittal could boost a leader of the far right who has shifted to the mainstream, and turned the RN into France's largest single party. A guilty verdict and automatic five-year suspension would be a heavy blow to Le Pen, 56. She is a three-time candidate for the presidency who has stated that 2027 will mark her last run. She would keep her seat in parliament until the end her mandate. The judge can accept, modify or ignore a request from the prosecutor. The Courts have the power to decide political fate Le Pen claims that prosecutors are trying to "kill" her, a claim that echoes the allegations made by U.S. president Donald Trump regarding his legal troubles. Le Pen told La Tribune Dimanche in an interview published on Saturday that she was not nervous and expected mercy from judges. She said, "With provisional execution the judges have power over life and death for our movement." "But I do not think they will go that far." Some of her opponents, such as Prime Minister Francois Bairou and Justice Ministry Gerald Darmanin as well as left-wing politicians are concerned about judges deciding on who can run for an office. Reports indicate that prosecutors and a judge who was involved in the case received death threats online. This is part of an international backlash against judges who are trying to curb political injustice. Senior RN figures don't expect Le Pen to face a ban. They say that her protege, Jordan Bardella (29-year-old Party President), will replace Le Pen if she's barred. Jean-Yves Camus, a political scientist and expert on the far-right, said that a ban of five years could upset Le Pen's fans. He said that "RN voters tend to think they are the victims of 'elites'." "An instant ineligibility decision could reinforce this feeling of being isolated." (Reporting and editing by Richard Lough, Giles Elgood, and Ardee Napolitano. Additional reporting by Gabriel Stargardter.
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Tanure quer destituir conselho do GPA para indicar tres membros
O fundo de investimento Saint German, controlado pelo investidor Nelson Tanure, solicitou que o GPA convoque uma assembleia geral extraordinaria para destituir o atual conselho de administracao e eleger novos membros, incluindo executivos indicados pelo proprio empresario. O plano apresentado por Tanure preve a eleicao de um novo conselho com nove membros, dos quais tres indicados por Tanure, e mandato unificado de dois anos, de acordo com fato relevante divulgado neste domingo. Em 2024, Tanure adquiriu cerca de 9% das acoes do GPA no mercado e considerava comprar papeis adicionais do grupo frances Casino, que no passado controlou a rede de varejo brasileira. Uma expressao inicial de interesse dos representantes de Tanure foi entao transmitida ao Casino, que detem 22,5% do capital da varejista. Mas ate o momento, nenhum acordo foi anunciado. Em uma declaracao a , Tanure, conhecido por investir em processos de reestruturacao corporativa, disse que deseja reduzir a divida do GPA por meio de varias estrategias, incluindo a venda de ativos nao essenciais, reavaliacao e priorizacao de investimentos e otimizacao do fluxo de caixa. "O foco em um balanco solido permitira que a companhia tenha mais flexibilidade em suas operacoes e uma maior capacidade de crescimento", disse ele. O GPA encerrou o quarto trimestre de 2024 com uma divida liquida de R$1,3 bilhao, incluindo o saldo de recebiveis nao antecipados. Tanure tambem esta propondo que o grupo identifique e avalie potenciais riscos fiscais, legais e trabalhistas. "A ideia nao e apenas mitigar riscos, mas tambem promover um ambiente de transparencia e confianca junto aos acionistas e ao mercado em geral". Tanure, atualmente o segundo maior acionista individual do GPA, depois do Casino, planeja indicar os executivos Pedro de Moraes Borba, Rodrigo Tostes Solon de Pontes e Sebastian Dario Los para o conselho de administracao da varejista. Borba e membro do conselho da Ambipar, fornecedora de servicos ambientais na qual Tanure investiu. Pontes atua como diretor financeiro e de relacoes com investidores da Light, que Tanure adquiriu ha alguns anos, e Dario Los tem longa experiencia no setor de varejo. O GPA opera cerca de 700 lojas, principalmente no Estado de Sao Paulo, alem de servicos de comercio eletronico, conforme informacoes em seu site. (Reportagem de Luciana Magalhaes; edicao de Patricia Vilas Boas)
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Russell: China and India's reaction to Trump's Russia oil-tariff threat is crucial.
The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of these countries? India and China are the two largest buyers of Russian crude oil. Their reaction is as important as Putin’s response to Trump’s latest shift. Trump told NBC News he was "frustrated" with Putin and would impose tariffs up to 50% for buyers of Russian crude if he felt that Moscow was blocking efforts to bring peace to Ukraine. If Russia and I cannot reach an agreement to stop the bloodshed in Ukraine and if I believe it is Russia's responsibility, then I will impose secondary tariffs on all oil coming out of Russia. Trump said that he would impose secondary tariffs on all Russian oil. It is a reversal from his previous friendly attitude toward Putin. This had attracted widespread criticism because it was seen as a surrender to Russia and a tacit acceptance of its aggression. Russia, China, and India have to assess whether Trump's threats are credible and likely. Putin may back down a little if he believes Trump is going to increase sanctions against Russia's major export. India is in a difficult position, as Modi's stance has been to try to appease Trump. A proposal to abolish the import duty for U.S. Liquefied Natural Gas in order to increase purchases was an example. India is also a major beneficiary from the fact that the rest of world has shunned Russian crude. This has allowed the South Asian nation the opportunity to purchase discounted cargoes, so much so that Russia now ranks as its biggest supplier. According to LSEG Oil Research, India will import 1.52 million barrels of Russian oil per day in March. This represents just over 30% of the total number of arrivals. India is already forced to buy less oil from Iran due to U.S. sanctions. Replacing Russian barrels would increase the price of Indian oil and force India to look for alternative suppliers. CHINA RISK China is less likely than the U.S. to give in to pressure, since it is the sole major buyer of Iranian oil. It is also the top importer for Russian oil. Beijing faces the risk that a tariff increase of up to 50 percent on U.S. imported goods from China on top of Trump's 20% tariff would cause real pain to its economy. It is already struggling for momentum. If Trump's threat of secondary duties on buyers of Russian oil is credible, this will also change the dynamics of the OPEC+ exporters group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. OPEC+ Members other than Russia will benefit from any price increase resulting from a reduction of Russian barrels. This will enable them to increase production and exports. It's a fight between self-interest and group solidarity. With the fiscal position of many OPEC+ countries deteriorating, it may be difficult to resist the temptation of earning more money through higher exports. For the moment, players will likely respond cautiously - at least publicly - as they attempt to determine whether Trump's new tariff threat was a thought balloon easily discarded by the next change in sentiment. Initial market reactions were subdued. Brent futures, the global benchmark, rose a modest 0.3% in early Asian trading on Monday to $73.84 per barrel. These are the views of a columnist, who is also an author. (Editing by SonaliPaul)
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Putin's envoy: Russia and the US have begun talks about rare earth metals in Russia
In remarks published by the Izvestia newspaper on Monday, Russia's Special Envoy for International Economic and Investment Cooperation said that Washington and Moscow have begun discussions on joint projects in Russia involving rare earth metals. Kirill Dmitriev is the CEO of Russian Direct Investment Fund and told Izvestia that rare earth metals were an important area of cooperation. Putin's response to the U.S.-Ukraine negotiations over a draft minerals Deals You can also find out more about the offer. Under a future deal on economics, the U.S. will jointly explore Russia’s rare earth deposits. Dmitriev said that some companies had already expressed interest in the project. He was part of Russia’s negotiating team in talks with U.S. representatives in Saudi Arabia, in February. He didn't name any companies or reveal more details. Izvestia reported that the discussion of cooperation could continue at the next round Russia-U.S. discussions, which may take place mid-April in Saudi Arabia. In recent months, rare earths and critical metals essential to high-tech industries have attracted global attention as U.S. president Donald Trump pushed efforts to counter China’s dominance.
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Scholz, a German politician, said that the EU is ready to respond to U.S. trade tariffs.
Olaf Scholz, German Chancellor said that while Europe is willing to work with the United States, the EU will respond in unity if Washington forces it to do so by imposing tariffs against steel and aluminum. Scholz, who spoke at the opening ceremony of the Hanover Industrial Trade Fair which has Canada as a partner country this year, also insisted Canada is an independent nation. Donald Trump, the president of the United States, has talked about annexing Canada. He also referred to it as the 51st state in the U.S. "We are by your side!" Scholz added: "Canada does not belong to anyone." Canada is an independent, proud nation. Scholz, in response to Trump's plan to introduce tariffs on imports, said that his solution to Trump's "my country comes first" policy was to increase free trade, competitiveness, and technological sovereignty. Scholz said that trade wars are bad for all parties. "So, I tell the United States that Europe's goal is cooperation. If the U.S. does not give us a choice, as they did with the steel and aluminum tariffs, the EU will act as one.
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Trump threatens to impose secondary tariffs on Russian crude oil if he is unable make a deal with Ukraine
Donald Trump, the U.S. president, said that if he felt Moscow was blocking his efforts in ending the war in Ukraine he would impose secondary tariffs ranging from 25% to 50%. These could begin within a month of no ceasefire. NBC reported that Trump told NBC News he felt angry and "pissed" when Russian president Vladimir Putin criticized Volodymyr Zelenskiy, the Ukrainian president's leadership. Trump told NBC News on the phone that he plans to meet with Putin this coming week. Trump repeatedly promised to end the "ridiculous war" in Ukraine during his presidential campaign of 2024. He has been focusing on this issue since he took office on January 20, 2019. Trump has himself called for new Ukrainian elections and called Zelenskiy falsely a dictator. Putin suggested on Friday that Ukraine could be put under a temporary administration in order to facilitate new elections and sign key accords. This could force Zelenskiy out. If Russia and I cannot reach an agreement to stop the bloodshed in Ukraine and if I believe it is Russia's responsibility, then I will impose secondary tariffs on all oil coming out of Russia. Trump said that he would impose secondary tariffs on all Russian oil. Trump stated that "if you purchase oil from Russia you cannot do business with the United States." "There will be 25% tariffs on all oil. A 25-to-50-point tariff for all oil." He predicted that the oil tariffs would be implemented within a month if there is no ceasefire agreement. Trump said Putin knew he was angry with him but that they had a "very good relationship" and that "the anger dissipates rapidly... if the right thing is done." (Reporting Andrea Shalal, Editing Rod Nickel).
South Korea uses weather break to try and contain deadly wildfires
The light rain brought some relief to South Korean authorities who are battling the worst wildfires in country history. Firefighters were exhausted and made another effort on Friday to control blazes that stretched 70 km (44miles).
In the last week, strong winds have caused fires to spread from the central Uiseong County all the way down to the coastal areas.
Uiseong reported that fires were extinguished in 95% the area by early Friday morning. According to the Korea Forest Service, flames have also been extinguished in 85% the Andong city which contains UNESCO World Heritage Sites.
Yeongdeok County on the east coast is still fighting the flames. Nearly a third of its area was still burning. The fire had spread more than 70 kilometers in less than 12 hours.
Forest Service spokesman Kim Jong Gun said that light rain less than 3mm (0.12 inches) had fallen in certain parts of the region on Thursday. This "little help" was provided by this rainfall, he added.
He said that firefighters and helicopters took advantage of the better weather and visibility to push forward and make progress, before the winds pick up later in Friday.
The fires that started in Uiseong are now the largest forest fires in South Korea history. They have destroyed an area equal to two-thirds the size of Singapore.
Other regions of South Korea also experienced large-scale wildfires.
The safety ministry reported that more than 80 helicopters began flying to dump water at dawn on Friday. South Korea uses helicopters to combat forest fires due to its mountainous terrain. On Wednesday, a helicopter pilot was killed after crashing into a fire while attempting to fight it.
Experts say that the Uiseong Fire showed an unusually large spread and speed. They also predict that wildfires will become more deadly and frequent as a result of climate change.
Wildfires in North Gyeongsang Province have forced more than 30,000 people to flee their homes. They also destroyed historic temples, as well as many homes. Jack Kim wrote the story in Andong, while Minwoo Park reported from Andong. Daewoung Kim was responsible for reporting. Ed Davies, Sonali Paul, and Ed Davies edited.
(source: Reuters)