Latest News
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Iron ore prices fall on lower demand for feedstock after production cuts
Iron ore futures were unable to find direction on Thursday, as traders considered the reduced demand for feedstock due to upcoming production cuts and signs that Beijing would?implement additional property stimulus measures. As of 0302 GMT, the most-traded contract for May?iron ore on China's Dalian Commodity Exchange was trading 0.4% lower. It was 745.5 Yuan ($108.91), per metric ton. The benchmark March ore price on the Singapore Exchange fell 0.27% to $98.4 per ton. Chinese steelmakers in the northern region of China will have to reduce production by 30% or more starting March 4, to maintain clean air during the annual parliament meeting on March 5. The reduction in production will reduce the demand for feedstock. However, the higher steel prices and the anticipation of stimulus policies at the parliamentary'meeting' will encourage mills?restock. Beijing showed its willingness on Wednesday to resuscitate forcefully the property market after Shanghai lifted restrictions on homebuying and rules that limited property developers' borrowing. There are rumors that other major cities will soon follow suit with property-easing measures. According to data released by the Shanghai Steel Market on February 25, the blast furnace operating rate increased in 242 steelmills from week to week, and hot metal production was up?7.700 metric tonnes from the week prior to the Lunar New Year holidays. SteelHome data shows that spot prices for seaborne iron ore rose 1.46% from the previous week to $97.5 on 25 February. Coking coal and?coke, which are used to make steel, also declined in the DCE, losing 2,15 % and 0.63% respectively. The benchmarks for steel on the Shanghai Futures Exchange were mixed. Rebar rose by 0.23%. Hot-rolled coils rose by 0.22%. Wire rod grew by 0.35%. Meanwhile, stainless steel fell 0.66%. $1 = 6.8452 Yuan (Reporting and editing by Ruth Chai)
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After being released by US Border Patrol, a refugee with near-blindness was found dead in Buffalo.
Authorities in Buffalo said that a nearly blind Myanmar refugee who had been missing since his release from Buffalo jail and transfer to the U.S. Border Patrol was found dead on a downtown street on Wednesday. A spokesperson for the Buffalo Police Department said that police officers in upstate New York found the body of?Nurul Alam Shah Alam on Tuesday night. Shah Alam was missing since February 19 when U.S. Border Patrol agents released him from a county prison, where he spent most of the past year waiting for trial on criminal charges which resulted in an misdemeanor deal. The spokesperson confirmed that homicide detectives are currently investigating the circumstances surrounding Shah Alam's murder. Buffalo Mayor Democrat Sean Ryan said that the death of Shah Alam was preventable, and the result "inhumane decisions" by federal immigration officials. Ryan stated that "a vulnerable man, nearly blind and unable to speak English, was left alone in the cold of winter with no attempt made to place him in a secure or safe location." "That decision by?U.S. Customs and Border Protection was unprofessional and cruel." CBP did not respond immediately to a comment request. CBP spokesperson told Investigative Post in Buffalo, that agents dropped Shah Alam at a local coffee shop when they determined he was a refugee who could not be deported. The agency stated that "Border Patrol Agents offered him a courtesy ride to a nearby coffee shop which was determined to be warm and safe, instead of being released directly from Border Patrol Station." "He did not show any signs of distress or mobility problems, nor was he in need of special assistance." Buffalo, near the Canadian border was below freezing temperatures last weekend. Shah Alam, according to the Erie County District Attorney's Office, was arrested in 2013 following an incident which resulted two minor injuries for Buffalo Police officers. Shah Alam, who had accepted a plea agreement from the district attorney’s office, was released on bail in this month. After Shah Alam was arrested, U.S. Immigration and Customs Enforcement (ICE) issued an immigration detainer. This is a formal request for custody of a foreign national after his scheduled release from criminal jail. A spokesperson for the Erie County Sheriff's Office said that the Erie County Sheriff's Office had contacted U.S. Border Patrol in response to the immigration detainer prior to Shah Alam's?release. Mohamad Fassial, one Shah Alam’s children, wrote in a message that the arrest of his father a year earlier was caused by a miscommunication with police officers. Faisal reported that Shah Alam - who did not speak English - had gone for a stroll and was using a curtain pole he had 'purchased as walking sticks. Faisal reported that Shah Alam was lost and had walked on to the property of Buffalo residents who called the cops. Shah Alam was arrested when he did not understand the police's orders to drop his curtain rod. Faisal claimed that, upon his release from prison last week "nobody told me, my family or lawyer where my father was dropped off." Faisal stated that Shah Alam was unable to read, write, or use electronic devices. Faisal stated that Shah Alam wanted only to "eat food prepared at home" and be "reunited with his family". He said the family is Arakan Rohingya. (Reporting and editing by Noelee Walder, Michael Perry and Kristina Wolfe from San Francisco and New Orleans).
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Oil prices rise as tensions between the US and Iran keep supply risks front-and-center
The price of oil climbed Thursday as investors hoped that U.S. and Iranian talks would avert a conflict which could disrupt supply. However, gains were capped due to a 'build-up in U.S. crude stocks. Brent futures traded at $71.12 a barrel at 0123 GMT, up 27 cents or 0.3%. WTI futures increased by 23 cents or 0.4% to $65.65. Brent rose 8 cents Wednesday while WTI dropped 21 cents. Brent reached its highest level since July 31, and WTI also rose to the highest level since July 31. Both contracts have remained?near these levels, as Washington has deployed military forces to the Middle East in order to pressure Iran to negotiate a stop to its nuclear and ballistic-missile programme. On Thursday, U.S. envoy Steve Witkoff will meet with Jared Kushner and an Iranian delegation in Geneva for a third round of talks. Toshitaka Takawa, analyst at 'Fujitomi Securities' said that investors are concentrating on whether a military conflict can be avoided in the U.S.Iran negotiations. He said that even if war broke out, as long as the targets are limited and the conflict is'short-lived', WTI will likely temporarily rise to $70 before falling to $60-$65. A prolonged conflict could disrupt the supply of crude oil from Iran, the Organization of Petroleum Exporting Countries' third-largest producer, as well as other Middle East exporters. In his State of the Union address on Tuesday, U.S. president Donald Trump briefly outlined his case for an attack on Iran. He said he wouldn't allow a nation he described as the biggest sponsor of terror in the world to possess a nuclear bomb. Abbas Araqchi, the Iranian Foreign Minister, said on Tuesday that an agreement with the U.S. is "within reach" but only if diplomacy takes priority. Saudi Arabia has increased its oil exports and production as part of "a contingency" plan in case a U.S. attack on Iran disrupts Middle East supplies, according to two sources who are familiar with the plan. OPEC+ - which includes members 'of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia - is likely to 'consider increasing its oil production by 137,000 barrels a day for April. Three sources familiar with OPEC+ thought said this as the group prepared for 'peak summer demand and a... price boost resulting from tensions between the U.S. Data from the Energy Information Administration on Wednesday showed that the increase in crude oil inventories in the United States last week was the largest in three years. This slowed down the price increases. This was far more than the 1.5 million barrels analysts predicted in a survey. Reporting by Yuka Obaashi
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Asia shares surge in relief rally after Nvidia beats street
Asian stocks rose on Thursday, after Nvidia's upbeat results soothed concerns about AI-driven disruptions and rising costs. The yen, however, was weighed down by an uncertain rate outlook in Japan. Oil prices remained high due to lingering concerns about the escalating geopolitical tensions that could arise between the U.S. Nvidia forecasted first-quarter revenues above market expectations on Wednesday, betting that Big Tech would continue to spend on its AI processors. Investors were closely watching the result. It was a relief to see that companies weren't spending as much money on AI. This helped Japan's Nikkei reach a new record early in the session. South Korea's KOSPI also rose 2%. The broadest MSCI index of Asia-Pacific stocks outside Japan rose by 0.7%. "Nvidia’s print was strong to keep the AI capital expenditure cycle alive." "The immediate market response is relief. This translates into a modest?risk-on-tone after the AI driven volatility of recent weeks," Saxo's Chief Investment Strategist Charu Chanana said. In recent weeks, traders have been alternating between being concerned about the returns on their investment and the potential of the technology to disrupt entire industries and hesitant to stay on the sidelines. Richard Clode is a portfolio manager for Janus Henderson Investors. He said that the debate was less about near-term results, and more about 'the sustainability of AI capital expenditures given concerns about its amount, monetisation, and cashflow degeneration. Nvidia shares initially surged in extended trading after the results, but later lost those gains. Nasdaq and S&P futures are now down by 0.25%. The futures of the EUROSTOXX50 index were up by a small 0.06%. Will they, won't they? The yen remained the currency of choice for investors. It stayed near its two-week low after the Japanese government appointed two academics who were seen by the markets as advocates of economic stimulation to the board. Markets interpreted the surprise move as reflecting Prime Minister Sanae Takayichi's lenient monetary policies, casting doubt on future Bank of Japan rate increases. The yen last strengthened by 0.2% at 156.01 to the dollar, thanks to a weaker greenback. However, it is still down about 0.6% this week. In a recent note, OCBC strategists expressed concern that the BOJ's nominees could be dovish and stoke fears of a lag in policy normalisation. This would weaken the JPY while steepening the JGB curve. Our USD/JPY end-2026 forecast remains at 149. The currency is unlikely transition from a financing currency to an investing currency unless BOJ becomes more hawkish that our baseline outlook?of two rate increases this year." The Yomiuri reported on Thursday, that BOJ Governor Kazuo ueda had left the "door open" to a rate hike in the near future. This would lend some support to currency. The dollar is on the backfoot, as the euro rose 0.12% to $1.1824 and sterling rose 0.08% at $1.3570. Prices rose on the oil markets as fears grew about a possible military conflict between Iran and the U.S. Brent crude futures rose by 0.27% to $71.04 per barrel. U.S. crude climbed 0.24%, reaching $65.55 a barrel. Senior Trump administration officials made a case on Wednesday that Iran is a major threat for the U.S., ahead of the Thursday negotiations about Tehran's nuclear programme. Spot gold rose 0.27% to $5,184.66 per ounce on the back of some safe-haven buying.
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BlueScope's revised $10.7 billion bid is not enough but they are willing to negotiate with buyers
BlueScope Steel shares in Australia fell almost 5% on Thursday, after the company said that a re-evaluated A$15 billion bid ($10.7billion) from SGH and U.S. based Steel Dynamics was not enough to win its approval. BlueScope said that it "remains" open to engaging with consortium in order to come up with a bid which reflects the "fair value of BlueScope", as opposed the the revised A$34 offer per share. After a $1 special dividend announced in January, and BlueScope’s A$0.65 interim dividend per share, the value of this bid has been reduced to A$32.35. BlueScope said that it plans to distribute an additional A$1.35 to investors per share in 2026. The takeover target stated that "the?offer is not enough for the board of directors to recommend a scheme to its'shareholders" and added that there were ways to increase value for shareholders. BlueScope's shares dropped as much as 4.9% on Thursday before regaining some ground and trading at a loss of 2.6%. The?S&P/ASX200 rose 0.4%. SGH refused to comment on BlueScope’s statement. Steel Dynamics didn't immediately respond to the request for comment. BlueScope Chair Jane McAloon's letter to SGH and Steel Dynamics, which was published on ASX, stated that the steel producer would be willing to work with the consortium, if certain conditions are met. McAloon stated that BlueScope needs to better understand the value that will be placed on the company's North American business assets, given that the business would be sold by Steel Dynamics as part of the process. She said that while BlueScope did not want to accept the consortium's proposal, the board needed to make the offer before SGH or Steel Dynamics could do due diligence on their target. The letter also requested more information on the funding structure to be used for the takeover. McAloon stated that the board was open to further engagement if you were able to address all the issues raised in the letter, and, most importantly, increase the value of your proposal to BlueScope's shareholders.
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Engie boosts its guidance after flat earnings by announcing a UK power grid purchase
The French utility Engie announced on Wednesday that it had agreed to purchase electricity distributor UK Power Networks for $14.2 billion. This was in an effort to expand the power business. The company stated that the deal, which is due to be completed in mid-2026 will boost earnings per share from the first full year. UK Power Networks, currently owned by Hong Kong listed CK Infrastructure Holdings Limited, is expected to boost per-share earnings from the first year. Engie, a company that produces, trades, and sells gas and electricity, wants to protect its business against energy market fluctuations due to geopolitics. Regulated assets, such as power distribution networks, earn fixed fees based on the energy volumes transported. Engie CEO Catherine MacGregor said on a recent press conference that the company had stated nearly two years earlier its desire to increase?our presence within electricity networks and distribution networks. "Today, we feel like we're making this ambition real," she told journalists. Engie lost its major gas supplier, Gazprom, after the invasion of Ukraine 2022. Three early-stage offshore projects in the U.S. have been frozen by President Donald Trump last year. MacGregor stated that the acquisition will make Britain Engie’s second most important country in terms EBIT (earnings before interest and taxes) after France. UK Power Networks operates 192,000 km of power lines (119,300 miles), serving 8.5 million clients in London and parts of the east and southeast of England. DEBT AND EQUITY FINANCED DEAL Engie anticipates a net recurring profit attributable the group in 2026 of between 4.6 and 5.2 billion euro, up from an earlier range of 4.2 to 4.8 billion euro. EBIT in 2026, excluding nuclear, is expected to range between 8,7?billion and 9,7?billion euro. Engie anticipates that by 2028 the group's share of net income will be between 5.2 and 5.8 billion euro, with EBIT (excluding nuclear) ranging from 10.3 to 11.3 billion euro. MacGregor stated that the deal will not affect Engie’s dividend or investment grade rating. The deal is financed by 5 billion euro worth of hybrid securities and debt, 3 billion euro in new shares up to a maximum of 4 billion euros of asset sales through 2028. FULL-YEAR EARNINGS FLAT, MISSING EXPECTATIONS Engie's results for the full year were down by 1%, which was at the upper end of the company's guidance but fell short of analyst expectations. This is because higher gas sales during colder weather did not offset lower hydropower output due to less rainfall. EBIT without nuclear for 2025 is 8.8 billion euro, up from 8.9 billion euros in 2024. Engie's share of the group's net recurring income increased from 4.1 billion euros to 3.8 billion euros in the previous year. According to a LSEG consensus, analysts had predicted EBIT excluding nucleic of 9.1 billion euro and group share of net recurring earnings of 4.9 billion euro. The fourth-quarter operating profit reached?2.5 billion, up from 1.8 billion in the same period last year. This 39% increase was linked to 'the divestment assets for gas-fired power plants and desalination in Kuwait and Bahrain. The company announced that Engie chairman Jean-Pierre Clamadieu would step down in the next year due to his reaching the legal age limit. Michel Giannuzzi will succeed him. He is the former chairman and CEO of French glass bottles maker Verallia.
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Law group: Louisiana utility regulator rejects request for investigation of Meta data centre deal
Louisiana utility regulators deny a group of environmental lawyers' claims Request for Investigation Earthjustice, a law group, said on Wednesday that a $27 billion Meta Platforms Data Center 'deal was being negotiated. Earthjustice sent a request to the Louisiana Public Service Commission last month asking them to investigate project financing. The group argued that this could lead to unfair costs being passed on the utility customers. The motion focused on Meta's proposed Richland Parish data center project, where three new gas-fired energy plants would be built. Earthjustice's petition stated that Meta had signed a new financial agreement for the data center around the same time as the commission approved the gas plants. The motion stated that the new agreement would allow Meta to abandon the data center project after four years instead of 15 and release it from financial guaranteeing the project. Earthjustice stated that the utility would not be able to recover the cost of the power plants in four years and the burden will fall on other customers, such as homes and businesses, through higher rates. Susan Stevens Miller, Senior Attorney at Earthjustice, said that by dismissing this motion, the PSC was giving "the green light" to other tech companies who would use financial maneuvers to maximize profits and evade public accountability. The regulator of utilities was not available to comment immediately.
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Profits from renewable energy boost Portugal's EDP-2025 by 44%
EDP, Portugal's largest power utility, reported on Wednesday a 44% increase in its 2025 net profits, largely due to a robust performance from its'renewables' arm. This was despite a drop in the gains from divestitures. The net profit for the company increased to $1.36 billion. EDP Renovaveis reported a profit of 216 million euro, which is a significant improvement from the 556 million euro loss in 2024. EDP reported that it had a capital gain of 64 million euros from the sale last year of wind and solar farms, down from 181 million euros by 2024. The company has been selling off stakes in existing plants to fund new projects. Profits of the company were also reported The results of this year's competition were affected by the lower electricity prices in Portugal, Spain, and the depreciation against the euro of the Brazilian real. EBITDA (earnings before taxes, depreciation, and amortization) rose by 5% on an annual basis to more than 5 billion Euros. EDP reported that operating costs dropped 2%, to?1.9billion?euros despite the addition of 2.1 gigawatts last year. This was due to "increasing efficiencies." Last year, the total?capacity reached 32.7 GW, with 87% coming from renewable sources. It said that the executive board would 'propose to increase by 2.5%?the dividend for 2025, to?0.205 euro per share.
Fiji and Tuvalu will host climate talks before the COP31
The Pacific Islands Forum announced on Thursday that Fiji and Tuvalu would host important meetings leading up to the COP31 Climate Summit in 2026.
According to an agreement between Australia and Turkey, the bloc announced that Fiji will host the pre-COP31 meeting and Tuvalu a special leaders component. Low-lying Pacific Islands are at the forefront of climate change. They face rising sea levels, and other crises which have forced residents to relocate to higher ground. Australia and Turkey were locked in a long running tussle for the hosting of the U.N. conference, the world's primary forum to drive climate action.
According to the agreement, Turkey will host the main COP31 conference. Australia will lead the talks and the Pacific region will host the pre-summit. In a social media statement, Jeremiah Manele (PIF chair and Solomon Islands Prime Minister) said that the pre-COP31 meeting for COP31 will take place in Fiji, in October 2026. A special Leaders component will be held in Tuvalu.
The Pre-COP gives us the chance to demonstrate that the most vulnerable countries can be leaders in climate change and that the world's strongest nations are willing to listen.
In the statement, it was added that 'Palau will also host a'special climate event' as part of the?55th PIF?leaders meeting which is taking place in the country this September.
Australia stated that the pre-COP meeting would be "an unprecedented opportunity to bring the world to the Pacific to experience climate impacts and solutions firsthand".
Penny Wong, Australian Foreign Minister, said in a statement that "Pacific countries are leaders on climate change and their voices play a central role in shaping the global response."
The Pacific peoples will be able to directly address the global community at these COP meetings.
(source: Reuters)