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Greece is expecting EU response to US tariffs. The economy can handle challenges, says PM.
KyriakosMitsotakis, the Greek Prime Minister, said that the economy could withstand new challenges posed by U.S. Tariffs. The country is awaiting a united European Union position on this issue. The financial markets were shook by Donald Trump's tariff plans after he warned that foreign governments would need to pay "a great deal of money" in order to remove the taxes he called "medicine". From Wednesday, the 27-nation EU will face import tariffs of 25% on steel, aluminium and automobiles and 20% unilateral tariffs for nearly all other goods. The EU is weighing up whether to approve a set of targeted countermeasures. Mitsotakis, in a speech televised before a meeting of ministers on economic policy, said that Greece insists on an unified response to be effective at the EU-27 level. He promised that the details of the measures will be revealed within weeks. He said that the government would ensure, under these difficult conditions, that the economy was ready to face these new challenges. The United States accounts for about 4% (or a little more) of Greece's exports. Mitsotakis stated that U.S. tariffs on products like olives, olive oils and authentic Greek feta cheese which cannot be made in the United States were "not very reasonable". (Reporting and editing by Peter Graff. Lefteris papadimas)
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Gold prices hold steady amid Fed rate cuts and strong central bank demand
Gold prices held firm on Monday. They were supported by central bank demand, and a potential early rate cut from the U.S. Federal Reserve. However, gains were limited as some investors sold gold to cover losses made in other trades. As of 0909 GMT spot gold was down 0.2% at $3,029.04 per ounce after having hit a session low earlier of $2,971.09 an ounce. U.S. Gold Futures increased 0.4% to $3 046.20. The major stock indices around the world fell as U.S. president Donald Trump did not show any signs of retreating from his plans for sweeping tariffs. China responded with a number of countermeasures, including an additional 34% tariff on all U.S. products and export restrictions on certain rare earth metals. Ole Hansen is the head of commodity strategy for Saxo Bank. Gold's correction is still relatively shallow, with support levels that are important holding. Most notably, the trendline between the low of January at $2,975 and the highs in February around $2,955. Gold has risen over 15% in the past year, and reached a new record high on Thursday of $3,167.57. This is due to its role as a haven amid economic and geopolitical uncertainty, and to strong demand from central banks. In March, China's central banks added gold to their reserves for the fifth consecutive month. Deustche Bank stated that "we conclude that the bull-case for gold remains solid despite this weeks' correction, and we further upgrade our forecast year-end to $3.350/oz." Investors speculate that the Fed could cut interest rates this year by 116 basis point, starting as early as in June. The appeal of gold is increased by lower rates, as it pays no interest. Spot silver rose 2.1% to $30.18 per ounce after reaching its lowest level for nearly seven months. Palladium rose 0.5%, while spot platinum fell 0.2% to $915.14. (Reporting and editing by Shashesh Kuber in Bengaluru, Anmol Choubey)
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UK raises safety level for Hartlepool Nuclear Plant
The Office for Nuclear Regulation (ONR), which is the UK's nuclear regulatory agency, announced on Monday that the Office has moved Hartlepool Nuclear Power Station in northeast England operated France's EDF to a higher level of safety regulation. The ONR stated that the station was still safe to operate but the decision had been made after identifying areas for improvement. EDF wants to extend the lifespan of the plant for another year, until March 2027. The ONR stated that the increased scrutiny was not related to EDF’s decision to extend its operating life, which is subject to the demonstration of ongoing safety standards. Mike Webb of ONR, the Superintending Inspecting Inspector for Operating Reactors said that EDF has already submitted a plan to improve performance in areas where it is needed. He said, "We reviewed this plan and we are confident that it will address the concerns we have outlined." The plant was built in 1983, and consists of two advanced gas-cooled nuclear reactors. It can generate enough electricity to power around 2,000,000 homes.
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Sources say that CATL is in talks with Nio to purchase a controlling stake.
Four people familiar with the matter said that Chinese battery giant CATL was in negotiations to purchase a controlling interest in Nio's Power Unit, which operates more than 3,000 battery exchange stations in China. The sources said that CATL made this proposal after it announced a maximum investment of 2.5 billion yuan (342 million dollars) in Nio Power in March. They asked to remain anonymous because the talks have not been made public. Sources did not disclose how much CATL offered under the proposed agreement. One of the sources said that Nio Power was valued at over 10 billion yuan in a fundraising round for 2024. CATL refused to comment when contacted about the proposal. Nio didn't directly answer questions about a possible deal, but it said that the company was promoting a joint construction of battery exchange stations "with multiple stakeholders, including CATL". Nio responded to a comment request by writing, "Nio will continue to deepen its collaboration with CATL on business and capital matters and consolidate their strategic partnership in order to build together the largest battery swapping networks globally." CATL has increased its investments in battery swapping centers as Chairman Robin Zeng strives to reinvent the 25-year old enterprise. He wants to go beyond battery manufacturing and become a provider of green energy. Last week, the company announced a partnership to build 10,000 battery exchange stations with Sinopec, a state-owned oil company. The company plans to build at least 500 battery swap stations this year. Nio Power is one of Nio’s core assets and provides charging and battery exchange services to Nio owners and drivers of other EV brands, including Tesla and BYD. The potential sale of the unit reflects Nio's increasing competition in China's automobile market. Nio, in an effort to alleviate consumer concerns about EVs' short range, has built 3,240 battery swapping station, mainly in China. These stations allow customers to change a depleted pack of batteries with a fully-charged one in under three minutes. However, the investments have reduced profitability. Nio is also co-developing EVs which can be swapped with models from other automakers.
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The price of gas in Europe continues to drop due to global trade concerns and warmer temperatures
Dutch and British gas rates continued to drop on Monday morning, as fears of a trade war and warmer temperatures resulting in a weaker demand for energy weighed heavily on the market. LSEG data shows that the benchmark Dutch front-month contract fell 1.75 euros, or $11.19/mmBtu to 34.70 Euros per megawatt hour. The contract reached 33.65 Euros/MWh earlier in the year, its lowest level ever since September 2024. The Dutch June contract is down by 1.92 Euros at 34.83 euro/MWh. The British day-ahead contracts was down 4.25 pence to 85.25p/therm. The global financial markets were shook by Donald Trump's tariff plans on Monday, after he warned that foreign governments would need to pay "a great deal of money" in order to remove the taxes he referred to as "medicine". These tariffs include an additional 20% on products from the European Union. This has caused concern about a slowdown in Europe's economy and a reduction in industrial activity. In a daily report, LSEG analyst Oleh Skrynyk stated that this has contributed to a bearish feeling on the gas market. The benchmark contract dropped around 9% Friday after China announced reciprocal duties on U.S. products, intensifying a trade conflict that has caused investors to price in an increased probability of recession. The gas market was also affected by the expectation of warmer temperatures. In a daily report, Engie EnergyScan analysts said that "Gas Demand in Local Distribution Zones" (LDZ) has continued to fall amid temperatures above normal in many European countries. The European gas storage sites finished the winter heating season almost two thirds empty on March 31, and current low prices are expected encourage more injections. In a daily note, the consultancy Auxilione stated that "fears about being able fill gas storages in this summer has changed and an advantage is being taken to start this process." The benchmark contract on the European carbon markets was down by 3.51 euros, at 60.31 euro per metric ton. (Reporting by Susanna Twidale, Editing by Varun K.)
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Dalian iron ore falls to a two-week low due to trade war fears
Iron ore prices fell on Monday as a result of tit-fortat tariffs between China and the U.S., which have escalated a global trade conflict. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 3.36% lower, at 762.5 Yuan ($104.31). In the early part of the session, the prices dropped to 754 Yuan, their lowest level since March 21. As of 0752 GMT the benchmark May iron ore traded on the Singapore Exchange had fallen 2.8% to $97.8 per ton, after hitting a session low nearing three months earlier at $96.4. In a recent note, Galaxy Futures stated that new U.S. Tariffs will cause external shocks on global markets. This will put pressure on iron ore prices. Chinese stocks plunged on Monday as a result of escalating tensions between the two largest economies in the world, which could disrupt trade and cause a global slowdown. China responded on Friday by imposing additional tariffs of 34% on all U.S. goods after U.S. president Donald Trump imposed tariffs of 34% on most Chinese products. Steelmakers have ramped up production in the spring construction season, March and April. According to Everbright Futures, the broker that tracks hot metal production (which is typically used to gauge demand for iron ore) has reported a rise of 14,500 tonnes per month to 2,3873 million tones. Coking coal and coke, which are used to make steel, have both fallen in price. They fell by 2.06% and 2.21 %, respectively. The benchmarks for steel on the Shanghai Futures Exchange have stagnated. Rebar fell 2.59%, while hot-rolled coils weakened by about 3%. Wire rod slid 3.5%, and stainless steel dropped 3.87%. ($1 = 7.3101. Chinese yuan). (Reporting and editing by Mrigank Dahniwala.
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Santander and BNDES support Mombak reforestation by drawing on Brazil Climate Fund
Mombak, a Brazilian startup that specializes in reforestation, announced on Monday it had secured 100 million reais (17.8 million dollars) from Santander Brasil, and the Brazilian Development Bank BNDES. The company is aiming to grow rapidly in the market for carbon removal. Mombak, a company that buys land from farmers or ranchers to restore it to its original state in the Amazon Rainforest, and partners with them, will be first to receive funding for reforestation projects with the support of Brazil's New Climate Fund. The Brazilian government announced the initiative to finance climate related projects in 2023. Santander will act as the financial intermediary in this deal, highlighting the growing interest of private lenders to the sector. BNDES offered a credit of up to 160 millions reais in August to Mombak, but it required a financial agent to provide the necessary guarantees. "It's a big challenge to get this approval before you can use the capital." In an interview, Mombak cofounder Gabriel Silva stated that they had reached a "very important milestone". Mombak has managed 45,000 acres, which is an area that's three times as large as Manhattan. By June, they expect to have planted eight million trees, making it the largest rainforest in the world. The company generates "carbon credits" by converting degraded land to forests that can be purchased to offset greenhouse gas emissions. Mombak has signed contracts for $150 million in carbon offtake, a number that CEO Peter Fernandez expects to triple this year. Many investors are still wary of the risk associated with Brazil's new carbon market. Some companies have reported difficulty in obtaining loans to finance their operations and reduce capital costs. BNDES Director Tereza Campello stated that the Mombak agreement should help ease some of these concerns. Brazil, which is home to 60% of Amazon rainforest, is seen by the bank as a well-positioned country to lead in the carbon offset market. "This is what a development banking does." Campello stated in an interview that we are taking the initiative. This deal proves that the market is viable, and not only BNDES but also other financial institutions believe in it. Leonardo Fleck, Santander Sustainability head, said that the new funding was a reflection of a growing market in Brazil. "Capital is flowing. Companies are planting and getting contracts with global giants. "I see it as a bit like a big puzzle. You start to put the pieces together."
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Russian rouble falls on cheaper oil and recession fears
The Russian rouble fell against the U.S. Dollar on Monday as the escalating tensions in trade between the United States, China and other countries stoked concerns of a possible recession which would lower demand for crude. The rouble had fallen 2.1% to 86.30 USD on the OTC market by 0740 GMT. The Russian currency has risen by about 24% this year against the dollar, mainly due to expectations that geopolitical tensions will ease. Analysts at BCS Brokerage said that a collapse in oil price could lead to the weakening the rouble. However, this would not happen immediately and only if low prices per barrel continue for a prolonged period of time. The price of oil, Russia's primary export commodity, has fallen to its lowest level since April 2020. Last week, the Russian central bank warned that President Donald Trump’s tariff increases could slow world economic growth. They may also fuel inflation. Oil prices might be lower for years to come due to reduced global demand. Analysts say that the increased sales of foreign currencies by the central banks, which began on Monday, has supported the Russian currency. The U.S. tariffs have not had a direct impact on the Russian economy. However, the Kremlin has said that it must take additional measures to minimize the market turmoil. The rouble, which is the most commonly traded currency in Russia, was also down by 0.5% on the Moscow Stock Exchange, at 11,77. (Reporting and Editing by Gareth Jones.)
QUOTES-Reactions to the death of Iran's president in a helicopter crash
Iranian President Ebrahim Raisi, a. hardliner long seen as a possible successor to Supreme Leader. Ayatollah Ali Khamenei, was killed in a helicopter crash in. mountainous surface near the Azerbaijan border, officials and. state media stated on Monday. The helicopter was likewise carrying Foreign Minister Hossein. Amirabdollahian and 6 other travelers and crew, all of whom. perished.
Here are responses to the news:
SAUDI ARABIA'S KING SALMAN BIN ABDULAZIZ AND CROWN PRINCE. MOHAMMED BIN SALMAN
They used acknowledgements to the acting head of the executive. authority, Mohammad Mokhber, on the death of Ibrahim Raisi,. president of the Islamic Republic of Iran, and his buddies.
MARYAM RAJAVI, PRESIDENT-ELECT OF PARIS-BASED NATIONAL. COUNCIL OF RESISTANCE OF IRAN OPPOSITION GROUP, IN A DECLARATION:
This represents a monumental and permanent tactical blow. to the mullahs' Supreme Leader Ali Khamenei and the whole. program, well-known for its executions and massacres.
It will trigger a series of consequences and crises within. theocratic tyranny, which will spur defiant youths into. action.
Menstruation of mothers and those seeking justice for the. performed, along with the damnation of the Iranian people and. history, mark the tradition of Ebrahim Raisi, the well-known. wrongdoer of the 1988 massacre of political detainees.
AFGHANISTAN'S ACTING PRIME MINISTER MULLAH MOHAMMAD HASSAN. AKHUND:
We share in the sorrow of the Islamic Republic of Iran and. its people and extend our condolences to all the households of the. victims, the country, and the federal government of Iran.
In these difficult times, we stand alongside the people of. Iran and pray for forgiveness for all the victims of this. occurrence and for persistence for their families.
CHINA'S FOREIGN MINISTRY REPRESENTATIVE
President Xi Jinping has already sent out a direct message to. Iran's very first vice president, Mohammad Mokhber.
Xi stated President Raisi made essential contributions towards. Iran's security and stability, and towards establishing the. extensive tactical partnership in between China and Iran.
PALESTINIAN PRESIDENT MAHMOUD ABBAS, IN A DECLARATION:
We extend our sincere acknowledgements and compassion to the. brotherly Iranian people for the death of the late President. Ibrahim Raisi and the Foreign Minister, hoping to Almighty God. to bestow His vast grace upon the departed Iranian President and. the others, and to grant persistence and solace to their households,. affirming the uniformity of the State of Palestine and its. individuals with the Iranian leadership and individuals in this terrific. affliction.
PAKISTAN PRIME MINISTER SHEHBAZ SHARIF, ON X:
The fantastic Iranian country will overcome this disaster with. popular guts.
Pakistan will observe a day of mourning and the flag will. fly at half mast as a mark of regard for President Raisi and. his buddies and in uniformity with brotherly Iran.
INDIAN PRIME MINISTER NARENDRA MODI ON X:
Deeply saddened and surprised by the tragic demise of Dr. Seyed Ebrahim Raisi, president of the Islamic Republic of Iran. His contribution to strengthening India-Iran bilateral. relationship will always be remembered.
My genuine acknowledgements to his family and the people of. Iran. India stands with Iran in this time of sorrow.
RUSSIAN PRESIDENT VLADIMIR PUTIN:
Seyed Ebrahim Raisi was an impressive political leader whose. entire life was devoted to serving the Motherland.
As a true pal of Russia, he made an indispensable personal. contribution to the development of excellent neighbourly relations. between our nations and made great efforts to bring them to. the level of tactical collaboration.
OPEC SECRETARY GENERAL HE HAITHAM AL GHAIS:
In these difficult times, on behalf of myself and all the. personnel at the OPEC Secretariat, I extend my acknowledgements and. compassion to the renowned leadership and individuals of the Islamic. Republic of Iran and the households of HE President Raisi and. other authorities.
TURKISH PRESIDENT TAYYIP ERDOGAN, ON X:
As a coworker who personally witnessed his efforts for the. peace of the Iranian individuals and our area during his time in. power, I remember Mr. Raisi with respect and gratitude.
LEADER OF YEMEN'S HOUTHIS ABDUL MALIK AL-HOUTHI:
It is with fantastic regret and grief that we got the. news of the regrettable occurrence of the President of the Islamic. Republic, Mr. Ibrahim Raisi, the Minister of Foreign Affairs,. Dr. Hussein Amir Abdullahian, and their buddies.
THE PALESTINIAN IRANIAN-BACKED ISLAMIC JIHAD GROUP:
The martyrdom of the President and his Foreign Minister is. a great loss for the Islamic Republic.. It stated his loss was a fantastic one for the Palestinian people in. these hard circumstances, as they played a popular and. clear function in supporting and helping the struggle of the. Palestinian people.
NECHIRVAN BARZANI, PRESIDENT OF THE IRAQI KURDISTAN REGION:
The death of President Raisi is a tremendous disaster and a. extensive loss for the Islamic Republic of Iran, its individuals, and. its good friends.
Nevertheless, we have faith that the honorable people of Iran. and the Islamic Republic will overcome this enormous loss. May. God Almighty supply help and security to all, and may. the memory of the left be blessed.
ARAB LEAGUE CHIEF AHMED ABOUL GHEIT, IN A STATEMENT:
We pray to God to shower them with mercy and forgiveness. and to influence their households with patience and solace.
SUDAN'S SOVEREIGN COUNCIL HEAD ABDEL FATTAH AL-BURHAN, IN A. DECLARATION:
While the President of the Sovereign Council extends his. sincere condolences and sympathy to the friendly Iranian people,. he prays to God Almighty that he may have mercy on the President. and his companions, and grant their households patience and. solace, revealing the uniformity of the Government of Sudan and. its people with the management and the Iranian people in this. fantastic loss.
MALAYSIAN PRIME MINISTER ANWAR IBRAHIM, ON FACEBOOK:
President Raisi exhibited a deep dedication to the. welfare of his individuals and the self-respect of his country, which. represents a happy and abundant civilisation rooted in the. concepts of Islam.
His devotion to justice, peace, and the uplift of the. ummah was genuinely inspiring.
ITALIAN PRIME MINISTER GEORGIA MELONI ON BROADCASTER CHANNEL. 5 TV:
I see in these hours that the Iranian authorities are. crediting the thesis of the mishap and not conspiracy. theories.
I do not see any changes in the internal order in Iran, we. are in consistent contact with our European and G7 allies since. we are speaking about an incident that belongs to an especially. intricate regional framework.
I hope that the future Iranian management wants to dedicate. itself to the stabilisation and pacification of the region.
CHARLES MICHEL, PRESIDENT OF THE EUROPEAN COUNCIL, ON X:
The European Union expresses its sincere condolences for. the death of President Raisi and Foreign Minister Abdollahian,. in addition to other members of their delegation and crew in a. helicopter mishap. Our thoughts go to the families.
JAPAN'S GOVERNMENT REPRESENTATIVE YOSHIMASA HAYASHI:
Japan expresses its inmost acknowledgements to the government. and people of Iran over the death of President Raisi and the. foreign minister.
VENEZUELAN PRESIDENT NICOLAS MADURO, ON X:
... Deeply saddened to have to say goodbye to an exemplary. person, an amazing leader of the world as our brother. Ebrahim is, and will constantly be, an outstanding person,. protector of the sovereignty of his individuals and genuine. friend of our country.
From Bolivarian lands, we express our deepest condolences. to Supreme Leader Ayatollah Ali Khamenei and want divine. consolation for such a delicate loss.
EGYPTIAN PRESIDENT ABDEL FATTAH EL-SISI:
The president of the Arab Republic of Egypt ... prays that. the deceased Iranian President and the departed might rest in God. Almighty's grace, and give their households perseverance and solace,. revealing the uniformity of the Arab Republic of Egypt with the. Iranian management and people in this terrible incident.
LEBANON'S IRAN-BACKED HEZBOLLAH GROUP, IN A DECLARATION:
It applauded the struggle of the martyrs in safeguarding the. reasons for the nation and their service to Iran, getting in touch with God. to bless them with his mercy, to safeguard Khamenei, and to grant. Iran the ability to get rid of the ordeal with patience and. determination.
SRI LANKA PRESIDENT RANIL WICKREMESINGHE, ON X:
I express my deepest compassions and genuine condolences to. the bereaved households, the federal government and the people of Iran. Our ideas and prayers are with the households of President. Raisi and his entourage.
JORDAN'S KING ABDULLAH, ON X:
My deepest condolences to the bros, management,. federal government and individuals of the Islamic Republic of Iran on the. death of Sibling President Ebrahim Raisi, Foreign Minister. Bro Hossein Amir Abdullahian and those accompanying them,. may God have mercy on them all.
We stand in solidarity with our brothers in Iran in this. hard situation
UAE PRIME MINISTER SHEIKH MOHAMMED BIN RASHID AL-MAKTOUM:
Our hearts are with you in this hard time. Our prayers. are that God will cover them with His vast grace and stay them. in His large Paradise.
SYRIAN PRESIDENT BASHAR AL-ASSAD, IN A STATEMENT:
Assad affirmed Syria's uniformity with the Islamic Republic. of Iran and the households of the dead.
Assad added that Syria had actually dealt with the late president to. ensure tactical ties between Syria and Iran stayed. prosperous, remembering Raisi's crucial see to Syria as part. of enhancing ties for the benefit of both countries.
IRAQ PRIME MINISTER MOHAMMED SHIA AL-SUDANI, IN A DECLARATION:
We extend our wholehearted condolences and compassions to the. Supreme Leader of the Islamic Republic, Ali Khamenei, and to the. country of Iran, its federal government and individuals.
We reveal our uniformity with the brotherly Iranian people. and the authorities of the Islamic Republic throughout this unpleasant. disaster.
HAMAS DECLARATION:
The statement conveyed Hamas' inmost condolences ... for. this immense loss.
It praised the deceased Iranian leaders for supporting the. Palestinian cause and resistance versus Israel and expressed. self-confidence that Iran's deep-rooted organizations will allow it. to conquer the effects of this fantastic loss.
QATAR'S EMIR SHEIKH TAMIN BIN HAMAD AL-THANI, ON X:
Genuine condolences to the federal government and people of the. Islamic Republic of Iran ... asking God Almighty for grace and. forgiveness for them and for their families with patience and. solace.
We come from Allah and to Him we shall return.
(source: Reuters)