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ADM closes soybean processing plant at Kershaw, South Carolina
Grains merchant Archer-Daniels-Midland will permanently close its soybean processing plant in Kershaw, South Carolina, later this spring as part of a cost-cutting and consolidation push announced earlier this year, the company confirmed to on Monday. ADM has cut jobs and downsized some operations ever since February, when it announced that it would be cutting costs by $500 to $700 millions over three to five year. Dane Lisser, ADM's spokesperson, said: "After exploring many alternatives, we have determined that our Kershaw crushing plant does not align with our future operating needs." Still reeling from a scandal that sent the stock price of the company plummeting last year, the company is now facing tough headwinds due to rising trade tensions with key markets, including China, which is a major soybean importer. According to sources in the industry, Kershaw will be closing as the first U.S. soya processing plant after a multi-year expansion of industry-wide facilities amid an escalating demand for vegetable oil from biofuels manufacturers. The biofuel sector, however, has recently slowed down production because of the uncertainty surrounding U.S. policy on biofuels and the possibility of a worsening trading war. According to industry sources, the Kershaw plant is one of the smaller soy processing plants operated by ADM. It has the capacity to crush up to 50,000 bushels per day. ADM has said that it will assist Kershaw employees in finding new jobs, and offer financial severance to those who choose to leave the company. However, the number of affected workers was not disclosed. According to South Carolina Department of Commerce statistics, the Kershaw plant employed 11 to 50 workers.
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Prosecutors say that a Russian attack killed one person in Kharkiv, Ukraine.
According to local prosecutors, Russian forces launched an attack on Ukraine's Kharkiv region in the northeast, Monday. One person was killed in a village near the border. According to a report posted on Telegram, which was released after a ceasefire of 30 hours announced by Moscow for Easter had expired, a Russian drone killed a man riding a scooter in Ivashki. The statement added that an artillery attack by the Russians hit a private home area in Kupiansk. This is a place where Russian military activity has increased in recent months. Kupiansk, which was captured by Ukrainian forces later in that year in a massive counter-offensive after the Russian invasion of Ukraine in February 2022, was initially occupied by Russian troops. At least once, Russian forces entered the city briefly. (Reporting and editing by Jamie Freed; Oleksandr Kozoukhar, Ron Popeski)
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US Antimony restarts Mexico Smelter Plant after Over a Year
United States Antimony Corp announced on Monday that it had restarted operations in its Madero plant in Mexico. This comes more than a year since the miner of critical minerals stopped operating in Latin America. Why it's important China has banned the export of critical minerals such as gallium, antimony and germanium to the United States. This is part of a escalating tech and trade war between two major economies. China is expected to produce almost half the world's supply of antimony by 2023. Prices of the mineral are soaring as a result of China's heavy export restrictions. This has disrupted global supply chains. U.S. president Donald Trump also pushed to increase domestic production of important minerals, such as antimony to counter China's near-total control in the sector. Minerals are widely used to make ammunition, infrared weapons, night-vision goggles and nuclear weapons, as well batteries and photovoltaic devices. CONTEXT United States Antimony announced in March of last year that it would cease all operations in Latin America, and sell its Mexican subsidiary. This decision was taken after a review of financial performance, negative cash flow of the unit and low prices of antimony. What's Next? The company announced that it had begun processing the antimony ore purchased from international sources in the Madero Smelter. Next week, the second and third shipments will also arrive at the facility. U.S. Antimony stated that it plans to produce approximately 200 tons of antimony each month at the Madero Smelter by the end of 2025. (Reporting and editing by Sahal Muhammad in Bengaluru, Vallari Srivastava from Bengaluru)
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The Russian Economy Ministry has cut its Brent price forecast for 2025 by almost 17%
According to documents obtained by, the Russian economy ministry's forecast for the average Brent crude price in 2025 has been cut by 17% compared to what they thought it would be in September. Interfax reported that in the ministry's baseline scenario for economic forecasts of 2025, the ministry assumes the average price of Brent to be $68 per barrel, down from $81.7 per barrel in its September predictions. The Ministry of Finance estimates that the price for Urals - Russia's main blend - is $56 per barrel - compared to the $69.7 barrel price on which Russia has based their budget 2025 - and lower than the $60 "cut-off" price, which determines the amount of money sent to the National Wealth Fund Reserve (NWF) budget reserve. In the baseline scenario, we assume at some point that the export price drops below the cutoff, but then goes up. In this scenario, we do not deplete our NWF," a ministry representative told Interfax. Oil and gas revenues account for a third (or more) of the budget. The representative said that "from a budgetary standpoint, these conditions are difficult, but normal." The Russian rainy day NWF is now the main source for financing Russia's persistent budget deficit. The liquid assets of the fund have fallen by two-thirds, from $112.7 to $39 billion. According to the new estimates, the rouble value of Russian oil has decreased by 21.5% to 5,281 Roubles per barrel compared to the previous forecast. In April, the Russian central bank had warned that due to a lower global demand, oil prices may be lower for several years than expected. Urals prices dropped to their lowest level since 2023 early April, trading at around $53 a barrel. They traded below $60 per barrel last week. The first quarter of this year saw Russia's oil revenues fall by 10% compared to the same period last year. Meanwhile, the average price for Urals in roubles since April began was 31% lower than the planned amount, forcing the government to sell foreign currency for first time. The ministry said that it did not expect a recession to occur due to the trade wars of U.S. president Donald Trump and believes global growth will be slightly higher than 2% this year. Interfax quoted the representative of the ministry as saying: "The world's still bigger than the United States. So some flows will be directed." The Ministry maintained its forecast of 2.5% for the gross domestic product (GDP) growth in Russia and raised its inflation forecast from 4.5% to 7.6%. The rouble is also expected to be stronger this year than it was previously forecasted, with an average of 94.3% of the dollar per rouble, compared to an earlier prediction of 96.5 roubles. (Written by Lidia Kelley in Melbourne and Gleb Brnski in Moscow, edited by Leslie Adler & Darlie Butler)
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Russia's Nornickel maintains 2025 nickel production forecast
Nornickel, a Russian company that is one of the largest nickel producers in the world and also the biggest palladium producer, maintained Monday its nickel production forecast for 2025 as 204,000-211,000 tons. The company reported that it produced 42,000 tonnes of nickel in 2025's first quarter, down 1.1% from the previous year. Palladium production fell 0.6%, to 741,00 ounces. The production of platinum increased by 0.6%, to 180,000 ounces. The company's Senior Vice-President Alexander Popov stated that the modest drop in nickel production was due to short-term scheduled repairs and maintenance. This was done to ensure a steady operation of its main technological units. Nornickel said that the decrease in nickel production is due to maintenance work at its various plants. Nornickel faces pressure in the domestic market due to the 40% rise of the rouble against the U.S. Dollar, which reduces revenues, and high interest rates which impact investment plans. The company faces falling or stagnating metal prices internationally due to lower demand in the wake of market turmoil triggered by U.S. president Donald Trump's tariffs. Nornickel may not be directly subject to Western sanctions but the measures have led some Western producers to refrain from buying Russian metal. They also complicate payments and restrict access to Western equipment. BCS analysts wrote in a report that they believe the threat of a global slowdown due to tariff wars would negatively impact the metals portfolio of the company. (Reporting and writing by Anastasia Lyrchikova; editing by Kirsten Doovan and Ros Russel)
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India imposes temporary tariffs of 12% on certain steel imports
A government notification announced that India had imposed a temporary tariff of 12%, known locally as a "safeguard duty", on certain steel products in order to curb unbridled imports. India, the second largest producer of crude iron and steel in the world, announced that the tariffs will be effective for 200 days starting Monday. The Ministry of Finance stated that "the safeguard duty imposed by this notification will be in effect for a period of 200 days (unless earlier revoked or modified) after the publication of the notification." India's steel tax increase is the first major trade policy decision since U.S. president Donald Trump imposed duties on a number of countries in April. New Delhi's tariffs primarily target China, the second largest steel exporter to India in 2024/25 behind South Korea. According to government data, India became a net steel importer for the second year in a row during the fiscal year 2024/25. Shipments reached a record high of 9 million metric tonnes, a figure not seen since the early 1990s. Steel Authority of India, ArcelorMittal Nippon Steel India, and JSW Steel, New Delhi's largest steelmaking body, have raised concerns about imports. Reporting by Neha Misra and Surbhi Arora; Editing and Toby Chopra and Alison Williams
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In March, India's infrastructure production rose 3.8% year-on-year.
Government data released on Monday showed that India's infrastructure production grew by 3.8% in March, mainly due to strong steel and cement output. The infrastructure output (which tracks eight different sectors and accounts for 40% of industrial production in the country) grew by a revised 3,4% in February compared to an initial estimate of 2,9%. Cement production increased 11.6% in march, compared with a revised 10.8% rise in February. Steel production rose 7.1%, against a revised advance of 6.9% a month before. Fertilizer output grew by 8.8%, compared to 10.2% the month before. Coal production increased 1.6% compared to 1.7% in February. The electricity generation in March was 6.2% higher than the revised 3.6% growth in the previous month. Refined oil products were up 0.2% compared to 0.8% the month prior. In March, crude oil production fell 1.9% compared to a 5.2% decline in February. Natural gas production also declined 12.7% compared to a 6% decrease in February. The infrastructure output increased by 4.4% during the fiscal years 2024-25.
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Climate non-profits prepare for a fight with Trump on tax status
Non-profits in the United States that are focused on climate change prepare to fight against a possible action by the Trump Administration to revoke tax exemptions this week. Climate change groups have circulated memos in the last few weeks outlining the rumored executive action they expect from Donald Trump. This includes a change to IRS regulations to remove climate changes from the list of charitable topics that qualify and blocking the use U.S. grant funding to fund overseas projects. Concerns were raised after Trump made comments criticizing the charitable status granted to Harvard University. This was seen as an initial shot at other so-called "501(c3)" organizations, which are named after the section of the tax code exempting charities from income taxes. According to three non-profit leaders who participated, the American Civil Liberties Union (ACLU) and Public Citizen hosted a Zoom call Friday to discuss ways charities can prepare themselves for a potential executive action. After the maximum of 5,000 people had signed up, the call was oversubscribed. Sandler Reiff, a political law firm, sent a memo on Friday to its clients in the non-profit sector and philanthropy to tell them to not panic if they are threatened with losing their tax exemption status or having international work frozen by the government. The memo said that the President cannot unilaterally revoke the tax-exempt status of any organization. It also stated that any executive orders that attempt to do this "doesn't have legal validity". Trump has been adamant about his antisemitism-free policy since his January inauguration. He has also moved swiftly to sidestep or undo environmental regulations, eliminate climate science research, and stop federal support for renewable energy. In a post on social media last week, Trump said he was weighing whether he should seek to end Harvard’s tax-exempt designation. The Trump administration has been threatening to halt climate change work by environmental groups and grant-making charities. The foundations that donate to charities have said they will fight any attempts to limit the amount of money they give. The MacArthur Foundation has committed to spending an additional $150 millions in charitable donations over the next two year. John Palfrey, the Foundation's president, told delegates in Britain that "we have more strength and protection than we realize" at a recent meeting of philanthropic organizations. Drop any restrictions that we believe we can. "Give gifts wherever you can." Lawrence Lessig is a Harvard Law School professor who said that any order to change the tax status of non-profits would be legally questionable. He said that there was no way a court could conclude that Trump had the authority to change the tax status for any organization without an investigation that began before Trump targeted that organization and determined that the organization violated the laws. (Reporting and editing by Peter Graff, Virginia Furness and Valerie Volcovici)
MORNING BID AMERICAS-Fed in a bind as consumers remain positive
A look at the day ahead in U.S. and global markets from Mike Dolan World markets wobbled on Tuesday, with benchmark bond yields and volatility evaluates leaping to their highest in nearly four weeks, as more proof of the stoic U.S. customer alongside runaway tech stocks leaves the Federal Reserve with a problem.
Likewise agitated by Tuesday's massive $297 billion sale of Treasury notes and costs and a tepid financier reaction, 10-year benchmark yields strike their greatest level because May 3. The VIX likewise leapt to near four week highs and the dollar firmed, particularly on the yuan and euro .
The rates market angst started with the current readout on resistant U.S. households nevertheless. Puzzling expectations of a. slowdown this month, the Conference Board's month-to-month study. revealed consumer confidence pushed higher again in May.
Although the study exposed some anxiety about possible. economic crisis ahead, the surprising optimism centred on two primary. things. The first abounds jobs, as the unemployment rate. has actually now remained listed below 4% for 26 successive months, and increasing. stock markets.
The study's net reading of those who anticipate stock prices to. keep increasing over the next 12 months over those who see it. falling is at its highest since 2018 - and may well be. lovely the view of home financial resources and budget.
And that tallies with Chicago Fed's national financial. conditions index at its loosest setting because late 2021 - four. months before the Fed starting tightening up policy in March 2022.
Although futures have actually called back about half a percent. before Wednesday's open, the S&P 500 is some 10% above the. pre-Fed tightening peaks.
And led by another 6% rise on Tuesday in artificial. intelligence torchbearer Nvidia, the Nasdaq crossed. 17,000 for the first time ever.
Nvidia's most current leap put the AI chipmaker's market price at. $ 2.8 trillion - leaving the world's third most significant company just. $ 100 billion shy of Apple.
The question for the Fed in all of this is whether the. increasing stock exchange is undermining its credit market tightening,. in spite of benchmark borrowing and long-lasting home mortgage rates being. at their highest in a years.
If consumers feel their finances are increasing anyhow, it may. battle to get inflation back into its 2% box.
Higher oil costs ahead of the weekend OPEC meeting won't. aid.
Sticky inflation was likewise in proof overseas, with. Australian customer rates gains suddenly getting to a. five-month high at 3.6% in April.
There was much better news for the European Reserve bank, now. widely anticipated to cut its rates of interest as quickly as June.
Although yearly rates of inflation in German states selected. up in May, regular monthly rates mostly flatlined and banks increased. their loans to companies by just 0.3% year-on-year in April,. slower that the previous month.
In Asia, Japan warned of possible rate hikes to support the. yen and China's yuan and stocks underperformed.
China's economy is set to grow 5% this year and in line with. Beijing's target after a strong first quarter, the. International Monetary Fund stated on Wednesday. However it added that. it expects slower development in the years ahead.
A busy summer of elections all over the world began with. South Africans voting on Wednesday in a poll that could see the. governing African National Congress lose its majority after 30. years in power. The rand edged higher into the vote.
In busy dealmaking, BHP asked for more time to try. to win over takeover target Anglo American, hours before. a deadline for the world's biggest miner to tighten its $49. billion deal. Anglo has declined three propositions from BHP but. recently accepted a one-week extension to a due date from the. UK takeover watchdog for BHP to make an official move or walk away.
Energy markets were also abuzz. ConocoPhillips remains in. advanced speak to buy Marathon Oil in an all-stock deal. that might value the Houston-based business at a little over its. $ 15 billion market price, the Financial Times reported on. Wednesday.
Hess shareholders on Tuesday authorized the proposed. $ 53 billion merger with Chevron that leads the way for. the No. 2 U.S. oil business to acquire a prize possession and a grip. in rival Exxon Mobil's huge Guyana discoveries.
And shares of the UK Royal Mail's parent business. International Distributions Services leapt 3.4% as it. agreed to a 3.57 billion pound formal takeover deal by Czech. billionaire Daniel Kretinsky. Secret diary products that may offer instructions to U.S. markets later on. on Wednesday:. * Dallas Fed's May service sector survey, Richmond Fed may. company study. * Federal Reserve releases Beige Book of economic conditions;. New York Fed President John Williams and Atlanta Fed chief. Raphael Bostic speak. * US Treasury offers 7-year notes, 2-year floating rate notes. * United States business earnings: Salesforce, HP, Agilent Technologies. * South African National Assembly Election
(source: Reuters)