Latest News
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Tunisian national killed by neighbor in south of France
The Draguignan prosecutor announced in a press release that a Tunisian citizen was killed by his neighbor in the south France. He added that the incident is being investigated as an act of racial violence. The victim was shot dead late Saturday night, in Puget-sur Argens. He was described as "possibly" 35 years old, but his identity has not yet been confirmed. The man also shot a 25-year old Turkish national in the hand and took him to hospital. This incident occurs one month after Aboubakar, a 22-year-old Mali man, was fatally stabbed in a mosque of the southern French town of La Grand-Combe. Racism is on the rise in France. According to data released in March, the French police reported an increase of 11% in the number of racist, xenophobic, or anti-religious offenses in 2013. In a late Sunday statement, the prosecutor revealed that the 53-year old suspect was a sports shooter. The prosecutor said that he had posted racist and hateful content on his social networking account both before and after he killed his neighbor. France is home to the largest Muslim community in Europe. Its 6 million Muslims make up 10% of its population. Across the political spectrum, politicians, including President Emmanuel Macron have attacked what they call Islamist separatism, in a manner that rights groups say stigmatizes Muslims and amounts discrimination. (Reporting and editing by Kate Mayberry; Layli foroudi)
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ADNOC reduces Murban export forecast from August 2025 through May 2026
The company stated that Abu Dhabi National Oil Co. (ADNOC), has reduced its monthly forecast for Murban oil from August until next May in order to increase the processing at its refinery. ADNOC's August export forecast for the light Murban grade is 1.705 millions barrels per day, according to a report published by the company on Saturday. This is 65,000 bpd less than the previous forecast of 1.77 million. ADNOC has also reduced the forecast from September 2025 through May 2026, by between 100,000 and 177,000 bpd. However, forecast volumes for July and June 2025 remain unchanged. In the report, ADNOC said that the reduction was mainly due to feedstock optimization and increased Murban processing in its Ruwais facility. Murban exports were increased by the company as a result OPEC+ production increases which pushed crude prices down. The OPEC+ group, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies like Russia, has agreed to raise production by almost 1.4 million bpd from April to July.
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Gold reaches a one-week high as geopolitical and trade risks increase
Gold prices rose by nearly 2% on Monday to reach a new high. This was driven by demand for safe havens as President Donald Trump's renewed tariff threats and the escalating tensions in Russia and Ukraine increased global trade and geopolitical concerns. As of 0824 GMT spot gold rose 1.9% to $3,352.69 per ounce after reaching its highest level since the morning session. U.S. Gold Futures increased 1.9% to $3377.50. The dollar fell 0.5% against rival currencies after Trump announced late on Friday his intention to double import duties on steel and aluminum to 50%. Beijing also retaliated against allegations that it had violated an agreement regarding critical minerals shipments. The dollar's weakness makes gold more attractive to other currency holders. Treasury Secretary Scott Bessent announced on Sunday that Trump will soon meet with Chinese President Xi Jinping in order to resolve a dispute over vital minerals. Giovanni Staunovo is an analyst at UBS. He said: "I think risk-off (sentiment), with Asian equities down, is one factor. The other is the rising geopolitical pressures, including the escalation of tensions between Ukraine, and Russia, (which) is lifting demand for safe-haven assets like gold." Gold prices are supported by the ongoing trade tensions between China, US and Europe. Ukraine and Russia intensified their attacks in advance of the second round of peace talks to be held in Istanbul. This included a major Ukrainian strike as well as a Russian drone attack that occurred overnight. The Fed Chair Jerome Powell will speak in the U.S. later today. Markets are also looking forward to the speeches of several U.S. Federal Reserve officials during this week to get a sense of the outlook for monetary policy. In a low interest rate environment, gold, which is widely considered a safe haven during times of geopolitical or economic uncertainty, performs very well. Silver spot rose by 1.3%, to $33.42 per ounce. Platinum was down 0.4%, at $1,051.95, and palladium rose by 0.1%, to $972.25. (Reporting and editing by Janane Vekatraman in Bengaluru. Anushree mukherjee, Bengaluru)
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Salzgitter CEO warns that Trump tariffs will hit European industry hard
Salzgitter, Germany’s second largest steelmaker, warned on Monday that Washington’s tariff policy is a severe blow for European industry after the U.S. Administration announced plans to double steel import duties to 50%. In a written statement, Salzgitter CEO Gunnar Grbler stated that "the erratic tariff policies of the USA are hitting Europe's economies hard - particularly Germany". Salzgitter shares fell with its larger European peers Thyssenkrupp, ArcelorMittal and all of them between 0.5 to 2.1%. Groebler stated that in addition to direct tariffs imposed on exports of steel to the United States there is also an increased pressure on imports into the EU as a result rising volumes of cheaper Asian Steel entering Europe. According to the German steel association, around 4 million tonnes of European steel exported outside the EU were sent to the United States, making it Europe's most important market. Groebler stated that "a 50% increase in steel import duty in the USA should prompt the EU Commission's efforts to accelerate the implementation of the Steel and Metals Action Plan." (Reporting and editing by Friederike H. Heine, Tom Kaeckenhoff, Christoph Steitz)
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Maruti, India's largest carmaker, says China magnet curbs will not affect them immediately
Maruti Suzuki is India's largest car manufacturer. It said Monday that China's export restrictions on rare earth magnets - a key component - have no immediate impact on production. The company is also in discussions with the government about the issue. Reports say that auto manufacturers warned government officials in the last week of a possible production halt within days because of curbs. The new import process is complex and requires approval by Indian and Chinese officials, as well as documentation including certificates of end-use stating that the magnets were not intended for military use. Maruti said that they have submitted an import request and it is difficult to comment until they receive a response. "It's not a restriction. It's an endorsement of the end use. Rahul Bharti said to reporters that in the event of a problem, "we will... inform all our stakeholder, including stock exchange." China controls 90% of the global magnet processing capacity, which is used in many fields, including automobiles, appliances, and clean energy. In April, it enacted measures requiring import permits. The Society of Indian Automobile Manufacturers, in a meeting last month with officials from the commerce ministry, said that inventories of parts manufacturers are likely to be exhausted by the end of the month. The document, presented at a meeting in May attended by Maruti executives and others, said that the auto industry's production would come to a halt starting end-May or early-June. (Reporting and editing by Tom Hogue, Christopher Cushing, Aditi Sharma)
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Source: India's largest miner changes from global index to local pricing for iron ore
A source with first-hand knowledge of the situation said that India's largest iron ore producer NMDC was testing a new formula to price its products in order to protect its profits from global benchmarks. NMDC (the state-run company that sells its iron ore locally) releases monthly prices of iron ore based on inventories, international price and domestic market dynamics. Source refusing to identify themselves as the plan has not been made public, said that the company intends to launch its new formula following initial trials. The source continued, "We are making baby steps." Source: The new formula won't link prices to any index or exchange international, source. The source added that the intervals have not yet been finalised. The source stated that "we will do this more often in the future so there is no delay between what is happening on the market and the prices we charge." Source: The miner would also gather pricing information across different stockyards in cities as opposed to the current mechanism for gathering information at mines. NMDC didn't respond to an email asking for comments. India's JSW Steel is the largest steelmaker in India by capacity and sources most of its iron ore from NMDC. NMDC's profit for the fourth quarter fell due to lower product prices. India is also working to increase the average iron ore sale price to generate more revenue for the government. The mines ministry believes that some miners artificially lower prices to avoid paying higher royalties. Reporting by Neha arora. (Editing by Nidhh Verma, Mark Potter and Nidhh Verma)
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Minister: Trump's steel tariff hike plan will have a'minor impact' on India
The federal steel minister stated on Monday that India expects a "minor" impact from President Donald Trump's plans to increase tariffs on U.S. steel and aluminum products, as it exports small volumes to Washington. Trump announced last week that he plans to increase tariffs for imported steel and aluminum to 50%, from the current 25%. This led to a decline in stocks of steelmakers in South Korea and Vietnam on Monday - two major Asian exporters into the U.S. About a quarter (25%) of the steel consumed in the U.S. comes from imports, mainly from Mexico, Canada, and other close allies, such as Japan, South Korea, and Germany, in Asia and Europe. India is much lower. At a New Delhi press conference, HD Kumaraswamy said: "Minor impacts will be there...We are not exporting to the U.S. in a major way." The ratings agency Fitch warned in March that Indian producers and prices of steel could be affected if countries that are more exposed to the U.S. divert their shipments towards New Delhi to find more lenient markets. (Reporting and writing by Neha Mukherjee, Bengaluru. Editing by Janane V. Venkatraman.
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London copper prices rise on weaker dollar but US-China Trade Conflict caps gains
The copper price in London rose on Monday due to a weaker currency, but renewed U.S. China trade tensions heightened supply chain concerns, which limited the metal's further rise. As of 0706 GMT, the benchmark three-month price for copper on London Metal Exchange (LME), was up by 0.7% to $9,572 a metric tonne. China's commodities markets were closed Monday due to the Dragon Boat Holiday. As markets assessed potential inflation and growth risks from U.S. president Donald Trump's latest tax policy, the dollar edged down, paring its gains of last week. Trump's announcement on Friday that he would increase import tariffs from 25% to 50% on steel and aluminum increased tensions. A survey released on Saturday showed that China's manufacturing sector contracted for the second consecutive month in May. This fueled expectations of more stimulus measures to help support the economy during a prolonged trade war with the United States. The official purchasing manager's index increased slightly from 49.0 to 49.5 by May, but it remained below the 50-mark that separates growth from contraction. This is in line with an average polled forecast of 49.5. LME aluminium fell 0.4% to $2.434.5 per ton. Lead rose 0.6% to $1.970.5. Zinc gained 1% to 2.646.5. Tin edged up 0.1% to $30,450. Nickel was up 1.2% to $15,420. Click here to see the latest news in metals, and other topics. (Reporting and editing by Mrigank Dahaniwala; Sherry Jab-Phillips and Hongmei Li)
Mixed Martial Arts-Topuria KOs Holloway to maintain UFC featherweight title
Champion Ilia Topuria conquered early misfortune to score a thunderous thirdround knockout success over Hawaiian Max Holloway to maintain the UFC featherweight title at UFC 308 at the Etihad Arena on Saturday.
The 27-year-old Topuria scored an early takedown but struggled to handle the range through the very first 2 frames of an intriguing title fight, but once he figured it out, the writing was on the wall for his opponent.
Holloway, who beat Jose Aldo to end up being undeniable featherweight champ in June 2017 but lost the belt in December 2019, used his excessive range of strikes to keep his Georgian-born opponent at bay, however Topuria's piston-like right-hand man was a hazard throughout.
That right-hand man was what started Holloway's demise, but it was a follow-up brief left that sent out Holloway crashing to the canvas and the Spain-based Topuria rapidly followed him to the ground, raining down blows before referee Marc Goddard jumped in to stop the battle.
With that right hand, I felt it. I simply saw it with him, in his face, he began making some steps back, and you don't see that typically with Max, Topuria said, commemorating his opponent as Holloway suffered the very first knockout loss of his UFC period.
I hope I'm going to be a small portion of the example he has actually been for me, for the new generation.
In the co-main occasion, undefeated Chechen Khamzat Chimaev put on another dominant grappling display screen before submitting previous champ Robert Whittaker in the preliminary of their middleweight bout to set himself up for a crack at the title.
Chimaev wasted no time taking the Australian down, utilizing his limpet-like fumbling to control Whittaker before taking his back and locking on to a face crank that appeared to dislocate his opponet's jaw, forcing a very quick tap with 1:26 left to enter the very first frame.
(source: Reuters)