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Five people killed by heavy rains in China's South, authorities issue disaster warnings
Five people were killed and several others went missing in heavy rains that swept through southern China's Guangdong province and Guangxi Province over the weekend. Authorities had issued warnings about severe rain, mountain floods and geological disasters. The National Meteorological Centre of China issued multiple warnings of heavy rains from Sunday through Monday in the provinces of Jiangxi and Zhejiang as well as Fujian, Guangxi and Guangdong. Xinhua reported that a yellow alert had been issued for parts of Zhejiang and Fujian as well as Guangdong, Guangdong, and Guangxi. This indicates a high risk of flooding in the mountains. China uses a four-tiered weather warning system, with the red color representing the most serious warning. This is followed by yellow, orange and blue. The Chinese Meteorological Data shows that 2024 is the hottest year since records started more than 60 years ago. This is the second consecutive year where milestones have been broken. The warmer weather last year was accompanied with stronger storms, higher rainfall and spikes in electricity consumption in the second largest economy in the world. CCTV, the state broadcaster, said that heavy rains were also expected in the Tianshan mountains and the far west region of Xinjiang. Reporting by Farah master and the Beijing Newsroom; editing by Sonali Paul
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LME WEEK: Trump, China and tariffs as the metals industry gathers to Asia
The metals industry will gather in Hong Kong to celebrate its annual event. They'll be focusing on the huge amounts of copper that are being diverted from the U.S. because President Donald Trump has threatened to impose tariffs. Trump's attempts to overturn the post-war system of trading have caused metals markets to roil and raised questions about global growth and commodity flows. In February, Trump ordered an inquiry into potential tariffs on copper. Copper is vital to energy transition technologies like electric vehicles and solar panel technology as well as power grid wiring. The possibility that Trump would impose tariffs on aluminum and steel in his first term fueled an increase in COMEX Copper, pushing prices to a new record of $11,633 a metric ton of copper on March 26, a date which was a significant milestone for the market. The London Metal Exchange (LME), which approves warehouses, has diverted cargos to China because of the premium on copper. CME inventories of copper are at an 8-year high, totaling 152,919 tons. LME warehouse stock is down 34% from mid-February. After weeks of withdrawals, the Shanghai Futures Exchange's (ShFE) warehouses in China saw their stocks drop to 80,705 tons, or four days worth, according to JP Morgan. A jump in stock levels this week has temporarily shifted the focus to whether Chinese demand will be strong enough to reduce inventories. A senior metals trader stated, "I am not surprised that the metals are being returned. We're not seeing real consumer demand in China." "The panic seems to have passed in China, at least for the moment." China's Yangshan Copper Premium Last week, the key indicator of import demand fell by 8% to $95 per ton. This is its highest level since December 2023, but it reverses a steady increase since March. The price differential between LME copper and COMEX has dropped to about $600 per ton, down from a high of $1,570 a ton in late March. This raises questions as to how long the U.S. can continue to exert its gravitational influence over copper stocks. Tariffs and Chinese Smelters As they negotiate a new settlement, attendees will have to deal with the uncertainty caused by the 90-day reprieve on tariffs agreed between the U.S. Within a few weeks of their implementation, the U.S. scrap copper exports to China had been cut, causing a shortage of feedstock for China's copper-smelters. As it continues to open new smelters, the industry faces deep negative margins. This is despite its overcapacity and lack of feedstock. Lewis Jackson, Pratima Deai, and David Holmes edited the article.
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Report says Buffett will sit with board members and not appear on stage at the 2026 Berkshire meeting.
The Omaha World-Herald published a report on Sunday that Warren Buffett, founder and chairman of Berkshire Hathaway, will not be making his usual appearance at the 2026 shareholders' meeting. The report stated that Buffett will instead be seated with the board of directors, while his successor, current vice chairman Greg Abel and the incoming CEO Greg Abel answer questions. The report said that Abel, Warren Buffett’s daughter, and Berkshire Board member, Susie Buffett requested Abel to take the stage in 2019. Abel informed the newspaper that next year's annual meeting would be held in Omaha, on May 2, but could not confirm this report immediately. Berkshire also did not respond immediately to a request for comment. The company announced earlier this month that Buffett will remain chairman once Abel becomes CEO. Berkshire announced this two days after Buffett, 94, revealed that he was stepping down from his CEO position at the annual meeting of the company in Omaha. This marks the end of Buffett's six decades as the head investor. (Reporting from Angela Christy, Bengaluru. Editing by Diane Craft.)
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How can Trump bring peace to Ukraine?
Donald Trump said that he would be meeting with the presidents from Russia and Ukraine to discuss stopping the "bloodbath" in Ukraine. What are the obstacles that the U.S. President faces when he is trying to negotiate a peace agreement with Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. Sources involved in the talks say that the problem is that a security agreement without teeth could leave Ukraine vulnerable. Diplomats talked about a "robust" security guarantee, including a possible Article 5-like agreement. The NATO article 5 treaty binds allies together to defend one another in the event of a military attack. Ukraine is not part of the alliance. According to a draft of a failed 2022 agreement, permanent neutrality was proposed for Ukraine as recompense for security guarantees by the five permanent members on the U.N. Security Council, Britain, China France, Russia, the United States and other nations such as Belarus, Canada Germany Israel Poland and Turkey. In their first high level talks since then in Istanbul, on 16 May, Russian negotiators reaffirmed their demand for neutrality in Ukraine. The Kremlin has said that the content of these talks should remain private. The officials in Kyiv have said that they will not accept neutrality for Ukraine. NATO AND NEUTRALITY Russia has said repeatedly that a possible NATO membership by Kyiv is unacceptable, and that Ukraine should be neutral with no foreign bases. Zelenskiy said that it was not up to Moscow to decide Ukraine’s alliances. NATO leaders in Bucharest agreed to admit Ukraine and Georgia as members one day at the Bucharest Summit of 2008. In 2019, Ukraine amended its constitution to commit to full membership in NATO and the European Union. U.S. ambassador General Keith Kellogg said that NATO membership for Ukraine was "off the table". Trump said that the U.S.'s past support of Ukraine's NATO membership was a major cause of war. Ukraine and Russia will discuss permanent neutrality in 2022. According to a draft of an agreement, Russia wants limits placed on the Ukrainian military. Ukraine is opposed to any restrictions on the size or capabilities of its military. Russia has stated that it does not object to Ukraine's EU membership bid, although some members of the EU could oppose Kyiv’s bid. Territorial Moscow claims to control about a fifth (or a fifth) of Ukraine, and that the territory now belongs formally to Russia. This is a position that most countries don't accept. In 2014, Russia annexed Crimea. According to Russian estimates, Russian forces control nearly all of Luhansk and more than 70% Donetsk and Zaporizhzhia regions. Russia controls a small part of Kharkiv. Putin's most comprehensive public peace proposals, which he outlined in June 2020, stated that Ukraine would be required to withdraw from all of these regions, including areas currently not under Russian control. The Ukrainian source claimed that his negotiators reiterated these demands at the Istanbul talks on May 16, according to the Ukrainian source. Alexander Kots is a war reporter for the Russian newspaper Komsomolskaya Pravda. According to Kots' report, the negotiators told their Ukrainian counterparts to give up all claims on the four regions, including Crimea. According to a draft plan created by the Trump Administration, the U.S. will de jure recognize Russian control over Crimea and de facto acknowledge Russian control over Luhansk, Donetsk, Kherson, Zaporizhzhia and other parts. Ukraine would gain territory in Kharkiv Region, and the U.S. will control and administrate Zaporizhzhia Nuclear Power Plant which is currently under Russian control. Kyiv has said that legally recognizing Russian sovereignty over the occupied areas would be illegal and violate Ukraine's Constitution. However, territorial issues could be discussed in talks after a ceasefire. In an interview with Breitbart published on May 12, Trump's envoy Steve Witkoff said: "The main issues are the regions and the nuclear plant. It's also how the Ukrainians can use the Dnieper River to get to the ocean." Sanctions Russia is in favor of Western sanctions being lifted, but is skeptical that this will happen soon. Even if US sanctions were lifted, EU sanctions and other Western sanctions such as those imposed in Australia, Britain and Canada could continue for many years. Ukraine wants sanctions to stay in place. The U.S. government has been reported to be looking at ways to ease sanctions against Russia's energy industry as part of an overall plan that would allow Washington to provide immediate relief in the event Moscow agreed to end the Ukraine conflict. OIL AND GAS Trump suggested that Putin, the leader of the world's 2nd largest oil exporter following the recent drop in oil price, may be more inclined towards resolving the Ukraine war, though the Kremlin stated that national interests always trump oil pricing. Some diplomats speculate that the U.S. and Russia are looking for lower oil prices in a larger grand bargain that includes issues ranging from the Middle East to Ukraine. Reports from Washington and Moscow earlier this month indicated that the U.S. was interested in helping Russia to increase its gas sales into Europe. CEASEFIRE Before talks can begin, European powers and Ukraine want Russia to agree to a truce. But Moscow insists that a truce will only be effective once the verification issues have been resolved. Kyiv claims that Moscow is trying to buy time. Trump claims that this is possible, despite Kremlin's denials. RECONSTRUCTION UKRAINE European powers are looking to Kyiv to provide assistance with the reconstruction of Ukraine, which will cost hundreds and billions of dollars. According to Kots the war correspondent in Istanbul, Russia's negotiators said that they wanted both parties to agree to not demand any reparations or to present bills for war damages. RUSSIAN SPEAKERS Kots reported that the Russian negotiators at the Istanbul summit said they wanted Ukraine to accept European standards for minorities in order to protect Russian-speaking and ethnic Russians living in Ukraine. Kots said that they demanded Kyiv stop what Moscow called "nationalist propaganda". Ukraine denies Russian accusations that it persecutes Russian-speaking speakers. Reporting by Guy Faulconbridge, Andrew Osborn and Philippe Fletcher. Editing by Gareth Jones & Philippe Fletcher.
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Central Coast wins A-League Women's Grand Final in penalty shoot-out victory
Central Coast Mariners have won the A-League Women’s Grand Final in Australia with a 5-4 shoot-out victory over Melbourne Victory, after a 1-1 tie following extra time. This is the first time the team has claimed the title. Captain Bianca Galic scored the final penalty, giving Central Coast the victory. Alana Jancevski of Victory had earlier hit the crossbar on the first spot kick. After a 1-1 tie in regulation, neither team was able to score during the 30 minutes of additional time. Isabel Gomez gave Central Coast the advantage less than one minute into the second period when she prodded the football past Courtney Newbon, as the Victory defense failed to clear Annalise Rasmussen’s deflected shoot as it looped in the air. Claudia Bunge equalized with 10 minutes left, after Annabel Martin was unable to stop her from crossing the goal line. The central defender met Alana Murphy’s corner with an impressive header. Jancevski missed the goalpost with his first kick in the penalty shoot-out, leaving Galic to score in the final and fifth round. (Reporting and editing by Jamie Freed; Michael Church)
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Israel airstrikes kill 100 or more in Gaza during ceasefire talks
Local health officials said that Israeli airstrikes in the Gaza Strip killed at least one hundred Palestinians overnight. This was announced as mediators held a new round ceasefire talks between Israel, Hamas and other parties. The Israeli military did not immediately comment on its expansion of strikes in the enclave that have killed hundreds of people in the past week. This is in preparation for an upcoming ground offensive in order to gain 'operational controls' over parts of Gaza. "We have had at least 100 martyrs in the last 24 hours." Israeli bombings have wiped out entire families from civil registration records, Khalil al-Deqran told me by phone. Israel has been blocking the entry of food, fuel and medical supplies into Gaza from the beginning of March in an attempt to pressure Hamas to release Israeli hostages. It has also approved plans which could include seizing and controlling the entire Gaza Strip. Hamas has said that it will only release the hostages if Israel ceases its war. On Saturday, Egypt and Qatar mediators - backed by the United States - began a second round of indirect ceasefire negotiations between the two parties. However, sources close to these discussions said that there was no breakthrough. According to a Palestinian official who is close to the talks taking place in Doha, Qatar, Hamas has been flexible with the number of hostages that it can release, but Israel's commitment towards ending the war has always been the issue. Sky News Arabica in Britain and BBC reported that the militant Palestinian group proposed to release about half of its Israeli hostages for a ceasefire lasting two months and the release Palestinian prisoners held by Israel. A Hamas official, when contacted by, said: "Israel’s position remains unchanged. They want their prisoners freed, but without a commitment of ending the war." Israel struck a tent camp housing displaced families near Khan Younis, in the southern Gaza Strip. The strike killed women and children and injured dozens. It also set several tents on fire. Hamas called the strike a "new violent crime" and blamed U.S. officials for the escalated situation. Three journalists and their families were among the dozens of people killed on Sunday. Officials from the medical field said that another family lost at least twenty members in northern Gaza. Medics confirmed that Zakaria al-Sinwar was the brother of Yehya al-Sinwar who Israel murdered last October. Three of his children also died in an Israeli airstrike in their tent located in central Gaza Strip. Sinwar taught history at a Gaza University. Israel's repeated raids and bombardments on Gaza hospitals have left the Gaza healthcare system barely functional. Israel accuses Hamas of causing widespread hunger by blocking aid supplies. Deqran stated that "Hospitals have become overwhelmed by the increasing number of casualties. Many are children. There are several cases of amputations, and hospitals which are repeatedly hit by the occupation are suffering from shortages of medical equipment." In a statement released on Saturday, the Israeli military stated that it had conducted extensive strikes in Gaza to achieve its war goals. Israel has declared its goal in Gaza to eliminate the military and government capabilities of Hamas. Hamas attacked Israeli communities October 7, 2023 and killed around 1,200 people. It also took about 250 hostages. Gaza's health authorities report that the Israeli military campaign has destroyed the enclave. Nearly all residents have been forced to leave their homes, and more than 53,000 Palestinians have died. Reporting by Nidal al-Mughrabi, May Ange and Sandra Maler; Editing by Philippa Fletcher and Sandra Maler
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Mexican security forces kill 12 and arrest 9 during raid on suspected gang site
Mexico's Security Ministry reported that Mexican security forces arrested nine suspected members of a criminal gang and killed twelve others during an operation on Saturday in a rural area of southwest Mexico. Omar Harfuch, Minister of Security, confirmed on social media that three Navy members were injured during the Navy-led operations in Huitzontla (Michoacan). Harfuch stated that the detained individuals were linked to crimes like homicide, kidnapping and extortion. The Security Ministry released a statement saying that criminal groups are linked to drug trafficking in the maritime sector. Naval personnel also found weapons and other tactical equipment on the site. The ministry stated that security forces were confronted with "strong aggression," which "necessitated use of force according to current regulations." Mexican newspapers El Universal, and La Jornada have reported that this group is part of Jalisco New Generation Cartel, one of Mexico’s two largest drug cartels. In February, the U.S. designated the cartel as a terrorist group. Reporting by Brendan O'Boyle, Jose Gonzalez and Sandra Maler
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Meloni warns EU's green policies could lead to 'industrial desertification.
Giorgia Mello, the Italian prime minister, warned on Saturday against rigid green policies that could destroy Europe's industrial base. She called for a more conservative approach to ecological transition in order to protect economic and social stability. Meloni, after a meeting with German Chancellor Friedrich Merz said that the European Union’s push for electrification in particular the automotive sector could undermine the manufacturing strength of the continent. Meloni, a reporter in Rome, said: "I've often said that there is no green in a desert." "Before we do anything else, it is important to fight desertification in the European industry." She stated that alternative fuels, such as hydrogen and biofuels, must play a key role in Europe's eco-strategy. Meloni criticized the EU's previous regulatory approach, saying that it was too rigid and had "crushed", sectors such as the automotive industry. She expressed concern about Europe's dependence on non-European electric vehicle supply chain dominance, calling it a strategic weakness. She said: "I still believe that it is counterproductive to concentrate solely on electric transition where supply chains are not under the control of Europe but other actors." Meloni called on the European Commission (EC) to revise key aspects of so-called Green Deal. This includes new emission calculations that take into account the entire vehicle production cycle, and not just the tailpipe emissions. The European Parliament voted earlier this month to relax rules for European automakers. This means they won't have to meet EU CO2 emission targets for cars and trucks that could have resulted in fines up to 17 billion euros (15 billion euros). After heavy lobbying by automakers, the European Commission has proposed that they meet their targets using the average emissions for the period of 2025-2027 rather than this year. Meloni added that bilateral cooperation in the automotive industry could have a significant impact. (Reporting and editing by Crispian B. Balmer)
Dollar rebounds greatly, futures rise as Trump 2.0 shocks markets
The dollar rebounded greatly on Tuesday after plunging hours earlier as Donald Trump's very first day back in the U.S. presidency brought mixed messaging on tariffs and highlighted investors' level of sensitivity to headlines about trade policy.
U.S. stock futures rose after bouncing around on Monday as traders absorbed Trump's declarations on economic policy and trade levies, while European equities eked out little gains.
The Mexican peso and Canadian dollar toppled on Monday night - reversing sharp gains from earlier in the day - after Trump stated he was mulling enforcing 25% tariffs on the neighbouring countries as quickly as Feb. 1.
That sent the Mexican peso sliding 1.3% versus the U.S. dollar while the Canadian dollar toppled to a five-year low of $ 0.689.
Around 11 hours earlier the U.S. dollar had actually plunged versus its peers after a governmental memo, first reported by the Wall Street Journal, said the administration would probe trade problems however stop short of day-one tariffs.
The dollar index, which determines the currency against 6 peers, was last up 0.64% at 108.69 on Tuesday, although failed to make back the 1.2% it lost on Monday in its biggest day-to-day fall since November 2023.
The first couple of hours of the Trump administration have underscored that the policy environment will be dynamic as soon as once again and markets need to brace for volatility, stated Charu Chanana, Saxo's primary financial investment strategist.
Plainly, the markets commemorated prematurely with tariff threats missing out on at the beginning in Trump's inaugural speech.
The euro was last down 0.62% at $1.2248, after rallying 1.4% on Monday in the middle of the relief about a delay in tariffs. Sterling was 0.67% lower after jumping 1.3%. the previous day.
Trump likewise stated he wanted to reverse the U.S. trade deficit. with the European Union, either with tariffs or more energy. exports.
Europe's continent-wide STOXX 600 index was 0.16%. greater but Germany's DAX was down 0.1%.
U.S. stock futures rallied after having a hard time in early. trading, leaving Nasdaq futures 0.56% higher and S&P 500. futures up 0.49%.
European carmakers slipped around 0.4% on Tuesday. after Trump withdrawed a 2021 executive order signed by his. predecessor that looked for to ensure half of all brand-new cars offered. in the United States by 2030 were electric.
TRUMP TEMPEST
The dollar has risen around 5% since Trump won the Nov. 5. election, partially since the U.S. economy has actually remained strong. and partially as investors have actually braced for extensive tariffs. that would likely injure America's trading partners.
Numerous financiers had expected early action on tariffs, hence. the big relocations sparked by the memo indicating no immediate. action.
U.S. Treasury yields were down 4 basis points on. Tuesday at 4.57%, after reopening for trading after a public. holiday.
The yields, which set the tone for borrowing expenses around. the world, are nevertheless up nearly a percentage point since. the Federal Reserve slashed rates by 50 bps in September,. showing an economy that has actually continued to grow highly.
Chinese stocks were unstable but ended greater as Trump. mostly avoided conclusive threats against the. nation's exports, with the CSI 300 index up 0.1%.
Trump warned he might impose tariffs on China if Beijing. stopped working to authorize a U.S. deal to be a half-owner of short-video. app TikTok.
At some time, we are rather specific that Trump will start. to move on the tariff steps, Khoon Goh, head of Asia. research study at ANZ, stated of tariffs more broadly.
The reality that he hasn't addressed this on the first day does not. suggest that it is off the program. It is definitely strongly on the. agenda, it's just that we have to wait and see what shape or. kind he takes.
Somewhere else, Trump's brand-new crypto token quit a few of its. strong gains on Tuesday to fall 20% to $35.27, after having. soared to more than $10 billion in market price at the start of. the week.
(source: Reuters)