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Australia's New Hope drops after reducing coal production and sales forecasts
New Hope Corporation, an Australian coal miner, saw its shares fall 7% Monday after it lowered its production and sales estimates for the year, citing problems with rail capacity at New Acland in Queensland. By 0058 GMT, shares had fallen as much as 7,1% to the lowest level since 30 April. The S&P/ASX 200 benchmark, which fell 0.4%, was also down. New Hope expects the saleable coal production to range between 10,58 million metric tones and 11,57 million tones for the year ending July, as opposed to the previous forecast which was between 10,83 million to 11,87 million tones. The company now expects annual coal sales to range between 10,41 million metric tonnes and 11,45 million metric tonnes, which is about 2% less than its earlier forecast. New Hope reported that its New Acland Mine faced challenges with rail capacity during the quarter ending April. Rail network constraints caused a "significant build-up" of inventory at the mine’s train loading facility. The company also said that major rail outages were planned for June and in July. It added that it was working to secure additional rail paths and haulage capacities to deal with this issue. The miner anticipates that annual coal sales at the Queensland mine will be almost 10% lower than previously predicted levels. New Hope reported that it produced the same amount of coal as in the previous quarter (2.8 million metric tonnes), but the underlying EBITDA fell by 27% due to lower realized prices. Reporting by Nichiket in Bengaluru, editing by Eileen Soreng
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China data shows that oil prices are little changed, as investors focus on Iran-US talks
The oil price was little changed Monday as investors awaited the outcome of the Iran-U.S. Nuclear Talks and the key economic data from China in order to assess its commodity demand following the trade tensions between the United States and China. Brent crude futures were down 5 cents at $65.36 per barrel as of 0022 GMT, while U.S. West Texas intermediate crude was up 3 cents at $62.52 per barrel. The front-month WTI contract expires Tuesday. The more active July contract dropped 4 cents to a barrel of $61.93. Both contracts increased by more than 1% after the U.S., China and other major oil-consuming countries agreed to a 90 day pause in their trade war, during which time both sides would lower their trade tariffs. China will release a number of data including industrial production, on Monday. Analysts at ANZ said that "any sign of weakness" could deflate the optimism generated by the U.S. pause in tariffs on Chinese goods. Oil prices were also supported by the uncertainty surrounding the outcome of Iran and U.S. nuclear negotiations. Steve Witkoff, the U.S. Special Envoy to Iran, said that any agreement between the United States of America and Iran should include a commitment not to enrich uranium. This comment was quickly criticized by Tehran. Tony Sycamore, IG's market analyst, said that there was a great deal of hope in those discussions. "Realistically speaking, Iran is unlikely to agree to peacefully abandon its nuclear ambitions. It has always insisted that they are non-negotiable. "Iran is more likely to agree after the collapse its proxy states, which acted in the past as a buffer between it and Israel," said he, without naming the countries he was referring. In Europe, tensions have risen between Estonia and Russia after Moscow detained an oil tanker owned by Greece on Sunday as it left a Baltic Sea port in Estonia. Baker Hughes' weekly report said that producers in the U.S. cut the number operating oil rigs last week by one to 473, the lowest level since January. They continued to focus their efforts on cutting costs, which could slow the growth of U.S. crude oil production this year. (Reporting and editing by Muralikumar Anantharaman; Florence Tan is the reporter)
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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
Guyana's VP claims Exxon consortium recovered $33.9 billion in Guyana
Bharrat Jagdeo said that the consortium, led by Exxon Mobil, had spent $41.1 billion on its Stabroek offshore bloc and recovered $33.9 billion at the end January.
Exxon, which is led by Exxon, has developed oil resources rapidly in Guyana since it was first discovered a decade ago. The group's crude production in Guyana will surpass 600,000 barrels a day (bpd), and the company expects to reach that level in 2019.
According to its production-sharing agreement, the consortium that controls all the output of the country can export up to 75 percent of the crude oil it produces. The remaining barrels are entitled to Guyana.
The Vice President explained that the figure includes the expenditures of the consortium to explore over 30 wells in the block and the development and approval of six oil-and-gas projects.
Guyana examines those expenses but many audits are still unfinished.
The block will see more costs as the consortium moves towards approval and development of the new projects. It is currently planning Longtail, its eighth project. The companies are also recovering faster every year because of the increase in production.
Officials from the government have stated that they expect their share of oil profits to increase in the coming years. (Reporting and writing by Kemol King; Marianna Pararaga).
(source: Reuters)