Latest News
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Health Rounds - Microplastics can contribute to drug resistant bacteria
According to new research, microplastics can cause bacteria to become resistant. Researchers from Boston University said that E. coli bacteria exposed in test tubes to microplastics became resistant to several types of antibiotics commonly used. The report was published on Tuesday in Applied and Environmental Microbiology. In a press release, Neila Gross, the study leader explained that these tiny bits of plastic provide a surface to which bacteria can attach and colonize. They create a biofilm, a sticky substance which acts as a shield to protect the bacteria and keep them firmly affixed. Gross stated that "we found the biofilms on the microplastics are thicker and stronger than other surfaces, such as glass," which prevents antibiotics from penetrating through the shield. Researchers found that even after removing the microplastics from the test tubes the bacteria still retained their ability to form biofilms. In a press release, coauthor Muhammad Zaman stated that plastics do more than provide a surface on which bacteria can adhere. They also lead to the development and spread of resistant organisms. Researchers said that the findings were especially alarming for those living in areas of high density and poverty, such as refugee camps, where plastic waste accumulates and bacterial infection spreads easily. The researchers said that such environments should be checked for antibiotic-resistant bacteria, viruses and microplastics. Less dietary butter leads to fewer deaths According to data from an extensive study, adults who use plant-based oils in place of butter are less likely to die from cancer, heart diseases, or other causes. Researchers tracked 221,000 health professionals over a period of 33 years. All participants were healthy when the study began. They found that those with the highest butter consumption had a higher mortality rate of 15% compared to those with the lowest intake. Researchers reported that those who consumed the most total plant-based oil had a lower risk of death from any cause, during the study. This was presented at the American Heart Association's EPI/Lifestyle scientific sessions in New Orleans. In an email, Dr. Yu Zhang of the Harvard T.H. Chan School of Public Health, Boston, said via email. "Instead of reducing butter consumption even modestly and replacing it with oil-based plant products, can provide significant health benefits over the long term." Each 10-gram reduction in butter consumption and each increase in plant-based oil was associated with a significant decrease in the risk of dying from cancer, heart disease or any other cause. These data were also published in the Journal of the American Medical Association. The study is not a randomised trial, and therefore cannot prove that deaths are due to diet choices. An accompanying editorial points out that, even for participants with poor diets, butter and plant-based oils are associated with lower mortality. The editorial stated that "this suggests that substituting butter with plant-based oil may offer meaningful benefits to health even when dietary patterns are less than optimal." WILDFIRE SMOKE CAN IMPAIR SKIN PROBLEMS Doctors from San Francisco reported that short-term exposure to wildfire pollution was associated with an increase in acne clinic visits and prescriptions of acne medication by pediatric patients. This finding was presented at the American Academy of Dermatology's annual meeting held in Orlando. After the Camp Fire of 2018, researchers tracked California residents to see if they had increased their doctor visits for acne vulgaris or acne rosacea. They found that the increase began five weeks after it started. Three weeks after the fire began, the number of adult acne clinic visits increased, but this increase was not statistically significant. The same team of researchers had found previously that short-term air pollution associated with wildfires was linked to an increase in clinic visits due to atopic skin dermatitis or psoriasis. They concluded that the current study, which shows a similar effect on acne, supports their hypotheses that wildfire smoke is likely to affect most, if no all, inflammatory diseases of the skin. (Reporting and editing by Bill Berkrot; Additional reporting by Shawana Allyne Morris; Reporting by Nancy Lapid)
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European stocks are boosted by optimism about Ukraine, but trade tensions persist
The euro was near its five-month high in the early European trading of Wednesday, with news that Ukraine will support a U.S. plan for a 30 day ceasefire. However, traders were cautious due to fears over U.S. tariffs. Wall Street was left in a state of confusion on Tuesday, after U.S. president Donald Trump had threatened to double the steel and aluminum tariffs against Canada to 50%. He then reversed his decision. The U.S. indexes recovered a portion of their losses in the later session, and European futures rose after Kyiv announced it would accept the U.S. ceasefire offer and the U.S. stated it would resume military aid to Ukraine and intelligence sharing. At 1032 GMT on Tuesday, Europe's STOXX 600 index was up 0.8% for the day. This is a turnaround from four days in a row of losses. The DAX in Germany and the FTSE 100 in London both rose by 1.4%. The MSCI World Equity Index, which had lost 4.1% this month so far, rose 0.1% for the day. The stock market has been hit by its worst selling in many months as Trump's tariff focus since taking office, in January, has hurt consumer confidence and businesses. It also sparked fears of an upcoming U.S. economic recession. Trump's tariffs against all U.S. imports of steel and aluminum took effect on March 1. The European Commission responded by announcing that it would implement counter-tariffs for U.S. products worth 28.40 billion euros (26 billion dollars) starting next month. Amelie Derambure is the senior multi-assets manager at Amundi. It's Europe's largest asset manager. The news is a bit painful for the markets, because tariffs are the main topic. We know that they're bad for growth, not only for the U.S. but also the rest of the globe. EURO NEAR FIVE MONTH HIGH The U.S. Dollar Index was barely changed at 103.52, while the euro reached its highest level in five months, $1.0913. This was aided by the Ukraine-related news. The Russian rouble hit a six-month high Tuesday but fell back on Wednesday. Derambure, Amundi's Derambure, said that the risk premia embedded in the euro currency due to low growth, political unrest, etc., has been declining very quickly. The yields on government bonds in the euro zone rose. The benchmark German Bund yield was near a 17 month high, as Germany's next likely chancellor Friedrich Merz worked to gain support for an increase in state borrowing. Germany's plans to overhaul borrowing rules and create a 500-billion euro infrastructure fund are expected to lead to structurally higher yields on its bonds. The German 10-year bond yield has increased by 5 basis points to 2.924%. Oil prices rose due to a weaker dollar. However, gains were limited because of fears about a U.S. slowdown, and the impact of tariffs on global growth. Brent futures rose 1.1% to $70.31 a barrel, while U.S. West Texas intermediate crude futures increased 1.2% to $67.02 a barrel. The markets are awaiting the U.S. CPI report due at 1230 GMT. It is expected that inflation will be cooling. The Canadian central bank's meeting will also be watched by traders, as markets expect a seventh consecutive cut in interest rates. ($1 = 0.9215 euros) (Reporting from Elizabeth Howcroft in Paris; additional reporting by Tom Westbrook, Singapore; editing by Alex Richardson).
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Sources say that India and Congo are in talks to form a pact for the supply of cobalt and copper
Two sources who have direct knowledge of this matter confirmed that India and the Democratic Republic of Congo are in talks to sign a first agreement for the supply of vital minerals like cobalt, copper and zinc. India, the world's fastest growing major economy, has begun efforts to secure vital minerals from resource rich nations such as Congo and Zambia in order to assist energy transition efforts and to fill its industries' growing demand. One source said that as part of New Delhi’s increased efforts to scout out mineral assets abroad the mines ministry would seek approval from the foreign ministry before sending a team to Congo. The second source said, "The memorandum is in the process and both countries are very interested." Both sources spoke under condition of anonymity, as the discussion is not public. The Mines Ministry did not reply to a comment request. Sources say that New Delhi will send officials to attend the mining conference in Congo in this year. This follows a visit in July 2024 by a senior official to explore options for sourcing cobalt and Copper. Congo is the top producer in the world of cobalt. This is a critical component for batteries in electric vehicles and cell phones. Copper is widely used in electronics, power generation and construction. The conflict in Congo, which has been raging since the beginning of the year between the Rwanda-backed M23 rebel group and pro-Congo militias for control of its rich mineral-rich east regions, could cause India to be impacted. Ritabrata Ghosh is vice president and head of the corporate ratings sector at ICRA Ltd. She said that geopolitics would be a challenge in African countries and this is what delays projects. Ghosh added that, because the process of processing critical minerals is technologically intensive, it would take time to commercialise the deposits of cobalt and copper. Sources said that India was also preparing to dispatch a geologist team to Zambia in the next two month. On Monday, reported that the United States was open to exploring partnerships with Congo on critical minerals, after a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal. Congo stopped exports of cobalt last month for four months in order to reduce a surplus of production. (Reporting and editing by Mayank Bhahardwaj, Clarence Fernandez).
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India plans to establish a coal trading exchange
India is planning to set up a coal exchange in order to purchase and sell coal produced domestically, as the output of mines run by private companies continues to grow. The federal government issued a request for comments regarding the proposal. In the early 2000s, India, which is the fastest-growing major economy in the world, opened coal mining to the private sector, breaking the near-monopoly held by state-owned Coal India. By 2030, the privatised mines will produce between 350 and 400 million metric tonnes of coal. In a March 7 notice, the Federal Coal Ministry stated that "in the scenario of increasing availability of domestic coal within the country there is a need to introduce further reforms into the coal sector focusing on the promotion of competitive markets for the sale of coal." Coal India accounts for approximately three-quarters of the over 1 billion tonnes coal mined and is sold in the second biggest coal market after China. The notice stated that the proposed exchange would provide a marketplace where commercial miners, as well as those who mine for their own needs, could sell excess coal. It also added that the platform aimed to change the current "one-to many" sales model to a "many to many" one. (Reporting and editing by Tomaszjanowski)
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The EU is quick to retaliate against Trump's metals tariffs
The increased tariffs by President Donald Trump on all U.S. imports of steel and aluminum took effect on Tuesday, intensifying a campaign to reorder the global trade in favor for the U.S. Trump's decision to increase protections for American producers of steel and aluminum restores global tariffs at 25% on all metal imports. The duties are extended to hundreds of downstream metal products, including nuts and bolts, bulldozers blades and cans. Since Trump took office in January, his hyper-focus on tariffs has shaken investor, consumer and company confidence. Economists are concerned that this could lead to a U.S. economic recession and a further lag in the global economy. The European Commission (the executive arm of the European Union tasked with coordination trade issues) responded quickly, announcing that it would impose a counter-tariff on up to 28 billion dollars worth of U.S. products - with more of a symbolic impact than an economic one - as of next month. Ursula von der Leyen, President of the Commission, told reporters that she was "ready to engage in meaningful dialog" and had asked Trade Commissioner Maros SEFCIOC to resume his discussions with the U.S. She said: "We are firmly convinced that, in a world rife with geoeconomic and politic uncertainties, it's not in our interest to burden our economy with such tariffs." China's Foreign Ministry said Beijing would take the necessary measures to protect its rights and interest, while Japan Chief Cabinet Secretary Yoshimasa Haashi said that this move could have an impact on U.S. - Japan economic ties. Canada, Britain, and Australia, close U.S. Allies, have criticised the blanket duties. Canada is considering reciprocal measures, and Britain's Trade Minister Jonathan Reynolds said "all options are on the table" for a response in the national interest. The Australian Prime Minister Anthony Albanese said that the move "went against the spirit of the friendship between our two countries" but denied tit for tat duties. The most affected countries are Canada, as it is the largest foreign steel and aluminum supplier to the U.S. Brazil, Mexico, and South Korea have all enjoyed some exemptions or quotas. DENTAL FLOSS TO DIAMONDS For now, the 27 EU countries are less affected. The Kiel Institute in Germany estimated that the EU's output would be hit by only 0.02% because "only a fraction" of targeted products were exported to the U.S. The EU counter-measures, while impressively diverse and ranging from diamonds to bathrobes to bourbon, only cover about six days worth of goods and services in the huge EU-U.S. trade relationship. France's Europe minister Benjamin Haddad said that a trade conflict was not in anyone's best interest. You can also read about the warnings below. The EU could do more. He told TF-1 TV that, if we were to have to go even further, digital services and intellectual property would be possible to include. Trump threatened to double the duty on Canada's steel and aluminum exports. But he backed down after Ontario, Canada suspended its move to impose an additional 25% on electricity exported to Minnesota, Michigan and New York in the U.S. This incident shook the U.S. markets, which were already nervous about Trump's tariff offensive. The Asian and European stock markets were largely stable on Wednesday. However, Australia's benchmark index closed 9.6% lower than its record high for February. U.S. Steel producers welcomed the imposition of tariffs as it restored Trump's original metals tariffs of 2018. These tariffs had been weakened due to numerous country exclusions, quotas, and thousands of specific product exclusions. Steel Manufacturers Association president Philip Bell stated that by closing the loopholes that have been exploited over years, President Trump would once again supercharge an industry that is ready to rebuild America. Bell said that the revised tariff would allow steelmakers to continue creating new, high-paying American jobs and making greater investments in the knowledge that they won't be undercutted by unfair trade practices. U.S. ECONOMY FEARS The U.S. and Canada trade war escalated as Justin Trudeau was preparing to hand the power over to Mark Carney this week, who had won the Liberal leadership race last weekend. Carney stated on Monday that he would not be able to speak with Trump before he had been sworn in at the prime minister's office. Trump reiterated on social media that he wants Canada to be "our beloved Fifty First State." If U.S. tariffs continue, Canadian Energy Minister Jonathan Wilkinson said that Canada may take non-tariff actions such as imposing export duties on minerals or restricting oil to the U.S. Canada has dominated the U.S. Aluminum market with its abundant hydropower resources, which have allowed it to produce primary aluminum at a lower cost than the U.S. China is still the second largest supplier of aluminum and products made from it, but faces high tariffs in order to combat alleged dumping, subsidies and a 20% tariff imposed by Trump over the last month due to fentanyl.
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Britain is 'disappointed with US tariffs' but unlikely to take retaliatory action
The British government expressed its disappointment on Wednesday with the imposition of tariffs by President Donald Trump on imports of steel and aluminum, but it did not follow in the footsteps taken by other European Union member states. Britain had hoped that it could avoid tariffs in its small steel industry, which produces specialist products used by the defence and other industries. Trump suggested last month that the two countries could reach a bilateral deal to avoid tariffs. The British government also claimed that it should receive a special carve out because of its supply of essential goods to the U.S. construction, oil and gas sectors and defence industries. Trump imposed 25% global tariffs on all steel and aluminum imports on Wednesday, which he claimed would reorder the global trade to the United States' benefit. The EU has responded by announcing that it will impose counter-tariffs of 28 billion dollars worth of U.S. products, valued at 26 billion euros. Jonathan Reynolds, Britain's Business Minister said: "It is disappointing that the U.S. imposed today global tariffs on aluminium and steel." "We are focusing on a pragmatic and rapid approach to negotiate a wider economic deal with the U.S. in order to eliminate additional tariffs, and to benefit UK business and our economy." An official in Britain said that the government will not impose trade tariffs as a retaliation against the United States, but instead focus on obtaining an exemption. The British steel industry's head, UK Steel, asked if Trump understood that Britain is an "ally and not a enemy". "Our steel industry is not a danger to the U.S. but a partner of key customers who share the same values and goals in tackling global overcapacity, and tackling unfair trading," Director General Gareth Stace stated. Steel UK stated that the U.S. is Britain's second-most important steel export market after the EU. The U.S. accounts for 9% by value of UK steel exports and 7% by quantity. Reynolds stated that the government is working with the companies affected by these measures, and will investigate any further steps needed to protect UK manufacturers. Trump's increased duties on steel and aluminum imports went into effect on Wednesday, as previous exemptions, duty free quotas, and product exclusions had expired. (Reporting from Kate Holton, London; and Gnaneshwarrajan, Bengaluru. Editing by Jacqueline Wong and Lincoln Feast. Christina Fincher is the editor.)
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ERG 2024, a renewable energy company in Italy, has a profit that is on par with its growth but is cautious.
The renewable energy company ERG announced a core profit in 2024 that was in line with the expectations, but warned of market volatility which would likely affect this year's bottom-line. In a late-night statement, the company said that it had also reduced its guidance for 2026 from earlier estimates due to a more conservative approach towards the green energy policies of the Trump administration and the late approval in Italy of a new law governing the renewables sector. Last year, the group's adjusted core profit amounted to 535 million euro ($583.69m), which was within the guidance range of 520 million euro to 560 millions euros. The revenue was 738 million euro, which is similar to 2023's figure. The company estimates a core profit between 540 and 600 million euro in 2025. It cites volatility in market prices and volume. Capital expenditures are forecast to be between 190 and 240 millions euros. Net debt is projected to increase between 1.85 and 1.95 billion euro. "We strengthened the selective ‘Value Over Volume’ approach... by reducing investment for the next two-years and focusing our attention on assets that are currently under construction, organic developments, and repowering," said CEO Paolo Merli. The group reduced its capital expenditures over 2026 to 1 billion euro, a 20% reduction. It also reduced the growth of the asset portfolio to 4.2 gigawatts from 4.5 GW. ERG was owned by the Garrone family in Italy and was a leading oil company before it shifted its focus to renewable energies. It produces power from solar and wind sources. It entered the U.S. through a joint-venture - where it holds 75% of the shares - with Apex Clean Energy Holdings LLC, which has a wind farm as well as a solar power plant in its portfolio. ERG announced that it would return to its shareholders 1.15 euros per share between November 2024 and January 2025, consisting of 0.15 euros per share and 1 euro as dividend.
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UAE's EGA reports a lower net profit due to the suspension of bauxite from Guinea and UAE taxes
Emirates Global Aluminium (EGA), on Wednesday, reported a decline of 23.5% in its annual net profit in 2024 as a result of an impairment charge due to the suspension of exports following its operations in Guinea. In 2024, the UAE-based mined ore supplier said that profits were 2.6 billion dirhams (707,95 million dollars) compared to 3.4 billion dirhams (US$707.95 millions) in 2023. UAE has introduced a corporate income tax of 9% starting January 1, 2024. The company said it also expected the volatility of aluminium prices to continue this year due to tensions within global trade. U.S. President Donald Trump imposed 25% tariffs for all U.S. imports of steel and aluminum, which is a major market for United Arab Emirates' suppliers. EGA is jointly owned by the Abu Dhabi sovereign fund Mubadala, and Dubai sovereign fund Investment Corporation of Dubai. EGA reported in October that bauxite imports from its subsidiary Guinea Alumina Corporation were suspended by the customs. Guinea is the second largest producer of bauxite in the world after Australia. The company stated on Wednesday that the suspension led to a drop in exports from 14,1 million wet-metric tons of bauxite in 2023 down to 10,8 million wet-metric tonnes in 2020. EGA recorded a 1.8 billion dirham impairment on GAC's book value at year-end. In a statement, Abdulnasser Bin Kalban said that "we continue to seek a solution with the government to resume bauxite exports and mining." In the meantime, we will continue to take every step necessary to ensure our raw material supplies for our alumina refinery and smelting operation. The adjusted core earnings were 9.2 billion dirhams compared to 7.7 billion in 2023. This was due to higher aluminium and bauxite all-in prices, record production of aluminium and aluminum, and higher alumina costs, partially offset by lower bauxite output and higher alumina. $1 = 3.6726 UAE Dirham (Reporting and editing by Christian Schmollinger; Hadeel al Sayegh)
The dollar is weakening, but the oil price has risen. However, tariffs have capped gains.
The oil prices rose on Wednesday due to a weaker US dollar. However, mounting concerns about a U.S. slowdown, and the impact tariffs will have on global growth, capped the gains.
Brent futures increased 51 cents or 0.7% to $70.07 per barrel at 0430 GMT. U.S. West Texas intermediate crude futures increased 52 cents or 0.8% to $66.77 per barrel.
Daniel Hynes is a senior commodity strategist with ANZ. He said that despite the deteriorating economic outlook oil was still in a favorable position. This is a good sign that the demand for crude oil in the near term remains strong.
Oil prices rose as the dollar index fell by 0.5% on Tuesday to new 2025 lows, making crude oil cheaper for buyers who hold other currencies.
Priyanka Sackdeva, a senior analyst at Phillip Nova, said that the falling dollar offsets the negative bias of a global economic slowdown. However, this is a temporary effect.
Investors were rattled by increased import tariffs and a deteriorating consumer mood. This added to the largest sell-off in recent months.
"Overall sentiment is fragile despite a small bounce in the session today," said Yeap JunRong, market analyst at IG.
"For the time being, oil market sentiment is likely to remain contained, as tariff developments are still unclear and there are persistent concerns about U.S. economic growth risks," Yeap said.
Donald Trump's protectionist policy has shaken the global markets. He has delayed and then imposed tariffs on Canada, Mexico, and other major oil suppliers, as well as raising duties on China. This prompted retaliatory actions.
Trump stated that a "period transition" is likely, but he did not rule out the possibility of a U.S. economic recession.
The U.S. Energy Information Administration reported on Tuesday that the U.S. crude production will set a record in supply this year, with an average of 13.61 million barrels a day.
Investors will be looking for clues about the future of interest rates in the U.S. Inflation data, due Wednesday. Also, they closely monitor OPEC+'s plans. The producer group announced plans to increase production in April.
Market sources cited American Petroleum Institute data on Tuesday to report that crude oil stocks in the U.S. increased by 4.2 millions barrels during the week ending March 7.
The markets are now awaiting government data due Wednesday on U.S. stocks for more trading cues. Reporting by Nicole Jao and Jeslyn Lerh in New York; editing by Himani Sarkar, Jamie Freed and Jamie Freed
(source: Reuters)