Latest News
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Saigo, a Japanese player, wins Chevron in the largest major LPGA playoff ever.
Mao Saigo, a Japanese player, won the Chevron Championship after beating four other players in a sudden-death playoff. The 23-year old won his first major after being tied with Ryu Haeran of South Korea after three rounds. However, a few late mistakes led to a score of two over par on Sunday. She sank a birdie on the par five 18th hole to keep herself in it. She joined China's Yin Ruoning and South Korean Kim Hyo Joo as well as Thailand's Ariya Jutanugarn, and Lindy Duncan from the United States, in the playoff. In a televised statement, she said: "It was important that I made a birdie on 18, and it gave me more confidence for the playoff." After both Yin, and Jutanugarn missed their birdie attempts, she won the match with a birdie on the 18th hole in the lone playoff hole, causing gasps in The Woodlands. Saigo said, "This is a dream." It was one of my biggest dreams and goals for this year, so I can't quite believe it. The LPGA's second-largest ever playoff was a six-person match-up, which had previously been recorded in non-major competitions. (Reporting and editing by Himani Sarkar in New York, Amy Tennery is based in New York).
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Alkane, an Australian company, will acquire Mandalay Canada in a $358 million merger deal
The companies announced on Monday that Australia's Alkane Resources would acquire Canada's Mandalay Resources through an all-share transaction valued at A$559.1 millions ($357.8million). This will create a combined gold and antimony manufacturer. The implied market capitalization for the merged entity is A$1.01 Billion. The merger is part of a global wave of consolidation in the gold sector, as miners take advantage of bullion prices nearing record highs for their own portfolios and operations. Mandalay shareholders receive 7,875 Alkane Shares for every Mandalay Share, a 55% ownership in the combined entity. The combined company is expected to produce over 180,000 gold equivalent ounces by 2026. It currently operates three mines, two in Australia and Sweden. Current Alkane Managing Director Nic Earner will lead the Australian-headquartered company, which will combine Alkane's recently expanded Tomingley gold operation with Mandalay's Costerfield gold-antimony mine in Australia and Bjorkdal gold mine in Sweden. Reporting and editing by Sandra Maler, Will Dunham, and Roushni Nair in Bengaluru. $1 = 1.5623 Australian Dollars
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Bessent doesn't support Trump in China tariff talks
U.S. Treasury Sec. Scott Bessent said on Sunday that he didn't support President Donald Trump in his assertion that tariff negotiations with China are underway and he didn't know if Xi Jinping, the Chinese president, had spoken to him. Last week, the Trump administration showed a willingness to deescalate tense trade relations between China and the United States that have sparked fears of recession. Trump has confirmed that talks are taking place on tariffs with China, and he and Xi spoke. Beijing denies that trade talks have taken place. Bessent is a key player for the U.S. in trade negotiations with many countries. He said he interacted with his Chinese counterparts during meetings of the International Monetary Fund in Washington last week, but didn't mention tariffs. He said, "I had an interaction with my Chinese equivalent, but we focused more on traditional issues like financial stability and global economic early warnings," on ABC's This Week. Bessent said, "I do not know if Trump spoke with President Xi." "I'm sure they have a good relationship, and respect each other." Bessent was asked why the Chinese denied talks. "I think that they are playing to a completely different audience." Bessent did not provide a timeline for any possible agreement with China, despite his statement last week that the tariff negotiations with Beijing will be "slog". He said that a trade agreement can take several months to complete, but a deescalation of tensions and an agreement on principle can be reached sooner. This would prevent tariffs from increasing back up to their maximum levels. Trump's unpredictable and confusing tariff rollout has affected many countries, including the biggest U.S. trade partners like Canada, Mexico, and China. This has led to an unprecedented level of market volatility, and a serious erosion of investor confidence in U.S. assets. In an interview with a television station on Sunday, Agriculture secretary Brooke Rollins stated that the United States and China were in daily contact over tariffs. She did not provide any further details. Rollins stated on CNN's State of the Union that "every day we are having conversations with China and those other 99,100 countries who have come to the table." Reporting by Doina Hesson and Ted Hesson, Editing by Don Durfee Mark Porter Sandra Maler
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Lavrov: Russia will continue to attack sites used by Ukraine’s military
In an interview broadcast Sunday, Russia's Foreign Minister said that Russia would continue to target military sites in Ukraine, while Ukrainian President Volodymyr Zelenskiy reported 70 Russian attacks. Sergei Lavrov is the top diplomat in Moscow. He said that a deadly Russian phrase. Missile strike The attack on a Kyiv residential building last week did not target an "absolutely civil" target. Lavrov told CBS' "Face the Nation", in an interview taped Thursday, after the attack: "We will continue targeting the sites used either by the Ukrainian military or by mercenaries and instructors from other countries who are officially being sent by the Europeans to help target Russian civil sites." The strike that killed at least twelve people drew an audience of a rare rebuke The Russian President Vladimir Putin From the U.S. president Donald Trump On Friday, on social media "Vladimir STOP." Zelenskiy who? Trump met with his supporters On Saturday before, there was a big event in Rome Francis' Funerals On Telegram, he wrote that his top commander reported that Russia has already carried out nearly 70 attacks Sunday. He said that the situation was still difficult. The situation on the front line and the actual activity of the Russian Army proves that the current pressure from the rest of the world is not enough to stop this. ", he wrote Sunday. Lavrov said that Russia had never been offered to assist Ukraine in operating its Zaporizhzhia Nuclear Plant. He said that Russia was willing to store Iran’s enriched nuclear materials if both parties agreed. United States I think that's useful.
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Greenland and Denmark affirm their alliance amid Trump's desire for US control
After talks in Copenhagen, Greenland's and Denmark's leaders agreed to intensify their relationship in response to the desire of U.S. president Donald Trump to take control of a strategically located Arctic Island. Greenland’s new prime minister Jens-Frederik Nielson landed in Copenhagen on Saturday, for a 3-day visit. The trip was a show of unity between Denmark and the island rich in minerals, which is a semiautonomous Danish territory. Nielsen, at a press conference held with Danish Prime Minister Mette Fredericksen, said: "We're in a foreign-policy situation that means we need to work together." Nielsen's visit comes after months of tension sparked by Trump's repeated statements that Greenland should be part of the United States. Leaders of Denmark and Greenland said that only Greenlanders could decide the future of their territory. They have had to tread a fine line between rejecting the U.S.'s ambitions to annex Greenland and maintaining good relations with their traditional ally. Nielsen stated, "We want to be treated with respect and are open to a stronger partnership (with the U.S.). We won't be sold as a piece property by anyone." Greenlanders are anxious about the ongoing expansion of the U.S. Consulate in Nuuk, Greenland’s capital. This agreement was made before Trump was elected. Nielsen didn't confirm or deny that he was in touch with the U.S. government since assuming office earlier this month. Nuuk and Copenhagen have a warmer relationship after Greenland’s former prime minister blamed Denmark in December for a "genocide" that occurred in Greenland. In January, he intensified his push for independence. Frederiksen stated that Denmark is ready to invest in Greenland more and support Greenland financial as Greenland takes on more responsibility for domestic affairs, taking it over from Copenhagen. This was part of a "modernisation", as she described their relationship. Nielsen and Frederiksen both said that they are committed to strengthening defense in the area. Denmark's King Frederik is set to travel to Greenland Monday as a show of solidarity. (Reporting and editing by Jacob GronholtPedersen, Louise Rasmussen, and Helen Popper.)
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US, Philippine troops shoot down drones in joint defence drills
U.S. soldiers and Philippine soldiers destroyed drones using Stinger missiles in live-fire drills Sunday. The exercises were part of an annual joint military exercise that took place during a time when tensions between Beijing and the Philippines over the South China Sea are simmering. More than 14,000 Filipino and U.S. troops are participating in this year's Balikatan, or "shoulder-to-shoulder", exercises, which run until May 9, focusing on a "full battle test" between the two defence treaty allies in response to regional security concerns. China has condemned the drills for being provocative. The drills took place in Zambales, a province located on the west coast of the Philippines. It faces the South China Sea - a hotspot between China and Southeast Asian countries. The relationship between Beijing and Manila is at its lowest point in many years, amid frequent clashes over the disputed waterway which have raised fears of a possible military conflict. Chinese state broadcaster CCTV reported last week that the country's Coastguard had conducted maritime controls operations at Sandy Cay - which China calls Tiexian reef - exercising sovereignty jurisdiction. The Philippines conducted a maritime mission in the area on Sunday, observing "illegal presences" of Chinese coastguard vessels and "maritime militia ships". The Philippine military described the drills this year as a practice for national defense, but said that the exercises were not aimed at any particular country. The Marine Air Defense Integrated System (MADIS) was used in the integrated air and missile defense exercise at Zambales. This was the second time the MADIS system had been deployed to the Philippines and the second time it had been tested live. After the exercise, 3rd Marine Littoral Regiment officer John Lehane said to reporters: "This type training is absolutely invaluable for us." The NMESIS anti-ship missile was also unveiled at Balikatan this year. This system will be used during key terrain maritime security operations near Taiwan, in Northern Luzon, and on the Batanes Islands. (Written by Karen Lema, edited by Helen Popper).
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Vancouver: Multiple deaths and injuries after a vehicle crashes into a street festival
Police said that a number of people died and many others were injured after a driver drove through a crowd during a Filipino festival in Vancouver, a western Canadian city. Police said that the driver had been arrested in a social media post. The incident occurred shortly after 8 pm (0300 GMT), near East 41st Avenue, and Fraser Street where the Lapu Lapu Day Block Party took place. CTV News reported that a witness saw a black car driving erratically near the festival area just before it struck the crowd. The Vancouver Sun reported that thousands of people were in the area. Vancouver Mayor Ken Sim stated, "I'm shocked and deeply moved by the horrific incident that occurred at today's Lapu Lapu Day celebration."
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Saudi Arabia announces record non-oil imports of $137 Billion in 2024
Saudi Arabian non-oil imports will reach a record high of 515 billion Riyals ($137.29 Billion) by 2024, according to the official news agency. The kingdom is continuing its efforts to diversify away from its oil-dependent economy. The world's largest oil exporter invests billions of dollars in its Vision 2030 plan. This plan focuses on reducing the country's reliance on crude oil and increasing infrastructure spending to boost industries such as tourism, sports, and manufacturing. Saudi Arabia also works to attract more investment from outside to ensure that its ambitious plans remain on track. State news agency SPA reported that non-oil exports have increased by 13% in the last year and by over 113% since Saudi Vision 2030 was launched. SPA quoted Abdulrahman Althukair as CEO of the Saudi Export Development Authority attributing the increase in non-oil imports to "the kingdom's sustained economic diversification efforts". Saudi Arabia released its annual report 2024 for the Kingdom's 2030 Vision Plan on Friday. The kingdom attracted foreign direct investments worth 77,6 billion riyals (20,69 billion dollars). The country has set a goal to attract $100 billion of foreign direct investment annually by the end of the decade.
Gold reaches record levels as tariffs threaten to raise the price of gold.
Asia shares rose Friday, and global markets tried to rebound after a brutal sale earlier in the week. Gold reached a new record as investors became nervous due to the latest escalation in global trade tensions.
After Senator Chuck Schumer announced that he would vote for a Republican funding bill to avoid a government shutdown, he signaled his party's support.
U.S. Stock Futures were a strong response. Nasdaq futures gained more than 1% in one instance and S&P futures advanced by 0.6%.
FTSE Futures also gained 0.3%. DAX futures rose 0.6%.
Alvin Tan is the head of Asia FX Strategy at RBC Capital Markets. He said that this news, for today at least, was positive for the market sentiment.
The broadest MSCI index of Asia-Pacific stocks outside Japan, which includes Japan, traded 0.95% higher. However, it is still on course to lose 1.5% this week as global trade conflicts have weakened global stock markets.
Donald Trump, the U.S. president, said that he will impose a 200% tariff on imports of European wines and spirits if the EU does not remove the retaliatory charges on American whiskeys and other products which come into effect in the next month.
Vishnu Varathan is the head of Asia ex-Japan macro research at Mizuho.
Recent developments have sparked the steep sell-offs on Wall Street, and confirmed that the S&P 500 is in a correction. This comes just one week after Nasdaq also confirmed this.
"I don't think Trump 2.0 is the same as Trump 1.0. Michael Strobaek is the global chief investment officer of Lombard Odier. He said that this time the president appears to be willing to let U.S. stocks and the economy suffer as he implements his "America first" goals.
Gold, a safe-haven asset, has benefited from the trade war. The yellow metal hit a record of $2,993.80 per ounce last Friday. The yellow metal was expected to rise 2.6% this week.
Japan's Nikkei gained 0.8%.
Chinese stocks rose on Friday after Hohhot, a northern Chinese city, announced large cash rewards for boosting birth rates.
Investors also anticipated a press conference by officials of Beijing's top planning office and other agencies next week to discuss additional measures for boosting domestic consumption.
The Hang Seng Index in Hong Kong jumped by 2.4% while China's blue-chip index, the CSI300, grew by 2.3%. Shanghai Composite Index rose by 1.7%.
Dollar Trouble The dollar gained some ground on Friday thanks to the safe-haven flows. However, it was still not far from recent lows due to fears of an imminent U.S. economic recession and growing trade tensions.
The Euro last traded at $1.08465, down 0.04%, while the Pound fell 0.03% to $1.9475.
The German fiscal reset plan, which includes a 500-billion-euro fund for infrastructure as well as sweeping changes in borrowing rules and growth boosters to boost military spending and revive Europe's biggest economy has given the euro additional support.
The German lower house, which is leaving office in March, will vote on these measures before forming a new Parliament on March 25,
Investors will be waiting for further information on the rate outlook, amid the uncertainty surrounding Trump's policies on trade and the impact they have on U.S. inflation and growth.
"Our assessment shows that the rate trend is constant, and will continue to be lower." Varathan from Mizuho said that it's a matter of timing.
"I believe that the tariffs are only going to be an inconvenience and not a hindrance to the Fed's cuts because, even if prices increase, it will still result in a negative shock of demand, which makes people worse off.
Dollar was up by 0.5% last week against the yen, at 148.50. However, it was expected to suffer a small loss for the week against the Japanese currency due to the increasing bets on more Bank of Japan rate hikes. Next week, the BOJ will also meet.
Oil prices rose after falling the previous session.
Brent futures increased by 0.67%, to $70.35 per barrel. U.S. West Texas Intermediate Crude Futures rose 0.75% per barrel to $67.05.
(source: Reuters)