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US lawmakers arrive at Copenhagen to counter Trump’s Greenland threat
Bipartisan U.S. legislators will meet with the leaders of Denmark, Greenland and Iceland on Friday to assure them of the support of Congress despite the threats of President Donald Trump to seize Arctic?island. Trump has said that Greenland's strategic location and its large mineral supply are vital to U.S. national security. He has also not ruled out using force to seize it. The European nations sent a small number of military personnel this week to the island on Denmark's request. According to Frederiksen’s office, the 11-member U.S. delegaion, led by Democratic senator Chris Coons was to meet Danish Premier Mette Frederiksen, and her Greenlandic equivalent Jens-Frederik Nielson. Coons stated in a recent press release that "in a time of growing?international instability we must draw closer to our friends, not push them away." Senator believes "SANER HEADS will prevail" Jeanne Shaheen of New Hampshire, a Democrat who sits on the U.S. Senate's Foreign Relations Committee said that recent rhetoric about taking over Greenland by the U.S. undermined NATO, and played right into the hands of Russia and China, its two main enemies. "I am aware that there are deep, real concerns in Denmark and Greenland. When trust is shaken, these concerns are understandable. "But I think saner heads will prevail," she said, in remarks made ahead of her speech in Copenhagen. "I believe this because I see institutions already acting." Both sides of the aisle are united in their support for NATO, and the U.S./Danish relationship. The delegation is made up largely of Democratic legislators, but includes Republican Senators Thom Tillis (left) and Lisa Murkowski (right). The Greenlandic flag flew at the main staircase in the Danish Parliament building, Christiansborg, central Copenhagen, to mark the occasion. COPENHAGEN SEEK AFTER WHITE HOUSES MEETING The visit to Congress follows a high-stakes White House meeting on Wednesday where Danish Foreign minister Lars Lokke Rasmussen, and Greenlandic foreign minister Vivian Motzfeldt were able to meet Secretary of State Marco Rubio as well as Vice President JDVance. After the meeting, Danish officials stated that they had not been able to influence the U.S. government's position regarding Greenland. Rasmussen, Motzfeldt and other Danish and Greenlandic officials met with U.S. legislators in Washington to garner congressional support as Denmark and Greenland sought to resolve an unprecedented diplomatic crisis. Rasmussen, in an Instagram post late Thursday night, said that "(we are) prepared for cooperation in security in the Arctic. But it must?happen in respect of our territorial integrity and international law as well as the UN Charter." Trump floated the idea to acquire Greenland during his first term in 2019. However, he faces opposition from Washington, including within his own party. BIPARTISAN OPPOSITION GREENLAND SECURITY Both Trump's Republican Party and the opposition Democrats said they would support legislation to limit Trump's power to seize Greenland. This is despite an ongoing battle over war powers that Congress has under the Constitution. Also, a House bill supporting the annexation of Greenland was introduced. A /Ipsos survey found that only 17% of Americans approved of President Donald Trump’s efforts to acquire Greenland. And large majorities of Democrats, Republicans, and Independents oppose the use of military force to annexe the island. Trump has called this poll "fake".
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Bild reports that Germany will offer up to $7,000 in electric vehicle subsidies.
The German government will provide subsidies up to $7,000 for families with low and medium incomes to purchase new electric vehicles, according to a report in the 'Bild' newspaper on Friday. Berlin is hoping to boost sluggish sales within one of its key industries. German automakers are struggling to transition to electric cars, as demand is lower than expected. Bild, citing the Environment Ministry, reported that the government plans to provide new subsidies between 1,500 euros and 6,000 euro ($1,700-$7,000). Bild did not mention any requirements for local production to qualify for the subsidy. The report said that applications can be submitted retroactively from January 1 for new registrations. It also added that the website for application submissions is expected to launch in May. Bild cites Environment Minister Carsten Schneider as saying: "The funds will be enough to purchase 800,000 cars over the next 3-4 years." The Environment Ministry refused to comment on the "Bild Report". Schneider was scheduled to hold a press briefing on Friday morning in order to explain the details of his plans. The announcement was postponed by his ministry until Monday without any explanation. According to official statistics, Volkswagen's name-brand, Czech brand Skoda, and Spain's Seat accounted for the majority of battery-electric passenger vehicle sales in Germany last year. The German Chancellor Friedrich Merz's coalition government in principle approved the new subsidies last year, and has set aside a total of 3 billion euros for EV subsidies between 2026 and 2029. According to the VDA, the auto industry association that has 'called for a timely release of subsidies,' these measures should boost EV -registrations by 17% this year, compared to last year, to almost one million. Ferdinand Dudenhoeffer (head of the CAR Research Institute) was asked about the subsidy program. He pointed out that data showed the market share for electric cars has been steadily growing, due mainly to the more attractive prices. Dudenhoeffer stated that subsidies are not economically logical and place a strain on the budget. Holger Hansen reported, Rachel More contributed additional reporting, Thomas Seythal wrote, and Jane Merriman edited.
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EUROPE GAS - Prices rise on colder weather and weaker winds
Dutch and British wholesale gasoline prices rose Friday morning due to colder weather forecasts, and a weaker wind output. The benchmark 'Dutch front month contract at TTF hub increased by 1.16 euros to 34.97 Euros per Megawatt Hour (MWh) as of 0925 GMST, according to LSEG data. LSEG data shows that the contract reached a high intraday of 35.17 during earlier trading, its highest level since August 1, last year. The Dutch March price was 0.69 euros higher, at 33.42 Euros/MWh. The UK price for February was 3.67 pence more expensive? at 91.17 pennies per therm. This week, prices have risen due to colder weather forecasts and falling?storage levels. There are also concerns about the supply of liquefied gas (LNG). The temperatures are expected to drop in North-West Europe until the end the month. Wind power production is expected to be lower, increasing the demand for gas. Gas Infrastructure Europe's data shows that European gas storage levels are at 52%, as opposed to a five-year median of 67%. The cold snap, as well as lower LNG supplies, have led to higher withdrawals than normal. Prices have also been driven higher by the purchases of investment funds with short positions. Analysts at ING warned that the market could see a rally to cover short positions, due to the large short position funds had in TTF during the winter. The investment funds' net shortfall in TTF has already been reduced from 92.76?terawatt-hours (TWh), in mid-December, to 55.14?TWh at present. LSEG data show that the day-ahead Dutch contract closed Thursday above the 200-day'moving average' for the first since last?winter. This indicates a bullish trend in this week. Dzmitry Dzmitry, LSEG's gas analyst, says that the Relative Strength Index is at 72 and the Average Directional Index near 20. This indicates a moderate trend, as well as the possibility of a price correction on a short term basis. The benchmark contract on the European carbon markets was 0.82 euros higher, at 93.06 euro per metric ton. Nina Chestney reports.
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Energy Minister: Ukraine has enough fuel to last more than 20 days.
Denys Schmyhal, Ukraine's Energy Minister, told the parliamentary on Friday that the country has enough fuel to last more than 20 days. He described the 'energy situation' in the nation as very challenging following a number of Russian missile and drone attacks on the power infrastructure. Shmyhal who was appointed earlier this week said that the worst situation is still in Kyiv's capital, in the regions of Dnipropetrovsk and Kharkiv, as well as in towns close to the frontline where thousands have been living without heat and electricity for days in temperatures below zero. Winter preparations have failed in some cities and regions. "I've noticed that many things have stalled in the last two days of my office," he said. "There's not a single nuclear power plant in Ukraine left that the enemy hasn't attacked." Volodymyr Zelenskiy, the president of Ukraine, announced on Wednesday that he will declare a?state of emergency in energy to make up for lost time and deal with issues relating to disrupted electricity supplies after sustained?Russian attack. Shmyhal who served previously as a prime minister and a defence minister ordered the importation of emergency electricity. He stated that Ukraine must install between 2.2 and 2.7 GW by 2026 in order to meet its electricity consumption. (Reporting and editing by Daniel Flynn; Aleksandar Vasovic)
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Gold prices fall as US data and easing geopolitical tensions dampen momentum
Gold prices ticked lower on ?Friday, extending losses from the previous session, as stronger-than-expected U.S. economic data ?and ?easing geopolitical tensions in Iran hampered bullion's bullish momentum. Gold spot prices fell 0.3% at $4,603,02 per ounce as of 0918 GMT. The metal is expected to gain 2% in a week after reaching a record high of $4,642.72 Wednesday. U.S. Gold futures for delivery in February edged down 0.4% to $4,606.70. Carsten Menke, Julius Baer analyst, said: "There used to be a lot of momentum in the gold market. It seems that it has waned a bit at the moment ....the recent economic news flow out of the U.S. is creating more headwinds than tailwinds, and this can be seen?in the slightly stronger U.S. Dollar." The U.S. Dollar hovered at a six-week peak on Thursday, boosted by positive economic data showing that initial jobless claims fell 9,000 to 198,000 seasonally adjusted last week. This was below the economists' expectations of 215,000. The greenback price of bullion is more expensive to overseas buyers due to the stronger dollar. Geopolitically, Iranians contacted by the media on Wednesday and Friday said that protests had abated since Monday. Gold is a safe-haven during periods of economic and geopolitical uncertainty. Gold demand in India was muted this week, as prices reached record highs, reducing the appeal of retail purchases. In China, bullion trades at a premium as demand remains steady ahead of the Lunar New Year. Spot silver fell 1.1%, to $91.33 an ounce. However, it was on track for a weekly increase of more than 14%. It had hit a record high of $93.57 the previous session. "The silver price seemed to be 'determined to reach $100 per ounce before moving down again ....speculative traders are keeping an eye out on that level, even though it wouldn't be sustainable over the medium- to long-term," Menke added. Spot platinum fell 2.7% to $2345.78 an ounce and was expected to gain over 3.1% this week. Palladium fell 2.6%, to $1,755.04 an ounce. It had hit a low of more than a week earlier. The metal was heading for a loss of around 3.3% per week.
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Iron ore prices fall as high prices discourage buyers
Iron ore futures fell on Friday, as high prices and thin margins?deterred buyers in China, the largest consumer. The Dalian iron 'ore contract reported a weekly decrease for the first time in two weeks. The May contract for iron ore on China's Dalian Commodity Exchange closed daytime trading 0.49% lower, at 812 Yuan ($116.55). As of 0800 GMT, the benchmark iron ore contract for February on Singapore Exchange was down 0.57% at $106.3 per ton. The Singapore contract has fallen by 1.8% in the last week while the Dalian contract is down 0.3%. INTENSE INSTALMENTS AT CHINA'S PRIMARY PORTS Mysteel's data from January 15 showed that the total stocks of iron ore imported into China's main ports rose?for an eighth consecutive week? to a new record high of 165.6 millions tons. Steel mill stocks dropped 2.1% and portside iron ore transaction volumes fell 20.3% in the same time period. High prices and thin margins caused steel mills to be reluctant to purchase more ore. In December, iron ore exports to China reached a record level. The shipments are expected to increase in 2026. Chinese broker Galaxy Futures stated that iron ore prices will?move lower over the medium-term as domestic steel demand declines. Investors' appetite for risk will likely increase as China's Central Bank announced it would lower interest rates and other structural monetary policy tools. The bank said that there is still room for rate cuts this year. Coking coal and coke both fell by 1.47% and 1.52 %, respectively, as other steelmaking components on the?DCE declined. The Shanghai Futures Exchange steel benchmarks mostly rose. Rebar gained 0.06%, hot-rolled coil gained 0.33%, and wire rod increased 0.69%. While stainless steel fell by 0.38%.
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Worthington Steel buys Kloeckner & Co for $2.4 billion
Worthington Steel is planning to purchase Germany's Kloeckner and?Co. The deal values the metals trading company at $2.4 billion. Kloeckner & Co., with over 100 locations in North America and Europe, provides a wide range of products, including?carbon flat-roll?steel, electrical steel and aluminum. Swoctem is the largest shareholder of Kloeckner & Co. and has agreed to offer?its 41,53 % stake in the offer. This will be subject to a minimum acceptance threshold of 65%??of all outstanding???shares. Kloeckner & Co's shares rose by 25% in the pre-market. Worthington stated that the all-cash transaction will be conducted via a voluntary bid offer in Germany. It is expected to close in the second half. The combined revenue is expected to be around $9.5 billion after the acquisition. This makes it 'the second largest steel service center company in North America. Kloeckner stated in December that it had been 'in talks' with Worthington Steel about a possible takeover. The shares of Worthington increased by over 3% during extended trading. (Reporting from Nathan Gomes, Bengaluru. Additional reporting by Christoph Steitz. Editing by Alan Barona and Anil D'Silva.
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US lawmakers arrive at Copenhagen to counter Trump’s Greenland threat
Bipartisan U.S. legislators will meet the leaders of Denmark and Greenland this Friday to assure them of the support of Congress despite the threats of?President Donald Trump to seize the Arctic Island. Trump has stated that Greenland's strategic location and its large mineral supply are vital to U.S. national security. He has also not ruled out using force to seize the island. The European nations sent a small number of military personnel this week to the island on Denmark's request. According to the office of?Frederiksen, an 11-member U.S. delegaion led by Democratic Senator Chris Coons is set to meet with Danish Premier Mette Frederiksen, and her Greenlandic equivalent Jens-Frederik Nielsen. Coons said in a recent press release that "at a time when international instability is increasing, we must draw closer to our friends, not drive them from us." He added that the delegation will send a "clear message" about Congress' commitment to NATO. The delegation is made up primarily of Democratic legislators, but includes Republican Senators Lisa Murkowski and?Thom Tillis. COPENHAGEN'S VISIT FOLLOWS A WHITE HOUS?E?MEETING On Wednesday, the congressional visit followed a high-stakes?meeting in which Danish Foreign Minister Lars Lokke Rasmussen met with Greenlandic Foreign minister Vivian Motzfeldt and Secretary of State Marco Rubio. After the meeting, Danish officials stated that they had not been able to influence the U.S. government's position regarding Greenland. Rasmussen, Motzfeldt and other Danish officials met with U.S. legislators in Washington to garner congressional support as Denmark?and Greenland sought to resolve an unprecedented diplomatic crisis. Rasmussen posted on Instagram on Thursday night that "(we are) prepared for cooperation in security in the Arctic, but it must happen with respect?for our territorial integrity, international law and UN Charter." Trump floated the idea to acquire Greenland during his first term in 2019, but he faces opposition at Washington, even from his own party. BIPARTISAN OPPOSITION - TO GREENLAND SECURITY Lawmakers from Trump's Republican Party and opposition Democrats said they would support legislation to rein Trump's power to seize Greenland amid a continuing fight over war rights, which Congress grants. A bill to annex Greenland was also introduced in the House. A /Ipsos survey found that only 17% of Americans support President Donald Trump in his efforts to acquire Greenland. Majorities of Democrats, Republicans, and Independents oppose the use of military force to annex Greenland. Trump has called this poll "fake."
As the market assesses supply risks, oil prices are rising.
The oil prices increased slightly on Friday, as participants in the market weighed supply risks. However, the likelihood of an?U.S. The likelihood of a U.S. strike against Iran has decreased.
Brent rose 5 cents or 0.1% to $63.81 per barrel, while U.S. West Texas Intermediate climbed 8 cents or?0.1% to $59.27 per barrel at 0749 GMT.
Brent and WTI both reached multi-month highs in this week, after protests erupted in Iran and U.S. president Donald Trump hinted at the possibility of strikes against the country. Brent prices are still on track for a fourth consecutive week of gains.
BMI analysts wrote in a client note that "given the potential political turmoil?in Iran", oil prices will likely experience greater volatility, as markets digest potential supply disruptions.
Trump stated late on Thursday that the crackdown by Iran on protesters is easing, reducing fears of military action which could disrupt oil supply.
In a note to clients, IG analysts stated that while (Iranian Supply) Risks have eased a bit, they are still significant and keep the?market anxious in the short-term.
They added that "any escalation with Iran would also raise concerns about a potential disruption of oil flows through Strait of Hormuz - a chokepoint at which around 20m barrels per day pass."
Analysts remain pessimistic about the prospect of a longer supply in this year, despite expectations from OPEC for a more balanced market.
"Sentiment drives markets, but headlines are always short-lived. Especially when fundamentals appear to be comfortable at the back of the line," Priyanka sahdeva, senior market analyst for Phillip Nova.
Oil looks range-bound with Brent hovering around $57 to $67.
OPEC announced on Wednesday that oil supply and demand will remain in balance in 2026. In 2027,?demand? will rise at a pace similar to the growth rate for?this?year.
Market participants expect near-term price changes to be influenced by geopolitical factors and macroeconomics.
The situation in Iran, and China's data dump, will likely drive the oil market in the short term, according to OANDA Senior Market Analyst Kelvin Wong. He added that WTI crude prices are expected to remain in a range of $55,75-$63.00 per barrel. Helen Clark, Trixie Yap and Tom Hogue edited this article.
(source: Reuters)