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Alberta's separatists are hit with a legal setback before Carney's visit
Alberta separatists have suffered their first major defeat in their campaign to hold a referendum about seceding. A provincial court ruled in favour of the First Nations' bid to stop the referendum petition this week. The ruling further complicates the uphill battle for an independent Alberta, that separatists had hoped would be put to voters in an October referendum. The reactions of separatist leaders, as well as Danielle Smith, the conservative premier of Alberta, show that this campaign will be a challenge for Mark Carney. He hopes to have a united Canadian face in his fight against U.S. Tariffs and diplomatic tensions. Carney will be tested on the finessing issue again on Friday when he travels to Alberta to finalize a part of an energy agreement with Smith. Adrienne Davidson is a professor of political science at McMaster University, Ontario. She said that Carney could face danger if he tries to dismiss sovereignty and enters the Alberta conversation. It could be perceived as Ottawa trying to run things and it could backfire on him. LONG-RUNNING RESENTMENT IN OTTAWA Separatists in Alberta have tried to capitalize on a long-standing resentment against successive Liberal governments at Ottawa who, they claim, have undermined Alberta's oil and natural gas industry through onerous environmental regulations. However, polling consistently shows that only one-third or less of Alberta voters support separation. Justice Shaina Leonard decided on Wednesday that it was wrong for the chief electoral officer of the province to allow separatists collect signatures calling for a referendum. The process, she said, should have triggered consultations with Indigenous peoples, whose rights could be violated if Alberta separated from Canada. Leonard stated that "Alberta's independence would fundamentally violate" the land agreements Indigenous Peoples signed with Canada. Smith, who last year pushed for several legislative changes that made it easier for separatists trigger a referendum, said that the court's decision was "incorrect under law." Smith has not publicly supported independence, but certain factions of her movement support her leadership. She stated that her government will appeal against Leonard's decision and that her caucus will meet to "discuss?the full?context and make some decisions once we've been able to talk through it." Stay Free Alberta, a separatist group, said earlier this month that it had delivered to Elections Alberta a petition with more than 300.000 signatures. The petition has yet to be verified, but will be enough to trigger an election. Smith reduced the required number of signatures by half. MASSIVE DATA BREACH Separatists have also faced a data breach in the last few weeks, as well as a backlash from meetings with Donald Trump's U.S. administration. Elections Alberta announced that it was investigating the unauthorized usage of a voter list by the Centurion project, a separatist organization which received a database containing personal information about hundreds of voters. This database was legally given to the Republican Party of Alberta - another separatist group. The Centurion Project and the Republican Party of Alberta have both denied any wrongdoing. In February, the U.S. State Department announced that meetings at staff level were held with separatists from Alberta. Leonard's decision this week, while the department said that there would be no further meetings, noted the significant risk of foreign involvement in the matter. Grace Skogstad is a professor of political science at the University of Toronto. She said that the Alberta data breach, and the claims of foreign intervention, were "a bad look", and could hurt the separatist cause. She said that people would not like the fact that the voter list was mishandled. The land belongs to us McMaster University's Davidson said that while Alberta plans to appeal the?decision of Wednesday to a higher tribunal, the First Nations argument against the referendum could legally block separation. She said that the treaties in question predate Alberta's creation as a province. First Nations have made it clear that their treaties with Canada and not the provinces are what they signed. Chief Allan Adam, of the Athabasca Chipewyan First Nation said: "Our treaties have been incorporated into the Constitution and we will always be recognized as First Nations." "The land is ours." Jeff Rath, the spokesman of Stay?Free Alberta said that no matter what the court says about the merits of the petition, Alberta Premier Rachel Notley should place separation on the ballot, because "301.620 members of Danielle’s base expects her to ask the question." Carney, a native of Edmonton who spent a large part of his childhood there, said on Thursday that he is working to make Alberta, and Canada, stronger. "As someone raised in Alberta, I... "I view that Canada is the best place for Alberta." Reporting by Maria Cheng, Additional reporting by Ryan Patrick Jones and Amanda Stephenson in Toronto and Ottawa; Editing and editing by Caroline Stauffer & Edmund Klamann
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Governor of Ryazan says that Ukrainian drones killed four people in the Russian city.
The regional governor said that Ukrainian drones killed four people on Friday in Ryazan, a city located in central Russia. They also damaged high-rise apartment buildings and struck an unidentified industrial enterprise. Robert Brovdi said that the commander of Ukraine’s drone forces had separately stated that Ukrainian drones have struck a large refinery in Ryazan, which has been repeatedly hit, with the latest confirmed strike taking place last December. Kyiv has intensified drone?attacks against targets deep within Russia. Both sides are trying to destroy each other's infrastructure after more than four years in a?war. Pavel Malkov, governor of the Ryazan Region, stated that 99 Ukrainian drones were involved in the "overnight attack", and that two highrise apartment buildings had been damaged. He also said debris from the falling drones had landed on an industrial site which he refused to identify. He said that 12 people were injured and seven were in hospital. Malkov stated that the aftermath of the attack was being dealt with and he promised financial help to those who had lost or been injured relatives. Ukraine has not yet commented on Malkov's comments. The Ryazan area is located southeast of Moscow. The?Ukrainian frontier is only 220 miles away (354 km) from its most southern border. Mash, an unofficial Telegram website, showed images of smoke rising out of a highrise building. It also said that?one entry to the building was blocked preventing residents from leaving. Some unofficial sites displayed several burning apartments. The Russian invasion of Ukraine in 2022 was followed by a 'heavy attack' on Ukraine, in which Ukrainian officials reported that 24 people, including 3 children, died in an attack on a Kyiv apartment building. (Reporting and Writing by Lucy Papachristou, Ronald Popeski and Timothy Heritage; Editing and Production by Andrew Osborn & Timothy Heritage).
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Energy Minister says that Serbia will submit its final proposal to Hungary on NIS.
Serbia's energy minister said that it will present its final proposal to MOL on Friday regarding the Hungarian company's bid for NIS to be acquired by MOL, the operator of the Balkan nation’s only refinery. Gazprom and?Neft, two Russian companies, agreed in January to sell their 56% stake in NIS majority to MOL after the U.S. demanded that Russian shares be divested due to sanctions imposed by the U.S. over Moscow's involvement in the war in Ukraine. Washington has given MOL and the Russian companies until May 22 for the sale to be completed. This will require the Serbian government's consent due to its 29.9% stake of NIS. MOL and the?government have been in discussions about increasing Serbia's share by 5%. These discussions are distinct from MOL's talks with Gazprom, Gazprom Neft and Gazprom. The Serbian Tanjug News Agency quoted Energy Minister Dubravka Djedovic as saying: "We had intensive talks with representatives of MOL yesterday and before yesterday. We agreed on certain issues." "There are still a few issues that need to be resolved, but the future operation and maintenance of the refinery is our most important concern." She said that the government would give MOL its final position regarding NIS by the end of the day on Friday. The board at MOL will then take a decision about the proposal on Monday. She didn't give any further details about what the proposal would include. Djedovic Handanovic, who spoke earlier this week, said that Serbia wasn't satisfied with MOL's proposal during the discussions. A MOL spokesman responded to a request for comment from?ajungizeug vorbit?sprach sprach????sprach?sprach? A MOL spokesperson responded to a? In October, the U.S. sanctioned?NIS due to its Russian ownership. This was part of broader measures that targeted Moscow's energy industry. NIS has, however, secured a number of waivers with OFAC.
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Why India's Tata sons faces pressure to list
Tata Sons is the holding company for 31 group companies, including TCS and Tata Motors. The discussion about going public will likely come up on Saturday at a meeting of two trusts who are major shareholders. Tata Sons was not listed until now. Tata Sons is under pressure from its 'internal stakeholders', which includes the second-largest shareholder,?Shapoorji Paloonji Group (SP). Reserve Bank of India rules?may? also?require them to list, unless they are able to secure an exemption. What is the structure of TATA Group? Tata Sons, the 108-year-old salt-to steel conglomerate, is unique in its structure. A group of philanthropic organizations collectively known as Tata Trusts owns 66%. The SP Group, a construction and infrastructure conglomerate with a lot of debt, holds 18.4%. Tata Trusts consists of 13 entities. Seven of these directly own shares in Tata Sons. Six trustees are drawn from each of these entities to form the board of Tata Trusts. Noel Tata is a scion from the founding family and the current chairman of Tata Trusts. He is also a director of Tata Sons. Who wants TATA Sons to be listed? There are many pressures to list. In media interviews, at least two Tata trustees, Venu Srinivasan, and Vijay Singh, have supported the listing. They said that expansion, particularly into new areas such as semiconductors, will require large capital which cannot be generated within the company. The SP Group is seeking a listing to be able to monetise its holdings, which are not transferable under the current structure. The SP Group is not represented in the board of trustees. The main pressure comes from the RBI's rules, which require large non-bank lending institutions with assets above certain thresholds and/or public funds to list. What are the RBI rules and why? Do they apply to TATA Sons? Tata Sons, as the holding company for a variety of businesses, is classified by the RBI as a core investing company. According to revised rules released last month, companies with assets greater than 1 trillion rupees (10.45 billion dollars) or those who have direct or indirect access public funds must list. Tata Sons assets alone stood at 1,75 trillion rupees as of March 2025. The RBI has the discretion to decide which companies can be exempted from listing. HAS RBI CLARIFIED IT STANCE? The RBI has not made a public statement about the new rules, despite the fact that analysts and legal experts claim they make it more difficult for?Tata Sons Ltd. to remain private. Tata Sons' request for an exemption is currently being reviewed. The company has tried to reduce borrowings as a way to avoid listing. However, it is not clear if this will be enough. Who is opposing the listing? Noel Tata did not make any public comments but he has publicly opposed the conversion of Tata Sons to a listed company. Reports in the media claim that Noel Tata and other trustees "unanimously" opposed listing last fall and asked Tata Sons chairman to speak with RBI. What will happen at the Saturday Board Meeting? The boards of Sir Dorabji Tata Trust and Sir Ratan Tata Trust, which together own over 50% of Tata Sons will meet on Saturday. Discussion of the RBI rules, and their impact on a possible listing is a central item. Other items include the Tata Trusts increasing its representation on the Tata Sons Board, the reappointment and review of Tata Sons performance. Street is closely watching the?board, the first meeting since the RBI rules were rewritten, to see how the differences between the trustees on the list of Tata Sons will play out. According to the Trusts governance norms resolutions pass if majority of trustees votes in favor. If a majority vote of the trustees supports the proposal to list Tata Sons then the company must initiate the listing.
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ASIA GOLD - India discounts reach record highs on the import duty hike, while China premiums remain firm
This week, gold discounts in India reached a new record as a sharp increase in import duties slowed demand and triggered investor sales. Meanwhile, Chinese premiums remained firm due to investment demand. Dealers in India quoted discounts This week, you can save up to $207 per ounce on official domestic prices, including 15% import duties and 3% sales taxes. A jeweller in Hyderabad said that the'sudden rise in price' prompted investors and jewellers to sell while retail buyers and jewellers stayed out of it. India increased import duties on gold and Silver to 15% this week from 6%. India, the world's second largest consumer of gold, also tightened its rules on duty-free imports of gold for jewellery exports. Imports are limited to 100?kilograms. On Friday, gold prices in India traded at around 160,500 rupees for 10 grams, up from 164,497 earlier in the week. This was the highest price in over two months. A Mumbai-based gold dealer said that the discounts on gold have risen to an unusually high level as demand has virtually disappeared and scrap supply has increased. "China's stronger demand will likely counter India’s weaker demand following the policy changes of India," ANZ stated in a report. Bullion was traded at a premium in China, the world's largest consumer. The premium of $15 to 20 per ounce is in line with the $14 to $20 that was seen last week. Bernard Sin, Regional?Director of Greater China at MKS PAMP, stated that premiums were stable this week, due to the resilient investment demand, and aggressive industrial purchasing. Import restrictions are still a major constraint. However, a gradual easing is expected. Solar and electronics firms are particularly aggressive in their industrial stockpiling, which is exacerbated by the elimination of VAT (value added tax) export rebates," said he. The spot gold price has fallen 2.8% in the last week as rising energy prices fueled inflation fears and reinforced expectations for higher interest rates. In Hong Kong, gold In Japan, the premiums are $2. Gold was sold for $0.50 off. In Singapore Gold was sold with premiums ranging from $1 to $3.30.
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INDIA BONDS - India bonds fall ahead of the auction due to fuel price hike and US debt crisis
Indian government bonds fell on Friday in the early trade, as domestic fuel prices?hiked inflation fears and U.S. Treasury Yields were at one-year-highs, reducing the appeal of emerging market?debt. This dampened demand before a 'fresh debt supply. By 11:30 am IST on Friday, the yield on the benchmark 2035 bond of 6.48% had risen to 7.0591% compared to 7.0203% Thursday. Bond yields are inversely related to bond prices. Delhi-based retailers announced on Friday that India had raised petrol and diesel by more than 3% or 3 rupees per litre for the first time since 2004. This was to make up some of the losses caused?by higher crude oil prices around the world. Since the start of the "war", crude prices have risen by about 50%. Benchmark Brent crude futures last rose 1.23% to $107.04 per barrel. Trump said he had lost patience with Iran, but there was no relief in the geopolitical arena. Despite Tehran's claim that 30 ships had passed through the Strait of Hormuz, there was still concern about ship attacks and seizure. India imports 90% of its crude oil needs. High oil prices could cause inflation, pressure on the rupee, and a widening of the current account deficit. Barclays economists wrote in a recent note that the fuel price increase today will add 8 bps in addition to the 6-bp rise from the gold import duty hike. India's wholesale prices?index spiked from 3.9% to 8.3% in March. This is much higher than the market expectations of 5% plus, which traders are concerned could lead to consumer inflation. The 10-year Treasury yield has also been impacted by inflation concerns, as it is now at its highest level in a year. New Delhi is set to raise 320 Billion Rupees via a bond issue. India's overnight swap rates increased 7-10 basis points as fuel price hikes changed inflation expectations and central bank policy expectations. The swap rate for the one-year period was 6.1575%. For the two-year, it was 6.3850%. And the five-year, 6.71%. $1 = 95.7625 Indian Rupees (Reporting and editing by Eileen Soreng, Janane Venkatraman).
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The equity party is ruined by the morning bid in Europe-yield surge
Stella Qiu gives us a look at what the future holds for European and global markets. Investors in stocks are finally waking up. Since weeks, the bond market has sounded an alarm - "runaway inflation" means that rate hikes are back on the table. The AI-fueled rally is running out of steam. Wall Street may be at new highs thanks to a 4% rise in Nvidia after CEO Jensen Huang accompanied Trump to Beijing. But it's a sea red in Asia. Nikkei, the Japanese stock market index, fell more than 1% following the biggest producer price jump in three years. This boosted bets that Bank of Japan would hike rates in June. South Korea's KOSPI fell over 3%. Europe faces a drop of around 1% at the opening. The Strait of?Hormuz is looming large over all of this. Iran claims that 30 ships have made it through the Strait of Hormuz, but this is still a trickle in comparison to normal pre-war traffic. Trump is showing signs of impatience after his talks with Beijing. There are increasing concerns that the Strait will remain choked past June, draining the global reserves and causing a full-blown oil crisis. Bond markets are already bracing for smart money. The soft U.S. Treasury Auctions this week are the "warning shot", highlighting fading investors' appetite as inflation rises. For the first time in 2007, the latest 30-year sale was cleared at 5%. Yields reached 5.061%, a 10-month-high on Friday. Even the front end isn't secure, with the two-year pushing to 4,055%, an one-year high. The Federal Reserve's policy is being re-pricing rapidly as oil prices continue to rise and consumers are still spending. Even under Trump's choice to lead the Fed, Kevin Warsh, the odds of another rate hike this year more than doubled to 45% in just a week. Investors might not want to dial it back too much as they head into the weekend. The following are key developments that may influence the markets on Friday. Trump to conclude his State visit to China
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could have an impact on markets or individual stocks in?France and Benelux. AMG Critical Materials: AMG Critical Materials, a producer of energy storage materials, announced that it would acquire the remaining 71% Zinnwald Lithium, for 56 million dollars. The acquisition will be funded by 50% cash and 50% new AMG shares. Deal closing is expected in Q3. LVMH: French group LVMH LVMH.PA agreed to sell fashion brand Marc Jacobs?to a joint venture consisting of brand?manager WHP Global, and apparel company GIII 'Apparel Group GIII.O. The companies are raising up to 850 million dollars to fund this deal. STELLANTIS Stellantis STLAM.MI said on Friday that it had signed a deal worth about 1 billion euros ($1.17 billion), with Chinese?state owned Dongfeng 0489.SG, to produce Peugeot and Jeep cars in China. Pan-European market data: European ?Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX ?index...................................... Top ?10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 ?European pct gainers....................... Top 25 European ?pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. Paris ?items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a nutshell: Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
Global stocks drop as bond rates jump due to inflation fears
Global shares fell on Friday, as fears of inflation overtook investor euphoria about tech stocks. Bond yields rose and expectations for interest rate hikes in 2019 increased.
MSCI's world stock index fell by 0.35%. Europe's STOXX600 dropped 1.36% after?rising the previous two sessions.
Nasdaq and S&P futures both fell by 1.53%, while the Nasdaq index futures dropped by 1.09%. Wall Street had hit new highs after a 4% rise in AI darling Nvidia.
MSCI's broadest Asia-Pacific share index outside Japan dropped 2.57%. Japan's Nikkei fell 1.99% following data showing wholesale inflation increased to 4.9% in the month of April, marking the highest pace in the last three years. This kept the Bank of Japan in line to raise interest rates. In the past few days, "it has been a relentless rally." "I think that this rally has reached a point of exhaustion," said Tim Graf. He is the managing director and head macro strategy at State Street Markets. He added, however, that the equities market remains supported.
He said: "I think that if there is anything enough to create a retreat, it's what is happening on the rate markets. And it's the prospect of inflation remaining above target. They'll probably have to tighten up."
The price of oil rose as the uncertainty surrounding a Middle East Peace Deal and the reopening of "the Strait of Hormuz" remained in focus. Brent crude futures rose by 3.47%, to $109.39 per barrel. This is on track for an 8.7% weekly increase.
Attention has also been focused on Beijing, where U.S. president Donald Trump concluded a state trip. Trump stated that after meeting Chinese President Xi Jinping they both agreed Iran should not have a nuclear weapon. They also agreed to reopening the Strait of Hormuz.
"President Trump is currently in China and it's a nice break from the Iran war anxiety. Padhraic garvey, regional director of research for the Americas, ING, said: "But that's what we're going back to."
"The main issue remains delivered inflation. This is troubling for the Treasury market." We continue to maintain our view that yields will be tested on the upside in the coming weeks.
The global bond market was under pressure Friday as rising inflation risks, fueled by higher oil costs, increased the pressure. The yields on the German 10-year bond, which is the benchmark for the Eurozone, rose last week by around 6 basis points, to 3.1065%. Meanwhile, Japanese yields reached record highs. The yields on U.S. 2-year notes US2YT=RR increased?7.5 basis points to 4.0666% and the yields on 10-year notes US10YT=RR went up 8.5 basis points to 4.5438%. Demand for U.S. Treasuries was also affected by inflation concerns, as a series of weak auctions in this week highlighted the fragility of the market.
The lack of progress on the Gulf supported the dollar's 1.3% weekly increase - the highest in two months.
The strength of the dollar pushed the yen down to a 'weaker' side of 158 yen per dollar, and traders were on alert for any further Tokyo intervention.
The pound fell to $1.3351 (a low for about a month), after falling 0.9% the previous session, following the resignation by Wes Streeting as health minister, deepening Britain’s political crisis. Reporting by Sophie Kiderlin from London and Stella Qiu from Sydney. Sam Holmes and Mark Potter edited the article.
(source: Reuters)