Latest News
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Russian nuclear chief: the situation at Ukraine's Zaporizhzhia Nuclear Plant has reached a 'point without return'
According to the Rosatom head, the situation surrounding the Zaporizhzhia nuclear power plant in Ukraine has reached a "point of no return" because of the increased attacks by Ukrainian forces in the area. The Russian-installed managers at the nuclear facility, Europe's biggest with six reactors said Ukrainian forces attacked the facility for a third day in a row. Alexei Likhachev of Rosatom was quoted by Russian media as saying: "We're getting closer and closer towards the point of no return. And all of Europe needs to now exert efforts to de-escalate" the situation surrounding the Zaporizhzhia Nuclear Power Plant. "This is playing around with fire, and it's dangerous in the first instance for Eastern European countries." Likhachev stated that around 2,600 metric tonnes of nuclear fuel was at the plant. The plant does not generate electricity but it must continue to operate in order to keep the nuclear fuel cool. In a post to?Telegram the management of the plant said that the drone attack did not cause any injuries or damage at the plant. The plant?continued operating normally. In a statement, it was stated that permanent monitors from the U.N. Nuclear watchdog - 'International Atomic Energy Agency' - had seen damage caused by an incident which occurred on Sunday. In the weeks following 'the Kremlin invasion of Ukraine in February 2022,' Russian forces seized the Zaporizhzhia nuclear plant. Both sides have'regularly' accused each other of military activities that could compromise nuclear safety. (Reporting and Writing by Lucy Papachristou, Editing by Alex Richardson Rod Nickel Ron Popeski
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Trump says that he has paused his attack on Iran while negotiations continue
Donald Trump, the U.S. president, said on Monday that he had paused a 'planned attack against Iran' to allow negotiations to take place?on a pact to end the U.S. -Israeli conflict after Iran sent a rewritten peace proposal to Washington. Trump stated that he has instructed the U.S. Military that "we WILL NOT be attacking Iran tomorrow. However, we have also instructed them to be ready to launch a full-scale assault on Iran at a moments notice in the event of an unacceptable Deal not being reached." Trump has expressed his hope for an agreement that would end the war and reopen the Strait of Hormuz, but it never materialized. He said in his post that the leaders of Qatar and Saudi Arabia, as well as the United Arab Emirates, had asked him to delay the attack, because "a deal will be reached, which will be acceptable to all countries of the Middle East and beyond, including the United States of America." Trump's tweet came after Esmaeil Baghaei, the spokesperson for Iran's Foreign Ministry, confirmed that Tehran's views were "conveyed" to the American side via Pakistan but did not provide any details. Pakistani sources confirmed that Islamabad has shared the latest proposal between Washington and Islamabad. Islamabad is the country which has "conveyed messages" between warring parties in the Middle East ever since it hosted the first round of peace talks. The source said that progress was difficult. The Pakistani source added: "We haven't much time." The proposal is described as being similar to the previous offer According to a senior Iranian official, the Iranian proposal was similar in many ways to Iran's prior offer that Trump rejected as "garbage" last week. The first priority would be to end the war and reopen the Strait of Hormuz, which Iran effectively blocked as a major oil supply route. Sources said that contentious issues relating to Iran's nuclear program and uranium-enrichment will be deferred until later rounds of negotiations. In an apparent softening in Washington's position, the senior Iranian sources said that 'the United States has agreed to release a quart of Iran's frozen money - totaling tens and tens billions of dollars in foreign banks'. Iran wants to see all assets released. The Iranian source said that Washington has also shown greater flexibility by agreeing to allow Iran to continue peaceful nuclear activities under the supervision of IAEA. The U.S. did not confirm that it had agreed to anything during the talks. Iran's Tasnim News Agency quoted a separate unidentified source saying that the U.S. agreed to waive oil sanctions against Iran while negotiations are underway. Iranian officials have not commented on the Tasnim report. A U.S. official who refused to be identified said that it was false. After six weeks of conflict, a fragile 'ceasefire' has been reached following U.S. and Israeli airstrikes against Iran. However, drones were launched from Iraq towards Gulf countries including Saudi Arabia and Kuwait by Iran and its allied forces. Pakistan's Foreign Ministry released a statement Monday condemning the drone attack that took place on Sunday. Saudi Arabia claimed to have intercepted three drones which entered Iraqi airspace.
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Bayer pays $133 million to clean up PCBs in two states
Monsanto, a unit of Bayer, said on Monday that it would pay Michigan and Rhode Island at least $133,000,000 to settle their claims claiming the company had contaminated natural resources in the two states with toxic chemicals known to cause harmful health effects. Bayer has settled with other states in the US, and is now paying Michigan $108 million for the cleanup of chemicals called polychlorinated bisphenyls. This is the latest of a number of settlements. Bayer has reached settlements with 12 U.S. States over legacy contamination from?PCBs. The most recent was with Illinois and West Virginia, in December. Monsanto Bayer, who produced PCBs between 1935 and 1977, stated that the settlements would address legacy liabilities without admitting wrongdoing. PCBs used to be widely used as insulation for electrical equipment. They were also used in products such as caulking, paint, and floor finish. In 1979, the U.S. government banned them after they were linked to cancer and other health issues. If Bayer wins a lawsuit it filed against six companies that purchased PCBs from Monsanto in 2023, the settlement value may increase. Bayer claims that the companies breached their agreements to indemnify Monsanto against the costs of PCB-related liability. The lawsuit is still pending before the Missouri federal court. Rhode Island and Michigan may receive an additional $50 Million, while Michigan may receive an additional $176 Million in contingency payments. Attorneys General for Michigan and Rhode Island announced Monday that the states would use the funds to combat PCB contamination of water, soil and wildlife. The Michigan Attorney General Dana Nessel said, "This settlement supports our efforts to hold companies accountable for pollution caused by their products, and ensures we have the resources necessary to remove these chemicals in 'our state. Bayer purchased Monsanto in 2018 for $63 billion. The company has been battling lawsuits since then over?PCBs and thousands of lawsuits that claim its weedkiller Roundup is cancer-causing. In a statement, the company stated that it had participated in and conducted studies on PCBs and issued appropriate warnings based on "the state of science at the time." It has been sued by municipalities and states for the 'environmental impact of PCBs,' as well as building owners and school administrators over damage to property. Individuals have also filed lawsuits claiming that PCB exposure is responsible for their illness. Some of the lawsuits have been settled, but others have led to significant jury verdicts. Dietrich Knauth is reporting, Alexia Garamfalvi is editing and Aurora Ellis is announcing.
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Zambian state investment firm creates gold mining joint venture
Zambia's ZCCM IH, the state investment company, announced a joint venture on Monday with Mining Mineral Resources in order to explore and mine gold. The copper-producing African country is looking to diversify its mine sector. ZCCM Investments Holdings announced in a statement that Kyalo Goldfields Limited was formed on May 6, to explore, develop, and mine gold in the Kikonge Mining Area of?Zambia’s North Western Province. KGL said it would support the formalisation?of artisanal and small-scale mining in the region to ensure safe and regulated gold production. It will also enhance processing capabilities to increase value retention within Zambia. ZCCM will own 51% of KGL. Mining Mineral Resources which processes and mines tin tantalum tungsten and other minerals in the Democratic Republic of Congo will hold the remaining? "Kikonge represents a tangible step forward in our mission to formallyise and develop Zambia's gold sector," ZCCM IH CEO Kakenenwa Muyangwa stated. ZCCM said that KGL operations would initially be funded by shareholder contributions. Additional structures will be considered as the project progresses. The company said that "once this process is completed, it will be clear on the amount of investment." (Reporting and editing by Alexander Smith; Olivia Kumwenda Mtambo)
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Oil prices rise as tech shares ease the indexes
The major stock indexes largely eased on Monday as technology shares fell, and oil prices rose following further concerns over disruptions in supply from the Iran War. In overnight trading, longer-dated U.S. Treasury yields fell after reaching their highest level in more than a year. Investors are worried that the war in Iran, which began late in February, could bring about a long-lasting inflationary shock. Iran sent the United States a new proposal for peace that had terms that were similar to those Washington previously rejected. However, a senior Iranian official said on Monday that Washington's positions have softened on certain issues. A Pakistani source confirmed to us that Islamabad shared the latest proposal between Washington and Islamabad. The source did not deny that progress was difficult. U.S. crude oil was last up by 1.32%, at $106.81 per barrel. Investors are focusing on recent gains in the tech sector and are preparing for Nvidia's results this week. S&P 500 sector declines were led by the tech sector with a drop of 1.4%. Oliver Pursche is a senior vice president and advisor at Wealthspire Advisors, based in Westport, Connecticut. He said that Donald Trump's trip to China left a lot of open questions regarding the future of Taiwan, as well as whether the United States will be there to defend it. He said that investors were also taking profits. Trump's earliest visit to Beijing in 2017 ended Friday without any major breakthroughs for trade, or concrete help from Beijing on ending the U.S. and Israeli war against Iran. The Dow Jones Industrial Average dropped 4.47 points or 0.01% to 49,521.70. The S&P 500 declined 21.33 points or 0.29% to 7,387.17. And the Nasdaq Composite lost 171.47 points or 0.65% to 26,053.68. The MSCI index of global stocks fell by 2.72 points or 0.25 percent to 1,096.28. The pan-European STOXX 600 rose by 0.54%. The rising yields increase borrowing costs and mean that future earnings of a company are discounted more, putting pressure on stock values. The yield on the benchmark 10-year U.S. notes dropped to 4.594% from 4.631% overnight. Japan's 10-year bond yield had reached a level not seen since 1996, as the government planned to issue new debt to fund an extra budget in order to cushion the blow to the economy caused by the Iran War. Germany's 10-year bond yield has risen to a level that was not seen for 15 years. AI, RETAIL EARNS TO TEST STOCKS RECENT RALLY Earnings from Nvidia, the world's largest company, are due on Wednesday. Expectations for this company are sky-high. Nvidia's shares have risen sharply from a low in March, and the Philadelphia SE Semiconductor Index has also soared as demand for chips increases due to massive spending by tech companies on AI infrastructure. This week, Walmart and a number of other retailers will release their results, providing a glimpse into the consumer's reaction to high energy prices. The dollar fell against the majority of major currencies, as U.S. Treasury rates were down from recent highs. The dollar index fell by 0.35%, to 99.02. It measures the greenback in relation to a basket of currencies, including the yen, the euro and others.
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Source: US Treasury will extend sanctions waiver on Russian oil shipped by sea
A source familiar with this decision confirmed on Monday that the U.S. Treasury would extend its waiver of sanctions on Russian'seaborne oil', which expired 'on Saturday. Several countries had asked for a longer period to purchase it. Source: The waiver, which will last for another 30 days, was requested by several poor countries that were cut off from Gulf Oil supplies due to the Iran War and the closing of the "Strait of Hormuz". Source declined to identify the countries that requested the extension. This is the second time that the Treasury has let the sanctions waiver lapse, and then subsequently extended it. The waiver was issued first in March to alleviate oil shortages and reduce price spikes caused by U.S. and Israeli attacks on Iran. The move has not reduced oil prices much, but it has helped India. India was one of the biggest buyers of Russian crude oil before the U.S. imposed severe sanctions on Russian oil companies to pressure Moscow for its war in Ukraine. The benchmark Brent oil futures price?rose 1.5% on Monday to $111 per barrel. This was due to the continued supply concerns that outweighed the Russian waiver and the report by an Iranian news agency?that the U.S. is considering lifting temporary sanctions against Iranian oil in?negotiations about peace talks?. Scott Bessent of the U.S. Treasury Department, who is attending a meeting of finance leaders of the Group of Seven in Paris, said that he wants G7 and allies to enforce Iran sanctions more strongly. Bessent said to reporters: "We urge all G7 members, as well as allies and the rest of the world, to adopt the sanctions regime so that we may 'crackdown on illicit financing that fuels the Iranian war machines and return this money to the Iranian people." (Reporting and writing by David Lawder, Makini Brice, Editing by Aidan Lewis).
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Chile's economy suffers its sharpest contraction since the end of 2022 due to mining decline
Official data shows that Chile's economy suffered its biggest annual decline in over three years during the first quarter. The main mining sector was hit hard by lower copper grades, adverse weather and other factors. The central bank released data on Monday showing that the gross domestic product fell 0.5% year-on-year in the period, compared to the 0.1% expected. This was a slowdown from the 1.6% increase seen in the final quarter of 2025. Inflation spiked in March and April. This posed a challenge for policymakers who were trying to balance the sluggish economy with inflation caused by the war in Iran. Kimberley Sperrfechter, Capital Economics analyst, said that "the weak GDP reading might temper some of more hawkish voices?on the central banks. But?we believe policymakers will continue to focus on inflation." The economy of the world's largest copper miner contracted by 2% in the fourth quarter, the most since the end of 2022. Chile's central banks said that the annual contraction was mainly due to a decline of 5.4% in agriculture and forestry and a drop of 3.1% in the mining sector. The bank stated that the decline in mining activity was due to copper mining, but the growth of the mining sector was due to lithium, gold and silver mining. The report said that lower grade copper, bad weather conditions, and maintenance reduced production. The Andean country's economy contracted 0.3% during the first quarter compared to the previous three month period. This is a decline from a 0.5% growth?the previous quarter, and only slightly above the 0.2% contraction predicted in a poll. poll. The world's biggest copper miner also saw its economic activity decline by 1.3% in the quarter. Reporting by Aida Peaez-Fernandez, Natalia Ramos and Alexander Smith; Editing by Alistair Bell and Gabriel Araujo
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London court blocks oil contracts with South Sudan until debt repayment is made
London's High Court ruled Friday that South Sudan cannot enter into new?oil?prepayment contracts until it clears outstanding debts with commodity??trading???house BB Energy. A second hearing will be held on June 5th. BB Energy began a legal challenge last year through the London courts against South Sudan for allegedly failing to deliver oil purchased under prepayment agreements in 2024 or 2025. The court document read by states that a second hearing will be held on June 5 to discuss?the decision, since the first hearing was conducted?without the presence of defence lawyers. The penal notice states that South Sudan must not accept any new prepayments from third parties until this date or earlier if it clears its debts. The court also added that anyone who violates the order and allows the defendants, knowing about the order, could be found in contempt of the court. They could face imprisonment, a fine or assets being seized. The case against South Sudan shows the risks commodity traders are taking when they enter into prefinance contracts to secure oil offtake. Santino Ayuel Longar, the South Sudanese Ministry of Petroleum Undersecretary and Ateny Wek Ateny, the government spokesperson did not respond immediately to our request for comment. BB ENERGY LET ONE COURT INSTANTION EXPIRE LAST NOVEMBER BB Energy let a court order expire for a South Sudanese 'oil cargo, after reaching an amicable agreement with the Ministry of Petroleum to settle its claims. BB Energy said that it loaded a cargo?in february this year, as part of a prepayment contract for?2025. However, it stated it hasn't received any oil since. This Court Order is a positive step that will help the Republic of South Sudan honour its obligations to BB Energy. It should also prevent further prepayment arrangements between third parties and BB Energy.
Oil prices rise, but tech stocks are mostly down.
The major stock indexes were mostly?assisted as technology shares fell Monday, and oil prices rose following continued concerns over supply disruption due to the Iran 'war.
After climbing to the highest level for over a year in overnight trading, U.S. Treasury longer-dated yields are nearly flat. Investors are worried that the war in Iran, which began late February, could bring about a lasting inflationary crisis.
On Monday, President Donald Trump announced on social media that he would delay a planned attack on Iran for Tuesday while negotiations continue. He also said that the United States is ready to attack again if a deal cannot be reached.
U.S. crude oil rose $3.24, to settle at $108,66 per barrel. Brent crude gained $2.84 and settled at $112.10. Investors also pay attention to the recent gains in the tech sector and are waiting for Nvidia's results this week.
The S&P 500 saw a decline of 1% in technology, and a 2.5% drop in semiconductors. The energy sector was the last to gain 1.8% and led all sectors.
Trump's recent visit to China left a lot of "open questions" about the future and protection of Taiwan, said Oliver Pursche of Wealthspire Advisors, based in Westport, Connecticut.
He said that the'saleoff' in the sector is partly due to Taiwan's 'importance' on the chip market. Investors are also taking profits, he added. Trump's first trip to Beijing since 2017 ended on Friday without any major trade breakthroughs or tangible assistance from Beijing in ending the U.S. and Israeli war against Iran.
The Dow Jones Industrial Average fell 159.95 points or 0.32% to 49,686.12, while the S&P 500 dropped 5.45 points or 0.07% to 7,403.05, and the Nasdaq Composite declined 134.41 or 0.51% to 26,090.71.
The MSCI index of global stocks fell by 0.24 points or 0.02% to 1,098.76. The pan-European STOXX 600 rose by 0.54%.
A rise in yields will increase borrowing costs, and a discount on future earnings for the company. This can affect stock values.
In overnight trading, the yield on the benchmark 10-year Treasury Note jumped to 4,659%. This was its highest level since 2025. Since then, it has retraced some of its gains. It was last at 4.591%.
Japan's 10-year bond yield had reached a level?not seen in 15 years. The government was planning to issue new debt to fund an extra budget planned to cushion the economic blow of the Iran War. Germany's 10-year bonds yield has risen to a level that was not seen for 15 years.
AI, RETAIL EARNINGS TO TEST STOCK'S RECENT RALLY
Earnings from Nvidia, the world's largest company, are due on Wednesday. Expectations for this company are high.
Nvidia's shares have risen sharply from a low in March, and the Philadelphia SE semiconductor index is also up amid the demand for chips due to tech companies spending massively on AI-related infrastructure.
This week, Walmart and a number of other retailers will release their results, providing an insight into the 'consumers' reaction to high energy prices. The dollar fell against'most major currencies, as U.S. Treasury rates were down from recent highs.
The dollar index fell by 0.33%, to 99.03.
Spot gold increased 0.31%, to $4.552.19 per ounce.
(source: Reuters)