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East African bloc calls on South Sudan to release arrested officials
As part of their efforts to prevent the recent escalating tensions between factions from turning into a new war, a group of East African countries called on South Sudan's Government to release officials detained and lift security measures. South Sudan is officially at peace after a 2018 deal that ended a five year civil war in which forces loyal to President Salvakiir fought against those loyal to First Vice President Riek Machar, and nearly 400,000 died. The relationship between the two rivals who have dominated the political scene of the oil producer for decades remains strained. Many people believe that the arrest of Machar's allies, including a deputy chief of the military and two ministers, in Juba, the capital, last week, along with the deadly clashes that erupted around a strategically important northern town, have jeopardized the peace agreement. The Intergovernmental Authority on Development, a group of eight East African countries, held a virtual head of state meeting on Tuesday to try and avert a crisis in South Sudan. Workneh Gebeyhu, executive secretary of IGAD, said in a report that "the government...is urged to release detained officials as soon as possible unless credible evidence warrants transparent legal proceedings conducted in accordance with the due process." The report also called for the restoration of "standard arrangements" in terms of security. Michael Makuei did not respond immediately to a comment request. At the time of the arrest, he had stated that the officials were "in conflict with the law". The government accuses Machar-aligned forces of working with the White Army, a loosely organised group largely from Machar's Nuer group, to attack a military base near Nasir, in the north, on March 4. In recent weeks, the White Army and the national forces have been involved in heavy clashes. Machar's Party has denied these accusations. Machar's spokesperson confirmed that one of the eight ministers initially detained and another eight officials at lower levels have been released. However, 20 other people remain in custody. Last week, South Sudanese soldiers were also stationed around Machar's home, though he was able to get to his office. His spokesperson confirmed this. Machar's spokeswoman said on Wednesday that another lawmaker who was allied with the vice president, had been arrested as he traveled to Parliament.
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Algoma Steel suspends steel exports from Canada to the US, CEO states
Michael Garcia, CEO of Algoma Steel, said that the company has suspended exports from Canada to America until Thursday when Canadian Ministers will meet with their U.S. counterparts at Washington. Garcia, in an interview, said that the tariffs on U.S. Steel will allow Algoma to gain new Canadian customers. In response to US President Donald Trump’s tariffs against Canadian steel and aluminium, Canada, which is the largest foreign supplier of steel to the United States announced 25% retaliatory duties on goods such as steel, aluminum and computers, sporting equipment, and other products totaling C$29.8 Billion. Garcia stated that the U.S. steel is now more expensive, and this gives Canadian steel producers an opportunity to serve new customers with Canadian steel. Steel producers in Canada are vocal about the need for countermeasures against tariffs on Canadian steel, as US steel exports to Canada amounting to approximately 3.5 million tonnes. The Toronto Stock Exchange saw shares of the Canadian Steel Producer up 2.6% at midday. On Thursday, U.S. Secretary of Commerce Howard Lutnick will meet with Canadian government officials. Garcia said that Algoma would make a decision on its export suspension after the meeting to determine if tariffs will be adjusted. Steel producers in Canada have expressed concern that the tariffs would cause serious problems for Canadian workers, and asked the government to help the industry. Algoma laid off 20 workers in anticipation of the tariffs. It said its decision to cut jobs will be based on the new Canadian customers it has, the steel market price and the length of the tariffs. Garcia stated that "it is not good for business and it is concerning in the long run." (Reporting and editing by Caroline Stauffer, Mark Porter, and Divyarajagopal)
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IMF: Egypt will cut fuel subsidies by December to cost recovery levels
The International Monetary Fund (IMF) said that Egypt is committed to reducing its energy subsidies in order to achieve cost recovery by the end of December, as it works towards reducing a large current account deficit. Ivanna Hollar is the IMF mission head for Egypt. She told reporters that the IMF's commitment to reduce subsidies made in summer 2024 remained unchanged. The authorities have committed themselves to bringing the cost of fuel products up to cost recovery levels by December 2025. This commitment has not been altered and is still the current commitment to bring retail fuel prices up to cost recovery levels", she said. IMF approved the disbursement to Egypt of $1.2 billion on Monday following the completion of the 4th review of its $8 billion economic program. Egypt was allowed to waive the primary budget surplus goal. Egypt's current-account deficit grew to 5.4% during the fiscal year 2023/24, which ended on June 30. Hollar stated that "we still expect the current accounts to be relatively high this year but for the next fiscal years, 2025/26 to come down to around 3.5% of GDP". She said that the Suez Canal obstructions were not the only factor contributing to the current account deficit, but the difficult energy sector was also a contributing factor. Suez Canal fees, which are a major source of foreign currency for the country, fell to $931 million from $2.40billion a year ago, as a result of the diverted shipping caused by the Gaza war. Karim Badawi, the petroleum minister, said that Egypt spends around 10 billion Egyptian pounds ($197 millions) per month on fuel subsidies despite raising prices three times in the past year. In a televised statement on Wednesday, the Prime Minister Mostafa Mdbouly stated that the government continued its financial reform program. The government could not sell diesel at 100% cost but it would continue to subventionize the fuel to some extent. He said that by the end of this year, the government would have eliminated the financial burden caused by petroleum subsidies. $1 = 50.6500 Egyptian Pounds (Reporting and Editing by Mark Potter and Alexandra Hudson; Reporting by Momen Said atallah)
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Who won Greenland’s parliamentary election?
Greenland's business-friendly opposition party, Demokraatit The Tuesday Parliament Election The debates about self-rule were dominated by the pledge of U.S. president Donald Trump to seize control of Greenland. Greenland was formally incorporated into the Kingdom of Denmark as a territory in 1953. Copenhagen controlled foreign affairs, defence, and monetary policies. In 2009, the island was granted the right to full independence by a referendum. However, it has not done so. WHAT WERE RESULTS OF THE VOTING? Around 40,500 of Greenland’s 57,000 residents were eligible to cast their vote. A little over 28600 people voted. Inatsisartut is the Greenland parliament. There are 31 seats, and 16 are required to form a majority. Five of the six parties who ran for office won seats. Social liberals are a group of people who believe in social equality. Demokraatit was the party of business, securing 29.9% votes. This is up from the 9.1% votes in 2021. It also beat out the Naleraq, the party of opposition, who favour rapid independence and received 24.5% votes. Demokraatit Demokraatit envisages a gradual independence from Denmark but warns against taking premature action in order to protect the economy and people from a possible decline in living standards. The party is in favor of an independent Greenland, with a market-based economy. Demokraatit now has ten seats, up from three before the election. Jens-Frederik Nielson, the party leader, received 4,850 personal votes. Naleraq The left-wing Naleraq party, which advocates a rapid transition to independence, was the second largest party in the election held on Tuesday. Naleraq said that Greenland's newfound sovereignty will create business opportunities and he wants to expand opportunities in industries like fishing, which is responsible for over 95% of Greenland's exports. It also stated that it wanted to pursue a defense agreement with the United States. Greenland could opt for a "free association" under which Greenland receives U.S. protection and support in exchange for military rights without becoming a U.S. Territory. You could also explore this option with Denmark or another country. Naleraq has eight seats in the parliament. In the 2021 elections, it won four seats and then added another when a member of IA joined. In 2025 Naleraq expelled the lawmaker who later became a non-aligned parliament member. Inuit Ataqatigiit, Greenland’s left-leaning socialist IA and the current leader, Mute Egede advocate for an economically independent Greenland but have not yet presented a plan on how to do so. IA is against mining uranium or other radioactive material due to environmental risks. Prior to the elections, the party had 11 seats in the parliament and received over 15% less votes than the 2021 elections. IA now has seven mandates. IA warned that it would not rush to vote for independence, citing possible economic and welfare consequences. Siumut Erik Jensen leads the social democratic Siumut party, which supports a progressive succession in Denmark. The party has suggested a referendum for the next four years but recently backed off. As Greenland gains independence, the party wants to reduce the annual economic contribution from Denmark of $17.500 per resident. Siumut won four seats in Greenland’s parliament. The party was a part of the former ruling coalition, along with IA. It had previously held 10 mandates. Atassut Atassut is a conservative centre-right party led by Aqqalu Jerimiassen. It will retain its two representatives in parliament following the elections. The party is in favor of unity with Denmark and opposes an unplanned transition to independence. It also believes that Greenland has not yet reached the stage where it can be independent.
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Binance, the crypto exchange, receives $2 billion from Abu Dhabi-based MGX
Binance announced on Wednesday that Abu Dhabi's investment group MGX had invested $2 billion in cryptocurrency. This was Binance's first institutional investment. Binance and MGX stated in their statements on their websites that the investment had been made in stablecoin – a type cryptocurrency pegged to a currency like the dollar. Binance's spokesperson declined to say which stablecoin was used for the payment. United Arab Emirates aims to be a global hub for digital assets including the crypto industry. It has tried to attract some of the largest firms to build locally in a bid to diversify the economy. The government is also pushing for AI. This is led by G42, a state-backed company, and MGX, a $330 billion state-owned wealth fund. In a statement, Ahmed Yahia said, "MGX's investments in Binance reflect our commitment to advancing the blockchain's transformative power for digital finance." Binance's latest move shows its commitment to strengthening its relationship with the UAE. Binance has said for some time that it was in the process choosing a location to house its headquarters. In Wednesday's announcement, it stated it had "substantial" footprint in the UAE and employed around 1,000 of the 5,000 staff. Binance CEO Richard Teng previously served as the head of Abu Dhabi’s Financial Services Authority. (Reporting and editing by Tommy Reggiori Wilkes in Dubai, Federico Maccioni from Paris)
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The global stock market barely changed as trade war uncertainties dominate
Investors were less concerned about the impact of U.S. trade policies on global markets as a result of data showing a lower inflation rate in the U.S. The oil prices are aiming for their second consecutive day of gains following data on stockpile increases, while the euro has retreated slightly from its five-month high set the day before on the hopes that a ceasefire would be reached between Ukraine and Russia. The U.S. Department of Labor released data on Wednesday showing that the Consumer Price Index (CPI), which measures prices in the United States, rose 2.8% annually in February. This was below the 2.9% predicted by economists polled. It rose 0.2% on a monthly level after increasing by 0.5% in January, and against the 0.3% estimate of economists. Jim Baird is the chief investment officer of Plante Moran Financial Advisors. He said, "Today's report on inflation is good news. But it's backward-looking and doesn't give us any information about where we are going from here or what inflationary impact all these tariffs may have." On Tuesday, investors were scrambling to stay up to date with the events that took place on Wall Street after U.S. president Donald Trump threatened to double tariffs on steel and aluminum to 50% on Canada. He then reversed his course later that day. Baird said that the hardest part was tariff uncertainty. It's one thing to know that the rules are changing, but it's another thing to know what they will be. At 10:59 am (1459 GMT), the Dow Jones Industrial Average dropped 351.23 or 0.84% to 41,082.25, while the S&P 500 declined 7.98 or 0.16% to 5,563.75; and the Nasdaq Composite climbed 74.74 or 0.43% to 17,510.84. The MSCI index of global stocks fell by 0.08 points or 0.01% to 826.56. The pan-European STOXX 600 Index was up by 0.39% but still well below the session high. TARIFFS TAKE EFFORT The European futures rose on Tuesday, 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. On Wednesday, Trump's tariffs against all U.S. imports of steel and aluminum took effect. The European Commission responded by announcing that it would implement counter-tariffs for U.S. products worth 28.40 billion euros (26 billion euro) starting next month. The yield on the benchmark 10-year U.S. notes increased 0.5 basis points from late Tuesday to 4,293%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve's, increased 1.9 basis points from late Tuesday to 3.96%. Investors' concerns about a possible recession and global trade war have led to a widening of the yield spread between corporate bonds, and U.S. Treasuries late Tuesday. It was their highest level since September. The euro fell 0.05% to $1.0913 while the dollar gained 0.36% against the Japanese yen, reaching 148.3. The Russian rouble, which had reached a six-month high against the dollar on Tuesday, fell back to 86.04 per dollar on Wednesday. It was down 1.64%. The oil prices rose by 2% Wednesday as U.S. data showed that fuel and oil inventories were lower than expected. However, investors remained focused on the growing fears of an economic slowdown in the U.S. and on tariffs' impact on global growth. U.S. crude climbed 2.13%, to $67.66 per barrel. Brent rose 1.83% to $70.83 a barrel. Spot gold increased by 0.22%, to $2,922.34 per ounce. U.S. Gold Futures declined 0.1% to $2.910.00 an ounce. (Reporting from Elizabeth Howcroft in Paris; additional reporting by Tom Westbrook, Singapore; editing by Alex Richardson).
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US aluminum and steel prices are nearing peaks after tariffs begin
After U.S. 25% tariffs took effect, Canada and Europe retaliated by raising the price of aluminum and steel. Since Donald Trump, the U.S. president who ran on a promise of a broad range of duties, took office and began his administration in January 2017, traders have increased prices for industrial metals used by many industries. Trump wants to protect American producers of steel and aluminum by restoring 25% tariffs on all metal imports. He also wants to extend duties to hundreds downstream products. The price of U.S. Metals spiked Tuesday after a heated exchange between U.S. officials and Canadian officials. Trump has promised to double tariffs against its northern neighbor to 50%, after Ontario province responded by increasing duties on electricity exported to the U.S. The two sides then retracted, removing the 50% metals duty and the electricity duty, causing some price increases to be reduced. Tuesday, the U.S. Midwest duty paid aluminium premium for metals soared up to a new record of 45 U.S. Cents per lb, or over $990 per metric ton. This is a jump by nearly 20% compared to the previous session. Later, it fell to 41 cents. It has increased by more than 70% from the beginning of 2025. On Wednesday, the April contract was not yet traded, but May had risen by 1.3% in line with previous records. On the physical market, consumers typically pay a premium for taxes, transportation and handling. Prices have also risen on the steel market. On Wednesday, the price of hot-rolled coils (HRC) in the Midwest jumped to $945 a short ton, an increase of 37% from the end January, and the highest level since February 2024. The cost of aluminium in the United States has risen, but it is down elsewhere because metal will be diverted into other countries. In Europe, duty-paid physical aluminium market premium has fallen to $230 per metric ton. This is the lowest level since January of last year. The price has dropped by more than 35 percent since the beginning of 2025. (Reporting and editing by Eric Onstad)
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Tariffs on green EU products could hurt coal-dependent Western Balkans
EU CO2 tax targets imports that are carbon-intensive Import tax on coal-powered electricity Western Balkan countries seeking exemptions from impact Joanna Gill The EU's carbon border adjustment mechanism will cover coal-fueled electricity, one of the Western Balkans most carbon-heavy products. This will impose a tax on imports that have a high carbon footprint. Janez Kopac - former director of Energy Community Secretariat - explained that the region's economic and geographical ties to the EU were "so immense" that it would be difficult for them to avoid the tariffs. The Energy Community Secretariat brings together the EU, its neighbours and other countries to create a pan-European integrated energy market. Coal accounts for 60% to 95% of electricity generation in the Western Balkans depending on which country you are looking at, and 60% of its exports. Albania, Bosnia and Herzegovina (BiH), North Macedonia (Nord Macedonia), Montenegro and Serbia are located in Southeast Europe and share borders with six EU member states, making them the bloc's main trading partner. Energy analysts believe that the impending eco tariff will encourage the region to invest more in clean energy as it moves towards EU membership. If they don't, the financial consequences could be severe. Kopac said, "They'll adapt sooner or later but it will be rough for them." CARBON CURTAIN The new eco-tariff is going to affect countries in different ways depending on their carbon footprint. CBAM fees on imports to the EU would make electricity exports by Western Balkans costlier. Albania relies mainly on hydropower to limit its exposure. However, Bosnia and Herzegovina could lose over 220 million euro ($231,99 million) per year in revenue due to the sale of electricity to the EU. This is according to CEE Bankwatch - a network consisting of nongovernmental environmental organisations from central and eastern Europe. According to the CBAM readiness tracking tool of the Energy Community, Western Balkans countries' efforts to decarbonise are largely stagnant. Analysts claim that a lack investment in renewable energies and the continued subsidies by governments for coal plants, which are getting older, is preventing a green transition. This has led to governments seeking delays or exemptions under CBAM. The CBAM will not be implemented until the CBAM is fully implemented. This means that countries are unable to implement reforms prior to the CBAM's implementation. She said that there was a growing awareness among countries to decarbonise in order to "escape from the worst impacts." BRACKET FOR IMPACT The social and economic cost of switching from coal to cleaner energy is high. The German clean energy think-tank Agora Energiewende estimates the energy transformation of the Western Balkans to be around 40 billion Euros. This figure does not include retraining and severance payments for approximately 30,000 coal miners. Christian Egenhofer is a senior researcher at CEPS, a Brussels-based think tank, who specializes in energy policy. He said that eco-tariffs, rather than encouraging emigration from coal, could stymie the green transition of the Balkans by removing the cash required to finance the transition. He said, "These people don't need such incentives. They just need money." The EU has a Just Transition Fund worth 17,5 billion euros to protect workers and regions against the economic impact of energy transitions, such as plant closures. Western Balkans does not have such dedicated funding. The EU has provided up to 9 billion Euros to support the green and digital transformation and up to 20 Billion Euros of investment via the Western Balkan Guarantee Facility. This will cover all the reforms required to join the EU, not just the modernisation of energy sectors. Gallop, from CEE Bankwatch, said that the funds "were not enough in volume" to match investment required for a just and fair transition. Kopac said that no matter how much funding the EU provided, the Western Balkans states would still have to provide some of the impetus needed for change. "Perhaps, this is no longer a question that the European Union can answer," he said.
After a decade, oil production returns to Libya's Mabruk Field
Libya's Mabruk Oil Operations resumed production on the Mabruk Oilfield following a decade long shutdown, said the Government of National Unity in Tripoli.
According to the statement, production officially resumed on Sunday, initially at a rate of 5,000 barrels a day. The statement plans to increase this to 7,000 bpd before the end of the month and to 25,000 bpd in July.
As part of efforts to improve efficiency in the country's oil operations and infrastructure, crude began to be transported to the nearby Al-Bahi fields on Tuesday.
Libya's National Oil Corporation had announced that it would reopen Mabruk Oilfield in the first three months of 2023, with a production capacity up to 25,000 barrels a day.
In 2015, the field was closed after a terrorist attack which NOC described. The company lost $575 million on field equipment.
Libya, Africa's largest oil reserve, has struggled since 2011 to maintain consistent production levels due to internal conflict and infrastructure damage.
The statement on Wednesday said: "This is a significant leap forward for Libya's oil industry, reflecting improved stabilization and confidence in our ability to rebuild and boost national economy." (Reporting and editing by Kirsten Doovan; Tala Ramadan)
(source: Reuters)