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Trump threatens a 200% increase in wine tariffs if the EU doesn't remove whiskey tariff
Donald Trump, the U.S. president, said that he will impose a 200% tariff on all wine and other alcoholic beverages coming from the European Union as long as the bloc does not remove the tariff it has placed on whiskey. The European Commission announced on Wednesday it would impose counter-tariffs on U.S. products worth 26 billion euros (28 billion dollars) from next month. This will intensify a global trading war as a response to U.S. tariffs that cover steel and aluminum. The EU executive, however, said that it was open to negotiation and considered that higher tariffs were not in anyone's best interest. Trump increased the stakes in a Thursday social media post. Trump posted on Truth Social that "The European Union has just imposed a 50% tariff on whisky, which is a terrible and unfair taxation and tariffing authority, formed solely to take advantage of the United States." If this tariff is not removed immediately, then the U.S. soon will place a 200% tariff on all WINE, CHAMPAGNES & ALCOHOLIC products coming out of France and other E.U. REPRESENTED COUNTRIES. "This will be great news for the Wine and Champagne industries in the U.S." U.S. stocks futures fell and European spirits maker shares also dropped. The European Commission announced that it would end the current suspension of its tariffs against U.S. goods on April 1, and that they will be fully implemented by April 13. Reporting by Doina chiacu in Washington, and Phil Blenkinsop from Brussels. Editing by Louise Heavens and Bernadette Baum. Mark Porter.
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Donna Anderson, T. Rowe Price’s director of governance, will retire at the end of the year
Donna Anderson, head of corporate governance at T. Rowe Price, and a strong voice in the investment industry on a variety of hot-button issues, plans to retire by the end of the year. T. Rowe Price is one of the most powerful investment firms in the world, with assets worth $1.6 trillion. Three sources with knowledge of the situation confirmed that Anderson intends to leave the company. In an email, Eric Veiel told us that Donna Anderson informed T. Rowe Price of her intention to retire at the end this year. We have started to transition her work to her successor. Anderson, 56 years old, didn't respond to our request for comment. T. Rowe Price has not yet named a successor for Anderson, who joined the Baltimore-headquartered asset manager in 2007. Anderson led T. Rowe Price’s interaction with hundreds of companies for nearly two decades as issues such as chief executive pay and the composition of corporate boards and policies on environmental, social, and governance policies became more important. Veiel wrote: "She is a highly respected leader not only within corporate governance circles and asset management company boardrooms, but also inside the walls of T. Rowe Price, where she represents the interests of the shareholders of the company." "She will be greatly missed." Anderson, the executive at T. Rowe Price who helped to make the final decision on the way the investment firm voted in the spring corporate elections, was often the one who made the call. Anderson was a key player in the tight-knit governance community, where he played a crucial role in defining voting policies. He then made them public at conferences like this week's Council of Institutional Investors in Washington. Jessica Wirth Strine is the managing partner and chief operating officer of consulting firm Jasper Street Partners. She said: "Donna Anderson was an important force in stewardship and she has always called it as it is." "She is not a follower." T. Rowe Price invests actively in clients' retirement and college saving portfolios. However, the company is not an activist that forces companies to act on issues of social or public concern. During Anderson's career, she often competed with prominent investors, including billionaire activist Nelson Peltz, and corporate leaders like Exxon Mobil’s head Darren Woods. But, despite being a luminary of her own, investors, lawyers and bankers said that Anderson never sought to be in the spotlight. In the governance sector, there have been some other important personnel changes this year. In January, Cristiano Güerra, the former head of Institutional Shareholder Services' special situations research, joined Strategic Governance Advisors, a consulting firm. He was responsible for determining the outcomes of some of America's most heated board battles. (Reporting and editing by Svea Herbst Bayliss.
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IIR: Gasoline unit of Nigeria's Dangote Oil Refinery will undergo maintenance in June
According to IIR, Nigeria's Dangote Oil Refinery will close its 204,000 barrels of gasoline per day unit for 30 days maintenance. The shutdown is tentatively scheduled to begin on June 1. The Dangote refinery didn't immediately respond to an inquiry for comment. In January 2024, the 650,000 bpd Nigerian billionaire Aliko Dagote's refinery in Lagos started processing crude oil into products such as gasoil and naphtha, and began producing gasoline in September. A refinery official said that it was only operating at 85% of its capacity as early as February. NNPC, the Nigerian state oil company, said that Dangote's refinery had begun discussions earlier this month with NNPC to extend its crude oil supply contract. Before the deal, Dangote reported difficulty in securing crude supply and received U.S. crude grade including WTI Middle. According to shipping trade analysis firm Kpler, the refinery exports refined products such as fuel oil, jet-fuel, naphtha, and gasoil to other African and Asian countries since March 2024. Kpler data shows that Nigeria's imports of gasoline have fallen since Dangote started producing road fuel in September. The number has dropped to a record low of 112,000 barrels per day (bpd) in February from 372,000 in February 2024. Enes tunagur is the reporter. (Editing by Bernadette B. Baum and Mark Potter.
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Why is a Peruvian farm taking RWE in Germany to court for climate change?
A Peruvian farm gets his day in court as part of a landmark climate lawsuit against German energy giant RWE. The case could change the way that companies' emissions effects are litigated. On Monday, the Higher Regional Court of Hamm is scheduled to begin hearings between RWE and farmer Saul Luciano Lliuya. Lliuya has filed a lawsuit against RWE, seeking 21,000 euros. He claims that the company's emissions contributed to the melting andean glaciers which caused a lake to rise dangerously above his home. What is the nature of the case? What is the legal basis? What does this mean for future climate litigation? What is the case about? Lliuya filed a lawsuit in 2015 with the support of the activist group Germanwatch. He claimed that RWE's greenhouse gases had contributed to the melting an Andean Glacier, which raised the water levels at Laguna Pacacocha. This created a flood risk for his home, located near the town of Huaraz. Lliuya wants RWE to contribute 21,000 euros towards the estimated cost of $3.5 million for a flood-defence project. He claims that the company is responsible for nearly 0.5% global greenhouse gas emissions caused by man since the Industrial Revolution, and therefore should be paying the equivalent of the flood protection costs. Why did it take 10 years to have a hearing? The first court to hear the case was in Essen, Germany, where RWE has its headquarters. The court rejected the claims saying that there are countless carbon dioxide emitters worldwide and any potential flood risks as a result from the melting glacial ice cannot be attributed solely to RWE. Lliuya filed an appeal against the Hamm higher regional court's decision in 2017. The court admitted the case and stated that it would be seeking evidence. The COVID-19 pandemic delayed a visit by experts appointed by the court to study flood risk around the glacier until 2022. A 200-page expert report was made available over a year after the COVID-19 pandemic. The two parties had to review it. What is the legal basis of the case? The case is based upon section 1004 (Civil Law Code) which states that the owner can require the disturber remove the interference if it is done to their property. If the court finds that the flood threat claimed by the plaintiff was real, it will then determine in the second phase the extent to which RWE's emissions of CO2 have contributed to a risk of a flood from a glacial outburst lake. The next hearing will be a preliminary step that will include the evaluation of the experts appointed by the court. Why has the case attracted so much interest? If the court holds RWE legally responsible for climate change and finds that glacier melt poses a flood threat, this would be a precedent to hold companies accountable for climate changes. The amount in dispute is less than 20,000 Euros, but it's clear that the potential to set precedents in this case is huge," says the website of Freshfields Bruckhaus Deringer, the law firm which represents RWE. Roda Verheyen said that even if the court did not find there to be a flood threat, its decision would serve as a basis for future cases. What does science say about this? Scientists at the University of Washington and Oxford University proved in 2021 that global warming caused the melting of the glacier of the Peruvian Andes, increasing flooding risks to nearby residents. Friederike Otto is a climate scientist with the Grantham Institute for Climate Change and the Environment. She said: "There are plenty of proofs that the science applies in the Andes. We have no evidence to the contra." What does RWE say about the case? RWE claims that Lliuya’s complaint is unfounded. It argues that a single emitter can't be held accountable for global warming. It has made a transition from coal to gas, but it still runs 7 lignite power plants or brown coal plants. These plants account for 26,7% of the company's total electricity generation. In 2020, there were 20 plants. It also operates 21 gas-fired power plants in Germany, the Netherlands and the UK. RWE said that its CO2 emissions will be reduced by almost half to 60,6 million tons from 118 millions tons in 2018. Further reductions are expected. The company aims to phase out lignite completely by 2030. (Reporting and editing by Adam Jourdan, Christina Fincher and Riham Alkousaa)
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Brazil's CSN reports Q4 loss, but core earnings exceed forecasts
Brazilian steelmaker CSN posted a net loss for the fourth quarter due to "still high financial expenses," however, core earnings and revenue exceeded market expectations. Why it's important CSN is one the largest Brazilian steelmakers and miner. By the Numbers CSN reported a loss of $ 14.66 million in the quarter October-December, according to a filing with the Securities Commission. This is a significant drop from the $851 million profit it had posted a year ago. According to an LSEG survey, the company reported adjusted earnings before taxes, interest, depreciation, and amortization of 3.33 billion reais. This is down 8% from last year, but still beats analysts' expectations, which were 2.87 billion reais. Analysts had predicted 11.8 billion reais. Sales of steel increased 10.4% compared to last year, while iron ore sales fell 3.7%. KEY QUOTES CSN reported that the steelmaking operation had taken another step towards normalizing operations and regaining profitability. It added that it achieved higher volumes and prices due to the domestic market despite the weaker seasonality. CSN reported that the mining industry's volumes were affected by the beginning of the rainy seasons, but they "maintained a steady production pace and managed... to benefit from an upward trajectory in iron ore prices." MARKET COMMENTS JPMorgan analysts said that CSN Mineracao and CSN, its publicly-traded mining division, both exceeded their expectations for the quarter due to lower costs than expected. They expressed a positive outlook. JPMorgan stated that "the beat was driven primarily by strong performances in its key business areas, namely steel, mining, and cement." A revision upward of the consensus estimate is expected. ($1 = 5,7989 reais). (Reporting and Editing by Louise Heavens, Andre Romani & Gabriel Araujo)
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Bankers: Jio Finance, India's Jio Finance, taps the debt market before bond sales with its debut commercial paper issue
Three merchant bankers confirmed on Thursday that India's Jio Finance (a unit wholly owned by Jio Financial Services) has tapped into the debt market through its first commercial paper (CP), ahead of its debut Bond sale later this month. Bankers with direct knowledge of the situation said that the non-banking financial company issued three-month CPs for a 7.80% yield and accepted bids totaling 10 billion rupees (114.95 millions). They all requested anonymity because they were not authorized to speak with the media. One of the bankers stated that "as expected, Jio Finance started its funding by issuing CP bonds of shorter duration. We expect its bond issuance in the next fifteen days before the end of the financial year, which will be March 31st." Bankers estimate that Jio Finance can raise 30 billion rupees by selling bonds for five years. The bankers have also offered a 7.75% coupon. One of them said, "The company will talk to investors and when it has enough commitments it will launch the issue." Jio Finance didn't immediately respond to an email for a comment. Crisil and Care have rated the bonds of the firm as 'AAA,' while the CPs were rated at 'A1+. The ratings for both instruments are the highest possible. In a note on ratings, Crisil said that the group's capital structure is healthy, its liquidity is robust, including its 6.1% stake in RIL (Reliance Industries), and its management team has experience. Care also said that the ratings take into consideration the company's capital buffers, which allow it to expand operations, as well as its strong liquidity framework and management's expertise.
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Copper falls from a five-month high amid concerns over a trade war
The copper price fell on Thursday, after reaching a five-month high. Worries about the global economy overshadowed U.S. Tariffs' impact on metals prices. The price of three-month copper at the London Metal Exchange was down by 0.2% to $9,755 per metric tonne at 1045 GMT, after reaching its highest level since October 11, at $9.811. U.S. Comex Copper Futures dropped 0.1% to $4.85 a lb. Metals prices have risen due to the campaign of U.S. president Donald Trump to impose tariffs on countries to boost U.S. manufacturing. LME copper prices have risen by 11% in 2025. The U.S. 25% tariffs on steel and aluminum products went into effect on Wednesday. Trump also ordered an investigation to determine if there are any new tariffs for copper. Prices have been rising, but not for the right reasons. "It's not that demand is good, but because there's an ongoing adjustment on the metal markets," said Tom Price. He added that "people who buy copper, aluminum, and steel have no other choice but to pay for it in the short-term, but over time, they reduce their consumption or simply defer consumption." There's a great deal of confusion on the market about what type of risk they are managing. The global share market fell on Thursday amid fears that a escalating tariff war would slow down the growth of the world economy after Trump threatened to impose further tariffs on European Union products. LME zinc rose 0.4% to $2.936 per ton, after reaching a seven-week peak on Wednesday, following Nyrstar's announcement of 25% production cuts in Australia at its Hobart Zinc operations from April. Other metals include LME aluminium, which fell by 0.8% to 2,680 dollars a ton. Nickel fell 1.3% to 16,425, lead dropped 0.3% to $2,000, and tin rose 0.1% to 33,445. (Reporting and editing by Shounak dasgupta; Eric Onstad)
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Sources say that the supply of Saudi crude oil to China will fall in April.
Trade sources reported on Thursday that Saudi Arabia's crude shipments to China, its largest customer, will drop to the lowest level for more than a full year in April. This is partly due to maintenance programs at Sinopec-owned Chinese refineries. Data shows that the OPEC producer, Saudi Arabia, allocated 34 million barrels to its Chinese clients in April, down from 41 millions barrels the previous month. China's drop in demand for Saudi crude oil is despite the Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreeing to continue with their plan to increase production in April. Sinopec intends to close at least 700,000.00 barrels of crude processing capacity per day (bpd), at subsidiaries such as the Yangzi Jiujiang Gaoqiao Refineries from mid-March to May, based on data compiled based on trade and industry sources. Saudi Aramco, and Sinopec, did not respond immediately to requests for comment. The crude oil market in Asia is also stabilizing after U.S. sanctions against Russia and Iranian oil disrupted the trade in late 2024 or early 2025. Analysts and trade sources said that China's imports from the Russian Far East and Iranian crude oil will rebound in March, as tankers attracted by lucrative rewards, replaced vessels subject to U.S. sanctions. This month, Russian oil supplies have recovered to India, which is the third largest oil consumer in the world.
European truck shares drop on U.S. reversal of electric vehicle rules
The shares of European truck manufacturers fell Thursday after the U.S. Environmental Protection Agency announced that it would begin efforts to reverse Biden's administration's vehicle emission rules.
Analysts say that trucking fleet companies had expected to "pre-buy", trucks before the new rules came into effect, which would have driven up demand. This is unlikely to happen now.
Pal Skirta, an analyst at Metzler, said that the market is likely to assume the tighter regulations are going to be reversed. This means there's no expectation of a surge in pre-purchases for the second half 2025-2026.
Skirta stated that this was the primary reason for Thursday's fall in share prices.
Daimler Truck was the worst hit, down 7% by 0921 GMT.
The EPA also said that it will be reviewing a regulation for 2022, which aims to dramatically reduce smog and soot emissions from heavy duty trucks. They claim the rule increases truck prices.
Daimler's most important market is the United States. The company has made significant investments in emission-free drives systems to meet climate protection goals, and regulations.
Volvo and Traton in Sweden are also down about 3%.
(source: Reuters)