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India court rejects JSW Steel and Trafigura requests to clear certain metcoke imports
A court order shows that an Indian court denied requests by JSW Steel and Trafigura for certain shipments of steelmaking raw materials. This is the latest setback since New Delhi's new import policy rattled the industry. India has since January restricted imports of met coke (metalurgical coke with low ash), and set country-specific quotas for domestic suppliers. This move has upset steel giants like ArcelorMittal Nippon India who are worried about the quality and business impact of locally produced met-coke. JSW Steel challenged New Delhi’s decision to refuse imports worth $90 million, which were ordered before the restrictions in January kicked in. Trafigura’s India unit also filed a suit to have one of its rejected shipments cleared. The Delhi High Court dismissed these appeals late on Saturday night. It agreed with the Indian Government's view that the imports would defeat the purpose for the new policy. In his order, Judge Sachin Datt noted that the Indian government claimed the companies knew about the impending restrictions at the time they placed their import order. The quantity of met-coke sought by the companies will exceed the quota restrictions. JSW has declined to comment, while Trafigura has not responded immediately. New Delhi has limited overseas purchases between January and July to 1.4 millions metric tons. India is the second largest producer of crude iron and steel in the world. ArcelorMittal Nippon India warned the Indian government that New Delhi's import restrictions could force it to curtail its steelmaking plans and severely limit their expansion. This was reported previously. The case has yet to be resolved. (Reporting and editing by Aditya K. Kalra, Michael Perry, and Arpan Chaturvedi)
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Trump met with Ecuadorean president Noboa on Saturday in Florida
On Saturday, U.S. president Donald Trump met with Ecuadorean president Daniel Noboa at a hotel in Florida. The meeting came ahead of the tight run-off vote on April 13, which will pit Noboa and leftist Luisa Gonzales against each other. Noboa was elected to finish the remaining term of his predecessor in 2023 on the promise to fight drug gangs which have caused turmoil to the once tranquil South American nation. Trump made combating the fentanyl that is responsible for 70,000 deaths per year in the United States a major pillar of his second tenure in office, by imposing tariffs against Mexico, Canada and China. Noboa shared a photo of him and his wife with Trump on X late Saturday night, but did not add any commentary. White House officials confirmed that the meeting would be held on Friday but did not provide any details. Trump met with the Finnish President Alexander Stubb earlier that day at Trump's golf club in West Palm Beach in Florida. The two discussed their bilateral relationship and played a round golf. Noboa, along with his wife, attended Trump's inaugural in Washington D.C. in January. This month, it was reported that Ecuadorean officials told Trump's allies they were interested in hosting an American military base. They also expressed interest in a free-trade agreement with the United States similar to those in place in Colombia and Peru. Noboa, the son of one Ecuador's wealthiest businessmen, has deployed the military in the streets and prisons using state-of-emergency declarations. He also implemented harsher sentences and cheered on the arrest of major gang leader. Noboa said that Ecuador would not accept deported migrants from other countries, but it will always welcome its citizens. He also criticized Venezuelan President Hugo Chavez for rejecting briefly flights of Venezuelan migrants who were deported by the United States. Noboa announced an "alliance" with Erik Prince, a prominent Trump backer and founder and CEO of the private military company Blackwater. The alliance will be used to combat crime and narcoterrorism within this 17-million-strong country. Mark Feierstein is a former senior official of the Biden and Obama Administrations. He said that the timing of Noboa's meeting with Trump, just before the elections, suggested both sides thought it would help Noboa. "Trump's reputation is crashing in the U.S., and all over the globe." "Ecuador is a pro U.S. nation, but this type of intervention could give Gonzalez an extra boost," said he. Noboa has made a public argument for the bringing of foreign military bases into Ecuador. The Ecuadorean parliament is at the beginning stages of a process that could remove a constitutional prohibition on such facilities, instituted in 2008 under the support of the former leftist president Rafael Correa. After Noboa's election, the Biden administration expanded U.S.-Ecuador security cooperation. This included launching a bilateral defense group in 2023. Noboa has ratified two agreements of military cooperation with the United States. These agreements establish a framework that allows U.S. personnel to operate in Ecuador, and allow for joint naval activities to combat illicit activities and drug trafficking. The U.S. had a base in the Galapagos Islands, an environmentally sensitive area during World War Two. A separate base was used to fight narcotics on the mainland up until 2009. (Reporting from Andrea Shalal in Quito and Alexandra Valencia, Washington; additional reporting from Gram Slattery; editing by Diane Craft and Rod Nickel)
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Sudan army chief vows to punish RSF and extends control of capital
In a video message released on Saturday, Sudanese Army Chief Abdel Fattah al-Burhan said that he would crush the paramilitary Rapid Support Forces. He reaffirmed the commitment of the military to restore national unity and stability. Burhan said that fighters who "repent of the truth" and lay down their weapons, especially those in rebel-held regions, could still receive amnesty if they do so. On Saturday morning, the army announced that it had taken over a large market in Khartoum’s twin city, Omdurman. The RSF had used the market to launch attacks against civilians during the devastating war of two years ago. The Sudanese Army has also declared victory in Khartoum over the RSF, claiming to control most of the capital. The conflict between the RSF and the army has unleashed waves ethnic violence and created the worst humanitarian crisis in the world, according to the United Nations. It also plunged many areas into famine. In a press release, the army claimed that it had taken control of the market at western Omdurman's Souq Libya after capturing weapons and equipment the RSF left behind when they fled. Souq Libya, one of Sudan's largest and busiest commercial hubs, is located in the city. Two large military bases are located in Omdurman. The army has already taken control of most of the city. The army appears to be determined to control the entire capital, consisting of three cities: Khartoum and Omdurman, separated by the branches of the River Nile. The RSF did not comment on the army's advances in Omdurman where paramilitary groups still control some territory. The war broke out amid a power battle between the army, RSF and civilians ahead of a planned transfer to civilian rule. The war ravaged Khartoum and forced more than 12,000,000 Sudanese to flee their homes. About half of the 50,000,000 population suffered from acute hunger. It is difficult to estimate the total number of deaths, but according to a report published last year the death toll could have reached 61,000 people in Khartoum alone during the first 14-months of the conflict. In recent years, the war in Sudan has caused instability throughout the region. Sudan's neighbours, including Chad, Central African Republic, and South Sudan, have all experienced internal conflicts. Khalid Abdulaziz (Reporting, Menna alaa El-Din, and Mohamed Ezz. Editing by Aidan Lewis & Timothy Heritage).
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Denmark's Prime Minister will visit Greenland from April 2 to 4 amid U.S. Interest
Mette Frederiksen, Danish Prime Minister, will visit Greenland from April 2 to 4 for discussions with the new government of the semi-autonomous region, she announced on Saturday. This comes amid U.S. interests in gaining control of this Arctic island. Frederiksen stated in a press release that he was looking forward to the continuation of Greenland's close and trusted cooperation with Denmark. JD Vance, the U.S. vice president, visited a U.S. base in Greenland's north on Friday. He accused Denmark of failing to protect the island. Denmark has controlled Greenland from 1721. He made his comments hours after Greenland had formed a broad coalition government led by Jens Frederik Nielsen who called Denmark Denmark's closest ally. Frederiksen said that Vance's description was unfair. He said, "It is up to Greenland for the people to decide their future." In a statement made on Saturday, she said: "I am deeply impressed by the way the Greenlandic people are dealing with the enormous pressures on Greenland." "It's a situation which calls for unity between political parties, and among the countries of the Realm." (Reporting and editing by Timothy Heritage, Jacob GronholtPedersen)
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Stellantis will buy CO2 credits also in 2025 from Tesla's 'pool', says exec
Stellantis, a group of carmakers, will also buy credits in 2025 from a "pool", led by Tesla, to meet the European Union's CO2 requirements. This is despite Brussels' three-year deadline for carmakers to comply. The carmakers who are facing stricter EU emission rules this year have agreed to pool emissions in order to avoid heavy fines. They will buy carbon credits for their lower sales of electric vehicles (EVs) from the segment leaders, including Tesla and Polestar. Stellantis is the second-largest car manufacturer in Europe. It joined a group led by Tesla that also included other competitors. The European Commission has bowed to pressure from European carmakers and now allows compliance based upon the average emissions of a manufacturer's cars over the period 2025-2027, not just 2025, as originally envisaged. Jean-Philippe Imparato, head of European operations at Stellantis, said that he would use all the credits purchased from Tesla in this year. Imparato was speaking at an automobile event in Turin. It said that Stellantis had a 14% EV mix of its European sales, as opposed to the 21% EU target. He said that the 2027 extension gives us "some breathing space" but doesn't provide a solution. Imparato said that production of the Fiat 500 hybrid city car will begin at the Stellantis Mirafiori in Turin, in November. The car is expected to be produced in both its hybrid and electric versions with a target annual output of 130,000 cars. (Reporting and editing by Valentina Za; Giulio Piolovaccari)
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US companies warn French companies to comply with Trump's ban on diversity
The Trump administration ordered French companies that have contracts with the U.S. federal government to comply with its executive order prohibiting diversity, equity and inclusion programs. This highlights the extraterritorial impact of U.S. policy and their possible impact on European corporate practice. Companies have been asked to fill out a form entitled "Certification regarding compliance with applicable federal anti-discrimination law." The questionnaire has been seen. The move comes amid increasing economic and political tensions in the United States and Europe after Donald Trump's election, which was based on a "America First" platform. The differences in approaches between France and the U.S. also raises concerns about what practical changes companies might need to make. Companies in the United States have adopted Diversity, Equity, and Inclusion Policies, tracking race and ethnicity and setting diversity goals. In France, the secular approach restricts such practices. Data collection is restricted by law, and corporate efforts are focused more on gender and socioeconomic background. The documents are also likely to spark concern in European boardrooms, that the Trump administration has expanded its fight against DEI overseas. This is at a moment when Trump's actions regarding tariffs and security relations have shattered transatlantic relationships. The U.S. Embassy in Paris, according to the French business newspaper Les Echos which reported this demand for the first time late Friday night, had sent it out to companies. According to a French newspaper Le Figaro's website, the letter reads: "We inform that Executive Order 14173 Ending Illegal discrimination and Restoring merit-based opportunities, signed by President Trump applies to all U.S. government suppliers and service providers, regardless of nationality or country of operation." We would appreciate it if you could sign and complete the document in English and email it back to us within five days. We would like to know why you don't want to sign the document. This information will be forwarded to our legal department. A request for comment was not immediately responded to by a spokesperson from the embassy. No indication was given that the companies selected to receive the letter were chosen based on the presence of the company in the United States. Sources close to the issue confirmed that France's Orange, the state-controlled French telecoms group, received the letter, despite the fact that it has no U.S. operations. According to spokespersons for both companies, the oil and gas major TotalEnergies as well as the defence electronics company Thales, which have operations in the U.S.A., also did not receive the award. Orange declined to comment. Un official in the office of French Finance Minister Eric Lombard confirmed that the issue would be raised with the U.S. Government. This practice reflects values of the newly elected U.S. Government. The values of the new U.S. government are different from ours. "The minister will remind the U.S. counterparts of this," said the official. It was not immediately apparent if similar questionnaires and letters had been sent to other foreign companies in Europe. Reporting by John Irish, Mathieu rosemain. Richard Lough and Kirby Donovan edited by Mark Potter.
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Former military leader pardoned by Guinea junta's chief over stadium massacre
According to a Friday night decree broadcast on state TV, Guinea's junta chief has pardoned Moussa Camara, a former military leader who was found guilty last year of crimes against humanity for a 2009 stadium shooting. Camara, the man who took power in 2008 in a coup, was sentenced on July 31, 2024 to 20 years of prison for his part in the killing of at least 157 during a rally pro-democracy in a stadium near the capital Conakry. Tens of thousands gathered on September 28, 2009 to pressure Camara to not stand in the presidential election that year. In a stampede, security forces hurled teargas into the stadium and fired shots. Many people were injured, including those who were stabbed or beaten. Prosecutors said that at least 12 women were raped during the trial by security forces. Camara, aged 61, along with seven other military leaders, were convicted. On Thursday, the current military government of the West African nation announced that it will pay compensation to victims for which the court ordered Camara and other accused to pay. Calculations show that at least $2 Million will be given to victims of rape and $18,000,000 to families of the dead or missing. Mamady Dommebouya, the leader of the Junta, took power himself in a coup that occurred in 2021. (Editing by Portia Crowe; Editing Kirby Donovan).
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Indian security forces kill 16 Maoists in a firefight
Police said that Indian security forces had killed 16 Maoists in a gunfight in central Chhattisgarh state, according to police. Since decades, the extreme left-wing rebellions have waged an offensive against the Indian government, particularly in central and east India. This has led to violent clashes on both sides and many casualties. Police said that during the search of Sukma, in southern Chhattisgarh on Friday, they found several guns. Rebels claim they want to give landless Indians and poor Indian farmers more control over the land that is being exploited and to have a bigger say in minerals being mined by large mining companies. Amit Shah, the Indian Home Minister, has pledged to eradicate the insurgency. Clashes between security forces and Maoists are on the rise since Prime Minister Narendra modi was elected for a third time last year. Reporting by Jatindra dash in Bhubaneswar; Writing by Rupam Jain, Editing by William Mallard
Stocks fall, dollar rises after new tariff announcement
On Wednesday, global stocks fell for the first session in three and the U.S. Dollar resumed its rise as investors awaited President Donald Trump's next announcement on tariffs.
Trump had scheduled a presser for 4 pm EDT (20:00 GMT), and confirmed recently that the auto tariffs would be applied to cars.
The technology sector, which dropped by 2.46%, weighed heavily on Wall Street. The three major U.S. indices all ended a streak of three consecutive gains.
In recent days, stocks showed signs of bottoming after being under pressure because of uncertainty about the tariff outlook. This could slow down the global economy or dent profits for corporations. The major U.S. indices are set to experience their first consecutive monthly declines since October 2023, when a two-month period ended.
The Dow Jones Industrial Average dropped 132.71, or 0.31% to 42,454.79; the S&P 500 declined 64.45, or 1.12% to 5,712.20; and the Nasdaq Composite was down 372.84 or 2.04% to 17,899.02.
The U.S. Commerce Department reported that orders for durable goods rose 0.9%, compared to the economists' estimate for a 1% decline. Businesses rushed to order primary metals and metal fabricated products before the tariffs were expected.
Trump announced on Monday that automobile tariffs will be implemented soon. However, he also indicated that not all his levies threatened would be imposed by April 2, and certain countries could receive exemptions. He imposed secondary tariffs of 25% on countries that purchase oil or gas from Venezuela.
The belief level among investors that April 2, 2019 will be the defining event in dealing with trade-related policies seems pretty low. There's also likely to continue to be a persistent rollout in terms headlines and policy that have more staying power, said Matt Stucky.
The dollar index (which measures the greenback in relation to a basket currencies) rose by 0.33%, while the euro fell by 0.37%, at $1.0751. The greenback, which dipped on Tuesday is now on course to make its fifth gain in as many sessions.
The MSCI index of global stocks fell 7.84 points or 0.92% to 845.65. Meanwhile, the pan-European STOXX 600 closed at 0.7% lower as a result of the upcoming tariffs.
European stocks outperformed U.S. peers this year, in part on the hope that a German stimulus package would spur growth and counter levies. The STOXX 600 is poised to achieve its largest percentage gain since the 4th quarter of 2022.
The dollar gained 0.43% against the Japanese yen to reach 150.55. Bank of Japan Governor Kazuo Ueda stated that the central bank would have to raise interest rates in order to combat inflation if food prices continue to rise.
Junko Koeda, a new member of the Bank of Japan's board of directors, said that the real interest rates in the country are "extremely" low as inflation is accelerating and wages continue to grow. She declined to say when the central bank would raise interest rates.
The British currency fell 0.45% to 1.2885, after British Finance Minister Rachel Reeves slashed the government's spending plans to return to her fiscal goals. Data from February showed that British inflation was lower than expected.
U.S. Treasury Yields are higher. The yield on the benchmark 10-year U.S. notes is up 4.2 basis point to 4.333% after briefly easing declines following a $70 billion auction of five-year notes.
Several Fed officials, including Minneapolis Federal Reserve Bank president Neel Kahkari on Wednesday and St. Louis Fed president Alberto Musalem the day before, have warned against the Fed cutting rates too soon in the current uncertain economic environment.
U.S. Crude settled up 0.94% at $69.65 per barrel. Brent settled at $73.79 a barrel, up by 1.05% the following day. Government data revealed that U.S. crude and fuel inventories had fallen last week. The oil market was also supported by growing concerns over tighter global supplies following the U.S. threat to impose tariffs on countries buying Venezuelan crude.
(source: Reuters)