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Tata Motors India targets mass EV adoption through low-priced and fast-charging punch
Tata Motors' CEO stated that the company is confident its new, low-priced 'Punch EV' will be able to crack the 'dominant budget segment' of the third largest 'car'market in the world for electric vehicles. Approximately 65% of India's 4.6 million passenger cars sold last year had a price below $13,200. Just 1.6% of the affordable cars sold in India last year were EVs. In India, there are currently only a few EVs in the lower-price range. Shailesh C. Chandra, a reporter at the Reuters news agency, said that buyers are held back by concerns about their battery life and range and also because of their slow charging times. The entry segment is where the real challenge lies. Chandra stated that until we solve this problem, EVs will never be mainstreamed. The new Punch EV starts at $10,650. A?long range variant, which can travel 350 km (217 miles), on a single battery charge, is available for $13,850. According to the company, The Punch can charge?from 20% battery level up to 80% within 26 minutes using a fast charger. It also comes with a warranty for life on its battery. Tata also offers an option that decouples the price of the EV from the battery. This reduces the upfront cost of the EV to $7,100. The battery is then paid separately at 3 cents per km. GOVERNMENT WANT MORE EV ADOPTATION, BUT SALES ARE LAGGING India's government wants to see EV sales increase to 30% by 2030, from only 5% currently. This will reduce India's dependency on imported fuels and help to lower pollution levels in its cities. However, EV growth has slowed down, forcing carmakers to offer discounts. Chandra stated that Tata Motors sacrifices margins on its EV line "to an extent" to ensure long-term progress toward electrification. However, he added that profits were 'not far below the combustion engine car business. He said that "EVs are no longer an experimental play, but a serious one." Tata is India's biggest?seller? of electric vehicles. It competes with SAIC India, JSW MG Motor and Mahindra & Mahindra. Maruti - Suzuki, India's largest car manufacturer, is the newest to enter the EV sector with its eVitara SUV. Its base model, which leases the battery separately, starts at around $12,000, while the long-range version costs $22,000. (Reporting and editing by Joe Bavier; Aditi Shah is the reporter)
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Oil prices rise as US-Iran tensions increase oil prices. Global stocks remain steady, with risk appetite remaining firm.
Global shares remained steady on Friday as traders considered the heightened tensions surrounding a possible conflict between Iran and the United States, which has helped to 'push oil prices up to their highest level in six months. The STOXX 600 pan-European index rose?0.5%, and is on track to have its fourth week of gains. Futures for the S&P 500 index in the U.S. remained flat. Investors will be battling a mix of geopolitical risks, economic signals, and political flashpoints as the session concludes a volatile global asset week. Mabrouk Chetouane is the head of global strategy at Natixis Investment Managers. They are still focusing more on economic fundamentals than geopolitical risk. When you examine metrics like valuations, earnings, and interest rate expectation, things seem to be stable. According to LSEG data, as of Wednesday, 163 of the?STOXX 600 companies had released their quarterly results. Of these, 57.1% were above analysts' expectations. The data shows that in the S&P 500, 73% of companies who reported earnings last week exceeded revenue expectations. Nvidia will report its earnings next week, which will be the main focus of markets. Investors will also be analyzing global business activity surveys and fourth-quarter U.S. gross domestic product numbers. They'll also be examining the Federal Reserve’s preferred inflation measure, the core personal expenditures price index. DOLLAR NOTCHES WEEKLY GARANTIE The dollar is headed for its biggest weekly gain in four months in foreign exchange trade thanks to a patchwork a slightly better U.S. economic data and Fed minutes that suggest policymakers are not in a hurry to lower rates. The dollar has gained about 1% against the euro this week, pushing it to $1.1768. Francesco Pesole, ING FX's strategist, said that the dollar's "safe-haven appeal" is generally reduced but fully restored when oil shocks are triggered by geopolitical tensions. The yen fell in Japan after data revealed that core inflation in the country was at 2%, its lowest rate in two years. This could complicate the central bank's path of raising rates. The dollar has gained 1.7% this week and is now trading at 155.22yen. U.S. Treasuries remained steady with 10-year yields of 4.07%. However, the Fed minutes showed a division over how quickly to reduce rates. This has pushed up two-year yields to 3.47% over the past week. The yields on Germany's 10-year Bunds (the euro zone benchmark) are on course to decline by 2 basis points this week. OIL SURGES ON US MILITARY BUILDUP Benchmark Brent crude futures reached 6-1/2-month highs above $72 per barrel as U.S. president Donald Trump set an Iranian deadline of 10 to 14 days to reach a 'deal' over its nuclear program, or else "really bad" things would happen. The political rhetoric has escalated dramatically. "Even a limited disruption or credible threat to shipping lanes can cause an immediate shock in supply," said Capital.com Senior Market Analyst Daniela Hathorn. Kenji Abe (chief strategist, Daiwa Securities, Tokyo) said that investors were hesitant to take risks after the news. Brent Donnelly, President of Spectra Markets, said: "There doesn't seem to be any point in increasing risk before this weekend's unrest surrounding the Middle East." Today feels like a great day to avoid trouble." Reporting by Niket Nishant in London and Tom Westbrook, Singapore; editing by Shri Navaratnam and Jane Merriman
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INDIA BONDS - Indian 10-year bond yields surge most in the past two weeks due to US-Iran tensions
The yield on India's 10-year benchmark government bond spiked Friday due to mounting concerns about a possible military confrontation between the U.S. India is a net importer of energy, and higher crude oil prices pose a major risk. The benchmark 2035 bond yield of 6.48% settled at 6.9214 percent on Friday, up more than 4 basis points, the biggest increase in two weeks. Bond yields are inversely related to prices. Donald Trump, the U.S. president, issued a fresh warning on Thursday, urging Iran's nuclear programme to reach a deal. He set a deadline of?10-15 days, prompting Tehran to threaten retaliation if U.S. bases were attacked. Benchmark Brent Crude futures reached nearly $72 per barrel on Friday. This was their highest since July 31. Alok Singh is the head of treasury for CSB Bank. He said that with?global tensions brewing, some positions were unwinding before the weekend. If there is no further escalation of tensions, crude oil prices could drop and yields could retrace. Traders said that aggressive paying of overnight index swaps because of the weakening?rupee, and the rising crude price also dampened the sentiment on the debt market. Separately New Delhi raised 330 billion rupees ($3.62billion) earlier in the day through the sale government bonds, at yields that were?2-3 basis point above market levels, deepening the selling and sending the 10-year rate to the 'day's highest of 6.73411%. The rate of India's OIS 5-year bond jumped the most in two weeks, a move influenced by tensions between the U.S. and Iran. The two-year OIS rate increased?about 3bps to 5.65%. The five-year OIS rates jumped about 5.5 bps, to 6.0950%.
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Sibanye CEO: Sibanye committed to battery metals even though lithium is impaired
Richard Stewart, CEO of Sibanye Stillwater, said that the company is committed to its 'battery metals' business. This comes after an impairment of another 2.46 billion rand (about $152.6 million) on its Keliber Lithium project in Finland. In recent years, the South African miner has acquired zinc, nickel, and lithium assets as part of a shift to metals that are used in renewable energy technologies. Sibanye recorded a total impairment of 7,8 billion rands at Keliber by 2025. The company cited a "dim outlook for long-term prices of lithium hydroxide". The asset is currently valued at around 9 billion rand by the company. The company cancelled its plans to invest in the Rhyolite Ridge Lithium project in the United States in February 2025. After the?metal price dropped. Stewart stated during a call to discuss results that "our long-term strategic goal as a business is to continue to provide metals to support the decarbonisation of our planet and energy transition". PRODUCTION PHASED Sibanye will phase-in production at Keliber starting with spodumene, and then consider producing battery-grade lithium hydroxide at a later date, depending on price. Stewart stated that the European Union's and U.S.'s initiatives to reduce their reliance on China as a source of battery metals provide an incentive for Keliber. He said, "We believe this will have an impact on the final pricing layout in time." Sibanye announced on Friday that its headline earnings for 2025 were 2.44 rand per share, compared to 0.64 rand in the previous year. This was boosted by higher prices of gold and platinum group materials. This helped the diversified miner announce its first dividend since 2023. The average South African PGM price rose by 28% and the rand price increased by 39%.
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TSX futures are rising as gold continues to gain.
Futures for Canada’s main stock index increased?on Friday as gold prices continued to rise amid rising concerns about a possible conflict between the United States and Iran. As of 5:16 a.m., March futures?on S&P/TSX -composite index rose 0.3%. ET. Toronto's benchmark stock index reached a new record on Thursday, despite Wall Street ending lower. This was due to gains in commodity stocks. The benchmark index is expected to rise for a third straight week. Donald Trump, the U.S. president, warned Iran Thursday that "really bad" things could happen if it fails to reach an "meaningful agreement" over its nuclear program in the next 15 days. Gold spot gained 0.6% despite the fact that it appeared to be heading for a weekly loss, as the U.S. Dollar rose to an almost one-month high. Silver prices rose 3%, and copper also increased. Oil prices fell as traders remained unfazed by Trump's comments, which increased concerns about a possible U.S. Iran conflict. Brent crude futures, and U.S. West Texas Intermediate Crude were both down by more than 0.5%. However, they are expected to make their first weekly gains in three weeks. Investors will also be looking at U.S. The Personal Consumption Expenditures Report, due later today, will provide further insight into the policy direction of the central?bank. Gold miners Lundin Gold, Eldorado?Gold and others beat expectations for fourth-quarter earnings in their after-market earnings reports on Thursday. CLICK 'ON CODES' TO GET CANADIAN MARKETS UPDATES TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and Editing by Krishna Chandra Eluri; Reporting by Utkarsh T. Hathi)
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Oil prices rise as US-Iran tensions increase global shares
Global shares rose on Friday, despite heightened tensions about a possible conflict between the United States &?Iran which has helped push oil prices to their highest levels in six months. The?pan European?STOXX 600 Index rose by 0.5%, and is on course for its fourth week of gains. The S&P 500 futures in the U.S. rose 0.4%. Investors will be battling a mix of geopolitical risks, economic signals, and political flashpoints as the session concludes a volatile global asset week. Mabrouk Chetouane is the head of global strategy at Natixis Investment Managers. He said: "Clearly equity investors have adapted to the noise in geopolitical environments." They are still focusing on economic fundamentals rather than geopolitical risk. When you examine metrics like valuations, earnings, and interest rate expectation, things seem to be stable. According to LSEG data, as of?Wednesday 163 STOXX 600 companies had released their quarterly results. Of these, 57.1% were above analysts' expectations. The data shows that 73% of the companies in the S&P 500 who reported their earnings last week exceeded revenue expectations. Nvidia will report its earnings next week, which will be the main focus of markets. Investors will also be analyzing global business activity surveys, U.S. fourth-quarter gross domestic product numbers, and the Federal Reserve’s preferred inflation indicator, the core personal expenditures price index. DOLLAR NOTCHES?WEEKLY GAINS The dollar was headed for the biggest weekly gain in four months in foreign exchange trading, thanks to a patchwork a slightly better U.S. economic data and Fed minutes that indicated policymakers were not in a hurry to lower rates. The dollar has gained about 1% over the past week compared to the euro. This brings the currency common up to $1.1767. Francesco Pesole, ING FX's strategist, said that the dollar's "safe-haven appeal" is generally reduced but fully restored when oil shocks are triggered by geopolitical tensions. The yen fell in Japan after data revealed that the country's core rate of inflation was 2% in the month of January, its lowest pace in the past two years. This could complicate the central bank's path to raise rates. The dollar has gained 1.8% in the last week to 155.4 yen. U.S. Treasuries are steady with 10-year yields of 4.07%. However, the Fed's minutes show a division over how quickly to reduce rates. This has pushed up two-year yields to 3.47%. The yields on Germany's benchmark 10-year Bunds (the euro zone benchmark) were set to decline by 2 basis points this week. OIL SURGES ON US MILITARY BUILDUP Benchmark Brent crude futures reached 6-1/2-month highs above $72 per barrel after U.S. president Donald Trump gave Iran a 10- to 15-day deadline to reach a nuclear deal or else "really bad" things would happen. The political rhetoric has escalated dramatically. Daniela Hathorn, senior market analyst at Capital.com, said that even a limited disruption of shipping lanes or credible threats could cause a supply shock. Kenji Abe said that the news, taken together, had investors avoiding risk. Brent Donnelly, President of Spectra Markets, said: "There doesn't seem to be any point in increasing risk before this weekend's unrest surrounding the Middle East." Today feels like a great day to avoid trouble." Reporting by Niket Nishant in London and Tom Westbrook, Singapore; editing by Kim Coghill and Shri Navaratnam.
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Anglo American suffers $3.7 billion loss due to De Beers write-down
Anglo American reported a $3.7billion loss on Friday, after another writedown of its diamonds business. The miner is pushing ahead with plans to shed its non-core assets as well as complete its merger with?Teck Resources. Anglo has wrapped up an uneven reporting season for London listed mining groups. This highlights the divergent fortunes of the industry as Antofagasta benefitted from rising copper prices, while other diversified peers suffered due to weaker markets in iron ore and diamonds. The company recorded a $2.3bn pre-tax impairment on its De Beers division, reducing carrying value from over $4bn to $2.3bn. Analysts' estimates of EBITDA or core earnings at $6.4 billion was in line. The company declared a $0.23 dividend per share or approximately $200 million. This was down from $0.64 per share or $800 millions a year ago. By 0919 GMT, the company's shares were up 1.7%. Anglo, who in July discontinued its?nickel-and steelmaking coal assets it seeks to sell, wants to focus on iron ore and copper assets. The company announced that it is moving forward on plans to sell De Beers. The company announced that it could partner with Mitsubishi Corp to develop its Woodsmith Fertiliser Project in northern England. It had previously placed the project on maintenance and care. "We ?believe this potential partnership would add optionality and time to pursue further syndication/partnerships," said Goldman Sachs analysts. DE BEERS - SPIN OFF Anglo has revised its value of De Beers following the unit's?third consecutive year of production decline. De Beers also lowered its production forecast for 2026 due to the weak demand and high inventory levels that continue to affect the diamond market. Anglo has already written off De Beers value by $3.5 billion in the last two years. Duncan Wanblad, CEO of Anglo Diamonds told reporters that there was a large supply of rough diamonds on the market. He said that the sale of De Beers was at an advanced level. He said: "We must... reach final binding bids, then choose the partner we wish to work with and negotiate with all parties involved including the Botswana government." Wanblad stated that multiple consortia have shown interest in De Beers. Anglo had put it up for sale to facilitate a wider restructuring. Botswana has announced that it will increase its shareholding. It is already a 15% shareholder, and sources 70% of its annual rough production. Angola is pursuing a stake of 20-30% in De Beers. This proposal is being discussed with other African producers of diamonds, according to a senior official at the Angola mining ministry. Wanblad is "optimistic", he said, that a contract will be signed in the upcoming year. TECK TIE UP Anglo, the only major miner that has secured a deal despite companies being under pressure to increase their copper portfolios announced in September a merger of $53 billion with Teck, which is a stock-only, no-premium transaction. Wanblad, who spoke on Friday, said that he expected the deal to be approved between September and March as China and South Korea's regulatory approvals are still pending. Anglo American and BHP Group, the world's biggest mining company, were both attempting to acquire Anglo. The combined entity will produce over 1.2 million tons of copper per year. The demand for copper, a metal used in the construction and power industries, will increase due to electric vehicles and artificial intelligent. Clara Denina is the reporter. Mark Potter, Jan Harvey and Clara Denina edited the report.
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Anglo American suffers $3.7 billion loss due to De Beers writedown
?Anglo American reported a $3.7billion loss?on Friday, after taking a?writedown?on its diamonds' business. The miner is pushing ahead with its plans to shed its non-core assets as well as complete its merger with Teck Resources. Anglo has wrapped up the mixed reporting season of London-listed mining companies, highlighting the divergent fortunes in this industry. Antofagasta, for example, benefited from rising copper prices, while other diversified groups struggled to cope with weaker markets for iron ore and diamonds. The company declared a $0.23 dividend per share or about $200 million. It booked a $2.3billion pre-tax impairment related to its De Beers division. This was down from $800 million or $0.64 per share a year ago. Analysts' estimates of core earnings (EBITDA) of $6.4 billion are in line. The share price of the company opened London 1.3% higher. Anglo is focusing on iron ore and copper assets after selling its nickel and steelmaking assets in July. The company?demerged their platinum business in May?and announced that it was moving forward with plans for selling De Beers. DE BEERS SPIDER-OFF Anglo reassessed De Beers' value after the unit reported a third consecutive year of production decline. De Beers also lowered its production forecast for 2026 as low demand and high inventories continue weighing on the diamond industry. Anglo has already reduced De Beers value by $3.5 billion in the last two years. Duncan Wanblad, CEO of Anglo Diamonds told reporters that there was a large supply of rough diamonds on the market. He said that the sale of 'De Beers' is well underway. "We have to... finalize?binding offers and then choose the partner we want to work with, and negotiate with all parties involved including the Botswana government," he said. Wanblad stated that multiple consortia have shown interest in De Beers. Anglo had put it up for sale to help with a "broader restructuring". Botswana has already stated that it plans to "increase" its stake. The country is a 15 percent shareholder, and the source of 70 percent of its annual rough-diamond?production. Angola wants to own 20-30% of De Beers. This proposal is being discussed with other African diamond producers. Wanblad is "optimistic", he said, that a contract will be signed in this year. Clara Denina reported. Mark Potter, Jan Harvey and Clara Denina edited the report.
The key facilities of Iran's nuclear program
The Omani Foreign Minister said that a sixth round of U.S. - Iran nuclear talks would be held in Muscat on Sunday, following the announcement by U.S. president Donald Trump that Tehran will not be permitted to possess a nuclear device.
Trump stated on Wednesday that U.S. military personnel are being removed from the Middle East, because it "could be a dangerous area".
Here are some of Iran’s most important nuclear facilities.
Where are Iran's nuclear facilities?
The Iranian nuclear programme is spread out over many different locations. Despite the fact that Israel has been threatening airstrikes for decades, some sites are only built underground.
IRAN HAS A NUCLEAR WEAPONS SYSTEM?
The United States, as well as the U.N.'s nuclear watchdog, believe that Iran had a secret and coordinated nuclear weapons program which it stopped in 2003. The Islamic Republic has denied ever possessing or planning one.
Iran agreed to limit its nuclear activities as part of a 2015 agreement with world powers. The deal fell apart in 2018, when Trump, then in his first term of office as president, pulled out the United States and Iran began to abandon the restrictions.
IS IRAN INCREASING ITS URANIUM ENRICHMENT?
Yes. Since the deal fell apart, Iran has expanded its uranium-enrichment programme. The time it takes to reach weapons-grade uranium to build a nuclear weapon is now days or a little over a week instead of a year as was the case under the 2015 agreement.
It would take more time to actually make a bomb using that material. The exact time is not known and the debate continues.
Iran enriches uranium up to 60% fissile purity, which is close to 90% weapons-grade. It has two sites where it does this. In theory, the country could make six bombs if they enriched the material further.
NATANZ
Complex at the centre of Iran's nuclear enrichment program, located on a plain bordering mountains south of Tehran in the Shi'ite holy city of Qom. Natanz is home to two enrichment facilities: the massive, underground Fuel Enrichment plant (FEP) as well as the above-ground Pilot Fuel Enrichment Plan (PFEP).
In 2002, an exiled Iranian group revealed that Iran was building secretly Natanz. This sparked a diplomatic standoff with the West over Iran's nuclear intentions. The standoff continues to this day.
The FEP is a facility designed for commercial enrichment, with a capacity of 50,000 centrifuges. There are approximately 16,000 centrifuges installed, of which 13,000 are operational, and they refine uranium up to 5% purity.
The FEP is described by diplomats who are familiar with Natanz as being three floors underground. It has been a long-running debate as to how much damage Israeli aircraft could cause.
Other means of damage have been used to destroy centrifuges in the FEP, including an explosion that occurred and a power outage in April 2021 which Iran claimed was an Israeli attack.
The PFEP above ground houses only hundreds centrifuges, but Iran enriches up to 60% purity here.
FORDOW
Fordow, on the other side of Qom is a site for enrichment dug into the mountain. It's probably better protected against potential bombardment as the FEP.
Iran was not allowed to enrich at Fordow under the 2015 agreement with major powers. The centrifuges are mostly advanced IR-6 machines. Up to 350 of these can enrich up to 60%.
In 2009, the United States announced that Iran has been building Fordow secretly for years without informing the IAEA. Then, U.S. president Barack Obama stated: "The size of the facility and its configuration are inconsistent with a peace programme."
ISFAHAN
Iran's second-largest city, Isfahan has a major nuclear technology center on its outskirts.
The facility includes the Fuel Plate Fabrication Plant and the Uranium Conversion Facility (UCF), which can convert uranium to uranium hexafluoride, which is then fed into centrifuges.
Diplomats claim that Iran stores uranium enriched at Isfahan.
There is equipment at Isfahan to make uranium metal, a process that is particularly proliferation-sensitive since it can be used to devise the core of a nuclear bomb.
Isfahan will be a new location for 2022, according to the IAEA. It has machines that can make centrifuge components.
KHONDAB
Iran has a heavy-water reactor that is partially constructed. It was originally named Arak, and it's now called Khondab. Heavy-water reactors are a risk for nuclear proliferation because they produce plutonium easily, which can be used, just like enriched Uranium, to create the core of atom bombs.
The 2015 agreement saw construction halted and the core of the reactor removed, then filled with concrete, rendering it useless. The reactor would be redesigned to "minimize the production of Plutonium and not produce weapon-grade Plutonium during normal operation". Iran informed the IAEA it planned to begin operating the reactor by 2026.
TEHRAN RESERVE CENTRE
The Iranian nuclear research facilities at Tehran include a reactor for research.
BUSHEHR
The only nuclear power plant in Iran, located on the Gulf Coast, uses Russian fuel, which Russia takes back after it has been used, reducing proliferation risks.
(source: Reuters)