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Nigerian airstrike on market in northeast Yobe, 200 people feared dead
Residents and a councillor in the area said that at least 200 people are feared to have died after Nigerian military planes struck a village's market on Saturday night while pursuing Islamist terrorists. Nigeria's Air Force claimed to have killed Boko Haram terrorists on the Jilli axis of Borno State, but did not mention a "market" in a Sunday statement. The Nigerian Air Force did not reply to any further questions. The strike took place in a village near the border of Borno in Yobe, the long-running heartland of an?insurgency which has claimed thousands of lives and forced millions to flee their homes. Lawan Zanna Nur Geidam is the councillor of Fuchimeram Ward in Yobe's Geidam District and the?traditional leader of Fuchimeram. She told?vermögenzeug???sprachdersprachsprachsprachsprachsprache or Lawan Zanna Nur Geidam, the councillor and?traditional head of Fuchimeram ward in Yobe's Geidam district told? "This is a devastating incident that happened at Jilli Market." In a telephone conversation, he told the interviewer that "over 200 people lost their lives in the air strike on the market as I speak to you." Three other residents and a representative of an international humanitarian organization confirmed the strike and its likely death toll. The Yobe State Emergency Management Agency (SEMA), which activated emergency response, said that it received preliminary reports about an incident at Jilli Market. Ahmed Ali, 43, who is a resident and sells medical consumables in the market, claimed to have been injured by a blast. "I was so terrified that I tried to run, but my friend dragged me. We all fell on the floor," he said from the hospital. Reporting by Ahmed Kingimi in Maiduguri and Adewale Kolawole in Kano; writing by MacDonald Dzirutwe, editing by David Goodman & Alexander Smith
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Australia and the US increase support for critical minerals by $3.5 billion
Canberra announced 'on Sunday' that Australia and the U.S. had committed a total of more than A$5 Billion ($3.5 Billion) to a number of important mineral projects. This is nearly twice the amount pledged six months ago when the two countries signed a cooperation agreement. The funding is intended to?support Australian ventures that develop and refine metals vital to industries such as defence, advanced manufacturing, and energy transition. This market has been long dominated by China. The funding will help reindustrialise America's high tech manufacturing base while also helping to "counter China’s export dominance" and ensuring Western supply-chain reliability, the two countries said in a framework agreement last October. Australia and the U.S. committed to investing at least $1 billion each in a $8.5 billion pipeline for priority critical minerals projects between the two countries within the next six months. Australia is a rich source of rare earth minerals, but China is the master of the environmentally and technically challenging refining process. In a press release, Resources Minister Madeleine King stated that "Australia and the U.S. deliver on the White House commitments with priority projects in Australia which?support the production of rare Earths and critical minerals". "Australia is leading the world in diversifying supply chains of critical minerals and rare Earths that are essential to Australia's economic and national security and to our trading partners. Refinery Project Backed Export Finance Australia and the U.S. Export-Import Bank will be responsible for funding A$5 billion of critical Australian mineral projects. EFA and EXIM issued letters of interest and support for a project to build a rare earths refining plant owned by Tronox Holdings. The investment is worth a total of A$849 million. King explained that Tronox with operations in Western Australia as well as the U.S. would use its existing mining and process capabilities to create mixed rare earth carbonate, which contains both light and heavy elements of rare earth. The agencies also committed to a combined support of up to A$1 Billion for Ardea Resources’ Kalgoorlie Nickel project in Western Australia. The framework also supports Alcoa’s Gallium Recovery Project and Arafura’s Nolans Rare Earths Project, as well as graphite ventures. King stated that additional projects for minerals such as vanadium, scandium, and graphite have received support.
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Philippines: any energy deal with China must respect Philippine sovereignty
The Philippines announced on Sunday that any decision regarding oil and gas cooperation with China will be made in strict accordance with its constitution. The Department of Foreign Affairs stated that it had taken notice of various public statements made by groups regarding the proposed reopening of talks between the Philippines and China about oil and gas collaboration in the South China Sea where both countries have been involved in maritime disputes for a long time. The Chinese Embassy in Manila didn't immediately respond to a comment request. * Any decision to pursue, structure or conclude an agreement on oil-and-gas cooperation with China, or any other government, would be made in full accordance with Philippine Constitution, laws, jurisprudence, and regulations. * The Philippines and China re-started a series of 'talks' late last month over the disputed South China Sea. They explored preliminary steps towards oil and gas cooperation and addressed energy and fertilizer?supply?issues resulting from the Middle East conflict. * Philippine President Ferdinand Marcos Jr. has stressed the need to ensure stable and affordable energy supplies. Reporting by Karen Lema and Khanh Vu from Manila, Hanoi, and Christina Fincher.
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Reeves, UK's Reeves, to present plan to assist businesses with energy costs
In a piece in 'The Sunday Times,' British Finance Minister Rachel Reeves said that she would be presenting her plan to help businesses who are struggling with high energy prices in the wake of ongoing conflict in Iran. Reeves expressed frustration at the U.S.'s and Israel's lack of action to address Iran's closing of the Strait of Hormuz, a crucial waterway that is used by crude oil markets. Reeves announced that she would provide more information on how businesses can be assisted with costs as the talks in Pakistan over a peaceful settlement ended without agreement. The government previously pledged to ?cut some green levies ?and lower bills for some electricity-intensive firms, but Reeves said that nevertheless the "UK's manufacturing sector... has faced uncompetitive energy prices for too long." She wrote in the Sunday Times: "So, later this week, I will set out the next stage of our plans to increase Britain's Competitiveness." "I will also lay out the principles which will guide our support for businesses in the months to come." Reeves will attend the International Monetary Fund meetings in Washington, D.C. this week. She said she would meet with her allies to discuss ways to ensure freedom of navigation through the Strait of Hormuz. She said that the?war in Iran would cost British families and businesses. "We do not yet know the exact cost, but the immediate priority is to ensure the ceasefire lasts." Reeves has previously stated that any assistance for household bills which are expected rise in July will be targeted and based upon household income.
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After days of gridlock, Irish police clear fuel protesters out of central Dublin
Irish police cleared trucks and tractors?on Sunday? that had been 'blocking traffic? in central Dublin? for five days?in protest?against?surging fuel prices?as government moves to minimize the economic fallout of a wave?of blockades? This week, protesters angry by the more than 20 percent increase in diesel prices following the start of the U.S./Israeli war on Iran used tractors and trucks to block an oil refining plant, two ports and fuel terminals, as well as a number roads throughout the country. The protests led to major disruptions in Dublin's?transport system and about a third of?petrol stations across the country were without fuel. Finance Minister Simon Harris called it a "very danger moment" for Ireland. On Saturday, the police cleared the blockade at the only oil refinery in the country. They also announced on Sunday that they have begun an operation to remove a "blockade" of Galway Port. The government refused to negotiate with the protesters who included farmers and drivers. The government is in 'talks' with groups from the agricultural and transport industries about measures to reduce fuel costs. The Sunday Independent published a poll that showed 56% of respondents supported the protesters. However, the majority of supporters of both the ruling parties were against them. Conor Humphries, David Holmes and Conor Humphries are the authors.
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Minister: South Korea is close to securing oil from Kazakhstan
South Korea has a good chance of obtaining crude oil from Kazakhstan, said the Industry Minister on Sunday. The?country is looking for alternative energy sources amid the Middle East war. Kim Jung-kwan, Industry Minister at KBS, said: "There have been (some) significant progresses. We should be able announce specific amounts and detail?early the next week." Kang Hoon Sik, the presidential chief of staff, travelled to Saudi Arabia, Oman, and Kazakhstan with Kim earlier this month to secure supplies of crude oil and naphtha due to disruptions in shipping through Strait of Hormuz. Kim explained that the visit to Kazakhstan was part of a long-term strategy to diversify oil supplies. South Korea is almost completely dependent on importing oil, with 70% of its purchases coming from Middle East. Last month, the United Arab Emirates also pledged to provide 24 million barrels. (Reporting and editing by Raju Gopalakrishnan; Jihoon Lee)
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New Zealand's North Island is ravaged by a cyclone, and hundreds of people are evacuated
On Sunday, a cyclone hit New Zealand's North Island, cutting off power to thousands of residents. Officials warned that conditions would continue to worsen throughout the day. MetService, the national weather provider, reported that Cyclone Vaianu had brought destructive winds exceeding 130 kph 81 mph (and heavy rain) even before it expected to land in the afternoon. The authorities have declared several areas to be in an emergency and issued wind warnings of "red" levels, reserved only for the worst weather conditions. Emergency Management Minister Mark Mitchell stated that the cyclone was "more towards" the fringes of the North Island and would spare Auckland, the most populous city in the country, from the worst conditions. Mark Mitchell, Minister of Emergency Management, said that stronger winds and waves were expected as the cyclone crossed the coast. "It has moved more towards the edges and to the east. This means that we haven’t seen the intensity we had prepared for, or that we expected to be hit with. Mitchell stated that this is "good news". "What we can expect in the next 12 to 24 hours is a little more intensification as the cyclone begins to descend and gets closer." Mitchell warned that the combination of high tide in the afternoon and the large swells caused by the storm could cause coastal flooding. He said that the most dangerous time was from 2 pm this afternoon, when there were high tides and big swells. He said that the cyclone forced hundreds of residents from their homes and knocked off electricity to 5,000 homes. New Zealand Defence Force personnel and heavy equipment has also been deployed in order to assist with the evacuation. MetService reported wind gusts in excess of 130 kph and rainfall totals exceeding?100 mm (3.92 inches) over the course of 24 hours in Whangarei. Vaianu brings to mind 2023's Cyclone Gabrielle. This storm killed 11 people and caused thousands of New Zealanders to be displaced. It was one of the worst natural disasters in this century. (Reporting from Sydney by Christine Chen; Additional reporting in Wellington by Lucy Craymer; Editing by Thomas Derpinghaus).
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In Haiti, a stampede has killed at least 30 people in the historic Laferriere Citadel
Authorities warned that the death toll may rise. Jean Henri Petit is the head of Civil Protection for Haiti’s Nord Department. He said that the stampede happened at the Laferriere Citadel. This was a?fortress from the early 19th century, built soon after Haiti gained independence from France. The fortess, one of 'Haiti’s most popular tourist attractions was packed - with students and visitors - on Saturday, who came to celebrate the yearly celebration of the UNESCO World Heritage Site, 'Petit said. In a statement, Prime Minister Alix Fils-Aime stated that he had "extended his sincere condolences and assured them of his deep solidarity?during this period of mourning and suffering." The prime minister said that "many youths" were present at the Citadel celebrations. However, he did not provide a death toll estimate. Petit stated that the stampede happened at the site's entrance, and that the rain "further exacerbated" the disaster. Reporting by Harold Isaac from Port-au-Prince in Haiti; writing by Laura Gottesdiener from Monterrey in Mexico; editing by Daina Beth Solon)
Stocks fall as inflation fears fuelled by Middle East air war increase
Investors weighed the impact of U.S.-Israeli strikes on Iran and global economic conditions on the energy market and stock prices, and the dollar strengthened on Tuesday.
MSCI's broadest?Asia-Pacific share index outside Japan dropped 1.5%, extending?losses a second time. The drop was led by as much as?4.1% in Korean shares. Tokyo's Nikkei fell 2.3%, and S&P500 e-minis futures dropped 0.6%.
Rupal Agarwal is Asia Quant Strategist at Bernstein, Singapore. "Economic uncertainty was already high and with the Iran conflict the geopolitical risks are expected to increase too," she said. The last time these two factors spiked together was in 2022, during the Russia-Ukraine crisis. This didn't go well for Asian markets.
Wall Street has stabilised following a volatile session Monday. The S&P 500 recovered from an initial selloff and closed flat, while the Nasdaq Composite rose 0.4% after investors bought the dip.
U.S. President Donald Trump tried to justify an open-ended, broad war against Iran by saying that the campaign had exceeded expectations.
An official of Iran's Revolutionary Guards announced on Monday that there is no end in sight to the hostilities and that any ship trying pass the Strait of Hormuz will be fired upon.
The threat immediately impacted the hiring of a supertanker for the shipping of oil from the Middle East into China, pushing up the cost to a new record of over $400,000 aday, according to LSEG.
Brent crude futures rose another 2% on Tuesday to $79.22. On the natural gas market, European and Asian benchmark LNG prices jumped by about 40% on Monday.
Working through the Risk Scenarios
The surge in energy costs could increase the cost of Asian companies, and impact their profits and stocks.
Goldman Sachs analysts wrote in a report that a 20% increase in Brent oil could result in regional earnings falling by 2%, with large intraregional variations. However, this is dependent on the length of the conflict. They said that spikes in geopolitical risks tend to have negative effects on the short term, but they dissipate with time. The current increase in geopolitical risks coincides with a regional vulnerability to correction.
Energy prices are on the rise, complicating the Federal Reserve's attempts to control inflation. Policymakers have already shown signs of division over the impact artificial intelligence will have on the U.S. Economy. Secretary of State Rubio announced on Monday that the U.S. will take steps to reduce rising energy costs due to the spike in oil prices caused by the conflict with Iran.
ISM manufacturing data, released on Monday, showed that U.S. activity increased steadily in February. However, a measure of factory gate price soared to a nearly 3-1/2-year-high amid tariffs. This highlighted the upward pressure on inflation, even before U.S. led attacks on Iran.
FedWatch, a tool of the CME Group, shows that Fed funds futures price an implied 97.5% chance that the U.S. Central Bank will remain on hold after its next two-day?meeting on March 18. The odds of the June hold, which were previously less than 50%, increased on Monday to?slightly more than a coin flip.
The U.S. Dollar Index, which measures the strength of the greenback against a basket containing six major counterparts, was close to a six-week peak at 98.499, as the currency recovered some of its appeal as a haven. The yield of the 10-year Treasury Bond in the United States was down 1.2 basis point at 4.036%.
In a recent research note, DBS analysts wrote that "current market dynamics only show a mild risk off tone. This is not enough to sustain a strong?bid for U.S. Treasury Bonds or to push the Fed to make faster cuts."
They added that "the conflict raises the spectre stagflation." While energy prices are not at the same levels as they were during the beginning of the Russia-Ukraine war in 2022 investors will likely be watching closely the duration and extent to which energy supplies will be interrupted.
Gold rose 0.6% to $5,358.44. Bitcoin fell 1.5% to $68,399.26 while ether dropped 1.5% to $2,013.07. (Reporting and editing by Gregor Stuart Hunter)
(source: Reuters)