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Florida Vice mayor killed, wife jailed for suspect
Officials said that the vice mayor of Coral Springs in Florida was shot dead on Wednesday and her husband, who is the only suspect, was arrested. Police referred to this as a domestic violence case. Nancy Metayer Bowen was the first Black and Haitian American woman in Coral Springs. Coral Springs is a town with 134,000 people, located about 45 miles north of Miami. According to the website of the city, she was elected in 2020 to the 'commission, re-elected again in 2024 and appointed vice mayor by her fellow commissioners. The 'Sun Sentinel' reported that Democratic presidential nominee Kamala?Harris named her as a?director of Caribbean votes in Florida for?her campaign, according to a?2024 report. The police responded to an emergency call and found Metayer's dead body at her home. They arrested her husband later. Officials said that he was booked in the Broward County Jail, Fort Lauderdale. Stephen Bowen was listed at 40 as the 'chief operating officer of Men of St. Luke. This is a religious, fraternal, nonprofit organization registered in Broward County. Bowen's defense lawyer has not been listed in court records, and authorities haven't said if he retained an attorney. Joshua Simmons, a fellow commissioner, remembered Metayer Bowen as "a battle buddy" and said he tried to shield her against the harshness of politics. "She was a person with a great heart." "She truly cared about people, even when they said some of the worst things about her," Simmons said at a press event.
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After Trump's speech on Iran, stocks fall and the dollar increases
The 'dollar strengthened and oil prices rose after U.S. president Donald Trump stated that Washington's "core tactical objectives" in the Iran war are?nearing their completion. However, he stopped short of stating a specific date for the end of the conflict. After a bruising March, when soaring oil costs sent risk assets into a tailspin, the prospect of an end to the U.S. and Israeli war against Iran in its month-long phase has lifted global shares. Trump said in his primetime speech that the U.S. will strike Iran "extremely" hard over the next 2 to 3 weeks, and bring the country back into the "Stone Ages." U.S. stocks futures fell 0.67%, while European futures dropped 0.10%. The MSCI broadest index for Asia-Pacific stocks outside Japan fell by 0.75%. In volatile trading, Japan's Nikkei reversed its course and traded down by 0.79%. Investors and analysts were focused on the Strait of Hormuz reopening and how it would ease the supply bottleneck that had hit Asian economies hard. Iran has repeatedly fired on Gulf countries - some of which are home to U.S. military bases - and is using Strait of 'Hormuz as leverage. The Strait carries a fifth (of global oil) and liquefied gas. Worries about a'slowing of growth' and higher energy prices sapping the mood in March. After the speech, the U.S. Dollar rose against the majority of currencies. The euro fell 0.25%, to $1.156. Brent front-month contract for June increased by over 3%, to $104.75 a barrel. (Reporting and editing by Stephen Coates in Singapore, Ankur Banerjee)
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Oil prices fall on hope of US withdrawal from Iran war
Oil prices dropped more than $1 early on Thursday, as the markets awaited President Donald Trump's address to the nation that could signal the U.S. withdrawal from the war in Iran. Brent crude futures dropped $1.16 or 1.15% to $100 per barrel at 1204 GMT. U.S. West Texas Intermediate Crude futures fell $1.41 or 1.41% to $98.71 a barrel. Both benchmarks were lower in the previous session. Trump announced on Wednesday that he would be speaking at 9 pm, hours before the scheduled time. The U.S. is expected to end its war on Iran "fairly quickly" at 00:00 GMT (00:00 EDT) on Thursday. In a recent note, IG analyst Tony Sycamore said that "the overnight sell-off gained pace due to mounting hopes" that the Iran conflict was?finally winding down. The?market has been widely anticipating a decidedly dovish ton." Sycamore stated that a U.S. withdrawal does not guarantee reopening of Strait of Hormuz. Oil prices are likely to remain high if the U.S. does not reach a formal ceasefire agreement that would guarantee free passage, leaving its regional allies' energy assets and the U.S. vulnerable to Iranian attacks. As the conflict in the region intensifies, the threats to maritime traffic are increasing. The latest incident occurred on Wednesday when an oil tanker, leased by QatarEnergy, was struck by an Iranian cruise missile while in Qatari waters. On Wednesday, the head of International Energy Agency warned that supply disruptions would begin to impact Europe's economic growth in April. The continent was previously shielded from the effects of war by cargoes that were contracted before it began. (Reporting and editing by Colleen Waye)
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Australia's KGL resources signs $300 million streaming agreement with Wheaton Precious Metals
KGL Resources, an Australian miner, announced on Thursday that it had entered into a $300-million precious metals streaming agreement with a unit of Canada’s Wheaton Precious Materials for a?part of the gold and silver produced at?its Jervois Copper project. KGL shares rose 61.9%, to A$0.340. This was their best day since the middle of 2014. Stocks also reached their highest levels since May 22, 2020. KGL announced that Wheaton Precious Metals will fund up to $275m in advance, with an option of $25m for cost overruns. The upfront funding includes two $16 million installments that are available before construction starts, but subject to certain conditions, including regulatory approvals. The remaining $243 millions will be paid in four equal payments tied to the construction milestones. Wheaton will pay a portion of the spot price for silver and gold that is produced by the project. The streaming arrangement begins with 75% payable silver and gold, then drops to lower percentages when certain delivery thresholds are reached. KGL stated that the agreement included protections against delays in construction, including additional metal deliveries, should timelines slip. It also includes?security of project assets and corporate assets. KGL stated that the funding marked a significant step in developing the 'Jervois Project' and positioning the company to become an Australian copper producer. Wheaton has signed its first precious metals streaming contract in Australia. This follows its February announcement of a streaming deal covering?BHP?s share in Peru's Antamina?mine. Wheaton, one of the largest precious metals streaming companies in the world, is focused on gold and Silver. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
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Trump claims that the US has enough jet fuel to supply Europe
Analysts point out that President Donald?Trump's advice to countries who are struggling to obtain jet fuel because of Iran's blocking of the Strait of?Hormuz is flawed: the U.S. cannot cover the global shortage. Trump said in a Truth Social posting on Tuesday, "We have plenty." U.S. data proves that this is not true. Kpler, which tracks vessels, shows that about half a milllion barrels of jet fuel are exported from the Strait of Hormuz every day, mostly to Europe, but also to Asia, Africa and other parts of the world. The Energy Information Administration (the Department of Energy’s statistical arm) shows that total U.S. exports of jet fuel averaged 219,000 barrels per day last year. Matt?Smith, Kpler analyst, said: "It's very, very unlikely the U.S. will be able to replace Strait of Hormuz supplies." REALITY CHECK EIA data shows that the United States is the largest consumer of jetfuel in the world, and the majority of jet fuel produced by the country is consumed at home. EIA reported that refiners and fuel blends produced 1,97 million bpd jet fuel last week. This was slightly more than the demand of 1,79 million bpd. Smith stated that "even if the U.S. has plenty of jet fuel, there are also plenty of airlines." The majority of U.S. jet-fuel production is located in the Gulf Coast region, while major demand centers on the?East Coast and West Coast of the United States have relied upon imports for their fuel needs. As a result, the West Coast will need to import more fuel from the Gulf Coast of the United States as its usual suppliers in Asia have been hit the hardest by the closure of the Strait of Hormuz. Asian refiners had to reduce production and stop exports. California was left searching for alternative suppliers. US CONSUMERS WILL PAY MORE IF EXPORTS GO UP. The U.S. exports more fuels to the global market, including jet fuel. This is because it is the only major fuel producer that is not directly affected by the war. Tom Kloza is the chief energy adviser at Gulf Oil. He said that jet fuel prices in the United States have risen since the Iran War began. However, they are still lower than the other markets directly affected by the Strait of Hormuz Blockade. This encourages higher exports. Kloza stated that at least four or five cargoes of diesel and jet fuel were loaded into the New York Harbor area for delivery to Europe. This is a reversal of the usual flow?that has these products coming from Europe up the U.S. East Coast. GasBuddy's data shows that wholesale jet fuel costs are between $4 and $5 per gallon for most of the United States. GasBuddy's Patrick De Haan said that the average cost of jet-fuel in the U.S. Gulf Coast ranges between $2.50 to $3 per gallon. De Haan stated that the higher export demand would?ultimately lead to more price increases for U.S. customers, posing a significant challenge for Trump's administration. The more demand for U.S. Jet Fuel, the higher prices. De Haan explained that the more cookies there are in the cookie jar the less cookies you get.
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Stocks and currencies are on tenterhooks before Trump's address on Iran War
The dollar weakened and oil fell on Thursday, as investors held their collective breath in anticipation of Donald Trump's speech that could signal the end of war in the Middle East?and increase risk appetite. After a brutal month in March, when oil prices spiked and sent risk assets into a tailspin, the prospect of an end to the?month-long 'U.S.-Israel?war against Iran? has lifted global shares. The dollar is now off its recent highs. MSCI's broadest Asia-Pacific index outside Japan, which measures all shares in the region, was slightly higher at opening after recording its largest one-day gain since November 2022. Japan's Nikkei is poised to have a good start. Trump said on Wednesday that the United States would be "out" of Iran "pretty quickly", and that they could return "for spot hits" if necessary. This was ahead of his planned primetime address at 1100 GMT?on?Thursday. Trump and his top officials offered several timelines to end the war. He said that the U.S. military campaign against Iran could be ended within two to three week. Analysts and investors are analyzing the speech to determine when and how the Strait of Hormuz - a major route for fuel shipping - will reopen, and ease the supply bottleneck that has affected Asian economies. Tony Sycamore is a market analyst for IG. He said: "A U.S. withdrawal within the next couple of weeks would remove a massive layer tension." However, this does not guarantee that energy will flow smoothly through the Strait of Hormuz. The Iranian response is crucial, especially if Tehran continues to use its geographic position to impose tolls and selective inspections of passing tankers or strikes on the energy infrastructures of its neighbouring nations. Iran is using the Strait o'Hormuz as leverage. It carries about a fifth of all oil and natural gas in the world. Worries about a slowing economy and higher energy prices also dampened sentiment in March. Investors have flocked to the U.S. Dollar during the turmoil, but the prospect for a ceasefire this week has caused the greenback to weaken. In early trading the euro bought $1.1591, holding on to recent gains. The 'Japanese yen' was trading at 158.68 against the U.S. Dollar, a few cents away from 160. This is a crucial level for traders who fear that Tokyo could intervene. Brent front-month contract for June dropped 2.7% to $101.16 per barrel, rebounding from a session low price of $98.35. (Reporting and editing by Stephen Coates in Singapore, Ankur Banerjee)
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Are central banks selling Treasuries to the public? McGeever
Are central banks selling treasuries in light of the controversial U.S. war in the Middle East? It's likely yes, but complicated. The New York Federal Reserve has just lowered the foreign-owned Treasuries in its custody to the lowest level in 16 years, below $3 trillion. This indicates that foreign central banks are selling at an increasing?rapid rate. The decline in Fed 'custody'?holdings has been eye-catching, as I noted last week. Deutsche Bank strategists estimated that the fall of $75 billion in the four-week period ending March 19, indicated a net selling of $60 billion by central banks. This would be some of the most aggressive sales ever. The official U.S. Treasury International Capital figures - which are the gold standard data for foreign holdings in U.S. Treasuries – show that central bank sales abroad were minimal last year, but that net purchases were the highest in 13 years in January. What is it then? Selling or shifting? Fed custody data can be a good?proxy' for foreign central bank and their Treasuries. But it is not perfect. The vast majority of the custody holdings are foreign central bank totals. However, they also include quasi-official entities like sovereign wealth funds and multilateral organizations. Fed custody changes don't always reflect the amount or even whether central banks are purchasing or selling. Custody holdings, for example, plummeted by $238 billion in the past year, suggesting that central banks were selling U.S. debt at a breakneck pace. Official TIC data revealed that the net sales by foreign central banks of Treasury notes and bonds last year amounted to only $34 billion. This is less than 1% of the $3.5 trillion in their vault. How can we square that? Changes in exchange rates and bond prices can explain changes in custody data. Some of the "selling", however, can be explained by central banks moving their holdings from U.S. jurisdictions to other parts of their investment network or non-U.S. jurisdictions. Brad Setser, of the Council on Foreign Relations, has long argued that the recent decline of China's holdings in Treasuries is partially explained by the fact Beijing has been funneling large quantities of foreign assets into its state-owned banks. China's actual holdings are likely to be much higher than what the official figures suggest. Footprints shrinking at nominal highs The official TIC data will be released in May, and we'll know if central banks sold in March. The decline in custody holdings and the weak foreign demand for recent Treasury auctions as well as the falling bond prices suggest that they did. It's still worth remembering that, according to the latest official TIC data published in mid-March, foreign central banks purchased a net of $50.6 billion in Treasuries during January. It was a rare instance where the?official' demand was greater than private sector demand. This was also the second-largest monthly purchase by central banks in 13 years. The private sector is a 'big buyer of U.S. Bonds in recent years, with investors investing nearly $1 trillion over the calendar years of 2024 and 2025. This easily offsets the $61 billion net selling by central banks. Foreign ownership of Treasuries is at an all-time high. In the last 12 months, foreign investors owned $9.23 trillion in U.S. Government debt. This included $7.78 trillion in bonds and notes and $1.45 trillion in bills. All of these are record highs. As a percentage of all Treasuries, however, foreign ownership continues to decline. Morgan Stanley analysts say that in the fourth quarter last year it dropped to 32% - the lowest level since 1997. However, this'share' had been flatlining at around 33-34% ever since the pandemic. The central banks will likely sell Treasuries at a margin, not in large quantities. It's not yet. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Australia offers businesses 693 million dollars in low-cost loans to ease fuel price pressure
The Australian government will offer up to A$1 billion ($693 millions) in interest-free loan to "critical" businesses such as transport operators and fertiliser manufacturers, according to Prime Minister Anthony Albanese. Australia imports over 80% of the fuel it uses, and this has led to concerns about availability. The fear of shortages has sparked panic buying in certain regions, despite assurances from the government that "the market is adequately supplied." "No government can promise to eliminate all the pressures?that this crisis will impose. We can act as a buffer to the worst. In a speech at the National Press Club,?Albanese will say that we are a'shock absorber in a world of global shocks. These loans are available to help businesses that need immediate financial assistance. Albanese warned, in a rare address to the nation on Wednesday?that the effects of the war in the Middle East will last for many months and affect both families?and businesses. In his speech, he'll say that the move to provide loans highlights his centre-left Labor Government's focus on ease cost-of living pressures. This priority will 'formulate' next month's Federal Budget. "It's our?government’s most important budget yet - and will be our most ambitious. It has to be. "The scale of the challenge we face - and the breadth of opportunity before us - requires that ambition and urgency." ($1 = 1.4438 Australian dollars)
Europe's uneasy farmers are requiring policymakers to act
European policymakers have scaled back rules to safeguard nature, drawn up limitations on the import of tarifffree Ukrainian grains and ditched brand-new legislation restricting pesticide usage as farmers' demonstrations resonate with citizens ahead of elections.
From Poland to Portugal, farmers have actually won remarkable concessions in action to waves of street action, reshaping the European Union's green politics months ahead of European Parliament elections.
Ecological activists and experts state the policy backsliding illustrates the considerable political influence of farmers as mainstream celebrations look for to restrain the far right and nationalist parties' hunt for votes in rural areas.
Farmers once again blockaded streets surrounding the European Union headquarters in Brussels recently, spraying manure to protest low earnings, low-cost food imports and troublesome red tape. As they did so, the bloc's farming ministers backed a brand-new set of modifications to damage green guidelines linked to the disbursement of tens of billions of euros in farming aids.
When the last European elections were kept in 2019, the Greens made strong gains and climate activist Greta Thunberg was voted Time Magazine's Individual of the Year.
The elections in 2024 will be elections in the year of angry farmers, stated Franc Bogovic, a Slovenian legislator in the European Parliament and himself a farmer.
The scramble to placate farmers has affected crucial pillars of EU policy, pressing the bloc over its Green Offer and free trade accords.
EU environment commissioner Virginijus Sinkevicius alerted of a devastating blow to the bloc's credibility recently, when EU nations declined to approve a landmark law to safeguard nature, leaving it uncertain if the policy will be passed.
Other green measures are hanging in the balance ahead of the election. EU countries asked Brussels recently to scale back and possibly postpone a new anti-deforestation policy, which they stated might harm local farmers.
In France, senators in March voted versus ratification of an EU-Canada open market offer, targeting a sign of the EU's. desire to open up markets and increase competitors.
And while the EU has actually extended tariff-free gain access to for. Ukrainian food manufacturers, it concurred last month to impose duties. if imports exceed a specific level, in reaction to farmers'. demonstrations.
Some farming groups acknowledge the action by policymakers. to the demonstrations is likely linked to June's elections - however say. the weakening of green rules is not what they desire.
Our needs (for fair costs) have not really been met,. said Dutch farmer Leonardo van den Berg, a representative of. farming association La Via Campesina.
RURAL DISCONTENT
Farmers account for 4.2% of the EU's labor force and produce. simply 1.4% of the bloc's gross domestic product. Nevertheless, their. demonstrations resonate in the countryside where discontent towards. far-off policymakers and questions of cultural identity run. deep.
A report commissioned by the EU's Committee of the Regions,. published last month, found Eurosceptic ballot was high in lots of. rural areas, where issues including over migration and lower. economic opportunities boosted populist celebrations.
An Elabe study in January revealed 87% of French people. supported the farmers' cause. In Poland, almost 8 in every. 10 individuals backed the farmers' needs, according to a poll by. the Institute of Market and Social Research.
The far ideal in France and elsewhere paint the farmers'. protests as symptomatic of a disconnect in between an urban elite. and hard-up countryside folk. Farmers are a small group, but the. far best believes it can attract a much larger rural vote by. extension, said Teneo expert Antonio Barroso.
Far-right parties are jostling to be the standard-bearers of. farmers' discontent, using them to highlight the viewed. failure of what they consider elitist green policies, said. Simone Tagliapietra, senior fellow at think-tank Bruegel.
This is pushing mainstream political parties to recalibrate. their own programs, Tagliapietra said.
In France, farmers are a growing constituency for Marine Le. Pen's reactionary National Rally (Rassemblement National) party. She has called for a halt to EU free trade offers.
Asked why farmers were showing so effective in affecting. policymaking, farming ministers in Brussels last week. explained farmers as lynchpins of the rural economy.
Everyone requires to consume everyday, Finland's minister Sari. Essayah said. ( Farming) is among those fundamental sectors we should. assistance.
Irish Agriculture Minister Charlie McConalogue said Europe. required to gain from the turmoil to food supply chains. inflicted by Russia's war in Ukraine.
We can not take food security for given, he said.
Ecological advocates caution of the pace at which. ecological policies are being loosened for what they say is. political efficiency.
Changes to deteriorate environmental criteria linked to the. dispensation of subsidies under the EU's Typical Agricultural. Policy (CAP) had taken place at warp speed without correct. consultation, Greenpeace said.
What they are now presenting as a set of simplification. modifications is literally a CAP reform exercised in a week,. stated Marco Contiero, the group's EU farming policy director,. rather overemphasizing what were still speedy propositions.
This is a political, an electoral card being played, he. stated.
A Commission spokesperson stated the propositions to change. the CAP were thoroughly calibrated, and targeted to maintain a. high level of environment and environment ambition.
The Commission consulted 4 EU-level farming associations. and EU member states before proposing the measures to reduce. bureaucracy for farmers, the representative stated.
(source: Reuters)