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UN Human Rights Chief raises alarm following drone strikes that kill more than fifty civilians in Sudan
On Wednesday, the UN human rights chief expressed alarm?after reports that more than 50 civilians were killed in drone strikes -in Sudan -in two days -in the past week. According to the U.N., drone strikes in four Sudanese states between Sunday and Monday killed at least 57 civilians, including 15 children. U.N. Human?rights Chief Volker Turk said that the killings are a reminder of "the devastating consequences" of drone warfare, which targets civilians and civil?infrastructure in Sudan. U.N. reports that 28 civilians died in a drone strike by the Sudanese Armed Forces on Al Safiya Market in Sudari, North Kordofan on Sunday. Next day, 26 civilians in West Kordofan were killed by an alleged SAF strike on a shelter for refugees in Al Sunut. U.N. reports that the Rapid Support Forces, a paramilitary group, also conducted drone attacks on two primary schools located in Dilling, South Kordofan. RSF and SAF didn't immediately respond to requests for comment. Greater Kordofan is a region that consists of three states. It has become the frontline in Sudan’s three-year conflict, between the SAF and RSF. This conflict has caused millions to be displaced and has led to a humanitarian disaster. All parties must cease their attacks on civilian objects. Turk said that the parties should take "urgent" measures to protect civilians by not using civilian objects for military purposes. (Reporting and editing by Alex Richardson; Olivia Le Poidevin)
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TSX Futures Fall as Gold Dips; Inflation Data in Focus
The futures that track Canada's main index of stocks edged down on Tuesday as precious metals prices declined. Investors awaited the January inflation data, which was due in the morning. As of 5:40 a.m., March futures?on S&P/TSX Composite?index - fell 0.18%. ET. Toronto's benchmark stock index rose 1.9% on the Friday after softer than expected U.S. inflation figures raised expectations of Federal Reserve rate cuts. This lifted commodity-linked stocks. Spot gold dropped 1.4%, while silver fell 2.8%. This was due to the low trading volume, as major Asian markets were closed for Lunar New Year and North American markets on Monday. A stronger U.S. Dollar also impacted the prices. Brent crude futures dropped 0.55% as traders?assessed supply prospects after Iran conducted naval exercises?near?the Strait of?Hormuz. The U.S.-Iran nuclear talks on Tuesday will provide more clarity. U.S. West Texas Intermediate Crude was up by 0.83%. This includes all of Monday’s price action, as the contract didn't have a settlement on that day due to Presidents Day. Investors are focusing on the Canadian January inflation data due at 8:30 am?ET Tuesday. Mark Carney, the Prime Minister of Canada, has appointed?Janice Charette to be?the U.S.'s next chief trade negotiator. In corporate news the miner Wheaton?Metals announced that it had signed a streaming silver?agreement with BHP worth $4.3 billion. BHP will supply silver from its share in the Antamina mine's output. 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 Sahal Muhammad; Utkarsh T. Tushar Hathi)
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Antofagasta profits jump 52% with record copper prices
Antofagasta, a Chilean miner, posted a 52% increase in its annual core profit on Tuesday, as record prices for copper offset softer output. It also said that increased capital expenditures would support production over the medium-term. Analysts had expected that earnings before interest, tax, depreciation, and amortisation would reach a record of $5.2 billion in 2025, up from $3.43billion a year ago. This was due to the fact that copper prices rose by more than 40%. Antofagasta proposed a final dividend of 48 cents per share for 2025, bringing its dividend payout ratio to 50%. Since more than a decade, it has maintained its policy of returning a minimum of 35% of net profits to shareholders. The capital expenditure surpassed the forecast of $3.6 billion in 2013 as work at Centinela concentrator reached its peak. Capex will be $3.4 billion by 2026. At the end of 2025 net debt was $2.75 billion, up 69% on a year ago. Antofagasta, a London-listed company, saw its shares fall 3.1% at mid-morning trade. It was the biggest loser in London's FTSE 100 Index which rose 0.4%. The stock is up almost 11% in the last year. Peel Hunt stated that the brokerage estimated a dividend of 56.5 cents for 2025, which was lower than both analysts' estimates and their consensus. LONG-STANDING AIM OF EXPANDING THE CENTINELA Antofagasta has been expanding the?Centinela mine in Chile to meet increasing copper demand. Ivan Arriagada, CEO of Centinela, said in an earnings call that he thought that 70% of the construction had been completed at the Centinela'second concentrator' by the end last year. Later, he told analysts that construction would be completed in 2027. Production ramp-up will begin in 2028. The first full year of production is expected in 2029. The unit's annual processing capacity is 95,000 tons. Arriagada stated that Antofagasta viewed the change in government of Chile positively. He noted that?Presidente-elect Jose Antonio Kast intends to ease permits and lower corporate tax. The CEO expressed optimism about the prospects of Antofagasta’s Twin Metals copper-nickel-and platinum group metals project in Minnesota. This project had been delayed due to a mining ban. "With the changing environment and policy in the U.S. we do expect to be able make some progress with Twin Metals within the next few months," Arriagada stated. (Reporting and editing by Barbara Lewis, Bernadettebaum and Tom Daly)
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Bruce Thornton, Ohio State shoot past No. No. 24 Wisconsin
Bruce Thornton scored 24 out of his 27 total points in the second period and Ohio State won a much-needed signature victory, 86-69 over No. On Tuesday, Ohio State played No. 24 Wisconsin at?Columbus. Devin Royal scored a season high 25 points, while Amare Bynum added 13 to the Buckeyes' (17-9, 9-6 Big Ten) total. The Buckeyes led by 12 at halftime and did not look threatened in the last 20 minutes. Ohio State, which is just on the edge of the NCAA Tournament bubble, was 0-6 vs. ranked teams and 0-8 against Quad 1 teams. However they only trailed Wisconsin for 44 seconds. Braeden Carrington, who scored a team high 20 points, tried to keep the Badgers (18-8 and 10-5) in the game by making five 3-pointers?in second quarter. Nick Boyd scored?14 each, while John Blackwell also contributed?14. Thornton scored a layup at 13:03, moving him up to third place on the Ohio State scoring list. He now has 2,005 points, passing Jerry Lucas (1,990 each) and William Buford (2,096). Thornton has now reached 2,005 and is chasing Herb Williams (2 011) and Dennis Hopson (2,000). Royal scored 16 points before halftime, helping the Buckeyes to a 38-26 lead at the break. Taison Chatman's 3-pointer, and Bynum’s block, led to Puff Johnson's baseline layup with 1:58 remaining after Wisconsin had cut its 12-point deficit in two. Royal's dramatic turnaround was a remarkable one after a poor performance in Ohio State’s 70-66 loss to then-No. On Saturday, he scored four points on 2 of 12 shots from the floor before fouling out. He made up for his mistake quickly, leading the Buckeyes to a 24-12 win on Tuesday. The Badgers were outscored by just two points. He scored 14 points in his first six shots. Two of them were from beyond the arc. In his previous eight games, he had shot only 2 of 25 from beyond arc. Royal's first missed 3-point attempt came at 12:10 of the first half. Both teams were without key players. Austin Rapp, the Badgers' fourth-leading scorer (9.3 points per game), was ill and could not play. He scored 19 points against the Buckeyes in Wisconsin's home win of 92-82 on Jan. 31. John Mobley Jr. (15,1 ppg), of Ohio State, missed his second consecutive game due to a hand injury. He is out indefinitely. Wisconsin won four out of five games in the previous nine Buckeyes matches, whereas Ohio State has alternated between wins and losses. Field Level Media
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Market on edge as US-Iran talk and AI keeps market on edge
Oil prices dropped ahead of the nuclear talks between the U.S.A. and Iran, which are due to start later on Tuesday. Futures on the Nasdaq, which is a tech-heavy index in the U.S., fell 0.5%. This suggests that the decline of artificial intelligence heavyweights could be far from being over. Axel Botte is the head of market strategy for Ostrum Asset Management. He said that "the markets are stress-testing each sector and their business model to see how resistant they would be to AI disruptors." A Bank of America monthly survey revealed that global investors are increasingly concerned about companies over-investing. In Europe, the pan-European STOXX 600 rose by 0.2% for a second day in a row, while MSCI's all-country index remained flat. Botte said: "For years, fund managers sold European assets to the U.S. This trend is over and now reversed," Botte added. ASIA SENTIMENT MUTED The Nikkei was down 0.4% on the Asian market. In Japan, the economy grew by an annualised 0.2% during the fourth quarter. This is far below the forecasted 1.6% increase as government spending slowed the activity. The dollar fell 0.4% to 153.51 yen on Tuesday. The Japanese currency has steadily recovered after it hit its weakest level since 2024 at the end of January. Investors were worried that Prime Minister Takaichi’s plans to spend heavily in order to boost the economy would hurt the government’s finances. In a research note, NAB analysts stated that the market had likely assumed the softer GDP figures in the fourth-quarter would encourage PM Takaichi to offer more fiscal support and lower the sales tax for food. The yield on the 20-year JGB fell by 5.5 basis points to 3.025%. Bond prices increased, causing the 30-year yield to fall 6 basis points. The markets in China, Hong Kong and Singapore were closed for the Lunar New Year holidays on Tuesday. The dollar index (which tracks the U.S. Dollar against six other currencies) was largely steady at 97.12 after a 0.2% gain overnight. INVESTORS ARE CAUTIOUS? ON US-IRAN Talks Brent futures fell 0.5% to $68.14 a barrel ahead of U.S. - Iran talks in Geneva aimed to de-escalate tensions amid expected OPEC+?supply increases, after gaining 1.33% Monday. U.S. West Texas Intermediate Crude was up by 0.35%, erasing previous gains. The contract didn't settle on Monday due to a U.S. holiday. ANZ analysts stated that "the market is still unsettled due to geopolitical uncertainty, with investors cautious because of the pending U.S. Iran?and Ukraine talks this week." The risk premium built into the oil price could quickly unwind if tensions in the Middle East ease or meaningful progress is made regarding the Ukraine war. Spot silver fell 1.6%, and gold was down by 0.82%. (Scott Murdoch, Sydney, and Kim Coghill edited by Saad Sayeed, Alexander Smith and Kim Coghill)
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Dangote signs $400 mln deal with China's XCMG for equipment to accelerate refinery expansion
The Nigerian Dangote Group announced on Tuesday that it had signed a $400 million equipment deal with China’s Xuzhou?Machinery Group in order to accelerate the expansion of its oil refinery towards a planned 1.4 million barrels per day. The new equipment will support major construction projects in the refining industry, petrochemicals sector, agriculture, and infrastructure. Dangote stated that the XCMG contract would allow the company to purchase a?range of heavy-duty machines to complement the existing assets deployed to the?refinery?build-out which it expects to be completed within three years. Polypropylene production will increase from 900,000.00?tons to 2.4million tons annually as part of the expansion. The company announced that urea production in Nigeria would triple to 9 million tons per year, along with an existing 3,000,000-ton plant located in Ethiopia. Dangote will become the largest supplier of linear alkylbenzene, a raw material used in detergents. The programme also includes plans to increase base-oil production. Dangote Group described the equipment deal as an investment that aligned to its ambition of becoming a $100 billion company by 2030. In a press release, it stated that "the additional equipment we will acquire under this partnership?will significantly enhance execution across all of our projects." The $20 billion refinery, owned by Nigerian billionaire Aliko Dangote, began operating in 2024 after many years of delays. Once fully operational, the refinery is expected to reduce Nigeria's heavy dependency on imported refined fuel as well as reshape the fuel supply in West and Central Africa. (Reporting and editing by Anil D’Silva; Isaac Anyaogu)
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Avalanches in the French Alps cause three deaths and four injuries
Local authorities and French -media reported on 'Tuesday that two separate avalanches killed three people in the French Alps and injured four others. The prefecture Savoie issued a statement stating that around midday a 'large?slide of about 300 meters wide swept across the road and footpath of the town of Valloire in southeast France. The prefecture said that rescue teams including mountain police officers and firefighters, as well as dog units, had been deployed for over four hours. However, operations were suspended in the afternoon because of the danger of 'further avalanches. It said that two of the injured?were?in serious?conditions and were subsequently evacuated via helicopter to nearby hospitals. French broadcaster BFMTV reported that, citing the Gap prosecutor, two skiers died in an avalanche off-piste in La Grave, in the neighboring Hautes-Alpes area. Meteo France, the weather forecaster, said Savoie was still on orange alert for Tuesday but that it would improve in the next few days. France is currently dealing with heavy snowfall and flooding in western regions following days of heavy rain. Three skiers were killed last?Friday after being swept by an avalanche at the upscale French Alpine ski resort Val d'Isere. (Reporting and editing by Benoit van Overstraeten; Gianluca lo Nostro)
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Army says that militants killed 11 Pakistani security personnel and one child near the Afghan border.
The military said on Tuesday that militants drove a vehicle filled with explosives through an army checkpoint in the northwestern part of Pakistan, killing eleven security personnel and a child. The?military reported that seven people were injured in the attack on Monday in Bajur, a district located along the Afghan border. The military reported that the militants crashed into a wall at a checkpoint after security forces prevented them from entering a residential compound of soldiers. They added that 12 attackers died as they tried to flee. The Islamist Pakistani Taliban (also known as Tehreek-e Taliban Pakistan) claimed responsibility for the attack. Since 2007, the TTP has waged war against the government In an effort to enforce a strict brand of Islamic government on the predominantly Muslim country. Since it revoked the ceasefire agreement with Islamabad at the end of 2022, Pakistan has intensified its?attacks. Pakistan accuses Afghanistan of providing a "safe haven" for militants. Kabul's Taliban government has repeatedly denied this charge. Over 30 people were killed in a rare bombing that occurred at a mosque earlier this month during Friday prayers. The Islamic State militant group claimed responsibility for the attack, which raised fears that Pakistan could be facing a resurgence in militancy on multiple fronts.
Coffee traders accelerate shipments before EU deforestation law, says ICO
Coffee importers have increased the rate of shipments recently, looking for to avoid problems after December when the European Union's Guideline on Deforestation Free Products (EUDR) participates in force, said the International Coffee Organization (ICO) on Wednesday.
ICO Executive Director Vanusia Nogueira stated coffee stocks at producing nations are falling as importers hurry to send the beans to countries in Europe, ahead of the new legislation that will deny entrance of agricultural products produced on deforested land.
Importers are speeding up deliveries because there are questions about the law that the Europeans didn't answer yet, stated Nogueira on the sidelines of the International Coffee Seminar 2024 in Santos, Brazil.
And who knows if we are going to have surprises? she said.
The European Union is the biggest market for coffee in the world, while the beans are produced in tropical nations.
Nogueira stated there is an expectation that the European Union would provide an exemption on compliance during a certain duration until producing nations and traders are prepared to work with the brand-new legislation, however that is not specific.
She said countries such as Brazil, Colombia and Costa Rica are more prepared to work with the EUDR, which needs accreditation that the coffee was not produced in deforested land, while little farmers in African countries would face more difficulties.
(source: Reuters)