Latest News
-
Hong Kong provides diesel subsidies and toll waivers in order to reduce fuel costs
Hong Kong has taken'steps to help the transport sector - with rising fuel prices - on Thursday. A HK$3 per litre'subsidy is being offered on 'diesel used by commercial vehicles and vessels, and a 50% discount on tolls for commercial traffic that uses government tunnels. Hong Kong, which imports almost all of its energy, relies on fossil fuels for ?power generation and has some of the world's highest gasoline prices, ?according to globalpetrolprices.com. The government announced that the measures would support diesel-powered?public and commercial vehicles?, vessels?and related industries for a period of two months. They will cost approximately HK$1.8 billion (US$230?million). The statement said that private cars and motorcycles will not be included in the 'tunnel toll reduction. This is expected to cost HK$160m in revenue. The Inter-departmental fuel supply monitoring task force told John Lee, Hong Kong's leader, that 80% of the petroleum products imported into the city are from mainland China. Its government is in constant communication with Beijing, to ensure stable energy supplies. Hong Kong's transportation sector is being affected by rising fuel prices and concerns about supply, as some shuttle buses and ferries reduce services. A task force for public transport will be?also?established?to?fast-track operators like?public buses?and ferries?who are seeking flexibility in managing higher fuel costs.
-
Colorado State forecasters see below-average hurricane season
Colorado State University weather forecasters said that the 2026 Atlantic Hurricane'season is expected to be below historic averges because an 'El Nino' formation will send?winds through the southern U.S. which could tear tropical storms apart. The CSU team predicts that an El Nino of moderate to strong intensity is likely at the peak of the Atlantic hurricane season, which is August-October. The Atlantic hurricane season starts on June 1, and lasts until November 30. The fiercest storms are usually seen between August and October. Colorado State's closely-watched forecast predicts that two major hurricanes with wind speeds exceeding 111 miles per hours (179 kph) will develop in 2026, out of the total of six named tropical storms. Between 1991 and 2020, the 'average hurricane season' produced three major hurricanes from a total of seven hurricanes. In the eastern tropical Atlantic, sea surface temperatures are also cooler than normal. In the western tropical Atlantic, sea surface temperatures are above average. This could help storm development. Four of the five hurricanes in 2025 will be deemed major. In 2025 there were 13 named storms, which caused more than $9 billion worth of damage and claimed 126 lives. (Reporting and editing by Jan Harvey; Erwin Seba)
-
Polestar CEO speaks up for used car market as fuel prices rise and EVs become cheaper
?Polestar's CEO Michael Lohscheller stated on Thursday that used car sales are exceeding new vehicle sales, due to a rise in gasoline and diesel costs from the war in Iran driving customers towards less expensive EV options. Online car platforms reported last month that the war in Iran has boosted used electric vehicle sales in Europe. "Used cars are growing faster than brand new vehicles, especially since so many people have come forward and said, "we are price-sensitive." Lohscheller said after the company announced its first-quarter results: "We prefer used cars and look at electric vehicles." Polestar's sales of used cars?rose 47% during the quarter. The overall sales increased 7%, to 13,126 vehicles. Polestar stated in February that it expected a low-double-digit growth in volume this year, without giving any financial forecast. The company announced on Thursday that it will disclose its outlook when it releases its fourth-quarter results. It is required to do so by the end of April, but the exact date has not been set. Polestar has been focusing its strategic efforts on the European'market,' a move it made in the last year to increase?margins? and revenue?amid an uncertain global EV market and a rise in costs?and widening losses? Lohscheller said that there is a growing market for electric vehicles in southern Europe, which still has low EV penetration but also large markets that could soon overtake Sweden. The company's performance in Europe is still strong, but it has struggled in other markets, such as the U.S., where the company sold only 735 cars during the third quarter. This represents just 5.6% of the total sales, compared to 11.1% in the previous year.
-
Gold prices continue to rise, but focus is on the US-Iran ceasefire data and CPI data
The gold price rose?on Friday as the?U.S. dollar weakened. Dollar lent support as?investors assessed?the durability of a fragile truce between Washington and Tehran, and awaited U.S. Consumer Price Index results. At 9:16 am, spot gold was up by 0.9% to $4,755.99 an ounce. ET (1316 GMT), after reaching a high of nearly three weeks in the previous session. U.S. Gold Futures rose 0.1% to $4.781.80. The U.S. Dollar index fell. The dollar is weaker, making bullion more affordable for buyers who use other currencies. Bob Haberkorn is a senior market strategist with RJO Futures. He said that the weaker dollar helped gold to regain its footing. However, there was caution on the market, as traders tried to interpret the meaning of the ceasefire. He added that "the ceasefire headlines for 'gold were very bullish, but prices are pulling back from recent highs because cracks have shown." Tehran claims that Israel must include more targets in Lebanon in the ceasefire. However, there is no evidence to suggest Iran has lifted its blockade of Strait of Hormuz. The Federal Reserve could be forced to raise rates longer if negotiations break down and the war flares up again. This would reduce the appeal for non-yielding, gold, even though it is a 'traditional inflation hedge. Since the U.S. and Israel's war against Iran began on February 28, spot gold has fallen by nearly 10%. The U.S. Consumer Price Index - March data is also expected to be released this Friday. Personal Consumption Expenditure Index, the Fed's preferred measure of inflation, grew by 2.8% over the past 12 months, according to estimates, and is likely to rise further in March. Silver spot gained 0.5%, to $74.46 an ounce. Platinum rose 0.8%, to $2,046.54 per ounce. Palladium fell 0.4%, to $1,548.23. (Reporting and editing by Kirby Donovan in Bengaluru, Ashitha Shivaprasad in Bengaluru)
-
Barclays: Brent price forecasts are at risk of being higher than expected if the flow from Hormuz is delayed.
Barclays said on Thursday that a rapid normalization of the 'flows through Strait of Hormuz' aligns with its forecast of Brent crude oil at $85 per barrel in 2026. However, it warned that delays or further escalation of prices could cause them to rise from their current levels. Amarpreet Singh said that despite the ceasefire, the flow of oil through the Strait of Hormuz has remained subdued. Recent data confirms their estimate of the supply disruptions of around 13-14 millions barrels per day. There has been some pushback, however. Some market participants have pointed to inventory data and suggested that the demand may have already?adjusted enough to keep prices in check. "We do not believe so." The bank noted that its base scenario allowed for a demand compression of more than 1.2 million?bpd compared to the estimates made before the conflict. It still believes that Brent prices could rise this year, if demand slows down. The price of oil rose by over 3% on Thursday, as concerns about the fragile ceasefire in the Middle East that lasted for two weeks raised fears over energy flow restrictions through Strait of Hormuz. On the hope that the ceasefire will lead to a reopening of strait, both benchmarks dropped below $100 a barrel during the previous trading session. WTI recorded its largest decline since April 2020. There was no indication that Iran had lifted its blockade of strait of Hormuz which caused the biggest disruption in?global energy supply history. Barclays expects Brent to be $80/bbl by the end of this year, according to its base scenario. It also suggested that the markets have likely been priced for a normalization outcome. Reporting by Ishaan Verma and Swati Arora in Bengaluru Editing Keith Weir
-
Andy Home: The drop in copper imports from China marks a change in the market's power.
The two-week ceasefire of the Iran War has helped to dispel some of the macroeconomic doom that had been enveloping copper prices, but the problem could be even worse for copper bulls. China, as the largest consumer of copper in the world, has shown that it will not pay the high prices of January when the London Metal Exchange's three-month contract for copper reached a nominal record of $14,527.50 metric tons. According to the World Bureau of Metal Statistics which compiles trade data based on official customs statistics, the country's net copper imports fell?to 125350?tons during February. This is the lowest monthly total since April 2011. It is natural for buyers to react to high prices in any commodity. However, China's influence over copper prices is increasing steadily, due to its growing domestic production capacity. Import SLUMP, Export Surge Since September, the LME copper prices have been rising and reaching their January peak. Inbound shipments continued to slow, falling to 454,000 tonnes in the first two month of 2026. This is a drop of 25% compared to the same period in 2025. Chinese smelters are also increasing exports to take advantage of the strong price. The outbound shipments increased to 172,000 tonnes in January-February, up from 49,000 tons during the same period last year. China's net copper draw from the rest of the world in January and February was only 283,000 tonnes, the lowest start to any year since 2006. Some exports to Europe and the U.S. likely came from China's warehouse stocks, as traders filled the supply-chain gap left by the U.S. trade tariffs last year, which brought metal into the United States. Chinese metal is also flowing directly to LME storage in South Korea, Taiwan and other countries. According to the LME monthly report, the amount of Chinese-brand Copper on LME warrant increased from 87.475 tons at end December to 155.600 tons at end February. The big changes in China's trade in copper are a major reason why LME stocks of 385.275 tons have now risen above their peak in 2018 and returned to levels last seen in 2013 HOLIDAY HIGH The massive build-up of copper in Chinese domestic stocks is remarkable given the sharp decline in imports. Shanghai Futures Exchange's (ShFE) stock always increases around the Lunar New Year period, but this year was more than usual. Early March saw a peak of 433,500 tonnes, up from a holiday record of 268,300 last year. The previous record for the season was 380,000 tonnes in 2020 when holidays coincided in China with COVID-19. ShFE stocks are down to 301,000 tonnes. There's still plenty of metal left to be used before we can start importing. The Yangshan copper is a premium The usual bounce after the holidays has been seen in, an indicator closely watched of spot demand for imported vehicles. Shanghai Metal Market, a local data provider, estimates the premium over LME base prices at $65 per tonne, up from $ 20 in January but still a long way off $ 89 this time last year. The Chinese manufacturing sector has grown for four months in a row, but the impact of this growth on the copper markets has been mitigated due to high inventories. GROWING POWER China's increasing resilience to high prices is based on the continued expansion of domestic smelting capacities. Macquarie Bank estimates that the country's?production of refined copper will grow by 9% annually in 2025. This translates into an additional million tons metal. Chinese smelters consistently outbid Western counterparts to secure raw materials in a competitive copper concentrates market. Macquarie estimates global mined production will grow by 1.8% annually in 2025. China's copper concentrate imports increased by 7.8% during the same time period. Imports for recyclable copper, another possible refinery feedstock, rose by 4% on an annual basis. China's ability, to secure enough raw materials to fuel the country's rising self-sufficiency of refined copper at a price for everyone else. Macquarie estimates that Western smelter output will shrink by 5.1% between 2025 and 2030. This shift in China's production power increases its ability to withstand higher prices by being able both to reduce?imports or to increase exports. The?copperbulls' will return to full cry if the Iran war de-escalates. Don't expect China will follow the bull script. Andy Home is a columnist at. This column is great! Check out Open Interest, your new essential source for 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.
-
Czechs increase lifespan of major nuclear plants by 20 years; second plant is under review
Karel Havilicek, Minister of Industry and Trade, said that the 'Czech Republic' will extend the life span of the four existing units at the Dukovany nuclear power plant by 20 years to 80 years and run them until 2065-2067. Dukovany was built by CEZ, a majority-owned state-owned company, in 1985-1987. Its Soviet-designed VVER nuclear reactors are capable of 2,000 megawatts. This decision follows other life extension decisions, particularly in France, as countries seek to ensure sufficient supplies following the gradual demise of fossil fuels. The 'decision' means that the old units will be running for a longer period alongside the two new 1,000 megawatt units which are to be built on the Dukovany Site under a South Korea contract with KHNP in the late 2030s. CEZ Chief Executive Daniel Benes stated that a similar study was being conducted to extend the 'operating life' of CEZ’s second nuclear plant Temelin which has two 1,086 megawatt units. CEZ is also interested in building small'modular reactors' of the latest generation. It has acquired a minority stake at a British company called Rolls Royce that develops these reactors. The Czech Republic relies primarily on nuclear and coal power plants to produce electricity. Coal units are expected to be phased out around 2030. However, the current government is keen to maintain some coal capacity to ensure energy security. Reporting by Jan Lopatka; editing by Jason Hovet, Chizu Nomiyama
-
Gold prices rise as the dollar falls and Middle East tensions continue
As the U.S. Dollar weakened on Thursday,?investors assessed a fragile ceasefire between the?U.S. As fighting continues in the Middle East, investors are looking forward to important U.S. Inflation data amid rising prices. As of 1121 GMT spot gold was 0.6% higher, at $4,743.50 an ounce. It had reached its highest level since March 19, on Wednesday. U.S. Gold Futures for June Delivery fell 0.2% to $ 4,767.80. The weaker dollar is giving gold a boost at the moment, but the fast news that comes out of the Middle East makes markets untradable from a financial perspective," said Ross Norman, an independent analyst. Dollar edged down after steep losses in the previous session, as traders kept an eye on the status of the ceasefire between the U.S.A. and Iran. Both sides have declared victory in the five-week-old conflict, but key issues remain unresolved. U.S. president Donald Trump has warned of a major escalate if Iran rejects a deal. Israel continued to bomb targets in Lebanon Thursday, further jeopardizing the Middle East ceasefire after its largest attacks in the war against its neighbor killed more than 250 and threatened to torpedo Donald Trump’s truce. Oil prices rose by 3% on concerns about continuing restrictions on energy flow through the Strait of Hormuz. "Is gold eyeing the $5,000-level? Yes, absolutely. That's still a long way off, I think. Norman said that we have to wait and see if the Strait of Hormuz?opens up. The price of gold has fallen by more than 11% in the past month since the start of the conflict on February 28. This is because surging oil prices, coupled with inflation fears, have reduced expectations for interest rate reductions from U.S. authorities. The minutes of the March meeting of the U.S. Federal Reserve showed that policymakers believed that rate increases could be necessary to combat inflation, which continues to exceed central bank targets. Investors are now awaiting the Personal Consumption Spending (PCE) for February data, which is due at 1230 GMT. This will provide more clues about U.S. policy direction. (Reporting by Ishaan Arora in Bengaluru; Editing by Maju Samuel and Tasim Zahid) (Reporting by Ishaan Arora in Bengaluru; Editing by Maju Samuel and Tasim Zahid)
Howden develops service warranty and indemnity policy for carbon credits
Insurance broker Howden Group stated it has actually helped develop the world's first guarantee and indemnity policy for carbon credits as part of efforts to improve rely on the marketplace.
Carbon credits, which are created by jobs which get rid of or prevent carbon emissions, are viewed as an essential tool for assisting business meet their net-zero dedications and deliver finance to preservation and carbon decrease projects.
Yet development has actually been held back by quality concerns, consisting of over whether the declared ecological benefits of a project in fact taken place, something Howden's policy aims to repair.
The very first purchaser of the policy is British company Mere Plantations, which has actually used it to 300,000 credits generated from a job in Ghana that aims to restore 10,000 acres of abject land within the Afram Head Office Forest Reserve.
The job is expected to eliminate 2.9 million tonnes of carbon in between 2011 and 2031.
Howden's policy aims to safeguard versus deceitful activity at job level, providing guarantee over the method credits were produced, something that is expected to enable task designers to charge a premium for the credits.
If, for instance, a project has sold the same credits twice, so-called double counting, leaving the original purchaser unable to claim the full environmental effect, the policy would pay out the loss that the purchaser could show.
We are utilizing a market-based system to compose those bars to quality into legal language, Charlie Pool, head of carbon insurance at Howden, stated. We are using a controlled market to bring in the governance and regulation the marketplace does not have.
Pool stated Howden's initiative will function as avoidance rather than a treatment since it offers assurance at the level of credit production, instead of when credits are offered into the market.
Howden already uses a product for purchasers of credits that covers them for third-party carelessness and scams, thus reducing the potential reputational threat for business of purchasing carbon credits.
Howden said the guarantee and indemnity need to allow task designers to charge a premium for the credits covered by the policy.
Other afforestation, reforestation and revegetation projects produce credits with a median price of $17 and a variety of $0 to $ 35 according to Renoster, a Texas-based business which ranks the quality of carbon jobs.
(source: Reuters)