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Financial Times - April 24
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines UK announces final approval for flagship carbon-capture project Davos founder accused by World Economic Forum of manipulating research Bailey: BoE must "take seriously" the risk of Trump tariffs to growth London Metal Exchange to introduce premium for green metals View the full article The UK government and Italian energy giant Eni will announce the final approval for a 38 mile pipeline that will collect carbon dioxide from industrial facilities around Liverpool and Manchester, and bury it off-shore. The World Economic Forum's founder Klaus Schwab is accused of manipulating the research conducted by his organisation to curry favor with governments. Andrew Bailey, Governor of the Bank of England (BoE), said that the BoE must "take seriously" any risks posed to the growth of the economy by Donald Trump's policies on tariffs. He also indicated that the central banks was likely to reduce interest rates during its next meeting due to the uncertainty surrounding global trade. London Metal Exchange has drawn up plans to introduce a "green premium" for metals mined sustainably. This is in response to industry pressures aimed at distinguishing these from "dirty", more environmentally damaging supplies.
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Dalian iron ore at three-week high due to seasonal demand and US-China trade talks hopes
Dalian iron ore Futures reached their highest level in almost three weeks on March 13, boosted by the hopes that U.S. China trade talks will be successful and seasonal demand for this steelmaking ingredient. The price of the most traded September iron ore contract at China's Dalian Commodity Exchange grew by 2.11%, finishing at 727.5 Yuan ($99.73). In the early part of the session, prices reached 731 yuan - their highest level since April 3. As of 0708 GMT, the benchmark May iron ore traded on Singapore Exchange was 1.61 % higher at $100.2 per ton. In a recent note, Galaxy Futures said that the steel production in China continues to grow and that downstream demand has increased for building materials. "Increased purchases by mills and reduced imports have depleted inventories of iron ore," said ANZ. Mysteel, a consultancy, reported that the stocks of five major carbon products held by Chinese mills had fallen 5% week-on-week on April 17. It attributed this decline to the resilient domestic demand for steel. ANZ added that while China's property indicators have improved, the prospects for a significant recovery are still bleak. Hopes of a reduction in tensions over trade between the United States, and China also boosted sentiment. U.S. Treasury secretary Scott Bessent stated on Tuesday that the trade tensions between China and the United States will be eased, but he called future negotiations a "slog", which hasn't yet begun. U.S. president Donald Trump expressed his optimism that he could make significant progress with China in order to lower their tariffs. India imposed on Monday a temporary 12% tariff on certain steel imports. This is known locally as a "safeguard duty" and was aimed at curbing a rush of cheap shipments coming from China. Coking coal and coke, which are used to make steel, also increased in price, by 2.56% and 3.14 %, respectively. The benchmark steel prices on the Shanghai Futures Exchange rose. Rebar rose by 1.46%. Hot-rolled coil was up 1.41%. Stainless steel and wire rod both increased by 0.39%. $1 = 7.2948 Chinese Yuan (Reporting and editing by Eileen Soreng; Michele Pek)
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Sources say Sinopec has resumed its Russian oil purchases after a short break amid sanctions risk
Sinopec, Asia’s largest refiner, has resumed its purchases of Russian crude oil following a short pause in last month to assess the risks posed by sanctions imposed on Russian entities by the United States, according to trade sources on Wednesday. Sources said that Unipec, a trading division of China's state run Sinopec, had purchased Russian Far East ESPO blend oil for May loading, after being absent from the March and April loading ESPO cargoes. Unipec's decision to resume purchases was not immediately apparent. Sinopec didn't immediately respond to an inquiry for comment. Sources claim that the number of cargoes purchased by Unipec is significantly lower than it was before the January announcement. On January 10, the former Biden administration imposed harsh sanctions against Russian oil producers Gazprom and Surgutneftegaz, as well as insurers and over 100 vessels in order to reduce Moscow's revenue. Last month, it was reported that sanctions had caused a drop in Russian oil exports from China and India while Chinese state oil companies Sinopec Zhenhua Oil and Zhenhua Oil stopped purchasing Russian oil. Traders said that ESPO blend oil cargoes loaded in May were trading at a premium of around $2 per barrel over the ICE Brent benchmark, on a shipped basis to China. Reporting by Siyi Liu and Florence Tan in Singapore, Editing by Andrew Heavens and Kirby Donovan
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Markets take stock of Trump’s U-turns and the relief rally is stuttering
Investors struggled to sort through the noise of the Trump administration, its erratic stance on tariffs, and the Federal Reserve leadership. This week, U.S. president Donald Trump attacked Fed chair Jerome Powell. He then retracted his calls for the resignation of the chair, leaving investors in the dark about the final state of tariffs against China, despite the many headlines. A source said on Wednesday that, in the event of talks with Beijing, the Trump administration may consider lowering tariffs for imported Chinese products. This follows a Wall Street Journal article which stated that Trump's White House was considering reducing tariffs on Chinese imports. Treasury Secretary Scott Bessent said later that such a step would not be taken unilaterally. He was echoing remarks made by White House spokesperson KarolineLeavitt. I don't believe you'll ever be able to get used the flip-flopping and haphazard behavior we've seen. Tony Sycamore is a market analyst for IG. He said that it was extreme. "I think Trump is like that - he wants the best levers and he doesn't fear trying anything. He's not afraid to walk it back either if it fails." MSCI's broadest Asia-Pacific index outside Japan fell by 0.17%. This was in contrast to the Wall Street trend, which saw stocks rise on Wednesday amid hopes of a de-escalation in Sino-U.S. tensions. The Nasdaq 500 and S&P500 futures each rose by about 0.2%. The EuroStoxx 50 futures rose 0.16%. Japan's Nikkei gained 0.86%. NHK reported that the Trump administration informed Japan's trade delegation it couldn't give Japan a special treatment in regards to its tariff measures. This was in response Tokyo's demand for a revision during this month's ministerial talks. Salman Ahmed is the global head of strategic asset allocation and macro at Fidelity. He said: "Short-term volatilities are quite extreme. This high volatility will continue. You have elevated volatility moving forward because the fundamental rules of the game, the economic world, are changing." Ahmed said this on the sidelines the IMAS Investment Conference 2025 and Masterclass in Singapore. Investor confidence in U.S. asset prices remained fragile, and the dollar dropped on Thursday after a week of gains on Trump's U turn on firing Powell. The dollar dropped 0.15% against the yen to 143.24. The euro rose 0.15%, to $1.1331. Meanwhile, the Swiss franc increased by 0.2%. The 30-year yield was little changed, at 4.3675 percent. Trump's change of heart on Powell appeared to lessen the threat to the U.S. fiscal and monetary credibility. The benchmark 10-year rate was down by about 2 basis points, to 4.3675%. Beth Hammack, President of the Federal Reserve Bank of Cleveland, said that on Wednesday there is still a lot of uncertainty about the future. She urged the central bank to be cautious in its monetary policy and to monitor the economy's performance. The markets are expecting a rate cut of about 80 basis points by December. Oil prices have stabilized in other markets after a drop in the previous session. Sources said that OPEC+ will consider accelerating their oil production increases in June. Brent crude futures rose 0.2% to $66.26 per barrel while U.S. Crude also increased 0.18% to 62.38 per barrel. Gold continued its march towards a new record high. The yellow metal rose 1.2% to $3,329.03 per ounce.
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Oil prices steady after 2% decline on possible OPEC+ production increase
Oil prices rose early on Thursday, after falling by nearly 2% the previous day. Investors weighed a possible OPEC+ production increase against contradictory tariff signals from White House as well as ongoing U.S. Iran nuclear talks. Brent crude futures gained 6 cents or 0.09% to $66.18 per barrel at 0038 GMT. U.S. West Texas Intermediate Crude rose 7 cents or 0.11% to $62.34 per barrel. The previous trading session saw prices fall 2% after it was reported that three sources familiar with OPEC+ discussions said several OPEC+ member countries will suggest to the group that they increase oil production for a second consecutive month in June. The members had a dispute over the production quotas. Prices rose on signs that U.S.-China trade talks could be nearing completion. The Wall Street Journal reported the White House was willing to reduce its tariffs against China by as much as 50% to start negotiations. Scott Bessent, U.S. Treasury secretary said that the current tariffs of 145% for Chinese products and 125% for U.S. goods were not sustainable. He did not give a specific number but he stated that they would need to be reduced before any trade talks could take place between both sides. White House Press Secretary Karoline leavitt told Fox News in an interview on Wednesday that the tariffs on Chinese goods would not be reduced unilaterally. Rystad analysts believe that a prolonged U.S. China trade war would cut China's growth in oil demand by half, to 90,000. barrels per day. The Financial Times reported that Trump was also considering tariff exemptions for imports of car parts from China. The U.S. will meet with Iran for a third round this weekend to discuss a possible agreement that would impose restrictions on Tehran's nuclear enrichment program. This could put downward pressure on the oil price. The market is looking for signs that a U.S. and Iran rapprochement may lead to a easing of sanctions against Iran oil, which would boost supply. The U.S. imposed new sanctions on Iran's oil sector on Tuesday, a move that was criticized by the Iranian foreign ministry as demonstrating a lack of "goodwill and seriousness" in regards to dialogue with Tehran. (Reporting Colleen Waye; Editing Sonali Paul).
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Albanese, an Australian company, pledges to establish a strategic reserve for critical minerals
The Australian centre-left Labor Government pledged on Thursday an initial investment A$1.2 billion (roughly $763 million) in order to establish a strategic reserve for critical minerals. It is looking to create a different supply chain within a Chinese dominated market. The Prime Minister Anthony Albanese said that the reserve, which is expected to be established in nine days, would use the mineral deposits of the country and increase its economic resilience. Albanese stated in a press release that "we need to do more" with the natural resources needed by the world, which Australia can provide. After President Donald Trump imposed tariffs against Chinese goods, China placed restrictions on exports of minerals that are vital for everything from smartphones to EV batteries and infrared weapons. This has squeezed supply to the West. China is the top producer in the world of 30 out of 50 critical minerals, according to the U.S. Geological Survey. Australia also has some of its largest deposits of critical minerals. Albanese stated that the government will buy minerals critical to commercial projects, or create an option for a set price and hold security over assets. The government will establish stockpiles for some minerals produced in accordance with offtake agreements. Albanese stated that "it will allow us to deal with market and trade disruptions in a stronger position, as Australia will have access to a significant amount of resources for global demand." Minerals from the strategic reserve will be available to key domestic and international partners. Albanese stated that a task force would be formed to finalise and consult on the scope and design for the strategic reserve. This reserve is expected to become operational in the second quarter of 2026.
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Petrobras Board approves agreement with Unigel for fertilizer plants
Petrobras, the state-run Brazilian oil company, said that its board of directors had authorized it to sign a settlement agreement with Unigel Chemical Company to settle a legal dispute over two fertilizer factories in northeastern Brazil. Petrobras stated in a filing of securities that the agreement would restore Petrobras ownership over two fertilizer factories located in Sergipe state and Bahia state. Petrobras announced that the plants would resume operations after a process of bidding to contract for services to operate and to maintain them. The deal, however, still needs to be approved internally within Unigel, and it must also meet certain conditions before taking effect. Unigel didn't immediately respond to an outside of normal business hours request for comment. Petrobras leased two nitrogen fertilizer factories to Unigel under a 10-year contract in 2019. Unigel has shut down both plants since 2023 citing high gas prices as the reason for their closure. Both companies are involved in arbitration related to their lease agreement, which includes disagreements about the shutdown of the operations, Unigel’s investments and gas supply terms. Announcement comes after Report on Friday According to sources, the Petrobras board approved plans to select partners to restart operations at fertilizer plants. (Reporting andre Romani, additional reporting by Roberto Samora).
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The rosy outlook of chipmaker TI soothes tariff concerns for the moment
Texas Instruments announced a second-quarter revenue forecast that was above Wall Street expectations on Wednesday. The company attributed this to a robust demand for analog chips, despite the fact that the threat of U.S. Tariffs has created uncertainty in the semiconductor industry. TI shares rose more than 5% after-hours following the announcement. This was the first major U.S. semiconductor company to provide an outlook this earnings season. The stock price had dropped over 17% this year due to macroeconomic worries and trade tensions. LSEG data shows that TI estimates revenue for the quarter ending June between $4.17 and $4.53 Billion, compared to analysts' average estimate $4.10 Billion. The earnings per share is projected to be between $1.21-$1.47, which is also higher than the average estimate. Kinngai Chang, senior analyst with Summit Insights Group, says that the positive forecast is driven by "cyclical demand recovery" and possible tariff pull-ins. Haviv Ilan, the CEO of Haviv Group, sounded a cautionary note. On a call after earnings, Haviv Ilan said, "We'll have to wait and see" what happens in the second half 2025, as well as into 2026. He cited ongoing uncertainty regarding tariff policy. According to an April notice by the Chinese main semiconductor association, while President Trump has exempted for now semiconductors from further levies and tariffs, Beijing has imposed high tariffs on U.S. made chips. Analysts asked Ilan if customers were stockpiling the chips in anticipation of expected taxes. I would guess that in a time of uncertainty, you might want to stock up on a bit more inventory. He said. Tore Svanberg, Stifel's analyst, noted that it may be too soon to determine the impact of the increased tariffs and escalating Sino U.S. Trade tensions on the chip company and the industry as a whole due to the ongoing tariff negotiations. CHINA WORRIES TI, a company with significant manufacturing capacity in America, derives about a quarter of its revenue annually from China. This makes it vulnerable to ongoing tit for tat tariffs between Beijing & Washington. Ilan stated that the company could use its manufacturing facility in China to meet any needs. Since years, the legacy chipmakers have worked to adopt a “China-for China” policy. They set up fabs to meet domestic demand in the face of escalating tensions. TI is facing stiff competition in China, where state subsidies have boosted the production of mature-node chips. Ilan stated that "the competition in China has intensified." (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Tasim Zahid)
Bear attacks are rising in Japan. Aging hunters are on the front line.
A gunshot rang out on a recent morning in a meadow in northern Japan. The brown bear plunged in the cage, viewed by a handful of city officials and hunters.
The bear had been roaming around a nearby home and eating its way through surrounding cornfields, so authorities and hunters in Sunagawa city had set a trap with a deer carcass to entice the starved creature.
For me, it's constantly a bit deflating when a bear gets caught, Haruo Ikegami, 75, who heads the local hunters' association, informed Reuters hours beforehand.
Japan is coming to grips with a growing bear problem. A diminishing band of aging hunters is on the front line.
A record 219 people were victims of bear attacks, 6 of them deadly, in the 12 months through March 2024, while more than 9,000 black and brown bears were caught and chosen over that period, according to Japan's environment ministry ( To see the full story, go to )
Both types' environments have been broadening; the ministry. price quotes that the number of brown bears in Hokkaido, Japan's. northern island, more than doubled to about 11,700 in the 3. decades through 2020. (It doesn't keep price quotes on black bears,. the majority of which reside on the main island of Honshu, though a widely. cited 2023 analysis by Japan's Yomiuri Shimbun paper. estimated their numbers at roughly 44,000, a threefold increase. since 2012.). Restrictions on searching practices and higher focus on. preservation added to a rise in bear sightings over. current decades, according to Japan's Forest Research and. Management Organisation. With Japan's rural areas experiencing. fast group decline, bears are venturing closer to towns. and towns and into deserted farmland, an environment. ministry professional panel said in February. But bear proficiency among local governments is spotty, and. Japan's reliance on leisure hunters to safeguard settlements. looks unsustainable as its population ages, according to Reuters. interviews with practically 2 lots individuals, including specialists,. hunters, officials and locals.
Numerous called for modifications to the way Japan handles human-bear. dispute to deal with security concerns while ensuring a future for. the bears.
In Hokkaido cities and towns like Sunagawa, Naie, Iwamizawa. and Takikawa, which Reuters checked out in October, some homeowners. question what will occur when hunters can no longer get the job done.
Toru Yoshino, a 66-year-old chicken farmer in Sunagawa, stated. he was terrified by a bear that would wander into his farm a. couple of years ago. As regional authorities weighed how to respond, they. ultimately depended on the hunters' association, the Sunagawa. Ryoyukai, to neutralise the risk, he said.
Sunagawa's city government informed Reuters that efforts to. catch the bear were complicated by its proximity to homes and. deliberations about what to do when the animal was caught.
Although some hunters stalk bears as a pastime, Ikegami. reckons few are thrilled about choosing caught bears for. city governments.
I don't desire individuals to think of searching as something. fashionable. What we do is tough. It's a huge problem to take. a life, he stated.
The problem is both psychological and financial. The hunter that shot. the bear in Sunagawa would get about 8,000 yen (about $50),. maybe enough to cover fuel and expenditures but little else,. Ikegami stated.
Hunters likewise risk clashing with authorities. Ikegami's guns. were seized by Hokkaido authorities in 2019 after they deemed. his effort to shoot a bear near a house was ill-judged. He is. battling in court to have the weapons returned. The Hokkaido. safety authorities involved in the matter declined to deal with. Reuters questions about the case.
In response to increased bear attacks, Japanese government. officials this year proposed relaxing rules around weapon use to. make it much easier for hunters to shoot bears in city locations.
City governments of Sunagawa, Takikawa and Iwamizawa informed. Reuters that regional and nationwide authorities might go further. to resolve the issue. This might include promoting the. recruitment of hunters and enhancing their conditions, among. other concepts.
Japan's environment ministry stated it subsidises efforts to. train local authorities and conduct bear drills in towns, however. added that local distinctions in human-bear disputes called. for custom-made methods. The Hokkaido government's wildlife. bureau said it ran different initiatives to incentivise and. recruit hunters, including marketing events and training. individuals in how to manage brown bears.
Ecological group WWF said in an email that to preserve. Japan's bear population, authorities need to take actions. including establishing human-wildlife buffer zones and creating. a national protection and management strategy. It declined to. comment specifically on the culling of bears in Japan.
While its numbers have been growing in Japan, the Asiatic. black bear is noted as susceptible on the IUCN's red list of. threatened species globally. The brown bear is listed as least. concern.
AGING
Bear hunting was profitable until the 1980s, and conceal and. bile were traded for high costs. However with growing ecological. awareness and modifications to regulations and consumer tastes, the. practice has fallen out of favour.
Japan released some 218,500 searching licences in the 2020. fiscal year, less than half of the 517,800 it released in 1975,. according to main data. While about 98% of those issued in. 1975 were for shooting, that figure dropped to 42% in 2020, the. latest information. The staying licences are for trapping. About. 60% of licence holders were aged over 60, according to 2020. data.
Searching is pricey, unappealing, and tiring, the. hunters say.
Traps need to be checked daily while bears lurk close by. Rifle owners need to follow Japan's strict guns laws and. buy ammunition and weapon storage.
Those difficulties came to a head previously this year in Naie,. where hunter Tatsuhito Yamagishi, 72, implicated the local. federal government of taking hunters for granted, without investing in a. longer-term option.
When we grow old and have no option but to give up, this. reliance on the hunters' association is not going to work,. Yamagishi stated.
Naie's city government declined to talk about the conflict. with Yamagishi however stated officials were taking actions to address. the bear problem, including working with certified hunters from. outside the area.
Some specialists, including Koji Yamazaki, a professor at Tokyo. University of Agriculture who studies bears, said depopulation. and a decrease in the quantity of managed farmland in current. decades might have led bears to end up being bolder about approaching. towns. Clearer separation in between habitats would help people. and bears coexist, he said.
Yoshikazu Sato, teacher of farming at Rakuno Gakuen. University, stated bears appeared to be raising cubs more detailed to. human settlements, causing young bears not to fear individuals as. much as in the past. Climate change-driven shifts in the ripening and. blooming of fruits, nuts and leaves might drive bears to raid. crops when their typical food sources are low, he added.
What we need is a daily, consistent effort to make certain. that bears do not go into human areas, Sato said.
MONSTER WOLF
Katsuo Harada, an 84-year-old hunter, stated that ultimately,. Japan should produce a system where hunters are paid enough to. support a family. Unless they're paid correctly, we can't. support the next generation of hunters, he stated.
Harada carries the scars of a bear attack more than 20 years. earlier, when the animal sank its teeth into his skull.
It sounded like it was munching on some raw radish, he. stated.
He fought off the bear, and his searching pals called for. aid. The subsequent surgery took 16 hours, he said.
Harada is now part of a non-profit organisation, Farming. Support Hokkaido, that helps communities keep problematic. wildlife at bay.
If I do not keep doing my job, there may be casualties,. Harada said.
Japan's environment ministry in September cautioned about the. possibility of a surge in bear attacks towards year-end, when. the animals usually scavenge for food to store up fat for. hibernation. In 2023, bear sightings and attacks peaked in. October, according to official information. With Japan's population aging and shrinking, some companies are. turning to technology to handle bears.
Propped on four rods, the Beast Wolf robot offered by. Sapporo-based Wolf Kamuy gives off roars, barks and dangers from a. loudspeaker, set off by a sensing unit.
Priced at about 400,000 yen (roughly $2,550) and powered by. solar power, the gleaming-eyed beast has shown some. success in warding off bears, though its sensing unit can be activated. by other animals, stated company vice-president Yuji Ohta.
But Yamagishi, the hunter in Naie, said it takes years of. analysing pawprints and dung and learning to read bears' signs. to comprehend how to trap them, adding that human knowledge will. remain essential to managing the issue.
Yamagishi believes it would take three to five years to train. a brand-new generation of hunters.
Already, we'll all be retired, he said.
(source: Reuters)