Latest News
-
In northeast Nigeria, armed bandits kill 19 and rustle cattle
Police and residents in Bauchi, north-east Nigeria, said that at least 19 people had been killed in an ambush suspected to be carried out by bandits and a livestock raid. In a press release, the Bauchi Police Command said that an ambush took place in Gwana District early Sunday morning. Police said that civilians from nearby villages were also killed as they fled the attack. In a statement, Sani-Omolori Aliyu, the Bauchi Police Commissioner said that he had dispatched a team of tactical operational teams to the scene where they recovered the bodies of the casualties. In recent years, gangs of heavily-armed men known as bandits have caused havoc in northwest Nigeria, kidnapping and killing thousands. They also make it dangerous to travel on the road or farm. Ibrahim Hussaini is an eyewitness who said that a gunfight ensued between the security and bandits, which resulted in multiple deaths amongst the vigilantes and residents. Mohammed Umar, an Alkaleri local council member who lives in Gwana told us by phone that the attackers had rumbled a number of sheep and cattle from the area after they overpowered the local security team. Reporting by Ahmed Kingimi, Maiduguri. Writing by Elisha Gbogbo. Editing by Ros Russel.
-
Peabody may exit Anglo American's assets deal over damaged coal mine
Peabody Energy announced on Monday that if it is not satisfied with the resolution of issues surrounding Anglo American's Moranbah North Mine, then they may terminate their pending agreement to purchase some Australian steelmaking coal assets from this British mining company. Peabody shares rose over 4% at the opening of trading. An underground fire at Anglo American’s Moranbah North Coal Mine, located in Queensland, Australia's Bowen Basin, has caused the suspension of production. The assets agreement signed by the two companies last year includes the mine. Peabody has informed Anglo American that it has sent a Material Adverse Change notice (MAC). A MAC clause is a negative event that occurs between the time of signing a contract and the closing date. This could allow the buyer to cancel the deal. In a press release, Peabody CEO Jim Grech stated that "a substantial portion of the acquisition price was associated with Moranbah North. However, there is no timetable known for the resumption of longwall production." Peabody has said that it could walk away from the agreement if issues at the mine are not resolved in the time frame specified by the acquisition agreements. Anglo American responded by saying that it did not consider the production stoppage to be a material adverse change in its agreement with Peabody. Anglo said that the company would continue to work with Peabody in order to meet the remaining conditions necessary to complete the transaction. Jefferies analysts stated in a report that they expect the Monday development to "significantly delay" the closing of the deal and may even affect "the likelihood of this transaction ever going through".
-
Rosatom, the Russian nuclear company, has sued Finnish companies for $2.8 billion over a nuclear plant contract
Court documents and Rosatom’s statement indicate that Rosatom filed a lawsuit against Finland’s Fortum and Outokumpu in Moscow, claiming 227,8 billion roubles (2.8 billion dollars) as compensation for losses resulting from the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. Rosatom, which announced its intention to seek compensation on Monday, is seeking compensation "for losses caused by the unlawful termination" of the EPC contract for the construction and operation of the nuclear power station, as well as "violations of shareholder agreements, fuel supply contracts, and refusal to repay loan". The contract for the construction of a 1.2 gigawatt power plant, with estimated investments between 6.5-7 billion euro was signed in 2013. However, in May 2022 before construction began, the Finnish side cancelled it. The decision was made due to significant delays, geopolitical risk from Russia's invasion in Ukraine and doubts over the feasibility of the project. Fennovoima is a consortium of Finnish investors, including Outokumpu and Fortum, which owns two-thirds of the company. The consortium had filed an international arbitration seeking to recover 1.7 billion euro in advance payments. Rosatom has filed counterclaims totaling 3 billion euros. Arbitration is being conducted in international courts. Fortum, a major investor in Russia's Energy Sector, lost its Russian assets in 2023 when Russia took control of seven thermal power plants and a joint venture portfolio of wind and Solar Plants under a presidential decree. (Reporting and writing by Anastasiyalyrchikova, Editing and editing by David Evans).
-
Gold gains due to dollar weakness and safe-haven demand
Gold prices rose over 2% Monday due to a weaker US dollar and demand for safe-haven assets, as the market awaits the Federal Reserve's policy announcement later this week. At 9:44, spot gold rose 2.3% to $3.315.62 per ounce. ET (1344 GMT). U.S. Gold futures rose 2.5% to $3324.50. Dollar index falls 0.5% making gold less expensive for other currency holders. On Sunday, U.S. president Donald Trump announced a tariff of 100% on films produced abroad. This sparked concerns about the possible fallout from a global trade conflict. Jim Wyckoff is a senior analyst with Kitco Metals. He said, "We're seeing a continual flow of safe haven demand that keeps gold prices high. Prices will trade above $3,000 at least in near-term." "I don’t think there will be any changes in interest rates at this meeting, but we'll watch it closely to see if they are leaning towards any particular direction." Investors are waiting for Fed Chair Jerome Powell to make his comments on Wednesday in order to gain insight into the direction of interest rates. Since December, the Fed's policy rate has been in a range of 4.25% to 4.50%. This meeting is expected to see the Fed leave rates unchanged, but this may be the final time that the outcome will be so clear-cut with Trump's trade tariffs casting uncertainty on the economy outlook. Gold has reached multiple record highs this year and is expected to continue its upward trend in the future. Goldman Sachs believes that gold will continue to outperform silver, but notes that due to the strong correlation between flows, a renewed demand for silver in 2025 is likely to boost its prices as well. Spot silver increased 1.3% to 32.39 dollars an ounce. Platinum rose 0.4% to $963.76. Palladium fell 0.7% to $947.15. Reporting by Ashitha and Sarah Shivaprasad from Bengaluru. Mark Potter edited the article.
-
World court dismisses Sudan's genocide case against UAE over alleged Darfur interference
The International Court of Justice dismissed Sudan's claim that the United Arab Emirates were fueling genocide by supplying arms to paramilitary groups in Darfur, saying they lacked jurisdiction. Sudan complained to the U.N.'s highest court that the UAE violated the Genocide Convention in Darfur by supporting paramilitary groups, but the UAE said it should be dismissed. The court agreed with the UAE arguments on Monday, rejected Sudan's demand for emergency measures, and ordered that the case be removed. A summary of the ruling stated that due to the lack jurisdiction, "the court's statute prohibits it from taking any positions on the merits" of Sudan's claims. The UAE has hailed this as a legal win. This decision affirms that the case was completely baseless. Reem Kettait, the UAE Ministry of Foreign Affairs' deputy assistant minister of political affairs said that the court's ruling that it lacks jurisdiction confirms this case shouldn't have been brought. The facts are clear: the UAE is not responsible for the conflict in Sudan. The atrocities of the warring parties have been well documented. The court, by a vote 14-2, rejected Sudan's application for emergency measures in order to prevent ethnically-motivated attacks against the Masalit Tribe. This tribe has been at the center of intense ethnic-based assaults by the paramilitary Rapid Support Forces (RSF) and other Arab militias. Sudan accuses UAE of arming RSF which is fighting against the Sudanese Army in a civil war that has lasted for two years. The UAE denies this charge, but U.N. officials and U.S. legislators have found it credible. The ICJ is U.N.'s highest court. It deals with disputes between countries and violations of international agreements. Sudan and the UAE both signed the 1948 Genocide Convention. (Reporting by Benoit Van Overstraeten and Anthony Deutsch. Gareth Jones, Mark Potter and Gareth Jones edited the story.
-
Saudi Arabia reports a first-quarter loss of $15.65 billion
Saudi Arabia's first-quarter 2025 deficit increased to $15.65bn from $3.30bn a year earlier as oil revenue fell 18%, to 149.810bn riyals (about $39.95bn), the finance ministry reported on Monday. In the first quarter of this year, Saudi Arabia's total revenue dropped 10% to 263.616 riyals. However, its public expenditure rose 5% to 3222.317 riyals. Saudi Arabia's revenue has been affected by declining oil prices in recent years, as well as voluntary production cuts. Riyadh is pushing ahead with projects that are part of Vision 2030, its ambitious plan to revamp its economy and reduce its dependency on oil. Non-oil revenue in the kingdom increased by 2% from a quarter earlier, to 113.806 billion Riyals. Saudi Arabia is one of the eight members of OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia. In April they agreed to accelerate a plan for phasing out oil production reductions by increasing output in May. The Kingdom forecasts a budget surplus of 101 billion Riyals in 2025, as it continues to implement its plan for boosting growth and achieving an economic transformation requiring hundreds of billions in investment. In the first quarter, the Saudi public debt reached 1,329 trillion riyals. The kingdom has a low ratio of debt to GDP and lenders are confident in it. It was one of the largest emerging markets debt issuers by 2024. It will allocate hundreds of billions to fund large-scale projects that aim to reduce its dependence on oil while also fostering the growth of tourism and private sector. The government's top priority is to boost non-oil growth. To do this, the kingdom has increased its efforts to attract tourism investment and expand the private sectors. Saudi Arabia approved in November its budget for the year 2025, which forecasted a deficit of 101 billion Riyals.
-
Tyson Foods beats quarterly profit estimates, chicken sales rise
Tyson Foods surpassed Wall Street expectations on Monday for the second-quarter profits, thanks to increased demand for chicken products and lower costs. Premarket trading saw shares fall 2% after the quarterly revenue missed estimates. The meat company was also concerned about the trade policies of U.S. president Donald Trump, as tariff disputes might affect domestic demand and American imports. The U.S. consumer's sentiment declined for the fourth consecutive month in April, amid concerns over tariffs and economic impacts. Some consumers have already switched to cheaper meat products. Tyson has said that the tariffs could lead to some disruptions in sales and that exports are less than 10%. The demand for chicken increased as the average price declined by 1.1% during the quarter ending March 29. However, an increase of 8.2% in beef prices hurt its steak and other cuts. The beef prices in the United States have increased after ranchers reduced their cattle herds because of a drought that lasted for years and dried up the pastures used to graze. Arun Sundaram is an equity analyst with CFRA Research. He said that while the beef segment continues to be challenged by a tight supply of cattle, the margins for the chicken segment are improving, thanks to strong demand. Tyson's beef business reported an operating loss adjusted to $149 million, down from $34 million the year before. The income in the chicken business increased from $160 to $312 millions. LSEG data shows that Tyson's overall earnings per share were 92 cents, compared to analysts' estimates of 82 cents. Analysts had predicted $13.14 billion for quarterly net sales. The company has confirmed its revenue forecast for the year. Stephens wrote in a letter that "Chicken is resilient and we expect it to continue." According to a regulatory filing, Tyson has increased its legal contingency account by $250 million in response to claims that its pork division was involved with price fixing. Smithfield Foods, a Tyson competitor and the largest U.S. pork producer, announced on Tuesday that China is no longer a viable marketplace due to retaliatory duties. Reporting by Neil J Kanatt from Bengaluru, and Tom Polansek from Chicago. Pooja Deai and Mark Potter edited the story.
-
India's R R Kabel will see a surge in volume by 2026 due to US tariffs.
A top executive at Indian wire and cable maker R R Kabel’s said on Monday that the company expects its volume to grow by more than twice in fiscal 2026. The U.S. Tariff Policy presents "an opportunity" for trade, as China's tariffs are increasing, he added. R R Kabel's finance chief Rajesh JAIN said that the company expects volume growth to be between 16 and 18% in fiscal 2026. This is partly due to U.S. Tariff policy, which affects Indian exporters more than their Chinese competitors. India's exports are more competitive because of higher levies against China. "I had only one client until last year. Now I'm already in discussions with four or five large customers." Jain stated that China may face challenges, but we will not. Volumes grew by 7%, which was below the company's target of 15%. This is due to a slower construction pace caused by Indian elections, and disruptions on export markets resulting from tensions at the Red Sea. Jain stated that the fluctuating tariffs of President Trump, which have unstabilized global markets and threaten trade stability, were beneficial to the company. The U.S. imposed a 10% base tariff on all exports. Additional reciprocal levies include a 26% rate for India. These are scheduled to begin on July 8, 2018. China, on the other hand, faces a tariff of 145% as both countries seek to reach a trade deal. R R Kabel exports about 10% of its revenue to the U.S. Exports account for 26% of the company's sales, which is a higher percentage than its larger competitors Havells or Polycab. Reporting by Hritam mukherjee in Bengaluru and Ananta agarwal; editing by Tasim zahid
Bayer needs to pay $100 million in most current trial over PCBs in Washington school, jury discovers
A Washington state jury on Tuesday purchased Bayer to pay $100 million to four people who state they were sickened by toxic chemicals known as PCBs at a. Seattlearea school, but discovered the company was not accountable for. injuries declared by 11 others.
The decision, which follows a two-month trial, is the current. in a string of trials versus the chemical business over the. declared contamination at the Sky Valley Education Center in. Monroe, Washington.
More than 200 trainees, employees and moms and dads have actually said. they established cancer, thyroid conditions, neurological injuries. and other health issue from polychlorinated biphenyls or PCBs. leaking from the school's lighting fixtures. The chemicals were. made by Monsanto, which Bayer got in 2018.
Monsanto stated in a declaration it will pursue post-trial. motions, and an appeal if necessary, to overturn the decision or. lower the extreme damages granted to the 4 plaintiffs.
Proof at trial revealed low to non-existent level of PCBs,. which could not have actually caused the injuries alleged, Monsanto said.
Decisions in previous trials over the supposed contamination. at the school, which have involved different groups of. complainants, have totaled more than $1.5 billion, though some. have actually been decreased or reversed. The staying judgments are. likewise the subject of appeals, Monsanto stated.
The company got a decision for $185 million in favor of three. teachers and an instructor's spouse reversed on appeal in 2015. on several grounds.
The state appeals court agreed with Bayer that the trial. court incorrectly used the laws of Missouri, where Monsanto was. based, enabling the claims to be submitted decades after the business. stopped producing PCBs in 1977. The business said Washington law. should apply instead, and it would obstruct the plaintiffs' claims. as filed too late.
Washington's greatest court is anticipated to hear an appeal of. that judgment.
In August, an $857 million verdict was slashed to $438. million, after a judge discovered it consisted of excessive punitive. damages.
Bayer got Monsanto for $63 billion in 2018. Ever since,. lawsuits over PCBs, and more considerably over claims that the. weedkiller Roundup caused cancer, have weighed heavily on the. business's shares.
PCBs were when used extensively to insulate electrical equipment,. and were likewise used in such products as carbonless copy paper,. caulking, floor finish and paint. They were banned by the U.S. federal government in 1979 after being linked to cancer and other health. problems. Monsanto produced PCBs from 1935 to 1977.
Complainants have actually said Monsanto understood of the risks of PCBs. for decades, however hid them from the general public and from. federal government regulators.
Bayer has argued plaintiffs have actually stopped working to show their. injuries were caused by PCBs, which the levels found in the. school were considered safe by the Epa. It has also stated the school neglected cautions from federal government. authorities that the lights in the aging building needed. to be retrofitted.
(source: Reuters)