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Namibia protects consumers from rising fuel prices
The energy minister announced on Friday that Namibia will temporarily lower fuel levies 50% for at least three months, until the end of June. This is to protect consumers from higher prices as the U.S./Israeli war with?Iran continues. Namibia, a southern African nation that is entirely dependent on imported refined petroleum products, has taken this decision to respond to the Middle East Crisis that has stifled around 20% of world oil and LNG exports via the Strait of Hormuz. At a media briefing, Namibian energy minister Modestus Amtse said that the measure was necessary due to the volatility in petroleum prices, caused by the geopolitical tensions raging in the Middle East. He stated that the government will use its National Energy Fund from April 1 until the end of the month of June to stabilize fuel prices. The under-recovery for April is approximately 500 million Namibian Dollars ($29 million). He said that the government would cover any under-recovery of N$2.50 for petrol, and N$4.00 for diesel. He said that the goal was to smooth out price volatility and ensure stability of domestic fuel prices. Namibia, an oil and gas hotspot in the world, hopes to produce oil by 2030. It consumes around 100 million litres per month of petrol and diesel. Amutse stressed that the country's fuel stock is sufficient to meet national demand for a period of one to two months. He urged citizens to refrain from illegally hoarding fuel or panic buying.
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Stocks continue to fall as Trump's extension of the Trump-Pence fails to calm markets
The global stock markets fell again on Friday after U.S. president Donald Trump's decision to extend the deadline for Iran to "reopen" the Strait of Hormuz did not calm down oil prices or government bond yields. Trump's decision to postpone the deadline came after Wall Street closed its biggest one-day drop since the beginning of the war on Thursday. Iran did not directly indicate that it is ready to negotiate, but the Islamic Revolutionary Guard Corps said it will try to disrupt shipping and push up oil prices. The pan-European STOXX 600 Index?fell 1%, after falling 1.1% on Friday. Germany's DAX was down 1.2%. Overnight, MSCI's Asian share index excluding Japan dropped 0.8%. MARKETS DRAG DOWN OFF TRUMP DELAY The futures for S&P 500 in the U.S. gave up gains earlier and were last down by 0.5% after falling 1.7% the previous session. The Nasdaq Composite Index, which is dominated by the tech sector, fell 2.4% on Friday. This index has now fallen nearly 11% since its record high close in October. The 'Wall Street Journal' report that Trump was considering sending more troops heightened concerns about the war escalating to a ground-based conflict. There is also no certainty as to when the Strait of Hormuz, through which 20% of the world’s energy flows, will be opened to shipping. On Thursday, an Iranian official called the U.S. plan to end this conflict "unfair and one-sided". Matt Britzman is a senior equity analyst at Hargreaves Lansdown. He said that words alone were not enough to change the mood. The need for tangible evidence of progress. Brent crude oil, a global benchmark, increased?2.5%, to $110.70 per barrel. SURGE IN GLOBAL BOND YIELDS Investors 'grappled' with the possibility of an?inflationary jolt that could force central bankers to increase interest rates. As prices drop, yields also rise. The 10-year U.S. Treasury Yield, which sets the tone for borrowing rates around the globe, has risen more than 4 basis point to 4,468%. This is its highest level since July. Money markets see roughly 60% of the U.S. Federal Reserve raising rates this year. This is a dramatic change from late February, when traders bet on?two rate cuts in 2026. Germany's 10-year Bond Yield rose to its highest level since 2011, at 3.13%. The U.S. Dollar Index, which measures the currency's performance against six other currencies, gained 0.2%, marking a fourth consecutive session of gains.
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Dombrovskis: Iran war may cause stagflation in the EU
Valdis Dombrovskis, European Economic Commissar, said that the European Union is at risk of stagflation due to the increase in energy prices caused by 'the U.S. - Israeli 'war on iran. "The outlook is clouded with profound uncertainty. But it's clear that we run the risk of a shock, which is a situation in which a?slower?growth coincides?with a?higher inflation," Dombrovskis said at a?news conference?after a meeting?of EU finance ministers. This is true even if disruptions to energy supply are?relatively brief. Our analysis shows that in such a scenario the EU's growth in 2026 may be around 0.4 points lower than our autumn forecast and inflation could be as high as one percentage point. If disruptions are more substantial and last longer, then the consequences for growth will be greater. He said that growth could be 0.6 percentage points lower in 2026 and 2027. He said that it is now obvious that 'the scale, severity and impact of the war have 'increased' since EU Finance Ministers last met just over two weeks ago.
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Russia will auction off its seized stakes in UGC gold producer next month
Rosimushchestvo, the federal agency for property management, said that a seized?stake? in Russian gold producer Uzhuralzoloto? (UGC?) could be sold at auction next month. The agency stated that the preparations for auction were in progress. The state owns 67.2% in the company, which at current market prices is worth $1.3billion. A Russian court ruled in July 2025 that Konstantin Strukov's?majority share?, which he had previously owned, should be transferred to?the state. This was part of an 'wider pattern' of 'nationalisations, of assets owned by Russian companies or fledgling Western firms. The Moscow law firm NSP estimated last year that the authorities confiscated private assets valued at $50 billion since the beginning of the conflict in Ukraine. Last October, the central bank stated that the state violated the rights of minority shareholders by failing to make a 'buyout offer' as required by law following the seizure. After the sale, the new owner is expected to make a 'buyout offer. The auction was originally scheduled to happen 'last year, but it was delayed as gold prices rose and the state wanted a higher stake price.
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INDIA BONDS - India 10-year yield registers largest weekly increase since RBI's surprise rise in May 2022
The Indian government bond market plunged Friday, ending a week-long loss, as New Delhi’s fuel excise tax?cut clouded fiscal outlook and intensified oil-driven anxieties. This also drove the yield on the 10-year note to its largest weekly increase in almost four years. The benchmark 6.48% bond yield for 2035 ended the session at 6.9419%. This is the highest 10-year bond yield since July 25, 2024. It closed at 6.8750% the previous day. Bond yields are inversely related to bond prices. The yield increased by 20 basis points for the week. This is the largest move since the week ending?May 6,2022 when the central banks began its aggressive rate-hiking cycle with an unexpected?rate hike in between scheduled policy meeting. New Delhi has reduced its special excise duties on petrol and diesel as the Middle East conflict continues to choke supplies, causing fuel prices to remain volatile. An official from the government said that the move will cost the government $739.33 million per fortnight. Analysts estimate the fiscal impact to be between 1.5 trillion and 1.75 trillion rupees in fiscal year 2027. The Brent crude oil price is hovering around $110 a barrel after briefly falling below $100 earlier this week. The rising oil price is bad for India. It's the third largest crude importer in the world. It could cause inflation to rise and increase India's deficit on its current account. If oil continues to rise, the crude basket assumed in RBI's October policy of $70 per barrel would undergo a major revision. Alok Sharma, the head of treasury for?ICBC in Mumbai, said that higher crude oil prices will eventually affect inflation baskets. States sold nearly one trillion rupees worth of debt during the past week due to waning investor demand. India's overnight swap rates (OIS) saw a large reversal in recent received positions. The key swap rates rose to multi-year heights. The?two-year OIS closed at 6.2750%, while the one-year OIS ended at 6.04%. The liquid five-year swap rate ended at 6.6350%. The one-year swap rate has risen by 56 basis points this month. Meanwhile, the two-year OIS rate and the five-year OIS rate have risen by 69 and 65 basis points respectively. $1 = 94.6800 Indian Rupees (Reporting and editing by Rashmi Dhutia, Sonia Cheema, Ronojojo Mazumdar).
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Congo and China strengthen mining ties while US pushes rival mineral pact
The Congolese government announced that the Democratic Republic of Congo and China had signed an agreement to enhance cooperation in the mining sector of 'the African nation.' Global powers are jockeying for influence in this strategically significant minerals powerhouse. Congo is the largest producer of cobalt in the world and has vast reserves of lithium, copper, coltan, and other battery metals. Chinese mining companies, led by top cobalt miners CMOC, Zijin and Huayou, already dominate the sector. Beijing is Congo's largest bilateral creditor. Kinshasa is also a target for the United States and other countries looking to obtain the minerals required for the manufacturing of electric vehicles and the energy shift. Promotion of local processing, duty-free access As of May 1, Congo's exports will be eligible for duty-free access in China under an initiative that covers 53 African countries. According to a statement released late Thursday by the Congolese Government, the new agreement outlines cooperation in geological data sharing and investment protection, as well as the promotion of local processing raw materials. It also includes a monitoring system to ensure that projects are compliant with Congolese laws and implemented in an environment of stability and transparency. The statement stated that China will give priority to a flagship iron ore mining project in the northeastern Congo known as MIFOR. COURTED by the US and China, Congo hedges its bets Joshua Walker, of NYU’s Congo Research Group, said that the U.S. would certainly be aware of this new agreement. It is a clear riposte against Washington. The Trump administration has signed a strategic partnership in December with Congo to increase?Western investments, redirect its minerals supplies and reduce China’s dominance of critical minerals mining and processing. The Congo has since "shared" a list with the U.S. of its priority assets, but the government has stated that it will seek out other partners if Washington fails to deliver on the agreement. Walker pointed out that the deal between Congo and the U.S. The deal is more comprehensive and binding. It involves trading security support in eastern Congo where Kinshasa, a government backed by Rwanda, has been fighting a long-running conflict with Rwandan-backed fighters for mining access. The Congolese government is not taking sides as Beijing and Washington compete for global resources. Instead, it is attempting to capitalize on the vast mineral reserves in the country. Walker stated that "the DRC is clearly trying to hedge their bets." (Reporting and editing by Ange Adihe Kazongo, Maxwell Akalaare Adombila, Rob Corey-Boulet & Joe Bavier).
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Stocks continue to fall as Trump's extension of the Trump-Pence fails to calm markets
The global stock markets fell again on Friday following a?U.S. Donald Trump's decision to extend a?deadline to Iran for reopening the?Strait?of Hormuz did not calm down oil prices or government bond yields. Trump's decision to postpone the deadline after which he said Iran would face attacks on its infrastructure came shortly after Wall Street closed out the biggest one-day drop since the beginning of the war on Thursday. The markets appeared to be sceptical of the possibility of a deal between the two parties, as?oil price rose again on Friday, and government bonds fell. The pan-European STOXX 600 fell 1.4%, after falling 1.1% on Thursday. Germany's DAX was 1.7% lower. MSCI's index for Asian shares, excluding Japan, fell by 0.7% overnight. MARKETS SLAM OFF TRUMP'S DELAY Futures in the U.S. S&P 500 lost earlier gains, and was last down by 0.5% after falling 1.7% the previous session. The Nasdaq composite, which is a tech-focused index, fell 2.4% on Friday. This puts the index at a loss of nearly 11% since its record high close in October. Nasdaq Futures last fell 0.7%. The?Wall Street Journal's report that?Trump considered sending more troops raised concerns about the war escalating to a ground-based conflict. There was also no guarantee that the Strait of Hormuz, through which 20% of the world's energy flows, would be opened to shipping anytime soon. A senior Iranian official called the U.S. plan to end this conflict "unfair" and "one-sided". Matt Britzman is a senior equity analyst at Hargreaves Lansdown. He said that words alone were not enough to change the mood. "Tangible proof of progress is needed." Brent crude oil, a global benchmark, increased?2.6%, to $110.90 per barrel. Global Bond Yields Surge Investors were concerned about a possible inflationary shock which could force central banks into raising interest rates. As prices drop, yields also rise. The 10-year U.S. Treasury rate, which is used to set borrowing costs in other countries, increased by more than four basis points, reaching a high of?4.464%. This was its highest level since last July. Money markets see roughly 70% chances that the U.S. Federal Reserve will raise rates this year. This is a dramatic change from late February, when traders bet?on two rate cuts in 2026. Germany's 10-year yield has risen to its highest level in 2011 with more than 3,1%. The U.S. Dollar Index, which tracks currency performance against six peers, increased 0.2%, marking the fourth consecutive session of gains.
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Severstal, a Russian steelmaker, will cut its investment by half as the demand for its products falls
MOSCOW, 27 March - Severstal is one of Russia's four largest steelmakers and plans to reduce investment by a fifth?and labour by 5% by 2026. This is due to a falling?demand? for steel in the face of an economic recession. The demand for metals in Russia's major industries - construction, energy, automobile and machinery manufacturing - is decreasing as businesses halt investment because of high interest rates to curb inflation. Metals production has been affected by Western sanctions and drones from Ukraine. "The industry's situation is getting more difficult." The demand for steel in Russia has dropped 31% since 2024. This has led to a sharp decrease in capacity utilization among our clients, and a drop in prices. He said that the company intends to reduce labour costs by freezing hiring and replacing contractors with internal personnel. Severstal reported that its plant in the city?Cherepovets (about 360 km north of Moscow) was?hit by a Ukrainian drone attack Friday. These attacks, which used to be primarily targeted at the energy and defence sectors, are now spreading into other industries. Evgeny Vinogradov is CEO of Severstal’s Russian Steel Division. He said that the plant was operating normally after the drone attack overnight. "All units were in operation and there were no major damages," he added. (Reporting and writing by Anastasia Lyrchikova, Editing by Mark Trevelyan).
Gaza, ravaged by war, faces a multi-billion-dollar reconstruction challenge
Donald Trump, U.S. president, says Gaza could become "the Riviera of the Middle East".
Under U.S. Ownership
After Palestinians have been permanently relocated elsewhere. According to the United Nations, it will take billions of dollars to rebuild the coastal area after the war between Israel's militant group Hamas and the Palestinian militant Hamas.
Here's a breakdown on the destruction caused in Gaza by the conflict that was sparked by the attack by Hamas militants on Israel, who ruled Gaza at the time.
How many causalities are there? According to Israeli statistics, the Hamas attack against Israel resulted in 1,200 deaths. Gaza's Health Ministry reports that Israel's response has resulted in the deaths of more than 47,000 Palestinians.
How long will it take to clear the rubble? According to a U.N. report released last month, clearing the rubble that was left behind after Israel's bombardment of Gaza could take up to 21 years and cost $1.2 billion. Asbest is suspected to be present in the debris. Some refugee camps that were hit during the war are known to have been constructed with asbestos. It is also possible that human remains are buried in the rubble. According to the Palestinian Ministry of Health, 10,000 bodies may be buried under debris. In January, a UNDP official stated that the conflict had set Gaza's development back 69 years.
How many buildings have been destroyed?
According to a U.N. Report released last year, it could take decades for Gaza's homes to be rebuilt.
According to U.N. satellite (UNOSAT), data from December, two-thirds of Gaza’s pre-war buildings – over 170,000 structures – have been damaged or destroyed. This is approximately 69% of all structures in Gaza.
According to UNOSAT, there are 245,123 total housing units. The U.N. humanitarian agency said that over 1.8 millions people in Gaza are currently in need of an emergency shelter.
What is the INFRASTRUCTURE DISSERTATION?
A U.N./World Bank report estimated that the damage to infrastructure would total $18.5 billion by end-January 2024. This includes residential buildings, commerce and industry, as well as essential services like education, health and energy. A January update from the U.N.'s humanitarian office showed that less than one-quarter of pre-war supplies of water were available. At least 68% the road network was damaged.
How will Gaza feed itself? Satellite images analyzed by the United Nations reveal that more than half of Gaza’s agricultural land - crucial to feeding the territory's hungry people - has been damaged by war.
The data shows that the Palestinian enclave is suffering from widespread hunger after 15 months of Israeli bombing.
Last year, the U.N. Food and Agriculture Organization reported that nearly half of all sheep and 15,000 cattle had been killed or died in the conflict.
WHAT ABOUT SCHOOL, UNIVERSITIES AND RELIGIOUS BUILDINGS?
According to Palestinian data, the conflict in Gaza has destroyed over 200 government buildings, 136 universities and schools, 823 Mosques and three churches. The conflict has damaged many hospitals, and only 17 of 36 units were partially functional in January according to the U.N.'s humanitarian office.
Amnesty International’s Crisis Evidence Lab has shown the extent of destruction along Gaza’s eastern border. By May 2024, more than 3,500 buildings, or over 90%, had been destroyed or severely damaged. (Updated by Stephen Coates, Edited by Sharon Singleton and William Maclean.
(source: Reuters)