Latest News
-
EU to impose counter-tariffs on US goods worth $28 billion
In response to U.S. steel and aluminum tariffs, the European Union announced in a Wednesday statement that it would impose counter-tariffs on goods worth 26 billion euros (28.33 billion dollars) from next month. The commission announced that it would end the current suspension on tariffs for U.S.-made products on April 1. It will also present a new set of countermeasures against U.S.-made goods by midApril. "This is in line with the economic scope and impact of U.S. Tariffs." The countermeasures we will introduce in two stages. "Our countermeasures will be implemented in two steps, starting on 1 April, and being fully implemented by 13 April," Ursula von der Leyen said in a press release. "We are prepared to engage in meaningful dialog. "I have asked Trade Commissioner Maros SEFCIC to continue his discussions with the U.S. to find better solutions," von der Leyen said. U.S. President Donald Trump has increased the tariffs on steel and aluminum imports by 25% took effect On Wednesday, prior exemptions, duties free quotas and exclusions of products expired.
-
Starlink, a satellite internet service from Musk's Starlink, and Reliance Satellite Internet Services of India sign a surprise deal
Mukesh Ambani’s Reliance Jio has signed a deal to bring Starlink satellite Internet services to India. This is a surprising move by the billionaires who had been at odds with each other for months about how India should allocate spectrum to them. This deal comes on the heels of a similar announcement made by Starlink with India's No. 2 telecom player Bharti Airtel a day before. Starlink will be available in the retail stores of Indian telecom operators, giving Starlink direct access to thousands of outlets in India. The two deals are contingent upon Starlink receiving government approval for operations to begin in the country. The agreements follow a meeting between Elon Musk and Indian Prime Minister Narendra Modi in Washington where they discussed space, mobility, innovation, technology, and other issues. Deloitte predicts that India's satellite services sector will grow by 36% per year, to $1.9 billion in 2030. The deal will make it easier for the government to approve Starlink's projects, said Chaitanya GRI, Space Fellow with Observer Research Foundation. Starlink has waited for licenses in India to operate commercially since 2022, but there is no timeline on the decision. The decision has been postponed for a variety of reasons, including national security concerns. The advantage of Starlink is its larger constellation. It also benefits from SpaceX’s high frequency of rocket launches, as well as the geopolitical weight due to the Trump-Musk partnership," Giri said. A source familiar with the issue said that certain financial terms are tied to the pact, but refused to disclose any details. The person said, "This is an entry-level model for Starlink" in India. Jio is India's biggest telecom operator and will provide support for installation and activation of Starlink devices. Reliance stated in a press release that Jio, and SpaceX were also evaluating additional areas of collaboration to leverage their respective Infrastructures. MUSK AND INDIA Musk is facing a high-stakes situation in India where he has recently been. Sign up for our Newsletter A deal was made for the first Tesla showroom, which will sell imported electric cars. Musk has repeatedly complained that the tariffs are among the highest in the world. Neil Shah, cofounder of Counterpoint, said that while the move was surprising, Starlink's entry into the Indian market is a wise strategy. It's also a win for all parties involved, who were previously competing to get a piece of the pie, but are now working together and sharing. The Indian space regulator has approved Jio Platforms' launch of commercial satellite broadband services. Jio Platforms already operates a joint venture satellite internet with Luxembourg-based SES. Musk and Ambani's Reliance have clashed in the past over the method of awarding satellite spectrum to India. Reliance wanted an auction, but the Indian Government sided with Musk who wanted to allocate it administratively in accordance with global trends. Ambani lobbied New Delhi to ensure that there were no unfair advantages. His executives were worried that Starlink, a competitor to his telecom company which had spent $19 billion on airwave auctions could steal broadband customers and possibly data and voice clients with the advancement of technology.
-
The dollar is weakening, but the oil price has risen. However, tariffs have capped gains.
The oil prices rose on Wednesday due to a weaker US dollar. However, mounting concerns about a U.S. slowdown, and the impact tariffs will have on global growth, capped the gains. Brent futures increased 51 cents or 0.7% to $70.07 per barrel at 0430 GMT. U.S. West Texas intermediate crude futures increased 52 cents or 0.8% to $66.77 per barrel. Daniel Hynes is a senior commodity strategist with ANZ. He said that despite the deteriorating economic outlook oil was still in a favorable position. This is a good sign that the demand for crude oil in the near term remains strong. Oil prices rose as the dollar index fell by 0.5% on Tuesday to new 2025 lows, making crude oil cheaper for buyers who hold other currencies. Priyanka Sackdeva, a senior analyst at Phillip Nova, said that the falling dollar offsets the negative bias of a global economic slowdown. However, this is a temporary effect. Investors were rattled by increased import tariffs and a deteriorating consumer mood. This added to the largest sell-off in recent months. "Overall sentiment is fragile despite a small bounce in the session today," said Yeap JunRong, market analyst at IG. "For the time being, oil market sentiment is likely to remain contained, as tariff developments are still unclear and there are persistent concerns about U.S. economic growth risks," Yeap said. Donald Trump's protectionist policy has shaken the global markets. He has delayed and then imposed tariffs on Canada, Mexico, and other major oil suppliers, as well as raising duties on China. This prompted retaliatory actions. Trump stated that a "period transition" is likely, but he did not rule out the possibility of a U.S. economic recession. The U.S. Energy Information Administration reported on Tuesday that the U.S. crude production will set a record in supply this year, with an average of 13.61 million barrels a day. Investors will be looking for clues about the future of interest rates in the U.S. Inflation data, due Wednesday. Also, they closely monitor OPEC+'s plans. The producer group announced plans to increase production in April. Market sources cited American Petroleum Institute data on Tuesday to report that crude oil stocks in the U.S. increased by 4.2 millions barrels during the week ending March 7. The markets are now awaiting government data due Wednesday on U.S. stocks for more trading cues. Reporting by Nicole Jao and Jeslyn Lerh in New York; editing by Himani Sarkar, Jamie Freed and Jamie Freed
-
Study warns that cities will face droughts and floods due to rising temperatures
A study commissioned by WaterAid on Wednesday showed that the weather in many of the most densely-populated cities around the world is changing from droughts to flooding and back again, as rising temperatures disrupt the global water cycle. Researchers found that South and Southeast Asia are experiencing the most wet weather, while Europe and the Middle East, as well as North Africa, are getting drier. The study was based on 42 years' worth of data from over 100 of the largest cities in the world. Michael Singer, Water Research Institute at Cardiff University and one of the study's authors, said that there will be winners as well as losers in climate change. It's already happening. The study found that the eastern Chinese city of Hangzhou, and the Indonesian capital Jakarta were the two cities most affected by "climate whiplash" or a rapid successions of long-lasting floods and dry spells. The Texan city Dallas, Shanghai, China's commercial capital, and Baghdad in Iraq, which is the capital, are all cities that face extreme flooding and drought at the same time. Singer added, "You cannot assume that all places will have the same response to atmospheric heating." It doesn't matter if you're rich or poor, or if you have a great infrastructure or no. Hangzhou, a coastal city in China, set a new record for extreme temperatures with over 60 days last year. It was also hit hard by severe flooding that forced thousands to flee. The climate has changed in five cities. Colombo, the capital city of Sri Lanka, and Mumbai, the financial center of India, have "flipped" and become much wetter, while Cairo, the Egyptian capital, and Hong Kong, are becoming steadily dryer. Singer warns that many cities who built infrastructure to maximize scarce water supplies or to mitigate flood damage now face entirely different situations and will need to adjust to them. Tokyo in Japan, London, and Guangzhou in southern China are among the few places that have seen positive changes. From 2002 to 2023, there were significantly fewer months of rain and drought than the previous two decades. (Reporting and editing by Clarence Fernandez; David Stanway)
-
Shanghai copper prices rise on signs of improved China demand
Shanghai copper gained more than 1%, outperforming its peers in base metals on Wednesday. This was due to signs of improved demand in China, the world's largest metal consumer. The most active copper contract at the Shanghai Futures Exchange ended morning trade at 79.140 yuan (10,939.10) per metric ton, after reaching its highest level since September 30, 2024, at 79.390 yuan. ANZ analysts stated in a report that the fundamentals have improved, and the ANZ Downstream Copper Demand Indicator shows positive growth in particular in grid infrastructure, electric vehicles and other areas. The recent reduction in imports has led to an increase in production by manufacturers. First Futures analysts said that the refined copper output will probably fall in China in April, as more smelters begin equipment maintenance. Those who suffer severe losses will also lower their capacity utilization rates. In a report published on Tuesday by the state-backed Antaike, the copper cathode production among the smelters that were surveyed increased by 5.28% from January to February to 1.9 millions tons. The research house also predicted that March's output would increase by 4.32% compared to the previous year to 969,000 tonnes. China consumes around half of the global copper supply annually. Analysts at ANZ said that fears of a trade war around the world limited its price increases. SHFE aluminium climbed 1.13% to 20990 yuan per ton. Zinc jumped 0.99% to 23945 yuan. Tin grew 0.7% to 264,330 yuan. Lead gained 0.11% at 17,480 yuan. Nickel ticked up 0.2% to 132,880. As of 0345 GMT, the price for three-month copper at the London Metal Exchange was 0.52% higher, reaching $9,729 per ton. The LME aluminium price rose 0.41% to $2715 per ton. Lead increased 0.29%, nickel climbed 0.49%, tin fell 0.03%, to $33,150 and zinc dropped 0.14%, to $2916. ($1 = 7.2346 Chinese Yuan) (Reporting and editing by Sherry Jackson and Subhranshu Saghu; Reporting by Amy Lv)
-
Iron ore prices rise as attention shifts to near-term demand
Iron ore futures rose Wednesday, as investors focused on near-term consumption after China's annual parliamentary meeting. However, lingering concerns about a global economic war dampened gains. The May contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 0.97% higher, at 779.5 Yuan ($107.78). As of 0330 GMT, the benchmark April iron ore traded on Singapore Exchange rose 0.73%, to $101.5 per ton. The price of a ton reached its highest level since March 3, at $102,05, earlier in the day. Analysts at Jinrui Futures wrote in a report that "Iron Ore Arrivals last week fell short of expectations while Hot Metal Production accelerated, resulting in a dramatic reduction in portside inventory." Iron ore stockpiles at Major Ports Steelhome data showed that the market had fallen 2.5% in the previous week and 4.1% over the preceding month, to 141.3 million tonnes by March 7. This was a near-year low. Analysts at Jinrui Futures said that "prices of front-month contracts will benefit from a lingering expectation of increasing demand during peak construction season in march...but this does not reverse the glut of iron ore in 2013". Analysts at Mysteel, a consultancy, said that some steel mills who had begun maintenance on their blast-furnaces gradually resumed operation due to decent margins and signs showing an improvement in demand. Steel mills need to adjust production to balance supply and demand. They said that the pressure on exports of steel with increased trade frictions would likely pass on to domestic markets. The benchmarks for steel on the Shanghai Futures Exchange have advanced. Rebar gained 0.34%. Hot-rolled coils rose 0.51%. Wire rod climbed 0.622%. Stainless steel gained 0.41%. Coking coal and coke, which are both steelmaking ingredients, have also declined, by 0.23% and 0.25 percent, respectively.
-
Techano Oceanlift to Deliver Crane for Dual-Fuel Hybrid CSV Newbuild
Techano Oceanlift has secured a contract by Sefine Shipyard to deliver an offshore crane to a newbuild construction support vessel (CSV) that the Turkish shipyard is building for a strategic partnership between Agalas, Eidesvik and Reach Subsea.Techano Oceanlift, subsdidiary of Oslo-listed Nekkar, will supply a 150-tonnes capacity crane capable of performing subsea construction work and topside lifting operations. The company’s scope of work includes engineering, manufacturing and commissioning of the crane.The 150-tonnes capacity knuckle boom crane is equipped with an active heave compensated (AHC) winch with 3,200 metre wire for subsea construction operations and has been prepared for 3D compensation for topside lifts.The crane also features a control system and motion compensating system from its sister company Intellilift.Eidesvik, Agalas and Reach Subsea Order New Dual-Fuel Hybrid CSV“According to the vessel’s owners, flexibility is at the core of this newbuild CSV. We believe this is a key reason for choosing our crane solution, which is highly flexible and fits the requirements of an offshore vessel that can solve a broad range of offshore construction and subsea work,” says Nils Vidar Stray, managing director of Techano Oceanlift.The newbuild CSV will be used for subsea and offshore renewables operations, with the delivery scheduled for 2027.It will be specifically equipped to perform construction as well as inspection, maintenance and repair (IMR) work. The newbuild will feature a battery hybrid system alongside dual-fuel gensets capable of operating on either methanol or marine gas oil (MGO).The vessel boasts a highly flexible and advanced structure, has an overall length of 99.9 meters, a breadth of 21 meters, and accommodation for up to 100 personnel.The vessel will be two-thirds owned by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and one-third owned by Reach Subsea.Upon delivery, it will enter into a five-year time charter with Reach Subsea, with options for two extensions of one year each. Management of the vessel, including crewing, will be provided by Eidesvik.
-
ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind
The Offshore Renewable Energy (ORE) Catapult and the Japanese Floating Wind Technology Research Association (FLOWRA) have signed a memorandum of understanding (MoU) to work together to reduce development risks and costs of floating offshore wind.The MoU is the culmination of a nine-month period of collaboration and will include personnel exchange, work on standardization of component technologies and a test and demonstration alliance to facilitate large-scale technology development.Floating offshore wind is set to play a major role in the future energy mix of both the U.K. and Japan in the years to come.Harnessing U.K. R&D capability and the strength of Japanese industrial manufacturing capacity will accelerate development of this important technology, bringing innovative and sustainable renewable energy to both countries and wider global markets.As well as the economic benefits and job creation opportunity floating offshore wind presents, it will provide significant energy security and support efforts in both countries for emissions reduction to combat climate change. “As two island nations with a longstanding history of trade and investment partnership, Japan and the UK are important partners for the burgeoning technology development of floating offshore wind.“Working with our friends and colleagues at FLOWRA to address the challenges and opportunities in bringing floating offshore wind to commercial deployment will stimulate significant economic and export opportunities, create jobs, bolster energy security and support our respective efforts to combat climate change,” said Cristina Garcia-Duffy, Director of Research and Technical Capabilities at ORE Catapult.
Study shows that firms issuing green bonds are better at tackling carbon emissions
New analysis by the Bank for International Settlements shows that companies who issue green bonds are better at reducing greenhouse gas emissions. This is especially true in sectors with high levels of pollution.
The study, published on Tuesday, evaluated the impact of the green bond market which is a near $3 trillion market where companies raise money for projects to limit climate change and benefit the environment.
The study found that the total emissions of green bonds issued in the four-year period following issuance fell by over 10%. Emissions per unit of revenue, a measure for emissions intensity, also dropped by 30%.
The study stated that "the results show that the issuance of green bonds is associated with significant reductions in subsequent GHG emission levels by firms."
The study acknowledges concerns about "greenwashing" by corporations, but it also says that the growth of the green bonds market in recent years and the increasing number of governments issuing them has increased transparency.
Most companies tend to issue a small amount of green bonds compared to their size. This means that they are usually not the main driver of emission reductions. The report concluded that they can be a "good signal" for a company to know where it is going.
One year after the first green bond, "Scope 1 emissions" such as fuel burned in a company’s furnaces or in its fleet of vehicles decreased in average by 21%.
The same results were seen for Scope 1-3, which includes emissions that are less under the control of a company such as those in its supply chain. The intensity of direct emissions remained lower even after three year.
The study used S&P Trucost Data, which it is estimated accounts for two thirds or more of global greenhouse gas emission.
These emissions are not only geographically diverse, but also concentrated primarily in countries that have a large manufacturing sector and high energy intensity, like China, Japan, India, and the United States.
The research shows that it is often "heavy emitters", who reduce their emissions, after issuing green bond.
The study stated that "given the skewness in carbon emissions, it is critical to achieve 'net zero objectives' for society."
(source: Reuters)