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The Russian rouble is weakening slightly amid geopolitical uncertainties
The Russian rouble was slightly weaker against the U.S. Dollar on Wednesday, as the market anticipated further developments in the talks between Russia's and the U.S. regarding Ukraine. President Vladimir Putin’s special envoy is expected to visit Washington later this week. The rouble had fallen 0.3% to 84.25 USD on the OTC market by 1115 GMT. The Russian currency has risen by about 25% this year against the dollar, mainly on expectations that geopolitical tensions will ease. Sources familiar with the plan say that Kirill Dmitriev - a key Kremlin negotiator - is expected to arrive in Washington this week for discussions with President Donald Trump's Administration, including U.S. Special Envoy Steve Witkoff. Denis Popov, an analyst at PSB Bank, said: "The news backdrop is excessively volatile, and we do not believe that it provides clear positive signals. This will continue to limit the demand for rouble-denominated assets." He added that, "due to the increased volatility in exchange rates and the uncertainty of geopolitical outlooks, we will be focusing our attention on sideways movement in the exchange rate in the near term." The rouble, which is the most commonly traded currency in Russia, was down 0.4% to 11.70 at the Moscow Stock Exchange. (Reporting and editing by Gareth Jones.)
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Singapore detains 2 teenagers: one for a plan to shoot at mosques and the other for joining Islamic State
By Jun Yuan Yong SINGAPORE, 2 April - Authorities in Singapore have used the internal security law to punish two teenagers separately. One was charged with planning to attack mosques while the other was charged for wanting to join Islamic State militants to fight on Syria, they said. Authorities said that the 17-year old male subscribed to a far-right extremist ideologie and saw himself as "East Asian supremacist". The department of internal security said that he wanted to shoot at mosques, and had tried unsuccessfully to buy weapons, including in the United States and Malaysia. It said that the teenager wanted to kill 100 Muslims to surpass the Christchurch attack of 2019, in which a gunman shot and killed 51 people in a Mosque. He could be detained for two years, without trial, under the Internal Security Act of the island. Authorities said he was identified after an investigation into a 18-year old detained in December for similar far-right extremism. The authorities in Singapore are concerned about the radicalisation of youths and have used 17 youth aged under 20 since 2015 to enforce the Internal Security Act. This law allows for suspects to remain in custody without trial for long periods of time, or be issued a restriction order that limits travel and Internet access, among other things. Nine of the 17 people detained over the last ten years planned to attack in Singapore. According to statistics, 74% are Chinese, 13.6 % Malays, 9% Indians, and 3.3% other. The second youth detained was a female aged 15 who wanted to marry a fighter for the Islamic State and raise a pro IS family, or fight in Syria with the extremist group. In February, she was given a restriction order. "Self radicalisation can occur very quickly. It took only a few weeks for the 15-year old. The public must be alert to any signs that someone in their vicinity may have radicalized," stated the department of internal security.
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BHP considers spinning off its iron ore and coal divisions
Three sources familiar with the matter said that BHP, the world's largest listed miner, considered splitting off its Australian coal and iron ore divisions as part a medium-term strategy for growth. Two sources stated that BHP, in order to focus on commodities such as potash and cobalt, was considering separating the divisions. This is similar to what it did with South32 back in 2015. The most likely outcome would be an Australian listing. They asked to remain anonymous as the matter was sensitive. BHP is pushing to green their business, and preparing to bid on Anglo American for 2023 and 2024. BHP has declined to comment. This would fundamentally reshape BHP and divorce it from the more than 50 years of iron ore mines in Australia where it was founded in 1885. About 60% of BHP's profits are derived from iron ore. By separating coal from iron ore, the majority of its carbon emissions would be reduced. BHP will keep its South Australian assets. This is in line with its strategy of being a major supplier of metals needed for energy transition. BHP has decided to not move forward with its plans at this time, but the discussions provide an insight into what the miner will consider when it recalibrates the future direction of the company with a new senior leadership. The former National Australia Bank chief Ross McEwan took over as the new BHP chairman this week after Ken MacKenzie left. A contest to replace CEO Mike Henry, who is in his fifth year at the top, will soon begin. Henry and David Lamont, BHP's CFO who stepped down in February 2024 from his role, spoke with investors about the plan to separate BHP’s future growth from declining growth businesses by the end of this decade. They decided that it was not the best time, because BHP needed the enormous amounts of cash generated from the two Australian divisions in order to fund capital expenditures at its Escondida Copper Complex in Chile and Jansen Potash Development in Canada. BHP believes that a spin-off from iron ore and coking coal will generate cash and franking credit benefits for Australian tax payers, so there may be a lot of interest on the part of Australians in any flotation. The people added that a copper and potash unit with more freedom would be able to explore new combinations, like Teck Resources. BHP's inability to buy Anglo, a copper company that would have helped cash flow and boosted the copper business, complicated the plan. The incentive to green the business is also lessened as corporations around the world retreat from environmental goals. This suggests that any further progress on this path could be a long way off. Another person said: "The strategy depends on copper and potassium being self-sustaining business, as both have large capital needs for the next five years." (Reporting and editing by Melanie Burton, Veronica Brown, and Barbara Lewis).
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Russia and Ukraine exchange new accusations over breaches of the energy ceasefire
On Wednesday, Russia and Ukraine both accused the other of launching attacks on each other's power plants in violation of an agreement brokered by the United States. Both sides claimed they would provide details of the alleged violation to the United States. This led to Moscow and Kyiv agreeing to a limited truce in hopes of a full ceasefire. The Russian defence ministry has said that Ukraine conducted drone and bombing attacks on the western Kursk area, which cut power to more than 1,500 households. Volodymyr Zelenskiy, the Ukrainian president, said that a Russian drone had hit an energy substation located in Sumy Region and that artillery shells damaged a powerline in Dnipropetrovsk. This cut off electricity for nearly 4,000 customers. The Trump administration is a sham. impatient Both sides should move more quickly to end the three-year conflict. Dmitry Peskov, Kremlin spokesperson, said that the fact that Vladimir Putin agreed to the energy truce showed that he is serious about engaging in the peace process. Kyiv as well as some of Ukraine's European allies disagree. Peskov stated that Moscow will continue to work with the Americans, despite what Peskov called daily Ukrainian attacks on Russian energy infrastructure. Zelenskiy stated on Tuesday that Russia is breaking the energy truce, and called for the U.S.A. to increase sanctions against Moscow as Trump had threatened to do. Last month, Ukraine stated that it was open to a 30-day full ceasefire. However, Putin refused to agree. This raised a number of questions regarding how the ceasefire would be monitored. There were also concerns that Ukraine might use this breathing space to mobilize more troops and purchase more weapons from Western countries.
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Copper edged ahead of US tariffs, while tin extended its rally
Investors awaited details on reciprocal tariffs in the United States, while tin prices rose to their highest level in almost three years due to supply concerns. The benchmark three-month price of copper on the London Metal Exchange was up by 0.2% to $9,711 per metric ton at 0953 GMT, after falling to its lowest level in three weeks, $9,668.50. On Wednesday, U.S. president Donald Trump is expected to announce sweeping new tariffs against global trading partners. This could lead to retaliation on all sides. He will announce the tariffs around 2000 GMT. Investors are uncertain and confused about the future. Tom Price, Panmure Liberum's head of commodities strategy, said that the main issue is tariffs, but there are also issues such as currency debasement, global conflict and confusion about central bank policies. Trump has already imposed tariffs of 25% on steel and aluminium, and is expected add duties to copper imports. "Aluminium can give you a hint as to what copper will do." Price explained that the market has now entered the second phase where the demand is declining. LME aluminium fell 0.1% to $2.505 per ton. It had previously touched $2.491.50, its lowest level in almost three months, and was down about 9% during the last three weeks. LME tin rose 1.7% to reach $38,115 per ton, after reaching $38,395 at its highest since May 2022. This was due to fears of supply disruptions following the earthquake that struck tin-rich Myanmar on Friday. The price of tin on the Shanghai Futures Exchange rose 3.9%, to 297 590 yuan (US$40 938.48) per ton. Myanmar's Wa State is responsible for 70% of the tin produced in Myanmar. It is also the third largest producer in the world and a major supplier to China. Other metals include lead, which fell 0.6% at $1,980 per ton on the LME, zinc, which dropped 0.6% at $2,806, and nickel, down 0.1% to $16,090. ($1 = 7.2692 Chinese yuan renminbi)
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Lagarde, ECB president: Trump's tariffs are bad for the entire world
The impact of U.S. President Donald Trump’s proposed tariffs on the global economy will depend on their length, scope, and success in negotiations. This was the message from Christine Lagarde, head of the European Central Bank, on Wednesday. On Wednesday, the Trump administration will announce "reciprocal duties" against nations that impose duties on U.S. products. The move comes after the Trump administration imposed new import duties on products from Mexico and Canada, as well as steel and automobiles. In an interview with Ireland's Newstalk radio, Lagarde stated that "it will be negative around the world and the density and durability of the effect will vary depending on scope, the products targeted and how long it will last, as well as whether there are any negotiations." "Because, let's remember quite often, those escalations in tariffs prove harmful, even to those who inflict them, leading people to sit down at the negotiation table and actually discuss and ultimately remove some of these barriers." Lagarde received a prize in Dublin named after Irishman Peter Sutherland. The former World Trade Organization Director General, Lagarde stated that Sutherland "would be in his grave" if he were to know what was going on today. She said, "I don’t think I’ve ever used the word uncertainty so many times in the past few weeks because we don’t know what the deal will be (with the U.S.)." Predictability is very scarce at the moment. Lagarde said that it was too early to tell what the impact would be on Europe's economy of increased defense spending. It will depend on where and how the money is spent. (Reporting and editing by Peter Graff, Ed Osmond and Padraic Halpin)
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Landmines and other peace initiatives are being worked on by rival Cypriot parties.
Leaders of Greek and Turkish Cyprus agreed to work together on Wednesday in order to remove landmines and take initiatives in the areas of climate change and the environment. This comes weeks after the U.N. announced the first significant progress in the talks about the future on the divided island in many years. Following a meeting, the United Nations mission to Cyprus released a joint statement by Nikos Christodoulides, the Greek Cypriot Cypriot leader and Ersin Tatar the Turkish Cypriot Cypriot. In a statement, it was revealed that the two communities who live on different sides of Cyprus also intend to create a technical committee in order to deal with youth issues. This is part of a package to build confidence between the two parties. After a short coup inspired by the Greeks, a Turkish invasion split Cyprus in 1974. This was after years of violence between Greek Cypriots and Turkish Cypriots that began almost immediately after Britain's independence in 1960. The island is the main source of disagreements between NATO allies Greece, and Turkey. In a statement, it was stated that the two sides engaged in a "constructive dialogue" about increasing the number civilian crossing points, and plans to build a solar farm within the buffer zone controlled by the U.N. In 2017, the reunification process collapsed and since then, efforts to restart a new peace process have been stagnant. Christodoulides, Tatar and U.N. Secretary General Antonio Guterres met in Geneva for informal discussions two weeks ago. Guterres stated that progress was made for the very first time in many years. The Greek and Turkish Cypriots are still in disagreement over the details of any settlement, despite agreeing on confidence-building measures. Greek Cypriots are in favor of a federation as prescribed by U.N. Resolutions. Turkish Cypriots support a two-state settlement, arguing decades of failed talks have proved that a federal system is unworkable. (Reporting and editing by Alex Richardson; Reporting by Michele Kambas)
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Gold and stocks both rise ahead of Trump’s 'Liberation Day" tariffs
The stock market fell on Wednesday as investors worried about the risk of a global trade war intensifying. In recent weeks, investors have been focused on the new round reciprocal levies which the White House will announce at 2000 GMT on Wednesday. These are expected to go into effect immediately following the announcement. Trump has already imposed duties on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled the markets, with fears growing that a full-blown global trade war may trigger a sharp economic slowdown. The European markets were relatively quiet, with stock prices pointing lower and currencies and bond yields remaining stable. The STOXX 600 European benchmark fell 0.9% in one day. This was mainly due to declines in the pharmaceutical sector, which is a heavyweight. The volatility measures - which are often used as a proxy to measure investor anxiety - have increased, indicating the rush of traders at the last minute to hedge against large price swings in currencies, stocks, and bonds. Daiwa Capital's Chris Scicluna, an economist at the firm, said: "I doubt that what's announced today will be in place nine months from now because we're aware of negotiations." He said that it was difficult to predict the impact of the rate hikes, or any other changes in the stock market, on the economy. Wall Street's benchmark S&P and Nasdaq both ended the session higher, after earlier losing ground. The Dow ended a little lower. Futures on S&P 500 and Nasdaq declined by 0.3-0.4%. Investors hope for clarity and the beginning of the deal-making process. Tariffs are already affecting business sentiment and will likely lead to a drop in global economic activity over the next few months," said Ben Bennett of Legal & General Investment Management, Asia-Pacific Investment Strategist. SOFT DATA Investors are becoming increasingly concerned by signs such as rising prices, a slowing economy and cracks on the labour market. The data showed that U.S. manufacturing shrank in March, after two months of growth. A measure of inflation in the factory gates jumped to its highest level in almost three years due to rising concern over tariffs on imported products. The Labour Department reported on Tuesday that U.S. employment opportunities fell by 194,000 in February to 7.568 millions as tariff uncertainty dampened labour demand. The yield of the benchmark 10-year Treasury bill in the United States was up by 1 basis point to 4,168% after falling to 4,133% on February, its lowest level since April 4. The currency markets were quiet. The dollar fluctuated between $1.2916 and $1.0797. The dollar remained at 149.55 yen. But the focus will be on the tariff details. This is especially true after a report in a major media outlet said that Trump's advisers were considering a plan to raise duties by around 20% on nearly all products, instead of targeting specific countries or products. Chris Weston is the head of research for Pepperstone. He said, "We are heading into Trump's time to shine, with many already having deleveraged in order to run a neutral or flat position on equity, USD (dollar), and Treasuries." Gold, which is seen as a safe haven against economic and political turmoil, has risen 0.5%, to $3.125 per ounce. This is just a little below the record high of Tuesday. Gold is up 19% this year. This follows a gain of 27% in 2024, which was the best performance it had in a decade. Brent futures are down 0.5% at $74.06 per barrel while U.S. Crude Futures are down 0.6% at $70.77 per barrel. (Ankur Banerjee contributed additional reporting from Singapore; editing by Shri Navaratnam, Tomasz Janowski and Ankur Banerjee)
US EPA closes its museum, says administrator
U.S. Environmental Protection Agency administrator Lee Zeldin announced on Monday that the EPA would close a one room museum in the agency's Washington headquarters. He said the museum cost $4 million to construct and $600,000.000 to run each year.
The EPA administrator stated that the museum had attracted less than 2,000 people since its opening last year. He called it "another wasteful example" of the Democratic administration of former President Joe Biden.
The Biden Administration spent $4 million in tax dollars to build a museum that tells a selective history of the EPA. The museum costs $600K a year to run, even though there were only 1,909 visitors in the past 9 months. Zeldin announced on X that "Today we're closing it".
Since taking office in January, Donald Trump, the Republican president, has tried to cut costs, and has gutted many federal agencies and programs. This resulted in the demise of diversity, equality and inclusion initiatives, and the firing of tens and thousands of federal employees.
Trump also attacked museums and cultural institutions, becoming chairman of the John F. Kennedy Center for the Performing Arts. He issued an executive order accusing the Smithsonian Institution – the vast museum-research complex that is a premier exhibit space for U.S. culture and history – of spreading 'anti American ideology'.
(source: Reuters)