Latest News
-
Dalian iron ore is a rangebound product as traders consider China's demand and higher shipments
The prices of Dalian Iron Ore Futures fluctuated within a narrow range on Thursday, as investors balanced the resilient demand in China for this steelmaking ingredient against increasing shipments by leading producers Australia and Brazil. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.14% higher, at 727 Yuan ($100.93). As of 0704 GMT, the benchmark June iron ore traded on Singapore Exchange was down by 0.56% to $99.25 per ton. Galaxy Futures, a broker, said in a recent note that the end-user demand is resilient, especially in the manufacturing industry, which continues driving high growth in steel consumption. Hexun Futures said that the capacity utilisation of 104 electric kilns increased by 1.2% on a week-to-week basis to 40.4%. The daily consumption of scrap metal also increased by 3.1%, reaching 245,400 tonnes. Everbright Futures, an iron ore broker, reported that hot metal production, which is typically used as a gauge of demand, was high at 2,4477 million tonnes this week. Hexun said that the total stock of imported iron ore at 47 Chinese ports is 146.28 millions tons, a decrease of 1.74% from week to week. According to consultancy Mysteel, on the supply side the volume of iron ore shipped from mining companies in Australia and Brazil increased by 11.7% over the past week, reaching 27.1 million tonnes. Coking coal and coke, which are both steelmaking ingredients, also fell, by 1.66% each and 0.85% respectively. Mysteel, in a separate report, citing GACC data on May 20, said that China exported 447.800 tons of stainless in April, which represents a 14.1% increase year-on-year. The benchmarks for steel on the Shanghai Futures Exchange remained unchanged. Hot-rolled coils edged up by 0.09%, stainless steel grew by 0.04% while rebar and wire rod declined 0.03%.
-
Stausholm, CEO of Rio Tinto, to retire in 2025
Rio Tinto CEO Jakob Stausholm is stepping down in the second half of this year, once a new CEO is named, the company announced on Thursday. A selection process is currently underway. Stausholm was named as the company's top boss for 2020, despite legal, investor and public concerns over the destruction of 46,000-year old Juukan Gorge cave rock shelters. Stausholm replaced Jean-Sebastien Jacques, who had been ousted by Rio Tinto for its handling of the scandal. He will remain at the top of the company until a new leader is appointed. Glyn Lawcock, an analyst at Barrenjoey Sydney, said that the announcement caught the market off guard. Stausholm had only been in office for five years and tenures typically last six. Lawcock stated that "He has done a great job in the soft areas." He said that these included rebuilding relationships following the Juukan Gorge disaster, advancing Rio Tinto’s Oyu Tolgoi Copper Project in Mongolia and restoring its relationship with Chinalco after tensions over their Simandou joint project had strained it. Among the candidates for the top position are expected to be Bold Baatar, current Chief Commercial officer and Simon Trott, head of iron ore. Rio announced in a London Stock Exchange statement that "a rigorous selection process has already begun, led by the Nominations Committee." Stausholm, a Danish businessman, has held positions of leadership at A.P. Shipping Company and Rio. He was also a member of IBM's board of advisors. Moller - Maersk. (Reporting and editing by Savio D’Souza and Jan Harvey; reporting by Rishav Chaterjee and Melanie Burton from Melbourne, and Clara Denina from London.
-
Two Israeli Embassy staffers killed in central Washington by a lone suspect
Officials said that a single gunman killed two Israeli embassy employees, a young couple who were about to get engaged. The suspect, who was chanting pro-Palestine slogans, is now in custody. Two people were killed after they left the Capital Jewish Museum, located in Northwest Washington in the vicinity of 3rd Street and F Streets. This is a central Washington area that's about 1.3 miles from the White House. Pamela Smith, chief of the Washington Metropolitan Police Department, said that a man fired a handgun at a group consisting of four people and hit both victims. He was seen pacing in front of the museum before the shooting. She said that the single suspect, Elias Rodriguez, 30, from Chicago, had chanted, "Free Palestine, Free Palestine" after being arrested. Smith stated that "after the shooting the suspect entered into the museum and was arrested by event security." In handcuffs the suspect pointed out where he had thrown the weapon. The weapon was recovered and the suspect implied that the crime was his. She added that the suspect had never previously been in contact with police. Yechiel Leiter told reporters that the Israeli ambassador to the U.S. said the young man who was killed "bought a ring last week with the intent of proposing to her next week in Jerusalem." President Donald Trump condemned this shooting. "These horrendous D.C. murders, which are clearly based on antisemitism must stop, NOW!" He said this in a post on Truth Social. "Hatred, and radicalism have no place in America." Benjamin Netanyahu, the Israeli prime minister, expressed his sorrow for the families who lost their loved ones to a "heinous antisemitic killer." "We are seeing the price of antisemitism, and the wild incitement of hatred against Israel. "The blood libels are rising and must be fought until the bitter end," said he in a press release. POLITICAL AMMUNITION The shootings may give Netanyahu and his partners on the far right political ammunition for a more aggressive stance in Gaza. They could also generate sympathy from Western allies, who are putting pressure on Netanyahu to lift the aid embargo in the war-ravaged area. The Palestinian Abu Nidal Group, formed after the Palestinian Liberation Organisation split, shot the Israeli ambassador in the United Kingdom Shlomo Agov on June 22, 1982. The failed assassination led Ariel Sharon, then Israel's Defence Minister, to launch an offensive against the capital of Lebanon where the PLO was headquartered. The shooting on Wednesday will also further polarize the U.S. debate about the Gaza war, which has already polarized supporters of Israel with pro-Palestinian protesters. Trump and his conservative Israel supporters have called out pro-Palestinian protesters as antisemitic. Trump has cut funding to elite U.S. Universities that, he claims, have allowed antisemitic protests. His administration has also detained foreign students without charge. 'TARGETED VIOLENCE' The Israeli president Isaac Herzog, as well as the U.S. secretary of state Marco Rubio, condemned the shooting. Homeland Security Secretary Kristi Nomme said on X that "We will bring to justice this depraved perpetrator." After the shooting, Attorney General Pam Bondi went to the site with U.S. attorney for the District of Columbia Jeannette Pirro. Don Bongino, Deputy FBI Director, said that the FBI and police were interviewing the suspect. In a message on X, he stated that "early indications are that this is a targeted act of violence." "Our FBI team has been fully engaged, and we will provide you with answers as quickly as possible without compromising other leads." According to its website, the American Jewish Committee organized the event at the Capital Jewish Museum. The group is an advocacy group which supports Israel and combats antisemitism. The online invitation for the event was called the Young Diplomats Reception. It described it as a gathering of Jewish professionals aged between 22 and 45 years old and the Washington diplomatic communities. After the shooting, a number of people gathered on the scene. One man knelt at the intersection, draped with an Israeli flag. Aaron Shemtov is a student at a rabbinical school in California. He said that he visited the museum after hearing about the shooting to show his support. Shemtov stated, "When a community member is murdered, and he gets killed because of who he was, we are proud, strong and never give up." Rabbi Levi Shemtov who was at the scene said that the couple attended his Washington Synagogue on occasion. The rabbi said, "It is very sad that these people were shot in the street because of their identity. They were about to be engaged and they should have been celebrating the end of their lives." Reporting by Jasper Ward and Ryan Patrick Jones; Additional reporting in Jerusalem by Hatem Maher, James Mackenzie; Writing by Raju Gopikrishnan and Editing by Edwina gibbs
-
Environmentalists are alarmed by illegal logging in the Congo held by rebels.
Residents and environmentalists have expressed concern about the large-scale destruction of forests that were in rebel hands in eastern Congo. The Kahuzi-Biega National Park, a UNESCO World Heritage Site, is located west of Bukavu. This second-largest town in eastern Congo was seized in February by M23 rebels, who are backed by Rwanda. The park is home to hundreds species of birds, including one of the few remaining groups of eastern lowland Gorillas (also known as Grauer’s gorillas). M23's advance in the eastern Congo this year, where it now controls more territory than at any time before, has opened roads previously restricted by government checkpoints. This allows for more efficient transportation of goods, including charcoal (known locally as makala). Charcoal producers and traders said that more trees were being cut down in the park and surrounding areas. Espoir Gedeon transports wood from the forest near Bukavu. "We plant trees to clean the air, but we also make charcoal, planks, and for construction," he said. Producers and traders have said that the price of charcoal has dropped as the supply has increased. Bags up to 70kg that used to cost 120,000 Congolese Francs (about 40 dollars) are now sold for less than half of that. Vendors in the Murhesa Charcoal Market, located 27 km north of Bukavu said that they buy bags at around 45,000 Francs, and then resell them to Bukavu with a modest profit. "That's the way God helps us." "We manage to feed our kids and also buy soap for washing," said Sifa Bhati, a vendor. Conservationists warn, however, that the boom in charcoal will come at a high ecological cost. In a letter sent to the leaders of M23, environmental groups warned that illegal logging could cause irreversible harm to forest ecosystems and biodiversity. A request for comment was not responded to by either the M23 appointed governor of South Kivu Province or a M23 spokesperson. Josue Aruna is the head of South Kivu's NGO Environmental and Agro-Rural Civil Society of Congo. Goma, the largest city of eastern Congo, is located in this region. If this situation continues, the park will be lost, as well as the unique habitat of the Grauer's Gorilla. Reporting by Congo Newsroom; Writing by Sonia Rolley, Editing by Rob Corey-Boulet, Jan Harvey and Rob Corey-Boulet
-
Wall Street Journal, May 22,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Unknown man shouted, "Free Palestine!" Officials said that two Israeli Embassy employees were fatally shot late Wednesday night near a Jewish Museum in Washington. After years of being under the control of the government, U.S. president Donald Trump has said he will "very seriously consider" taking mortgage giants Fannie Mae & Freddie Mac private. Walmart will cut 1,500 corporate positions in the United States as part of a restructuring designed to reduce its costs and accelerate decision-making. Sanofi announced that it had entered into an agreement to purchase Vigil Neuroscience, for a price of approximately $470,000,000. This deal adds a new treatment under investigation for Alzheimer's to the French pharmaceutical firm's pipeline AT&T has announced that it will purchase the bulk of Lumen's fiber business in mass markets for $5.75 Billion. The company said this will help millions of Americans gain access to high-speed internet via fiber. NBCUniversal, a Comcast company, has made a bid to Major League Baseball for the rights to regular-season and playoff games that ESPN will no longer be broadcasting. The offer is much lower than what its rival pays currently.
-
Orlen's net profit for the first quarter of Poland's year increases on upstream gains
Orlen, a Polish energy company, posted a 54% increase in its first-quarter profit on Thursday. Strong upstream performance offset lower sales and refinery margins. Analysts polled predicted that the company would earn 4.67 billion zlotys for the third quarter, but the actual result was 4.28 billion. Last year, the upstream segment was hit with a 7.7 billion zloty one-off write-down after the Polish government implemented a windfall to fund energy prices freezes for selected consumers. Orlen's core profits rose by 33%, to 10.17 billion Zlotys. This is a significant increase compared to analysts' expectations of 10.74 billion Zlotys. Operating profit increased by around 60% over the past year, to 6.82 billion Zlotys. This was below expectations for 7.08 billion Zlotys. Orlen stated that segments responsible for hydrocarbons distribution and extraction, as well energy, where strategic development projects were being carried out, accounted for 80 percent of the operating profits. The performance of the Downstream segment was impacted by lower margins for key products, weaker margins for petrochemicals and currency exchange effects. Energy also benefited from improved contract prices, better distribution services, and higher margins for electricity sales. Orlen noted that the Consumers & Products division also saw positive effects due to higher margins for natural gas sales to regulated customers, and on electricity sales. $1 = 3.7445 Zlotys (Reporting and editing by Milla Nissi-Prussak, Rafal Nowak, Marek Strzelecki)
-
US-China Trade truce could ease Komatsu's Tariff Pain by $140 Million, CEO says
The CEO of Komatsu said that the U.S. trade truce with China last week should have a positive impact on the bottom line, reducing the impact by nearly 20 billion yen (140 million dollars) from the U.S. Tariffs. This suggests that the company's outlook for lower profits is not as bad as it was feared. The impact of the tariffs on profit would be disproportionately large, as more than a quarter of Komatsu’s sales come from North America. Takuya Imaoshi, head of the second largest construction and mining equipment maker in the world, didn't say that it was officially revising last month's forecast of a 27% decline in profit for the current year as a result U.S. president Donald Trump's new tariffs. He said that the 90-day suspension of additional U.S. Tariffs on Chinese Imports could have a positive impact on Komatsu. The company buys Chinese Steel for its American-made Machines. He said that the impact of retaliatory trade on his performance was not as bad as he had feared. The company predicted operating profit to be 478 billion yen in the year up to March 2026 due the tariffs and a stronger yen. This is a much more conservative forecast than the consensus estimate of analysts compiled by LSEG, which was for an operating profit of 597.5 million yen. Imayoshi was cautious about Komatsu's future, stating that "if tariff rates with countries are adjusted, the impact is likely to settle within the previous made estimate." Even though the Chinese tariffs have been lowered, around half of Komatsu's products sold in the U.S. were manufactured abroad and imported. This includes construction machines from Japan and Brazil, as well as Thailand and Thailand. These machines are still subject to higher taxes. SHIFTS OF SUPPLY Imayoshi stated that Komatsu was considering shiftings, such as bypassing U.S. Warehouses when exporting parts to Canada and Latin America. It would also consider shifting the production of U.S. bound items from China to Thailand, in the event of higher U.S. Tariff rates on China after the 90-day truce. He said that it was "never the case" that tariffs could make U.S. manufacturing cost-competitive, and that they would drive Komatsu's U.S. production to increase. U.S. Steel prices are more than twice as high as those in China. He said that tariffs would have little effect on the competition between Caterpillar and other heavy equipment makers, because they share similar global supply chain structures. Komatsu, however, will be watching how other companies pass along tariff costs. Caterpillar estimated that additional tariff-related expenses would cost between $250 and $350 millions in the quarter April-June. Caterpillar's shares have fallen 4.8% in the past year, while Komatsu's has risen 1.5%. CHINESE RIVALS Imayoshi said that the competition between Chinese construction equipment makers and Caterpillar is getting as intense as ever. Imayoshi stated that Komatsu is still ahead in terms of durability and reliability but has caught up with them in terms of offering good performance at lower costs. In electrification they are even in front. He said that Electrification, solutions for software defined and autonomous vehicles, and other technologies are needed from outside Komatsu. This is a field which could be considered for acquisitions after the 2023 purchase by Komatsu of Detroit-based ABS, a battery startup. Since Joy Global, a U.S. mining machinery manufacturer purchased for $2.9 billion by the company in 2017, it hasn't made any major acquisitions. Komatsu announced a new mid-term plan last month that included a target for free cash flow of 1 trillion yen over the next three year. Imayoshi stated that the money would be spent while maintaining a balance between investment and shareholder returns. It could also be used to make acquisitions, if such opportunities are available. We have a lot of flexibility in terms of financial structure." ($1 = 143,3000 yen). (Reporting and editing by Christian Schmollinger; Kantaro Kommiya & Miho Uranaka)
-
Oil prices remain unchanged as US inventories surprise us and increase cap gains
Oil prices were little altered on Thursday, as investors remained cautious and focused on the renewed Iran-U.S. Nuclear Talks, even though unexpected increases in U.S. crude oil and fuel inventories raised concern about demand. Brent futures rose 4 cents a barrel to $64.95 by 0456 GMT. U.S. West Texas intermediate crude climbed 10 cents a barrel to $61.67. The Energy Information Administration reported on Wednesday that both benchmarks had fallen earlier in the day after U.S. crude inventories and fuel stocks posted unexpected stock builds last weekend. Crude imports reached a six-week peak and gasoline and distillate demands declined. The EIA reported that crude inventories increased by 1.3 millions barrels, to 443.2million barrels for the week ending May 16. In a survey, analysts had predicted a drop of 1.3 million barrels. Emril Jamil is a senior analyst with LSEG Oil Research. He said that the EIA reported stock builds would have a negative impact on WTI. He said this could encourage more U.S. oil exports to Europe. Hiroyuki Kukukawa, Chief Strategist of Nissan Securities Investment (a unit of Nissan Securities), said: "While the rising U.S. inventory levels have caused concern, some investors believe that the summer driving season, which begins after Memorial Day Weekend, will bring down stocks and limit further downside." The benchmarks both fell 0.7% after Oman's Foreign Minister announced that the fifth round nuclear talks between Iran & the United States would take place in Rome on Friday. Prices rose earlier on Wednesday after a CNN report claiming that U.S. Intelligence suggests Israel is planning to strike Iranian nuclear installations. However, it was unclear whether Israeli leaders had made a decision. An attack by Israel could disrupt the supply of oil from Iran, the third largest producer in the Organization of Petroleum Exporting Countries. Kikukawa said, "Traders are cautious and avoid large positions while they evaluate conflicting signals regarding U.S. - Iran nuclear talks as well as a media report about potential Israeli strikes against Iranian nuclear facilities." Priyanka Sackdeva, Senior Market Analyst at Phillip Nova said: "Additionally Ukraine indicated that it would seek tougher sanctions against Russia from the EU which could further disrupt flow of Russian oil barrels into global markets." According to a recent white paper, Ukraine will be asking the EU to take new measures to isolate Moscow. These include seizing Russian assets, and imposing sanctions on some Russian oil buyers. (Reporting and editing by Sonali Freed and Jamie Freed; Editing and reporting by Yuka Pek and Michele Pek)
Johnson: House to vote soon on Trump's tax bill and spending bill
Mike Johnson, the Speaker of the U.S. House of Representatives, said he will bring Donald Trump's massive spending and tax bill to a vote by Wednesday night. This is a sign he has quelled some of his Republican colleagues who were threatening its passage.
Johnson, after meeting with Trump and holdouts in the White House told reporters that the House would vote the bill either on Thursday night or Wednesday evening.
Johnson stated, "I think we will land this plane."
House Republicans have released revised versions of the bill to address complaints from their caucus. Changes included the imposition of work requirements on Medicaid at the end 2026, which was two years earlier than originally planned. States that expand Medicaid will be penalized and the federal income tax deduction for state and local taxes will increase.
It wasn't immediately clear if these revisions would convince the few recalcitrant Republicans that had opposed the bill because they wanted deeper cuts in spending.
The bill would extend Trump’s 2017 signature tax cuts, create tax breaks for auto loans and tipped income, eliminate many green energy subsidies, and increase spending on military and immigration enforcement.
The nonpartisan Congressional Budget Office estimated that the bill would add $3.8 trillion over the next ten years to the U.S. debt of $36.2 trillion.
Moody's, the credit rating company, stripped the U.S. Government of its highest-level rating last week. The firm cited the nation's increasing debt. Investors were concerned about mounting debt, which led to a drop in U.S. stock prices on Wednesday.
Republicans have claimed that they don't believe in the projections of nonpartisan analysts and Moody's has accused them of timing their downgrade on Friday afternoon deliberately to try and block the bill's passing.
The bill would increase the debt ceiling of the United States by $4 trillion. The limit must be raised by the summer of this year or lawmakers risk triggering an uncontrollable default.
The House's approval would pave the way for the Senate to debate the bill in depth over several weeks, and make major changes.
Trump met with Republican lawmakers in the Capitol on February 2 to convince holdouts that they should support what he called a "big beautiful bill." However, he failed to persuade the many lawmakers who are opposed to certain features.
LITTLE WIGGLE Room
Johnson is in a tight spot, since his party has a 220-212 narrow majority. A few "no" vote from his side can scuttle this bill that Democrats claim favors the rich and cuts social programs.
"We have the majority." The president is there to fix the country. "We have a chance of a lifetime, and a generation," said Republican Representative Brian Babin. "I just hope and pray that we pass the thing."
Medicaid, the health care program for low-income families, has been a major sticking issue. Fiscal hawks have pushed for tax cuts that would offset some of the costs. Moderate Republicans, however, say this will hurt the voters who they need to support them in the midterm elections for the Congress in 2026.
"Deficits aside, this bill's ugly because, in the end, it is a betrayal to the contract we made with our American people and, especially, to our babies and our working people," Democratic Rep. Gwen Moore stated.
A handful of Republican legislators, mostly from states with high taxes, such as New York and California are also opposed to the bill. They want an increase in the proposed cap for deductions on state and local tax.
The revised bill, unveiled Wednesday, would also rename the new proposed class of savings accounts for kids, originally proposed as "MAGA Accounts," in reference to Trump’s slogan "Make America Great Again," to "Trump Accounts." Andy Sullivan, Bo Erickson, and David Morgan (Reporting)
(source: Reuters)