Latest News
-
Police say that 15 people were arrested in the last three weeks trying to enter Canada via the US.
In three separate incidents over the past few weeks, Canadian Police reported that one person was killed and 15 others were arrested while trying to enter Canada via the United States. This comes as U.S. president Donald Trump calls for a tighter border security. Lisa Moreland, Assistant Commissioner of the Royal Canadian Mounted Police, said that the victims were not prepared for Canada's frigid winter and had different nationalities. She also stated that no fentanyl has been found. Privacy laws prevented the release of their details. The news conference took place just days after Trump on Monday suspended his threat to impose steep tariffs against Canada and Mexico. After speaking with Trump, Justin Trudeau, the Canadian Prime Minister, secured the suspension of tariffs. He spoke about the deployment of new technology and personnel at the border as well as the launch of cooperative efforts in order to combat organized crime and fentanyl trafficking. The tariffs pause has prevented, for the time being, a trade conflict that would have caused economic damage to all parties. Moreland said that the RCMP, by displaying thermal images and aerial footage, was "trying to make it clear that we have technology and resources to keep our border safe." Moreland stated that in the third incident, a U.S. citizen drove into Canada through the Coutts Port of Entry connecting Montana and Alberta and attempted to flee after being stopped for inspection. Moreland said that the man, who was a U.S. national, died from a gunshot wound he inflicted on himself while being pursued by police. On January 14, six people were arrested for crossing the border into central Canadian province Manitoba after police received a tip from U.S. Border Patrol agents. Moreland stated that the people tried to enter Canada during harsh weather of -20 to 30 Celsius (-4F - -22F). The six people arrested in Manitoba lacked hats and gloves. In January 2022, a family of four Indians died from frostbite in a snowstorm on the Manitoba-U.S. Border.
-
SK Innovation, a South Korean company, expects the refining margins in 2025 to be flat.
SK Innovation Co Ltd, the owner of South Korea’s largest refiner SK Energy said that it expected refining margins in 2025 to remain flat due to an increase in jet fuel demand. This is despite increased production in countries like the U.S. The company, whose parent is battery maker SK On said that the U.S. Trump Administration's policies, such as the Inflation Reduction Act, as well as the reduced green policies of the European Union, and automakers recalibrating the electric vehicle business are expected to slow the recovery in the short-term EV market. In a recent earnings call, SK On's Jun Hyun Wook stated that the company would not completely eliminate the IRA but rather scale it back or adjust it. We will fully utilise our U.S. government relations capabilities by working with (SK) group. By working with the (SK) Group, we will make full use of our U.S. Government Relations capabilities. The company stated that the U.S. cannot afford a complete replacement of oil from Canada and Mexico, which is why some oil will likely be shipped to Asia. SK Innovation has said that its capital expenditures for 2025 are expected to be approximately 6 trillion won (4.14 billion dollars), of which 3.5 trillion will be spent on its battery business. The company reported an operating profit for October-December of 159.9 trillion won, up from a previous 72.6 trillion won. The revenue for the fourth quarter dropped 0.6% to 19,4 trillion won. SK Innovation shares were down 2.9% early in the morning trade compared with KOSPI, which was up 0.7%. ($1 = 1,447.7500 won)
-
Base metals benefit from a weaker dollar
The dollar fell on Thursday, and investors waited for news on the latest trade dispute between the United States (the largest metal consumer) and China. By 0200 GMT, the most active copper contract at the Shanghai Futures Exchange had gained 1.5%, to 76.420 yuan (10,503.02 dollars) per metric ton. The London Metal Exchange's (LME) three-month contract for copper rose by 1%, to $9336.5 per ton. The dollar index was hovering near its lowest level in a week. The dollar's weakness makes commodities priced in greenbacks cheaper for those who hold other currencies. China imposed tariffs of tit-fortat on certain U.S. imports earlier this week. This heightened the tensions between the two world's largest economies. Meanwhile, President Donald Trump granted temporary exemptions from tariffs to Mexico, and Canada. Amid the ongoing tariff war and the concerns over a slowing demand, the focus will be on China. Investors seemed to be taking the increasing trade tensions with ease, as market activity was relatively low. "Most will be watching for signs of a recovery in demand after the holidays," said Daniel Hynes. Senior commodity strategist at ANZ Bank. LME aluminium rose 0.4% to $2.626.5 per ton. Zinc was up 1.0% at $2.807; tin gained 0.8% to $31,050; lead climbed by 0.5% to $2,000 and nickel jumped 0.9% to $16,670. SHFE aluminium rose 0.1%, to 20,285 Yuan per ton. Nickel climbed 2.1%, to 125 740 Yuan. Zinc rose 0.1%, to 23,425 Yuan. Lead gained 0.9%, to 17,155 Yan, and tin jumped 2.4%, to 259 160 Yan. C4ADS, a Washington-based nonprofit global security organization, said that Chinese firms controlled about 75% Indonesia's capacity for nickel refining, raising concerns regarding supply chain control as well as environmental risks.
-
Oil prices drop after Saudi price hike
Early Asian trading on Friday saw oil prices rise, following a sharp increase in March oil prices by Saudi Arabia's oil company. Brent crude futures were up 14 cents or 0.19% to $74.75 per barrel at 0148 GMT. U.S. West Texas Intermediate Crude was up 18 cents or 0.25% to $71.21 per barrel. Saudi Aramco announced on Wednesday that it would increase its prices for buyers in Asia to take delivery of oil in March due to the increased demand from China and India, as U.S. sanctioned Russian supply. Aramco increased the price of March shipments in all other regions. This suggests that "the new sanctions are beginning to bite, and the Saudis were able to benefit from a tighter marketplace," said Tony Sycamore. Last month, the U.S. imposed new aggressive sanctions on Russia's crude oil trade. They targeted "shadow vessels", which are believed to be used to avoid trade blockades. Sycamore added: "After the overnight sell-off, and the Saudi news there will likely be some buying by traders who are covering shorts in anticipation of a band of strong support around $70/68," The oil prices fell more than 2% Wednesday, as an increase in U.S. crude stockpiles and gasoline reflected a weaker demand. Investors also weighed the impact of a recent round of U.S. - China trade tariffs that included duties on energy products. Analysts from BMI wrote in a report that while some tariffs could increase oil prices, their net effect will be negative, due to the potential adverse effects they may have on the global economic system and Trump's willingness to provide carve-outs (to limit the impact on supply)". The 10% tariffs that the U.S. imposed against China on Tuesday were seen to be limited in nature, and China's tit for tat measures are also considered limited. Beijing announced Tuesday that it would impose tariffs on the import of U.S. coal, oil and liquefied gas. However, China's purchases of these products from the U.S. were relatively small, which diluted the impact of new measures. (Reporting and Editing by Shri Navaratnam.)
-
Cook Islands PM wants to increase trade relations with China
Cook Islands Prime Minster Mark Brown will travel to China next week. This is the first time in 10 years that a leader from the small South Pacific nation has visited China. The visit aims to improve relations between the two countries, including trade, investment, tourism, and infrastructure. The visit is part of Beijing's efforts to expand its influence in the Pacific and comes after Pacific Island Nations raised concerns about U.S. President Donald Trump’s decision to freeze foreign aid and crackdown on illegal immigration, as well as withdraw from The Paris Agreement regarding climate change. In a Thursday statement, Brown stated that his trip to China was part of a larger strategy to strengthen relationships with all key partners such as New Zealand and Australia. Brown stated that the purpose of this visit was to expand economic opportunities, while maintaining our sovereignty and national interest. Since nearly 60 years, the Cook Islands (a group of 15 islands and coral atolls located in the South Pacific) has operated as a nation with self-government in a free association relationship with New Zealand. New Zealand's 15,000 citizens are governed by a democratically-elected government. Currently, New Zealand is home to nearly 100,000 Cook Island Maori. New Zealand's Foreign Ministry says that it has a constitutional duty to respond to any requests for help in the areas of foreign affairs, disasters, and defence. New Zealand rejected a proposal by the Cook Islands in December to create its own passports, but Wellington said that it could discuss the issue of independence. Brown stated that "a joint strategic partnership plan will be agreed on" during his visit to China from 10-14 February, but he didn't elaborate. New Zealand's Foreign Ministry spokesperson said that it expects the Cook Islands Government to consult Wellington fully on any major agreements they plan to enter into which could "have major security and strategic implications."
-
UK to open new sites for mini-nuclear power stations
The UK announced on Thursday that it would free up more sites in England and Wales for the development of nuclear energy, as part its efforts to decarbonise power networks. The office of Prime Minister Keir starmer announced plans to increase the number of sites that could be used for nuclear development. It also set forth other reforms designed to streamline the planning processes. This country hasn't constructed a nuclear reactor in decades. He said that we've been left behind and let down. British governments have pushed for SMRs, which are small-scale nuclear power plants. They wanted to avoid high upfront costs and delays in planning as well as the difficulty of finding investors that come with larger plants. To date, however, no SMR project has been built. After his July election victory, Starmer's plan to govern is centered on attracting private capital. He had inherited a slow economy and imposed spending and borrowing rules to promote economic stability. In his bid to boost growth, he has already announced the planning of broader reforms - particularly large infrastructure projects. Currently, eight sites have been approved for nuclear development. The new plan encourages developers to suggest other sites, and offers flexibility so that SMRs can be located next to artificial intelligence data centres. The new document on nuclear policy builds upon a consultation conducted by the former Conservative government in 2011. It will undergo further consultations and scrutiny from parliament before being adopted. Since 2023, a government competition has been underway to develop SMRs. Four bidders are still competing for contracts that could amount to billions of pounds in technology development. The four bidders are Rolls-Royce Nuclear Energy, Westinghouse Nuclear Energy, Holtec Britain, and GE-Hitachi Nuclear Energy - a joint venture between General Electric Co. and Japan's Hitachi Ltd. A previous SMR competition was launched in 2016 but did not proceed beyond the information-gathering stage and closed in 2017. (Reporting and additional reporting by Susanna Tridale; editing by Kevin Liffey).
-
The high valuations of Australian companies will be put to the test in terms of their earnings.
Next week, corporate Australia will begin its half-year results. While modest growth is anticipated, traders are examining whether the profits justify the stretched valuations. This is especially true in light of U.S. Tariffs. The ASX200 was trading at a premium of 11% to its average value over the past decade, thanks to a record rally in financial stocks. While the market as a whole is expected to report modestly or flat earnings, any deviation from expectations could cause companies to lose their high valuations. The February reporting season is a critical window to the health of corporate Australia. With earnings in aggregate slowing, analysts at Morgans retail stockbroker wrote that valuations appeared to have less margin for error. The increased global trade uncertainty caused by U.S. trade tariffs, including those on China and other trade partners, the weakening Australian currency, and the potential for fewer rate cuts has put valuations in the spotlight. Morgans analysts said that they do not expect blue-chip companies with solid fundamentals to miss their earnings estimates, but a growth surprise will be required to justify any additional expansion in valuations. Morgans and UBS analysts say that Financials, led by Commonwealth Bank, which registered an impressive 28% rise in prices last year, leading to fears of overstretched prices, is primed for a decent growth in earnings as it benefits from high interest rates. Citi analysts say that Australian banks are likely to have a "relatively benign" reporting season, characterized by stable margins, and solid credit growth. However, high expectations and stretched valuations "seem to be at odds with modest core earnings forecast", they said. The weakness of the resources sector continues to have a negative impact on the market. Morgans, Citi, and UBS, among others, cited the weak Chinese commodity demand and increased operating costs as reasons for the low- to mid-double-digit earnings declines in this sector. Analysts believe that the sector has started to offer "value" to investors following a dismal year last year, the worst performance since 2015. Citi equities analysts Liz Dinh and Liz Dinh think "persistent concerns about demand side and geopolitical risks are overshadowing improving valuation metrics". Retailers, another important component of the Australian Market, are expected register a positive first half on the back of an increase in household spending. Interest rate reductions in the second half of the year could further boost spending. Grady Wulff is a Bell Direct market analyst. He said, "We expect rate-sensitive sectors such as tech, consumer discretionary, and real estate to attract investors during the second half of the year." (Reporting from Sneha Kumar in Bengaluru, Additional reporting by Aaditya Govind Rao in Bengaluru. Editing by Sameer Mnekar and Jamie Freed.)
-
United Steelworkers Union chief files motion to dismiss suit by US Steel and Nippon Steel
The union announced on Wednesday that United Steelworkers president David McCall had filed a motion for dismissal of the lawsuit brought against him by U.S. Steel & Nippon Steel. The two steelmakers sued in January, after the then U.S. president Joe Biden had blocked the Japanese company's bid of $14.9 billion for the 123 year-old American steelmaker. The letter named McCall, Cleveland-Cliffs, and Lourenco Goncalves as the perpetrators of "illegal and coordinated" actions to prevent the Cliffs deal that would have allowed it to monopolize important steel markets. "U.S. Steel and Nippon launched an unsubstantiated and frivolous attack on our union for simply exercising our First Amendment Rights," the union stated in a press release. The union argued that it was the "right" and the "responsibility of the union to speak out against mergers which hurt union members and the national security. Nippon Steel declined comment. U.S. Steel stated in a press release that it will respond to the motion for dismissal shortly and continue to pursue their claim. It added that "there are no valid legal defences to this illegal conduct." Biden blocked this deal for national security reasons, but he delayed its enforcement until the companies filed a separate lawsuit. Both Biden and Donald Trump have vowed to end the proposed tie-up ahead of the November U.S. Presidential election. USW refused to accept the deal because of its lack of transparency, and despite Nippon’s repeated attempts to assuage their concerns. The union, however, has shown its support for Cliffs. It was reported that Cliffs had partnered with Nucor, a peer company, to prepare an all-cash offer for U.S. Steel. Cleveland-Cliffs filed a motion to dismiss the lawsuit on Tuesday against the company and Goncalves. McCall filed a motion in the Western District of Pennsylvania.
Suncor's fourth quarter profit is up on higher oil production and fuel sales volumes
Suncor Energy, a Canadian integrated oil and gas company, beat analyst's expectations for the fourth-quarter profits on Wednesday. The firm's higher oil production and high refined product sales volumes helped it to achieve this.
Trans Mountain Pipeline project started commercial operations in the United States last year. It increased the country's transportation capacity, and provided access to markets in Asia and on the U.S. West Coast.
The new pipeline has almost tripled the amount of crude oil flowing from Alberta's oilsands to British Columbia, on the Pacific Coast. This is now 890,000.
Suncor, based in Calgary, Alberta, increased its upstream production to 875,000 barrels per day (bpd) during the fourth quarter of last year from 808,000 barrels per day a year earlier.
The company reported that its refinery output increased to 486,000 barrels per day (bpd) during the third quarter. Its refinery utilization also more than doubled. Suncor's refined product sales also reached a record, with 6% growth at 613 300 bpd.
The Canadian oil industry is now preparing for the impact of President Donald Trump's proposed tariffs against the country. Canada exports a large amount of crude oil to the U.S.
Suncor has reaffirmed that it expects to increase oil and gas production, as well as reduce spending by 2025.
According to LSEG, on an adjusted basis the company earned C$1.25 per share ($0.8733), compared to the average analyst expectation of C$1.10. (1 Canadian dollar = 1.4313 dollars) (Reporting and editing by Shilpa Majumdar, Shounak Dasgupta).
(source: Reuters)