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Two men are facing trial in the US for a plot to kill dissidents backed by Iran
On Monday, two men accused of belonging to a Russian organized criminal group will be tried in the United States over an alleged failed Tehran-backed plot to assassinate an Iranian dissident who lives in New York. Federal prosecutors claim that in 2021, Iran's elite Revolutionary Guard Corps hired Rafat Omarov and Polad Omarova, members of a sub-group called "Russian mob", to kill an Iranian American activist and journalist who had spoken out against Iran's treatment women. Amirov and Omarov have both pleaded guilty to attempted murder and murder for hire in support of racketeering. Elena Fast, Omarov’s lawyer, stated in a press release that "Mr. Omarov has been presumed innocent." Amirov’s lawyers have not responded to a comment request. Lawyers for both men said in court documents that it was "inaccurate to call them members of the Russian Mob". The target of the alleged conspiracy has not been named by the prosecution, but they said in court documents that the person is expected to give testimony at the trial. Masih Alinjad, an Iranian journalist who left Iran back in 2009, told her she was both the target of the alleged murder plan and the previous alleged attempt to kidnap and take her back to Iran by Iranian intelligence officers. Alinejad brought to the attention of Iranians that women are protesting against laws that require head coverings. She also shared accounts of Iranians who were killed during demonstrations in 2019. Alinejad stated in an interview that she was "very excited" to be a part of the public trial to testify as a witness against those hired by the Islamic Republic for the purpose of killing her. It's as if I have a new life. On Monday, the jury selection began in Manhattan federal court. The trial is before U.S. district judge Colleen MacMahon. The charges were part a larger push by the Justice Department under former President Joe Biden to crackdown on transnational repression or efforts made by U.S. enemies like Iran and China, to silence dissidents in America. The two-week trial may provide an insight into the alleged links between Iran's Government and criminal groups that prosecutors claim it hires for its "dirty works." A representative of Iran’s U.N. Mission did not respond when asked for a comment about the trial of Amirov & Omarov. In 2021, U.S. prosecutors brought charges against four Iranian Intelligence officers for the alleged kidnapping plan. Tehran has denied the allegations and said that they are still at large. Khalid Mehdiyev, an alleged accomplice of Amirov & Omarov was arrested in New York with an AK47 outside Alinejad’s home. Prosecutors say a Revolutionary Guard brigadier general named Ruhollah Bazghandi began monitoring Alinejad in July 2021. Bazghandi, a former Russian mob boss living in Iran, was allegedly hired by Bazghandi to kill Alinejad. Prosecutors said that Omarov and Mehdiyev were also members of the mob. Bazghandi, who was also charged with the same crime but is not currently in U.S. custody. Mehdiyev (26), pleaded not guilt to murder for hire charges in February 2023. However, the case status is unknown. Records show that he was released on May 19, 2023 from U.S. custody. A spokesperson for the Justice Department or an attorney for Mehdiyev did not respond to requests for comments.
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Military prosecutor to question allies of Congo's ex-president Kabila
A military prosecutor has invited officials from the former party of Democratic Republic of Congo President Joseph Kabila to appear in front of him on Monday. This is a sign of the political tensions surrounding the Rwanda-backed rebels’ advances in the East. Jean Mbuyu said that the exact reason behind the invitations wasn't clear. He is a former security adviser to Kabila and a lawyer who represents the officials. Felix Tshisekedi - who had once formed a power-sharing agreement with Kabila – has accused him recently of sponsoring M23 rebels, who have taken over the two largest cities in east Congo since January. Kabila also reached out civil society and opposition members to discuss the future of the country, amid criticisms about Tshisekedi’s response to M23’s military campaign. Mbuyu reported that the military prosecutor's offices sent around 10 invitation letters to Kabila's People's Party for Reconstruction and Democracy members, but only three were expected to show up for questioning on Monday in Kinshasa's capital. Mbuyu stated that they included Aubin Minaku - vice president and former president, National Assembly - and Emmanuel Ramazani Shadary – a former minister of interior and presidential candidate. He said, "We are going to listen as the invitation does not contain any reason." Minaku stated that the officials will respond to the invitations to "avoid any suspicion" and deny any links with M23 or other armed groups. He used the word "Republican", which means loyalty to country, to describe his approach. He said: "We denounced clearly any illegal presence of foreign troops." The latest M23 advances are the most serious escalation in a long-running war that has its roots in the Rwandan genocide of 1994 and the struggle to control Congo's vast minerals resources. Rwanda denies that it has provided arms and troops for M23 and claims its forces are defending themselves against the Congolese Army and militias hostile towards Kigali. Reporting by Sonia Rolley, Paris; Ange Adihe Kasongo, Kinshasa. Writing by Robbie Corey Boulet; Editing and proofreading by Aiden Lewis.
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Chinese cobalt prices surge after Congo export ban on fears of supply
Cobalt futures were halted at the Wuxi Stainless Steel Exchange in China on Monday, after prices jumped by nearly 12% due to growing concerns about battery metal supplies. All contracts with delivery between March-October on the exchange have reached their maximum. Last month, the Congo announced that it would ban all cobalt imports for four-months to curb a glut of supply. Congo is the top cobalt producer in the world, which is a critical component of batteries used for electric cars and mobile phones. Last week, sources familiar with this matter reported that Eurasian Resources Group has declared force majeure for deliveries of cobalt coming from its Metalkol operations due to the temporary export ban by Congo. Two European cobalt traders claimed that the ERG force majeure was responsible for the price increase. "Cobalt is going crazy. The Chinese don't have any metal." One of the traders, who spoke on condition of anonymity as he was not authorized to speak to media, said that there is an increasing realisation of Congo's business-like attitude. The ERG force majeure made them take notice. Fastmarkets, a pricing information agency, reported that European prices rose as well. Standard grade cobalt in Rotterdam was up to $12.25 a lb by March 7 from $10.80 a lb the previous day and $9.95 compared to February 24.
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Document shows that Vietnam will sign U.S. agreements as trade and energy officials meet.
According to a document from the government, Vietnam is expecting to sign pacts this week with the United States after its trade minister met U.S. energy and trade officials. This step follows weeks of conciliation messages Vietnam sent to Washington, in an attempt to avoid tariffs that the Trump administration may impose on Southeast Asian nations due its large trade deficit with the United States. The document dated March 5, from the Trade Ministry, contains the itinerary of Nguyen Hung Dien, the Minister of Commerce's visit to the United States in this week. The list also included energy companies, government departments (customs, tax, etc.) and asked them to send representatives. Dien, the Minister of Energy and Industry Policy, was announced by the government on its portal last week that he would be traveling to the United States to meet U.S. trade representative Jamieson Greer on Thursday. It did not give any details about possible deals or topics that would be discussed. Officials in Vietnam have indicated publicly that they intend to purchase U.S. LNG for their fledgling industries and possibly revise the duties on a number of imports ranging from ethanol, LNG and agriculture products. The document from the Ministry of Energy and Mines shows that PetroVietnam Gas (a trading firm), PetroVietnam Power (a power generator) and EVN, EVN's power distributor, are all state-controlled energy and gas companies. They were asked to send delegates for Dien's U.S. visit. The meeting is part of a regular series of meetings between U.S. and Vietnamese officials on trade and investment under the Trade and Investment Framework Agreement that was signed in 2007. The document stated that Dien will first meet Greer, then work with officials from the U.S. Department of Energy and witness the signing of "a variety of agreements" on the following day. It added that he would then meet with officials from the Commerce Department and groups of industry "interested in Vietnam". However, it did not specify if these meetings were scheduled according to the times in Vietnam or the United States, which might affect the dates. Reporting by Emily Chow and Francesco Guarascio; Editing, Clarence Fernandez
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Sources say that China's new refinery Yulong will test run its second crude unit by the end of March.
Trading sources familiar with the operation of the plant said that Shandong Yulong Petrochemical, China's newest refinedr, is expected to test operate its second crude oil-processing unit by the end of this month. The $20 billion complex will begin full operation in 2025. This will help China increase its crude imports as well as its production of refined products. It would also offset some of the declines caused by a waning Chinese fuel demand, but put pressure on the already thin refinery profits. The refinery is located on an artificial island in Longkou County of the city Yantai. It's the latest addition to the four large chemical-refining complexes China has built since 2018, as Beijing encourages stronger and bigger manufacturers. Two trading sources have confirmed that Yulong will start up its second crude distillation unit (CDU), which can produce 200,000 barrels per day, around 23 March. The refinery launched its first CDU of 200,000 bpd last September. It was running at around 90% capacity. This level has been maintained by the plant since last November. Three sources have confirmed that Yulong started up an ethylene unit of 1.5 million metric tons per year (tpy), one of two units on the site. One source said that other secondary units, such as the reformer which converts heavy naphtha primarily into petrochemicals, will come online in May. Yulong Petrochemical has not responded to an email request for comment. Yulong increased its purchases of alternative grades of oil from West Africa to prepare for the launch of new units and deal with supply disruptions due to U.S. sanctions. Yulong Petrochemical, a private aluminium smelter, is owned 51% by Nanshan Group. Shandong Energy Group, backed by the provincial government and based in Shandong Province has 46.1%. The remaining shares are held by two local firms.
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Russian rouble stands firm against dollar despite sanctions threats
The Russian rouble reached a record high of more than a week on Monday. This was despite the threat by U.S. president Donald Trump to impose large-scale sanctions against Russia, as Washington tries to push Moscow and Kyiv into negotiating a peace agreement. The rouble has risen against the dollar in this year's exchange rate, mainly due to expectations that improved relations between Moscow Washington could lead to a resolution of conflict in Ukraine and a possible easing of sanctions. The rouble reached its highest level since February at 0841 GMT. It was trading up 1.5% to 88.62 dollars on the over-the counter market. Trump, who had just halted military and intelligence assistance to Ukraine and halted military aid, threatened Moscow on Friday with tariffs and banking restrictions. He also expressed a conciliatory attitude towards President Vladimir Putin's military tactics and has offered an alternative view. On Monday, Russian troops advanced in the Kursk area. Denis Popov, analyst at Promsvyazbank, said: "We don't believe that the U.S. authorities' threats of harsher sanctions and negative rhetoric will quickly escalate because negotiations with Russia are still in their initial phase and the Russian authorities are willing and able to negotiate." The rouble rose 0.5% against the Chinese Yuan, which is the most commonly traded currency in Russia. Brent crude oil was down by 0.1% to $70.28 per barrel, the global benchmark. (Reporting and Editing by Bernadettebaum)
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Fitch gives a negative rating to India's Adani Energy due to US probe risk
Fitch Ratings assigned a negative outlook for the Indian energy infrastructure firm Adani Energy Solutions Limited. The rating agency cited concerns about corporate governance as well as potential risks due to ongoing U.S. investigation. The group called the charges "baseless" and said that they were taken months after U.S. officials accused billionaire Gautam Adani, and top Adani Group executives, of paying $265,000,000 in bribes to win Indian power contracts. They also accused them of misleading U.S. Investors during fundraising. Fitch stated on Sunday that the negative findings of the U.S. investigation could lead to a weakening of governance standards, and a possible downgrading of the rating for the company in the short-to-medium term. The rating agency warned that it could reduce the rating if investigations result in regulatory penalties, restrictions or a loss of confidence on the market. Fitch removed the firm from its "rating watch negatively" list. It said that risks related to its funding and liquidity had moderated. Fitch also affirmed their rating of Long-Term Issuer Default Rates in Foreign and Local Currency at 'BBB+'. Fitch stated that while Adani Energy is an independent company, the governance issues at Adani Group could still affect its access to capital markets and liquidity.
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Iron ore prices fall on fears about demand outlook
Iron ore futures prices fell on Monday, as concerns over U.S. Tariffs and China's promise to reduce crude steel production this year clouded the demand outlook. The May contract for iron ore on China's Dalian Commodity Exchange has erased gains and ended daytime trading 0.71% lower, at 769 Yuan ($105.92). As of 0735 GMT, the benchmark April iron ore traded on the Singapore Exchange had fallen below the psychologically important level of $100 per ton to $99.8. Investors, who hoped to see more support measures from Beijing after the latest disappointing inflation figures, calmed down and pared back their gains. China's consumer prices index fell in February at the fastest pace in 13 month, while producer prices continued to deflate. This has raised hopes that China will continue its stimulus program in order to reach its annual economic target for this year. The upcoming 25% tariffs for all steel imported to the U.S. have clouded the demand outlook and dampened sentiment. Iron ore prices are also under pressure due to the growing fear that Beijing may announce specific measures within the next few weeks, after promising to cut its crude steel production this year in order to combat the overcapacity plagued the industry. Iron ore consumption will decrease if steel production is reduced. Coking coal and coke, which are used to make steel, also fell in price, by 1.35% each and 1.97% respectively. The Shanghai Futures Exchange has seen a decline in most steel benchmarks. The rebar fell 1.35%; hot-rolled coil dropped 0.89%; wire rod was down 1.41%, while stainless steel gained 0.45%. ($1 = 7,2605 Chinese Yuan) (Reporting and editing by Sherry Jackson, Lewis Jackson and Amy Lv)
JX Advanced Metals raises $ 2,97 billion by setting IPO price at the upper end of its marketed range
JX Advanced Metals (a unit wholly owned by Japan's Eneos Holdings) raised $438.6 billion through its initial public offering, after the shares were priced above their market range.
The company valued its initial public offering (IPO) at 761.3 billion Japanese yen, or 820 yen each share. The Tokyo Stock Exchange will debut the shares on March 19.
According to LSEG data, the offering is larger than Tokyo Metro's IPO from October and is Japan's largest listing since SoftBank's Telecoms Unit in 2018.
JX Advanced Metals, a leader in the manufacture of sputtering target materials that are used to produce thin metal films for chip production.
After suffering massive impairment losses due to its investment in and operation of Chile's Caserones copper mining, the metal company has changed its focus, from mining and smelting, to supplying advanced material, with a particular emphasis on semiconductor parts.
It will continue to mine and smelt to ensure the availability of essential metals such as tantalum that are needed for advanced materials.
Eneos Japan, the largest oil refinery company in Japan, intends to use the proceeds to increase shareholder returns and for growth investments.
(source: Reuters)