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After Chinese import restrictions, India's small-scale steel mills have halted job cuts
Executives at India's smaller mills said they would delay job cuts, and take other measures, such as reducing output. This comes after the government implemented a temporary tariff in order to protect local producers against a surge of cheap imports from China. India, the second largest producer of crude iron and steel in the world, announced a temporary duty or safeguard provision of 12% on certain steel imports. This duty will last for 200 days. Sandeep Poundrik, the Steel Secretary, said that the Directorate of General Remedies will submit its final report by August or September. The government then decides the rate and the duration of the tariff. Adarsh Garg is the chairman and managing director of Jogindra Group, a state in northern India. He said: "We will wait and see what happens with demand." Garg stated that the industry had been losing money and that this duty could bring relief as well as an opportunity to increase prices. Vedant Goel, the director of Enlight Metals in Pune, said that the company had seen an increase in orders since the early morning of Tuesday. He added that the rising demand will help the company retain the external workers who were set to be eliminated due to the cheaper imports. New Delhi's tariffs primarily target China, which is the second largest exporter of steel into India in 2024/25 behind South Korea. Poundrik stated that the government was taking a number of measures to protect domestic steel industries from low-cost dumping. Analysts and traders said that Beijing's shipments could slow down. "China's exports of steel to India could return to a previous level in 2025, which was around 1 million tonnes, or a quarter of the exports it made to India last fiscal year," said Xu Xiangchun of Beijing-based consultancy Mysteel. According to government data, India became a net importer for the second consecutive year of 2024/25. Shipments reached a record high of 9 million metric tonnes, a figure not seen in nine years. Atilla WIDNEL, Navigate Commodities' managing director, said that limiting import channels to India would "increase pressure on Chinese officials" to mandate domestic steel production reforms faster to balance the excess supply and deteriorating global demand. Executives said that the industry will also increase production in India to meet the growing demand. Shankhadeep Mukherjee is the principal steel analyst for CRU Group, a London-based company. We also predict that India will once again become a net exporter in 2025. This is a position it last held in 2022." (Reporting from Neha Arora, New Delhi; and Amy Lv, Beijing; Additional reporting provided by Michele Pek; and Joyce Lee. Editing by Jan Harvey & David Evans).
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Barrick Gold sells Alaska mining stake to John Paulson and NovaGold for $1.1 billion
Barrick Gold, a Canadian company, announced on Tuesday that it would sell its 50% stake in the Donlin gold project to John Paulson (a billionaire) and NovaGold Resources at a price of up to $1.1 Billion. Donlin Gold is a project that would mine approximately 39 million ounces gold. Barrick Gold, NovaGold and each held a 50% share. Barrick Gold's U.S. listed shares were up by 1.7% before the bell. This was also supported by the higher price of bullion. Paulson and NovaGold are acquiring Barrick Gold's interests in the entity for $1 billion. The transaction is expected close in 2025's second quarter, or the early third quarter. NovaGold also has the option to purchase outstanding debts owed to Barrick at $90 million, if purchased before closing or $100 million within 18 months of deal closure. Barrick stated that it would use the proceeds of the sale to improve its balance sheet and increase shareholder returns. NovaGold also announced that the agreement with Barrick will increase NovaGold's stake in the project from 40% to 60%, while Paulson will hold the remaining 20%. NovaGold shares listed in the U.S. rose 6.8% before market. Bloomberg News reported the divestiture earlier that day. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shinjini Ganuli and Krishna Chandra Eluri
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Police source: Five tourists are feared dead and eight injured after militant attack on Indian Kashmir
Police sources reported that at least five tourists are believed to have been killed and eight others injured when suspected militants fired on them in India's Kashmir Region on Tuesday. This is the worst attack in this area in almost a year. The attack occurred in Pahalgam. This popular tourist destination, which is a muslim-majority area, attracts thousands of tourists every summer, as the militant violence has decreased in recent years. Sources who spoke on condition of anonymity because they were not authorized to speak with the media said that the injured had been taken to a local medical facility. Indian television channels reported that the attack resulted in one death and seven injuries. Since the beginning of an anti-Indian rebellion in 1989, militant violence has erupted in the Himalayan region. It is claimed by India in its entirety but ruled by Pakistan in part. Although the violence has decreased in recent years, tens of thousands have died. Recent years have seen a rare but not unheard of increase in attacks on tourists in Kashmir. last major attack In June, militants launched an attack on a Hindu pilgrim bus that plunged into the gorge. Nine people died and 33 were injured. India removed Kashmir's special designation in 2019. The state was split into two federally administered territory - Jammu & Kashmir and Ladakh. This led to a downgrading in relations with Pakistan which also claims this region.
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Indian state-run companies seek government approval to issue deep discount, long-tenor bonds
Four sources familiar with the matter confirmed on Tuesday that at least six Indian state companies had sought approval from the government to issue corporate bonds at deep discounts. They chose this rarely used structure in order to raise funds for their operations. Sources said that these companies include Indian Railway Finance Corp. (IRFC), Indian Renewable Energy Development Agency. (IREDA), Power Grid Corp of India. (PGC), REC, SIDBI, and NABARD. REC is seeking permission once again to issue these bonds. In September, the company raised 587 million dollars ($50 billion) through aggressive bids, but yields were lower than expected. REC confirmed this development, but no other companies responded to email seeking comment. Deep-discounted bonds are usually issued at a discount of more than 20-25% to their face value. They do not pay interest and have a similar feature to zero-coupon bills that eliminates the risk of reinvestment. These bonds are a great way to reduce borrowing costs for companies, especially in a time when interest rates continue to fall. These bonds offer investors a long-term capital gain benefit, even though they are not tax-free. Bankers say that this, combined with the rarity, is driving up demand for these notes. At maturity, investors will receive a return that is taxed at capital gains rates. The zero-coupon bond is attractive because it reduces the effective tax rate. This was stated by Nikhil Aggarwal. He is the founder and CEO of Grip Invest, an online bond trading platform. Housing and Urban Development Corp. (HUDCO), a state-owned company, became the third to receive approval to issue these bonds last week. One source said, "HUDCO is the most likely candidate. They have the approval. We expect REC and IRFC will be the next candidates." Sources said that the government may approve zero-coupon bonds in phases, as it is not happy with an influx of zero-coupon bond supply. Sources refused to identify themselves as they were not authorized to speak with the media. HUDCO was given approval to raise 50 Billion Rupees via bonds with a 10 year and 1 month maturity, while Power Finance Corp. (PFC) received approval to raise 100 Billion Rupees in the month of March. Both companies have until March 2027 for raising these funds.
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Minority owners demand that oil group Equinor explain discrepancy in climate.
A group of minority shareholders demanded that the board of Norway's Equinor explain how its plan to increase oil and gas production is in line with the Paris Agreement on climate change. Equinor, a 67% state-owned company, has joined Shell and BP this year in pledging higher oil output, while reducing investment in renewables. Minority owners have proposed a resolution that will be voted upon at Equinor’s annual general meeting on May 14. They claim there are "material inconsistencies” between the climate strategy of the company and the expectations expressed by the majority shareholder. The expectations of the Noway government from two years ago included Equinor setting goals and implementing actions to reduce greenhouse gas emission "both short-term and long-term" in accordance with the 2015 Paris Climate Accord. "Other investors have reasonable expectations that a company will move in the direction of aligning with the expectations and wishes of the majority shareholders." Equinor, however, has taken the opposite path," Brynn O'Brien of the Australasian Center for Corporate Responsibility, which filed the motion with the ACCR, stated in a press release. The board of directors at Equinor, however, requested that the shareholders reject the motion. This was also submitted by the Danish pension fund Sampension, and the Swedish pension fund Folksam. In a press release, the board stated that it believed the company's business model and strategy were in line with global goals on climate change. It added that "Scenarios for future energy requirements, including those that align with the goal of limiting global heating to 1.5 degrees Celsius," indicate oil and gas needs will continue to be needed in decades to come. Equinor, Europe's leading pipeline gas supplier. The result of the vote depends on the position taken by the Norwegian government. Generally, the Norwegian government supports the board position at AGMs. The ministry of industry did not respond immediately to a comment request. (Reporting and editing by Terje Solsvik, Nerijus Adomiaitis)
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Halliburton's first-quarter profits fall on North America drilling weakness
Halliburton reported lower first-quarter profits on Tuesday, as a decline in drilling activities in North America dampened the demand for its oilfield equipment and services. Shares of the company fell by 6% before market opening following results which included a $356 million pre-tax charge. Halliburton, the largest U.S. oilfield service provider, is the first to announce earnings. The sector is bracing for the impact that President Donald Trump's new tariffs will have on supply chains. They are also expected to increase the price of steel equipment like drilling rigs and casings. The sector is under pressure due to a continuing decline in drilling activity in North America. Oilfield service firms in North America have struggled due to the reduced U.S. Shale activity. Operators are cutting drilling budgets, focusing on capital management, resulting in lower demand and less rigs operating. Halliburton reported that North America's revenue for the first quarter was $2.2 billion. This is a decrease of 12% from a year ago. The Houston-based firm posted a loss of $204 millions, or 24 cents a share, for the three months ending March 31. This was lower than its profit last year, which was $606 million or 68 cents a share.
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Vance wants closer US-Indian ties but warns that a 'dark period' is coming if not
On a Tuesday visit to India, JD Vance, the Vice President of the United States, said that the United States was looking to sell more defence and energy equipment to India. He added that the ties between India and the United States will shape this century. In a speech delivered in Jaipur, a city in northwestern India, he stated that if India and the United States worked together effectively we would see a prosperous and peaceful 21st century. "But I believe that the 21st Century could be very dark for humanity if we do not work together effectively." After their dinner, he praised Narendra Modi repeatedly. Vance, his wife (who is the daughter an Indian immigrant) and their three kids are on a four-day, mostly personal visit to India. The visit comes as India rushes to seal a trade deal before the 90-day suspension of tariffs announced by the Trump administration. "Prime Minister Modi has a reputation as a tough negotiator." Vance, to loud laughter in the audience, said that Modi is a tough negotiator. Nirmala Sitharaman, Indian Finance minister, said on Monday in San Francisco that India hopes to have "positively concluded" the first portion of a new trade agreement by autumn. Vance confirmed that he and Modi had made progress in the trade negotiations and confirmed the finalisation of the terms for reference. He said that the roadmap outlined in the document would lead to a final agreement between our two nations. Reporting by Rupam JAIN; Writing by Sakshi DAIL; Editing By YP RAJESH and Kim Coghill
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Copper gains defy gloomy outlook
The copper price hit its highest level in over two weeks on the Monday after a weaker US dollar triggered fund purchases. However, traders are unsure that this upward momentum will continue as long as U.S. tariffs dominate sentiment. The levy imposed by Donald Trump has harmed the outlook for economic growth in the world and for demand for industrial metals. By 1126 GMT, the benchmark copper price on London Metal Exchange (LME), which had reached its highest level since April 4, was now up 1.5% to $9,325 per metric tonne. One copper trader stated that the market was not based on fundamentals but rather on funds buying as a reaction to the dollar, and people cutting short positions. Concerns over the independence and credibility of the Federal Reserve have impacted the currency after Trump's attacks on Fed chief Jerome Powell. A weaker dollar makes metals priced in dollars cheaper for buyers of other currencies. This could boost demand. This relationship is used in the trading of funds called commodity trading advisors, which trade on signals generated by numerical models. Copper has broken through resistance on the technical front at the 50-day- and 100-day-moving averages, respectively, at $9,290 and $ 9,330. The 21-day moving avg. is $9,380. This represents the next barrier to the upside. The Shanghai Futures Exchange's (ShFE) warehouse stocks, which fell 36% since February to 171,611 tonnes, and lower inventories at Shanghai's bonded storage facilities are supporting copper prices. . Citi analysts in a China note said that while trade conflicts are expected to affect demand in the second- and third-quarters, businesses hope for stimulus to offset this. Dealers are optimistic that the domestic market will remain resilient, despite recent export headwinds, they wrote. Other metals saw a 0.8% increase in aluminium at $2,384 per ton. Zinc gained 1.5% at $2,616, while lead was up by 0.6% at $1,933. Tin was up 1.3% at $31,030, and nickel rose 0.4% to $15,690.
U.S. Sanctions three Iranian officials accused of involvement in the death of FBI Agent Robert Levinson
In press releases issued on Tuesday, the U.S. Treasury Department and the State Department announced that the United States had imposed sanctions against three Iranian intelligence officers over their alleged involvement with the disappearance former FBI Special Agent Robert Levinson.
The latest sanctions against Reza Amiri, Gholamhossein, and Taqi, Daneshvar of Iran’s Ministry of Intelligence and Security, are linked to the disappearance of a former FBI agent who Washington believes died in captivity after being abducted by Iranians.
Due to the sanctions, all property owned by the men that is under U.S. jurisdiction has been blocked. Americans are also generally prohibited from dealing with these men. Dealing with these men could also lead to blacklisting of foreigners.
Treasury Secretary Scott Bessent stated in a press release that "Iran's treatment" of Levinson is a stain on Iran's record of human right abuse. The Department of the Treasury is committed to working with U.S. Government partners to identify the perpetrators and bring to light their appalling behavior.
Levinson was a private investigator who disappeared in March 2007, after travelling to an Iranian-controlled island for a meeting. He wanted information about alleged corruption by the former Iranian president Akbar Hashemi Rafsanjani.
Treasury Department: The three individuals sanctioned all played a part in Levinson’s abduction, his detention, and likely death as well as the efforts to cover-up Iran’s responsibility.
The sanctions were imposed by an executive order, signed by the former president Joe Biden. It aims to hold terrorist groups, criminal organizations and other "malicious" actors accountable for taking hostages to gain financial or political benefit.
The U.S. has previously sanctioned
Two other Iranian officials
In December 2020, the FBI will reveal who it accuses of being involved in Levinson’s disappearance. (Reporting and editing by Katharine Ricci, Andrea Ricci, and Ryan Patrick Jones)
(source: Reuters)