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Sources say that the Syrian leadership has approved the return of dead spy archives to Israel.
Three sources said that the Syrian leadership had approved the transfer of Eli Cohen's belongings to Israel to show goodwill towards Donald Trump and to reduce Israeli hostility. Israel announced on Sunday that it had recovered the documents, photos and personal belongings of Cohen, claiming its spy agency Mossad worked with a foreign intelligence agency, which was not named, to obtain the material. A Syrian security source, an advisor to Syrian President Ahmed al-Sharaa, and a person who is familiar with the backchannel discussions between the two countries have all confirmed that the archive was actually offered to Israel by Sharaa in an indirect gesture to calm tensions and gain Trump's trust. Cohen, who infiltrated Syria's political establishment in 1965 and was then hanged on a Damascus street, is still considered a hero by Israelis. He's Mossad’s most celebrated spy, having uncovered military secrets which helped the Mossad to win the Middle East war in 1967. Benjamin Netanyahu, the Prime Minister of Israel, described Cohen as "a legend" and the "greatest intelligence agent in state history". Mossad hailed the return of the archive of his files held by Syrian intelligence for 60 years as "a moral achievement of the highest order". Israel has not revealed publicly how it came to possess the archive, saying that the only way the archive was acquired was through "a complex and covert Mossad operation in collaboration with an allied Foreign Intelligence Service". The White House, the office of Netanyahu and Syrian officials did not respond immediately to requests for comments on Syria's involvement in Israel's retrieval of the Cohen Archive. COHEN DOSSIER According to a Syrian security source, after rebels led Sharaa ousted President Bashar Al-Assad suddenly in December, ending the 54-year rule of his family, they discovered the Cohen dossier inside a building for state security. Source: Sharaa, his foreign advisors and the other source quickly decided to use material as leverage. According to a Syrian security source, Sharaa realised the importance of the Cohen archives to Israel and that their return would be a significant diplomatic act. Sharaa must end Israeli attacks on Syria, and improve relations with the United States as well as other Western countries in order to rebuild his country that has been ravaged by civil war for 14 years. Israel views Sharaa, his former insurgents and the al Qaeda group that once ruled Syria as unreconstructed jihadists. Israeli forces launched an incursion in border areas last summer and bombed multiple targets to support Syria's Druze minority sect. This month, it was reported that the United Arab Emirates set up a secret channel for talks between Israel & Syria. The effort included building confidence between the two sides. According to two sources familiar with the issue, there have been additional indirect channels of communication. A person familiar with the talks has confirmed that Syria agreed in the talks to return the remains of Cohen and three Israeli soldiers who were killed in Lebanon fighting Syrian forces during the early 1980s. Israel announced last week that the body of Zvi Feldman was returned. Sharaa approved the return of the Cohen archives directly and in context with the confidence-building measures, said the source. Last week, Trump held a surprise meeting Sharaa, in Saudi Arabia. He urged him normalise relations with Israel and declared that he would Lift sanctions On Syria Officials in Syria have stated that they wish to see peace in the entire region. Sharaa confirmed in this month's issue that Damascus has conducted indirect talks with Israel through states with which it is in contact in an effort to calm down the situation.
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Nippon Steel is still committed to a full U.S. Steel acquisition -executive
A senior executive from Japan's Nippon Steel said that the company is committed to acquiring a 100% stake in U.S. Steel. The company also wants to meet with U.S. Treasury Sec. Scott Bessent, to clarify Donald Trump's stance regarding the deal. The deadline is May 21 for the steelmakers to complete a new national security review of the proposed merger of $15 billion by the Committee on Foreign Investment in the US. Former President Joe Biden had blocked the merger in January on national security grounds following an earlier review. Trump ordered the CFIUS in April to reassess this deal, which raised hopes for a reversal. In February, he had said that the deal would be an investment, not a purchase. Trump will decide on the fate of this transaction by June 5, according to expectations. Takahiro Muri, Nippon Steel's Vice Chairman and lead negotiator in the deal, said on Tuesday that "our intention to pursue a complete buyout remains unchanged." He said that only full ownership could allow Nippon Steel share its core technologies and strengthen U.S. Steel. Mori stated that "there is no such thing as free technology". He said Nippon Steel had requested a meeting Bessent, the chair of CFIUS to better understand Trump’s position before a final decision. According to three sources familiar with the situation, Nippon Steel has announced plans to invest up to $4 billion into a new steel mill if the Trump Administration approves its bid to acquire the iconic U.S. Steel company. Mori refused to comment on the details of the CFIUS discussions, but stated that any increase in investments would be linked to higher returns and wouldn't strain the company’s finances. Mori stated that the deal would make U.S. Steel stronger and United States more powerful, and it was "100% in line with Trump's policies" by increasing foreign investment and domestic production. Mori noted that President Trump would approve the plan if he fully understood (the strategic significance). He said that the majority of the board members of U.S. Steel will be Americans, and three independent directors, appointed by CFIUS (the U.S. Government), who are responsible for national security issues, will oversee trade and manufacturing capacity. (Reporting by Yuka Obayashi, Ritsuko Shimizu; Editing by Raju Gopalakrishnan) The world's fourth largest steelmaker is expecting its net profit to drop by 43% during the fiscal year that ends March 2026. This will be due to the slump in global steel prices caused by China's overproduction and exports as well as impact of U.S. Tariffs. Reporting by Yuka obayashi and Ritsuko shimizu, Editing by Raju gopalakrishnan
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Oil prices fall on weak China demand and geopolitical uncertainties
The oil prices dropped on Tuesday as a result of uncertainty surrounding the U.S.-Iran nuclear negotiations and Russia-Ukraine talks. Meanwhile, new government data revealed a cautious outlook for China's economy, which is the world's largest crude importer. Brent futures fell 42 cents or 0.6% to $65.12 per barrel at 11:02 am EDT (1502 GMT), whereas U.S. West Texas Intermediate crude (WTI) dropped 26 cents or 0.4% to $62.43. Iran's Ayatollah Khamenei, the Supreme Leader of Iran, said that U.S. demands for Tehran to stop enriching its uranium were "excessive" and "outrageous," and expressed doubts about whether negotiations on a new deal in nuclear energy will be successful. According to U.S. Federal Energy data, Iran will be the third largest crude oil producer in the Organization of the Petroleum Exporting Countries group (OPEC) in 2024 after Saudi Arabia and Iraq. Alex Hodes, StoneX analyst, said that a deal between Iran, the U.S., and other countries would allow Iran's oil exports to increase by 300,000-400,000 barrels a day if sanctions are eased. StoneX analyst Alex Hodes said that the European Union and Britain did not wait for the U.S. before announcing new sanctions against Russia. This was a day after U.S. president Donald Trump met with Russian President Vladimir Putin, but without a ceasefire promise in Ukraine. Ukraine wants to know more Group of Seven The (G7) advanced economies will reduce their price caps on Russian oil shipped by sea to $30 per barrel. The current G7 price cap is imposed over Russia's war on Ukraine The price of a? is $60. It does not appear likely that the Russia/Ukraine conflict will be resolved immediately. While it may lead to more Russian oil on the market in the future, this is uncertain and out of time as Russia still has its obligations to OPEC+, said Bjarne Shieldrop. A peace agreement between the two countries to end their war Russia The Ukraine and Russia could enable Moscow to export even more oil. Russia is a part of the OPEC+ countries. Other producers. The second largest crude oil producer in the world was Russia. According to U.S. Federal Energy Data, in 2024. CHINESE DATA On Tuesday, at least seven Federal Reserve officials will speak. Traders expect that the U.S. Central Bank will deliver at least two 25 basis-point rate cuts in 2025. The first is expected to be in September. Interest rates are used by central banks such as the Fed to control price inflation. By lowering consumer borrowing costs, lower interest rates can boost economic growth and oil demand. Analysts expect a decline in fuel demand in the world's largest oil importer. Data showing a deceleration in industrial output and retail sales has put more pressure on oil. Goldman Sachs, however, pointed to an increase in China trade late Monday. The analysis did not take into account a 90 day pause between the U.S. In Germany, Europe's largest economy, Finance Minister Lars Klingbeil has promised to take swift measures in order to boost investment in the face of global trade uncertainty. OIL INVENTORIES On Tuesday and Wednesday respectively, the American Petroleum Institute (API), a trade group, and the U.S. Energy Information Administration will release data about U.S. crude oil inventories. Analysts predict that energy companies will have removed about 1.4 millions barrels of crude oil from U.S. stocks during the week ending May 16. This would be the third decrease in four weeks. The same week last season, there was an increase in barrels of 1.8 millions barrels. Over the past five-year period (2020-2024), the average decline has been 3.5 million barrels. (Reporting and editing by Scott DiSavino and Trixie Yap; Louise Heavens, Clarence Fernandez and Paul Simao).
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US stocks fall, Treasury yields increase; Trump tax-cut plan in sight
The major stock indexes showed mixed results on Tuesday with U.S. shares easing, but U.S. Treasury Yields rising as investors focused their attention on the critical U.S. Presidential vote that took place in Washington. Donald Trump Tax cuts for all. Go to Capitol Hill urged Republican legislators to settle their differences on a bill to extend tax cuts for 2017 from Trump's initial term. Investors worry that the bill could increase the U.S. deficit faster than expected. Moody's Investors Service, a credit rating agency in the United States, downgraded its credit rating on Friday evening. This sparked concerns over the U.S. government's debt. "With the Republican Bill still in the air, it's just enough to make people a bit more cautious, and maybe use this recent rally to trim a bit of their portfolio (of stocks)," said Rick Meckler. S&P 500 registered a six-day streak of gains on Monday. Investors awaited comments from Federal Reserve officials. Traders currently expect at least two rate cuts of 25 basis points from the Fed before the end 2025. The Dow Jones Industrial Average dropped 74.64, or 0.1%, to 42.717.94. The S&P 500 declined 13.78, or 0.2%, to 5,950.01, and the Nasdaq Composite was down 64.75, or 0.3%, at 19,150.81. Home Depot's sales for the first quarter were better than Wall Street expectations, but the retailer was still down 0.1% compared to the overall market. European stocks edged Utilities and telecom companies lead the gains. MSCI's global stock index rose by 0.11 points or 0.01% to 882.50. The pan-European STOXX 600 rose by 0.68% while Europe's FTSEurofirst 300 rose by 14.86 points or 0.68%. Germany's DAX reached a new record high. China's blue chip index rose 0.54%, after the central bank of China cut its benchmark lending rates for first time since October. The yield on the benchmark 10-year U.S. notes increased 1.2 basis points from late Monday to 4,487%. After touching 5.037% Monday, the 30-year bond yield has gained 4 basis points and is now at 4.981%. The yields of Japanese government bonds with a super-long maturity date reached all-time records on Tuesday. A poor auction of securities with a 20-year maturity was the immediate cause of this. The Japanese yield on the 20-year bond JP20YTN=JBTC> has jumped up to 15 basis points, reaching 2.555%. This is its highest level since 2000. And, for the 30-year bond, it reached a new record of 3.14%. Investors waited for more Fed officials to comment before the U.S. Dollar declined. The dollar fell against the yen in late morning trading. It reached a two-week low at 144.095 yen. Last down 0.1%, at 144.64yen. It has fallen in five out of six sessions. The Australian dollar plunged against the U.S. Dollar after the Reserve Bank of Australia lowered benchmark interest rates 25 basis points. The Aussie last fell 0.9% to US$0.6401. Canada's inflation rate slowed to 1.7% annually in April, which was higher than the 1.6% economists had predicted. The Bank of Canada closely monitors two of the three key measures of inflation. They also reached 13-month highs due to underlying price pressures. U.S. crude dropped 0.69%, to $62.26 per barrel. Brent was down to $65.11 a barrel on the same day. Spot gold increased by 0.42%, to $3243.21 per ounce.
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Greek power utilities' first-quarter earnings hit by challenging renewables conditions
Public Power Corporation, Greece's largest electricity power company (PPC), reported on Tuesday a marginal drop in its first-quarter core profit adjusted. The reason given was the adverse weather conditions that affected renewable energy production. This decline was also affected by the lower revenues from distribution activities in Greece, and the seasonal profitability for distribution. PPC expects that this trend will reverse itself in the second half. The adjusted earnings before tax, depreciation and amortization (EBITDA), for the first three months of this year, were 453 millions euros ($510.12), compared to 459 million euro a year ago. In a press release, Chairman and CEO Georgios Stassis stated that "despite adverse hydrological conditions and wind conditions which affected renewables output during the first quarter as well as the seasonality of the distribution activity our performance remains resilient" and on target. Total investments by the utility in the first three months reached 0.48 billion euro, with an important 89% of that amount allocated to projects involving renewable energy sources (RES), flexible production, and distribution of electricity. PPC reported that its installed capacity for RES was 6.2 GW by the end of the third quarter. This is up from 4.7 GW in the same period last year. PPC, the company that operates Greece's main grid, said in its 2025-2027 Plan it planned to spend 10 billion Euros by 2027 to upgrade its distribution network and increase its renewables power to 11.8 GW. The company reiterates its forecast for 2025. It expects an EBITDA adjusted of 2 billion euro, a net profit adjusted after minorities over 0.4 billion euro, and a distribution of dividends of 0.60 euros per share.
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EU: Extreme weather damages EU farmers by 28 billion euro per year
An EU-backed study published on Tuesday found that the agricultural sector of the European Union loses 28.3 billion euro ($31.9 billion) per year due to extreme weather conditions made worse by climate changes. These losses, which equal 6% of EU annual crop and livestock production, are largely uninsured. Only 20-30% farmers' losses due to climate change are covered by public, mutual or private insurance, according to a report by Howden, an insurance broker. The report was backed by both the European Commission and European Investment Bank. Christophe Hansen, EU Agriculture Commissioner, said: "We must do something to cover any remaining losses." He encouraged countries to use EU farm subsidies to reduce climate risks. The farming industry in Europe is not only affected by climate change, such as droughts and extreme rain, but also puts pressure on the environment through methane pollution, fertiliser pollution, and industrial water use. Influential agriculture lobby groups also took aim at Europe's environmental agenda last year, staging protests for months to weaken the policies. Last week, the European Commission announced that it would be easing some of the environmental requirements for EU farm subsidies and also proposing new rules to accelerate emergency funding to farmers affected by natural disasters. The analysis found that farmers' crop losses could increase up to 66% if climate change is not addressed. At present, drought is responsible for more than half of all agricultural losses. The analysis found that in 2050, if the drought in southern Europe is particularly severe, losses could reach 20 billion euros in Spain and Italy. The European Investment Bank (the EU's lending arm) said that the analysis will guide its efforts to help farmers. This includes financing investments such as irrigation and providing loans and guarantee. According to a draft of the European Commission's water strategy that was leaked last week, the EIB plans to also increase its expenditure on water projects. This could be beneficial to farmers. A spokesperson for the EIB did not respond immediately to a question about this funding.
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As the dollar continues to fall, geopolitical uncertainties persist.
Tuesday, gold prices increased by more than 1% as the U.S. Dollar continued to weaken. Meanwhile, uncertainty remained over U.S. Tariff Policy and the Russia-Ukraine truce. Gold futures in the U.S. were up 1.5% at $3283.10 an ounce at 1049 ET (1449 GMT) while spot gold rose 1.6% to $3280.32. The dollar fell again on Tuesday due to the Federal Reserve's cautious stance on the economy. It had already fallen on Monday, after the ratings agency Moody's had downgraded U.S. sovereign credit rating last week. The dollar is weaker, making bullion more affordable for buyers of other currencies. There's still some uncertainty on the market. David Meger is director of metals at High Ridge Futures. He said that the Moody's rating downgrade and the weakening dollar has supported the precious-metals complex in general. Moody's has downgraded America from "Aaa to "Aa1", citing concerns over the growing national debt. Fed officials spoke on Monday, taking into account the implications of the downgrade and the unsettling market conditions. They continued to navigate a uncertain economic climate. Bullion is a good investment during times of geopolitical or economic uncertainty. "Gold will trade between $3,000 to $3,500 throughout the rest of the year." According to Edward Meir, Marex analyst, there is a short-term chart resistance at the $3.270 mark. Meger stated that the ongoing tensions between Russia, Ukraine and other countries are more important for platinum and palladium. This is because no deal would mean a lesser supply of these metals on the market. Russia is the second largest platinum and palladium producer in the world. The EU and Britain announced sanctions against Russia without waiting for the U.S. To join them on Tuesday, a day following President Donald Trump's meeting with Vladimir Putin in which he was unable extract a promise of a ceasefire for Ukraine. Platinum rose 3.8% to $1 035,53, its highest level since October 2024. Palladium climbed 2.7% to $1,001.25 and reached its highest level since February 14, a 3.8% increase. Spot silver increased 1.3% to 32.78 dollars. (Reporting by Sarah Qureshi in Bengaluru; Editing by Jan Harvey)
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Norway's Norges will vote for three Elliott nominations in Phillips 66 Board fight
Norway's sovereign fund has said that it will vote for three out of Elliott Investment Management’s four directors in a bitter fight over board seats at Phillips 66. Norges Bank Investment Management - one of Phillips 66’s 10 largest shareholders - detailed its plans in a table posted on its website. It said it would support former ConocoPhillips executives Brian Coffman, Sigmund Cornwallelius, and former Targa Resources executive Michael Heim. Phillips 66 shareholders will decide on the winner of Wednesday's annual meeting. Elliott wants to see shareholders elect four new directors who will help to overhaul corporate strategy. Elliott is pushing for the company to sell off assets, improve its performance in its refining operations and enhance its corporate governance. Phillips 66 tells investors that its strategy works and that none the activist hedge fund director candidates is needed. Three prominent U.S. advisory firms, Institutional Shareholder Services (ISS), Glass Lewis and Egan-Jones, who often make voting recommendations that influence shareholder decisions on controversial issues such as board elections, have thrown their support behind Elliott. They urged investors elect three, if not four, of the hedge funds candidates. (Reporting and editing by Mark Porter, Paul Simao, and Svea Herbst Bayliss)
India's April infrastructure output growth hits eight-month low
India's infrastructure production grew by 0.5% in April, the slowest rate in eight months. The decline in crude oil prices and refinery products was to blame, according to government data released on Tuesday.
The index which tracks eight sectors, and accounts for 40% of industrial production in the country, increased at a revised rate of 4.6% in march, compared with the initial estimate of just 3.8%.
In April, crude oil production fell 2.8% compared to a drop of 1.9% in March. Natural gas production also declined by 0.4% compared to a drop of 12.7% in March.
Cement production increased 6.7% in April compared with a revised 12.2% rise in March. Steel production rose 3% versus a revised 9.3% increase a month ago.
Fertilizer output fell by 4.2% in April, compared with an 8.8% increase in March. Coal production increased by 3.5% compared to just 1.6%.
Refinery products fell 4.5% in April compared to 0.2% in March.
The core sector's output increased by 6.9% between April 2024 and the fiscal year of 2024-25. (Reporting and editing by Nivedita Bhattacharjee, Savio D’Souza, & Shubham Bhattatra)
(source: Reuters)