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Emirates Global Aluminium estimates that full recovery of production from the attack could take up to a year
The UAE-based company Emirates Global Aluminium said that it could take up to a full year to fully restore primary aluminium production in its Al Taweelah Smelter, which was damaged by an Iranian attack late last month. In a press release, Al Taweelah said that the facilities were evacuated to the fullest extent and put into emergency shutdown following the attacks of March 28 on the Khalifa Economic Zone Abu Dhabi. EGA stated that to resume operations, it must repair the infrastructure and restore each reduction?cell. Early indications suggest that it could take up to a year for the primary aluminium industry to fully recover. PARTICULAR OPERATIONS EGA stated that the Al Taweelah refining plant, which produces alumina (the raw ingredient of aluminium), and the Al Taweelah Recycling Plant could restart some production sooner, "depending?on?the final?assessment of the site damages". The conflict in the Middle East has caused the price of aluminum to rise the most in almost two years. Benchmark three-month aluminum on the London Metal Exchange rose?10.4% in the last month, and reached its highest level in almost four years -- $3,546.50 a metric ton -- on March 12. The London Metal Exchange's benchmark three-month aluminium reached its highest level in nearly four years - $3,546.50 per metric ton - on March 12. Al Taweelah Aluminium Smelter of EGA will produce 1.6 million tonnes of cast metal in 2025. Al Taweelah is also home to an alumina refinery, which produced 2.4 millions tons of aluminium last year. Hatem Maher (Reporting) Tomasz Janovski and Barbara Lewis (Editing)
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Meloni, Italy's Meloni, visits Saudi Arabia, Qatar, and the UAE amid Gulf tensions and energy concerns
A government official confirmed that Italian Prime Minister Giorgia meloni traveled to Saudi Arabia on Friday for a previously undisclosed trip. The trip will include meetings in Qatar, the United Arab Emirates and other countries. Officials said that the two-day trip was to show support for Gulf countries facing Iranian attacks, and also to protect Italy's energy supply. This is the first visit by an EU leader to Saudi Arabia since the conflict that was started by the United States and Israel in February. It also comes at a moment when there are growing concerns about the security of the?oil & gas 'flows. Qatari liquefied gas covered about 10% of Italy’s total gas consumption before the war. Middle East oil made up around 12% last year of Italy’s total oil imports. Italy received a notification last week that its Gulf supplier would be halting LNG deliveries due to the near-closure?of the Strait?of Hormuz. They will not ship 10 cargoes?between?April and?mid June. QatarEnergy CEO and State Minister for Energy Affairs, QatarEnergy, told?that Iranian attacks had also crippled 17% of Qatar’s LNG export capability. Last month, QatarEnergy's?CEO and state minister for energy affairs told?ajungiaparatulletzten??letztenbackbackééletzten Two sources with knowledge of the situation said on Thursday that Italy would begin to receive liquefied natural gas (LNG), from the Golden Pass LNG facility in the United States, from June. (Reporting and writing by Giuseppe Fonte, Crispian Balmer and Gavin Jones).
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FAO: If the Iran war continues, food prices will continue to rise around the world
The United Nations Food and Agriculture Organization reported on Friday that world food prices rose in March, reaching their highest level since last September. They could rise even more if the Middle East conflict continues to push up energy costs. In a recent statement, FAO Chief Economicist Maximo Toreros said that the price rises have been modest. They are mainly due to higher oil prices. He said that if a conflict continues for more than 40 days, and input costs are high, farmers can reduce their inputs, plant fewer crops, or switch to less intensive fertiliser crops. He added that "these choices will impact future yields, and shape our food supplies and commodity prices throughout the remainder of this year and the following years." FAO Food Price Index (which measures changes in global traded food commodities) rose 2.4% over its revised February level. The index is now 1% higher than it was a year ago. However, the value of the index has dropped by nearly 20% from its March 2022 high, which occurred after the beginning of the Ukraine war. Fertilizer costs could lead to reduced planting The index of cereal prices increased by 1.5% compared to the previous month. This was mainly due to a 4.3% rise in international wheat due to deteriorating crop prospects in America and lower plantings expected in Australia because of higher fertiliser costs. The global maize price edged upwards as the?ample supply of maize in the world offset concerns about fertiliser prices and indirect support from higher ethanol demand prospects related to higher energy costs. Due to the timing of harvest and weaker import demand, rice prices fell 3.0%. Vegetable oil price increases are now at 5.1% for the third month in a row. The higher quotations for palm, soya, sunflower and rapeseed oils reflected the impact on rising global energy costs and expectations of stronger demand. Palm oil prices have reached their highest levels since mid-2022. Sugar prices?jumped 7.2% to their highest level since October 2025 in March, due to higher crude oil prices. Brazil, the largest sugar exporter in the world, is expected use more sugarcane for ethanol production. The price of meat increased by 1.0% in Brazil and Europe, with pig prices rising in the EU. In a separate document, the FAO raised slightly its estimate of the global cereal production forecast for 2025 to a record 3,036 billion metric tonnes. This would mean a 5.8% increase year-on-year. (Reporting and editing by Tomasz Janowski and Barbara Lewis.)
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Morocco will stop fewer illegal migrants in 2025 due to route changes
Morocco will prevent?6.4% less attempts by illegal migrants to reach?Europe in 2020 compared to the previous year. The interior ministry announced this on Thursday. It added that people are using different routes, and the problem is not going away. The ministry responded to questions via email that in addition to stopping 73,640 attempts at illegal migration, they also dismantled over 300 migrant smuggling networks. The Sahel region of Africa has been ravaged by conflict for years. High unemployment, and the impact of climate change in farming communities is also a factor that drives migrants to Europe. Morocco has long been a major starting point for African migrants who are trying to reach Europe through the Mediterranean or Atlantic routes or by climbing fences around the Spanish enclaves in northern Morocco, Ceuta or Melilla. The level of cooperation with Spain has increased Since 2022, Morocco and Spain have strengthened their cooperation in the area of undocumented immigration. This follows the resolution of a previous diplomatic dispute. A senior official from the directorate of migration and border controls said that following tightened controls migrants have 'begun to use other departure points in West Africa, and parts of the southern Mediterranean. The marked drop in interceptions indicates a gradual decrease in irregular migration flows, reflecting a steady 'drying out' of the migration routes transiting through Morocco," he stated. The ministry reported that Morocco saved 13,595 migrants from drowning at sea by 2025. Meanwhile, 4,372 irregular migrants participated in voluntary return programs to their countries of origin. The official stated that voluntary returns are a reflection of Morocco's "human centered approach" to migration management, which "strikes an balance between firmness & responsibility". (Reporting and editing by Barbara Lewis; Ahmed El Jechtimi)
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The PM's Office says that the UK will deploy Rapid Sentry air defense system to Kuwait.
The office of Prime Minister Keir Sterne announced on Friday that Britain is sending its Rapid Sentry air defence system to Kuwait in order to protect British and Kuwaiti interest in the Gulf. This follows an Iranian drone attack on a Kuwaiti petroleum facility overnight. Starmer and Kuwait's Crown prince Sabah al Khalid?al Sabah discussed the deployment in a phone call on Friday morning. A spokesperson for Downing Street confirmed this. The spokesperson stated that "the Prime Minister started by condemning the reckless drone attack overnight on a Kuwaiti oil refinery." "He reaffirmed that the UK stands by Kuwait and our Gulf allies." The spokesperson stated that the leaders discussed the deployment to Kuwait of the UK air defence system, designed to shoot down low-flying drones, and other aerial threats. This would protect Kuwaiti?personnel? and?interests? in the region while avoiding an escalation to a larger conflict. Starmer and 'the crown prince' also discussed a 'disruption of global shipping through Strait of Hormuz. They welcomed a meeting on Thursday, chaired by British Yvette Cooper to develop a plan for reopening the crucial shipping route. (Reporting and editing by Tomasz janowski)
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North American farmers are cutting back on their farm machinery to save money as the season of unprofitable growing approaches
Salespeople for farm machinery are closing out a disappointing season of farming shows in North America, as farmers prepare to plant their spring crops without much new equipment. Farmers are still buying but have cut back on big-ticket purchases due to the high cost of fuel, machinery and fertilizer. They also avoid purchasing expensive items because global grain gluts have driven down crop prices. The manufacturer Degelman Industries' Chad Jones said, "They may not buy a million-dollar combine but they will buy a $100,000 tool." He was standing in front of his yellow-painted rockpickers and rippers, as well as other equipment from the company, at Canada's Farm Show, held in March. According to the Association of Equipment Manufacturers (AEM), a group that represents the major players in North American agriculture, farmers are still spending, but at a much lower level than they did in previous years. The group said that in March, sales of large-ticket items such as tractors and combine were down between 30 %?and 40 % in the U.S. compared to last year. Farm machinery sales are being hammered due to the squeeze on farmer's finances, exacerbated by President Donald Trump's tariffs in his trade war that has increased the cost of production for already expensive machines such as tractors and combine harvesters. The items are made from a large amount of steel, and sometimes with imported components. Trump's administration plans to impose a 25% tariff, rather than a 50% one, on finished goods imported from abroad that contain aluminum and steel. This will increase the price of these products. Goods that are primarily made of steel and aluminum such as tractors and combine will still be subject to the 50% tariff in place since almost a full year. John Deere's official stated that in its latest quarterly earnings call the company estimated tariffs would cost $1.2 billion by 2026. He also said that 2025 tariff costs were not passed onto farmers. Trump called for price cuts from manufacturers last Friday to help farmers. Trump's tariffs may be the cause of the industry's woes, but they are not the only problem. Kip Eideberg of Association of Equipment Manufacturers said that the easiest way to reduce the price of machinery would be to "significantly scale back the tariffs which are hitting the manufacturer, and the retaliatory?tariffs which are hitting farmers." The trade wars between the U.S. and China have affected U.S. crop sales. The soybean export market has been depressed for several months, resulting in huge stocks and a drop in crop prices. Leigh Anderson, economist at Farm Credit Canada, said that the farmers were concerned about their profitability for the next growing season. This has led to a delay in replacing equipment. He said that farmers have delayed purchases and hung on to older equipment longer. The farm show in Regina showed that farmers were not interested, as they did not test drive tractors or other large machinery. The show attracted over 5,000 attendees, but many of the displays were quiet. Eideberg, from AEM, said that it is fair to say that the purchasing behavior has changed. AEM hopes to cut tariffs because it is difficult to lower the cost of machinery and fertilizer production once they are high. Eideberg said, "That is the immediate relief which will make a difference for both farmers and manufacturers." (Reporting and editing by Emily Schmall, Aurora Ellis and Ed White)
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FAO: If the Iran war continues, food prices will continue to rise around the world
The United Nations Food and Agriculture Organization reported on Friday that world?food prices rose in March, reaching their highest level since last September. They could continue to rise if the Middle East conflict which has pushed up the energy prices continues. In a recent statement, FAO Chief Economicist Maximo Toreros said that the price rises have been modest. They are mainly due to higher oil prices. He said that if a conflict lasts more than 40 days, and input costs are high, then farmers can reduce their inputs, plant fewer crops, or switch to crops with less intensive fertilisers. He added, "These choices will impact future yields as well as shape our food supply for the rest of this year and the following years." The FAO Food Price Index measures the changes in a basket?of globally traded food commodities. It rose 2.4% compared to its revised February level. The index is now 1% higher than it was a year ago. However, the value is still nearly 20% lower than its March 2022 high, which occurred after the beginning of the Ukraine war. Fertilizer costs could lead to reduced planting The index of cereal prices increased by 1.5% compared to the previous month. This was mainly due to a 4.3% rise in the international wheat price due to deteriorating crop prospects in America and lower plantings expected in Australia because of higher fertiliser prices. The global maize price edged upwards as the?ample supply of maize in the world offset concerns about fertiliser prices and indirect support from higher ethanol demand prospects related to higher energy costs. Rice prices dropped 3.0% due to harvest timing ?and weaker import demand. Vegetable oil price increases are now at 5.1% for the third consecutive month. The higher quotations for palm, soy and sunflower oil, as well as rapeseed, reflect the rising global energy price and expectations of a stronger biofuel demand. Palm oil prices have reached their highest levels since mid-2022. Sugar prices jumped 7.2% to their highest level since October 2025 in March, due to higher crude oil prices. Brazil, the largest sugar exporter in the world, is expected use more sugarcane for ethanol production. The meat price rose by 1.0%. This was mainly due to a rise in pig meat in the European Union and in bovine meat in Brazil. Meanwhile, poultry prices were slightly lower. Separately, FAO raised their estimate of the global cereal production forecast for 2025 to a record 3,036 billion metric tonnes. This would mean a 5.8% increase year-on-year. (Reporting and editing by Tomasz Janowski and Barbara Lewis.)
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Yale report links Russian oil industry to child deportation in Ukraine
Yale University's research claims that the leading Russian state oil companies Rosneft, and Gazprom, supported wartime camps to which more than 2,000 Ukrainian youths were sent. They allegedly provided funds and facilitated transportation, and also provided funding. This led some U.S. legislators to call for sanctions against these two firms. Yale School of Public Health Humanitarian Research Lab (Yale HRL) published the findings last week. They provide the first definitive proof of the companies' involvement in the systematic Russian campaign of deportation of children and indoctrination. It said that with the support of two energy giants approximately 2,158 kids were brought to the camps in Russian occupied Ukraine and Russia from 2022-2025. This included pro-Russian educational programs. Yale's conclusions are based on an analysis of social media posts and corporate records. The report's conclusions could not be independently confirmed. The Russian Foreign Ministry and Ukrainian authorities have not responded to any requests for comment. Gazprom responded to a question about the details of the article by saying: "Gazprom has several health resorts throughout Russia, and Russian children enjoy their summer holidays there." Russia has denied forcibly taking Ukrainian children and claimed that it did so out of humanitarian reasons. The Russian government has dismissed the Yale reports as anti-Russian propaganda. In a letter, lawyers representing Rosneft stated that Yale's investigation failed to uncover any evidence that the company was involved in illegal activities. The report tries to imply that Rosneft is guilty of war crimes without any evidence. Rosneft categorically denied directing, controlling or participating in the alleged conduct," said it. UNION ROLE Yale's report stated that at least 1,072 children who were born in Russia-occupied Ukraine have received vouchers to attend proRussian camps between 2022 and 2023 from Gazprom subsidiaries, trade unions and other organizations. The Interregional Trade Union of Rosneft sponsored 100 Ukrainian children to attend three camps by 2022. The trade union of Rosneft did not reply to a comment request. Rosneft’s lawyers stated that the union is a separate legal entity and independently registered according to Russian law. Yale also claimed that it had not provided any evidence to show Rosneft was "directing, controlling, authorising or even knowing" about the union's alleged behavior. Rosneft says on its website that it "pays particular attention to strengthening the partnership relations system" with trade unions, their subsidiaries and other related organizations. Michael McFaul is a Stanford professor of international affairs who was the U.S. Ambassador to Russia from 2012-2014. He dismissed the idea that Rosneft’s union is independent. "Rosneft" is a Russian government agency. "Putin's dictatorship does not allow independent trade unions," said McFaul who was Senior Director for Russian & Eurasian Affairs at the National Security Council between 2009 and 2012. UNITED STATES RELEASES SANCTIONS In March, the United States announced that they would temporarily lift sanctions on the sale crude oil and petroleum-based products of Russian origin to combat the surge in prices following the war in Iran. The White House has not responded to a comment request. Twelve members of the U.S. Congress, representing both parties, cited Yale’s findings to call for re-imposing sanctions on Gazprom & Rosneft. These sanctions were lifted as part of the waiver. In a letter sent to by Ohio Representative Greg Landsman, it was stated that "the recent revelation of their direct involvement in Russia abducting over 35,000 Ukrainian children is cause for alarm." The letter was sent on Friday to Scott Bessent, Secretary of Treasury, and Marco Rubio, Secretary of State. It called for additional sanctions to be imposed against 35 entities that Yale had identified. RUSSIA REJECTS ICC’S ALLEGATIONS According to international law, any deportation or transfer of children to another country, whether it is an occupying power, or a different country, is a war crimes, no matter what the motivation. Ukraine has also classified this as a crime. Maria Lvova Belova, the Russian Commissioner for Children's Rights, and Vladimir Putin, the Russian President, were accused of committing a war crime by deporting Ukrainian children. The International Criminal Court has issued an arrest warrant for Putin, and Lvova Belova. They are accused of their roles in the atrocities that occurred during the war which began with Russia’s invasion of Ukraine in 2022. The Office of the Prosecutor of the ICC did not directly respond to the claims raised in the Yale Report. In a letter, it stated that it continues to receive reports of child deportations. It also said it was entitled to expand cases to include additional suspects "should evidence meet the required standard." The Russian government has denied the allegations of the court. Lvova Belova said at a press conference in April 2023 that she didn't know what the ICC was accusing her of. "Given the facts, we will investigate." It all seems like a farce so far. Yale's new findings come after the university reported in September that Russia expanded its network of camps to include at least 210 facilities for military training, drone production and other forced reeducation of Ukrainian children. Yale reported that children from Ukraine were sent to at least six camps, including three camps owned and operated by Gazprom subsidiaries, in Russia or Crimea. This was as recent as 2025. The Kremlin has not responded to a comment request on this report. (Reporting and editing by Anthony Deutsch)
Qatar Wealth Fund plans to invest into five new VC funds
Qatar Investment Authority (QIA), the sovereign wealth fund, announced on Monday that it plans to invest $3 billion in a new venture capital program.
In a press release, the new funds, called?Greycroft Ion Pacific Liberty City Ventures Shorooq Speedinvest are set to open Doha offices as part of an effort to establish Qatar as a hub for venture capital, according to the statement.
The "Fund of Funds", an initiative launched in 2024, aims to attract venture capital companies to Qatar. It also aims to create a 'robust environment' for entrepreneurs, and diversify the economy away from fossil-fuel revenues.
Qatar's Prime Minister announced on Sunday that the fund would be expanded to up to $3 billion.
"This year we are moving from momentum to scale," said Sheikh Mohammed bin Abdulrahman Al Thani, as he opened Qatar's edition of the Web Summit Technology Conference.
The expansion could potentially target other investments than series A and B funding rounds.
Mohsin pirzada is the head of funds for QIA. In an interview, he said: "We're now expanding our scope to do subsequent rounds. That may open conversations with a new set of managers."
He said that there were enough credit lending facilities in the country to pursue these opportunities.
Global SWF, an independent tracker of sovereign wealth funds, reports that the QIA has assets worth $580 billion under management. Late last year, it launched Qai, its AI-focused subsidiary, as it bets big on this booming industry to drive economic diversity.
The country launched a pilot program to provide free computing for Doha-based startups. This could also be applied to managers who are part of the Fund of Funds Scheme.
Pirzada stated that the pilot program will be a "big differentiator" in comparison to other programs in the region. Reporting by Andrew Mills; Writing by Federico Maccioni, Tala Ramadan and Thomas Derpinghaus; Editing by Himani Sarkkar and Thomas Derpinghaus
(source: Reuters)