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Gulf States tell UN that Iranian strikes are an 'existential danger'
On Wednesday, Gulf Arab'states' told the U.N.?Human?Rights?Council that Iran poses an existential danger to them. They also condemned Iranian attacks against their infrastructure which could be considered war crimes by the U.N. rights head. The U.S. and Israeli war against Iran, which has been ongoing for nearly a month now, has led to a large-scale Iranian response in the form of missile and drone strikes on civilian and energy infrastructure in Gulf states. These attacks have killed 'civilians' and pushed up oil prices. This aggressive approach undermines international law and sovereignty, said Kuwait's ambassador Naser Abdullah H. M. Alhayen to the Geneva-based council. Kuwait's Ambassador Naser Abdullah M. Alhayen said that this aggressive approach undermines international law and sovereignty. The other Gulf states have also condemned Iran's actions, which they claim are designed to spread terror. The 47 member countries will vote on the motion that condemns Iran's attacks, asks Iran to pay reparations and requests the U.N. chief of rights to monitor the situation. Iran has defended their actions by claiming that more than 1,500 people have been killed so far in U.S. and Israeli strikes. Ali Bahreini said, "We fight for all of you, against an enemy who, if restrained today, would be beyond containment by tomorrow." Iran has called for its own emergency meeting on Friday to discuss a deadly strike at a primary-school. Volker Turk, the top UN rights official, called on states to stop the Iran conflict. He described the situation as dangerous and unpredictable. He said, "This conflict has the power to ensnare nations across borders and around the world." Attacks on civilians or civilian infrastructures must stop. These attacks could be considered war crimes if they are planned. Reporting by Emma Farge. Editing by Miranda Murray and William Maclean.
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Mitsubishi Materials will end certain Onahama smelter activities by March 2027
Mitsubishi Materials announced on Wednesday that it would stop processing copper concentrate at its Onahama facility - and all related smelting operations - by the end of March 2027. Mitsubishi Materials stated that the outlook for business was becoming more uncertain due to an intensifying competition with overseas smelters, and a steep decline in treatment and refinement charges (TC/RCs). It is expected to book an impairment loss of 132 million yen (21 billion yen) in the fourth quarter of this year's financial year, which ends on the end of this month. This loss will be mainly due to the fixed assets of the smelter. Fees paid by miner to refine concentrate, known as TC/RCs (Transfer Charges/Refined Metals), are under pressure due to the rapid expansion of global smelting capacities, led by China. This has squeezed margins. Mitsubishi Materials, as part of its structural overhaul, decided to stop concentrate processing at the plant that has been operating since 1965. The Electrolytic Plant will continue to refine scrap copper anodes as well as anodes produced by the group. The 'platinum group' metals recycling plant, as well as the foundry that produces copper ingots will continue to operate. The smelting margins of Japanese copper smelters have been shrinking as TC/RCs are in a downward spiral. JX Advanced Metals, its partners and Mitsubishi Materials announced in November that they planned to integrate Mitsubishi Material's copper concentrats procurement, as well as copper product sales, into Pan Pacific Copper. ($1 =159.0300yen) (Reporting and editing by Christian Schmollinger, Alexander Smith).
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Minutes of the March decision show that Swedish rates will remain at 1.75%
The minutes from the most recent meeting of the Riksbank on monetary policy showed that the future is uncertain. Erik Thedeen, Governor of the Riksbank, said that it was difficult to assess?the effects? of war but warned of the dangers of stagflation (higher inflation and lower growth). Thedeen stated in the minutes that "given the length of time the crisis has been going on and the effects already being felt by the energy infrastructure, I am concerned about the long-term impact this may have on the supply of oil and natural gas in the world." On March 19, the Riksbank maintained its policy rate at 1.75 %. Central banks are trying to gauge the impact of U.S. Tariffs, the Ukraine War and AI adoption in countries that still haven't gotten over their pandemic hangovers. "In this case, it's important to not act too quickly and then have to?make a U-turn or?to fall behind and be late," Riksbank Vice Governor Per Jansson said. He added, "For the moment, everyone is in agreement that a wait-and see?approach would be the best approach."
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Valero is preparing to restart Port Arthur oil refinery in Texas after the blast, according to sources
Valero Energy Corporation is preparing to restart the 380,000 barrels-per-day (bpd),?Port Arthur oil refinery in Texas this week. The plant was shut down on Tuesday following a blaze and explosion the day before. Sources said that workers were blocking pipelines feeding the damaged 47,000 bpd Unit 243 Diesel Hydrotreater on early Wednesday morning. They added that the shutdown was necessary to put out the fire that started on Tuesday. In a regulatory filing, Valero stated that no injuries had been reported from the explosion, which was triggered by the release of process fluid on unit 243. The explosion could be felt up to 18 km away from the plant, which is located in east Texas near the Louisiana border. The 'outage' comes at a time when refining margins are high due to the closure of the Strait of Hormuz (by Iran) amid the conflict that has impacted the Middle East region. This has led to a significant reduction in supply of refined products. Sources said that once the feed lines for unit 243 are blocked, Valero would return natural gas to plant, and light the safety flare system and boilers in order to generate steam to drive utilities and heat production units. Once 14 other production units are back to operating temperatures, feedstock can be introduced and the process will begin of getting output to specifications. Refinery production will be brought to planned levels as close as possible to maximum capacity. In compliance with U.S. Environmental Rules, hydrotreaters remove sulfur during production using?hydrogen. (Reporting and editing by Christian Schmollinger, Bernadettebaum and Erwin Seba)
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Russian attacks knockout power to thousands of Ukraine's north
Two?energy?facilities in Ukraine's Chernihiv Region were damaged by Russian attacks, leaving?212,000 customers without?power. A?regional?electricity distribution company? said on Wednesday. Chernihivoblenergo reported that nearly 150,000 customers in the city and surrounding districts of Chernihiv were without electricity after a Russian airstrike damaged an energy plant in?the Chernihiv District. After the attack on the Nizhynskyi District energy facility, it was later revealed that another 62,000 consumers were left without electricity in three other districts of the?region. Ukraine's air force said that Russia launched 147 drones against the country overnight. Of these, 121 were neutralised or downed. Russia has targeted Ukrainian energy installations throughout the war. This has caused regular blackouts lasting hours across the entire country. Ukraine has also attacked Russia's energy infrastructure, including oil refineries and depots, as well as?transport terminals. Chernihiv suffered from power outages during the winter, as Russia launched its largest bombing campaign in the four-year conflict against Ukraine's electricity grid. A previous attack on the area left many areas without electricity on Saturday. The regional governor said on Telegram that close to 21,000 residents in the town of Slavutych (in the Kyiv region) were also temporarily without power after an attack early this morning. The governor said that backup power has been installed for critical infrastructure.
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Copper rebounds on softer dollar, Middle East de-escalation hopes
Prices of copper rose on Wednesday as a weaker dollar and renewed hope for a 'de-escalation' in the Middle East war helped to boost?demand? prospects. The Shanghai Futures Exchange's most traded copper contract ended daytime trading up 1.14%, at 95,590 Yuan ($13.864.67) per ton. As of 0722 GMT, the benchmark three-month copper price on London Metal Exchange rose 1.19% to $12,244.5 per tonne. Both copper prices in Shanghai and London 'lost ground' on Tuesday, as rising energy prices and a protracted Iran war heightened concerns about inflation and global economic growth. The market sentiment improved significantly on Wednesday after U.S. president Donald Trump stated that the U.S. is'making progress' in its efforts to negotiate an end of the war with Iran. This includes winning an important concession by Tehran, without providing details. Iran, however, has rejected Trump's remarks, saying that the U.S. is negotiating with themselves. The expectation of a deescalation in tensions between the U.S. "The expectation of a de-escalation between the?U.S. It highlights the market's vulnerability due to geopolitical shifts, but a lot of uncertainty remains regarding U.S. - Iran negotiations. The base metals complex also received a boost from a softer dollar, which made dollar-priced goods cheaper for buyers who used 'other currencies. SHFE aluminium gained 0.63%. Nickel gained 1.08%. Lead advanced 0.3%. Tin climbed 1.91%. Zinc?edged downwards by 0.28%. Nickel rose by 2.06% among other LME metals, while lead gained 0.5%. Tin grew by 0.64%. Zinc advanced 0.74%. Aluminium fell 0.41%.
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After talks with Iran, a Thai tanker successfully transits the Strait of Hormuz
A Thai oil tanker safely crossed the Strait of Hormuz after diplomatic coordination between Thailand and Iran. The vessel's owner and the Thai government confirmed this on Wednesday. After successful discussions between Thai Foreign Minister Sihasak Phuangketkeow, and Iran's Ambassador to Thailand, the tanker owned by Bangchak Corporation crossed the strategic waterway Monday. "I asked that if Thai vessels need to cross the strait they could assist in ensuring a safe passage?" Sihasak spoke to reporters late on Tuesday. They said they would handle it, and asked for the names of the vessels that would be passing through. The U.S. and Israeli war on Iran has cut off about one-fifth of all oil and liquefied gas that passes through the Strait of Hormuz. This has caused widespread disruption. Thailand's gas stations have seen long queues and soaring transportation costs since the conflict began in February, despite government assurances that the supplies are sufficient. The Thai tanker made a safe transit two weeks after a projectile struck the bulk carrier Mayuree Naree, flying the flag of Thailand. A fire broke out on board and the crew was forced to evacuate. According to the Thai Foreign Ministry, Iranian and Omani officials have arrived on board the vessel. However, Thailand still awaits information about the fate of three crew members who are missing. Sihasak stated that another Thai vessel owned by SCG Chemicals is also waiting for a?clearance' to transit the Strait. "FRIENDS HOLD A SPECIAL PLACE" Bangchak issued a press release stating that its vessel was currently returning to Thailand after being anchored in the Persian Gulf for 11 days. The?Iranian and Thailand's foreign ministry coordinated the operation, according to Bangchak. A source from the Thai Foreign Ministry and the company both said that no payment had been made. Iran told the United Nations Security Council (UNSC) and the International Maritime Organization (IMO) that non-hostile ships could transit the strait if coordinated with?Iranian officials, according to a report on Tuesday. The Thai embassy also coordinated with Omani authorities via its embassy in Bangkok to ensure the Bangchak's transit. Iran's embassy said in a posting on X that the passage of the Thai vessel reflected the strong ties between both countries. It said that "Friends are special." (Reporting and editing by PanuWongcha-um, ChayutSetboonsarng)
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Sources say that Reliance Jio is in talks with investors about selling 8% of the individual stakes at the IPO.
Sources familiar with the situation said that Indian billionaire MukeshAmbani's?Reliance Jio Platforms? has been in talks with?13?marquee investors to sell 8% of their individual stakes at the upcoming Mumbai listing for the company which will be transforming its telecoms into AI. Ambani’s Jio Platforms is expected to file for approval in Mumbai of its IPO as early as this coming week. The list includes Meta with a stake worth 9.99% and Google?with 7.73%. Vista Equity Partners, KKR and KKR are also big investors. Investors include three sovereign Gulf funds: the Public Investment Fund (PIF), Mubadala, and Abu Dhabi Investment Authority. One of two sources who were involved in the IPO process said that the stake sale would be "around 8%" for all. The discussions were confidential, so the source spoke under condition of anonymity. Reliance and the other investors have not responded to comments immediately. Calculations show that each investor's sale of 8% represents about 2.5% Reliance Jio shares in total, which is what the company had planned. Meta, if it sold 8% of its 9.99% stake would be equivalent to a 0.8% stake by the U.S. technology giant. The final figures could change even though the focus of the discussions has been on each investor selling 8 percent of their holding. Reliance Jio's IPO will be structured as an "offer-for-sale", a strategy that is common in India, where existing shareholders sell their stakes to the public or other investors. The second source who is aware of IPO plans said that the total stake sale would be between 2.5% and 3%. Reliance is willing to give retail investors money and has not yet decided on the valuation of the company. Jio Platforms will raise more than $20.5 billion in 2020 from the sale of stakes to foreign investors. Jefferies, an investment bank, estimated the valuation of?Reliance Jio at $180 billion in November. In January, sources said the IPO may be worth up to $4 billion. However, final figures will be determined later. Reliance Jio Platforms hired 17 banks to handle its Mumbai stock exchange listing.
BBC reports that BlackRock CEO Fink has warned of a 'global economic recession' should oil reach $150.
BlackRock CEO Larry Fink stated that oil prices could rise to $150 per barrel and cause a global recession if Iran "remains" a threat even after the end of the war.
Fink said on BBC's Big Boss Interview podcast published on Wednesday that "we could have years of oil above $100, closer to $150, which would have profound implications for the economy."
When asked what would happen if oil stayed at $150 per barrel, he replied: "We'll have a global recession."
Since the U.S. and Israeli war against?Iran started, oil prices have been volatile and sharply risen. Prices fell about 4% Wednesday following reports that the U.S. sent Iran a 15 point proposal to end 'the war,' raising hopes of a possible ceasefire.
The Strait of Hormuz is the main route for?oil, gas, and crude oil shipments. It carries one-fifth of global gas and oil supplies.
(source: Reuters)