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Capstone Copper, a Canadian company, restarts Chile's Mantoverde Mine while the strike continues
Capstone Copper Corp. resumed its operations at the Mantoverde Copper and Gold Mine in northern Chile despite a strike by a union that represents nearly 22%. In a filing to the Australian stock exchange dated 1 February, the company reiterated that it expected to continue operating at a level of 50% to 75% normal production throughout this strike. The shares of Capstone Australia listed depositary receipts fell as much as 4.5 percent to A$15.810 per day, their lowest levels since January 23. The decision to resume operations was made following a Chilean Court ruling that authorized the removal of striking workers last week from a desalination plant, which supplies water to the mine. This is a vital resource for the day-today operations. Strike began In January, after the negotiations with Union No. 2 of Mantoverde broke down. The latest offer of payment from the company was rejected by the unionized workers, leading to the current impasse. Capstone stated that it is open to dialogue with the union in order to resolve the dispute. Union No. Union No. The union is leading the strike. The main conflict is centered on Mantoverde’s desalination facility on the coast, about 40 km (25 miles), from the mine. The company reported on January 18 that individuals had entered the desalination plant, interfering in the electrical system of the?plant and causing a disruption in the water supply. The mine was forced to use its own reserves and halt certain operations, including the sulphide-processing. It warned that further closures may occur if this situation persists. Chile is the world's largest copper producer. Grabber Santiago has been forced to consider "unprecedented" water rationing due to the deepening droughts. Water shortages are intensifying tensions between miners, who traditionally depend on water sources from the continent like rivers, lakes and reservoirs. Mantoverde will produce 62,308 tonnes of copper concentrate in 2025 and 32,807 tonnes of copper cathodes. This is about 0.4% global production. Capstone holds 70% of Mantoverde and Mitsubishi Materials the other 30%. (Reporting and editing by Diane Craft, Chris Reese and Kumar Tanishk from Bengaluru)
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Washington scolds Cuba for booing US diplomats
On Sunday, the United States accused Cuba of interfering in the work of their top diplomat at Havana after small groups of Cubans laughed at him outside the capital during meetings with residents and church representatives. On social media, the State Department accused Cuba of using "failed intimidation techniques" and demanded that Havana cease "sending individuals who interfere with diplomatic work of the United States." Charge d'Affaires Mike Hammer. The tension between the two long-time enemies has increased after U.S. president Donald Trump declared Cuba an "unusual and extraordinary threat" against the national security of the United States and announced he would impose a?tariff on any country supplying oil to the communist Caribbean island. Trump said on Sunday that Cuba was "a failing nation", but added, "I think we are going to make a bargain with Cuba." Hammer is a career diplomat, who arrived in Cuba late in 2024. He has travelled the island extensively to "meet" with Catholic Church representatives, political dissidents and other people. The Cuban government accuses Hammer of trying to foment unrest. He posted a video on Saturday describing an alleged incident of harassment after a meeting with church leaders in the area. Hammer, in a video posted on social media, said: "When I left my parish, some communists shouted at me obscenities, probably frustrated by the poor state of the revolution." Then, several videos were released showing groups of people taunting Hammer with cries of?Assassin! "Imperialist" and "Assassin!" Cuban government has not made any comment on the videos. Cuba's Foreign Ministry complained last year to Hammer over his "interventionist" behavior. They claimed he had incited Cubans into committing crimes and attacking the state. The U.S. Embassy, which produces the videos, has denied these charges and said Hammer is simply doing his job. Embassy, the company that produces these videos, denies those allegations and claims Hammer is just doing his job. Since Fidel Castro’s 1959 revolution the two neighboring countries had been at odds. But a crippling economy crisis on the island, and increased pressure from the Trump Administration have brought the conflict to an end. (Additional reporting from Trevor Hunnicutt, Palm Beach, Florida. Editing by Cynthia Osterman.)
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Two things OPEC+ cannot control. Russell: Trump and China imports
Two factors are largely outside the control of OPEC+, and are likely to influence the price of crude in the coming 'weeks. First, whether U.S. president Donald Trump decides to launch a shooting conflict with Iran and whether both sides will be able?to keep oil cargoes flowing and production infrastructure intact. Second, China, which is the world's largest crude importer, will decide whether to ease back on recent imports, given the 16% increase in Brent futures benchmark in January. It was only logical that the eight members with production quotas of OPEC+, given the uncertainty currently gripping the crude oil market, would not make any changes to their policy of production at their Sunday meeting. Eight OPEC+ member countries, who pump around half of the world's crude oil, increased production quotas from April to December 2025 by approximately 2.9 million barrels a day, or roughly 3% global demand. Then, they froze planned increases from January to March 2026 due to seasonal lower consumption. The exporter group is gaining ground in some respects. Prices are rising, but not to the point that they will cause concern about inflation or a slowdown in economic growth for importing countries. Brent crude oil ended the day at $70.69 per barrel, just shy from the six-month peak of $71.89 set the previous day. Media and analyst commentary has also been dominated by the narrative of an oil glut in the market. Instead, the focus is on the reshaping the Venezuelan oil flows after the U.S.-led intervention which led to the capture of President Nicolas Maduro as well as current tensions between Iran and Venezuela. The Iranian situation poses the greatest challenge to OPEC+, since it is not in their interest to see a 'prolonged conflict in the Middle East. Saudi Arabia and other OPEC+ countries can lobby Washington but Trump will likely make his own calculations to determine if he can attack Iran, achieve the goals he wants, and keep oil prices low enough at home to avoid anger from the public and inflation. The risk premium on crude oil will likely remain for the time being until the United States has decided what they are going to do and the possible consequences. CHINA IMPORTS China could reduce its crude imports as a result of the price increase in January. China's arrivals in December reached a record 13,18 million barrels a day (bpd). They are expected to remain robust in January. According to commodity analysts Kpler, seaborne arrivals were 10.4 million, which would need to be increased by about 1 million barrels a day of pipeline imports, for a total of 11.4 million. Brent oil fell to a low of $58.72 per barrel in December 2016, a drop of seven months. China is likely to reduce imports in order to meet its consumption and will not add crude oil to its strategic reserves. China does not disclose flows into or out of strategic and commercial stockpiles. However, it imports far more crude oil than it processes. Add imports and domestic production and subtract refinery processing to calculate China's excess crude. This means that China's surplus crude in 2025 was 1,13 million bpd. While not all this was added to the inventories, this is an indication?that China took advantage of low oil price to absorb much of the anticipated supply surplus. In the past, sharp increases in crude oil prices led to lower imports from China. If this trend continues, it is likely that by April and late March, fewer tankers would arrive at Chinese ports. If China reduces imports by 1 million bpd or more, this would lead to a return of the supply glut talk points. This is especially true if the outcome between the United States, Iran, and other countries does not affect crude shipments, infrastructure, and so on. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Portugal announces $3 billion package for rebuilding after Hurricane Kristin
Luis Montenegro, Portugal's Prime Minister, said that the government of Portugal approved a package of 2.5 billion euros ($3.0 billion), which includes loans and incentives to help people and businesses recover from the destruction caused by Storm Kristin. Authorities said that Storm Kristin, which swept across central mainland Portugal on Wednesday morning, caused damage to homes, factories, infrastructure and even killed six people. Montenegro announced that Banco de Fomento, the country's public bank, will launch a loan program of 1 billion euros to rebuild storm-damaged factory buildings not insured and a 500 million euro financing scheme for them. Montenegro said the public bank Banco?de Fomento will launch a 1?billion euro loan programme to rebuild uninsured storm-damaged factories and?a 500 million euro financing scheme for them to help with their immediate cash flow needs. The remaining 1 billion euro in aid is divided into two categories: a line of financing to help rebuild primary homes that are not insured, covering up to 10,000 euros for each house; and social'security' subsidies to individuals who face?hardships or income losses, up to 537 euro per month per person, or 1,075 euro per family. He stated that due to the "current extraordinary circumstances", all construction work would be exempted from licenses and approvals prior to urban planning, environmental, and administrative approvals. He said, "We will mobilise all of our resources to manage the emergency in a responsible manner, but with hope...once more, we will rebuild Portugal," at a recent press conference. Montenegro announced that the government extended the "states of calamity", declared in 60 hard-hit municipalities, until February 8 amid forecasts for more heavy rains and flooding, despite winds expected to ease. The state of calamity, Portugal's highest civil protection alert for major disasters, allows authorities to mobilize emergency and armed services and to fast-track procurement and limit access to the affected areas without restricting constitutional rights. The companies reported that nearly 180,000 households remained without power on Sunday as the grid operator REN, and distributor E-Redes, scrambled for power restoration. ($1 = 0.8444 euros) (Reporting and editing by Hugh Lawson; Sergio Goncalves)
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India offers 20-year tax holidays to foreign companies using local data centers
India announced on Sunday that foreign companies who use?data?centres in the country for providing services to clients around the world will not be taxed for doing so for at least 20 years. This is to allay fears about possible tax liabilities for the sector. In recent years, scores of data centres were built in India. However, lawyers have told us that foreign companies are concerned that New Delhi may impose a tax on their global income if they use a data centre located in India. In her speech on the 2026-27 budget, Finance Minister Nirmala Sitharaman put to rest these concerns, saying that India would "provide (a tax holiday) until 2047 to any foreign companies who provide 'cloud services' to their global customers by using India data centre services." Vaibhav gupta, partner of tax firm Dhruva Advisors said that the announcement brings clarity to foreign firms and gives stability in their tax position in India until 2047. He noted foreign companies will no longer have to worry about possible taxes on global income if they use a Indian data centre. Google announced in October that it would invest $15 billion into an AI data center project in Andhra Pradesh, while Microsoft and Amazon invested billions in data centres in India. Indian conglomerates such as Adani and Reliance have also invested. Amazon, Microsoft and Google didn't immediately respond to requests for comment regarding the tax measure. Ashwini Vaishnav, IT minister told reporters that data centres would be India's major strength. Aditi Sharma in New Delhi; Dhwani Paandya, Mumbai; Aditya Kahra, New Delhi; Haripriya Suresh in Bengaluru, Sai Ishwar in Bengaluru, Abhirami Ga in Bengaluru, and David Holmes, editing.
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Pope Leo calls on the US and Cuba to engage a sincere dialogue
Pope Leo expressed his concern about the rising tensions between Cuba and the United States on Sunday, and called for a "sincere and effective dialog" to prevent violence and further suffering of the Cuban people. Last week, U.S. president Donald Trump announced that tariffs would be placed on imports of oil from countries that provide Cuba. This is a way to increase the pressure?on Washington's old enemy after ousting Venezuelan leader Nicolas Maduro in January, who was a key ally for Cuba. Trump claimed that the tariff threat was necessary to protect the "U.S. National security and foreign policies from the Cuban regime’s malign actions and policies." Pope Leo stated that he received reports "with great concern", of the?increasing tensions between Cubans and Americans. In comments made after his weekly Angelus Prayer, he joined Cuban Bishops in "urging the responsible to promote a sincere and effective dialog to avoid violence and more suffering for Cubans." Trump said last week that Cuba will fail pretty soon, adding that Venezuela - once the island's largest oil supplier - has not sent money or oil to Cuba in recent times. Cuban Foreign Minister Bruno Rodriguez declared a "international emergency" as a response to the U.S. Tariff Warning, which he described as "an extraordinary and unusual threat." Trump reaffirmed his call for Cuba to negotiate with America on Saturday. He told reporters on Air Force One, en route to Florida: "It does not have to be a crisis of humanitarian proportions." (Reporting and editing by Hugh Lawson; Gianluca Smeraro)
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Pakistani forces kill 145 militants after wave of attacks in two-day battle
Pakistani security forces have killed 145 militants during a 40-hour battle that began after a coordinated series of gun and bomb attacks in Balochistan, which left almost 50 people dead. Insurgents are intensifying attacks on civilians, security forces and infrastructure in this resource-rich region bordering Iran and Afghanistan. Talal Chaudhry, Pakistan's junior minister of interior, said that attackers dressed as civilians walked into hospitals, banks, markets, and schools on Saturday, before opening fire. He said that the militants used civilians as human salves in each of these cases. The Baloch Liberation Army, a banned separatist group, claimed responsibility for these attacks. It said it launched a coordinated operation called Herof or "blackstorm", which targeted security forces across the province. After the attacks, security forces in Quetta, provincial capital, tightened patrols, restricted movement and sealed streets with yellow tape. Sarfraz Bugti, the Chief Minister of Balochistan, said that 17 members of law enforcement and 31 civilians died in militant attacks. Pakistan's army said that 92 militants died on Saturday while 41 were also killed on Friday. "We received intelligence reports that such an operation was planned and, as a consequence, we began pre-operations the day before," said Bugti. Bugti, without mentioning any comparable figures, said that the latest total represents the highest number militants killed within such a short period of time since the insurgency began to intensify. Officials reported that the militant attacks were launched in Quetta, Gwadar and Mastung districts almost simultaneously. Armed men opened fire on security installations, including the Frontier Corps headquarters. They also attempted suicide bombings, and briefly blocked roads in urban areas. This prompted large-scale counter operations by the army and police, as well as counterterrorism units. Jamil Ahmed Mashwani, a private security guard outside a damaged store, said that attackers struck shortly before midday. "They hit me in the face and head." ATTACKS ARE COORDINATED PROVINCE WIDE Balochistan is Pakistan's poorest and largest province. For decades, separatists of ethnic Baloch origin have been leading an insurgency, seeking more autonomy and a greater share of the natural resources. The group claimed to have killed 84 members Pakistani security forces, and captured 18 others. The claim could not be independently verified. The military didn't immediately respond to our request for comment. Pakistan's Defense Minister Khawaja Asif stated that two of the attacks were perpetrated by women and militants are increasingly targeting low-income groups, workers and civilians. The military claimed that security forces had defeated militants' attempts to take control of any strategic installations or cities. CLAIM AND BLAME Pakistan's military said that the attacks were perpetrated by "Indian sponsored militants" on Saturday. India, Pakistan's arch rival, has denied this assertion. Randhir Jaiswal, spokesperson for the Indian Foreign Ministry, said that "we categorically rejected the baseless accusations made by Pakistan". He added that Islamabad instead should address "longstanding demands?of its people?" in the region. U.S. Natalie Baker, Washington's Charge d’Affaires, called the attacks terrorist violence. The U.S. has designated the Balochistan Liberation Army as a terrorist organization. Pakistan has been subjected to periodic attacks from islamist militants in other parts of the country. These include factions that are linked to the Pakistani Taliban. ?
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INDIA BUDGET - India cuts tariffs to boost local manufacturing and US-hit exports
India cut tariffs on a variety of capital goods and raw material on Sunday in an effort to reduce its dependency on China for essential products?for the energy transition, and to lower costs for exporters who have been hit by?U.S. trade policies. Analysts say that customs reform is crucial to India's goal of $1 trillion in goods exports. They argue that lower input costs will help firms integrate with global supply chains, and attract investment away from China. Nirmala Sitharaman, India's Finance Minister, said that India would reduce the duty on capital goods needed to process vital minerals and manufacture lithium-ion batteries. This will help the nation in its energy transition efforts and wean them off China. Sitharaman eliminated tariffs in the annual budget of her country on?sodium antmonate, used to produce solar glass, and monazite - a source for rare earth elements that are used as permanent magnets in electric vehicles. China, which controls 90% of the global processing capacity of magnets used in cars and other clean energy technologies, imposed export restrictions on rare earth magnets during last year's production of EVs. Sitharaman gave up tariffs in order to support the local production of leather, textiles, and marine products. These industries are all export-oriented, but they have been affected by President Donald Trump’s punitive duties on India. Sitharaman said that India would also reduce duties on raw materials used to manufacture parts of aircraft for maintenance and repairs in the defence industry and separately on inputs to the electronics sector. Analysts said the import tariff reductions signaled continuity in trade policy. They also noted that India's duty system was being adjusted to match new trade agreements amid rising protectionism, global uncertainty and geopolitical tensions. The Trump administration has wrought a 'profound change in the global economic order. Prime Minister Narendra Modi’s government made a new bet on the manufacturing sector of the economy. However, its reform plans did not meet expectations. Budget made a special concession to so-called Special Economic Zones that manufacture goods for export to India, due to the unutilised capacity of these zones.
Connecticut trader founded guilty in Petrobras bribery case
A Connecticut oil and gas trader was convicted on Thursday over a nearly eightyear plan to pay off authorities at Brazil's stateowned oil company Petrobras so two Connecticut trading business might win organization, U.S. district attorneys said.
Glenn Oztemel, 65, of Westport, Connecticut, was found guilty by a Bridgeport, Connecticut, jury on all seven counts he faced, including cash laundering, conspiracy and breaching the federal Foreign Corrupt Practices Act.
Oztemel and another offender, Brazilian-Italian oil and gas broker Eduardo Innecco, were implicated of bribing officials to aid Arcadia Fuels and Freepoint Commodities win contracts and learn private details about Petrobras' fuel oil organization.
District attorneys said Oztemel paid more than $1 million in kickbacks that were split in between Petrobras authorities in Brazil and Rodrigo Berkowitz, a Petrobras fuel trader in Houston.
The accuseds allegedly used coded language such as breakfast, breakfast servings and freight deviation to describe allurements and bribe quantities.
District attorneys said the scheme ranged from 2010 to 2018. Oztemel worked at both Arcadia and Freepoint, before retiring in 2020.
We are extremely disappointed in today's decision, Oztemel's. attorney Nelson Boxer said in an e-mail. Glenn has had an. unblemished record for 40 years in the oil industry, and we will. continue to fight to clear Glenn's reputation.
Innecco is waiting for extradition from France to deal with U.S. charges. Oztemel's bro Gary Oztemel pleaded guilty to a. associated money laundering charge in June.
Last December, Freepoint, based in Stamford, Connecticut,. entered a postponed prosecution agreement and consented to pay more. than $98 million to deal with associated U.S. bribery charges.
Brazilian authorities had actually investigated Freepoint staff members. as part of Operation Car Wash, a seven-year examination into. presumed bribery involving Petrobras.
Berkowitz pleaded guilty in February 2019 in Brooklyn to a. money laundering conspiracy charge. He has yet to be sentenced,. court records reveal.
(source: Reuters)