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Landmines and other peace initiatives are being worked on by rival Cypriot parties.
Leaders of Greek and Turkish Cyprus agreed to work together on Wednesday in order to remove landmines and take initiatives in the areas of climate change and the environment. This comes weeks after the U.N. announced the first significant progress in the talks about the future on the divided island in many years. Following a meeting, the United Nations mission to Cyprus released a joint statement by Nikos Christodoulides, the Greek Cypriot Cypriot leader and Ersin Tatar the Turkish Cypriot Cypriot. In a statement, it was revealed that the two communities who live on different sides of Cyprus also intend to create a technical committee in order to deal with youth issues. This is part of a package to build confidence between the two parties. After a short coup inspired by the Greeks, a Turkish invasion split Cyprus in 1974. This was after years of violence between Greek Cypriots and Turkish Cypriots that began almost immediately after Britain's independence in 1960. The island is the main source of disagreements between NATO allies Greece, and Turkey. In a statement, it was stated that the two sides engaged in a "constructive dialogue" about increasing the number civilian crossing points, and plans to build a solar farm within the buffer zone controlled by the U.N. In 2017, the reunification process collapsed and since then, efforts to restart a new peace process have been stagnant. Christodoulides, Tatar and U.N. Secretary General Antonio Guterres met in Geneva for informal discussions two weeks ago. Guterres stated that progress was made for the very first time in many years. The Greek and Turkish Cypriots are still in disagreement over the details of any settlement, despite agreeing on confidence-building measures. Greek Cypriots are in favor of a federation as prescribed by U.N. Resolutions. Turkish Cypriots support a two-state settlement, arguing decades of failed talks have proved that a federal system is unworkable. (Reporting and editing by Alex Richardson; Reporting by Michele Kambas)
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Gold and stocks both rise ahead of Trump’s 'Liberation Day" tariffs
The stock market fell on Wednesday as investors worried about the risk of a global trade war intensifying. In recent weeks, investors have been focused on the new round reciprocal levies which the White House will announce at 2000 GMT on Wednesday. These are expected to go into effect immediately following the announcement. Trump has already imposed duties on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled the markets, with fears growing that a full-blown global trade war may trigger a sharp economic slowdown. The European markets were relatively quiet, with stock prices pointing lower and currencies and bond yields remaining stable. The STOXX 600 European benchmark fell 0.9% in one day. This was mainly due to declines in the pharmaceutical sector, which is a heavyweight. The volatility measures - which are often used as a proxy to measure investor anxiety - have increased, indicating the rush of traders at the last minute to hedge against large price swings in currencies, stocks, and bonds. Daiwa Capital's Chris Scicluna, an economist at the firm, said: "I doubt that what's announced today will be in place nine months from now because we're aware of negotiations." He said that it was difficult to predict the impact of the rate hikes, or any other changes in the stock market, on the economy. Wall Street's benchmark S&P and Nasdaq both ended the session higher, after earlier losing ground. The Dow ended a little lower. Futures on S&P 500 and Nasdaq declined by 0.3-0.4%. Investors hope for clarity and the beginning of the deal-making process. Tariffs are already affecting business sentiment and will likely lead to a drop in global economic activity over the next few months," said Ben Bennett of Legal & General Investment Management, Asia-Pacific Investment Strategist. SOFT DATA Investors are becoming increasingly concerned by signs such as rising prices, a slowing economy and cracks on the labour market. The data showed that U.S. manufacturing shrank in March, after two months of growth. A measure of inflation in the factory gates jumped to its highest level in almost three years due to rising concern over tariffs on imported products. The Labour Department reported on Tuesday that U.S. employment opportunities fell by 194,000 in February to 7.568 millions as tariff uncertainty dampened labour demand. The yield of the benchmark 10-year Treasury bill in the United States was up by 1 basis point to 4,168% after falling to 4,133% on February, its lowest level since April 4. The currency markets were quiet. The dollar fluctuated between $1.2916 and $1.0797. The dollar remained at 149.55 yen. But the focus will be on the tariff details. This is especially true after a report in a major media outlet said that Trump's advisers were considering a plan to raise duties by around 20% on nearly all products, instead of targeting specific countries or products. Chris Weston is the head of research for Pepperstone. He said, "We are heading into Trump's time to shine, with many already having deleveraged in order to run a neutral or flat position on equity, USD (dollar), and Treasuries." Gold, which is seen as a safe haven against economic and political turmoil, has risen 0.5%, to $3.125 per ounce. This is just a little below the record high of Tuesday. Gold is up 19% this year. This follows a gain of 27% in 2024, which was the best performance it had in a decade. Brent futures are down 0.5% at $74.06 per barrel while U.S. Crude Futures are down 0.6% at $70.77 per barrel. (Ankur Banerjee contributed additional reporting from Singapore; editing by Shri Navaratnam, Tomasz Janowski and Ankur Banerjee)
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Italy's business lobby lowers its GDP forecast as U.S. Tariffs loom
Confindustria, the main Italian business lobby, cut its forecast of economic growth for the country on Wednesday. It warned that the looming U.S. tariffs could further deteriorate the outlook. The U.S. president Donald Trump is expected to announce a comprehensive tariff policy later on Wednesday amid concerns among investors, businesses and consumers about escalating trade tensions. Confindustria forecast that Italy's Gross Domestic Product (GDP) would grow by 0.6% in 2018, half of the official government forecast of 1.2% and lower than the 0.9% estimate the association made in October. It was predicted that the GDP would grow to 1% by 2026. The third largest economy in the euro zone expanded modestly by 0.7% both in 2024 and 2023. After stagnating for the third quarter, it managed to grow by 0.1% from the previous quarter in the fourth. Analysts expect little improvement in the short term. Confindustria stated that, while it incorporated tariffs announced by the United States on steel and aluminum and "record levels" of uncertainty on trade policy and referred to as "record-levels of uncertainty", its forecasts did not take into account an escalating war of trade. Confindustria stated that in a worst-case scenario with tariffs of 25% on all imports from the U.S., increasing to 60% in China, as well as retaliatory actions against U.S. exported, Italy's growth in GDP would be reduced to 0.2% by 2025, and to 0.3% by 2026. The group stated that pharmaceuticals, automobiles, and other vehicles, as well as machinery, were the industries most dependent on sales to the U.S. which was Italy's largest export market last year after Germany. Both the International Monetary Fund and Organisation for Economic Cooperation and Development have forecast a 0.7% growth in Italy this year. (Reporting and editing by Gavin Jones, Alvise Armellini)
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EUROPE GAS - Prices down on warmer weather and eyes on Trump tariff plan
The Dutch and British gas price fell on Wednesday morning, as the warmer weather forecasts reduced demand. Meanwhile, the market closely monitors Trump's "Liberation Day tariff plan". LSEG data shows that the Dutch front-month contract fell by 0.54 euros to 42.13 Euro per megawatt hour or $13.34/mmBtu at 0811 GMT. The Dutch day-ahead contracts was down by 0.72 euros at 41.95 Euro/MWh. The British day-ahead contracts was down 0.85 cents at 101.75p/therm. On Wednesday, U.S. president Donald Trump was ready to impose tariffs on all global trading partners. He would likely increase costs and invite retaliation. "Today's market could be volatile, with fundamentals being ignored. Liberation Day concerns could fuel concerns on global markets. Trumps decisions may have a negative impact on the global trade," said LSEG Analyst Wayne Bryan. In Northwest Europe, the forecast for heating demand is lower with an increase in temperatures. LSEG data shows that demand for the next day is down 441 gigawatt hours per day (GWh/d) and for weekends and working days in the coming week, it's down 45GWh/d. After a long and cold winter, Europe is now in the season of gas refilling. Gas storage sites are currently nearly two thirds empty. This is the first time that storage has to be refilled without pipeline gas passing through Ukraine. In a recent research note, Global Risk Management stated that the risk of refilling was at its highest ever level. The first planned major maintenance in Norway this summer will begin today at Nyhamna Gas Processing Plant and run until 7th April. The analysts of Engie EnergyScan wrote in an early morning note that, "Even if Gassco says the summer maintenance schedule will be lighter than in the previous two years, the drop in Norwegian gas flows won't improve the EU's storage situation." The benchmark carbon contract in Europe was 0.01 euros higher at 67.99 euro per metric ton. (Reporting by Marwa Rashed; Editing by Susanna Twdale)
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MUFG names its first sustainability director for EMEA
The bank announced on Wednesday that MUFG, a Japanese bank, has appointed its first Chief Sustainability Officer for Europe, Middle East and Africa to help its clients become more sustainable. Stephen Jennings is a veteran energy and renewables financier with 24 years of experience. He will now be the chief sustainability officer for EMEA in addition to his existing roles as head of EMEA energy structured finance and head of EMEA sustainable business division. The appointment comes just weeks after MUFG resigned from a UN Climate Alliance that helped banks develop policies to reduce their carbon footprint. In recent months, the Net Zero Banking Alliance saw a mass exodus and is now consulting on rules to try to retain its members. A spokesperson from MUFG stated that the bank's commitment to a future of net zero remains unchanged despite its decision. The spokesperson stated that "we aim to contribute towards real-economy carbonisation by providing advice and capital to our clients to help them transition their business models while ensuring the security and stability of the energy supply." Hideaki Takase, group chief strategy officer and sustainability officer, will continue to oversee MUFG’s climate policy. This includes a goal of being carbon neutral by 2050. Jennings is responsible for the development and implementation of MUFG EMEA’s sustainability strategy. He will also help finance clients and provide advice on their energy-transition strategies. He will chair the bank's Sustainability Committee and coordinate with MUFG. The statement stated that Cathryn Kelly will be appointed deputy chief sustainability officer EMEA. She is currently the head of the credit strategy group at the bank. MUFG Group aims to provide 100 trillion yen (668 billion dollars) in sustainable finance by 2030. ($1 = 149.6200yen) (Reporting and editing by Virginia Furness, Leslie Adler, Joe Bavier).
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SSE cuts annual earnings forecast but expects renewables to grow in UK
SSE, a British network operator and power generator, lowered its guidance on earnings per share for the year but kept its long-term profits expectations. It now expects to earn between 155 pence and 160 pence in the fiscal year 2025, compared to its previous guidance of 163 pence to 154 pence. SSE will benefit from Britain's aim to decarbonise the electricity sector by 2030, with a rapid expansion of renewable energy sources, like wind and solar. Major investments in grid connection are also planned. The company plans to invest approximately 3 billion pounds ($3.87billion) this year under its Net Zero Accumulation Programme (NZAP Plus) plan. SSE's renewables production grew by 9.8% in fiscal year 2024 compared to the previous year. SSE anticipates that renewables production will have increased by 17% for the year ending March 31, boosted in part by a capacity increase. This is despite the cold spells and stormy conditions in Britain which have disrupted SSE's distribution network over recent months. SSE, who last week promoted their chief commercial officer to chief executive, has reaffirmed that they will aim to earn between 175 and 200 pences per share in the fiscal year ending on March 31, 2027. $1 = 0.7748 pounds (Reporting and editing by Mrigank Dahniwala, Joe Bavier).
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Junta-ruled Guinea to hold referendum in September as possible step towards democracy
According to a state-television announcement on Tuesday, the military leader of Guinea has set a date for a referendum on constitutional reforms on September 21, 2025. This could be a first step in returning to constitutional democracy. Mamady Doumbouya, who seized power through a coup on September 20, 2021, proposed in 2022 a two-year period of transition before elections. However, he did not organise any vote. Guinea is a producer of bauxite, iron ore, and other minerals. West African countries Where the military has taken control and stopped a return to civil rule. The military authorities set a deadline of December 31, 2024 for the return to civilian governance. The junta may have presented a draft for a new constitution in July 2024, which could allow Doumbouya the opportunity to take part in the next presidential elections. Authorities said that a referendum would precede any elections and the return to constitutional rule. Guinea's former two ruling parties have been suspended. The Union of Democratic Forces of Guinea, another major opposition group, has also been put under surveillance. Saliou Samba, Portia Crowe, and Ros Russell edited the report.
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Dealers say that India's palm oil imports in March rose but remained below normal levels.
Five dealers report that India's imports of palm oil in March were up from the previous months, but they remained below the normal level for the fourth month running. The premium it commands over soyoil has prompted refiners and buyers to increase their soyoil purchases. India's lower-than-normal imports of palm oil, the world’s largest buyer of vegetable oil, could put pressure on Malaysian palm prices and support U.S. soybean oil futures. According to estimates by dealers, palm oil imports rose 13.2% in March to 423,000 metric tonnes. Dealers had anticipated that imports would exceed 500,000 tons in March. The Solvent Extractors' Association of India said that India imported more than 750,000 tonnes of palm oil per month on average during the marketing period ending in October 2024. It will publish its March import figures by mid-April. "Palm Oil has been more costly than soyoil in the last few months and it is reducing core demand," Rajesh Patel said, a managing partner of GGN Research, a trader of edible oils. Dealers reported that soyoil imports in march increased by 24%, to 352,000 tons, month-on-month. Meanwhile, sunflower oil imports dropped 15.5%, to 193,000 tons, the lowest since six months. Dealers estimate that the increase in palm oil and soybean oil shipments boosted the country's edible oil imports to 968, 000 tons. This represents a 9.3% rise from the previous month when imports fell to a 4-year low. "Palm Oil has held a premium to soyoil even for shipments during April and May." Sandeep Bajoria is the CEO of Sunvin Group and a vegetable oil broker. He said that palm oil imports will be below 500,000 tonnes in April. Bajoria stated that imports are expected to increase from May, and a significant rise is anticipated in July, when palm oil will be competitive with soyoil. India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine.
Drones from Ukraine target Russian energy plants
On Wednesday, Russia accused Ukraine of trying to sabotage the 30-day moratorium against striking each other's infrastructure. This came a day after Russian president Vladimir Putin and U.S. president Donald Trump agreed on such a temporary stop.
Ukraine also accepted the proposal for a moratorium, but claimed that Russia knocked out electricity to some of their railways as well as hospitals and homes on Wednesday. Moscow claimed that a Ukrainian drone hit an oil depot located in southern Russia.
Russia has repeatedly cut off Ukraine's power grid during the three-year conflict, causing frequent blackouts. Ukraine has responded with drone attacks against Russian oil refineries, gas stations, and ports that are used to export oil and natural gas.
The following is a list with the key Russian energy sites that Ukraine has targeted this year, and their consequences.
IMPACT
According to estimates, the Ukrainian attacks in the first quarter of this year knocked down 3.3 million metric tonnes - or 4 % - of Russia’s total oil refinery capacity.
According to calculations based upon data from industry sources, the offline primary oil refinery capacity of Russia in March has been revised up by 49.7% compared to what was initially planned for this month. The new figure is 2.96 million tonnes.
KRASNODAR
According to regional authorities in Russia, a drone attack by Ukraine caused a fire near the village Kavkazskaya located in the Krasnodar Region. The facility is a vital link that allows Russian crude oil to enter the Caspian Pipeline Consortium (CPC) pipeline.
TUAPSE
The fire was put out on March 17 after a drone attack by Ukraine on the Tuapse Rosneft refinery in Krasnodar on March 14.
The Tuapse export-oriented plant processes 240,000 barrels of oil per day and supplies high-sulfur diesel, naphtha and fuel oil mainly to China.
KIRISHI
During a major drone attack by Ukraine on 8 March, falling debris damaged a tank at Russia's Kirishi Oil Refinery, which is one of the largest in the country. According to several sources, the refinery didn't suspend operations following the incident.
Kirishi refinery is responsible for producing 2.3 million tonnes of gasoline or 5.3% of the total amount of fuel in Russia. According to industry sources, it also produces 7.6% percent of the country's fuel oil, 16.3% percent of its diesel fuel and 3.4% percent of its aviation fuel.
RYAZAN
Rosneft, the owner and operator of Russia's Ryazan refinery, has suspended its operations following an attack on 24 January by Ukrainian drones. On February 11, the refinery resumed some oil processing and loading motor fuels into railway tanks. However, it suspended operations again on February 24, after another drone attack.
The refinery's storage tanks had been damaged and set on fire.
According to industry sources, the plant with a capacity installed of 350,000 bpd refines around 12.7 million tonnes of Russian crude per year (around 317,000bpd), which is 5.8% of Russia’s total refined crude.
According to data based on sources, in 2024 it will produce 2.2 millions tons of gasoline and 3.4 millions tons of diesel. It will also produce 4.3 million tonnes of fuel oil, 1 million tons jet fuel.
SARATOV
After drone attacks by Ukraine on February 11, a Rosneft owned oil refinery in southern Russian Saratov has suspended fuel production.
In 2024, the Saratov refinery will have processed 5,8 million tons (116,160 barges per day), which is equivalent to 2,2% of Russia’s total refining output.
SYZRAN
On March 4, an attack was launched against the Syzran oil refinery owned by Rosneft.
In 2024, the Syzran refinery will process 4.3 million tons of oil (86.000 barley per day).
ASTRAKHAN GAS PROCESSING PLANT
Gazprom's Astrakhan gas processing plant was attacked twice in February and March.
Around 8,340 tons of condensate gas can be processed per day at the plant. In 2023, the plant will produce 703,000 tons gasoline (1.6% of Russia's total), 492,000 tons diesel (0.6%), and 299,000 tonnes of fuel oil (0.7%).
VOLGOGRAD
The Volgograd refinery owned by Russia’s second largest oil producer, Lukoil was repeatedly targeted by Ukrainian drones in January, and then again on February 3,
The plant can produce around 300,000 barrels of oil per day. The Volgograd refinery will process 13.508 millions metric tons of crude oil in 2023, which is 4.9% of all Russian refineries.
SIBUR-KSTOVO
Sibur, a Russian petrochemicals company, announced on January 29, that the suspension of shipments from its Kstovo facility was due to a drone attack in Ukraine.
The company produces 770,000 tonnes of olefins per year and 130,000 tonnes of aromatic compounds.
(source: Reuters)