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Iron ore prices fall as concerns about disruptions in Australian supply ease
Iron ore futures in Dalian fell for the sixth time on Monday, as concerns over supply disruptions subsided after the Australian hub port resumed operations after a cyclone alert. As of 0258 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange was trading 0.33% lower. It was 762.5 Yuan ($109.98). The benchmark March ore traded on the Singapore Exchange rose 0.72% to $99.75 per ton. Singapore's benchmark dropped below $100 per ton, as the demand in China slowed before the Lunar New Year holiday. Data from Steelhome, released on 6 February, showed that iron ore inventories at major Chinese ports increased by 0.58%. Portside stocks have been increasing in recent weeks, as the industry moves into the seasonal shutdown phase. The operator of Western Australia's Port Hedland said that the 'world's largest iron-ore export hub' resumed its operations at 12 noon on Sunday, after it was cleared by Friday as Tropical Cyclone Mitchell developed near the coasts of the resource rich Pilbara region. A report from ANZ Research on Monday said that this is the first major cyclone disruption in Pilbara for 2018. This follows a particularly active cyclone period between 2024 and 2025. The 'Port of Port Hedland' has resumed its operations. However, Ashburton and the other ports in the Pilbara region, such as Cape Preston West, Dampier and Varanus Island, remain closed. An alert will be sent out once it is safe for them to reopen. After six cities issued air pollution alerts on February 8, the Hebei region, China's main steel-making region, has sparked concerns over production?cuts that will further reduce feedstock demand. Coking coal and coke, which are both used in steelmaking, fell by 0.87% and 1.10%, respectively. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Hot-rolled coils softened by 0.49% and stainless steel by 0.74%. Wire rod, meanwhile, hardened by 0.18%. $1 = 6.9333 Yuan (Reporting and editing by Rashmi aich; Ruth Chai)
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Oil prices drop as US and Iran commit to continuing talks
The oil prices dropped on Monday, after the U.S. &?Iran committed to continuing talks about the Middle Eastern producer’s nuclear 'programme. This eased concerns over a potential conflict that could disrupt the supply from the area. Brent crude futures dropped 49 cents or 0.72% to $67.56 per barrel at 0134 GMT, after closing up 50 cents Friday. U.S. West Texas Intermediate Crude was $63.13 per barrel, down by 42 cents or 0.66% after a 26-cent increase at Friday's settlement. Tony Sycamore, IG's market analyst, said that crude oil prices have eased a bit in early trading this week. The market is relived by the positive outcome of the U.S. and Iran nuclear talks?in Oman. The immediate fear of disruptions to supply in the Middle East has been reduced quite a lot with more talks at the horizon. Iran and the U.S. have pledged to continue indirect nuclear talks after what both sides described as positive discussions on Friday in Oman despite differences. This allayed fears that failure to reach an agreement could push the Middle East closer to war, as the U.S. had positioned more forces in the region. Investors worry about disruptions in supply coming from Iran and regional producers, as about a fifth of global oil consumption passes through the Strait of Hormuz. Last week, both benchmarks declined by more than 2% on the back of a lowering of tensions. This was their first drop in seven weeks. Tehran's Foreign Minister said that Tehran will not be a threat to the United States. Strike U.S. bases If U.S. forces attack the Middle East, it shows that the threat of war is still present. Investors continue to struggle with the efforts to reduce Russian oil exports to pay for its war against Ukraine. On Friday, the European Commission proposed a Ban on sweeping Any services that support the seaborne crude oil imports of Russia. India's refiners, once the largest buyers of Russian seaborne crude oil, are now a growing market. avoiding purchases Refining and Trade sources said that they expect to avoid such trades until April, and this could help New Delhi sign a trade agreement with Washington. Baker Hughes reported Friday that U.S. Energy firms added more capacity last week, a sign of rising energy prices. Oil and Natural Gas Rigs For the first time in November, it was a third consecutive week.
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Three people are killed and a Catholic priest is abducted by gunmen in Northern Nigeria
Church and police sources confirmed that gunmen attacked the residence of a Catholic priest in Kaduna, a northern Nigerian state early Sunday morning. They killed three people as well as abducted several others. The?assault on Saturday in Kauru District highlights the persistent insecurity of the region. It came just days after security forces rescued all 166 worshippers who were abducted by gunmen in attacks against two churches in Kaduna. These attacks have attracted the attention of U.S. president Donald Trump who has accused Nigeria's government, Abuja, of failing to protect Christians. U.S. troops struck what they 'described as terrorist targets' in northwestern Nigeria, on December 25, The Catholic Diocese Kafanchan has named the abducted clergyman Nathaniel Asuwaye. He is the parish priest at Holy Trinity Catholic Church, Karku. They also said that 10 other people were taken. The diocese released a statement saying that three residents were killed in the attack. It began at about 3:20 am (0220 GMT). The Kaduna Police spokesperson confirmed the incident. He said that five people were abducted and three of them died. He said that security agents had exchanged gunfire and killed some bandits. Unfortunately, two soldiers?and one police officer died. Amnesty International, a rights group, said that Nigeria's security situation was "increasingly out of control" in a Sunday statement. Amnesty International accused the Nigerian government of "gross negligence" and failing to protect civilians as gunmen terrorised, killed and abducted rural communities in several northern states. No one from the White House could be reached immediately for comment. Pope Leo expressed his solidarity with victims of recent Nigerian attacks during his weekly address in St. Peter's Square. Leo stated, "I hope the competent authorities continue to act with a determination to ensure security and protection for every citizen's lives." (Reporting Ado Hazzard and Hamza Ibrahm; Additional reporting Crispian Balmer, Rome; Writing Ben Ezeamalu and Editing Emelia Sithole Matarise and Helen Popper).
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Angola wants to own 20%-30% of De Beers, a senior official has said
Angola wants to take a 20-30% stake in Anglo American’s diamond unit De Beers. This proposal is being discussed with African countries that produce diamonds, according to a senior official of the Angola mining ministry. Anglo has put De Beers up for sale amid the falling prices of diamonds and the rise of synthetic diamonds. Angola made a bid in October 2025 for a majority share in?De Beers, although it originally sought a minor stake. Paulo Tanganha is the national director of minerals for Angola. He said at the African mining conference held in Cape Town that "taking the majority stake in luxury commodities is very risky because it depends on market." To de-risk this, we need to have a portion of the?economy that is sustainable. We are pleased that the range is between 20-30%. NEIGHBOURS ARE HOLDING CLOSED DOOR?TALKS Angola’s bid to acquire a majority stake of De Beers has set up the country for a possible bidding war against Botswana. Botswana owns 15% and said that it is working towards acquiring a majority stake. Tanganha stated that discussions were ongoing behind closed doors between Botswana and Angola as well as Namibia and South Africa in order to find a consensus on the benefits each country could gain from owning a stake in De Beers. However, no agreement has yet been reached. "There's a saying that says: Together we are stronger. We are doing this. If my neighbour suffers, then I too will suffer. We have to fight as a unit and be united," Tanganha explained. Tanganha stated that the government of Angola would purchase the De Beers stake from the state-owned diamond mining company Endiama as well as its national diamond trading firm Sodiam. Tanganha has not disclosed how Angola will fund the acquisition of De?Beers shares but stated that the country has many sources for funding. Anglo announced on Thursday that it would be reviewing the value and future of De Beers' diamond business, after the production of rough diamonds for 2025 dropped. De Beers and Endiama's joint Angolan venture discovered a new cluster of kimberlite in the country last year. This was the first discovery made in over 30 years, proving the promise that the country holds in terms of geology. Kimberlite, a rare type of rock where diamonds can be found, is the most common. (Writing and editing by Helen Popper; Olivia Kumwenda Mtambo)
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Three people are killed and a Catholic priest is abducted by gunmen in Northern Nigeria
Church and police sources reported that gunmen attacked the residence of a Catholic priest in Kaduna, northern Nigeria. They killed three people during an attack early Sunday morning and kidnapped several others. The attack on a church in Kaduna's?Kauru?district, which occurred Saturday, highlights the persistent insecurity of the region. Days earlier security services had rescued all 166 worshippers who were abducted by gunmen in two other churches. In a statement, the Catholic Diocese Kafanchan identified the kidnapped priest as?Nathaniel Asuwaye Parish Priest of Holy Trinity Catholic Church Karku. Donald Trump has been dragged into the debate by the attacks in the'region. He accused the Nigerian government of failing to protect Christians. Abuja strongly denies this charge. U.S. forces attacked what they called terrorist targets in the?northwestern Nigerian on December 25, Amnesty International, a rights group, said in a statement released on Sunday that Nigeria's security crisis is "increasingly out of control". Amnesty International accused the Nigerian government of "gross negligence" and failing to protect civilians, as gunmen terrorised rural communities in several northern states including Kaduna. The diocese confirmed that 10 people, including the priest, were also abducted. It added?that 3 residents were killed in the attack which began around 3:20 am (0220 GMT). Kaduna Police spokesperson confirmed the incident but provided a different count of abducted people. The spokesperson stated that "five people, including the chief pastor, were kidnapped." He said that police and soldiers pursued and cordoned-off the area. He said that security agents had exchanged gunfire with bandits and killed some, but unfortunately, two soldiers and one police officer were also killed in the process. Reporting by Ado hazzard, Hamza ibrahm and Ahmed Kingimi. Writing by Ben Ezeamalu. Editing by Emelia sithole-matarise and Helen Popper.
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South African regulator: Eskom may increase its charges beyond what was previously approved
South Africa's Energy Regulator said that after recognizing errors in earlier calculations, it had granted Eskom a larger increase on its electricity rates for the next two years than originally set. Eskom prices will rise by 8.76% this April and 8.83% next April, instead of the?5.36% or 6.19% that were previously announced. Eskom's financial stability and customer affordability were balanced by the revised tariff increases, it was added. Eskom, the former monopoly which still supplies the majority of electricity to Africa's largest economy, has been mired in a financial crisis since years. It blames this partly on Nersa tariff decisions. The utility's first profit in 8 years was achieved last year thanks to a government bailout that lasted for several years and the sharp improvement in performance of the coal-fired power plants. Nersa, after first setting rates in January 2025, admitted to errors in the calculation of Eskom's tariffs from 2025/26 through?2027/28 and reached an agreement with Eskom in August. In December, the high court rejected the settlement. It ordered Nersa make a new determination about Eskom's tariffs based on public submissions. (Reporting and editing by Cynthia Osterman; Alexander Winning)
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Takaichi, Japan's Iron Lady, wins stunning election victory
The coalition of Japanese Prime Minister Sanae Takaichi won a historic victory in Sunday's election, clearing the way for tax cuts promised that have shocked financial markets and military expenditures aimed at combating China. It was projected that Takaichi's Liberal Democratic Party would win 328 out of 465 seats at the lower house of parliament. She is Japan's first woman leader and says she's inspired by Britain's 'Iron Lady' Margaret Thatcher. In less than two-hours after the polls closed, the LDP was able to pass 233 of the seats required for a majority. This is one of their best election results ever. Takaichi, with her coalition partner the Japan Innovation Party (also known as Ishin), now has a supermajority, or two-thirds, of the seats. This allows her to pass legislation, as she is able to override upper chambers, which she doesn't control. Winter Elections Bring a Blizzard of Votes Takaichi said in a TV interview that the election had involved major policy changes, including a shift in fiscal and economic policy as well as a strengthening of security policy. "These policies have attracted a lot of opposition." We must be able to tackle these issues with our full strength if we are to receive the support of the public. Takaichi (64), called for the unusual winter snap elections to capitalize on her high personal approval ratings after she was elevated as leader of the LDP, which has been in power since late last year. Her straight-talking and hardworking image has drawn voters, but her nationalistic tendencies?and focus on security have caused tensions with Japan's powerful neighbor China. Meanwhile, her promises of tax reductions have rattled the financial markets. Residents had to walk through the snow to vote. In some areas, there was a record amount of snowfall that slowed traffic and forced some polling booths to close early. This was only the third election to be held in February since World War II. Elections are usually called during warmer months. Kazushige, a 54-year-old teacher from Uonuma, in the mountains of Niigata Prefecture, braved temperatures below freezing and deep snow in order to vote for Takaichi's Liberal Democratic Party. Cho said, "It's like she is creating a feeling of direction. It feels like the country is moving forward and pulling together." Investors are worried about Takaichi’s promise during the election to suspend the 8% food sales tax to help families cope with rising costs. Takaichi announced on Sunday that she would accelerate the consideration of a sales tax reduction while focusing on fiscal stability. "Her plans to cut the consumption tax raise big questions about funding and the way she will do the math," said Chris Scicluna of Daiwa Capital Markets Europe, a London-based research firm. CHINA BASHES TRUMP FOR BACKING BACKERS. Yoshinobu tsutsui is the head of Japan's leading business lobby Keidanren. He welcomed Takaichi’s victory as a return to political stability. He said that Japan's economy was at a crucial juncture in terms of achieving strong and sustainable growth. Shigeru Imaba, Takaichi Takaichi’s predecessor, lost control of both chambers in the elections held over the last?15 month. Takaichi was able to change the fortunes of his party by appealing to younger voters. Sanae has sparked "sanakatsu", which is roughly translated as "Sanaemania". The pink pen she uses to scribble notes in the parliament and her handbag are in high demand. Last week, U.S. president Donald Trump gave Takaichi "total support" and announced that he would be hosting her at the White House in a month. China will also parse the results. Takaichi, weeks after taking office in Tokyo, sparked the largest dispute with Beijing since over a decade when he publicly outlined how Tokyo would respond to an attack by China on Taiwan, a democratic island that is claimed?by China. China has responded by taking several countermeasures. One of them is advising its citizens to avoid Japan. Taiwan's President Lai Ching Te was among the first foreign leaders who congratulated Takaichi. He said he hoped that her victory "would bring a more prosperous future to Japan and its partner countries in the region". Takaichi’s strong mandate may accelerate her plans to strengthen Japan’s defences. This could further enrage Beijing, who has portrayed her as trying to revive the militaristic past of China. Shinjiro Koizumi, Japan's defense minister, told television stations in the evening of Sunday that he would continue to pursue policies to enhance Japan's defense while also pursuing dialogues with China. David Boling is the principal of Asia Group, an advisory firm for companies that deals with geopolitical risks. "China must now face the fact that she has firmly established herself -- and that all of its attempts to isolate her have failed." Reporting by John Geddie and Tim Kelly; Editing by William Mallard, Kevin Liffey, Kantaro Kim, Chang-Ran, Kim and Tom Bateman.
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Three off-piste skiers die in an avalanche in Italy in the Winter Olympics region
The Alpine Rescue Service reported that three people were killed by avalanches while skiing off-piste on Saturday in the mountains of Trentino Alto Adige, and?Lombardy. These are two regions which include some of the venues for the Milano Cortina?Winter?Games. Two avalanches have hit the Marmolada region in the Dolomites. This is not far from Cortina d'Ampezzo, where the women's Alpine ski competitions are being held. The Alpine Rescue Service said that they recovered the body a man who went off-piste at Punta Rocca. This is a 3,300 metre peak in the Marmolada mountain range, the highest mountain of the Dolomites. The service said the man was buried under snow, after causing an avalanche. His three companions had immediately begun the search with the help of other skiers until rescuers arrived. Two more off-piste skiing deaths occurred in Albosaggia. This village is located in the lower Valtellina Valley, about 65 km (40 miles) east of Bormio where the men's Alpine ski competitions are taking place. The Alpine Rescue Service said that it has not yet confirmed a fourth potential victim in Trentino Alto Adige where local media reported that a person injured in an earlier avalanche had died in hospital. Heavy snowfall in the Alps over recent days has led to several avalanches. Two Finnish skiers were killed by an avalanche earlier this week in Trentino Alto Adige. AINEVA is the Italian snow and avalanche risk?association. It is part of European Avalanche Warning Services. AINEVA has flagged an increased risk of avalanches on Sunday. AINEVA's website reported that the fresh snow and moderate wind have created slabs which could be displaced by a single winter sports enthusiast. Reporting by Valentina Z; Editing by Alison Williams
Australian business profits' decrease to accelerate this year, says UBS
Australian companies will likely post a steeper drop in profit this year than they did in 2015, as they struggle to match the 'abnormally high' earnings since the COVID19 pandemic, UBS stated on Tuesday.
The revenues at companies listed on the benchmark S&P ASX 200 index are most likely to decline 3.5% in fiscal 2024, steeper than the 2.9% decline in 2015, the brokerage estimated.
Agreement experts anticipate earnings to fall again this year as business continue to come off the high earnings base they set through the COVID years, UBS analysts wrote in a note.
Mining giant Rio Tinto is set to kick off the revenues season on July 31, while other bellwether stocks such as BHP Group and Fortescue will report during the last week of August.
UBS anticipates the biggest drag to come from the heavyweight banking, consumer staples and merchants sectors as they come off last year's profits peak.
The leaders, states UBS, are likely to emerge among insurers, due to improved profitability, and business with U.S. exposure, who must gain from a weaker Australian dollar.
The ASX 200 has risen 4.7% up until now this year and struck a record high in mid-July. It increased 7.8% over the entire of 2023.
UBS, however, stated that due to the stretched assessments of the business, broad-based share price upside will not be easy through this results season.
It said that the business projections for the rest of this will be crucial to setting the scene for stocks for the next six months.
(source: Reuters)