Latest News
-
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.
-
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.
-
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 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 Changes in the way we think about change To retain its members, the organization has made changes to its rules. 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 the year 2050. Jennings is responsible for the development and implementation of MUFG EMEA’s sustainability strategy. He will also help finance clients’ energy transition strategies and provide advice to them. He will chair the bank's Sustainability Committee and coordinate with the MUFG group. 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 in sustainable finance by 2030.
-
Stocks tread carefully as Trump's tariff plans approach
Asian stocks sank on Wednesday as investors worried about escalating global trade tensions and awaited the details of U.S. president Donald Trump's proposed tariffs. In recent weeks, investors have been focused on a new round of reciprocal taxes that Trump is expected to announce at 2000 GMT on Wednesday. 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. European futures showed a subdued opening, with STOXX Futures down 0.27% while Germany's DAX Futures were 0.24% lower. After a turbulent session in the United States, Asian stocks were unable to find direction. Japan's Nikkei index was up by 0.25% at the end of the session after it had hit its lowest level since early September. South Korea's benchmark stock index fell 0.6%. Wall Street's benchmark S&P and Nasdaq both ended the session higher, after earlier losing ground. The Dow ended a little lower. Ben Bennett, Asia-Pacific Investment Strategist at Legal & General Investment Management said: "Nervousness has become the dominant emotion right now." Investors hope for clarity and the beginning of a deal-making phase. Tariffs are already impacting business sentiment and will likely lead to a drop in global economic activity over the next few months. Hong Kong's Hang Seng index was barely changed, but China's blue chip index rose 0.14%. Vasu Menon is the managing director for investment strategy at OCBC. He said: "Trump called April 2, 'Liberation Day,' but it's unlikely that investors will be truly liberated from tariff uncertainty." This possibility will likely continue to make investors nervous. 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 on the benchmark 10-year Treasury bill in the United States was 4.197% during Asian hours, having fallen to 4.133% Tuesday. This is its lowest level since February 4. Currency markets were quiet, with most pairs trading within tight ranges. The euro remained at $1.0792 while the sterling traded at $1.29175. The yen was slightly weaker, at 149.92 dollars per yen. George Boubouras is the head of research for K2 Asset Management. He says that investors should look past the noise to gauge the landscape of the second half 2025 "when the US will launch their next phase policies, which will include tax cuts and deregulation." But the focus will be on tariff details. This is especially true after a report in the media said that Trump's advisers were considering a plan to raise duties by around 20% on products from almost every country rather than target certain countries or specific products. "We are now in the midst of Trump's time to shine, with many already having deleveraged their positions to be as neutral or flat as possible on equity, USD (dollar), and Treasuries." Chris Weston is the head of research for Pepperstone. Gold, which is seen as a safe haven against economic and political turmoil, was well-priced at $3,116.96 an ounce. This price, while up by 0.2%, was still just below the record set in the previous session. Gold is up 19% this year. This follows a gain of 27% in 2024, which was the best performance it had in over a decade. As traders waited for tariff news, oil prices remained steady. Brent futures were barely changed at $74.45 per barrel while U.S. West Texas Intermediate Crude futures were $71.21 a barrel.
-
London copper prices rise; caution before US reciprocal tariffs cap gains
The copper price in London increased on Wednesday. However, gains were limited as investors awaited the details of reciprocal duties from U.S. president Donald Trump. As of 0336 GMT, the benchmark three-month price for copper at the London Metal Exchange rose by 0.5%, to $9,736 a metric ton. Trump announced on Sunday that his reciprocal tariffs would apply to all countries. He will announce the tariffs at 20:00 GMT. A base metals trader stated that "we sense a risk off sentiment because of the looming uncertainty ahead of Trump’s reciprocal tariffs announcement later today." Caixin/S&P Global Manufacturing PMI, released on Tuesday, rose to 51.2 from 50.8 in Feburary, indicating growth in manufacturing in spite of potential threats from an escalating U.S. Trade War. Tin on the Shanghai Futures Exchange has outperformed the base metals markets, increasing 4.3% to 298660 yuan (40404.17 USD) because of fears about supply disruptions following an earthquake that occurred in tin rich Myanmar last Friday. In a recent note, Chaos Research stated that the earthquake had affected the market's expectations of the resumption tin-mining in the country. If the mining area collapsed it is likely that there will not be a return to Wa State in this year. Wa State in Myanmar had previously considered allowing mining in the tin rich region to resume. Myanmar is the third largest tin producer in the world and the dominant supplier of tin to China. Other metals include LME aluminium, which fell 0.2%, to $2.501 per ton. Lead rose 0.2%, to $1.996, Zinc added 0.1%, to $2.825, Tin gained 1.9%, to $38,205, and Nickel was flat, at $16,110 per ton. Lead fell 0.2% to 17.325 yuan and SHFE copper increased 0.3%. Nickel rose 0.7% at 129,530.
-
Markets await new US tariffs
The oil prices were stable in a thinly traded session on Wednesday, after dropping in the previous trading session. This was due to concerns that new U.S. Tariffs, which are set to be announced at 2000 GMT on Thursday, could deepen a trade war globally and limit crude demand. Brent futures rose 1 cent to $74.50 per barrel at 0346 GMT, after falling 0.4% on the previous day. U.S. West Texas Intermediate Crude Futures gained 3 cents to reach $71.23 following a 0.4% drop. Prices reached their highest level in five weeks Monday. The White House confirmed Tuesday that President Donald Trump would impose new trade barriers on Wednesday. However, it did not provide any details on the size or scope of these trade barriers. Oil prices have been stable since March as the markets wait for clarity about Trump's plans to implement universal tariffs ahead of "Liberation Day". The low trading volumes on the oil market show that there are growing concerns over these tariffs despite positive demand signals coming from mainland China, said Phillip Nova's Senior Market Analyst Priyanka Sahdeva. At 0353 GMT on the LSEG platform, ICE data showed that Brent trading volumes for June were 8,550 lots, compared to 672,617 open interest lots for the same period. Trump has been promoting April 2 as "Liberation Day" for weeks. This would mean new duties which could shake up the global trading system. The White House will make an announcement at 4 pm. ET (2000 GMT). "The (tariff) announcement could impact prices either to the upside or the down, although the balance of risk lies to the downside, given that weaker-than-expected tariff measures are unlikely to drive a significant rally in Brent, while stronger-than-expected measures could trigger a substantial selloff," BMI analysts said in a note. Trump's threats to impose secondary duties on Russian oil and his Monday escalation of sanctions against Iran as part of the "maximum-pressure" campaign by his administration to reduce its exports offset any declines. Janiv Shah, vice president for commodity markets at Rystad Energy, said that if tariffs were successful in enabling a ceasefire between Russia and Ukraine, these punitive actions could be short lived. Tariffs would likely have a positive impact on crude oil, but a negative effect on products. "Oil prices are still low, and we're waiting for an official response from the major importers on the new tariffs." The U.S. fuel and oil inventories paint a mixed picture of supply and demand for the world's largest producer and consumer. According to sources citing the American Petroleum Institute, crude oil stocks in the United States increased by 6 million barrels during the week ending March 28. The sources reported that gasoline inventories fell by 1.6m barrels while distillate stocks dropped by 11,000 barrels. The Energy Information Administration is expected to release official crude oil inventories in the United States later today. Reporting by Laila K. Kearney and Trixie Yap, both in New York; editing by Christian Schmollinger & Muralikumar A. Anantharaman
-
Denmark Prime Minister to Visit Greenland As Trump Applies Pressure
Denmark's Prime Minister will visit semiautonomous Greenland for talks on Wednesday with the territory’s incoming Government, after U.S. president Donald Trump repeatedly expressed his interest in controlling this Arctic island. Mette Frederiksen starts her three-day journey less than a month after the visit by U.S. vice president JD Vance to the territory was met with a cold reception by authorities in Denmark. Greenland’s incoming prime minister Jens-Frederik Nielson, who won the general elections last month and will form a government coalition, said that he welcomed Frederiksen’s visit, declaring on Monday, that Denmark remains “Greenland’s closest partner”. The relationship between Greenland, Denmark and the United Kingdom has been strained since recent revelations of colonial mistreatment of Greenlanders. Denmark has been prompted to work faster to improve relations with Greenland because of Trump's interest to control the island. This is part of an international competition to gain influence in the Arctic. Nielsen said late on Monday night that Greenland will strengthen its ties to Denmark until they can fulfill their ultimate desire of becoming a sovereign country. He said that Greenland wants to build a respectful relationship between the United States and Greenland. "Talking of annexation, and talking about Greenland acquisition without respecting sovereignty is not being respectful. Let's begin by showing respect to each other, and then build a strong partnership in all areas," he said. During his visit to a U.S. military base in northern Greenland on Friday, Vance accused Denmark of not doing a good job of keeping the island safe and suggested the United States would better protect the strategically-located territory. Vance's description about Denmark was "unfair" according to Frederiksen. He said that it was up to Greenland's people to decide on their future. Greenland is a country of 57,000 people, and a majority support independence from Denmark. However, many are concerned that Greenland may suffer if it seeks independence too soon, as they fear the U.S. could gain more influence over Greenland. (Reporting by Tom Little in Nuuk, Louise Breusch Rasmussen and Stine Jacobsen in Copenhagen, editing by William Maclean)
-
India's NTPC is looking for global partners to help build 15 GW of nuclear reactors
NTPC is India's largest power producer and it has issued a tender to find global partners for the construction of large nuclear reactors. The capacity will be around 15 gigawatts combined. This is the first significant tender since India opened up this highly-protected industry. The tender stated that the state-run company which runs primarily coal-fired power plants is seeking partners to assist in setting up nuclear power plants based on pressurized-water reactor technology and to commit to a life-time supply of nuclear fuel. The partner must have the approval of the relevant authorities in their country and comply with Indian policy, including having a or obtaining a license for technology offered, NTPC stated in its tender published last Thursday. The Atomic Energy Act of India of 1962 prohibits private investment in nuclear power plants. Meanwhile, the Civil Liability for Nuclear Damage Act of 2010 imposes strict liability on foreign firms like GE and Westinghouse. In early February, India announced that it would amend its Nuclear Liability Law to encourage foreign and private investment. The state-run Nuclear Power Corp of India currently operates the nearly 8 GW of capacity in the country, and aims to increase that to 20 GW before 2032. India aims to reach at least 100 GW in nuclear power by 2047. NTPC plans to build 30 GW over the next 20 years at a cost $62 billion. This was reported in February. Sethuraman N.R., Savio D.Souza (reporting)
After Northvolt, Europe's battery hopes rely heavily on China
Northvolt's. monetary collapse has actually not totally crushed Europe's dream of. establishing its own electric car batteries but satisfying it. is likely to require Chinese cash and knowledge.
InoBat CEO Marian Bocek's Slovakian start-up had to work. hard to secure financing till China's fifth-largest battery maker. Gotion bought a 25% stake last year and formed a. joint endeavor with InoBat to construct European gigafactories.
On Friday, InoBat revealed 100 million euros ($ 104 million). in Series C financing, taking its total raised to well over 400. million euros.
Coming simply weeks after Northvolt's failure, the investment. shows European EV battery projects can still raise cash.
However rather of an independent European industry, the standard in. future might be joint endeavors that likewise rely on China's. low-margin EV battery dominance, according to interviews with a. dozen executives, financiers and analysts.
They pointed out the Gotion-InoBat Batteries (GIB) tie-up and a. offer revealed recently between Stellantis and CATL .
Battery startups are just not the flavour of the month,. said Lacie Midgely, a research study analyst at UK investment bank. Panmure Liberum. Institutional investors are trying to find. strategic investors before they'll get on board.
In 2023, Hefei-based Gotion had around 150 gigawatt hours. ( GWh) of small battery capacity, enough to produce batteries. for between 1.5 million and 2 million automobiles.
Morningstar analyst Vincent Sun forecasts it should strike 270. GWh in 2025 - dwarfing Europe's existing capability.
It made a big distinction that InoBat has a partner like. Gotion on board, said Vikram Gourineni, executive director at. Indian battery maker Amara Raja, a lead investor in. InoBat's Series C round. Amara Raja likewise took part in. InoBat's Series B round and has actually signed a licensing offer for GIB. battery innovation.
Gourineni said high-profile failures by start-ups like. Northvolt and Britishvolt have actually left automakers demanding proven. scale due to the fact that they don't want to risk their EV programs.
InoBat has a pilot assembly line making high-performance. EV batteries in Voderady, near Bratislava, and will also be. Gotion's European face for larger gigafactories, Bocek stated.
Financiers take a look at us and see our huge brother (Gotion) will. guarantee our cells get produced, Bocek informed Reuters.
MAJOR BLOW
Sweden's Northvolt raised more than $10 billion however failed. in its strategies to mass-produce EV batteries and compete with. China's skilled and deep-pocketed BYD and CATL .
That has left investors questioning other battery projects. as the energy shift proceeds more gradually than expected.
At least 8 business have actually delayed or abandoned. European EV battery projects this year, including joint endeavor. ACC, led by Stellantis and Mercedes-Benz.
Europe's battery pipeline capacity out to 2030 has fallen by. 176 GWh in 2024, according to data company Criteria Minerals.
But other tasks are gradually getting ready.
France's Verkor, backed by customer Renault, has. secured around 3 billion euros for a 16 GWh gigafactory in. Dunkirk that will produce batteries for 300,000 EVs yearly. when finished around 2028.
Verkor must reveal it can provide to Renault before a. significant number of prospective car manufacturer customers register,. CEO Benoit Lemaignan stated, adding: They are happy to interact. with us, but they wish to see the product initially.
Britain's Ilika will supply test EV battery cells. in 2025 to 17 automakers and battery makers, consisting of Tata. Motors unit Agratas.
Instead of constructing a gigafactory, Ilika wants licensing. agreements to mass-produce its solid-state batteries, CEO Graeme. Purdy told financiers during an early December tour of its pilot. assembly line. It currently has such a handle U.S. company. Cirtec Medical, which will begin producing small batteries for. medical gadgets next year.
Michael Rae, a clean-tech fund supervisor at M&G who was on the. tour, stated Ilika presently falls listed below his fund's market cap. limit however could end up being an investment prospect.
Battery makers like Ilika need to still win significant automobile. clients, he said, requiring a totally different skillset.
RELOCATION FASTER
Gotion's competence helps InoBat resolve problems, stated CEO. Bocek, adding: This assists us move much faster and save money.
He said high-performance European car manufacturers including. Ferrari are currently checking InoBat's energy-dense. batteries, to be made at the low-volume, high-margin 4 GWh. gigafactory the company is integrating in Voderady.
The GIB joint endeavor is meanwhile focused on high-volume,. lower-margin production leveraging Slovakia's position as. Europe's fourth-largest automobile manufacturer and its proximity to. German, Czech and Hungarian automobile plants.
GIB plans a $1.2 billion 20 GWh gigafactory in Surany,. Slovakia to supply batteries for 200,000 EVs each year from 2027. for Volkswagen, which owns 24.45% of Gotion. InoBat's portion is. part-funded by Slovak government help of 214 million euros.
Bocek stated automaker interest in an extra, organized 20. GWh assembly line at Surany has grown, particularly given that. Northvolt encountered problem.
Andy Leyland, co-founder of supply chain professional SC. Insights, said investors and car manufacturers wish to de-risk. production.
The Chinese have mastered inexpensive mass production, so if. you want batteries made, most likely Asian battery makers will. make them, he said. ($ 1 = 0.9619 euros)
(source: Reuters)