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Olympic athletes make climate pleas to IOC Presidential candidates
More than 400 Olympians representing nearly 90 nations around the globe have signed a petition urging the winner of the International Olympic Committee's presidential election next week to make climate change their number one priority. Signatories of an open letter calling on the IOC to act on climate change include Australia's most decorated Olympian Emma McKeon and Cyrille Tchatchet II - a weightlifter, who represented the refugee squad at the Tokyo Olympics 2021. The letter stated: "To the incoming president, we ask that during the next years and throughout your presidency you place one issue above all else: the care of the planet." "Rising temperatures are disrupting competition schedules and endangering iconic venues, as well as the health of fans and athletes. Winter Games are getting harder to organize as snow and ice conditions decrease each year. Seven candidates will compete to succeed Thomas Bach as IOC president at a ballot held by IOC members in Costa Navarino (Greece) on 20 March. The Olympians demanded a meeting with the winning candidate immediately after the elections to discuss environmental issues, and stated that the IOC should strengthen its existing commitments regarding the reduction of carbon emissions. The IOC should also advocate "broader environmental actions", promote sustainable practices in cities hosting the Olympics and "set standards" for sponsorship deals with polluting companies. Hannah Mills, a British Olympian, was among the British Olympians to initiate the letter. She said that the recent wildfires, which occurred in Los Angeles, where the Summer Olympics of 2028 will be held, showed how climate change is a threat. The IOC Sustainability Ambassador, a two-time Olympic champion and former Olympic athlete, said: "I don't think we've seen so many athletes around the world speaking with one voice." The terrible LA wildfires could not have been more clear: it is time to chart a course towards a bright, safe future. "The Olympics have held and fulfilled so many dreams over its history, but I cannot dream of a bigger future than one in which my kids can thrive." IOC's "reduce compensate influence" commitment to climate action includes a reduction of 50% in carbon emissions until 2030. This will be offset by compensating for more than 100% residual emissions. It also encourages fans and stakeholders to take action against climate change. The favourites for Bach's successor are World Athletics chief Sebastian Coe and IOC Vice President Juan Antonio Samaranch, as well as Kirsty Coventry who is Zimbabwean Sports Minister. The list includes David Lappartient as the head of the International Cycling Federation, Prince Feisal al Hussein from Jordan, Morinari Watanabe, the head of the International Gymnastics Federation and Johan Eliasch who is the International Ski Federation's president. Prince Feisal welcomed the "powerful messages" from Olympians all over the world, while Coe, a vocal advocate of the climate change impact on athletics and athlete advocacy, said that he was delighted to meet with the athletes to "share ideas, initiatives, and experiences". (Reporting and editing by Peter Rutherford, Iain Axon, London)
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Sources say that Russia is increasingly relying on cryptocurrency for its oil trade.
Four sources who have direct knowledge of this matter claim that Russia uses cryptocurrencies to avoid Western sanctions in its oil trading with China and India. Although Russia has publicly endorsed the use of digital currencies and passed a bill last summer to allow them in international trade, the use of these currencies in the oil trade in the country has never been reported. Sources said that some Russian oil companies use bitcoin, ether, and stablecoins like Tether to convert Chinese yuan, Indian rupees, and other currencies into Russian roubles. They added that this is only a small, but growing, part of Russia's total oil trade which, according to the International Energy Agency, was valued at $192 billion in 2017. Due to the sensitive nature of the issue, all sources refused to be named. Cryptocurrencies are already helping countries like Iran and Venezuela, which have been subject to U.S. sanctions, keep their economies going without having to use the dollar as the currency of choice for global oil transactions. Russia's move follows Venezuela's use of digital currencies in crude and fuel imports after Washington reimposed its sanctions. A fifth source said that Russia has set up several systems, and USDT (Tether), is only one of them. The researcher, who works for an investigation firm that tracks the use cryptocurrency to circumvent sanctions, asked not be identified because of non-disclosure agreements. The Russian central banking did not reply to a comment request. Last year, it said that sanctions-related delays in payments had become a major problem for the Russian economy. Donald Trump wants to improve the relationship with Russia while he pushes to end the war in Ukraine. However, it is unclear whether sanctions will be removed. Reports said that the White House had been drafting options to ease sanctions, but Trump stated on March 7 that more sanctions against Russia are being seriously considered. One of the sources stated that crypto would continue to be used for Russian oil trading even if the sanctions were lifted and the dollar could be used again. They said that it is a useful tool and makes operations run faster. Two sources familiar with the transactions described how a Chinese buyer who purchases Russian oil pays the trading company that acts as the middleman yuan to an offshore account. They said that the middleman converts it into crypto, transfers it to another bank account, and then sends it to a third Russian account to be converted to roubles. According to a source familiar with the operations of the Russian oil trader, the crypto transactions for his sales to China are in the tens or hundreds of millions of dollars each month. Analysts said that traditional currencies still make up the majority of Russia's oil transaction, but they also suggested other alternatives, such as the UAE dirham. Garantex, a Russian crypto exchange, has been sanctioned by the United States in 2022, and by the European Union just last month. Last week, the platform suspended its services after Tether banned digital wallets from its platform. According to a source who advises the Kremlin, cryptocurrency is one way of avoiding payment problems. The Royal United Services Institute in the UK and the Centre for Information Resilience also support this view. Reporting by Anna Hirtenstein, Aizhu chen, editing by Alex Lawler and Dmitry Zhdannikov, Kirby Donovan.
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Oil prices rise as ceasefire agreement in Ukraine remains elusive
The oil prices recovered some of the more than 1% loss they suffered in the previous session. This was partly due to the diminishing prospect of an end to the Ukraine conflict that would bring more Russian energy back. Brent crude futures were up 46 cents or 0.7% to $70.34 per barrel at 0406 GMT, after closing 1.5% lower the previous session. U.S. West Texas Intermediate Crude was at $67.03 per barrel, up 48c or 0.7% after closing 1.7% lower on Thursday. Vladimir Putin, the Russian president, said that Moscow supports a U.S. ceasefire proposal in Ukraine but that it has a few conditions and clarifications that appear to prevent a rapid end to the fighting. Tony Sycamore, IG's market analyst, said that "Russian support for a 30-day truce with Ukraine has decreased confidence in a short-term ceasefire." The feeling is that the U.S. will not lift sanctions until a ceasefire has been agreed. The global trade war, which has caused financial markets to be roiled and sparked recession fears, is intensifying. On Thursday, U.S. president Donald Trump threatened to slap 200% tariffs on wine, cognac, and other alcohol imported from Europe. The International Energy Agency warned Thursday that the global oil supply may exceed demand this year by 600,000 barrels a day due to a growth in demand led by America and fewer than expected global consumers. The IEA stated that "the macroeconomic conditions which underpin our oil consumption projections deteriorated in the last month as trade tensions increased between the U.S.A. and other countries." This led the IEA to lower its estimates of demand growth for the fourth and first quarters of 2025. Oil prices fell on Friday due to the Trump-driven trade conflict woes, and concerns about demand. However, the prospect of less Russian oil being available in the short term helped cushion the market. In a client note, ANZ analysts stated that "most price projections are to the downside over the short-term but geopolitical tensions could still cause disruptions in supply." Reporting by Florence Tan Editing and proofreading by Shri Navaratnam
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Shanghai tin price jumps after Alphamin stops mining in Congo
Alphamin Resources, which has halted its mining operations in the Democratic Republic of Congo, has halted the production of tin. Alphamin Resources announced on Thursday the halting of activity at the Bisie Tin Mine in Congo's North Kivu "after insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo". Shanghai's most actively traded tin contract rose 8.8% on Friday to 288,450 Yuan ($40212.16) per metric ton at 0346 GMT after reaching the upper limit by 10% in the morning Asian trade session. The benchmark three-month tin price on the London Metals Exchange increased 0.6% to $35,110 per ton. This is a decline from its intraday peak of $37100 per ton in mid-2022. In a recent note, Wang Weiwei said that the Bisie Tin Mine is the third largest tin mining operation in the world, and will contribute 6% of tin ore to the global market by 2024. Wang believes that even though Myanmar's Wa State is considering restarting their mining operations, any significant increase in the tin production from this region is not expected to be apparent until May 2025. Base metals traders said that they were closely following the news of militancy and tin in Congo. LME copper rose by 0.4%, to $9,817.5 per ton. LME Aluminium was down by 0.1%, to $2,699.5 per ton. Lead gained 0.3%, to $2,079.5. Nickel increased 0.4%, to $16,570. SHFE copper increased by 0.7%, to 80,150 Chinese yuan ($11 070.44) a metric ton. SHFE aluminium fell 0.1%, to 20,960 yuan. SHFE zinc rose 0.2%, to 24,120 Yuan. Lead jumped up 0.4%, to 17,640 Yuan. Nickel lost 0.2%, to 133 300 Yuan. $1 = 7.2400 Chinese Yuan Renminbi (Reporting and editing by Rashmi aich and Sonia Cheema).
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EU-Backed Project to Unlock Tidal and River Energy Potential
A new EU-funded project has brought together 14 partners across Europe to unlock the potential of harnessing tidal and river energy in the North-West Europe.The SHINES project, short fo Showcasing Hydrokinetic energy Innovations for Northwest European Energy Sovereignty, is ready for launch, bringing together 14 partners from France, Ireland, Belgium, the Netherlands, Switzerland, and Germany.Co-financed by Interreg North-West Europe under the fourth call for projects, SHINES is set to unlock the potential of tidal and river energy systems, an opportunity still largely untapped in the region.With a total budget of $10.9 million, including 60% ERDF funding of about €6.5 million, the project, led by OPEN-C Foundation, will span from January 2025 to December 2028.SHINES will work to address several investment, economic and regular hurdles by replicating and scaling up three innovative solutions - HydroWing, RivGen and TidalKite - through grid connections and real sea deployments in France and the Netherlands.Some of the most promising sites across the region will be developed, engaging 100 organizations in the adoption of tidal and river energy systems.One of the partners in the project is Inyanga, which will design, construct and install a grid-connected 600kW tidal energy turbine, based on HydroWing concept, on the Paimpol-Bréhat test site in France, then operate and monitor the device throughout the test period.In addition, Inyanga will install and maintain SeaQurrent’s TidalKite device at Paimpol-Bréhat, managing all offshore operations.The project is aligned with Europe’s Net-Zero Strategy and the Critical Raw Materials Act, contributing to the goals of 1 GW of ocean energy capacity by 2030 and 40GW by 2050. Ocean energy holds the promise of creating 400,000 high-value jobs by 2050, revitalizing coastal communities with histories rooted in shipbuilding, fishing, and oil and gas industries.Project partners include, ORPC Ireland with RivGen technology, SeaQurrent, ÉireComposites Teo, Foras na Mara – Marine Institute, Bretagne Développement Innovation, Geemente Ameland, and others.
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Asia shares remain steady; gold reaches record levels as trade war escalates
Asia shares rose and global markets tried to rebound after a brutal saleoff. Gold reached a new record as an increase in global trade tensions made investors nervous, causing them to flee into safe-haven assets. Stocks in early Asian trading rose as investors were relieved that a U.S. shutdown was unlikely. Senate Democrat Chuck Schumer had said he'd vote to advance a Republican short-term funding bill and signaled his party's support. U.S. futures for stocks rose in response. The Nasdaq futures were up 0.87%, and the S&P 500 futures were up 0.7%. The FTSE Futures also gained 0.1% and the EuroStoxx 50 futures rose 0.04%. Alvin Tan is the head of Asia FX Strategy at RBC Capital Markets. He said that this news, for today at least, was positive for market sentiment. MSCI's broadest Asia-Pacific index outside Japan, which measures the performance of stocks in that region, traded 0.2% higher. However, it was still on track to drop more than 2% this week as global trade conflicts impacted global stock markets. Donald Trump, the U.S. president, said that he will impose a 200% tariff on imports of European spirits and wine if the EU does not remove the retaliatory duties on American whiskeys and other products which come into effect in the next month. Vishnu Varathan is the head of Asia ex-Japan macro research at Mizuho. He said that Trump is making it clear that, if someone were to retaliate against him, his counter-escalation would be even more sharp. The latest developments were the catalyst for the steep selloffs on Wall Street, and confirmed that the S&P 500 is in a correction. This comes just one week after Nasdaq also confirmed this. "I don't think Trump 2.0 is the same as Trump 1.0. Michael Strobaek is the global chief investment officer of Lombard Odier. He said that this time the president appears to be willing to let U.S. stocks and the economy suffer as he implements his "America first" goals. Gold, a traditional safe-haven asset, has benefited from the trade war. The yellow metal hit a record of $2,990.09 per ounce last Friday. The yellow metal was expected to rise 2.6% this week. Japan's Nikkei recovered from early losses and rose 0.12%. Hong Kong's Hang Seng Index gained 1% as well, but was on track for a weekly decline of 2.3%. China's CSI300 index of blue-chip stocks advanced by 1.4%, and is expected to increase 0.6% this week. Dollar Trouble The dollar recovered some lost ground thanks to safe-haven flows on Friday, but it was still not far from recent lows due to fears of an imminent U.S. economic recession. The euro traded at $1.0841 last, down 0.1%. Sterling fell by 0.05% to reach $1.2944. The fiscal reset plan of Germany, which includes a 500-billion-euro fund for infrastructure as well as sweeping changes in borrowing rules and growth boosters to boost military spending and revive the largest economy in Europe, has given additional support to the euro. The outgoing lower chamber of the German parliament will vote on these measures on 18 March before the formation a new Parliament on 25 March. Investors will be waiting for further information on the rate outlook, amid the uncertainty surrounding Trump's policies on trade and the impact they have on U.S. inflation and growth. "Our assessment shows that the rate trend is constant, and will continue to be lower." Varathan from Mizuho said that it's a matter of timing. "I believe that the tariffs won't be a hindrance to the Fed cuts because, even if prices increase, it will still result in a negative shock of demand and the people will not benefit." The dollar last gained 0.3% against yen, at 148.25. However, it was on track for a small weekly loss versus the Japanese currency due to bets that more Bank of Japan rate hikes will occur. Next week, the BOJ will also meet. Oil prices rose after falling the previous session. Brent futures increased 0.54%, to $70.26 per barrel. U.S. West Texas Intermediate Crude Futures rose 0.6% to $66.66 per barrel.
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Iron ore gains on China's stimulus and resilient demand.
Iron ore futures prices rose on Friday, reaching their highest level in almost two weeks. They were also on course for a weekly increase, thanks to a resilient demand, as well as rising expectations about additional stimulus measures from China, the world's largest consumer. As of 0214 GMT on China's Dalian Commodity Exchange, the most traded May iron ore contract was trading 1.68% higher, at its highest level since 3 March, at 789 Yuan ($108.86), a metric tonne. This is an increase of almost 2% this week. Singapore Exchange's benchmark April Iron Ore rose by 0.71%, to $102,95 per ton. This is the highest price since February 28. This week, the price has risen by 2.5%. China's central banks said that they would reduce interest rates, the reserve ratio for banks and their liquidity at the right time. Steelmakers increased production during March's peak construction season, which has also helped to support prices. A survey by consultancy Mysteel revealed that the average daily hot metal production, which is typically used to gauge demand for iron ore, increased for a third consecutive week, up 0.03% on a weekly basis to 2,31 million tons as of 13 March. China's plans to reduce crude steel production and the escalating trade war in the world, which could dampen outlook for demand, continue to be headwinds that limit further gains. Coking coal and coke both fell by 0.67%. The benchmark steel prices on the Shanghai Futures Exchange have increased. Steel benchmarks on the Shanghai Futures Exchange advanced.
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Shanghai tin price rises 10% after Alphamin stops mining in Congo
The price of tin on the Shanghai Futures Exchange reached its upper limit on Friday and soared by 10% as Alphamin Resources stopped their tin mining in the Democratic Republic of Congo. Alphamin Resources announced on Thursday the halting of activities at the Bisie Tin Mine in Congo's North Kivu. "Insurgent militants have recently advanced in the westward direction in the direction the mine's position in DRC, occupying Nyabiondo", said the company in a press release. Shanghai's most actively traded tin contract soared 10% on Friday to 291,510 Yuan ($40212.16) per metric ton, at 0219 GMT. In a recent note, Yide Futures analyst Wang Weiwei said that the Bisie Tin Mine is the third largest tin mining operation in the world. It will contribute 6% of tin ore to the world in 2024. It's unclear when Alphamin will restart operations. As Wa State in Myanmar looks to restart their mining operations, it is not expected that any significant increase in the tin supply from this area will be apparent until May 2025. This potential delay and current supply tightness could lead to a possible bullish trend for tin prices in the near term. LME copper rose 0.4% to $9,817.5 per ton. LME Aluminium was flat at 2,703.5 per ton. Lead gained 0.6% to $2,000, tin increased 2.9% to $35,945 and Nickel rose 1.2% at $16,710. SHFE copper increased by 0.8%, to 80,180 Chinese yuan ($10 957.18) a metric ton. SHFE aluminium rose 0.1%, to 21,000 yuan. Zinc grew 0.6%, to 24,235 Yuan. Lead jumped up 0.2%, to 17,605 Yuan. Nickel rose 1.0%, to 134 800 Yuan. ($1 = 7.2493 Chinese Yuan Renminbi). (Reporting and editing by Rashmi aich; Violet Li, Mei Mei Chu)
Trump announces reciprocal tariffs in the next two days
Donald Trump, the U.S. president, said on Monday that he will announce plans to impose tariffs against other countries in the next two weeks. This is a confirmation of comments he made Sunday.
In the Oval Office, the Republican President spoke with reporters as he signed proclamations that ended all exemptions from steel and aluminum tariffs imposed in his first term. He also raised duties on both metals by 25%. Trump also said that he would be looking into tariffs on automobiles, semiconductor chips, and pharmaceuticals.
An official in the United States said that under former president Joe Biden, the exclusion process started under Trump had become out of control. This resulted in hundreds of thousands specific product exclusions being approved.
When asked about the possibility that other countries could retaliate against U.S. Tariffs, Trump replied: "I don’t mind."
In an interview given to Fox News, Trump claimed that other countries have been imposing duties on US imports for years.
He said, "It is not fair that we have been exploited by other countries for so long, and suddenly, we are not allowed to charge tariffs."
Trump said in an interview with Fox News that he will announce a "very complex plan" to deal with the reciprocal tariffs on Monday or Tuesday. Steve Holland, Andrea Shalal and Leslie Adler edited the story.
(source: Reuters)