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US designates South Korea as a "sensitive" country amid concerns over nuclear weapons
A spokesperson for the U.S. Department of Energy said that South Korea was a "sensitive country" after its president briefly declared martial law, and amid reports of Seoul possibly developing nuclear weapons. In a written answer to questions, the DOE confirmed that the administration of former-President Joe Biden placed South Korea in the bottom tier of the Sensitive & Other Designated Countries List shortly before Biden's departure. The department didn't explain why the Asian country was added to this list, nor did it indicate that Donald Trump would be inclined to reverse this measure. Seoul's spokesperson stated that there are no new restrictions to bilateral science and technology cooperation. Media reports have stated that the designation will come into effect April 15. The South Korean Foreign Ministry said that the government took the issue seriously and was in constant communication with Washington. The ministry issued a statement saying that it would "actively negotiate" to make sure there was no negative impact on the energy, science, and technology cooperation between South Korea & the United States. According to a document published on the DOE website in 2017, the DOE's list of sensitive nations includes China, Taiwan and Israel. Iran, North Korea and Russia are also included. Tehran and Pyongyang were designated as terrorists. Then-Defence Minister Kim Yonghyun and President Yoon Suk Yeol were among the officials who suggested that Seoul might be forced to pursue nuclear weapons due to fears about Pyongyang’s weapons program as well as concerns over the U.S.-led alliance. Yoon and Kim were indicted for insurrection in relation to Yoon's declaration of martial laws in December, which lasted six hours. Yoon's presidential powers were suspended and he was impeached while a court decided whether or not to remove him. Yoon has backed down from his rhetoric on a nuclear weapons programme after negotiating an agreement with Biden in 2023, under which Washington will give Seoul greater insight into U.S. plans to deter and react to a nuke incident in the area. Seoul, in return, renewed its pledge to not pursue its own nuclear bomb and stated that it would adhere to the Nuclear Non-Proliferation Treaty which it had signed. This has not, however, been enough to remove doubts about U.S. commitments in defense, which have fuelled calls for a South Korean nuke arsenal. Last month, Foreign Minister Cho Taeyul stated that nuclear weapons are not "off-the-table", but it is premature to discuss such a plan. Cho said at a hearing in the parliament that "given that international situation are evolving in unpredictable ways, this is an important principle that we need to prepare for all scenarios." Daryl Kimball is the executive director of nonprofit Arms Control Association. He said that South Korea was a proliferation risk in light of these "provocative statements" and the DOE had been prudent to include the country on their list. "Listing the ROK as a proliferation-sensitive country should rule out any chance of a South Korean request for U.S. approval to enrich uranium and reprocessing spent fuel... to produce nuclear weapons," Kimball said, citing the country's formal name, the Republic of Korea. Seoul was concerned about the handling of this designation. Cho said in the parliament that the Biden administration had not formally contacted his ministry and only learned of the designation through an informal tip. The Energy Department may list countries for national security reasons, nonproliferation of nuclear weapons, or for supporting terrorism. However, inclusion on the list does not indicate a hostile relationship with the United States. The DOE stated that there were no restrictions in place at this time on the bilateral science and technological cooperation between the ROK and the US. The DOE said that it looks forward to working with the ROK in order to further our mutual interests. The department stated that, although the designation does allow for scientific and technical cooperation with the countries listed, it is subject to an internal review before the visit. Reporting by Timothy Gardner in Washington and David Brunnstrom and Ju-min Park in Seoul, with editing by William Mallard, Sam Holmes, and Sam Holmes.
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First Foundations for 1.6GW German Offshore Wind Project Reach Dutch Port
The first eight foundations for the Nordeseecluster, a 1.8GW offshore wind project being built in the German North Sea, have arrived and been offloaded in the Dutch base port Eemshaven.The foundations are around 85 meters long on average and weigh approximately 1,500 tonnes each, the equivalent to the weight of around 800 cars.Built by RWE, the offshore wind project will consist of Nordseecluster A with 660MW, with commissioning expected in 2027, and Nordseecluster B with additional 900MW to follow in 2029.A total of 45 of monopile foundations will pass through the Buss Terminal in Eemshaven in 2025 - 44 of them are to carry the wind turbines, and one will support the transformer substation.RWE, TotalEnergies Pick Buildout Base for Dutch Offshore Wind FarmThe large-scale foundations were manufactured and delivered by Dajin Heavy Industry.Beginning in summer 2025, the foundations will be shipped from the base port in Eemshaven out to the construction site at sea, which is located around 50 kilometers north of the island of Juist.The 44 wind turbines for Nordseecluster A will be erected in 2026 and fully connected to the grid at the start of 2027, while Nordseecluster B will contribute additional 60 wind turbines.Vestas will supply its V236-15.0 MW offshore wind turbines for the project.“With the delivery and safe unloading of the first foundations by Dajin, we have passed an important milestone on the way to building our Nordseecluster. With an overall capacity of around 1.6 gigawatts, it is the largest wind project currently being built off the German coast.“We need an enormous amount of storage space and an excellent port infrastructure for the construction process – both of which are available at the Buss Terminal Eemshaven. We are currently creating synergies by also handling the foundations for our Danish offshore wind farm Thor at this port and will use it as the base for our Dutch OranjeWind project as well,” said Thomas Michel, COO RWE Offshore Wind.Once fully operational, the Nordseecluster will generate enough green electricity to supply the equivalent of around 1.6 million households.
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British Steel Industry Calls for Help with Electricity Prices
The British steel industry is calling on the government to lower electricity prices, which it claims can be up to 50% higher than their European competitors. This week, the steel industry was hit with a 25% duty on exports to America that represent around 9% in value of Britain's exports of steel. Frank Aaskov is the Director of Energy and Climate Change Policy for industry group UK Steel. He said, "Uncompetitive electric prices must be addressed in order to ensure that the steel industry thrives, secures thousands of jobs and safeguards national steel production, as geopolitical turmoil increases." The group, which represents the country's main steel producers, has called on the government to set fixed electricity prices for the sector via a contract-for-difference. The system stipulates that if wholesale electric prices exceed a certain threshold, called the strike price (or the minimum level), the government will subsidise any difference. If they fall below this threshold, then the steel producers are responsible for paying the difference. The steel industry commissioned a report from the consultancy Baringa that said "the strike price could reflect changes in wholesale energy prices at regular intervals and provide the sector with much needed protection from price volatility." According to the Baringa report, UK producers are paying around 68 pounds for each megawatt-hour (MWh), compared to 52 pounds/MWh Germany and 44 pounds/MWh France. The government announced last month that it would launch a consultation to develop a strategy in the steel industry. It said they hoped to invest 2,5 billion pounds ($3,23 billion) as well as examine issues such high energy costs. A spokesperson for the government said that through a package to support industry, it was already "bringing energy costs of steel closer in line" with those of other major economies. This fully exempts eligible companies from certain costs associated with renewable energy policies. Especially those exposed to high electricity prices, such as steel. Steel UK is made up of British Steel, Liberty Steel, and Tata Steel. ($1 = 0.7738 pound) (Reporting by Susanna Twidale, editing by David Evans & Barbara Lewis)
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Buffett rejects shareholder proposals, Olson steps down as director of Berkshire Hathaway
Berkshire Hathaway announced on Friday that longtime director Ronald Olson would be leaving the board due to a new policy requiring all directors except Warren Buffett to step down when they reach 80. In its proxy statement for the company's annual meeting on May 3, in Omaha, Nebraska Berkshire said that its board had unanimously recommended rejecting seven shareholder proposals. This included three regarding its subsidiaries' anti-discrimination and diversity efforts. Berkshire said Buffett will also receive $405,111 by 2024. This includes his $100,000 salary plus personal security and home protection. Vice Chairman Greg Abel and vice chairman Ajit Jain, who are expected to succeed Buffett in the role of chief executive, saw their compensation increase from $1 million to $21 millions each. Abel, 62 years old, is in charge of non-insurance companies such as BNSF Railroad and Berkshire Hathaway Energy. Jain, 73 years old, is in charge of insurance businesses like Geico auto insurance. Olson, 83, has been a Berkshire Director since 1997. He is a partner in the law firm Munger, Tolles & Olson. The new age limit set by Berkshire Corporate Governance Guidelines has forced him to leave the 14-member Berkshire board. The other directors, except for Buffett, are all 75 years old or younger. Olson has not responded to comments immediately. Buffett's age is not a factor because he has 30.3% voting power in Berkshire, which triggers an exception. The 94 year old billionaire owns approximately 14.4% of Berkshire. If the independent directors wanted him to, he could continue to be a director after retiring. Shareholder resolutions include conservative investor proposals that Berkshire Report on its race-based initiatives and how it affects employees' employment based on race and color, religion, sex and national origin. Berkshire’s board said that both reports were unnecessary. It stated that subsidiaries had their own policies, and “Berkshire’s approach is straightforward - do what's right and follow the law." The board opposed the proposal to create a diversity and inclusion committee, stating that its audit committee oversees all diversity issues. The company also argued that a proposal for independent directors to oversee the risks associated with artificial intelligent was unnecessarily and incompatible with Berkshire’s decentralized culture.
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S&P raises Saudi Arabia’s rating due to its sustained economic shift away oil
S&P, a global ratings agency, raised Saudi Arabia's credit rating from 'A to 'A+ with a stable outlook' on Friday. This was based on the ongoing social-economic transformation of the country. Fitch stated that the Vision 2030 project of the country provides flexibility in managing capital spending and debt issuance. This report stated that the sustained momentum of this project could help boost activity in the construction, manufacturing, and mining sectors to spur GDP growth between 2025-2028. The ratings agency said earlier this week that it expected the Saudi government to reduce capex, and current spending associated with them in 2025. Fitch stated that Saudi Arabia is aiming to diversify their economy and move away from its dependence on hydrocarbons. The current investments will boost the consumption of Saudi Arabia's youth population, as well as increase the productivity capacity of the country. Saudi Arabia's Public Investment Fund signed last week a new Memorandum of Understanding worth $3 billion with Italy’s state export credit agency SACE. Rating agency SACE said that this would help maintain the debt of the country. Fitch expects the current oil price sensitivity will continue to erode fiscal and external balances until 2028. The Saudi giant Aramco is expected to further reduce oil revenues due to its declining dividend.
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Cobre Panama Mine ready to suspend arbitration with Panama
First Quantum, which has closed its Cobre Panama mine, instructed its lawyers on Friday to begin work to suspend arbitration proceedings against Panama. The President of Panama announced on Thursday that his government would allow the exportation of 120,000 tons of copper concentrate, which has been trapped in the closed mine for more than two years. Later, the country’s commerce ministry stated that any negotiations with miner would only be possible if Panama dropped the arbitration case. Manuel Aizpurua is the manager of Cobre Panama. In a memo seen by, he stated that "we have instructed our attorneys to meet with the legal team of the government to work on a suspension of the arbitrations... leading to a resolution that benefits workers and communities as well as suppliers, as well. First Quantum confirmed that the memo was authentic. The shares of the Canadian mining company were up 1% at the Toronto Stock Exchange on Friday after reaching a two-month peak on Thursday. They had risen 15% following news of the approval of copper export. First Quantum was ordered by the Panamanian government under Mulino to close down the open pit Cobre Panama mine at the end of 2023 after protests about environmental concerns. This led to concerns about the maintenance of this massive site, and also 120,000 metric tonnes of copper concentrate that was piled up. The mine, which accounted for 1% global copper production, was one of the top sources in the world before its closure. Mulino said at a press conference held on Thursday that he authorized the removal of copper products that were stranded in the mine. He argued that the copper was being wasted, and that Panama will need to reimbursed after the products have been processed outside the country. The president stated that he will review the future of mine in greater detail as early as next week. Mulino stated, "The mine issue will be handled with great care and always keeping in mind the national interest." We'll begin next week. Reporting by Divyarajagopal and Elidamoreno, Editing by Anthony Esposito & David Gregorio
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Gold investors flock to gold amid Trump-driven turmoil
Investors looking for a safe haven from the political and economic volatility triggered the new U.S. Administration are increasingly turning to gold Exchange-Traded Funds. This is adding momentum to market's record rally. Gold prices have been rising steadily since U.S. president Donald Trump assumed office in January. His radical policy changes, such as trade tariffs and comments that he wants to annex Greenland, along with his unconventional diplomatic approach to end the conflict in Ukraine, has led to successive record highs. Analysts say that the shift in policy has tempted even U.S. Investors who have traditionally preferred equities. Gold reached its latest record on Friday at $3,004.86 per ounce. This represents a 14% increase since the beginning of 2025. In 2024, it had grown by 27%. Gold holdings of Europe listed exchange traded funds have increased by 46,7 metric tons (a 3.6% increase) to 1,334.3 tonnes since the beginning of 2025. This is in contrast to 2021-2024, which was marked by large outflows. As the market continues to move into overbought terrain, further inflows may provide support. Investors such as real money manager, particularly those in the West, needed to be sufficiently scared by a stock market and growth scare for them to return back into gold. Ole Hansen is the head of commodity strategy for Saxo Bank. These investors have now returned to gold after leaving it in 2022, when the Federal Reserve started its rate-hiking cycles. But with other markets showing signs of weakness and the possibility of even lower funding rates for the future, the other markets are now showing signs that they will suffer. Retail investors in the United States are wary about stock markets following Monday's crash, when the benchmark S&P 500 registered its largest drop of this year. Analysts believe that this will increase demand for gold, as it is a safe haven from the turmoil. Alexander Zumpfe is a precious metals dealer at Heraeus Metals. He says that some U.S. investors are less concerned about global risks because they have more confidence in their own economy. However, recent inflows to North American gold ETFs suggest that gold is becoming a popular hedge in the U.S. Gold holdings of ETFs in the United States have increased by 68.1 tons this year, or 4.3%. They now total 1,649.8 tonnes. EQUITIES LOSS COULD BE GOLDS' GAIN Hansen, from Saxo, said that Trump's policies had triggered a withdrawal of cash from U.S. stock markets, which attracted investors for many years. Gold could benefit, at least short-term. Retail investors around the world are eager to get exposure to gold. Adrian Ash, BullionVault’s head of research, stated that the number of people purchasing gold online for the first time jumped to its highest level since May 2021 in February. Ash stated that the gold investor demand at BullionVault was higher than customer profit taking by 0.2 tons, which is the highest level since June 2023. Analysts say that despite all the positive signs for the market, the gold price may not rise, as the signs of an overbought market are evident. John Reade is a senior market strategist with WGC. He said that for gold to remain above $3,000 an ounce, the demand from retail bars and coins in Europe and North America would have to increase further, and/or the central bank purchases intensify. After a recent slump, the only thing that has been increasing in Germany is demand for gold bars and coin. (Reporting and editing by Polina Devtt, Veronica Brown, Barbara Lewis and Pratima Dasai)
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Ukrainian authorities claim that an anti-Russian activist was killed in Odesa.
The authorities have not ruled out Russian involvement. A prominent anti-Russian protester was killed in Odesa, a Ukrainian port city on Friday. Demian Hansul, 31, was identified as the victim. Local media reported that he had taken part in the Maidan Revolution of 2014 against Ukraine's pro-Russian President. Media reported that he was also a former member of the extreme-right Right Sector. Telegram: "The incident qualifies as a premeditated killing committed on order." Security Service reported that a 46-year old military deserter was detained and treated as a suspect. On Telegram local, the Telegram said that possible motives for this crime were being investigated. This included a link to Russia. A video uploaded on Telegram local claimed to have captured the moment of shooting. The video showed a burly, bald man with a gun pointing at the head of an unidentified man who was lying on the pavement. He fired, then walked away. The authenticity of the clip could not be verified. Russian state media had previously branded Hanul a neo Nazi responsible for a May 2014 arson attack at the Trade Union House, Odessa. This was a reference then to violent fighting between pro Russian activists and supporters of Ukrainian unification. In April 2024, a Moscow court in absentia charged Hanul with several crimes. These included damaging Soviet-era monuments of war for which he could have faced up 20 years in prison. In July, several media outlets reported that Hanul requested Ukrainian police protection following threats. (Reporting and editing by Gareth Jones, Angus MacSwan and Yuliia dysa)
Aluminum tariffs eased by Trump
The price of aluminium fell on Wednesday, amid fears of a global trade war after U.S. president Donald Trump imposed 25% tariffs on imports of steel and aluminum.
As of 0219 GMT on Monday, the London Metal Exchange's (LME) three-month aluminium was down 0.6% at $2,627.5 per metric ton. This is down 1.3% compared to a high of $2.662.50, reached on Monday, when tariffs were announced.
Morgan Stanley estimates that the biggest impact will be felt on aluminum, which is used for transport, construction, and packaging. Net imports account for 82% of U.S. needs.
Since Trump's election, the U.S. premium on aluminium over the benchmark global price at the London Metal Exchange is up by 25%. The current rate of 35 cents a pound has risen by 60%.
After Trump announced tariffs against US imports, volatility in the aluminum market is expected remain high. ANZ Research stated that the U.S. aluminum industries are expected to struggle in the short-term to avoid tariffs, putting upward pressures on prices.
Trump has not yet imposed tariffs on the copper but he threatened duties last week, without providing any further details.
The LME copper benchmark rose by 0.2%, to $9373.5 per metric ton.
The expectation of a copper tarrif pushed the premium between U.S. Futures traded on Comex and the global benchmark at the London Metal Exchange up to a new record on Monday.
Lead increased by 0.3% at $1,985.5, while zinc fell 0.9% to $2,838, and tin rose by 0.1% to $30,200.
The aluminum contract at the Shanghai Futures Exchange fell by 0.5%, to 20,570 Yuan ($2,814.76) per ton. This is its highest level since early December.
SHFE copper fell 0.4% to 76950 yuan. Nickel lost 0.8% at 124450 yuan. Zinc was flat at 23715 yuan. Lead shed 0.2% at 17,105 yuan. Tin was unchanged at 257,000 yuan.
(source: Reuters)