Latest News
-
Israeli forces kill West Bank Hamas leader
Israeli forces killed Hamas leader in Jenin, a West Bank city in Jenin, on Tuesday. They were continuing a week-long offensive against militant groups that had forced tens and thousands of Palestinians to flee their homes. In a gunfight that also saw the death of another Hamas agent, the military claimed to have conducted a raid in order to arrest Aysar Al-Saadi. It said that three other Hamas members had been arrested. The militant group based in Gaza, which also has a strong presence in the West Bank occupied, confirmed al-Saadi's death, but stated that it wouldn't affect their commitment to fighting Israel. The West Bank Operation, which began January, as the fighting in Gaza was stopped following a ceasefire deal brokered by Qatari and Egyptian mediators, is one of the largest operations in the region in recent years. It followed an increase in violence in the area since the beginning of the Gaza war in 2023. Israeli troops demolished houses and infrastructure in refugee camps located in Jenin, Tulkarm, and Tubas in the northern West Bank. Tens of thousands of people were forced to flee, taking with them only the things they could carry. The military cut off the power and dug up roads in eastern parts of Jenin on Tuesday. The military has said that it does not forcefully evacuate Palestinians, but allows residents who wish to leave the combat zones to do so through designated crossings. Palestinians claim that Israeli operations have forced them to leave their homes after they cut off water and electricity and destroyed dozens of houses.
-
Canada strikes back at Trudeau's remarks that Trump's tariffs are "very stupid"
On Tuesday, Prime Minister Justin Trudeau said that President Donald Trump's new tariffs against Canadian imports was "a very stupid thing to do", and Ottawa would strike back immediately. Trudeau said that Canada would impose immediate 25% tariffs against C$30 billion of U.S. imported goods and, if necessary, another C$125 Billion in 21 days. Trudeau said to reporters that there was no need for the tariffs and Canada would contest them at the World Trade Organization as well as through the U.S. Mexico-Canada Trade Agreement. Trump claimed Canada failed to do enough in order to stop the flow of deadly fentanyl and its precursor chemicals to the U.S. Trudeau referred to this argument as "completely false, completely bogus". Trudeau warned Canadians of the coming tough times. He will step down from his position as Prime Minister after Sunday's election for a new leader by the ruling Liberal Party. Economists believe that Canada, which exports 75% of its goods to the United States will be thrown into recession if the tariffs on those products are not lifted. They also claim that Americans will suffer, due to the tight connection between the two economies. The Wall Street Journal stated in late January that if Trump went ahead, he would launch "the dumbest war of trade history." Trudeau stated, "It is not my habit to agree, but the Wall Street Journal points out that, even though you are a smart guy, it's a dumb thing to say." Trump's actions were unprecedented and could severely harm the relationships between the three trading partners. Canada's largest provinces, Quebec, and Ontario, have removed U.S.-made alcohol from their provincially owned liquor stores. Canadian sports fans are now booing U.S. team players. We're going try to buy Canadian goods and will forgo bourbon, and other classic American items. Trudeau added, "And yeah, we will probably continue to boo the American anthem." "But let's tell Americans that we are not booing them, their teams, or players. We are booing an anti-American policy. We're angry and insulted... and we will fight to win. (Reporting and editing by Andrea Ricci, Nia Williams and David Ljunggren)
-
Trump's tariffs cause economic worry
The major stock indexes fell sharply on Tuesday. The Nasdaq Composite Index was down 10% since its record high in December, and Treasury yields declined as well. This is because the United States imposed steep tariffs on Canada, Mexico, and China, which has fueled investor concerns about the economic impact. The S&P 500 fell more than 1% while MSCI's global stock index dropped by 13.14 points or 1.54% to 842.67. The Nasdaq dropped 10% from the record high it reached on December 16, into correction territory. Wall Street was hit by a broad selloff, as all major sectors fell. Financials fell the most, by 3.9%. The news cycle moves so quickly and there are so many things happening. Tariffs broke the camel’s back. Jake Dollarhide is CEO of Longbow Asset Management, Tulsa. He said that tariffs are a major concern for consumers about rising prices. "This economy was driven and saved by consumers. He said that the increase in grocery costs was a concern for consumers. The new 25% tariffs imposed by President Donald Trump on imports from Mexico, Canada and China and the doubling in duties on Chinese imports may cause a disruption of nearly $2.2 trillion worth of annual trade between the U.S. and its three biggest trading partners. China responded immediately with 10%-15% of tariffs on some U.S. exports starting March 10, and a number of new restrictions on the export of certain U.S. entities. Meanwhile, Justin Trudeau, Canadian Prime Minister announced that Ottawa would impose 25% of tariffs on C$30 Billion ($20.72 Billion) of U.S. imported goods. The Dow Jones Industrial Average dropped 764.08 or 1.75 % to 42,434.53, while the S&P 500 fell 99.56 or 1.68 % to 5,750.16, and the Nasdaq Composite declined 258.57 or 1.39% to 18,094.61. The STOXX 600 pan-European index fell 2.2%. In Asia, the Nikkei index of Japan fell by 1.2% while Taiwan's benchmark index lost 0.7%. Government bond yields fell. The yield on the benchmark U.S. Treasury note fell 3.8 basis points, to 4,142% from its previous low of 4.115%. Amid growth and tariff concerns, the dollar fell to its lowest level in three months. Investors flocked to safe-haven currencies such as the Japanese yen or Swiss franc. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) was down by 0.32%, at 106.20. Meanwhile, the euro rose 0.4%, at $1.0528. The dollar fell 0.65% against the Japanese yen to 148.55. Bitcoin, which fell 3.43% to $82,365.83, was also affected. Investors are anxiously awaiting Friday's nonfarm payrolls data for February. Investors were also shocked by Trump's decision to suspend military aid for Ukraine after his confrontation with Ukrainian President Volodymyr Zelenskiy in the Oval Office on Friday. U.S. crude oil fell by 1.46%, to $67.37 per barrel. Brent was down to $70.25 a barrel on the same day. (Additional reporting from Tom Wilson in London, and Kevin Buckland, in Tokyo. Additional reporting from Iain Withers. Editing by Sonali, Christina Fincher and Gareth Jones. Jan Harvey.
-
EU ends tax breaks on fossil-fuel corporate cars
According to a draft document to be released on Wednesday, the European Commission wants to increase demand for electric cars (EVs) within corporate fleets by focusing on ending tax incentives for petrol and diesel powered company cars. After a month-long discussion with industry executives, the EU executive will unveil its auto industry plan to ensure that EU car manufacturers can electrify and modernize their fleets in order to compete with U.S. or Chinese competitors. EU automakers claim they are bringing new models to market, but the consumer response is low. According to the automaker association ACEA, the market share for EVs in Europe will drop by a percentage to 13.6% in 2020. However, it did increase to 15% in January. According to the draft communication seen by, corporate fleets account for about 60% of all new vehicle registrations in Europe. It says that removing subsidies for fossil-fuelled vehicles from corporate fleets is crucial to ensuring a sufficient uptake of zero-emission vehicles. According to the draft paper, the Commission plans to propose legislation by the end the year to decarbonise fleets of corporates and to encourage the demand for electric cars. The Commission will also make recommendations on Wednesday to national, local and regional authorities about how they can accelerate the uptake of EVs. ACEA said that the limited charging infrastructure was partly responsible for low demand. Nearly 60% of all charging stations are located in only three countries. The abrupt end of German subsidies, coupled with a lack of affordable EVs up until now, has also dampened demand. Reporting by Kate Abnett, Philip Blenkinsop and Alexandra Hudson.
-
Miner Teck intends to sell in Asia to avoid US tariffs
Jonathan Price, the CEO of Canadian miner Teck, said that Teck is developing plans to export zinc to Asia rather than to the U.S. in order to avoid tariffs imposed by President Donald Trump on Canadian imports. Price, who spoke at the PDAC mining conference in Toronto, said that Teck has been working for months on a contingency planning. Price stated that "we have been reserving warehouse capacity and looking to reserve spaces in ports for exporting the metals to Asia." We will find buyers, and the prices will adjust. A company representative confirmed that the additional warehouse and port space would be located in Canada. Trump's 25% tariffs against imports from Canada and Mexico went into effect on Tuesday. This sparked a new round of trade disputes with the United States’ three largest trading partners. Economists believe that U.S. businesses will be responsible for the tariffs. Teck produces approximately 260,000 metric tonnes of refined zinc per year. According to the International Lead and Zinc Study Group, this is less than a quarter of the total U.S. consumption in 2024, when it was 848, 000 metric tons or 6% of global demand. BNP Paribas estimates the United States imports 62 percent of its zinc requirements, mostly from Canada and Mexico. Price stated that he expected the tariffs would increase the cost of commodities, drive inflation and "there is little upside". Mark Cutifani, Vale Base Metals' Chair, said that the company is also looking at ways to adapt to tariffs. He told reporters that he was "talking to everyone" to resolve the issue.
-
Ola Electric, India, receives government notice after missing target for battery plant installation
The Indian two-wheeler manufacturer Ola Electric was sent a letter by the federal government for failing to meet a critical milestone in setting up its battery "gigafactory". Ola has been selected for the 2022 government production-linked incentive scheme (PLI). This will allow the company to build a local battery manufacturing plant of 20 gigawatts in Tamil Nadu, a southern state. The 181 billion rupees ($2,07 billion) scheme required that companies set up manufacturing plants within two years. Ola Electric had previously stated that it would start commercial operations at its manufacturing facility by April. The company's statement on Tuesday said that it was in active contact with the relevant authorities but didn't provide any details regarding the missed milestone, or what the government might do next. Ola Electric's market value has dropped by 40% since it went public last year. High costs, low demand, and deep discounts have all contributed to the loss of jobs. Mukesh Ambani's Reliance New Energy Solar Limited received a letter similar to this one earlier in the day for failing to meet the deadline set by the federal government when it came time to build a manufacturing facility under the same scheme. Reliance reported that its penalties stood at 355 293 rupees (31 million rupees) as of March 3. It also said it had requested more time from the government to establish its manufacturing facility. Ola has not yet revealed the amount of potential fines.
-
EU discusses support for Europe’s steel industry in the face of U.S. tariffs
Ursula von der Leyen, the European Commission's chief, hosted executives from the steel industry on Tuesday to discuss how to maintain its future health in light of high energy costs and decarbonisation as well as impending U.S. Tariffs. The debate will examine how the EU can respond to unfair trade practices, including in China, and global overcapacity. It was launched eight days prior to President Donald Trump's planned 25% tariffs. In a press release published following the meeting, Stephane Sejourne (Commissioner for Industrial Strategy) announced that he would present on March 19th a plan with additional sector-specific priorities and long-term actions to replace the trade safeguard measures which expire in June 2026. Participants included executives from ArcelorMittal, the second-largest steelmaker in the world, and ThyssenKrupp, as well as leaders from global union federation IndustriALL and the major steel users from carmaking and construction. The key question is how to protect EU producers against a possible flood of imports of steel diverted from the U.S. market into the more liberal European market. The 18 million tons that the US imports today with the exemptions (...), will have to go somewhere else. They are looking for a market open, and the European Union is it," said Axel Eggert. Since 2018, when Trump introduced metal import tariffs during his first term, the EU has provided safeguards for steel in the form of quotas that are tariff-free per quarter and country. According to World Trade Organization regulations, these safeguards are only valid for eight years. They will expire during Trump's second presidential term, which is mid-2026. The European Commission (which oversees EU Trade Policy) has stated that it is looking at extending safeguards or setting up an alternative mechanism. The current system could be tightened. Eggert stated that, in order to comply with WTO rules the Commission could not alter the total import quotas, but it could better control sudden surges of steel imports which negatively impact the EU market. He added, "The rest is the world protects its domestic steel industry while Europe simply looks at an open market and does not react with firm measures. This will change now." The EU steel market is expected to be down for the second year in a row by 2024. Despite the reduction of capacity and the elimination of 18,000 jobs, steel plants in the European Union support more than 2.5 million jobs. According to Eurostat, the EU's statistics office, iron and steel exports to the U.S. totaled 5.4 billion euro, while iron and steel imports to the EU totaled 39.5 billion euros. The Commission will also seek to understand the views of industry on energy prices. This includes potential for low carbon hydrogen as fuel, supply of raw materials, and how to best promote low-carbon steel demand and secure investment.
-
WFP: An additional 1 million people may be affected by the Somalia Hunger Crisis
The World Food Programme warned on Tuesday that a projected drought in the next crop cycle could cause a further one million people to face crisis-level hunger in the coming months. Jean-Martin Bauer said that the number could increase even more due to funding cuts. According to a study, in 2022 the Horn of Africa experienced the driest weather conditions for more than 40 years after successive rainy seasons failed. This led to the deaths of up 43,000 people. A recent report estimates that approximately 3.4 million Somalians are suffering from acute food insecurity. This number will rise to 4.4 million within the next few months, according to Bauer. He was referring to the phase three and higher of the Integrated Food Security Phase Classification System. Phase three represents a crisis level of hunger, phase four an emergency, and phase five a catastrophe. He predicted that rains below average between April and the end of June 2025 could cause drought conditions following two seasons in which there was no rain. WFP released a statement saying that hunger tends to affect children the most. Current projections indicate that 1.7 million under-fives will face acute malnutrition by December 2025. WFP said that 466,000 of those children face severe acute malnutrition. Bauer said that the WFP had already cut back on its assistance programs and now only helps 820,000 people compared to 2.2 million during the peak period of 2022. In response to journalist's questions, he said that any funding cuts by the United States in part of an unprecedented aid cutback under President Donald Trump had not been taken into account. He said that the situation in Somalia could worsen for two reasons: the weather forecast and the funding cuts, as well as the conflict and relatively high food prices. (Reporting and editing by Sharon Singleton, Cecile Mantovani and Emma Farge)
Andy Home: Tin bulls retreat as Myanmar flags the return of a key mine
The Wa State in Myanmar, a semiautonomous region, has finally broken a year-long silence about the fate of Man Maw Tin Mine.
The mine is the crown jewel of Myanmar's tin industry. Its suspension in August 2023 - ostensibly to conduct an audit - has reduced the flow tin materials from Myanmar to Chinese smelters and thereby constrained the output of refined metal.
The Wa authorities now say they are ready for applications to be submitted for mining and processing licenses at Man Maw. This indicates that it is likely to return in the second half of this year.
The International Tin Association confirmed the news and the London Metal Exchange's (LME) tin prices have fallen.
MAN MAW RETURNS
Myanmar, after China and Indonesia, is the third largest producer of tin in the world. Man Maw was the largest tin mine until it was suspended.
As the Wa State, which controls Myanmar’s tin industry, does not have smelters, all of the tin mined is sent over to China’s Yunnan Province.
The raw material shipment patterns were not much different in the first few months after the suspension of Man Maw operations, as the above-ground stock was processed.
China's imports of Myanmar products have dropped significantly in the last nine-month period, from 54,900 metric tons during the first half of this year to 94,600 metric tons for the previous year.
Some smaller tin mining operations have reopened but they are nowhere near as important as Man Maw.
Chinese producers have tried compensating by reducing imports of other countries, such as Australia and Bolivia.
The total imports of raw tin materials in 2024 were down 36% on an annual basis, and were at 156.700 tons the lowest since 2010.
Lack of raw materials has impacted smelter margins, and is a major factor in China's refine metal production.
BULLS WITH WRONG-FOOTED
Unsurprisingly, the news of Man Maw’s return caused a sale in London's tin market.
LME's three-month metal soared to a four month high of $33,790 a ton on the 21st of February. Tin was the top performer of the LME's base metals, with gains to date of 15.8%.
Funds have been increasing their bull bets steadily on higher prices. At the end of the last week, long positioning had reached a new record of 5,172 contracts. This is equivalent to nearly 26,000 tons.
Last week, after the ITA confirmed that Man Maw would return, the price of a ton dropped to $31,050. This week it has risen to as high as $32,145.
It is not unreasonable to expect a partial price recovery, given that it could be several months until the mine starts producing tin once again.
STRUCTURAL RISK
The Wa State's announcement that it is ready for licenses is just the first step in a full reopening.
The ITA states that even after licenses have been granted, it may take a few months for workers, mainly those from China, in order to obtain work permits and return to Myanmar.
After such a long period of suspension, it is likely that the mine will need to be dewatered. This means that the shipments into China will only begin to pick up in the second half.
Chinese smelters continue to face a shortage of raw materials and the production of refined metal will be affected until raw material flow returns to its pre-suspension level.
The M23 rebels' advances to the east of Congo is a major concern for the tin supply market.
So far, the Bisie mine in this country, which produced 17,324 metric tons of tin-contained concentrates last year, is unaffected.
The mine is about 200 km west of the insurgent-controlled area, but Alphamin Resources Corp. has warned the increased risk at Bisie.
This highlights tin’s structural supply issues. The market, which is often hailed as one of the biggest beneficiaries of the energy transition and internet of things, is still dependent on a small number of global suppliers.
The structural supply risk is not changed by the return of Man Maw.
The author is a columnist at
(source: Reuters)