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Trump Administration ends Iraq's waiver for buying Iranian electricity
A State Department spokesperson confirmed that the Trump administration had revoked on Saturday a waiver which allowed Iraq to pay Iran electricity as part of Donald Trump's campaign against Tehran. The spokesperson stated that the decision to let Iraq’s waiver expire ensures that we don't allow Iran any economic or financial relief. Trump's campaign against Iran is aimed at "ending its nuclear threat, curbing its ballistic missile programme and stopping it from supporting terrorist organizations." In one of his very first acts upon returning to office, Trump restored the "maximum" pressure on Iran. In his first term he pulled out the U.S. from the Iran Nuclear Deal, an international agreement designed to prevent Iran developing nuclear weapons. The U.S. Government has stated that it wants to cut off Iran's oil export revenue and isolate Iran from global economic growth in order to slow down Tehran's nuclear weapons development. Iran denies seeking nuclear weapons, and claims its program is peaceful. Washington has imposed sanctions against Tehran for its nuclear program and its support of militant groups, effectively barring countries who do business with Iran to do business with the U.S. James Hewitt, spokesperson for National Security, said that "President Trump made it clear that Iran's regime must abandon its nuclear weapons ambitions or face Maximum Pressure." "We hope that the regime will place the interests of the people of Iran and the region above its destabilizing policy." BAGHDAD PRESSURE - Trump granted initial waivers to buyers in order to meet their energy needs in 2018 when he reimposed the sanctions on Iran’s energy exports, citing the country's nuclear program and its alleged meddling in the Middle East. Joe Biden and his administration have repeatedly renewed the waiver for Iraq while encouraging Baghdad's dependence on Iranian electric power. State Department spokesperson reaffirmed this call on Saturday. The spokesperson stated: "We urge Iraq to reduce its dependency on Iranian energy sources as soon as possible." "Iran is a unreliable supplier of energy." Sources have said that the U.S. used the waiver review to put pressure on Baghdad, to allow Kurdish crude exports through Turkey. Sources have told us that the U.S. has used the waiver review to increase pressure on Baghdad to allow Kurdish crude oil exports via Turkey. Iraq's negotiations over oil exports with the semi-autonomous Kurdish Region have been fraught to date. The State Department spokesperson stated that "Iraq’s energy transition offers opportunities for U.S. firms, who are world-leading specialists in increasing the productivity and efficiency of power plants, upgrading electricity grids, as well as developing electricity interconnections" with reliable partners. The spokesperson downplayed the impact of Iranian imports of electricity on Iraq's grid by saying "In 2023 electricity imports from Iran represented only 4%" of Iraq's electricity consumption.
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Environmental NGO Sues Trump’s EPA and Citibank for Funding Freeze
A nonprofit environmental group sued the U.S. Environmental Protection Agency on Saturday and Citibank, requesting billions of dollars to fund solar and other projects that have been frozen by the bank due to the Trump administration's cuts in federal spending. Climate United Fund claims that by freezing grant money approved by Joe Biden’s administration, "EPA has acted in order to prevent Citibank's disbursement of funds, harming Climate United and its borrowers as well as the communities they are serving." This is just one of many lawsuits filed by nonprofits, state attorneys general, and others to fight President Donald Trump's Republican moves to reverse Democratic Biden’s policies. Trump wants to reduce federal spending, shrink the bureaucracy, and reshape U.S. foreign, immigration and social policies. In a few cases, judges have blocked Trump's attempts. However, he has won some legal victories. Climate United in Washington, Citibank, and the EPA have not responded to comments made by their spokespeople. The suit was filed at the federal court of the capital. Climate United claims in its court filing it was selected by the EPA for the National Clean Investment Fund Program last April, and that they planned to lend to developers across the country to support solar energy, electric trucks and efficient housing. The group stated in a press release that the program was created to help hard-working Americans save money on groceries and to keep the lights lit. "We are going to court to protect the communities we serve, not because we want it but because we must." Climate United claims it is owed $7 billion. This is part of the $20 billion in funding that was approved by the "self serving" Biden Administration. According to EPA Administrator Lee Zeldin this amounted "to intentionally tossing gold bars off Titanic" before he left his office. Last month, officials in the Trump administration instructed federal prosecutor Denise Cheung that she should launch a criminal investigation into funding. She refused to comply, stating that she did not believe the request was supported by any evidence.
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Venezuelan President says that flights bringing migrants back from the US are 'affected.'
The Venezuelan president Nicolas Maduro stated on Saturday that flights scheduled to bring Venezuelan migrants back from the U.S. were affected by "this unjustified, tremendous commotion" after the Trump Administration canceled a Chevron license to operate in South America. Maduro had earlier said that, if it were up to him, Chevron would stay in Venezuela. He was referring to the decision made by U.S. president Donald Trump last week to revoke a license for Chevron, citing a lack of progress in electoral reforms and migration returns. Maduro did not directly mention the name of the company when referring to the migrant flight. He claimed that flights and communication between the countries were affected. Maduro, and his government, have always rejected the sanctions imposed by the U.S. Maduro, his allies and the government have praised the country for its resilience in the face of the sanctions. However, they have blamed the sanctions historically for some economic hardships. Reporting by Chizu Nomiyama; Editing by Margueritachoy and Chizu Nomiyama
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Barrick is 'committed' to a'mutually beneficial resolution' in Mali
In a memo that was seen on Saturday, Barrick Gold's chief operating officer for Africa & the Middle East stated in a memo that it remains "fully committed and engaged" to finding a resolution with Mali which is mutually beneficial to both parties. Since 2023, the Canadian miner Barrick and the Malian government are locked in a dispute over the new mining code of this West African nation. This code gives the Malian state a larger share in Barrick’s Loulo-Gounkoto Gold Mining Complex. Barrick announced on 13 January that it had been forced to suspend its mining operations in Mali following the seizure of around three metric tonnes of gold from its complex by the government. Since early November, the government has been blocking Barrick's gold exports. Reports on February 19, 2019 stated that Barrick signed an agreement to settle the dispute. The state then approved the agreement. One person involved in the process said that the deal was taking time to finalise, even though there have been no major problems since then. According to a person familiar with previous deals, it took the government "some time" before they signed deals with other Mali mining companies. Sebastiaan Bok, the CEO of the company, sent a memo to its staff on Saturday. He said that there were "no major developments at this time". He said: "As a gentle reminder, until further notice all non-critical activities will be temporarily paused." Staff salaries and bonuses were not affected by the suspension. One of the complex's vendors told Barrick in early March it owed two months of payments.
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Kyiv reports that at least 14 people were killed and 37 injured in a Russian missile attack on Ukraine.
The Ukrainian Interior Ministry reported on Saturday that Russian drone and missile attacks overnight on Dobropillia, a city in eastern Ukraine, and a settlement near Kharkiv left at least 14 dead and 37 injured, including five kids. According to the Ministry, Russian forces used drones and multiple rockets to attack Dobropillia, damaging eight multi-storey building and 30 vehicles. Eleven people were killed, including five kids, in the attack. Thirty others were also injured. Three civilians died and seven were injured in a separate attack by drone on Kharkiv in the northeast. "Such attacks show that Russia's goals have not changed." It is therefore vital to continue doing our best to protect life, to strengthen our air defences and to increase sanctions against Russia. "Everything that helps Putin finance war must be destroyed," Volodymyr Zelenskiy stated on Facebook. The Russians launched their first major missile strike on Friday against Ukrainian gas and energy infrastructure, a day after the U.S. suspended intelligence sharing. This increased pressure on Kyiv, as President Donald Trump tries to end the war quickly. Military analysts believe that the pause in U.S. intelligence and military assistance could undermine Ukraine's air defenses, as it is running low on advanced missiles. Dobropillia is located in eastern Ukraine's Donetsk region, about 22 km (13.67 mi) north of Pokrovsk. The Russian troops have been attacking this key city for several weeks. FIGHTING CONTINUES In an effort to gain an edge, both sides are continuing to engage in hostilities despite the efforts of the U.S. to bring Kyiv to the table for negotiations. The Kirishi oil refining plant, which is one of Russia's biggest, houses a tank. In recent weeks, Russian forces have intensified their efforts to expel Ukrainian troops from Kursk. Last August, Kyiv's forces launched a lightning invasion over the border, capturing a large area of Russian territory. On Saturday, the Russian Defence Ministry announced that its troops were in Afghanistan. retook Three villages in the Kursk area were taken by Ukrainian forces. Could not independently confirm the report. (Reporting and editing by Kim Coghill, Louise Heavens and Kim Coghill; Additional reporting by Lucy Papachristou, Guy Faulconbridge and Guy Faulconbridge).
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Ukraine's steel production increases despite the loss of a coking coal mine
The Ukrainian Steel Producers' Union reported on Saturday that despite the loss in eastern Ukraine of its key coking coal mining facility in Pokrovsk, the steel sector still maintained growth in 2025's first two months. Metinvest, the Ukrainian steelmaker, has suspended operations in Ukraine's sole coking coal mine. The company cited a deteriorating situation due to Russian advances. Data showed that the raw steel production rose 9.9% between January and February 2025, to 1,18 million metric tonnes. Since the Russian invasion of February 24, 2022 leading steel mills have been destroyed. Ukraine, once a major exporter and producer of steel, reported a 70.7% decline in production in 2022, to 6.3 millions tons. The output dropped to 6 million tonnes in 2023, but increased to 7,58 million tons in 2020. Steelmakers' Union said in October that the closure of Pokrovsk could lead to a drop in steel production to 2 to 3 million metric tonnes in 2025. The producers have stated that they would like to import coking coal from another Ukrainian mine if the mine were taken over by Russian troops. However, this would increase costs. (Reporting and editing by Louise Heavens, with Pavel Polityuk)
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Lammy, UK's Lammy, says that Britain and the Philippines are committed to rules-based orders
David Lammy, British Foreign Minister, said that Britain and the Philippines are committed to an international order based on rules. Lammy, on an official visit to the Philippines, said that both countries had stood together, supporting Ukraine, and promoting a free, open Indo-Pacific. Lammy and his Philippine counterpart said at a press conference that they were charting a course for their relationship in the face of global instability. They also emphasized that it was important to strengthen ties with other like-minded countries, such as the Philippines. The Philippines and Britain have signed a framework agreement for enhanced cooperation in multiple areas including defence, regional safety, and climate change, opening the door to deeper collaboration when it comes to addressing challenges and opportunities shared by both countries. Lammy and Philippine Secretary of Foreign Affairs Enrique Manalo both signed the agreement, and both highlighted their commitments to expanding economic ties in the Indo-Pacific and promoting regional stability. "We are countries committed to international law." We are a country that is committed to the rule-based order. "We are countries who take our obligations under UN Charter seriously," Lammy stated. Manalo, for his part, expressed the appreciation of his country to Britain's "firm commitment to a free and peaceful Indo-Pacific Region," and added that both nations had agreed to continue participating and exchanging in joint military exercise. Manalo stated, "We are pleased with the United Kingdom's Indo-Pacific strategy towards a more deliberate engagement within the region including the Philippines." In the face of rising tensions and confrontations between China and the Philippines in the South China Sea, the Philippines is expanding its security partnerships. It has also maintained its longstanding alliance with the United States.
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Russian Kirishi refinery damaged by debris in Ukrainian drone attack
The governor of Leningrad, a region in the northwestern part of Russia, said that a tank at the Kirishi oil refining plant, one of Russia's biggest, was damaged during an aerial attack by Ukraine. Surgutneftegaz's Kirishinefteorgsintez (KINEF) refinery is one of the top two refineries in Russia. According to industry sources, it refines approximately 17.7 million tonnes of Russian crude per year (355, 000 barrels per day). Alexander Drozdenko said that the governor of Leningrad Region, Alexander Drozdenko on Telegram, "Air defences destroyed one drone as it approached, and the other was destroyed on the territory of enterprise." He said that the external structure of a tank was damaged when the debris fell. He said that no one was hurt. It was not immediately apparent the extent of damage at the refinery. Surgutneftegaz - one of Russia's largest oil companies - and Ukraine have not yet commented. Kirishi refinery is responsible for producing 2.3 million tonnes of gasoline or 5.3% of the total amount of fuel in Russia. According to industry sources, it also produces 7.6% percent of the country's fuel oil, 16.3% percent of its diesel fuel and 3.4% percent of its aviation fuel. According to the Russian defence ministry, 31 Ukrainian drones have been destroyed in Russia. This includes 26 drones that were destroyed in Krasnodar. (Editing by Himani Sakar)
Iron ore gains, but reports a weekly loss due to tariff issues
Dalian iron ore contracts fell on Friday despite ending a nine session losing streak. The market was weighed down by news of China's steel production cutbacks and the intensifying trade conflict between Washington and Beijing.
The May contract for iron ore on China's Dalian Commodity Exchange grew 0.19%, to 774 Yuan ($106.81), per metric ton. This week, the contract dropped 3.49%.
As of 0712 GMT, the benchmark April iron ore traded on Singapore Exchange was up 0.04% at $100.4 per ton. It has lost 1.99% this week.
Analysts at ANZ said that Beijing's efforts in support of economic growth boosted sentiment on commodity markets.
China announced more fiscal stimuli on Wednesday and pledged to increase efforts to boost consumption and domestic demand.
Chinese officials left the door wide open on Thursday to add more stimulus measures, on top of what was announced this week at the annual parliament meeting.
Washington imposed an additional 10% duty on Chinese products on Tuesday, bringing the total tariff to 20%. Beijing retaliated.
Hexun Futures said that the steel production cutbacks in China could increase iron ore supplies, increasing pressure on ore price.
China's steel industry will be restructured through production cuts. However, it has not announced any targets in its latest intervention to reduce overcapacity.
Despite this, China's imports of iron ore in the first half of 2025 dropped by 8.4% on an annual basis, due to weather-related disruptions in Australia, a major producer.
Coking coal and coke, which are used to make steel, also rose on the DCE, by 1.79% each and 1.1% respectively.
The Shanghai Futures Exchange saw a decline in most steel benchmarks. Hot-rolled coils fell 0.85%, rebars 0.67% and wire rod 0.14%. Stainless steel increased by 0.34%. $1 = 7.2467 Chinese Yuan (Reporting and Editing by Subhranshu Sahu, Sumana Naandy).
(source: Reuters)