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Trump calls talks with Putin productive and urges him not to use Ukrainian troops
Donald Trump, the U.S. president, said that there was a "very high chance" of ending the conflict between Russia and Ukraine after Washington held "productive" talks with Russian President Vladimir Putin Thursday. He said that he asked Putin to spare the lives "completely surrounded", Ukrainian troops. This is a reference to the Ukrainian forces that were pushed out of the Kursk area, which was their sole foothold in Russian territory. Trump stated in a Truth Social posting that he had "very good and productive" discussions with Russian President Vladimir Putin yesterday. There is a good chance this terrible, bloody conflict can finally end. Karoline Leavitt, a White House spokesperson, told reporters later that Trump did not speak with Putin on the day in question but that U.S. ambassador Steve Witkoff spoke to him. Witkoff met with Putin for a long time in Moscow, according to an anonymous source who was briefed about the meeting. Dmitry Peskov, Kremlin spokesperson, said that Putin used the meeting as a way to send "signals" through Witkoff to Trump. He said that once Witkoff has briefed Trump, Russia and the U.S. will work out the time of a telephone call between their respective presidents. The U.S. President has stated that he wants Moscow to reach a quick ceasefire with Kyiv in order to stop the fighting. He has warned of the dangers of a war spiraling into World War Three, and he said it has already claimed many lives from both sides. Reporting by Trevor Hunnicutt and Katharine Jackson; Editing done by Chizu Nomiyama and Don Durfee.
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Gold reaches historic highs of $3,000/oz in historic safe haven rally
Gold broke the $3,000 barrier for the first-time on Friday as investors sought refuge from the economic uncertainty caused by US President Donald Trump’s tariff war. Gold spot rose by 0.1% at 9:42am ET (1342 GMT), after reaching a record high of $3004.86. U.S. Gold Futures rose 0.4% to $3.002.30. Tai Wong said that gold's rise past the $3000 mark was due to "beleaguered" investors who were looking for a safe haven given Trump's turmoil on the stock market. Bullion, traditionally viewed as an asset to store value in times of geopolitical unrest, has gained nearly 14% this year. This is due in part to concerns about the impact of Trump’s tariffs, and a decline in stock markets. Trump's protectionist policy has unsettled the global markets. U.S. stock prices have been experiencing a sell-off for a week, and S&P 500 is now in correction territory after losing $4 trillion. "Real Asset Money Managers, especially in the West, required a strong stock-market and an economic slowdown to return to Gold -- and this is happening now," Ole Hansen said, head of commodity strategies at Saxo Bank. The central bank demand for gold has also supported the price of gold, with China being a key buyer who increased its bullion reserve in February for the fourth consecutive month. David Russell, CEO of GoldCore, said, "Central banks continue to record high gold purchases, in order to diversify their portfolios away from the volatile U.S. Dollar." The expectation of monetary ease by the U.S. Federal Reserve has also boosted zero-yield. The Fed is expected keep rates the same next week. However, traders expect to see a return to rate cuts in June. Gold could still see a large correction "when trade issues are resolved and asset markets rebound." Wong said. Silver rose 0.3%, to $33.9 per ounce. Platinum gained 0.3%, to $997.00. Palladium was up 2.1%, to $978.18.
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Yemeni camel herders are at risk from landmines
The Marib Province in Yemen has a landmine warning sign that reminds camel-herders of their danger. Bedouins who have been displaced by war or forced to live in smaller areas hope to return to their nomadic lifestyle. Finding safe land for grazing is dangerous. Landmines are a problem in the south. Ogaim, a camel-herder, said that a landmine explodes every time one of the animals moves south. He said that nomads had moved north in order to avoid minefields and conflict zones. Yemen's Houthis, who are aligned with Iran, have been fighting a Saudi-led alliance against them since 2015. Since the Israel-Hamas conflict in Gaza began in 2023, a United Nations peace process is stalled. The United Nations warns that despite the fact that there have been no significant changes or escalation of violence in recent years, a new outbreak of violence is possible. Human Rights Watch reported in 2024 that landmines planted by warring parties continued to kill and injure civilians in areas where the fighting had ceased. Saleh al-Qadry, a herder from the Houthis war zone, said: "Landmines is our first problem near the Houthis." Mwatana, a local human rights organisation, has documented 537 landmine incidents between January 2016 and March 2024. Abed al-Thawr is an official in the Houthi Defense Ministry. He said that mercenaries had planted the mines, and the Houthis weren't responsible. According to the United Nations Development Programme, landmines and explosives remnants of war are a grave threat for millions of Yemenis. Herders in Marib in central Yemen say they have been forced to confine their camels and stay in tents because of landmines. "If we let them go, they might head to the landmines, step on them and cause them to explode," explained camel herder Saeed Oaig. (Written by Clauda Tanias; edited by Michael Georgy, Peter Graff and Peter Graff).
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Barclays lowers Brent oil forecast for 2025 on the basis of soft demand
Barclays lowered their 2025 Brent Oil price forecast on Friday by $9 per barrel. This was due to a weaker demand outlook in the face of increased economic uncertainty. Brent crude futures traded at around $70 per barrel on Friday after closing 1.5% lower the previous session. U.S. West Texas Intermediate Crude was around $67 per barrel. Barclays analysts said that they were "neutral" on oil prices compared to the curve. They also revised down their 2025 demand forecast to 510,000 barrels a day, due to low-frequency indicators being soft and economic uncertainty increasing. It said: "However we don't turn bearish in relation to the curve as inventories are still low and declining and risks for the supply outlook are also skewed towards the downside due to producers who are price sensitive pulling back, and geopolitical pressures." The International Energy Agency Warning: Thursday Global oil supply may exceed demand this year by 600,000 barrels a day due to the U.S.-led growth and lower-than-expected demand. Barclays has also sharply lowered its outlook for oil demand, now expecting a growth of 900,000. barrels per a day in the entire year. (Reporting from Brijesh Patel and Anmol Chaubey in Bengaluru, Editing by Paul Simao.)
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"Germany is back": Merz secures key support for debt deal
German Chancellor-in-waiting Friedrich Merz said on Friday he had secured the crucial backing of the Greens for a massive increase in state borrowing, clearing the way for the outgoing parliament to approve it next week. Merz's conservatives, and the Social Democrats who are currently in negotiations to form government following an election last week, proposed a 500-billion euro fund for infrastructure, and radical changes to borrowing regulations to boost defence and revitalize growth in Europe’s largest economy. The Greens have now given them the necessary two-thirds majority to pass constitutional changes. A vote is scheduled for the following week. Merz justified the need for the package to be passed by the incoming parliament, citing recent policy shifts in the United States. President Donald Trump has warned that an hostile Russia and a unreliable U.S. may leave the continent vulnerable. Merz's conservatives, who won the election, said at a press conference: "It sends a clear signal to our partners.. and also to the enemy of our freedom. We can defend ourselves." "Germany has returned." "Germany is contributing significantly to the defense of freedom and peace in Europe," added he. The news of the agreement lifted the yields on euro zone government bonds, the shares and the dollar as investors expected the borrowing plan to boost the European economy. The benchmark DAX index in Germany rose almost 2%. Both the mid-cap and small-cap indices also grew over 3%. The euro gained 0.5%, bringing its monthly gains to 5%. DEBT BRAKE IS 'BURIED Merz wants the funds secured before a new Parliament convenes, on March 25. Otherwise they run the risk of being blocked by a larger contingent of lawmakers from far right and far left. He said that the compromise reached with Greens included the allocation of 100 Billion Euros for the Climate and Economic Transformation Fund from the 500 Billion Euros earmarked for Infrastructure. The bill also contains a constitutional amendment that will exempt expenditures on defence, civil protection and disaster relief, intelligence services and information security from borrowing limits, referred to as the 'debt break', if they are greater than 1% of GDP. Reforms are aimed at rolling back debt rules that were imposed in 2008 after the global financial crisis, but have been criticised since then as being outdated and placing Germany in a fiscal straitjacket. Carsten Brzeski said, "With today's plans, the debt brake may not be dead, but more like buried alive," ING global head of macro. The only fiscal limit for the German government is the Stability and Growth Pact (EU). We know from experience that these rules are as flexible as butter when needed. (Reporting and writing by Andreas Rinke; reporting by Markus Wacket; writing by Sarah Marsh; editing by Toby Chopra).
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The embattled Congo President considers meeting with the M23 rebels
Felix Tshisekedi, the president of the Democratic Republic of Congo (DRC), has been denying dialogue to M23 rebels backed by Rwanda that are ravaging eastern parts of his nation. But a series of defeats as well as waning support in regional circles have made him reconsider. Angola, a neighboring country, surprised many this week when it announced that Congo and M23 will sit down for direct negotiations in its capital city on 18 March. This is at a moment when the rebels continue to seize territory rich with minerals like coltan and tantalum. Tshisekedi’s government has not publicly committed to sending a delegation, but this week three sources in the government said he was seriously considering it. Diplomats and analysts say that regional powers seem to agree on the need for dialogue, given the weak resistance of the Congolese army and its allies against the advance of the rebels. One senior diplomat stated: "I've never spoken to an African country who said Kinshasa should not talk to M23." Everyone says, "How can you stop fighting if you do not engage them?" A source told us on Friday that the government's participation in Luanda was certain, but it was too early to determine who would be representing Kinshasa. Some sources stated that the debate is still going on and a decision will not be likely made until the next week. M23, on its part, demanded that Tshisekedi give a clear commitment to engaging in dialogue. Both sides expressed concerns about the framework, and the way in which the Angola-hosted discussions would conform to regional decisions aimed at resolving the conflict. On Monday, the foreign and defence ministers of Southern and East Africa will meet in Harare to discuss efforts to end hostilities and promote political dialogue. 'FAILED' MILITARY APPROACH According to U.N. expert, M23 has thousands of Rwandan soldiers backing them. Their superior weapons and equipment have allowed them to take control of east Congo's largest cities as well as a number of smaller towns since late January. Rwanda denies that it provided arms and troops for M23 and claims its forces were acting in self-defense against the Congolese Army and militias hostile towards Kigali. It is unlikely that sitting down with M23 in Kinshasa would be popular, especially given Tshisekedi’s repeated promises to never do so. Bob Kabamba, a Congolese analyst at the University of Liege (Belgium), said that it would be an admission that Tshisekedi’s pursuit of a "military solution" has "failed". He said that "Kinshasa is stuck in its position, believing the rebel alliance must not cross a threshold of critical importance." Angola, Congo's neighbor, may have also made the same calculation. They were wary of getting sucked into a regional conflict of greater scale that would be similar to those which killed millions of people in 1990s and 2000s. "Angola clearly decided it was necessary to intervene in order to prevent the M23's advance towards the west of DRC," said Stephanie Wolters. She is a Congo analyst at South Africa's Institute for Security Studies. This week, the lack of confidence in Tshisekedi to change the military tide was seen in the approval by Southern African leaders of the "phased" withdrawal of a regional mission known as SAMIDRC which had the mandate to combat rebels. Wolters stated that although the deployment was not strong enough to make a difference in the fight against M23 but its presence was a sign of regional support towards Congo. Its departure was therefore deemed 'a significant blow'. (Additional reporting by Giulia Paraavicini; Writing and editing by Robbie Corey Boulet)
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Ukrainian authorities claim that an anti-Russian activist was killed in Odesa.
Unknown gunmen killed a prominent antirussian activist on Friday in Odesa, a Ukrainian port city. The 31-year old victim was not named, but Ukrainian media reported that it was Demian Hanul. Hanul was a blogger and former member of Right Sector who was a radical extremist group. He was also a participant in the Maidan Revolution against Ukraine's pro-Russian President back in 2014. The national police announced on Telegram that the incident was a murder premeditated and committed with an order. A video clip was also posted on a local Telegram channel, claiming to show the shooting. The video clip showed a burly, muscular man holding the gun to a man's head who was lying on the pavement. He fired, then walked away. The authenticity of the clip could not be verified. Ukraine's Interior Minister said that he received "specific clues", which would help him track down the suspect. He also stated that the chief of the national police is heading to Odesa, to lead the investigation. The Russian state media had previously branded Hanul as "a neo Nazi responsible for the arson attacks on the Trade Union House Odessa", a referance to the deadly fighting in May 2014 between pro-Russian activist 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 police protection in Ukraine after receiving threats. (Reporting and Editing by Gareth Jones. Yuliia Dyesa)
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Transport emissions of Inditex, Zara's owner, will increase in 2024
Inditex, Zara's owner, increased its emissions from transport by 10% between 2024 and 2024. This is because Zara used more flights in order to move clothing from its production centres in Asia to the logistics hub in Spain to get it into stores. This increase is a result of increased air freight usage. Attacks on container ships at the Red Sea forced vessels to divert from the Suez Canal to a longer route around Africa in order to transport goods from Asia. As a result, shipping emissions have increased. Inditex's annual report, published on Friday by Inditex, stated that emissions from upstream transport and distribution were 2,614,230 tons of CO2eq in its 2024 financial period ending January 31. This is an increase of 10% from the 2,378,464 tones in 2023. Inditex didn't give any reason in the report for the rise. The company didn't immediately respond to a comment request. In November, it was reported that Inditex had increased its use air freight to transport products from its factories in India and Bangladesh - two important manufacturing hubs - to its Zaragoza logistic hub in Spain in order to avoid shipping delays which could hinder its ability to quickly get trendy clothes into the stores. Inditex previously stated that it was working to reduce transportation emissions by using measures such as alternative fuels, optimising routes and container occupancy rates. The retailer owns Bershka and Massimo Dutti brands. It reported on Wednesday a 10.5% increase in 2024 sales, currency adjusted, of 38.6 billion euro ($42.06billion). The company's greenhouse gas emissions in 2024 were the same as in 2023. This was due to a decrease in emissions related to its product sourcing category, which is its largest emissions category. Inditex said that the reduction in emissions from "purchased products and services" was 6%. They went from 7,102.152 tonnes to 6,696,995 tons of CO2 equivalent. This is due to Inditex buying more textiles with a low environmental impact. Inditex reported that 33% of the fibres and raw material used by Inditex in 2024 will come from post-consumer waste, up from just 18% in 2013. The retailer has not made any progress in reducing indirect emissions, including the category of purchased goods and services. Inditex aims to reduce its "scope 3", or supply-chain emissions, by 51% in 2030, and by 90% by 2040 compared with 2018 levels. Inditex's scope three emissions in 2024 will be 13,427.762 tonnes CO2 equivalent. This is a small increase from the level of 2013,421,935, as reported by the annual report. The report published milestones that showed by 2030, it would need to reduce that number to 4,916,311 tons, and by 2040, to 1,003,329 tones to meet the targets approved by the Science Based Targets Initiative. This global nonprofit assesses and reviews companies' climate goals.
Gold vaults $3,000 rush to safety from market, political worries
Gold prices have risen steadily, and for the first-time in history, above the psychologically important $3,000 mark per ounce. This is due to geopolitical uncertainty and economic instability that has sent investors into this safe-haven investment. Gold spot reached a new record of $3,004.86 an ounce, its 13th highest level in 2025. Prices have already risen 14% in this year after soaring 27% in 2024.
There are many factors that drive demand, including central bank purchases. Standard Chartered analyst Suki cooper said that despite geopolitical uncertainties and the ongoing changes in tariffs, gold demand remains high. Since Donald Trump took office, his protectionist policies have shaken global markets. His tariffs have also triggered swift retaliation by China and Canada.
John Ciampaglia is the CEO of Sprott Asset Management. He said that with equity markets falling and political risks unpredictable, Western investors are returning to gold. This could push it up to higher levels.
We consider gold to be an "insurance policy" and a source of liquidity during difficult market conditions.
Gold is a safe haven for investors as trade tensions and tariffs cause inflation fears. Gold stocks are also increasing in COMEX approved warehouses
FEDERAL RELEASE
The Federal Reserve is expected to cut rates by three quarter points this year. This was up from just two days ago.
Since September, the Fed has cut rates by 100 basis point, pausing only in January. The markets expect that cuts will resume in June. This is keeping the dollar in pressure. It's a dramatic change from the time when Trump’s protectionist policies boosted the currency.
Standard Chartered analyst Suki cooper said, "The inflation data helps to give the market confidence in the easing cycle given concerns about inflation and growth."
ETF DEMAND According to World Gold Council data from February, the demand for gold among investors is on the rise. Physically-backed gold ETFs have seen their biggest weekly inflows since March 2022.
On February 25, SPDR Gold Trust, the world's biggest gold-backed ETF saw its holdings reach 907.82 tons. This is the highest level since August 2023.
Dina Ting is the Head of Global Index Portfolio Management for Franklin Templeton. She said that there will be an increase in flows to safe-haven investments like gold as investors shift away from equity growth stock amid rising uncertainty and future concerns.
She said that, while investing strategies can vary, a gold allocation of 5% to 10% can provide effective diversification.
CENTRAL BANK DENDER
The central bank demand is a major factor in gold's price rise. Analysts believe that strong demand in 2025 will push gold prices to new heights, as countries continue to stockpile the metal during economic uncertainty.
Ting stated that central banks could increase their gold purchases in the face of market uncertainty, not only to hedge against the U.S. Dollar but also to anchor their currencies with gold. In February, China's gold reserves were up for four consecutive months. In 2024, after an 18-month buying spree the central bank took a six-month break before returning to purchases in November. Macquarie stated in a report that in the absence of improvement in the U.S. deficit budget, gold may challenge the high of $3,500. Goldman Sachs has raised its 2025 year-end gold target to $3100. Goldman Sachs raised its year-end 2025 gold target to $3,100.
(source: Reuters)