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Landmines and other peace initiatives are being worked on by rival Cypriot parties.
Leaders of Greek and Turkish Cyprus agreed to work together on Wednesday in order to remove landmines and take initiatives in the areas of climate change and the environment. This comes weeks after the U.N. announced the first significant progress in the talks about the future on the divided island in many years. Following a meeting, the United Nations mission to Cyprus released a joint statement by Nikos Christodoulides, the Greek Cypriot Cypriot leader and Ersin Tatar the Turkish Cypriot Cypriot. In a statement, it was revealed that the two communities who live on different sides of Cyprus also intend to create a technical committee in order to deal with youth issues. This is part of a package to build confidence between the two parties. After a short coup inspired by the Greeks, a Turkish invasion split Cyprus in 1974. This was after years of violence between Greek Cypriots and Turkish Cypriots that began almost immediately after Britain's independence in 1960. The island is the main source of disagreements between NATO allies Greece, and Turkey. In a statement, it was stated that the two sides engaged in a "constructive dialogue" about increasing the number civilian crossing points, and plans to build a solar farm within the buffer zone controlled by the U.N. In 2017, the reunification process collapsed and since then, efforts to restart a new peace process have been stagnant. Christodoulides, Tatar and U.N. Secretary General Antonio Guterres met in Geneva for informal discussions two weeks ago. Guterres stated that progress was made for the very first time in many years. The Greek and Turkish Cypriots are still in disagreement over the details of any settlement, despite agreeing on confidence-building measures. Greek Cypriots are in favor of a federation as prescribed by U.N. Resolutions. Turkish Cypriots support a two-state settlement, arguing decades of failed talks have proved that a federal system is unworkable. (Reporting and editing by Alex Richardson; Reporting by Michele Kambas)
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Gold and stocks both rise ahead of Trump’s 'Liberation Day" tariffs
The stock market fell on Wednesday as investors worried about the risk of a global trade war intensifying. In recent weeks, investors have been focused on the new round reciprocal levies which the White House will announce at 2000 GMT on Wednesday. These are expected to go into effect immediately following the announcement. Trump has already imposed duties on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled the markets, with fears growing that a full-blown global trade war may trigger a sharp economic slowdown. The European markets were relatively quiet, with stock prices pointing lower and currencies and bond yields remaining stable. The STOXX 600 European benchmark fell 0.9% in one day. This was mainly due to declines in the pharmaceutical sector, which is a heavyweight. The volatility measures - which are often used as a proxy to measure investor anxiety - have increased, indicating the rush of traders at the last minute to hedge against large price swings in currencies, stocks, and bonds. Daiwa Capital's Chris Scicluna, an economist at the firm, said: "I doubt that what's announced today will be in place nine months from now because we're aware of negotiations." He said that it was difficult to predict the impact of the rate hikes, or any other changes in the stock market, on the economy. Wall Street's benchmark S&P and Nasdaq both ended the session higher, after earlier losing ground. The Dow ended a little lower. Futures on S&P 500 and Nasdaq declined by 0.3-0.4%. Investors hope for clarity and the beginning of the deal-making process. Tariffs are already affecting business sentiment and will likely lead to a drop in global economic activity over the next few months," said Ben Bennett of Legal & General Investment Management, Asia-Pacific Investment Strategist. SOFT DATA Investors are becoming increasingly concerned by signs such as rising prices, a slowing economy and cracks on the labour market. The data showed that U.S. manufacturing shrank in March, after two months of growth. A measure of inflation in the factory gates jumped to its highest level in almost three years due to rising concern over tariffs on imported products. The Labour Department reported on Tuesday that U.S. employment opportunities fell by 194,000 in February to 7.568 millions as tariff uncertainty dampened labour demand. The yield of the benchmark 10-year Treasury bill in the United States was up by 1 basis point to 4,168% after falling to 4,133% on February, its lowest level since April 4. The currency markets were quiet. The dollar fluctuated between $1.2916 and $1.0797. The dollar remained at 149.55 yen. But the focus will be on the tariff details. This is especially true after a report in a major media outlet said that Trump's advisers were considering a plan to raise duties by around 20% on nearly all products, instead of targeting specific countries or products. Chris Weston is the head of research for Pepperstone. He said, "We are heading into Trump's time to shine, with many already having deleveraged in order to run a neutral or flat position on equity, USD (dollar), and Treasuries." Gold, which is seen as a safe haven against economic and political turmoil, has risen 0.5%, to $3.125 per ounce. This is just a little below the record high of Tuesday. Gold is up 19% this year. This follows a gain of 27% in 2024, which was the best performance it had in a decade. Brent futures are down 0.5% at $74.06 per barrel while U.S. Crude Futures are down 0.6% at $70.77 per barrel. (Ankur Banerjee contributed additional reporting from Singapore; editing by Shri Navaratnam, Tomasz Janowski and Ankur Banerjee)
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Italy's business lobby lowers its GDP forecast as U.S. Tariffs loom
Confindustria, the main Italian business lobby, cut its forecast of economic growth for the country on Wednesday. It warned that the looming U.S. tariffs could further deteriorate the outlook. The U.S. president Donald Trump is expected to announce a comprehensive tariff policy later on Wednesday amid concerns among investors, businesses and consumers about escalating trade tensions. Confindustria forecast that Italy's Gross Domestic Product (GDP) would grow by 0.6% in 2018, half of the official government forecast of 1.2% and lower than the 0.9% estimate the association made in October. It was predicted that the GDP would grow to 1% by 2026. The third largest economy in the euro zone expanded modestly by 0.7% both in 2024 and 2023. After stagnating for the third quarter, it managed to grow by 0.1% from the previous quarter in the fourth. Analysts expect little improvement in the short term. Confindustria stated that, while it incorporated tariffs announced by the United States on steel and aluminum and "record levels" of uncertainty on trade policy and referred to as "record-levels of uncertainty", its forecasts did not take into account an escalating war of trade. Confindustria stated that in a worst-case scenario with tariffs of 25% on all imports from the U.S., increasing to 60% in China, as well as retaliatory actions against U.S. exported, Italy's growth in GDP would be reduced to 0.2% by 2025, and to 0.3% by 2026. The group stated that pharmaceuticals, automobiles, and other vehicles, as well as machinery, were the industries most dependent on sales to the U.S. which was Italy's largest export market last year after Germany. Both the International Monetary Fund and Organisation for Economic Cooperation and Development have forecast a 0.7% growth in Italy this year. (Reporting and editing by Gavin Jones, Alvise Armellini)
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EUROPE GAS - Prices down on warmer weather and eyes on Trump tariff plan
The Dutch and British gas price fell on Wednesday morning, as the warmer weather forecasts reduced demand. Meanwhile, the market closely monitors Trump's "Liberation Day tariff plan". LSEG data shows that the Dutch front-month contract fell by 0.54 euros to 42.13 Euro per megawatt hour or $13.34/mmBtu at 0811 GMT. The Dutch day-ahead contracts was down by 0.72 euros at 41.95 Euro/MWh. The British day-ahead contracts was down 0.85 cents at 101.75p/therm. On Wednesday, U.S. president Donald Trump was ready to impose tariffs on all global trading partners. He would likely increase costs and invite retaliation. "Today's market could be volatile, with fundamentals being ignored. Liberation Day concerns could fuel concerns on global markets. Trumps decisions may have a negative impact on the global trade," said LSEG Analyst Wayne Bryan. In Northwest Europe, the forecast for heating demand is lower with an increase in temperatures. LSEG data shows that demand for the next day is down 441 gigawatt hours per day (GWh/d) and for weekends and working days in the coming week, it's down 45GWh/d. After a long and cold winter, Europe is now in the season of gas refilling. Gas storage sites are currently nearly two thirds empty. This is the first time that storage has to be refilled without pipeline gas passing through Ukraine. In a recent research note, Global Risk Management stated that the risk of refilling was at its highest ever level. The first planned major maintenance in Norway this summer will begin today at Nyhamna Gas Processing Plant and run until 7th April. The analysts of Engie EnergyScan wrote in an early morning note that, "Even if Gassco says the summer maintenance schedule will be lighter than in the previous two years, the drop in Norwegian gas flows won't improve the EU's storage situation." The benchmark carbon contract in Europe was 0.01 euros higher at 67.99 euro per metric ton. (Reporting by Marwa Rashed; Editing by Susanna Twdale)
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MUFG names its first sustainability director for EMEA
The bank announced on Wednesday that MUFG, a Japanese bank, has appointed its first Chief Sustainability Officer for Europe, Middle East and Africa to help its clients become more sustainable. Stephen Jennings is a veteran energy and renewables financier with 24 years of experience. He will now be the chief sustainability officer for EMEA in addition to his existing roles as head of EMEA energy structured finance and head of EMEA sustainable business division. The appointment comes just weeks after MUFG resigned from a UN Climate Alliance that helped banks develop policies to reduce their carbon footprint. In recent months, the Net Zero Banking Alliance saw a mass exodus and is now consulting on rules to try to retain its members. A spokesperson from MUFG stated that the bank's commitment to a future of net zero remains unchanged despite its decision. The spokesperson stated that "we aim to contribute towards real-economy carbonisation by providing advice and capital to our clients to help them transition their business models while ensuring the security and stability of the energy supply." Hideaki Takase, group chief strategy officer and sustainability officer, will continue to oversee MUFG’s climate policy. This includes a goal of being carbon neutral by 2050. Jennings is responsible for the development and implementation of MUFG EMEA’s sustainability strategy. He will also help finance clients and provide advice on their energy-transition strategies. He will chair the bank's Sustainability Committee and coordinate with MUFG. The statement stated that Cathryn Kelly will be appointed deputy chief sustainability officer EMEA. She is currently the head of the credit strategy group at the bank. MUFG Group aims to provide 100 trillion yen (668 billion dollars) in sustainable finance by 2030. ($1 = 149.6200yen) (Reporting and editing by Virginia Furness, Leslie Adler, Joe Bavier).
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SSE cuts annual earnings forecast but expects renewables to grow in UK
SSE, a British network operator and power generator, lowered its guidance on earnings per share for the year but kept its long-term profits expectations. It now expects to earn between 155 pence and 160 pence in the fiscal year 2025, compared to its previous guidance of 163 pence to 154 pence. SSE will benefit from Britain's aim to decarbonise the electricity sector by 2030, with a rapid expansion of renewable energy sources, like wind and solar. Major investments in grid connection are also planned. The company plans to invest approximately 3 billion pounds ($3.87billion) this year under its Net Zero Accumulation Programme (NZAP Plus) plan. SSE's renewables production grew by 9.8% in fiscal year 2024 compared to the previous year. SSE anticipates that renewables production will have increased by 17% for the year ending March 31, boosted in part by a capacity increase. This is despite the cold spells and stormy conditions in Britain which have disrupted SSE's distribution network over recent months. SSE, who last week promoted their chief commercial officer to chief executive, has reaffirmed that they will aim to earn between 175 and 200 pences per share in the fiscal year ending on March 31, 2027. $1 = 0.7748 pounds (Reporting and editing by Mrigank Dahniwala, Joe Bavier).
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Junta-ruled Guinea to hold referendum in September as possible step towards democracy
According to a state-television announcement on Tuesday, the military leader of Guinea has set a date for a referendum on constitutional reforms on September 21, 2025. This could be a first step in returning to constitutional democracy. Mamady Doumbouya, who seized power through a coup on September 20, 2021, proposed in 2022 a two-year period of transition before elections. However, he did not organise any vote. Guinea is a producer of bauxite, iron ore, and other minerals. West African countries Where the military has taken control and stopped a return to civil rule. The military authorities set a deadline of December 31, 2024 for the return to civilian governance. The junta may have presented a draft for a new constitution in July 2024, which could allow Doumbouya the opportunity to take part in the next presidential elections. Authorities said that a referendum would precede any elections and the return to constitutional rule. Guinea's former two ruling parties have been suspended. The Union of Democratic Forces of Guinea, another major opposition group, has also been put under surveillance. Saliou Samba, Portia Crowe, and Ros Russell edited the report.
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Dealers say that India's palm oil imports in March rose but remained below normal levels.
Five dealers report that India's imports of palm oil in March were up from the previous months, but they remained below the normal level for the fourth month running. The premium it commands over soyoil has prompted refiners and buyers to increase their soyoil purchases. India's lower-than-normal imports of palm oil, the world’s largest buyer of vegetable oil, could put pressure on Malaysian palm prices and support U.S. soybean oil futures. According to estimates by dealers, palm oil imports rose 13.2% in March to 423,000 metric tonnes. Dealers had anticipated that imports would exceed 500,000 tons in March. The Solvent Extractors' Association of India said that India imported more than 750,000 tonnes of palm oil per month on average during the marketing period ending in October 2024. It will publish its March import figures by mid-April. "Palm Oil has been more costly than soyoil in the last few months and it is reducing core demand," Rajesh Patel said, a managing partner of GGN Research, a trader of edible oils. Dealers reported that soyoil imports in march increased by 24%, to 352,000 tons, month-on-month. Meanwhile, sunflower oil imports dropped 15.5%, to 193,000 tons, the lowest since six months. Dealers estimate that the increase in palm oil and soybean oil shipments boosted the country's edible oil imports to 968, 000 tons. This represents a 9.3% rise from the previous month when imports fell to a 4-year low. "Palm Oil has held a premium to soyoil even for shipments during April and May." Sandeep Bajoria is the CEO of Sunvin Group and a vegetable oil broker. He said that palm oil imports will be below 500,000 tonnes in April. Bajoria stated that imports are expected to increase from May, and a significant rise is anticipated in July, when palm oil will be competitive with soyoil. India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine.
Andy Home: Congo conflict double trouble for the global tin industry
Alphamin Resources' decision suspending operations at the Bisie Tin Mine in the Democratic Republic of Congo highlights the fragility of the global tin supply chain.
As the M23 rebels advance deeper into Congo's mineral-rich Kivu Provinces, one of the largest tin mining operations in the world is returning to Myanmar after a long absence.
Tin's supply volatility is once again generating price volatility. On the news, London Metal Exchange's three-month tin soared 11.5% and reached a three-year high price of $37100 per metric tonne.
The Congo conflict is a serious problem for the global market. Not only are units being lost, but also the transparency of the artisanal production in the region.
SUPPLY-CHAIN INFLUENCE
The Bisie mine produced around 17,300 tonnes of contained tin in the past year. This represents about 6% of the global mine supply.
Alphamin Resources is ramping up production at what was formerly an artisanal mining site. The company aims to produce 20,000 tons of ore this year before suspending operations.
It has been a major supplier of raw materials to China's smelters since August 2023, when the Man Maw Mine in Myanmar was suspended. Wa State authorities, who control Man Maw, have opened the process of issuing new mining licenses to signal its imminent restart.
It will take months to resume operations after such a lengthy closure, and the loss of Bisie at the same time compounds China's immediate raw material challenge.
China's refined-tin production is remarkably resilient, despite the loss in feed from Man Maw. According to the International Tin Association, in 2024 national output increased by 4.6% on an annual basis.
The ITA attributed the growth to an unprecedented use of scrap that fueled a 14.9% increase in secondary production year-over-year, as well as the reduction of concentrates stock.
Shanghai Metal Market, a local data provider, describes historically low conversion rates as a result of the reduced inventories.
The market's reaction to the suspension of Bisie suggests that it expects an impact on the world's biggest producer of refined Tin.
Transparency is lost
Alphamin's move to evacuate non-essential personnel from Bisie is a sign that the M23 rebels have advanced beyond the city of Goma, which they captured on the eastern border of the Congo.
By March 12, the insurgents had reached a distance of 125 km from the mine in the Walikale District of North Kivu.
The group is moving through a region rich in minerals, where Bisie is the sole official tin producer. The rest of Congo's production is produced by artisanal cooperatives.
According to the Congo Ministry of Mines, Alphamin exports 27,000 tons and the unofficial sector, 16,000 tons. Of these, 3,300 tons are from North Kivu and South Kivu.
Kivu has been used as a test bed for years to integrate responsible artisanal production in the global supply chains, not only for tin, but also tantalum and tungsten. ITSCi is the organisation that is responsible for ensuring compliance with OECD conflict mineral rules. ITSCi was born out of the ITA, and now is backed jointly by the Tantalum Niobium International Studies Centre. ITSCi, according to a report dated February 28, had suspended certain activities like inspecting sites and tagging the production in "some areas but not all" of North Kivu and South Kivu Provinces.
It is difficult to tell what is going on in the unofficial industry, assuming that work continues at all. This raises the risk that tin from an expanding conflict zone could be illegally exported into the official supply chain.
REPUTATIONAL RISK
This would be a blow to the years of effort spent convincing end users such as Apple Inc. that minerals from Congo can be produced responsibly, even in the artisanal industry. The ITSCi program is not without critics. It is at the centre of a lawsuit filed by the Congolese Government against Apple subsidiaries located in France and Belgium.
The metal of the future, tin, is at risk of regaining the problematic conflict mineral label of the past if there are no checks on the amount of tin produced or where it goes in the unofficial sector of the Kivu Region.
The more M23 rebels advance into the Kivu region the greater the risk for the market and its reputation. The M23 rebels' withdrawal at the last minute from negotiations with the government indicates that they have no intention of stopping anytime soon.
These are the opinions of the columnist, an author for.
(source: Reuters)