Latest News
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Financial Times - May 2
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines EU negotiator: Europe is ready to offer Trump 50 billion euro in trade Activist Investor's Play for Upper Crust Owner Sets Stage for Takeover Harrods becomes the latest British retailer to suffer a cyber-attack The UK government has set aside 94 millions pounds for British Steel's rescue. View the full article The EU's chief negotiator has said that Brussels is looking to increase its purchases of U.S. products by 50 billion euro ($56.50billion) in order to solve the "problem" with the trade relationship. He added that the EU was making "certain progresses" toward a deal. Irenic Capital Management, an activist investor, has a stake in SSP Group of about 2% and is pressuring the Upper Crust owner for a higher profit margin. Hackers have attempted to hack into the systems of London's Harrods department store. This is the third high-profile attack in the UK on a retailer within two weeks. The previous incidents were at Marks & Spencer, and the Co-op Group. The British government has set aside nearly 100 million pounds for the bailout of British Steel, just weeks after assuming control of two of its blast furnaces. ($1 = 0.8850 euros) (Compiled from Bengaluru Newsroom)
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Oil prices increase as China opens up for trade talks with US
The oil prices rose in the early Asian hours of Friday, after China announced that it was open to talks with the United States. This raised hopes for a deescalation of the bitter trade war between two world's largest economies. Brent crude futures increased 38 cents or 0.6% to $62.51 per barrel at 0136 GMT. U.S. West Texas Intermediate Crude futures also rose 38 cents or 0.6% to $59.62 per barrel. China's Commerce Ministry said on Friday that the United States had recently taken steps to start a dialog with Beijing through information being passed along by relevant parties. Oil prices have been impacted by recent concerns that the broader global trade war may push the world economy into a depression and crimp demand for oil, at the same time as OPEC+ is preparing its output increase. The sentiment toward crude oil was boosted by the signs of a possible easing of trade tensions between China and the United States, the largest importer of crude in the world. The threat by Donald Trump, the president of the United States, to impose secondary sanction on Iranian oil buyers also supported oil prices. ANZ analysts wrote in a report that the threat of a tighter crude supply had them worried. Trump's remarks followed the postponement by the United States of talks with Iran about its nuclear program. He had earlier restored a campaign of "maximum-pressure" against Iran. This included efforts to reduce the country's exports of oil to zero to prevent Tehran from developing nuclear weapons. The oil prices rose late Thursday to close nearly 2% higher, erasing the earlier losses on the expectation of more OPEC+ supplies. On Wednesday, it was reported that Saudi Arabia - the de facto leader in OPEC+ - had informed allies and industry professionals that they were unwilling to support oil prices by cutting further supplies. Earlier reports said that several OPEC+ countries are planning to propose the group accelerates production increases in June for a 2nd consecutive month. On May 5, eight OPEC+ members will gather to discuss a plan for June. (Reporting and editing by Shri Navaratnam in New York)
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The worst of New Zealand's extreme weather has passed, and cleanup is underway
Metservice, the New Zealand government's weather forecaster, said that most severe weather warnings in New Zealand had been lifted by Friday. Wellington, New Zealand's capital, was hit with the strongest winds it has seen in over a decade. Schools and offices were closed and flights cancelled. In the Canterbury region in the middle South Island, heavy rainfall caused flooding and landslides. A few people were forced to evacuate. As there is still flooding on the surface and road closures, both Christchurch City and Selwyn District are in a state of emergency. Selwyn District Council stated in a post on Facebook that the worst weather is over. Wellington International Airport has reopened. However, local news organisation Stuff reported that some planes have not been able to land. Images posted on local news websites showed debris and rocks littering the road near the south coast of the city and the waves breaking over the seawalls. Wellington Region Emergency Management Office posted on Facebook that they continue to urge people to avoid travel unless absolutely necessary. (Reporting and editing by Matthew Lewis in Wellington)
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Consolidated Edison to invest $72 billion over the next decade
Consolidated Edison, a utility firm, announced on Thursday that it will invest roughly $72 billion in capital over the next ten years to increase its capacity, improve grid safety, and maintain reliability. U.S. Electric utilities are investing more in infrastructure as a result of extreme weather and a growing demand. This is to meet the increased demand, but also to improve resilience. Utility companies have been facing lawsuits for billions of dollars in damages over the last few years because of their role in wildfires. Consolidated Edison announced that $66 billion would go to core services, which support safety and reliability. The rest of the money will be spent on clean energy, climate resilience, and customer engagement. Separately the New York utility beat its first-quarter profit expectations, thanks to regulatory rate relief. U.S. utilities are seeking to increase customer bills in order to fund infrastructure improvements. This is because the electrical grids of the United States face extreme weather conditions and a growing demand as a result of industry electrification, data center expansions and increased industrial electrification. U.S. utilities have become more popular as a defensive strategy, providing investors with a safe, low-risk investment. Utility companies are a safe haven in turbulent markets because of their regulated revenue models, which shield them from volatility in demand and other risks. Falling interest rates also help to boost their appeal. According to LSEG, the company reported an adjusted profit per share of $2.26 for the quarter ending March 31. This compares to analysts' estimates of $2.20. Reporting by Tanay Kumar and Arunima in Bengaluru, Editing by Shailesh Kuber
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Eversource Energy first-quarter profits rise on higher electricity prices
Eversource Energy announced a higher first-quarter profit Thursday as it benefited from increased electricity rates. Rate case proceedings are used by utilities to increase their rates. They base their appeals on the investments they have made or the expenses incurred when delivering their services. The electric distribution segment's quarterly earnings were up 12.1% from the previous year, at $188.4 millions, and its electric transmission segment earned $199.4million, an increase of 12.8%. Eversource Energy provides electricity and natural gas for about 4,000,000 customers in Connecticut, Massachusetts and New Hampshire. The company's water distribution segment saw a 33.3% decline in earnings to $3.6 millions from the previous year. Eversource, a utility company, agreed in January to sell Aquarion Water, its water division, which it had acquired in 2017, in a $2.4 billion deal. The utility wants to reduce its debt and concentrate on its main businesses, electricity and gas. Eversource reported net income of $550.8 millions for the quarter ending March 31. This is up 5.5% compared to a year ago. (Reporting from Tanay Dhumal, Bengaluru. Editing by Alan Barona.)
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US sanctions fuel theft network in Mexico that it links with CJNG cartel
The U.S. Treasury Department imposed sanctions Thursday on two entities and on three Mexican citizens it claimed are involved in a network of drug trafficking, oil smuggling and gang activity linked to Cartel Jalisco Nueva Generacion. Authorities in the United States say that CJNG, along with Sinaloa Cartel is one of two major Mexican drug cartels responsible for bringing fentanyl to U.S. streets during the last few years. The Treasury Department imposed sanctions against the hazardous materials transport companies Servicios Logisticos Ambientales (SLA) and Grupo Jala Logistica (GJL), claiming that they transported fuel and crude between Mexico and the United States for individuals connected to Mexican cartels. Treasury reported that the network generated hundreds of millions of dollar annually for CJNG through fentanyl, fuel theft and smuggling crude stolen from Mexico across southwest border. Treasury Secretary Scott Bessent said, "Fuel smuggling and crude oil theft are cash cows for CJNG’s narcoterrorism enterprise. They provide a lucrative income stream for the group that allows it to cause havoc in Mexico as well as the United States." He said that the U.S. will use all tools available to target cartels. In February, the administration of President Donald Trump designated CJNG a terrorist organization that is a terrorist group from abroad and deemed terrorism. The companies could not be reached. The sanctions prohibit Americans from transacting with the entities or persons. (Reporting and editing by Rod Nickel. Timothy Gardner)
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Trump threatens secondary sanctions against purchasers of Iranian oil after he says that the purchase must cease.
U.S. president Donald Trump has said that all purchases of Iranian oil and petrochemicals must cease. Any country or individual buying from Iran will be subject to immediate secondary sanctions. He wrote Thursday on Truth Social that "they will not be permitted to do business with United States of America, in any shape or form." Trump's remarks follow the postponement by the U.S. of the latest talks between the U.S. and Iran on its nuclear program that were scheduled to take place on Saturday in Rome. A senior Iranian official said a new date would be determined "depending on what the U.S. does." approach." Trump's administration targeted Tehran by imposing sanctions on entities, including a crude oil storage facility in China and an independent refiner that it accused of illicitly trading in oil and petrochemicals. In February, Trump reinstated a campaign of "maximum press" against Iran. This includes efforts to reduce its oil exports and prevent Tehran from developing nuclear weapons. Secondary sanctions are when a country attempts to punish another country for trading with third country by denying access to their own market. This is a powerful tool for the United States due to the size of their economy. Analysts say that in order to crackdown on Iran's oil sales, the U.S. must impose secondary sanctions against entities like Chinese banks who facilitate the purchase of Iranian oil. China is the biggest buyer of Iranian crude.
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Metals, resources and development projects in Ukraine
Ukraine and the U.S. signed a deal on Wednesday that was heavily promoted by U.S. president Donald Trump. The agreement will grant the United States access to new Ukrainian mineral deals and funding for investment in Ukraine's rebuilding. The following is a list of Ukraine's metal production, production capacity, projects for metals development, and resources or deposits. Information sources: Benchmark Mineral Intelligence, US Geological Survey, International Aluminium Institute. Ukraine's Customs Service, World Nuclear Association. CEIC. Company data. Exports According to the customs services, Ukraine will export goods worth $41.6billion in 2024. Metals/metals products made up $4.4billion or 11%, and accounted for $4.4billion. Ukraine will export $49.2 billion in 2020, which includes $7.7 billion worth of ferrous metals. ALUMINA By 2021, Mykolaiv's (Nikolaev's) Alumina Refinery will be refining imported Bauxite to 1.8 million tons of alumina per year. This alumina is then sent to Rusal. After the Russian invasion of Ukraine in 2022, production was suspended at the refinery. According to the International Aluminium Institute, Mykolaiv produced 1.3% of 138.6 millions tons worldwide in 2021. Global alumina production will reach 147 million tonnes in 2024. Ukraine has coal mining, but it is mainly located in the east of Ukraine in Russia-occupied areas. According to CEIC data, the coal production of Ukraine fell from 64.9 millions tons in 2013 to 23.3million tons in 2023. GALLIUM According to the USGS, Ukraine produced one ton of galium in 2021. China, on the other hand, produced 750 tonnes in 2024. GRAPHITE According to the USGS, Ukraine will produce 1,200 tons or 0.08% world total of graphite by 2024. Zavalievsky Plant, currently the only graphite plant in Ukraine, is still operating. According to BMI, it restarted its production in October following a temporary stop due to lack of investment. Balahovskoe Graphite Deposit is yet to be developed. In 2024, its operator BGV Graphite spent $10 million on a feasibility study and a preliminary economic assessment. The study was finished in early 2025. IRON ORE The Ukraine's iron ore exports increased by 90% on an annual basis to 33.7 millions tons in the last year, as a sea export corridor opened up in August 2023. According to the USGS, Ukraine produced 3.2% of world iron ore and 1.5% pig iron by 2020. LITHIUM Two early-stage lithium project in Ukraine would mine hard-rock deposits. Shevchenkivskyi, the largest of these four regions in Ukraine that Moscow claims as its own, is located in Donetsk. Second, the Polokhivske & Dobra deposits in central Ukraine. According to the State Geological Service of Ukraine, Ukraine has lithium deposits of 500,000 metric tonnes, which is equivalent to 1.7% of world total. MANGANESE According to USGS, Ukraine produced 3.1% of manganese ore in the world by weight as of 2020. Since then, however, production has decreased. It added that at least two manganese mines and processing plants have been idle in Ukraine since November 2023, and two more resumed minimal production in the second half of 2024. Interfax-Ukraine, citing the Ukrainian Association of Ferroalloy Producers, reported that in 2024 production of silicomanganese would fall by 45%, to 104.150 tons, and of ferromanganese by 66.5%, to 3,600 tonnes. RARE EARTHS Elements The Ukraine currently does not have any rare earth mines in commercial operation or deposits that are actively being developed. China is the market leader in rare earths, with a near-monopoly of global supply. According to the Institute of Geology of Ukraine, the country has rare earths like lanthanum and cerium. The data is classified. According to USGS, rare earths are found in abundance around the world, but their concentrations can be mined less often than most other minerals. The steel mills of Ukraine are located in the southern, central and eastern regions of Ukraine that is occupied by Russia. According to the World Steel Association, Ukraine will produce 7.6 million tonnes of steel by 2024, which is 0.4% of global production, down from 21.42 million tons in 2010. TITANIUM RAW MATERIALS According to USGS data, which excludes U.S. output, Ukraine was the fifth-largest titanium sponge producer in the world with a 2.2% share of global output in 2020. It was also the sixth-largest ilmenite producer with a 5.8% share. Since 2022, Ukraine is focusing on the production of an ilmenite-based concentrate that the chemical industry uses to produce pigments. UMCC Titanium is a mining company and processing facility in the Northwest. Ukraine reprivatized it in late 2024. It resumed production in July. According to data from the company cited by Ukrainian news outlet Liga.net, 110,000 metric tonnes of ilmenite concentrated were shipped to Europe and North America between January 2024. URANIUM According to the World Nuclear Association, Ukraine's uranium reserves are 12th in the world, with 107,200 tonnes, or 2% of global resources. According to the association's statistics, Ukraine's production fluctuated over the last 10 years. It reached 455 tons, or 1%, of the total world in 2021. (Reporting and editing by Cynthia Osterman; Polina Devitt)
Copper edged ahead of US tariffs, while tin extended its rally
Investors awaited details on reciprocal tariffs in the United States, while tin prices rose to their highest level in almost three years due to supply concerns.
The benchmark three-month price of copper on the London Metal Exchange was up by 0.2% to $9,711 per metric ton at 0953 GMT, after falling to its lowest level in three weeks, $9,668.50.
On Wednesday, U.S. president Donald Trump is expected to announce sweeping new tariffs against global trading partners. This could lead to retaliation on all sides. He will announce the tariffs around 2000 GMT.
Investors are uncertain and confused about the future. Tom Price, Panmure Liberum's head of commodities strategy, said that the main issue is tariffs, but there are also issues such as currency debasement, global conflict and confusion about central bank policies.
Trump has already imposed tariffs of 25% on steel and aluminium, and is expected add duties to copper imports.
"Aluminium can give you a hint as to what copper will do." Price explained that the market has now entered the second phase where the demand is declining.
LME aluminium fell 0.1% to $2.505 per ton. It had previously touched $2.491.50, its lowest level in almost three months, and was down about 9% during the last three weeks.
LME tin rose 1.7% to reach $38,115 per ton, after reaching $38,395 at its highest since May 2022. This was due to fears of supply disruptions following the earthquake that struck tin-rich Myanmar on Friday.
The price of tin on the Shanghai Futures Exchange rose 3.9%, to 297 590 yuan (US$40 938.48) per ton.
Myanmar's Wa State is responsible for 70% of the tin produced in Myanmar. It is also the third largest producer in the world and a major supplier to China.
Other metals include lead, which fell 0.6% at $1,980 per ton on the LME, zinc, which dropped 0.6% at $2,806, and nickel, down 0.1% to $16,090. ($1 = 7.2692 Chinese yuan renminbi)
(source: Reuters)