Latest News
-
The London Metals Company ahead of US-China Trade Talks
Metal prices in London rose mainly on Thursday, ahead of the U.S. China trade talks this Saturday. This was after the Federal Reserve warned that rising inflation and labour market risk could fuel economic uncertainty. As of 0344 GMT, the benchmark copper price on London Metal Exchange (LME), rose by 0.5% to $9467 per metric ton. The Fed maintained interest rates on Wednesday. They acknowledged that the risks of inflation and unemployment were higher, which further impacted the U.S. economy amid the effects President Donald Trump’s tariffs. Fed Chair Jerome Powell stated that it's not clear whether the economy will maintain its steady growth pace or falter under rising uncertainty and an upcoming spike in inflation. The New York Times reported that late on Wednesday, Trump's administration would announce a deal with the United Kingdom on Thursday. After months of rising tensions, which pushed tariffs well above 100% between the two world's largest economies, traders have adopted a cautious approach ahead of this weekend's U.S. China meeting scheduled in Switzerland. Both countries will likely discuss the possibility of lowering tariffs on specific products and a broader range of duties. We're all eagerly awaiting any updates or news from the U.S.-China trade talks. Uncertainty about the direction of markets is difficult to predict until we hear more," said a trader. Other London metals saw aluminium rise 0.6% to $2 395 per ton. Zinc added 0.4% at $2 627. Lead fell 0.3% at $1 951. Tin gained 1.0% at $31,965. And nickel rose 0.4% at $15,615 per ton. The Shanghai Futures Exchange's (SHFE) most traded copper contract fell by 0.2%, to 77840 yuan per ton ($10,760.89). SHFE aluminium fell 0.3%, to 19,595 Chinese yuan per ton. Zinc rose 0.2%, to 22,390 Yuan. Lead gained 0.4%, to 16,795 Yuan. Nickel rose 0.2%, to 124330 Yuan. Tin rose 0.4%, to 263,000 Yan. $1 = 7.2336 Chinese Yuan Renminbi (Reporting and editing by Sumana Niandy; Violet Li, Lewis Jackson)
-
Australian climate protesters disrupt Woodside’s annual meeting
On Thursday, climate change protesters shouted and blew whistles as they disrupted Australian Woodside Energy's Annual General Meeting. They also heckled Chief Executive Meg O'Neill. Similar to last year's protests, investors were also involved in the reaction to Woodside’s gas projects and sustainable measures. The Australian pension funds HESTA, and Aware, lodged protest votes against Woodside’s director who was charged with overseeing climate risk. O'Neill said to protesters who interrupted the opening of her speech: "I'd like to ask that you be respectful to the other shareholders who are in the room. They have a keen desire to understand what we're trying to do to create value for them." You should be ashamed! Some of them were yelling. As O'Neill spoke about Woodside's portfolio of gas, its contribution to the society, and its role in meeting decarbonisation and energy security goals, the whistling began. Richard Goyder, Chairman of the Board, said that the behavior was "unnecessary". The event organizers tried to drown out noise by playing promotional video clips about the company’s energy projects and sponsorships of the local football club, the Fremantle Dockers. O'Neill continued, "We can still play many more videos." Similar protests were made at last year's annual meeting, and Woodwide's emission plan was rejected by shareholders. The company approved a $17.5 billion liquefied gas project in Louisiana, United States. This would increase its LNG production to 24 million tonnes annually (Mtpa), or more than 5 percent of global supply, in the next ten years. Glass Lewis, a powerful proxy adviser, recommended to shareholders that they block the reelection of Ann Pickard as an independent director, who chairs the committee for climate risk. HESTA, Aware and Storebrand in Norway have said that they will vote against Pickard's reelection. The US pension funds CalPERS, CALSTRS, and CALSTRS, too, have said they will vote against Ben Wyatt. HESTA released a statement saying that "the steps taken by Woodside to date fall short of what it needs to do to position itself for a global transition to a future low-carbon." (Reporting from Christine Chen in Sydney, Editing by Clarence Fernandez).
-
North Star Takes Delivery of its First CSOV (Video)
North Star has officially named its first commissioning service operation vessel (CSOV), the Grampian Kestrel.The vessel was named at a ceremony at VARD’s shipyard in Vard Langsten in Norway on May 6.The Grampian Kestrel is the first of two CSOVs to be delivered this year, as part of the firm’s drive to support its growing portfolio of offshore wind clients with cutting-edge tonnage and exceptional service.The new vessel, of VARD 4 22 design, will go on service with EnBW and precede the decade-long minimum charter contract the firm signed in 2024 to provide a SOV (of VARD 407 design) for the German energy utility firm’s He Dreiht wind farm in the North Sea.A high specification vessel, the Grampian Kestrel has the ability to support all aspects of the wind farm’s life cycle, offering essential accommodation and logistics to support construction and commissioning works.Following this, it will lead EnBW’s operations and maintenance activities until the newbuild SOV is delivered in the third quarter 2026.The VARD 4 22 design has been developed in close collaboration with Vard Design, with new methanol ready hybrid-propulsion solutions and an increased number of single cabins, providing hotel quality accommodation for the technicians working in field. It also includes a high-performance daughter craft with space for a second to suit the clients’ operational needs.“The vessel is built to service all aspects of an offshore windfarms’ lifecycle and has a competent North Star crew to ensure we deliver our services to the highest standard."We are proud to christen this future-ready vessel, which sets a new industry benchmark by becoming the world’s first to achieve Lloyd’s Register’s Cyber Resilience classification. This certification underscores our commitment to being a safe and reliable partner - for our employees, our clients, and the broader offshore wind industry,” said Gitte Gard Talmo, CEO at North Star.North Star’s offshore wind fleet now comprises eight vessels, including both delivered and in-build assets. The shipping firm has also placed 160 experienced seafarers to support its SOV fleet and will recruit a further 160 seafarers in the next three years to meet current contract charter commitments.
-
Iron ore prices fall on China demand fears and Sino-US tensions
Iron ore futures prices fell on Thursday, as traders considered the impact of trade tariffs between China and the United States. They also weighed concerns about a possible slowdown in demand from China's top consumer. The September contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 2.17% lower, at 697.5 Yuan ($96.43). As of 0318 GMT, the benchmark June iron ore traded on Singapore Exchange fell 1.19% to $97.15 per ton. Analyst Zhuo Guqiu at Jinrui Futures said that the price drop of steelmaking components was more dramatic than steel. China Metallurgical News, a state-backed publication, cited officials of the steel association to say that the relevant authorities were actively advancing national crude steel production control. China announced its plans to restructure the giant steel industry in March. However, it did not specify when or how much production would be cut. This statement from the Steel Association has confirmed such expectations. Hot metal production is also expected to reach a high point soon. Iron ore demand is usually gauged by the hot metal production, which is a blast-furnace product. Coking coal and coke, which are used to make steel, also fell by 2.35% and 2.58 %, respectively. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell 1%, hot-rolled steel coil dropped 0.87% and wire rod decreased 0.72%. Stainless steel gained 0.12%. The iron market has seen a significant drop in demand despite Beijing's injection of a number of monetary stimuli on Wednesday to try and mitigate the damage that the trade war between the United States and China had caused. The stimulus package is not a good sign for Sino-U.S. Trade Talks, as it suggests a readiness for the worst-case scenario. An analyst said this under condition of anonymity due to the sensitive nature of the issue.
-
Gold prices rise as Fed warns of economic uncertainty
Gold rose on Thursday, after the Federal Reserve warned that rising inflation and labor-market risks were fueling economic uncertainty. Investors awaited this weekend's outcome of U.S. China trade talks. As of 0223 GMT, spot gold increased 1.4% to $3409.76 per ounce. U.S. Gold Futures rose 0.7% to $3416.70. Kyle Rodda, a financial market analyst at Capital.com, said: "I think the main reason is a slight drop in the front-end yields after the Fed. The "wait and watch" language has been good enough so far and Trump's hotter rhetoric about trade negotiations with China." It taps into the two main themes of slower US growth and dedollarisation. The Fed kept interest rates unchanged on Wednesday but warned that risks of inflation and unemployment were rising, which further clouded the U.S. economy outlook as policymakers struggled to deal with the impact President Donald Trump's new tariffs. Fed chair Jerome Powell stated that it's not clear whether the economy will continue to grow steadily or falter under rising uncertainty and an inflation spike. The market is expecting a rate cut of 77 basis point this year starting in September. Trump said on Wednesday that China would be initiating the next senior-level talks between the countries. He also stated that he wasn't willing to lower import tariffs for Chinese products to bring Beijing to the table. This weekend, U.S. officials and Chinese officials will be holding talks in Switzerland. In an environment of low interest rates, the non-yielding gold bullion thrives as a protection against financial and political turmoil. India attacked Pakistan and Pakistani Kashmir Wednesday in response to the killings of tourists in Kashmir last month. Pakistan has vowed retaliation and claimed to have shot down five Indian planes in the worst conflict between nuclear-armed neighbors in over two decades. Silver spot rose by 1.1%, to $32.82 per ounce. Platinum gained 0.8% and reached $982.05. Palladium remained at $971.95. (Reporting and editing by Sumana Nady and Rashmi Akich in Bengaluru)
-
London metals mixed before US-China trade talks
Investors in London reacted to the Federal Reserve's warning about the potential impact of rising inflation and labor market risks on economic uncertainty by varying the metal prices they paid for. As of 0139 GMT, the benchmark copper price on London Metal Exchange (LME), rose by 0.1% to $9432.5 per metric ton. The Fed maintained interest rates on Wednesday. They acknowledged that the risks of inflation and unemployment were higher, which further clouded the U.S. economy outlook, especially in light of the tariffs imposed by President Donald Trump. Fed Chair Jerome Powell stated that it's not clear whether the economy will maintain its steady growth pace or falter under rising uncertainty and an upcoming spike in inflation. Trump also announced via Truth Social that a news conference in the Oval Office regarding a major deal with "representatives of a large, highly respected country" will take place on Thursday. He did not, however, name the country. After months of rising tensions, which pushed tariffs well above 100% between the two world's largest economies, traders have adopted a cautious approach ahead of this weekend's U.S. China meeting scheduled in Switzerland. Both countries will likely discuss the possibility of lowering tariffs on certain products and broader tariffs. We're all eagerly awaiting any updates or news from the U.S.-China trade talks. Uncertainty about the direction of markets is difficult to predict until we hear more," said a trader. Other London metals saw aluminium rise 0.3%, to $2389 per ton. Zinc added 0.3%, to $2624, while lead fell 0.3%, to $1951. Tin gained 0.2%, to $31,685, and nickel dropped 0.2%, to $15,525 per ton. The Shanghai Futures Exchange's (SHFE) most traded copper contract fell by 0.4%, to 77 690 yuan per ton ($10 732.59). SHFE aluminium fell by 0.6%, to 19,530 Chinese yuan per ton. Zinc rose by 0.2%, to 22,390 Yuan. Lead gained 0.6%, to 16,835 Yuan. Nickel dropped 0.4%, to 123620 Yuan. Tin declined 0.2%, to 261,270 Yuan. $1 = 7.2387 Chinese Yuan Renminbi (Reporting and editing by Sumana Niandy; Violet Li, Lewis Jackson)
-
Oil prices remain stable after a drop as supply and economic concerns weigh on the price
Investor sentiment was weighed down by uncertainty about the outcome of the trade talks between China and the U.S., the two world's largest oil consumers. Brent crude futures remained unchanged at $61.12 per barrel while U.S. West Texas Intermediate oil rose 6 cents or 0.1% at $58.12 per barrel at 0058 GMT. Both contracts fell 1.7% Wednesday, as investors doubted the outcome of upcoming trade negotiations. Scott Bessent, U.S. Treasury secretary, will meet China's top official in the economy on May 10, for talks about a trade conflict that is disrupting global economic growth. These two countries have the largest economies in the world, and their trade war is likely to reduce crude consumption growth. Donald Trump, the U.S. president, suggested on Wednesday that China initiated trade talks. He added that he would not be willing to lower U.S. tariffs against Chinese goods in order to convince Beijing to negotiate. Bessent stated that the talks will be a beginning, and not an 'advanced discussion'. Analysts are concerned that the U.S. is not preparing for the summer period of demand. This month, gasoline inventories in the U.S. rose, adding to concerns about a weaker demand. OPEC+ (Organisation of Petroleum Exporting Countries) and its allies will also increase their oil production, putting pressure on the price. (Reporting from Tokyo by Katya Glubkova; Editing by Christian Schmollinger).
-
Nikkei reported that Japan's NTT planned to purchase remaining NTT Data Shares for up to $20,9 billion.
The Nikkei reported that the Japanese telecoms giant Nippon Telegraph and Telephone Corp. plans to launch an offer up to 3 trillion Japanese yen (20.92 billion dollars) to purchase the remaining shares of NTT Data. NTT Data is owned by 57.7%, NTT being the largest telco in Japan. NTT Data provides IT services, and its market capitalisation was $29.5 billion as of Wednesday's closing. Nikkei reported that under the tender offer which could be announced by Thursday, NTT will buy out all remaining shares of NTT Data for a premium between 30% and 40%. NTT Data and NTT could not be immediately reached for comment. In recent years, management buyouts and acquisitions of corporates have increased in Japan. The deal would signal the end of prominent parent-child listings, which are still common in Japan. NTT, an ex-state monopoly that is still partially owned by the government took NTT Docomo, a mobile operator, private in 2020 in a deal worth 4 trillion yen. NTT, a major operator of data centers, is working with Toyota Motors on a platform for mobility and developing telecommunications technology that uses light. Media reported last month that Akio Toyoda's chairman of Toyota Motor, Akio, had proposed to acquire Toyota Industries, a supplier, in a possible 6 trillion yen transaction. Seven & i Holdings' founding family dropped a February buyout offer after it failed to secure funding. Alimentation Couche-Tard, a Canadian company, is attempting to acquire the 7-Eleven convenience-store chain for $47 billion.
Former President Kabila has said he will return home to Congo
He said late Tuesday that the former Congolese President Joseph Kabila would return to central Africa to help solve the crisis in war-ravaged eastern Congo, where Rwandan-backed M23 M23 rebels had seized large swathes.
Since January, the M23 rebels have launched a lightning-fast offensive in the mineral-rich eastern part of Democratic Republic of Congo. This has resulted in thousands of deaths and hundreds of thousands of people being forced to flee their homes. It also stoked fears of an escalating regional conflict.
Sources from the Congolese government, M23 and other sources confirmed this week that the peace talks between Congo & Rwanda scheduled for Doha on April 9 have been delayed. No new date has been set for their resumption. Rwanda denies supporting the rebels.
"I resolved to return to my country without delay in order to contribute to the hunt for a resolution," said Kabila. He was in power from 2001 until 2019 and left in 2023. Since then, he has lived in South Africa, and spent time in other African nations.
It would be a contentious issue in Congo if he returned.
He is the son of Laurent Kabila. After his father was assassinated, he rose to power and refused to step down in 2016 when his term expired. This led to violent protests.
Kabila's enemies accused him of delaying the elections to allow himself to run for a third mandate. In 2018, he agreed to step down after an election in December.
After the disputed Congolese elections of 2018, President Felix Tshisekedi formed a power-sharing agreement with Kabila. Tshisekedi accused his predecessor later of blocking reforms.
Tshisekedi who assumed office in 2019 has accused Kabila recently of supporting the rebels.
As M23 marched into eastern Congo's second largest city, Bukavu in February, Tshisekedi accused Kabila publicly of sponsoring insurgency.
Kabila has reached out to civil society and opposition politicians to discuss the future of the country, amid criticisms about Tshisekedi’s response to M23’s campaign.
A military prosecutor called three Kabila party officials in March to question them about comments made by one of them a month before. Their lawyer stated that no charges had been brought against them.
Kabila stated that he had decided to start with the east, because it is the most dangerous. He outlined his plans in a letter, which said the decision was made after consultations with both national and international power brokers and other players in the conflict. (Reporting and Additional Reporting by Sonia Rolley, Writing by Portia Crowe; Editing Jessica Donati).
(source: Reuters)