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Putin talks nuclear talks between the US and Iran with Oman's leader
A Kremlin official said that Russian President Vladimir Putin and Sultan Haitham bin Tariq al-Said discussed Iran's nucleotide programme with him on Tuesday. Oman is mediating between Iran, the United States and Iran as Donald Trump attempts to reach an agreement with Iran that will curb its nuclear program. Washington believes it aims at developing nuclear weapons. Interfax reported Kremlin Foreign Policy aide Yury Uschakov saying, "We discussed progress in negotiations between Iranians and American representatives." "We'll see what happens." We keep in close touch with our Iranian colleagues. "We help where we can." Trump has threatened to attack Iran if a deal cannot be reached. Iran denies that it is seeking atomic arms. In January, Russia signed a treaty of strategic partnership with Iran and is trying to improve its relations with Trump's administration. As a signatory of a previous deal with Iran that Trump abandoned in his first term, 2018, Moscow plays a part in the nuclear talks. Russia has stated that any U.S. action against Iran is illegal. Putin told the Sultan in televised remarks that Russian energy companies are interested in developing relations between Oman and Russia. Putin met with the emir from Qatar, who visited on April 17, for the second time within a week. Last week, Iran's Foreign Minister visited. Mark Trevelyan (reporting, writing and editing)
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EPA starts layoffs for environmental justice staff
The Environmental Protection Agency (EPA) sent notices of termination on Tuesday to employees who worked on environmental justice programs in its regional offices and at its headquarters, stating that their work did not align with the agency's mission. Nearly 200 employees of Office of Environmental Justice and External Civil Rights, who had been placed on administrative leave since February, received the reduction-in force letters. The employees were reinstated in the pending legal challenges. The RIF notifications now being served will take effect on 31st July. The letter sent to employees Monday stated that "this action is necessary in order to align our workforce to the agency's present and future needs, and to ensure efficient and effective operations of our programs." The mission of the environmental justice office was to integrate equity and civil rights in environmental policymaking and protect low-income groups and minorities who are most at risk due to air and water pollution. "Decimating the Environmental Justice and Agency workforce is against our oath of protecting human health, and keeping our planet healthy and habitable to future generations," said Joyce Howell. She represents more than 8,400 EPA employees nationwide. EPA Administrator Lee Zeldin spoke to reporters Monday. He was appointed by U.S. president Donald Trump. Zeldin acknowledged that "there are some communities that have fallen behind and need help," however, he said that environmental justice programs were not effective at the agency. He told reporters at the EPA headquarters that "the problem is that, in the name environmental justice," a dollar would be secured but not spent on remediating this environmental issue. "Instead, this dollar will be spent on a team to tell us we should spend a dollar to remedy environmental issues," he told reporters at EPA headquarters. Zeldin and EPA staff have been working on a broader plan for reorganizing the agency and reducing its budget by 65%. (Reporting and editing by Barbara Lewis; Valerie Volcovici)
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Governor of Zaporizhzhia: Russian-guided bombs killed woman in Ukraine’s Zaporizhzhia
Ivan Fedorov, the regional governor, said that Russia had struck Zaporizhzhia, Ukraine, with two guided aerial weapons on Tuesday. A woman was killed and 26 others, including four children were injured. Regional officials reported that Russian forces launched drone attacks against the cities of Kherson and Kharkiv, both in the south of Ukraine. Both Russia and Ukraine were under pressure by the United States to show progress in ending the war which began when Russia invaded Ukraine on a full-scale basis in February 2022. "All this is deliberate Russian terrorism that can be stopped by a single command, a command in Russia and an order for the Russian Army," Ukrainian President Volodymyr Zelenskiy said on the social media platform X. He added that there were also attacks on Sumy Donetsk, and Odesa. Russia has not yet commented on these reports. Zaporizhzhia is an important industrial and logistical hub located in the southeast of Ukraine, about 50 km from the frontline. It has been frequently targeted by intensified Russian guided bomb attacks. The Ukrainian air defences have a difficult time intercepting highly destructive guided bombs. Local officials shared images of a residential building with upper floors that were charred and rescuers who were helping the injured. Fedorov stated that doctors are treating all the boys, aged between 3 and 16, as well as other injured victims of the attack. One of the guided bombs hit a densely-populated area of the town at around 11:40 am (08:40 GMT). "I'm not able to think straight." Alla, an 73-year-old local, said that there was a loud bang and the balcony had been completely blown off. She was visibly trembling as she sat down on a nearby bench. The largest nuclear power station in Europe, the Zaporizhzhia Region, is located in a part of Russia. Six people were injured in Kherson and an entire hospital was damaged by regional prosecutors. Mayor Ihor Terekhov reported that at least 10 people in Kharkiv were injured and that several fires broke as Russia targeted the four districts of the city.
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IMF lowers Saudi Arabia's growth forecast for 2025, citing a slower oil recovery as a drag in the region
The International Monetary Fund lowered on Tuesday its GDP growth forecasts for Saudi Arabia and the region as a whole, citing headwinds such as a gradual return to oil production. The lowest crude oil prices since the COVID-19 epidemic are putting pressure on oil-dependent governments. Officials are preparing policies to deal with the drop in revenues, such as increasing debt or reducing expenditure. IMF's World Economic Outlook reduced the IMF's forecast for Saudi Arabia’s GDP growth to 3% in 2025, compared with a January estimate that predicted a 3.3% rise. IMF has also reduced its projection of growth in 2026 to 3.7%, down 0.4 percentage points from the January estimate. The growth forecast for the Middle East and Central Asia region has been lowered from 3.6% to 3%. The report stated that "compared with January's projection, the projection has been revised downward. This reflects a more gradual return to oil production, ongoing spillovers of conflicts, and slower than expected progress on structural reforms." A poll conducted in October predicted a 4.4% growth rate for Saudi Arabia, which is the top oil exporter in the world and a G20 member. Market volatility, lower prices and rising global risks are now threatening to impede the recovery of the economy, despite the Kingdom's efforts to diversify beyond oil. Economists claim that despite the volatility of oil markets, Gulf oil exporters remain relatively protected from it due to their higher reserves, reduced debt, and ongoing diversification initiatives. S&P upgraded Saudi Arabia's sovereign credit rating from 'A-' to 'A+-' in March. They cited stronger institutions, and a solid growth in non-oil sectors under Vision 2030. However, they warned that lower oil revenues could lead to increased fiscal deficits, and delays or reductions in major infrastructure project. Reporting by Manya SAINI in Dubai Editing Bernadette BAUME
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After Chinese import restrictions, India's small-scale steel mills have halted job cuts
Executives at India's smaller mills said they would delay job cuts, and take other measures, such as reducing output. This comes after the government implemented a temporary tariff in order to protect local producers against a surge of cheap imports from China. India, the second largest producer of crude iron and steel in the world, announced a temporary duty or safeguard provision of 12% on certain steel imports. This duty will last for 200 days. Sandeep Poundrik, the Steel Secretary, said that the Directorate of General Remedies will submit its final report by August or September. The government then decides the rate and the duration of the tariff. Adarsh Garg is the chairman and managing director of Jogindra Group, a state in northern India. He said: "We will wait and see what happens with demand." Garg stated that the industry had been losing money and that this duty could bring relief as well as an opportunity to increase prices. Vedant Goel, the director of Enlight Metals in Pune, said that the company had seen an increase in orders since the early morning of Tuesday. He added that the rising demand will help the company retain the external workers who were set to be eliminated due to the cheaper imports. New Delhi's tariffs primarily target China, which is the second largest exporter of steel into India in 2024/25 behind South Korea. Poundrik stated that the government was taking a number of measures to protect domestic steel industries from low-cost dumping. Analysts and traders said that Beijing's shipments could slow down. "China's exports of steel to India could return to a previous level in 2025, which was around 1 million tonnes, or a quarter of the exports it made to India last fiscal year," said Xu Xiangchun of Beijing-based consultancy Mysteel. According to government data, India became a net importer for the second consecutive year of 2024/25. Shipments reached a record high of 9 million metric tonnes, a figure not seen in nine years. Atilla WIDNEL, Navigate Commodities' managing director, said that limiting import channels to India would "increase pressure on Chinese officials" to mandate domestic steel production reforms faster to balance the excess supply and deteriorating global demand. Executives said that the industry will also increase production in India to meet the growing demand. Shankhadeep Mukherjee is the principal steel analyst for CRU Group, a London-based company. We also predict that India will once again become a net exporter in 2025. This is a position it last held in 2022." (Reporting from Neha Arora, New Delhi; and Amy Lv, Beijing; Additional reporting provided by Michele Pek; and Joyce Lee. Editing by Jan Harvey & David Evans).
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Barrick Gold sells Alaska mining stake to John Paulson and NovaGold for $1.1 billion
Barrick Gold, a Canadian company, announced on Tuesday that it would sell its 50% stake in the Donlin gold project to John Paulson (a billionaire) and NovaGold Resources at a price of up to $1.1 Billion. Donlin Gold is a project that would mine approximately 39 million ounces gold. Barrick Gold, NovaGold and each held a 50% share. Barrick Gold's U.S. listed shares were up by 1.7% before the bell. This was also supported by the higher price of bullion. Paulson and NovaGold are acquiring Barrick Gold's interests in the entity for $1 billion. The transaction is expected close in 2025's second quarter, or the early third quarter. NovaGold also has the option to purchase outstanding debts owed to Barrick at $90 million, if purchased before closing or $100 million within 18 months of deal closure. Barrick stated that it would use the proceeds of the sale to improve its balance sheet and increase shareholder returns. NovaGold also announced that the agreement with Barrick will increase NovaGold's stake in the project from 40% to 60%, while Paulson will hold the remaining 20%. NovaGold shares listed in the U.S. rose 6.8% before market. Bloomberg News reported the divestiture earlier that day. Reporting by Vallari Shrivastava, Bengaluru. Editing by Shinjini Ganuli and Krishna Chandra Eluri
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Police source: Five tourists are feared dead and eight injured after militant attack on Indian Kashmir
Police sources reported that at least five tourists are believed to have been killed and eight others injured when suspected militants fired on them in India's Kashmir Region on Tuesday. This is the worst attack in this area in almost a year. The attack occurred in Pahalgam. This popular tourist destination, which is a muslim-majority area, attracts thousands of tourists every summer, as the militant violence has decreased in recent years. Sources who spoke on condition of anonymity because they were not authorized to speak with the media said that the injured had been taken to a local medical facility. Indian television channels reported that the attack resulted in one death and seven injuries. Since the beginning of an anti-Indian rebellion in 1989, militant violence has erupted in the Himalayan region. It is claimed by India in its entirety but ruled by Pakistan in part. Although the violence has decreased in recent years, tens of thousands have died. Recent years have seen a rare but not unheard of increase in attacks on tourists in Kashmir. last major attack In June, militants launched an attack on a Hindu pilgrim bus that plunged into the gorge. Nine people died and 33 were injured. India removed Kashmir's special designation in 2019. The state was split into two federally administered territory - Jammu & Kashmir and Ladakh. This led to a downgrading in relations with Pakistan which also claims this region.
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Indian state-run companies seek government approval to issue deep discount, long-tenor bonds
Four sources familiar with the matter confirmed on Tuesday that at least six Indian state companies had sought approval from the government to issue corporate bonds at deep discounts. They chose this rarely used structure in order to raise funds for their operations. Sources said that these companies include Indian Railway Finance Corp. (IRFC), Indian Renewable Energy Development Agency. (IREDA), Power Grid Corp of India. (PGC), REC, SIDBI, and NABARD. REC is seeking permission once again to issue these bonds. In September, the company raised 587 million dollars ($50 billion) through aggressive bids, but yields were lower than expected. REC confirmed this development, but no other companies responded to email seeking comment. Deep-discounted bonds are usually issued at a discount of more than 20-25% to their face value. They do not pay interest and have a similar feature to zero-coupon bills that eliminates the risk of reinvestment. These bonds are a great way to reduce borrowing costs for companies, especially in a time when interest rates continue to fall. These bonds offer investors a long-term capital gain benefit, even though they are not tax-free. Bankers say that this, combined with the rarity, is driving up demand for these notes. At maturity, investors will receive a return that is taxed at capital gains rates. The zero-coupon bond is attractive because it reduces the effective tax rate. This was stated by Nikhil Aggarwal. He is the founder and CEO of Grip Invest, an online bond trading platform. Housing and Urban Development Corp. (HUDCO), a state-owned company, became the third to receive approval to issue these bonds last week. One source said, "HUDCO is the most likely candidate. They have the approval. We expect REC and IRFC will be the next candidates." Sources said that the government may approve zero-coupon bonds in phases, as it is not happy with an influx of zero-coupon bond supply. Sources refused to identify themselves as they were not authorized to speak with the media. HUDCO was given approval to raise 50 Billion Rupees via bonds with a 10 year and 1 month maturity, while Power Finance Corp. (PFC) received approval to raise 100 Billion Rupees in the month of March. Both companies have until March 2027 for raising these funds.
Copper gains defy gloomy outlook
The copper price hit its highest level in over two weeks on the Monday after a weaker US dollar triggered fund purchases. However, traders are unsure that this upward momentum will continue as long as U.S. tariffs dominate sentiment.
The levy imposed by Donald Trump has harmed the outlook for economic growth in the world and for demand for industrial metals.
By 1126 GMT, the benchmark copper price on London Metal Exchange (LME), which had reached its highest level since April 4, was now up 1.5% to $9,325 per metric tonne.
One copper trader stated that the market was not based on fundamentals but rather on funds buying as a reaction to the dollar, and people cutting short positions.
Concerns over the independence and credibility of the Federal Reserve have impacted the currency after Trump's attacks on Fed chief Jerome Powell.
A weaker dollar makes metals priced in dollars cheaper for buyers of other currencies. This could boost demand. This relationship is used in the trading of funds called commodity trading advisors, which trade on signals generated by numerical models.
Copper has broken through resistance on the technical front at the 50-day- and 100-day-moving averages, respectively, at $9,290 and $ 9,330. The 21-day moving avg. is $9,380. This represents the next barrier to the upside.
The Shanghai Futures Exchange's (ShFE) warehouse stocks, which fell 36% since February to 171,611 tonnes, and lower inventories at Shanghai's bonded storage facilities are supporting copper prices.
Citi analysts in a China note said that while trade conflicts are expected to affect demand in the second- and third-quarters, businesses hope for stimulus to offset this.
Dealers are optimistic that the domestic market will remain resilient, despite recent export headwinds, they wrote.
Other metals saw a 0.8% increase in aluminium at $2,384 per ton. Zinc gained 1.5% at $2,616, while lead was up by 0.6% at $1,933. Tin was up 1.3% at $31,030, and nickel rose 0.4% to $15,690.
(source: Reuters)