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China's Baosteel Q1 Net Profit Jumps 26.4% due to Lower Costs
Baoshan Iron & Steel Co., China's largest listed steelmaker reported a 26.4% increase in net profit for the first quarter of this year, thanks to lower costs. However, it warned that rising trade tensions pose a persistent risk. In a filing with the Shanghai Stock Exchange, the company known as Baosteel said that it had earned approximately 2.43 billion Yuan ($333.43 millions) over the past quarter. This is up from 1.93 million Yuan during the same period of 2024. Baosteel reported that despite the challenges of a weak steel market and falling prices, it managed to reduce costs due to the more dramatic fall in the price of coking coal than steel. The report said that steel prices fell 9.9% and coking coal prices dropped by 36.1% in the last quarter. Baosteel reported in a separate filing a 38.4% annual decline in its net profits in 2024, which fell to 7.36 billion Yuan. Baosteel, a subsidiary owned by the China Baowu Steel Group (the world's biggest steel producer in terms of output), is the largest steelmaker in the world. Between January and March, the company produced 11.55 million metric tonnes of iron. It plans to produce 48.79 and 52.61 millions tons of iron in 2025. The company received orders for 1.55 million tonnes of steel last quarter, after shipping a record 6.07 million tonnes of steel in 2024. This represents a 3.9% increase year-on-year. The company stated that "in 2025 the external environment will be more complex and uncertain, and trade tensions risks will remain prominent... Profitability will continue to face downward pressure due to the mismatch between demand and supply."
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Reliance Industries Q4 profits beat estimates due to retail and digital boost
Reliance Industries, India's largest company, beat expectations for its fourth-quarter profits on Friday as strong performances in its retail and digital business offset the weakness in its Oil-to-Chemicals (O2C), unit. According to LSEG, the Mukesh Ambani conglomerate reported a consolidated net profit of 194.07 trillion rupees (2.27 billion dollars) for the three-month period ended March 31. This was higher than analysts' expectations (188.77 trillion rupees), according to LSEG. The company reported that the EBITDA (earnings before taxes, depreciation and amortization) of its mainstay O2C businesses fell by 10% as a result of a weakness in transportation fuel cracks. The EBITDA of its digital services segment, including Jio's telecom unit, grew 18%. Jio Platforms reported a quarter-on-quarter increase of 25.7% compared to a year ago, thanks in part to the cellular tariff increases implemented last year. Jio Infocomm’s average revenue per customer (ARPU), a key metric in telecoms, rose 13.5% to 206.8 rupees. The company reported that net additions improved following the impact on the tariff increase, adding 6.1 million new subscribers in the quarter of January-March. Retail's EBITDA grew by 14% in the first quarter of this year, driven primarily by increased efficiencies and better product mix. Reliance Retail, Jio and the Energy Segment have been the main drivers of the company's earnings in the last two quarters. Lower margins and lower demand has hit the energy segment. Jamnagar, a complex that houses two refineries, with a combined daily capacity of 1.4 million barrels, has been historically the heart of Reliance’s O2C operation and a major profit generator. The O2C segment has been impacted by a decrease in the refining margins and the chemical margins in fiscal year 2024-25. "FY2025 was a challenging business year, due to the weak macroeconomic environment and shifting geopolitical terrain. "Significant demand-supply differences in downstream chemical markets have resulted in multi-year low profit margins", Chairman Mukesh said in a press release. V Srikanth, the company's Chief Financial Officer, said during a conference call that it has also installed a Gigawatt-scale assembly line for solar photovoltaic modules (PV). The company has set out to build a factory that can produce solar PV modules from start to finish. It aims to have a capacity of 10 GW. (Reporting and editing by Sethuraman N; Anil D'Silva).
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Brazil's Vale has not seen any material impact from the trade war.
The Brazilian miner Vale announced on Friday that the ongoing trade war has not had a material effect on its operations or sales. However, it pledged to continue monitoring it closely in light of uncertain market conditions. Vale is the largest iron ore producer in the world and its top client is China. China has been involved in a dispute with the United States over President Donald Trump’s tariffs. On a conference call with analysts, Vale executives stated that it was still too early to discuss the impact of the trade war on the price of iron ore. The Chief Executive, Gustavo Pimenta acknowledged, however, that a possible global economic slowdown could have an impact upon commodity markets. Vale said it wasn't the right time, given the uncertainty of the market, to discuss the possibility of paying extraordinary dividends - an investor remuneration policy it adopted in recent years. The mining giant's shares traded in Sao Paulo fell about 2% Friday. They were among the largest fallers of Brazil's benchmark index Bovespa which was essentially flat. (Reporting and editing by Gabriel Araujo, Roberto Samora)
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China denies Trump's claims of negotiation, and eases some US tariffs
China exempted certain U.S. exports from its steep duties in a Friday sign that the trade conflict between the two world's largest economies may be easing. However, Beijing swiftly knocked back U.S. president Donald Trump's claim that negotiations were underway. Business groups claim that China has allowed certain U.S. pharmaceuticals to enter without the 125% duty Beijing imposed on imports of the U.S. earlier this month as a response to Trump’s 145% tariffs. A list of 131 categories of products that are allegedly being considered for exemptions is also circulating in some business and trade groups. The list includes chemicals, vaccines and jet engines. China has yet to make a public statement on the matter. Trump's administration in recent days has signaled that it is trying to de-escalate its confrontation with China. Trump himself also told TIME that there were talks taking place, and that Chinese president Xi Jinping called him. He said, "I don’t think that it is a sign weakness on his part." China denies that any discussions are taking place. "China and the U.S. do NOT have any consultations or negotiations on #tariffs." The U.S. must stop confusing people," wrote the Chinese Embassy to Washington on social media. Trump announced tariffs for dozens of countries in addition to China. These tariffs will be suspended until July 9th. This has sparked a scramble by U.S. trading partner to reach individual trade agreements with Washington before the deadline. It's a tall task, considering that previous trade deals took years to negotiate. Trump told reporters in the White House that an agreement with Japan was close. Analysts see this as a test case for other bilateral agreements, even though the talks may be difficult. Many expect Shigeru Shiba, the Prime Minister of Japan, and Donald Trump to announce an agreement when they meet in Canada at the G7 Summit in June. Trump told TIME separately that he has made "200 deals", which he said would be finished within three to four week, but he refused to give specifics. He said that he would be happy if tariffs remained between 20% and 50% in a year. Trump has claimed that his thickets of trade barriers would revive U.S. Manufacturing Industries that have been eroded by global competition. The majority of economists warn, however, that this would increase prices for U.S. consumer and raise the risk of recession. U.S. stocks include Down roughly 10% Since Trump's return to office in January, indexes have lagged in other countries while the dollar has dropped at an unprecedented rate. Stocks in Europe and Asia headed for a Second straight week of gains Investors were encouraged by signs that the U.S. was willing to end its trade war with China. Wall Street's major indexes increased slightly as investors sought clarity in the U.S. China trade dispute. Trump has imposed tariffs on autos, steel, aluminum, and other imports in addition to country-specific duties. Trump has also proposed additional levies for the pharmaceutical and semiconductor industries. According to industry estimates, this could lead to a 12.9% increase in drug prices across the U.S. The tariffs of Donald Trump dominated the discussions at this week's spring meetings of the International Monetary Fund (IMF) and World Bank, as finance ministers sought to meet with U.S. Treasury Sec. Scott Bessent. Bessent characterized Initial talks with South Korea Seoul called Thursday's "good start" and "very successful." Next week, further discussions will take place. Switzerland has also stated it You will be satisfied Bessent's initial meeting. The U.S. Trade Office said that it was "constantly engaging" with Japan and others, but Trump would decide whether or not they proceed. Kristalina Georgeeva, the IMF's head, warned this week that they could lead to a rift between countries. Severe slowdown (Reporting by bureaus worldwide; Writing by Andy Sullivan; Editing by Chizu Nomiyama and Marguerita Choy) Reporting by Bureaus Worldwide; Writing by Andy Sullivan, Editing by Chizu nomiyama and Margueritachoy
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China waives some tariffs on U.S. products, but denies Trump’s claim that negotiations are underway
China exempted certain U.S. exports from its steep duties in a Friday sign that the trade conflict between the two nations could be easing. However, China quickly slammed U.S. president Donald Trump's claim that negotiations were under way. Business groups claim that China has allowed certain U.S. pharmaceuticals to enter without the 125% duty Beijing imposed on imports of the U.S. earlier this month as a response to Trump’s 145% tariffs. A list of 131 categories of products that are allegedly being considered for exemptions is also circulating in some business and trade groups. The list includes chemicals, vaccines and jet engines. China has yet to make a public statement on the matter. Trump's administration in recent days has signaled that it wants to de-escalate tensions between the two world's largest economies. Trump himself also told TIME that talks are taking place, and that Chinese president Xi Jinping called him. He said: "I don’t think that it is a sign weakness on his part." China denies that any discussions are taking place. "China and the U.S. do NOT have any consultations or negotiations on #tariffs." The U.S. must stop confusing people," wrote the Chinese Embassy to Washington on social media. Trump announced tariffs for dozens of countries in addition to China. He suspended them until July 9, but has since re-imposed them. This has sparked a rush among U.S. trade partners to reach individual deals with Washington by the July 9 deadline. Trump told reporters in the White House he was close to reaching a deal with Japan. Analysts see this as a test case for other bilateral agreements, even though the talks may be difficult. Many expect Shigeru Shiba, the Prime Minister of Japan, and Donald Trump to announce an agreement when they meet in Canada at the G7 Summit in June. Trump told TIME separately that he has made "200 deals", which he said would be finished within three to four week, but he refused to give specifics. He said that he would be happy if tariffs remained between 20% and 50% in a year. The U.S. trade representative said that it held a successful meeting with South Korea last Friday. Trump has claimed that his thickets of trade barriers would revive U.S. Manufacturing Industries that were wiped out by global competition. Economists warn, however, that this would increase prices for U.S. customers and increase the chance of recession. Trump has imposed additional tariffs on autos, steel and aluminum in addition to country-specific duties. He also proposed additional levies for pharmaceuticals and semiconductors. The dollar rose for the first time in over a month on Friday, and European and Asian shares headed to a second consecutive week of gains. Investors were encouraged by signs that the U.S. was willing to ease off its trade war with China. Wall Street's major indexes started slightly lower.
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US court launches 30-day competition to buy parent company's shares of Citgo
According to a late Thursday court filing, a U.S. court official overseeing the auction of shares of Citgo Petroleum's parent company in Venezuela has proposed opening a 30-day period for bids on April 28. The final winner of the process will be chosen on June 11. The Delaware Judge Leonard Stark must approve the proposed calendar. It follows confirmation of a $3.7 Billion starting bid from Contrarian Funds affiliate Red Tree Investments. Red Tree's "stalking horse" bid was selected, and the 16 creditors who remain in this 8-year old case began a fight. Some parties thought the offer was too low, while others found it too complicated because it included an agreement to pay $3 billion in compensation to holders of Venezuelan defaulted bonds. Some companies hope that following an auction hearing held last week, where creditors and bidders presented their arguments, the court will give priority to price rather than certainty of closure in selecting the winner of the auction next month. This would allow creditors to receive the maximum amount possible of proceeds. Miner Gold Reserve, one of the creditors involved in the case, submitted an offer this year for $7.1 billion that was not chosen as the starting bid. The company said they were "encouraged by the decision made by Judge Stark on the stalking bid." The order expresses reservations regarding Red Tree's lower offer price and the implicit undervaluation of the transaction support agreement between 2020 bondholders and the company, which is to the detriment to the judgment creditors involved in the Citgo Sale proceeding. The person said that a consortium consisting of a subsidiary Gold Reserve, Rusoro, and two units of the conglomerate Koch are looking forward to the next phase of the process. Vitol is one of the four consortia or companies that have submitted bids this year. It wasn't immediately clear whether it would make a new offer. Citgo is valued at no more than 13 billion dollars, and the total proceeds of the auction are estimated between $7 billion to $8 billion.
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Hawaii's "bone collector" caterpillar wears body parts of dead prey
Scientists have discovered an unusual carnivorous species of caterpillar that lives in a macabre manner. They have named it "the bone collector" and found that the area is remote, lushly covered with trees on Oahu Island. Researchers said that the caterpillar scavenges trapped and helpless insects such as beetles and flies. The clever caterpillar hides its body in a silk case that it makes and decorates with non-edible parts of the insects it has collected. This is how it avoids the spiders, who would love to eat it. This caterpillar will eventually metamorphose into a moth, which is brown and white in color. The larval form of the moth is the caterpillar, which has a worm-like segmented body. According to Daniel Rubinoff of the University of Hawaii at Manoa, professor of entomology and the lead author of this study, published in Science journal this week, the caterpillar is the only one known to benefit from spiders and live with them. Its gruesome behavior seems well-suited to a crime novel. It is a great example of how our planet's organisms are creative in their ways to survive and flourish. Rubinoff explained that spiders need to be hidden in a tapestry made of insect parts in order to survive in their lair. Rubinoff stated, "I believe it is a real hero." "It lives in the lion's roar, hiding with a spider to get food and shelter. The caterpillar attacks prey who can't escape, but it is also very slow and bumbling. It trails a large case (of silk) behind it. Spiders spin webs in hollows of trees and rocks, where they catch caterpillars that eat insects. Rubinoff explained, "It's likely that it's getting leftovers from the spider after they have fed." Even worse, they cannibalize other caterpillars from the same species. The "Bone Collector", a nickname for a serial killer, was used in Jeffery Deaver’s 1997 novel The Bone Collector and the 1999 film with the same title. How did this caterpillar get its infamous nickname? "I believe the term is in the air and fits with what these caterpillars do." Rubinoff explained that the term is a little tongue-in-cheek because arthropods do not have actual bones. Arthropods is the collective name for invertebrates, which includes insects, spiders and crustaceans. Researchers said that the "bone-collector" lives in a small patch of forest covering only 5.8 square miles (15 sq km) within the Waianae Mountain Range. Rubinoff stated that this caterpillar lives a precarious life. In two decades of fieldwork, only 62 individuals were observed. "Invasive species pose the greatest threat today." Hawaii's native species are disappearing even in protected areas due to invasive plants taking over habitats. They turn them into bio deserts, which look like forest but are not accessible to native species," Rubinoff stated. The caterpillar is part of a group called Hyposmocoma, which includes hundreds of species native to Hawaii and evolved about 12 million ago. Researchers believe that the "bone-collector" is a descendant of a lineage dating back more than five million years. Most caterpillars feed on plants. Globally, predatory caterpillars make up less than 0.13 % of the nearly 200,000 species of moths and butterflies. The "bone collector", which is unique to the animal world, is the only known creature that can find food in the manner it does. Rubinoff stated that the more we understand the world, the better we will do.
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Kazakh gold miner Solidcore plans to raise $1 billion or more by the end of 2026
Solidcore Resources Plc, a Kazakh gold mining company, aims to borrow $1 billion to develop projects in Kazakhstan by 2026. CEO Vitaly Nesis said that. Nesis, in an interview, said that the company, which was formerly known as Polymetal before it changed its name, also considers placing bonds up to $300,000,000 on the Muscat stock exchange (MSX). Solidcore, Kazakhstan’s second-largest gold miner plans to produce 15 tons of gold annually in the country by 2025 and 2026. Nesis confirmed this. In an interview, he said: "By 2025-2026 we would like to borrow at least $1 billion." He stated that the majority of the investment will be used to build the Ertis Pressure Oxidation Hub, for which a project financing of $500-600 millions is planned. Solidcore moved its main listing to London in 2023. In March 2024 it sold Russian assets to comply with U.S. sanctions. This accounted for 70% its production, which was 1.7 million ounces gold equivalent. As U.S. Tariffs have caused fears of a recession, gold, which is traditionally viewed as a hedge to political and economic uncertainty, has gained almost 26% this year. On Tuesday, it reached a new record high of $3.500.05. Nesis said that he expected the price of gold will fall in the coming year. He said, "I'm expecting prices to drop to $2,500 in 12 months." There will be no return of the level between $1,800 and $1900. The base-level premium will continue. Nesis stated that this was an overreaction at the moment to what's happening in the world. Reporting by Mariya Goreyeva, writing by Felix Light, editing by Louise Heavens
Hindustan Zinc, India reports higher profits on the back of a price and production increase
Hindustan Zinc reported an increase in profit for the fourth quarter on Friday. This was due to higher production and rising zinc prices.
The net profit of the company for the three-month period ending March 31 was 30.03 billion rupees (US$351.5 million), up 47.4% on a yearly basis.
Systematix estimates that domestic zinc prices increased by 17.5% during the quarter due to increased demand in India's construction, manufacturing and industrial sectors.
The company stated in a filing on the exchange that "Zinc prices and lead are expected to remain resilient, despite an anticipated surplus."
The company stated that domestic demand for zinc will reach 926 kilo tons in the financial period 2025-2026 due to the growing domestic steel production.
Most commonly, zinc is used to coat steel for corrosion resistance.
Hindustan Zinc is majority owned by Vedanta - a metal-to-oil company. It previously announced that its March quarter mined metal production had reached a record of 310 kilograms.
The company's revenue from operations grew 21.2%, to 88.29 Billion Rupees. Total expenses only grew 8.5%.
Silver, the second largest business segment of the company, saw a growth of 24.1%. ($1 = 85.4350 Indian rupees) (Reporting by Anuran Sadhu in Bengaluru; Editing by Varun H K)
(source: Reuters)