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Kurdish commander asks US to intervene 'forcefully' in Syria clashes
The U.S. must intervene more aggressively to stop a Syrian offensive which has gained key territory from Kurdish militants in the past few days, according to the leader of 'the main kurdish forces. Officials and security sources reported that government troops launched an offensive Saturday in territory controlled by semi-autonomous Kurdish authority for the past decade. They captured towns on both side of the Euphrates as well as the largest oilfield as well as a gas field. Sipan Hamo, commander of the People's Protection Units(YPG), said that a meeting held on Saturday between U.S. envoy Tom Barrack (and Kurdish officials) produced no roadmap for a ceasefire. He denied that 'Syria’s Kurds want to secede from Syria or create an independent country and said they have a future in Syria. Hamo stated that "our greatest hope is for a tangible result, particularly from the United States and the coalition, which means that they will intervene with greater force in existing problems than what they are doing currently." The Syrian army has continued to advance despite an?U.S. The military Central Command has called on them to halt. Hamo stated that Kurdish authorities recognized Washington's need to balance its long-standing alliance with Kurdish troops, which helped defeat the Islamic State of Syria, and its newly found support for Syria’s government under President Ahmed al-Sharaa. The U.S. must offer protection to Kurdish people, given their "concerns" about the changes that are taking place. In the current chaos and situation, the only ones who could offer any guarantees were the United States, or the coalition, he said in a rare interview in Hasakeh, a province still under Kurdish rule. Hamo said, "We believe that Western countries and in particular the United States of America are responsible for all the current events inside Syria." Hamo denied the YPG received support from Iran or Russia while expressing hope that Israel will intervene 'on behalf of Syria’s Kurds. "Of?course, we consider Israel as a powerful country in the region with a unique agenda. Hamo stated that he hoped the same approach taken by other nations in the region to certain minorities living in Syria would be extended to the Kurds. Hamo replied, "ofcourse." When asked if he meant Israel's attitude towards the Druze minorities last summer, when Israel launched air strikes near the presidential palace of Damascus, on the defence ministry and on Syrian troops that were advancing into Druze cities, Hamo responded, "of course." Hamo replied, "of course."
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Drone strikes cut power supply to parts of Ukraine's Zaporizhzhia Region held by Russia
The regional governor, who is based in Moscow, said that more than 200,000 people were without power on Sunday after a drone strike by Ukraine on Saturday. Yevgeny Balitsy posted a statement on Telegram saying that he was working to restore power, but almost 400 settlements still remain without electricity. The temperatures are below freezing in the southeastern Zaporizhzhia area, which is a large part of Russia. Russia has repeatedly bombarded Ukraine’s power infrastructure during its four-year conflict, causing daily rolling blackouts. This winter, it has also targeted heating system. Separately?the governor in the Russian border region Belgorod which has been regularly attacked by Ukraine since 2022 said that a drone attack on the border village of Nechaevka had killed one person and injured another. The governor of the region said that two children and an adult were injured in the Caucasus Mountains region of North Ossetia when a Ukrainian Drone struck a building in Beslan. Reporting by Felix Light, writing by Guy Faulconbridge; editing by Guy Faulconbridge
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China receives its first shipment of Simandou Iron Ore
China, which is the largest consumer of iron ore in the world, received its first shipment from the Simandou Mine in Guinea in West Africa. Beijing had invested heavily in the mine to ensure supply security. China, which imports 80 percent of its iron ore, from Australia and Brazil has tried to diversify their supply by increasing domestic production and investing in overseas mines. China Baowu Steel Group, the largest steel producer in the world, announced on Saturday that a vessel carrying almost 200,000 metric tons of iron ore arrived at Majishan Port in East China's Zhejiang Province on January 17, after a 46 day voyage. Simandou is owned by Rio Tinto, Chinese state-owned Chalco and Winning Consortium Simandou(WCS),?a Singaporean and Chinese partnership. China Baowu has also become a major shareholder following the completion of WCS' transfer?of shareholdings rights. Beijing has also established China's?Mineral Resources Group in order to centralise the iron ore purchase and obtain better terms from miners. Liu Guozhong, Vice-Premier of China, attended the commissioning ceremony for the mine in Guinea last November to show how important Simandou is to Beijing. China Baowu said that a second Simandou iron-ore shipment left Guinea in December. Reporting by Amy Lv and Lewis Jackson, Editing by Tom Hogue
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After 25 years of negotiation, EU and Mercosur Sign Trade Deal
After 25 years of negotiation, top officials from the EU signed a free-trade agreement with the Mercosur bloc in Paraguay on Saturday. This is the largest trade deal ever for the European Union. The agreement is designed to lower tariffs between the two regions and increase trade. It must now be approved by the European Parliament, and ratified in the Mercosur member countries of Argentina, Brazil?Paraguay, and Uruguay. The European Commission's Ursula von der Leyen, the European Council's Antonio Costa, and the Mercosur presidents all attended the ceremony on Saturday, except for the Brazilian President Luiz Inacio Lula Da Silva who sent his Foreign Minister. The deal was signed last week after it received 'the green light' from most European countries, despite concerns raised by environmental and farmer groups who are concerned about a flood of cheap South American imports, and an increase in deforestation. Von der Leyen who met Lula before going to Asuncion and signing the agreement, said the deal would create a free trade zone the size of the entire world. This agreement sends out a strong message to the rest of the world. This agreement reflects a deliberate and clear choice. We choose ?fair trade over tariffs. "We choose a productive and long-term relationship over isolation," said she on Saturday. The value of trade between the two blocs - which includes a market of 700 million people - reached 111 billion euro in 2024. The European Union's exports consist mainly of chemical products and transport equipment. Mercosur exports are dominated by agricultural goods, minerals and wood pulp. Reporting by Daniela Deantis in Asuncion; Philip Blenkinsop, in Brussels; and Brendan O'Boyle, in Mexico City. Editing by Rod Nickel.
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Protesters in Denmark and Greenland rally against Trump's annexation threats
On Saturday, protesters in Denmark and Greenland called for the island to be allowed to decide its own fate and criticized President Donald Trump's demand that it be ceded. Trump has said that Greenland's strategic location and its large mineral deposits are vital for U.S. national security. He has also not ruled out the use of force to seize it. The European nations sent military personnel this week to the island on Denmark's request. MARCHING FOR GREENLAND AT NUUK AND COPENHAGEN Demonstrators in Copenhagen chanted, "Greenland's not for sale", and carried slogans like "No means No", and "Hands Off Greenland", as they marched towards the U.S. Embassy. Some wore red caps with slogans "Make America Go" that resembled the "Make America Great again" caps worn by?Trump supporters. Greenland’s capital Nuuk was flooded with hundreds of protesters, led by Prime Minister Jens Frederik Nielsen. They carried banners and flags on their way to the U.S. Consulate. The group passed a newly constructed block where Washington plans to relocate its consulate, which is currently a'red wooden building' with only four staff. The organizers estimated that over 20,000 people were present at the protest, which is equivalent to the population of Nuuk. However, the police didn't provide a formal figure. There were also protests held in other parts of Denmark. "I'm very grateful for the enormous support that we, as Greenlanders, receive... We are also sending a signal to the world, saying you must all wake up," said Julie Rademacher. She is the chairperson of Uagut in Denmark, an organization for Greenlanders. TRUMP CAUSES DIPLOMATIC RIFTS Trump's repeated remarks about the island triggered a crisis in diplomacy between the U.S., which is a founding member of NATO, and Denmark, who are both NATO members. These statements were widely condemned throughout Europe. Since 1979, the territory, governed by 57,000 people, is a significant autonomous entity. However, it remains part of Denmark. Denmark controls foreign and defence policy and funds much of its administration. According to Danish authorities, there are 17,000 Greenlanders living in Denmark. Greenland's five elected parties all support independence. However, they disagree about the timing. They have also recently stated that they would prefer to?remain a part of Denmark rather than join the U.S. A /Ipsos survey found that only 17% of Americans approved of Trump's attempts to acquire Greenland and large majority of Democrats and Republicans opposed using military force to annexe it. Trump called the poll a "fake". Reporting by Tom Little in Copenhagen, Stine Jacobsen and Jacob GronholtPedersen at Nuuk. Editing by Anna Ringstrom and Kevin Liffey.
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Nina Penlington on the suit's continued relevance
Oliver Griffin Nina Penlington, a former civil servant in Britain, switched careers to become an apprentice at top tailors. She then stitched her name into the fabric of London’s Savile Row. The historic street is regarded internationally as the gold mile of tailoring. Since the 19th century, bespoke menswear was crafted by icons such as Charles Dickens, Winston Churchill, and Elton John. She's launched her own bespoke tailoring company, named after herself, since leaving London in 2024. Penlington, who is preparing for her second U.S. Trunk Show in February, spoke from her attic in Budleigh Salterton in southwest England. She talked about her experience on Savile Row, the future of suits and why it's important to dress for yourself. This conversation has been edited to make it more concise and clear. What initially attracted you towards tailoring? I took a funny route, which was kind of slow and strange. I grew in North Wales, in a town on the coast that was a little bigger and less salubrious than Budleigh Salterton. When I was just three years old, my mum taught me how to sew. We used to use a hand-crank sewing machine. I worked as a civil service employee for about five years after graduating from university. I worked as a minister in the House of Lords. That's a little crazy. I felt that I was in the incorrect place. I was miserable. I quit my job, and went back to London College of Fashion. They used to have a hand tailoring one-year course. The course was a great way to learn all the little bits and pieces, and also determine if you have an aptitude. The opportunity to sew again was great, but I soon realized that it wasn't the sewing itself that I was interested in. The pattern cutting was what really attracted me. After I completed the course, I was fortunate enough to be offered an apprenticeship with Dege & Skinner in Savile Row. This was a great opportunity because these jobs are so rare. You've worked with many of Savile Row’s top?tailors. Who has the most influence on your style been? While I was in New York, I did a little bit of study at Parsons School of Design. I also heard about this job back in Savile Row as a cutter for Davide Taub at Gieves & Hawkes. Davide Taub is my favorite?living cutter. He's definitely my biggest influence on how I view my work. What was it like to launch your brand? I feel that I have built relationships over the past few years with people who want to support me. I have also had customers find me or refind me and were determined to assist me through the difficult stages of starting a business. I don't even have any branded covers or hangers for that stuff. My customer was laughing and said, "I'm glad that you weren't too extravagant in your spending. You could ruin yourself if you tried to be too shiny." How did you develop the "Get Back" suit and rock 'n' roll Western suit styles inspired by The Beatles? Let's begin with the "Get back" suit. It's a West End suit from the 1960s. For me, this is a true classic. I made this suit for a client around the time of Peter Jackson's documentary "The Beatles: Get back". Paul McCartney often wears the suit with a collarless Granddad shirt. It's a classic suit that McCartney wears very well. There's nothing special about it. It's also a great way for me to tell customers that I have a classic suit. It's an easy way to communicate the idea of a classic suit that could be worn in a worn-out way. The Western Suit is made from Western shirts I have collected over the years. They were given to me by a wonderful lady working out of Salt Lake City. I had this idea for the suit in my head for a long time. I couldn't decide what fabric to use. Only when I discovered this overcoating weave did it all come together. Once I found a 15-ounce twill that is rugged and refined, everything came together. What do you think about the difference between dressing for the male and female gaze when it comes to suits and tailoring, according to your opinion? Since I launched my label, I have been relearning all of this because I felt for so long that none of these things mattered. Tailoring allows you to dress how you want. In terms of sales, I have to know who is looking at it and who wants to purchase it. As a person I do not buy into this. When I wear a suit I do so because I want to look and feel powerful. If I want to be more feminine, I have another part of my closet for that. You can mix the two. If someone is coming to me the first time, and they are unsure of what they want, then I will ask them to look in their wardrobe to see what suits they already have and what else they could wear with this suit. This way, you don't need to buy anything new to wear this suit. What is the future of tailoring and Savile row? The same article is published in the same spot every five years. It's basically the same as "Savile Rows dead, suits have died" and this was long before the pandemic or working from home. Savile Row, and tailors around the world, have done a great job. Fashion and garment production is moving much faster than it used to. I thought we were a little slow to adapt trends in Savile Row. But now, people are creating overshirts and other items that can be worn in a more casual manner. We've never been in fashion, but we promote the craft and sustainability. The high-end luxury items (and) department store merchandise are not as well made as the tailoring we offer. I think that people are beginning to realize that spending three grand for a suit at a brand name is not worth it. It's different from coming to someone to spend a bit more on a bespoke item that's uniquely yours. News does not necessarily endorse the perspectives of Culture Current. (Editing by Yasmeen serhan and Aurora Ellis).
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American CEOs retaliate on Trump... mildly
Suzanne Clark, CEO of the U.S. Chamber of Commerce, spoke in a dimly-lit ballroom Thursday. She urged executives to "be fearless" when defending free markets against government control. The U.S. should remain "open to all, to the global exchange of ideas, goods, talent, and innovation." Comments by the president of the largest U.S.-based business lobby could be interpreted as a mild 'pushback' against President Donald Trump who has been more involved in business than any other U.S. leader. He has ordered the U.S. government to invest in tech companies, claimed 'control' over corporate equity structures, imposed tariffs and advanced immigration policies that are opposed by the Chamber. This month, other CEOs such as Jamie Dimon of JPMorgan and Darren Woods from Exxon Mobil have also offered tempered critiques on certain Trump agenda items. They focused their comments on sectors in which they had an interest - Venezuelan oil and the U.S. Federal Reserve - while Clark didn't mention Trump or his policies. Corporate governance experts have said that the statements and omissions are in line with an underlying fear among business leaders, who believe his administration will punish any dissent. This is a significant change from Trump's initial term when business leaders split with him over his handling of the white nationalist rally that took place in Charlottesville, Virginia in 2017. They also spoke out more publicly against other policies. Richard Painter is a University of Minnesota professor and former ethics lawyer to George W. Bush. He said that business leaders have been remarkably mute in their response, even as masked agents confront U.S. Citizens in Minneapolis, and Trump contemplates securing Greenland. This could cut off American companies from European markets. Painter stated that Trump's authoritarian economic policies are in stark contrast to Bush’s free-market economic policy. Painter commented on Clark's remarks, "I would like to see the Chamber take a more aggressive position here." "A lot executives may have voted Trump but they must speak out against any coercion. Whether it is directed at a protester on the street or at a CEO that doesn't do what the president asks them to. Mark Levine is a Democrat and the new New York City Comptroller, who oversees public pension funds with stakes in some of the biggest U.S. corporations. He said that CEOs had taken "baby steps" by speaking out only when Trump’s actions directly affected their businesses. Levine stated, "I do not think capitalism is effective if we let a president who has autocratic tendencies?dictate' the behavior of all companies in America." TRUMP GETS "LACKLUSTER" RATINGS IN ECONOMY A Chamber spokesperson was asked for comment. He cited a Friday briefing Clark gave to reporters, in which Clark stated that "we are against government interference in business, regardless of which party suggests it." She also said that CEOs are doing "quiet" work behind the scenes to promote sound policies and not "rushing to outrage." Neil Bradley, chief policy officer of the Chamber, said in August that the group wanted to respond to Trump nonpartisanly, to maintain support for the free market. Trump's economic approval rating is currently at 36%. This is below his 41% overall rating, even though he claims that his policies are successful by conventional measures. Trump said in Detroit, Michigan, on Tuesday, "Under my administration, the growth is exploding. Productivity is soaring. Investment is booming. Incomes are increasing. Inflation is defeated. America is respected like never before." Some of the most prominent CEOs in the world have publicly questioned his actions. Woods, an Exxon executive, told Trump on January 9 that Venezuela was "uninvestable", undermining the White House's messaging regarding the future of the industry in the country. Woods said he had confidence in Trump's plans, and that Exxon could dispatch a team of technical experts to assess the conditions there soon. Two days later, Trump suggested that he may not allow Exxon to participate in future deals with the country. "I didn't enjoy their response." "They're too cute," Trump said to reporters. A representative of Exxon declined to comment on this story. JPMorgan Dimon stated on January 13 that he supported the independent of Federal Reserve Chairman Jerome Powell. This was days after the Administration opened a criminal probe into Powell's behavior. Dimon said that Trump's interference in the Fed may cause inflation. Trump said he didn't care about Dimon's remarks. JPMorgan declined to comment on this article. Albert Bourla was upset by Robert F Kennedy Jr.'s decision to backtrack on vaccine recommendations for kids a day earlier. He told reporters in San Francisco, "I am seriously frustrated because the current situation has no scientific basis." Pfizer representatives didn't respond to any questions. 'LOBBYING IS NOW DIFFERENT' This week, The Conference Board released a study that showed uncertainty to be the greatest risk factor for U.S. chief executives in 2026. Dana Peterson is the chief economist of the Conference Board. She said that the survey did not ask specifically about Trump but that the executives she spoke with understood that lobbying was different today. Gary Clyde Hufbauer is a senior fellow at the Peterson Institute for International Economics. He said that CEOs could be adjusting their remarks to avoid backlash and to position themselves to benefit from Trump’s policies or interests. Hufbauer warned that if companies do not push back on this, it could lead to more regulation after Trump leaves the White House. Hufbauer stated that "my guess is (CEOs think) the actions are just a passing trend." He said that since state capitalism appeals to both progressive Democrats and some MAGA Republicans alike, investors and executives could be sleeping at the switch.
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FT reports that EU is moving to phase out Chinese suppliers of key infrastructure.
Financial Times reported that the European Union wants to ban companies like Huawei and ZTE, which manufacture equipment made in China, from telecommunications networks and solar energy systems. The report cited unidentified officials as saying that the cybersecurity proposal for the zone is likely to make the existing system of restricting high-risk vendors mandatory?for EU countries. Some large telecom firms in markets like Spain and Germany had resisted such measures. The report said that the proposal would be presented on Tuesday. The timetable for phase-out depends on the risks to the bloc, the sector and will take into consideration the cost and availability of alternatives suppliers. The report could not be verified immediately. The European Commission, China’s Commerce Ministry, Huawei, and ZTE have not responded to our requests for comment. Huawei is considering the future for a newly completed?plant? in eastern France. This was reported in December. It comes amid the hardening of some governments' stances on the use of Chinese equipment? and the slow rollout of 5G across Europe. The United States has banned the approval of new telecommunications gear from Huawei and ZTE by 2022, and encouraged European allies do the same.
Beijing's plan to control the global iron ore markets
China's iron ore state buyer uses increasingly aggressive tactics against mining giants like BHP in order to tighten their grip on the $132 Billion seaborne market, and to extract better terms from steel?mills. This is happening just as an enormous new supply source is about to strengthen China's hand.
China Mineral Resources Group, (CMRG), in November asked their steel mills and traders to refrain from buying spot cargoes for a second BHP-product. This was months after the group blacklisted a product that had raised concerns with Australia's top supplier.
Analysts and traders said that the standoff over a supply deal for next years' supply?marked a significant escalation?because CMRG hadn't previously banned multiple products coming from a single provider. This shows how far the buyer, who has been in business for three years, is willing to go in order to get better terms for China’s steel industry.
The deal is expected to account for around a fifth (or more) of China's production needs, as well as the majority of BHP's mines located in Australia's north-west.
Interviews with over three dozen steel and mine executives, traders, and analysts indicate that CMRG is assertive but has had limited success. Some steelmakers privately complain that CMRG hasn't delivered better contract terms or prices they wanted.
RBC analyst Kaan Peek in Sydney said that CMRG's tactic with BHP may set a precedent with Rio Tinto, Fortescue, and Brazil's Vale. China is looking to reduce the 80% margins enjoyed by the 'iron ore' miners.
CMRG's strategy has been refined and it has seen some successes, but also some mistakes.
Three sources familiar with the matter said that, in a previously unknown move, a Chinese buyer obtained a freight-related discount of $1 per metric tonne on certain large cargo vessels from Rio last.
CMRG became the sole Chinese supplier of iron ore to billionaire Gina Rinehart’s Hancock Prospecting after a long-running standoff, during which mills, traders and others claimed they had been pressured by Rinehart to not buy Roy Hill MB on the spot market for more than a full year.
In implementing the strategy, CMRG actually made it more difficult for their own steelmakers. The company targeted a product of lower quality that was in demand during times when margins were extremely thin, and forced mills to spend more money to buy from other suppliers.
CMRG refined its strategy to select products that would exert maximum force on individual miners while?minimizing market disruption.
Several Chinese traders reported that mills who were banned from purchasing BHP's Jimblebar blend fines in September could easily substitute Rio's Pilbara Blend fines.
BHP CEO Mike Henry said to CTV Canada in late December that the company is still in negotiations with Chinese clients.
Hancock, Rio, Fortescue BHP, and Vale all declined to comment.
CMRG - the State-owned Assets Supervision and Administration Commission - which directly supervises CMRG - the state-backed Steel Association and the world's largest steelmaker, China Baowu Steel Group - did not respond when asked for comment.
In Search of Leverage
China created CMRG 2022 in order to use its position as the largest iron ore purchaser to negotiate better terms with miners whose fat profit margins were a problem when steel mills had paper-thin or negative margins.
Wood Mackenzie estimates that CMRG now negotiates on behalf of mills more than half the 1.2 billion metric tons per year of iron ore imported by China.
CMRG wants to negotiate better terms on the index-linked price and other conditions, such as shipping and promoting more transactions via a domestic index.
Some steelmakers privately complained early on that CMRG’s presence merely increased costs and reduced flexibility with their suppliers. It was bitter to give up negotiation rights, but it was also impossible for state-owned mills to refuse what was effectively a political mission.
CMRG has become the dominant player in annual contract negotiations. However, traders and mills have said that it has failed to offer better prices.
We have no choice but to pay a commission fee. "No, the company did not negotiate better terms or prices for us. "It's a politically charged task, and you must cooperate," said the manager of a steelmaker who refused to identify himself due to the sensitive nature of the issue.
Steel industry sources claim that CMRG commission fees increased procurement costs for mills who were already suffering from low margins due to a downturn in the property sector.
There have been many benefits, but especially for smaller mills. CMRG helped those who were unable to access credit lines to import iron ore, by acting as their buyer.
CMRG is also aggressively buying spot cargoes via its Shanghai-based trading platform in an attempt to reduce volatility. Three sources confirmed this, and also said that the company has a trading target of 100 million tons by 2025.
NEW SUPPLY SOURCE LOOMS
Iron ore prices are still above $100 per ton despite China's slowing economic growth. They have been trading at this level since July. Wood Mackenzie predicts that prices will be $98 per tonne in 2026, and $95 per tonne in 2027.
The vast Simandou Project in West Africa’s Guinea, however, is slated to provide around 7% global supply by 2028. This will tip the market into a surplus of 65 million tons and give CMRG a stronger bargaining position.
Chinese companies are the largest shareholders in Simandou. Guinea is next, with a 22,5% stake, and Rio comes third, with a 22,5% stake.
The ramp-up of Simandou has been widely viewed as a sign that the market dynamics are changing structurally. Peker, of RBC, said that it would fragment Australia's dominance when supplying iron ore into China.
Peker stated that it is "sensible" for China to be aggressive in negotiating better terms of contract this year.
Most mining executives that we spoke with agreed that CMRG will struggle to dominate a market if it doesn't have a dominant supply.
The Chinese really want CMRG more effective. Demand and supply fundamentals continue to determine the price, said Gautam Varma founder of commodity consulting firm V2 Ventures who worked previously at Fortescue.
(source: Reuters)