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Sassou, Congo Republic's Sassou, seeks a new term amid low turnout and internet outage
The Congo Republic held a presidential election on Sunday, which was expected to extend the reign of Denis Sassou Nguesso - one of Africa's most experienced leaders. A low turnout highlighted the lack of suspense about the result. Sassou is facing a "weak" field of opponents, as two of the most well-known opposition leaders are in prison or exile. Many opposition parties boycotted this election because they felt the process was untrustworthy. Analysts and civil society groups predict that the turnout will be lower than the 68% in 2021 when Sassou was elected to his five-year term with 88.4%. A witness reported that there were no or very short lines at the polling stations of Brazzaville's capital. Sassou, after casting his vote in Brazzaville told reporters that he hoped the?enthusiasm he saw on the campaign trail?would be apparent in the final turnout number. He said: "We are hopeful that the things I heard during the campaign will come to pass today." The voting was to finish at 6 pm local time (1700 GMT) and the counting would begin immediately afterwards. The provisional results will be available 48-72 hours after polls close. INTERNET OUTAGE REPORTED Sassou has been in power since 1979, with the exception of a five-year break in the 1990s. He ran against six candidates who were not well-known, and none of them was considered a serious contender. The electoral body was dominated by figures aligned to the ruling Congolese Labour Party. Remadji Hoinathy, of the Institute for Security Studies in Pretoria, said that "the opposition is fragmented" and does not have a "strong, emblematic figure". Sassou will still have a chance despite voter fatigue. Internet monitoring group NetBlocks reported that the internet was down in many parts of the country on Election Day, making it hard to get an accurate picture of what was happening. In an email, Alp Toker of NetBlocks confirmed that a nationwide internet blackout was now in place in the Republic of Congo. This measure is likely to limit transparency in today's elections. Toker stated that this was "technically compatible" with a?internet shutdown imposed for the 2021 presidential election. Neither the Congolese Prime Minister Anatole Collinet Makosso nor the Communications Minister Thierry Moungalla responded to inquiries about the outage. Voters See No Hope for Change Rights groups claim that the political space in Congo has shrunk in recent years. They cite arrests of activists, and suspensions by political parties. After a long decline, the economy - heavily dependent on crude oil - has stabilised over the past few years. According to the World Bank, 52% of Congo’s 6.1m people live in poverty. Some Congolese who voted said that the country needs a new direction. They did not specify whether they backed Sassou, or his opponent. Gigi Wandiabantou, a Brazzaville resident, said: "Our children have diplomas and they are not doing anything." "I'm counting on the people in charge to do something for us mothers." Some Congolese believe there is little hope for change. Frederic Nkou, a Brazzaville resident who is unemployed, said: "It's a?election with a known outcome." "I don’t expect things will improve." Makosso, the Prime Minister, dismissed allegations of pro-Sassou slant ahead of Sunday's vote. He argued that Congo's electoral oversight bodies will ensure a fair and transparent election. Sassou's campaign has been based on continuity. He has pledged to expand education and training and to speed up development projects. Clement Bonnerot, Ngouda Diaone and Robbie Corey Boulet in the Dakar and Congo Republic Newsroom. Editing by Andrei Khalip Joe Bavier Alexander Smith
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Netanyahu responds to Iran's rumours about his death by posting a video
Benjamin Netanyahu, Israeli Prime Minister, posted a video on Sunday of him 'getting a coffee and' chatting with an aide after rumours of his death or injury were spread by the iranian state media. In the video taken in a café on the outskirts of Jerusalem and posted to Netanyahu's Telegram, his aide questions him about the rumours. As he grabs a coffee, Netanyahu makes a joke about the word "dead" -- which in Hebrew slang is used to refer to someone or something that you are "crazy for". "I love coffee. You know what? Netanyahu tells his aide, "I'm mad about my people." The video's location was verified by comparing the file images of the cafe with the interiors shown in the video. The cafe posted multiple photos and videos of Netanyahu's Sunday visit. This allowed us to verify the date. Netanyahu's office distributed videos and limited media access since the U.S. launched its attack on Iran in February. He has also visited two towns that were hit by Iranian missiles as well as a hospital, port, military base and a?port. Netanyahu, who rarely gives interviews or news conferences to Israeli media, held a 'first press conference via video link since the beginning of the war on Thursday. This format was similar to that he used in June, during Israel's 12-day conflict with Iran. Since the beginning of the war, Israel has imposed emergency safety restrictions that have banned public gatherings. Most people are now at home or in safe rooms and shelters. Schools across the majority of the country are closed.
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IEA: Emergency oil stockpiles coming soon to Iran's devastated markets
The International Energy Agency said that more than 400 million barrels?of oil from its emergency reserves would begin to 'flow soon. The agency announced on Sunday that stocks of goods from Asia, Oceania, and North America will be available as soon as possible, and those from Europe and South America will be ready by the end March. The statement stated that the governments have committed to making 271.7 million barrels available from government stock, 116.6 millions barrels from industry stocks and 23.6million barrels from other sources. IEA?said that the majority of pledged reserves – 195.8 millions barrels – are from member nations in?the Americas. 172.2 million of those barrels come from government stock. Asia Oceania members countries have committed to contributing 108.6 millions barrels. 66.8 of those barrels will come from government stock. Europe has pledged 107.5million barrels including 32.7million barrels from government stock. According to the IEA, 72% of planned releases will be crude oil, and 28% oil?products. The IEA was created in 1974, after the oil crises. The IEA has released six coordinated stockpiles since its creation. According to the IEA, the release was made to 'combat a spike in oil price caused by disruptions of around a fifth of the global oil and natural gas supply along the Strait of Hormuz after the war started on February 28. Iran warned on Wednesday that the world must be prepared for oil prices of $200 per barrel, as its forces continue to attack merchant ships in the strait. IEA member countries hold more than 1.2billion barrels in emergency stocks, and another 600m are held by industry under government obligations. Reporting by Layli foroudi, Editing by Joe Bavier & Andrew Heavens
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The economy of Peru grew by 3.54% in January
Data from the nation's INEI statistical agency revealed that Peru's economy grew 3.54% on an annual basis in January. This was driven by growth across most economic sectors, including construction, commerce and mining. The Central Bank's Chief?economist estimated that the figure would be around 3.5%. The National Institute of Statistics and Informatics (INEI), in a report released on January 15, said that the mining sector grew by 3.08% compared to the previous year after?two consecutive declines. The increase in January was due to a rise in production of copper, zinc, and gold. Peru is the third largest copper producer in the world. The statistics office reported that the construction industry also showed a notable increase in January. It grew by 15.63% year-on-year, largely due to domestic cement consumption. In January, the?fishing industry fell by 9.56% on an annual basis. This was its third consecutive month of decline. The Ministry of Economy and Finance of the Andean country estimates an economic growth of 3.2% by 2026, as opposed to the projected 3.44% for '2025. Peru has had eight presidents in the past year, causing political instability. On April 12th, elections will be held and a new president will take office at the end July. (Reporting and editing by Bill Berkrot, Will Dunham and Alexander Villegas)
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Sources say that Fujairah in the UAE resumes oil loading after an attack
Four sources confirmed that oil loading operations at the United Arab Emirates Fujairah, a major 'bunkering hub' and crude export terminal, had re-commenced despite a Saturday drone attack and fire. However, it is unclear whether the operations are back to normal. The U.S. - Iran war has already reduced Middle Eastern oil supply by more than?7m barrels a day, or 7% of the global supply. The disruptions?at Fujairah could force OPEC’s third largest crude producer to cut more?production, after already cutting production at its offshore oil fields. According to Kpler, Fujairah outside the Strait of Hormuz exported on average?more? than 1.7million barrels of crude oil and refined fuels?per day last year. This volume is equal to around 1.7% of world daily demand. The Middle East's biggest commercial storage facility for refined products is also located in Fujairah. Iran warned of new attacks against UAE ports on Saturday, after U.S. strike on Kharg Island facilities. Iranian news agencies reported that Iran had warned residents to evacuate areas near the?Jebel Al port in Dubai, Khalifa Port in Abu Dhabi and Fujairah. ADNOC (Abu Dhabi State Oil Company), which is based in the emirate of Abu Dhabi, has not responded to a request for comment. ADNOC closed its Ruwais refining plant on Tuesday. Bloomberg News reported earlier that?oil loading operations? had resumed in the emirate. Reporting by Sarah El Safty in Dubai and Youssef Sabah in Bengaluru, Seher Dareen and Shri Navaratnam in London, and Jamie Freed, Gareth Jones and Gareth Jones in London.
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Bahrain's Alba closes 19% aluminium production as Hormuz continues to disrupt the supply chain
Aluminium Bahrain (also known as Alba) announced on Sunday that it had halted 'three aluminium melting lines,' which accounted for '19% of its total capacity, in order to maintain business continuity amid the ongoing disruptions along the Strait of Hormuz. Force majeure was declared by the company on 'March 4, as it could not ship metal to customers due to the U.S. and Israeli war against Iran. Alba, which describes itself as the "world's largest?smelter of aluminium on one site," announced in a press release that it had begun a "controlled safe shutdown" for reduction lines 1, 2, and 3. The company added: "This targeted action is designed to optimize the utilisation of Alba's current raw materials inventory, and to prioritise the operational stability across?"Reduction Lines 4, 5, and 6." Middle East smelters - which account for 9% of global supply - have also been unable to import vessels containing their main raw material, Alumina. (Reporting and editing by Joe Bavier; Tom Daly)
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Japan releases oil stocks after US orders to buy American
Japan will begin releasing oil on Monday to ease the shock of?the U.S. and Israeli war on Iran. This is a stark reminder of the oil shortage that occurred half a century earlier, which prompted Tokyo's creation reserves. Tokyo announced that it would release 80 million barrels of crude oil to Japan, which is enough to last the nation for 45 days. The war in the Gulf has disrupted supplies through the Strait of Hormuz. The Japanese government has instructed refiners to use the crude oil released, which will reduce Japan's national reserves by 17 percent, to ensure domestic supplies. The amount of oil that will be released by the International Energy Agency for a global supply release of 400,000,000 barrels to combat the war's price volatility and supply shock is unknown. RESERVES STABILISE SUPPLY, BUT "MAINLY BUILD TIME" Yuriy?Humber, CEO of Tokyo-based consultancy Yuri Group, says that Japan's release demonstrates how seriously Tokyo views disruption. The reserves are mainly there to buy time, but can help stabilize supplies and prices on a short-term basis. He said that they couldn't "fully offset" a disruption of the Strait of Hormuz. The Ministry of Economy, Trade and Industry states that any potential release of 12 million barrels held jointly by Saudi Arabia, United Arab Emirates and Kuwait in Japan would be additional to the 80 million barrels announced. Japan began its national oil reserves system in 1978, several decades after the Arab oil embargo. The Group of Seven nation is reliant on Middle East oil for 90% of its consumption. It now stockspiles enough to last 254 days. METI reports that the government will begin releasing oil from its reserves to cover 15 days of consumption by the private sector on Monday. METI Minister Ryosei Acazawa stated that private companies are preparing to?tap Japan's stockpiles?, but they also want supplies from Central Asia, South America, and Gulf countries, which can bypass the Strait of Hormuz. Japan buys around 4% its oil from the U.S., after ceasing to purchase it from Russia in 2022 following Moscow's invasion of Ukraine. Lee Zeldin, the U.S. Environmental Protection Agency's Administrator, said: "When you consider the conflict in the Middle East.....you are reminded that all the crude oil..that went from Alaska to Japan..was never..targeted by a successful terrorist.attack." This conflict is a reminder to other nations that the United States has the resources they need. (Reporting and editing by William Mallard; Yuka Obayashi, Katya Golubkova)
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Palestinian Health Authorities say that Israeli forces killed four Palestinians in West Bank.
Palestinian health officials said that Israeli forces killed four Palestinians on Sunday. They included a mother, a father, and two children, while they were driving in the occupied West Bank. Palestinian health officials report that a mother and father aged 35 and 37 and two of their children ages?5 or 7 were shot in the head in the village Tammun. Two of their other children also sustained injuries. The Israeli military said that it would be examining the reports. According to the Palestinian Health Ministry, a Palestinian also died in an overnight attack by settlers. Rights groups and medics claim that Israeli settlers are using the restrictions on movement imposed by the U.S./Israeli war against?Iran as an excuse to attack Palestinians. Military 'roadblocks' prevent ambulances from reaching the victims quickly. According to the Palestinian Health Ministry, settlers have killed at least five 'Palestinians' in the West Bank ever since the Iran War began on February 28. Reporting by Ali Sawafta and Emily Rose, Editing by Shri Navaratnam, Editing By William Mallard
US sources claim that the US has moved away from critical minerals price floors
Multiple sources have confirmed that the Trump administration has backed away from its plans to guarantee a price floor for U.S. Critical Minerals Projects, as a tacit acknowledgement of a lack in congressional funding and complexity of setting market prices, according to?. This shift comes at a time when a U.S. Senate Committee is reviewing a price ceiling extended to MP Materials in the past year. It marks a reversal of commitments made to the industry. Washington could also be set apart from other G7 countries discussing joint price support measures or similar measures to boost production of critical minerals that are used for electric vehicles, semiconductors and defense systems.
Three attendees said that at a closed door meeting hosted by a Washington think tank this month, two senior Trump officials informed U.S. mineral executives that they would have to prove financial independence from government price support for their projects.
Audrey Robertson, Assistant Secretary of the U.S. Department of Energy and Head of its Office of Critical Minerals and Energy Innovation told the executives that Audrey Robertson was not there to support them. "Don't expect that from us."
A U.S. official said on Thursday that the administration may use its new power to negotiate individual price floors with businesses.
Tariffs under Section 232
Imposing a market-wide floor price on certain minerals could achieve a similar goal.
In premarket trading, shares of U.S. listed miners that produce critical minerals dropped between 3% to 8% on Thursday.
Trilogy Metals fell 3.3%, MP Materials dropped 4.7% and Critical Metals and NioCorp Developments both lost more than 5%. Ramaco Resources dropped 6.4%, and USA Rare Earth fell?nearly 9 percent.
Rare Australian Earth Shares Slide
The price floor set by the MP is not affected.
Robertson was joined in the International Trade Administration by Joshua Kroon. He is the deputy assistant secretary for textiles and consumer goods as well as materials, metals, and critical minerals at the Department of Commerce.
Sources claim that Kroon and Robertson said at the meeting Washington was no longer able to offer floor prices.
In a written statement, the Energy Department said that the story had been "false" and that it relied on sources who were either misinformed or intentionally misleading. The statement didn't elaborate on the errors that the department claimed to have found. The Energy Department did not respond immediately to a request for more information.
MP Materials didn't respond to an emailed comment request, but after this story was published on Twitter said that there had not been any changes to its contract and the government obligations surrounding it. It said that any implication the U.S. government has changed its mind about MP Materials's contract is false.
I did not suggest any part of the MP's agreement was at risk.
The report today is inaccurate, false, and contradictory with the facts. The company said that it follows a pattern speculative, misleading reporting which "has mischaracterized government policies and caused unnecessary confusion on the market".
Kroon and Robertson have not responded to any requests for comments.
After the publication of the article, shares in Australian listed rare earths companies fell, and at one stage, those of Lynas Rare Earths - the largest company outside China - were down by more than 10%. A spokesperson for Lynas said that the company was benefiting by the U.S. decision, which has boosted rare earths prices.
Price protection is important for producers who are currently in business, because it addresses the market's dysfunction immediately. She said that other policy instruments were available and had been used for early-stage projects.
Reg Spencer, an analyst at Canaccord in Sydney, believes that the steep fall for shares related to rare earths was exaggerated.
The comments were in line with his interpretation of White House policy, which is that the White House does not intend to support every rare earths project by using a floor price mechanism. Projects will be developed according to their merits," said he.
The U.S. continues to support the development of a critical minerals supply chain in ex-China. He added that they may use different methods.
Change in tact The current administration's stance contrasts with a closed-door July meeting, in which two officials told separate minerals executives in private that a price floor extended to MP Materials a few days earlier was "not an isolated event" and that they were working on other price support projects. Since then, the Administration has acquired equity in Lithium Americas and other companies, including USA Rare Earth, Trilogy Metals and USA Rare Earth. The government did not offer any price floors to these companies, which raised questions about its commitment to this financial tool. U.S. mining companies and processing firms have sought price floors and government backstops in order to compete with China. Industry executives claim that China's state producers can cut prices to punish competitors, undermine projects and discourage private investment.
The White House has declined to confirm whether it intends to set new price floors. However, it said that it would continue to pursue tax cuts, deregulation and targeted investments in high-priority sectors "while being good taxpayer dollars."
Price floors are criticized by critics who warn that they expose U.S. tax payers to financial risk, forcing the government to subsidise minerals when prices drop. This could result in long-term liabilities for taxpayers if prices continue to fall.
Legal experts warn that guaranteeing minimum price could be challenged under U.S. budget, procurement and trade laws. This is especially true if such support is perceived as a market distortion, or if it lacks explicit congressional approval. Washington can still take other measures to support mineral projects and stabilize prices. These include stockpiling and equity investments, as well as local content stipulations. Price floors have been considered by other countries including Australia.
MP DEAL IN THE SPOTLIGHT MP Materials' investment raised concerns from administration officials and Congress members that funding of a price-floor of at least $10 per kg for 2 types of rare Earths was not authorized by Congress. Two additional sources who were familiar with the discussion confirmed this.
Since the MP investment, the economics have changed in the mineral markets. USA Rare Earth announced this week that it plans to purchase the same types of rare Earths on the open markets for $125 per kilogram.
The MP investment included a guarantee purchase agreement. This caused confusion about whether Washington would guarantee price floors for others.
Sources said that as the Trump administration looked at other equity investments it could make after MP, they realized it didn't have the authority from Congress to fund a floor price.
According to two sources, this realization was partly sparked by an inquiry made by members of the Senate Armed Services Committee. They asked Pentagon staff to meet last year in order to explain the reasons why MP Materials received support for a price floor and the strategy the administration had adopted to invest in the minerals sector.
A staffer of the committee confirmed that the request for a meeting was made, but refused to comment further. Reporting by Ernest Scheyder, Jarrett Renshaw. Melanie Burton and Vallari Srivastava contributed additional reporting from Melbourne and Bengaluru, respectively; editing by Veronica Brown and Lisa Shumaker.
(source: Reuters)