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Canada eyes Mercosur pact by autumn
The minister of international commerce for Canada said on Friday that he hoped to sign a?free-trade agreement with South America's Mercosur bloc in the autumn. "We are?accelerating the timelines for negotiations a bit. We'll try to have our negotiations every six or seven weeks, and we hope we can finish by fall. Maninder Sidhu said on the sidelines a World Trade Organization Ministerial Conference in Cameroon that this is the goal we've set for our partners. The Minister said that he had 'bilateral meetings' with Argentina, Paraguay and Brazil. He will also meet with Brazil, Uruguay and the WTO meeting in Yaounde on Friday, where a?potential Mercosur Canada trade agreement is part of the talks. We're ambitious. He said, "I think we can do it." An Argentine official had said that the agreement would be signed around September or October, roughly a year after negotiations formally resumed. A diplomat based in Brazil also said that negotiations were going at record speed. He confirmed 'the countries would probably reach an agreement this year. Canada has increased its efforts to diversify the trade amid uncertainty over tariffs imposed by U.S. President Donald Trump. The diplomat in Brazil said that South America and Brazil are trade partners Canada can't do without. Reporting by Olivia Le 'Poidevin, Yaounde. Additional reporting by Lucinda Ell in Montevideo. Lisandra Paraguassu and Promit Mukherje from Ottawa.
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AFP reports that the missing sailboats of the Cuba aid convoy have arrived safely.
AFP reported Friday that two'sailboats' which went missing during a convoy transporting humanitarian aide from Mexico to Cuba landed safely in Cuba. The U.S. Coast Guard was cited by AFP. The convoy spokesperson said that he was unable to reach the U.S. Coast Guard for verification. Coast Guard can verify the information. James Schneider, spokesperson for the company, said: "It is not confirmed." The two boats were part of a larger grassroots volunteer effort to deliver food, medicine, baby formula, and other supplies?to an energy-strapped Cuba. Requests for comment from the U.S. Coast Guard or?Mexico’s Navy were not immediately responded to. The Cuban state news program at 1 pm local time repeated President Miguel Diaz-Canel’s concern about the missing boats. At a press conference held earlier that day, the?Mexican president Claudia Sheinbaum stated that the search was still?ongoing and nine people were on one of the vessels.
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Portugal offers diesel subsidies to reduce the cost of energy during Iran's war
Portugal announced a temporary subsidy of 10 cents per litre for diesel in key sectors like?agriculture and transportation? on Friday to 'ease fuel costs due to the Iran War. The subsidies, which could amount to up to 450 millions euros (519 million dollars) over three month, will only be paid if the diesel prices are more than 10 cents higher than the average price for the first week of March when the war with Iran intensified. The subsidies will run between April 1 and June 30, and they still need parliamentary approval. They will support sectors such as agriculture, forestry and fishing,?public transportation and taxis and be capped to a maximum diesel consumption per vehicle. Luis Montenegro, Prime Minister of Spain, said that the financial support was only temporary and that the state budget must be managed responsibly and with caution. Portugal's National Statistical Institute (INE), which released its figures on Thursday, reported a budget surplus that was higher than expected, at 0.7% of the gross domestic product. This is up from 0.6% of GDP in 2024. It predicted a surplus in 2026 of 0.1%. Montenegro's?government said it is examining additional measures to support fuel and essential goods prices if the conflict in Iran escalates and puts further pressure on them. He added that there are no plans to reduce the VAT on food or fuels.
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GRAINS-Chicago Soy is slipping on profits ahead of revised US Biofuel targets
Chicago soybean futures fell on Friday due to profit-taking ahead of a White House announcement expected later that day?of revised U.S. Biofuel targets which is 'expected'to be?bullish?for soybeans. These are often used as biofuel feedstock. Wheat and corn prices were volatile due to the uncertainty surrounding the Iran War. Corn was also pressured pre-weekend by technical selling. As of 10:50 am, the most active soybean contract traded on the Chicago Board of Trade had lost 9 cents. It was now $11.64-3/4 per bushel. CT (1750 GMT). Randy Place, an analyst at Hightower Report, said: "We are a little weaker in beans. It's probably profit taking before the weekend, and headline risk?depending on how negotiations go and what happens with Iran." Investors have responded cautiously to the latest remarks made by U.S. president Donald Trump on ending the conflict that has lasted for a month. Trump said that on Thursday, talks to end the war are going "very smoothly" and he will delay the threatened attacks 'on Iran energy plants for an additional ten days. Oil prices rose on Friday, as traders weighed Trump's remarks against Iran's criticisms of U.S. proposals as well the ongoing disruption in energy markets. The price of grains and oilseeds has largely tracked the fluctuations in crude oil prices during the conflict. This is due to the use corn and soyoil as biofuels, and the knock-on effect on crop production that rising energy and fertiliser prices can have. CBOT corn fell by 2-3/4 cents, to $4.64 per bushel. Grain participants are adjusting positions ahead of Tuesday's U.S. Department of Agriculture acreage estimates. The war in the Middle East may increase the cost of fertilizer, which could lead to more acres being planted with soybeans. Fertilizer is needed to provide a significant amount of nitrogen for corn. The CBOT wheat price dropped by a half-cent to $6.04-12 a bushel. Prices have been supported by dry conditions in part of the U.S. wheat belt. The traders are closely watching the drought in the southern U.S. Plains. Hot weather this week could cause more crop stress, before rains arrive next week. Kansas Wheat Futures have seen sharper gains this week compared to Chicago wheat prices due to the parched conditions.
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India eases the rules to allow some state-owned firms to purchase critical equipment from China
After easing restrictions, India allowed some state firms, including Bharat Electricals and the Steel Authority of India, to purchase critical equipment from China on Friday, according to both a government source and a document. Last month, it was reported that India would ease restrictions on purchasing Chinese equipment after a deadly border clash in 2020. This would allow state-run coal and power companies to import limited quantities of Chinese equipment as shortages and delays grew. India has also since eased its investment restrictions on China. The government order stated that Bharat Heavy Electricals, India's biggest state-run power equipment manufacturer, can now purchase 21 types of critical equipment from China under the new?rules. Steel Authority of India has also been granted a similar authority to source critical components and coal-gasification equipment from other state-run companies, according to a government source. New Delhi tightened rules on Chinese investments and procurement in response to the deadly clashes between Indian and Chinese soldiers along the Himalayan border. However, a global realignment sparked by U.S. trade tariffs has led India to consider an adapted reset with China to maintain supply chains and attract investment. In August last year, Indian Prime Minister Narendra Modi travelled to China for the first time in seven years. He met with Chinese President Xi Jinping and discussed improving ties. After this, New Delhi relaxed visa requirements for Chinese business professionals. According to the government order, which was issued this month and seen by, Chinese bidders who are participating in state contracts do not have to register with a government panel for political and security clearances. New Delhi eased its restrictions on Chinese investment in certain sectors earlier this month to help ease the capital squeeze. This marked a significant reset of our economic ties. (Reporting and writing by Sarita Changanti and Nikunj Ahri; editing by Jan Harvey, Susan Fenton and Shivangi Acharya)
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US consumer confidence hits three-month low after war fuels inflation fears
U.S. consumer confidence fell more than anticipated in March, reaching a three-month low as inflation fears and the war in the Middle East cast a cloud over the economy's?outlook. The decline reported by 'University of Michigan Surveys of Consumers Friday' occurred across a range of age and political party groups. Middle- and high-income consumers, as well as stockholders, saw the largest decreases. Oil prices have risen by more than 30% since the U.S. - Israel war against Iran, which has lasted for a month. AAA data showed that retail gasoline prices rose $1, to average $3.98 a gallon. The S&P 500 index fell 6.7%. Although the correlation between consumer spending and sentiment is weak, rising gasoline prices, falling stock values and a stagnant job market could reduce consumption and impede economic growth. The wealthiest households are the ones who have been driving 'consumer spending. Oren Klachkin is a financial market analyst at Nationwide. He said: "We are looking for negative sentiment effects to add to the drag caused by lower real purchasing power, and?wealth effect and pull down consumer spending growth in the second half." The University of Michigan's Consumer Sentiment Index fell to 53.3, its lowest reading since last December. It was 55.5 in January. The economists polled at? had predicted that the index would drop to 54.0. It was 56.6 in Feb. The short-term economic outlook indicator fell 14% while the measure of expected personal finances for the year ahead dropped 10%. The survey found that long-term expectations declined at a more moderate pace. Joanne Hsu is the director of University of Michigan Surveys of Consumers. She said that these patterns indicate that consumers are not expecting recent negative developments to continue for a long time. These views may change if the Iran Conflict?becomes prolonged or if increased energy prices are passed on to overall inflation. The S&P 500 index and Nasdaq Composite Index dropped to levels not seen in six months. The dollar was steady against a basket currency. The yields on U.S. Treasury bonds were mixed. Expectations of Inflation Inflation expectations for the next year, as measured by the survey, jumped from 3.4% in March to 3.8% in February. Consumers' expectations of inflation in the next five years dropped to 3.2%, down from 3.3% last month. This month, the Federal Reserve kept its benchmark overnight rate at 3.50% to 3.75%. In updated projections, released along with the decision by U.S. Central Bank policymakers, they predicted higher inflation and only one reduction in borrowing costs for this year. John Ryding is the chief economist at Brean Capital. He said that, "the evidence appears to indicate that, for now, the inflation impact from high 'gas prices will be temporary. However, it would appear that year-ahead expectations are set to jump over 4% in April's preliminary report." From a Fed perspective the majority (of the policy-setting) committee may interpret this as meaning that rates should remain unchanged.
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Mercosur, Canada to reach free-trade agreement in April after talks
According to sources familiar with these talks, Canada and South 'America's Mercosur are moving towards a free trade agreement. It could be signed before the end of this year. One official from Canada, Argentina, and Brazil said that they expect the deal to be completed in 2026. Another stated that discussions are progressing well, and could be finished before September. An official from the Argentinean government said that an agreement would be expected to be signed by September or October. This will mark roughly a year after formal negotiations were restarted. A second diplomat based in Brazil also confirmed that negotiations were proceeding at record speed. He said the countries will probably reach an agreement this year. TRUMP TARIFFS HAS?SPURRED TRADE DIFFERENTIFICATION The Canadian diplomat in Brazil stated that Canada is intensifying its efforts to diversify its trade as a result of the uncertainty caused by tariffs imposed on U.S. President Donald Trump. South America, particularly Brazil, was a partner Canada could not do without. A deal with Canada could help Mercosur, which is a major exporter in the areas of beef, minerals and soy, gain access to more developed markets, and attract investment into key industries like mining. Sources in Brazil say that Canadian Prime Minister Mark Carney will visit Brazil next quarter. Source: Although neither government intends to announce an agreement during the visit, this could serve as a push for a finalized one as soon as possible. The office of Mercosur in Montevideo has not responded to comment requests immediately. A spokesperson from the Canadian Trade Ministry said: "Negotiations for a free-trade agreement are progressing with momentum and we are encouraged by what is being achieved." Canada is committed in concluding a comprehensive, ambitious (Mercosur), agreement that will create real opportunities for Canadian workers, businesses and investors. On Friday, a Canadian official involved directly in the negotiations said that the Canadian trade minister, Maninder Singh Sidhu was "very eager" to complete the deal by the end of this year, and would be meeting his Brazilian counterpart at the World Trade Organization Meetings in Cameroon, on March 28. RENEWED MOMENTUM After months of technical exchanges, Canada and Mercosur decided last year to restart the talks which had been stagnant since 2021. Mercosur consists of Argentina, Brazil Paraguay, Uruguay and Bolivia, with Bolivia to be a full member by 2028. In March, Ontario trade officials, who are central to Canada's economic growth, visited Argentina and Uruguay to help lay the foundation for a future trade agreement and to show their support for increased bilateral trade. As part of his trip, Ontario's Minister of Economic Development, Job Creation and Trade, Victor Fedeli met with representatives of the technology and mining industries. This follows a trip to Brazil at the end of last year. Fedeli said Ontario is stepping up its outreach to South America in part due to the "Trump Acceleration" effect. He noted that approximately 80% of Ontario's trade with the United States. Fedeli told Montevideo in an interview that "we're building on this momentum". He added that the Canadian government was serious about diversifying from the U.S. After 25 years of negotiation, Mercosur concluded a trade deal with the European Union last January. The European Commission announced that key elements of the trade agreement, which have been controversial in Europe, would be applied on a temporary basis as of May 1. Lucinda Elliot in Montevideo and Lisandra Paraguassu, in Brasilia, with additional reporting from Lucila Sigal, in Buenos Aires, and Promit Mukherje, in Ottawa. Editing and production by Cassandra Garrison and Lisa Shumaker.
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After a cliffhanger, Slovenia's Prime Minister launches coalition negotiations
Robert Golob, Slovenia's prime minister, launched talks on a broad alliance with political party leaders on Friday following an inconclusive election. He pledged urgent measures to assist the Alpine country's?economy cope with rising energy costs. After the March 22 elections, Golob's Freedom Movement has won 29 parliamentary seats. This is one more than the right leaning Slovenian Democratic Party led by populist former premier Janez Jansa. Either party needs coalition partners in order to achieve a majority of 90 seats, which makes smaller parties potential kingmakers. Golob, the incumbent, has invited all the parties that have won parliamentary seats - except the SDS - to join GS as part of a government of unity. This is at a time when Europe is facing a 'new energy crisis because of the U.S./Israeli war against Iran. Three centre-right parties whose programs are similar to those of the SDS?rejected this invitation and said they would form a coalition with other centre-right parties. The GS would gain?40 of the parliamentary seats from the parties that supported it in the past, while SDS would get 43, three seats short of a majority. Jansa said that he would wait until the 'final results' before beginning coalition talks. Need for URGENT Economic Measures Golob stated that all those who attended the meeting agreed to work together to prepare urgent interventions to protect the economy and agriculture, as Europe prepares for a major crisis. Slovenia faces energy shortages and has been forced to limit fuel purchases at the pumps due to stockpiling. Participants at the meeting agreed that the top priority of any future government would be to combat corruption and stabilize the energy sector. Slovenia has adopted pro-European policy under Golob, with a focus on social reforms and aligning its foreign policies with European countries. Jansa is an ally of Hungarian Nationalist Prime Minister Viktor Orban, and a supporter of U.S. president Donald Trump. He wants to introduce tax breaks for businesses, reduce funding for welfare, media and to change the country's international orientation. SDS filed complaints to the electoral commission requesting a repeat of early voting because there were alleged irregularities. However, the commission dismissed the complaints?on Saturday. The election attracted international attention when?Golob claimed that "foreign agencies" were interfering after a'reported visit of Israeli private spy company Black Cube officials in December to meet Jansa, which Golob described as the "biggest controversy we have seen in Slovenia since independence". Jansa denied any wrongdoing, and Golob said he was trying to cover-up corruption within his own ranks. (Reporting and editing by Daria Sito Sucic)
UK reveals new Russia sanctions to mark Ukraine invasion anniversary
Britain revealed a brand-new bundle of sanctions against Russia on Thursday, stating it was seeking to reduce President Vladimir Putin's weapons arsenal and war chest two years after the invasion of Ukraine.
The package, covering more than 50 entities and individuals, was announced 2 days before Saturday's second anniversary of the full-scale intrusion and becomes part of a coordinated Western effort to limit the Russian economy.
Our international economic pressure indicates Russia can not. afford this prohibited intrusion. Our sanctions are starving Putin. of the resources he frantically needs to fund his struggling. war, Foreign Secretary David Cameron stated in a statement.
The European Union on Wednesday authorized its own plan of. sweeping sanctions, prohibiting almost 200 entities and individuals. accused of assisting Moscow obtain weapons or of participation in. kidnapping Ukrainian children.
Britain sanctioned business linked to the Russian. ammo market, including what it said was the biggest, the. Sverdlov State Owned Business, and targeted sources of earnings. in the metals, diamonds and energy markets.
That consisted of a Turkish business Britain stated was providing. electronics to Russia, three electronic devices companies in China and. executives at Russian diamond manufacturer Alrosa. It also included. managers of copper producer UMMC to the list.
Alrosa did not immediately react to an ask for comment.
The foreign workplace likewise enforced sanctions on what it stated. were key Russian importers and producers of device tools. utilized to produce defence systems and components ranging from. engines and missiles to tanks and fighter jets.
The government likewise said it was preparing to strengthen its. powers to target revile Russian shipping activity and. specific 'shadow fleet' vessels used by Russia to soften the. blow of oil-related sanctions.
China called the sanctions unilateral acts that have no. basis in global law, and argued that it has constantly. abided by a goal and reasonable position on the Ukraine concern. while actively committed to promoting peace talks.
We would like to notify the British side that any action. that weakens China's interests will be resolutely countered. by the Chinese side, a representative at the Chinese embassy in. the UK stated in a statement.
Britain this week enforced sanctions on six people in. charge of the Arctic penal nest where Russian opposition. leader Alexei Navalny died.
There are more than 2,000 Russian people, business and. groups on Britain's sanctions list.
(source: Reuters)