Latest News
-
Commission data show that EU retail diesel prices reached a record high in the last week.
Weekly data from the European Commission on Thursday showed that diesel prices at the pump in the EU's 27 members?states reached their highest level since records began in 2005. The average EU-27 diesel price per litre was 2.06 euros on 23 March, up from 1.95 euro the previous week. Data is based on fuel prices, including tax. * The average retail diesel price is now above?2 per litre, for the first since June 2022. This was the last major fuel supply shock after the Russian invasion of Ukraine. The EU petrol prices rose to 1,89 euros per litre, up from 1,84 euros per litre on 16 March. The data indicates that gasoline prices are at their highest level since July 2022. The Netherlands has the highest prices for diesel and gasoline in Europe as of 19 March, at 2.48 euros per litre and 2.35 euros per litre, respectively. * Europe is a net importer of Diesel, as it produces less than what it consumes. The Middle East is the main supplier. The Middle?East's oil supply was severely disrupted by Iran's war. Reporting by Robert Harvey, London. Editing by Alexander Smith
-
Trump: Iran's gift to US was 10 oil tankers allowed through Hormuz
Donald Trump, the U.S. president, said 'on Thursday that Iran is allowing 10 'oil tankers to transit the Strait of Hormuz as a 'goodwill gesture during negotiations. Trump's comments were made at a Cabinet Meeting in the White House. He elaborated on what he previously called a "present from Iran". Trump said, "They'said', to show that we are real and solid, we will let you have eight boats of oil. Eight boats, eight large boats of oil." "I 'guess they were real, and they were'real. I think they were Pakistani flagged." It turned out to be 10 boats." The White House didn't immediately respond to an inquiry for further details about the vessels. Trump made his comments as he was pressing Iran to "agree" to a deal which would end its nuclear program and clear the chokepoint in maritime traffic. On Tuesday, the?U.S. On Tuesday, the?U.S. He refused to clarify his meaning at the time. Trump said at the time, "They gave us an present. It arrived today, and was a very big gift, worth a huge amount of money." Reporting by Steve Holland, Trevor Hunnicutt and CaitlinWebber. Editing by Chizu Nomiyama and CaitlinWebber.
-
Judge questions Maduro about his use of Venezuelan defense funds
The U.S. Judge questioned the U.S. government on Thursday about its justification in preventing Nicolas Maduro, the ousted Venezuelan President from using South American funds to pay for his legal defense against U.S. charges of drug trafficking. However, he said that he wouldn't dismiss the case against him based on this. Maduro, and his wife Cilia Flores wore beige prison garb at the Manhattan federal court hearing, more than two month after U.S. forces captured them and transported them to New York in a surprise raid in Caracas. Maduro and Flores have both pleaded no contest to charges of narcoterrorism and conspiracy. They are currently being held in Brooklyn, NY, while they await trial. They asked U.S. district judge Alvin Hellerstein for dismissal of the charges. Their inability to rely upon Venezuelan public funds interferes with their right to have an attorney of their choice under the Sixth Amendment to the U.S. Constitution. According to their lawyers, Maduro and Flores are unable to afford their own legal fees. Kyle Wirshba, the prosecutor in the case, said that the U.S. restrictions on the payments were based upon existing national security and international policy interests. Hellerstein sounded skeptical about that argument and noted that the U.S. has relaxed sanctions on Venezuela since Maduro was ousted. "The defendant is present, Flores also is." Hellerstein said that they do not pose a threat to national security. Hellerstein is a judge appointed by Democratic President Bill Clinton. "The most important right, and the one that is at stake, is to have constitutional counsel." Pollack, the lawyer who represented WikiLeaks founder Julian Assange in the case, said that he would withdraw if Hellerstein didn't dismiss the allegations and the Venezuelan government couldn't pay his fees. It was unclear what Pollack charges Maduro. Pollack didn't respond to an inquiry for comment. On Thursday morning, Donald Trump, the U.S. president, told reporters that Maduro would face additional charges, but did not provide any details. MADURO CAUGHT BY SPECIAL ARMIES U.S. Special Forces captured Maduro, and Flores during a surprise raid on their Caracas home on January 3, and flew them back to New York for drug trafficking charges. This operation is detailed in an examination of the covert missions and its geopolitical consequences. Maduro was transferred from the Metropolitan Detention Center, Brooklyn to the Federal Courthouse in Lower Manhattan at the dawn of Thursday. Police separated Maduro opponents outside the courthouse - including one who held an orange jumpsuit-clad effigy - from pro-Maduro protesters holding signs that read "Free President Maduro." Maduro, his wife and Venezuelan law dictate that the government pays for the first lady and the president's expenses. The prosecution argues that since the U.S. does not recognize Maduro as Venezuela’s legitimate president?since 2019?he and Flores shouldn't expect the U.S. to allow Venezuela pay for their legal fees. If Maduro or Flores cannot afford to hire their own attorneys, they can be assigned a public defender. NARCOTERRORISM - LAW HAS A LIMITED TRIAL SUCCESS Maduro is facing four felony charges, including narcoterrorism conspiracies that criminalize drug trafficking in order to finance what the United States views as terrorism. The statute has been rarely tested in court, and an analysis of court records revealed that two of the four convictions were overturned due to issues relating to witness credibility. During Trump's first term as president, he increased sanctions against Venezuela due to allegations that Maduro's government is corrupt and undermines democratic institutions. Washington called Maduro’s 2018 reelection "fraudulent". Maduro dismissed these accusations along with those of his involvement in drug trafficking as pretextual reasons for what he said was a U.S. wish to seize the vast oil reserves of South American OPEC country. Since Maduro was captured, Delcy Rodriquez, Maduro’s former vice-president, has been acting as interim president. (Reporting and editing by Noeleen Walder and Howard Goller in New York, and Luc Cohen and Jack Queen from New York)
-
Chicago grains are subdued by war uncertainty
Chicago corn and Wheat futures sawsawed Thursday, while soybeans ticked up as traders'monitored Middle East developments amidst'mixed signals?from the U.S. As of 11:00 am CT (1800 GMT), the most active corn contract on Chicago Board of Trade had fallen 1-3/4 cents, to $4.65-1/4 per bushel. CBOT Wheat rose by 3-1/4 Cents to $6.01 a bushel. CBOT Soybeans?added 4-1/2 cents to $12.76 a bushel. Prices rose in the previous session due to technical buying, and the uncertainty over the negotiations to end the U.S./Israeli war against Iran. "It's President. There's no way of knowing what he will say and it is impossible to predict. Ed Dugan, broker with?StoneX, said that the market is being driven by this. On 'Thursday', doubts about a quick end to the war kept crude oil prices steady, which helped push up soyoil - widely used for biofuel. Grain and oilseeds were kept in check by a rising dollar as well as the caution that was expected ahead of U.S. agriculture news. Traders will be watching for an announcement on revised U.S. Biofuel Targets at a White House Event on Friday. This event has been supportive of the soy complex. Next Tuesday, the U.S. Department of Agriculture will release its acreage estimates. The Middle East War and rising fuel and fertiliser prices have heightened interest in planting decisions. After the news on Wednesday that U.S. president Donald Trump would 'now visit Beijing?on May 14-15, in a rescheduled tour, the soybean market also assesses prospects for future Chinese demand. The news pushed soybeans higher Wednesday, reigniting speculation about new Chinese purchases in the context of trade negotiations. Analysts remain cautious, however, given China's recent shift to Brazil as the South American nation wraps up a record harvest. Wheat market continues to monitor the drought in?U.S. Plains: Forecasts show that rain is unlikely to fall before April, and this week's hot weather will likely exacerbate the dryness.
-
Brazil awards first Amazon Reforestation Concession to Startup Re.green
The Brazilian government has auctioned off its first public land concession to startup Re.green for reforestation. This is the first attempt to use carbon credits to fund the recovery of millions acres of degraded protected areas. Re.green is the only bidder who offered to restore and protect for 40 years a 145,000-acre parcel in the Bom Futuro Reserve in the Amazon rainforest. According to the auction notice, the fee was 0.7% of the revenue generated by the project. This is expected to be around $2 million per year. The company is part of a group that buys degraded land from farmers and ranchers in order to replant native Brazilian tree species. Bom Futuro is its first project on a government-owned land. The project will also include a community of indigenous Karitianas who live in that area. The Environment Minister, Marina Silva, said during Wednesday's auction at the Sao Paulo Stock Exchange: "We have managed to turn something that was extremely negative for climate change, biodiversity and the local population into something positive." Scientists warn that the Amazon rainforest is nearing a tipping-point, after which it will irreversibly transform into a degraded ecome. Researchers claim that stopping deforestation will not be enough to save the Amazon rainforest. Instead, governments need to reforest vast sections of forest. Brazil's new carbon market has attracted private investors and banks who are interested in restoring native forests and selling?credits' for the carbon removed from the atmosphere. The auction was a test to see if such projects could be implemented at a large enough scale to help the government reach its goal of reforesting 30 million acres by 2030. The auction did not receive any bids for a second, slightly smaller plot of the Bom Futuro Reserve. Officials stated that they were satisfied with the results because "the model was new and untested." Garo Batmanian said that the Brazilian forestry service plans to offer 750,000 acres under this model in 2027. He added that officials have identified 3.2 million acres in need of restoration. (Reporting and editing by Brad Haynes, Ni Williams, and Manuela Andreoni)
-
Consultancy says Brazil will cut sugar exports to Brazil by 14% due to mills switching to ethanol
Brazil's biggest sugar exporter and producer is expected to reduce shipments by 14.2% in the upcoming 2026/27 - season that begins in April - as mills reroute sugarcane for ethanol production due to high energy prices. Safras estimates total Brazilian sugar exports for the new season including the Center-South, North/Northeast and North/Southeast regions at 29 million metric tonnes, compared with 33.8 million in 2025/26. In a report, the consultancy stated that Brazil's sugar production will fall to 40.33 million tons by 2026/27 from 43.5 million tons during the previous crop. The total ethanol production would rise 10.7%, to 42.58 billions liters, if fuel made from?corn is included. Analyst Mauricio Mauruci of Safras Sugar and Ethanol expects that the Brazilian government will increase the amount of ethanol blended in gasoline in the second half of the year from 30% to 35%. This could lead to a rise in demand for anhydrous alcohol. According to him, every additional percentage point in the blend rate will add 920 millions liters to the fuel mix of Brazil. Brazilian mills are able to adapt their plants based on the market price to produce more sugar, or ethanol. At the moment, ethanol is a more profitable option. ethanol will become even more rewarding if gasoline prices increase. Petrobras, the state-controlled Brazilian oil company, has not yet raised gasoline prices since the beginning of the Iran war. Local gasoline prices are around 40% below import parity. Brazilian President Luiz inacio Lula da So is running for reelection. Safras & Mercado projects that mills will reduce their sugarcane consumption to 47% in the next season, down from 49%. The remainder will be used to produce ethanol.
-
Brazil's central bank expects inflation to remain above target for several years, as rising oil prices boost outlook
Brazil's central bank expects inflation will pick up in the second half of this year, driven largely by higher oil costs due to U.S. and Israeli war against Iran. It also expects it to stay above its 3% goal throughout its forecast period. In its quarterly report on monetary policy, released Thursday, the monetary authorities estimated that 12-month inflation would be 3.1% by the third quarter 2028. This was the farthest projection of theirs. The bank cut interest rates last week, but it was less than expected due to a rise in oil prices caused by the Middle East war. Paulo Picchetti said at a press conference that there is a great deal of uncertainty about the intensity, duration and unfolding of the conflict. The Governor of the Central Bank, Gabriel Galipolo, said that the bank would need time to fully understand the impact of the conflict. He added: "We'll learn more at the next policy meeting." PROJECTS EXCEED THE CENTRAL BBANK GOAL The policymakers believe that the annual inflation rate, which was 4.26% in 2018, will decelerate and fall to 3.6% by the first quarter 2026. However, it is expected to trend higher until the end of the year. Later, it should resume a downward trend "while still remaining above the target". The central bank revealed a 3.3% inflation projection for 2027 in its?report, after announcing last week that it had forecast 3.9% for this year. Last week, the bank began its long-anticipated cycle of easing by reducing rates to 14.75 percent. However, it did not provide any forward guidance. The central bank's monetary policy horizon for the third quarter 2027 was revised upwards by 0.1 percentage point. The report said that the higher oil prices, as well as a revised output gap, were among the factors responsible for the rise. Itau economists stated that oil price forecasts in the report could be "more benign" than other more realistic estimates. They added that the bank may have underestimated upcoming short-term inflation rates. In a client note, they said that "this set of information (which is still subject to change depending upon the 'geopolitical background') limits the scope for an accelerated monetary-easing rate at the April meeting." The central bank has also confirmed its forecast of 1.6% growth in the gross domestic product for this year. (Reporting and editing by Marcela Ayres, Gabriel Araujo; Editing by Andrei Khalip).
-
As Iran crisis drives oil prices above $105
The major stock indexes dipped on Thursday as Brent oil futures rose over $105 per barrel. Iran's denial that it has ever held any kind of talks with the U.S. dimmed hopes for a rapid resolution of the Middle East conflict, which has lasted nearly a month. The U.S. Dollar was also boosted by safe-haven purchases, which pushed yields up. The prospect of a long-term war in the Middle East has sparked concerns about disruptions to energy supplies. Brent futures rose $4.77 to $106.99 per barrel, while U.S. crude oil futures increased $93.64. Donald Trump, the U.S. president, warned Iran to "get serious", about a deal that would end almost four weeks of fighting. Abbas Araqchi, Iran's foreign minister, had said earlier that Tehran was reviewing?U.S. There were no discussions about ending the war, but Iran's Foreign Minister Abbas Araqchi said that Tehran was reviewing the?U.S. Iran launched multiple missiles against Israel on Thursday. The U.S. and Israeli strikes on Iran, which began in late February rattled the global markets, and shut down the Strait of Hormuz - a vital conduit for oil and LNG flows. Peter Cardillo is the chief market economist of Spartan Capital Securities, New York. He said that stocks fell as oil prices began to rise again. "Unfortunately, the oil price is driving our market. He said that the rhetoric is still going on and until there is a breakthrough in the talks, the oil price will continue to affect the market. The Dow Jones Industrial Average dropped 75.50 points or 0.19% to 46,342.69; the S&P 500 declined 43.59 points or 0.68% to 6,547.14; and the Nasdaq Composite was down 216.95 or 1.02% to 21,705.16. The MSCI index of global stocks fell 6.75 points or 0.68% to 988.71. The pan-European STOXX 600 fell by 0.64%. South Korea's KOSPI fell 3.2% due to concerns about rising energy prices. Hong Kong's Hang Seng dropped by 1.9%, and China's blue-chip index fell by 1.3%. Due to the unrest, the Philippines held an unexpected central bank meeting. The head of Germany's central banks said that an ECB interest rate increase next month is "an option". Fears of an inflation shock similar to that in 2022 have caused traders to fully price out the possibility?of a Federal Reserve interest rate cut this coming year, which has further supported the dollar. The yield on Germany's 2-year bonds, which is sensitive to the?rate expectation of the European Central Bank, has risen after falling on Wednesday. Bond yields are inversely related to price. The U.S. Treasury yields also rose due to concerns about inflation. The benchmark 10-year Treasury yield in the United States was up 4.2 basis point at?4.37%. The yield on the two-year bond was up 5.4 basis points at 3.934%. The yield on Japan's 2-year government bond reached its highest level for 30 years earlier, at 1.33%. Traders bet on a Bank of Japan rate increase as soon as next month. The U.S. Dollar?rose? against most major currencies and re-established its?safe-haven appeal. The dollar index (which measures the greenback versus a basket of currencies, including the yen, the euro and others) rose by 0.1% to $99.75. Meanwhile, the euro fell 0.13% to $1.1544. The dollar gained 0.04% against the Japanese yen to reach 159.53. The dollar has risen, and gold has fallen. Spot gold fell 0.89% to $4,465.06 per ounce.
EU leaders to hear shake-up needed to match international competitors
European Union leaders will hear on Thursday how the bloc could act to reach the United States, China and other competitors in a global race in brand-new green and digital innovations.
Previous Italian Prime Minister Enrico Letta, tasked by leaders with examining the deficiencies of the EU single market, cautioned they could not consign a 147-page report he will provide to them to a drawer and wish for the best.
This is a last chance and last window that is open, he informed a news conference.
The report says the rise of geopolitical stress and protectionism threaten EU economic security and weaken its push into technologies from expert system to clean tech.
The EU deals with brand-new obstacles from massive U.S. aids drawing in financial investment and China's dominance of new tech supply chains, on which it is dependent.
EU leaders will set out a nine-point plan, consisting of deepening the single market and creating capital markets and energy unions, according to prepare conclusions.
The huge concern is whether the bloc's actions will match its words. Plans for a capital markets union, which might let loose the private cash needed for the twin transition, date back a years, but have stalled because EU members do not want to relinquish their control of national financial guidelines.
Belgian Prime Minister Alexander De Croo, whose nation holds the six-month EU presidency, said the report highlighted the right components.
Now comes the next action and the next step is to put it into practice, he informed reporters.
Letta said the greatest impact could come from guiding the 33 trillion euros ($ 35.12 trillion) of private cost savings from bank accounts to the real economy.
The European Commission has said extra investments of 620 billion euros each year are needed for the green and digital shifts.
Lobby group BusinessEurope stated it agreed with the report's. key message that the single market required a reboot and Letta's. require simpler EU guidelines.
Previous European Reserve bank chief Mario Draghi, who will. provide a different report on EU competitiveness later on this year,. said in a speech on Tuesday that the EU needed debt consolidation. and cooperation to develop the scale to compete.
He also called for investment in typical products such as energy. networks and a thorough technique on protecting vital. resources.
Highlighting the difficulty, non-ferrous metals association. Eurometaux stated on Thursday the bloc would need to open a minimum of. 10 brand-new mines, 15 processing plants and 15 recycling plants by. 2030 to meet its crucial mineral objectives. ($ 1 = 0.9397 euro)
(source: Reuters)