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India's JSW Steel misses its quarterly profit forecast due to weaker prices
India's JSW Steel, the country's top steelmaker, reported a smaller-than-expected rise in fourth-quarter profit on Friday, hurt by weak steel prices. Its consolidated profit was 15.03 billion rupees (176 million dollars) for the three months ended March 31. This is below the average analyst estimate of 15.66 trillion rupees. Data compiled by LSEG. The O.P. The O.P. The results are a month after a temporary 12% duty was imposed on certain steel imports. This is known as a "safeguard duty" locally. It was imposed to protect local producers from the influx of cheap imports coming from China, Japan, and South Korea. Due to the surge in imports, domestic steel mills had to reduce operations and even consider job cuts. According to LSEG, JSW Steel's revenue from operations fell 3%, to 448.19 bn rupees. This was below the analysts' average estimate of 449.38 bn rupees. The top court of India ruled earlier this month that JSW Steel’s plan to buy Bhushan Power and Steel, four years after it was acquired, should be canceled. It also ordered the liquidation and bankruptcy of the indebted firm. JSW Steel said that it does not see any impact of the order and said on Friday "no provision needs to be made for net assets included in consolidated financial results". The company also approved the issuances of convertible securities or equity shares worth up to 70 billion Indian rupees and 70 billion rupees through the issue of nonconvertible debentures (NCDs). $1 = 85.22420 Indian rupees (Reporting and editing by Anuran Sahdhu and Manvi Pan in Bengaluru, and Eileen Soreng and Janane Venkatraman)
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The UN honors South America's camelids as heroes of the high plateau
Llamas and alpacas are being celebrated as the heroes of South America's high plateaus because they have adapted to harsh climates and environments, and their value is cultural, economic, and ecological. Early May, representatives from Chile, Bolivia and Ecuador met in Antofagasta, a city in northern Chile, to celebrate animals and improve management strategies. The meeting was sponsored by the U.N. Food and Agriculture Organization. Andres Gonzales, regional officer of Animal Health and Production for the FAO said that these animals were considered heroes because they thrived in harsh environments like the high plateau. They have a natural toughness that allows them adapt to these harsh conditions and thrive. In a report released during the meeting it was noted that, as the pressure on natural resources continues to increase and the impacts of climate change continue, camelids play a "crucial role" in the nutrition and livelihoods of people throughout the highlands. South American camelids are mainly found in the Andes, in Argentina, Bolivia Chile, Ecuador and Peru. They perform important functions for local communities as well as ecosystems. Peru is the leader in alpaca production with 5 million animals, which accounts for nearly 80% of all alpacas. Bolivia produces more than 60% of all llamas. According to FAO, despite their smaller number, which is in the tens or thousands, camelids are responsible for 40 to 80 percent of the income on high Andean farms. Apart from their economic value, camelids also represent an ancient way of life in the highlands. Breeding knowledge is passed down through generations by Indigenous Aymaras, Likan Antays, Quechuas and Collas. Evelyn Salas said, "They are blessed creatures," at the meeting. She is a Peruvian breeder of alpacas and llamas. They represent our culture, life, ancestry and roots. And they will continue to be part of our future. (Reporting and writing by Nicolas Cortes Guerrero, Editing by Alexander Villegas & Sandra Maler; Writing by Juana casas)
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Suriname voters to select government that will lead oil boom predicted
Suriname voters, who are on the verge of an oil boom predicted, will head to the polls this Sunday to elect the new parliament that will choose the country's president. There has been little discussion about the income that the Gran Morgu offshore oil and Gas project, due to start production in 2028, will generate for the next government. The contest is marked by allegations of fraud. Suriname is making its first offshore project under the leadership of TotalEnergies. Former Dutch colony Suriname, independent since 1975 has discovered reserves which may allow it compete with its neighbor Guyana, whose economy grew by 43.6% in the last year. Suriname's new government will be led by the party that has the most seats, possibly through a coalition of smaller parties. However, negotiations and the selection of a president is expected to take several weeks. Chan Santokhi, the president of the ruling Progressive Reform Party and Krishna Mathoera, the defense minister are both potential presidential candidates. The National Democratic Party, founded by Desi Bouterse - who died as a fugitive in 2013 - may support Jennifer Simons or former Vice President Ashwin Adhin, or Bouterse’s widow Ingrid Bouterse. From the coast to the jungle, just under 400,000 voters are eligible to vote for 51 national legislators and 784 representatives from each region. The average voter turnout has been around 75%. Santokhi has not ruled any cooperation out with other parties. He led 1,700 people on a bike ride through Paramaribo, after which he distributed orange bicycles with the word "Chan" emblazoned on their frames. Santokhi, an ex-police commissioner aged 66, told television viewers on Wednesday that "we cannot say: cooperate with them, or don't collaborate with them." "Because in the end, it's up to the voters whether they will vote for those parties." Coming Oil Revenue Simons, the 71-year-old leader of the opposition NDP party, told Dutch media that she believes the Dutch government is planning a "massive scam" and polls showing a possible VHP victory are part of the plot. Simons, the doctor who was speaker of parliament from 2010 to 2020, said that NDP polls show the party will receive more than twice as many votes as the VHP whose leaders laughed off the allegations of fraud. A poll commissioned the Times of Suriname revealed 39.4% of support for the NDP, and 21.5% of support for the VHP. Meanwhile, a poll conducted by LC Media indicated that the VHP had 17 seats, three more than the NDP. Bouterse, the NDP and Surinamese Politics dominated Surinamese for decades. He left office in 2010, the year that he was found guilty of the 1982 murders 15 government critics. Bouterse fled into hiding after the 2023 conviction. He died on Christmas Eve at age 79 in an unknown location. Ingrid, his widow, is active in the campaign and on NDP’s list of parliamentary candidates. She regularly asks her Facebook friends whether she should be in parliament or president. The parties have made vague promises about improving health, education and the economy. But the Citizens' Initiative for Participation and Good Governance, a civil society coalition, said that in a report released on Wednesday, they had failed to provide specifics regarding the spending of oil revenues. "None has a plan that is clear and specific for the revenue from the Gran Morgu Project," BINI stated, but it added that promises might not be important when it comes to negotiations with coalitions. "It's primarily about dividing up the cake - which people get what positions or ministries – not about the best thing for the country," BINI stated.
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Woodside's North West Shelf expansion is a result of a study on ancient Australian rock art
A study released Friday, days before a decision is made on the extension of Woodside's large gas project in Western Australia, found that emissions from industrial sites are not damaging ancient rock art. Why it's important The findings of the ongoing Murujuga rock art monitoring program by the Western Australian Government could pave the way for Woodside to extend its North West Shelf liquefied gas (LNG), as well as adding the Murujuga Cultural Landscape on the UNESCO World Heritage list. CONTEXT Murujuga is a rock art that is believed to be as old as 50,000 years. It is culturally and spiritually significant to Indigenous Australians. Australia submitted the landscape to be listed as a heritage site in 2023. The rock art can be found on the Burrup Peninsula. This is a major industrial area, which also hosts two LNG plants operated by Woodside, and Yara International's fertiliser and explosives factories. The Australian Federal Government is currently evaluating a proposal that would extend the project's life to 2070. Environmental groups have opposed the extension for years, citing acidic emissions from industrial sources that could degrade the surface of the rock art. What's Next? Next week, Australia must make a decision about the North West Shelf. The UNESCO World Heritage designation decision is due in July. KEY QUOTES The data from the program does not support the earlier theories that acid rain or deposition was contributing to the damage of rock art, according to a state government statement. Belinda Churnside said that the program of rock art monitoring, which was a partnership between the Murujuga Aboriginal Corporation and the government, would "support the World Heritage Committee's decisions." The study found that some rock surfaces were affected by pollution from industrial sources when emissions in the 1970s were at their highest. Reporting by Christine Chen, Sydney; editing by Conor Humphries
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Weaker dollar, improved risk appetite drive copper prices up
The prices of copper and other base materials rose on Friday, supported by the weaker dollar as well as an improved outlook for global consumption amid eased trade tensions. By 1003 GMT, the benchmark three-month copper price on London Metal Exchange (LME), had increased by 0.8% to $9.573.50 per metric ton. The metal, which is dependent on growth, has risen 5% this month. This is due to the 90-day truce in tariffs that Washington and Beijing agreed upon earlier this month. It was intended to stop their trade war and reduce the majority of duties they had imposed on each other's products since April. "We're in a situation where the U.S. is performing unexpectedly well. Trade tensions are easing, and recent macro-data in China were pretty good," said Dan Smith. "All of this will help to increase the risk appetite for base metals at least for now." The dollar is on its way to its first weekly decline against a variety of currencies in the last five weeks, which will provide further support. The dollar's weakness makes metals priced in dollars more appealing to buyers who use other currencies. The onshore yuan ended the domestic session as its strongest since November, supporting the import power of top metals consumer China. Shanghai Futures Exchange monitors copper inventories in warehouses Stocks in LME-registered storages fell by 9% this week to 98.671 tonnes COMEX warehouses continue to be flooded with goods, causing a 9% drop in stock. . COMEX inventories rose 3% this week to 174 607 units. The spread between cash and the three-month contract of copper in the LME system The price of the product remains high, which indicates that the supply is tightening due to the withdrawals from stocks. Backwardation was last $16 per tonne. Smith said that it is a healthy price, indicating there is not a major squeeze when compared with $49, the highest level in two-and-a half years, which was reached in early May. Lead and tin both gained 0.9%, to $1,987 each, while zinc added 0.2%, to $2.701,50. (Reporting and editing by Frances Kerry; Polina Devitt)
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EU watchdog investigates Commission's relaxation of green rules
After receiving a complaint from campaigners who accused the EU executive of weakening sustainability laws without consulting the public, the EU Ombudswoman announced on Friday that she had opened an investigation into the way the European Commission developed its recent proposals for simplifying sustainability laws. The Commission, in February, proposed a set of legal changes, dubbed the "simplification Omnibus", that would exempt thousands smaller European companies from EU sustainability reporting requirements and reduce the obligations placed on larger firms to monitor their supply chains and check for human rights or environmental issues. In a statement, Ombudswoman Teresa Anjinho stated that "the decision to open an investigation follows a complaint from eight civil society organizations who argue the Commission violated its Better Regulation Guidelines by failing to explain why it failed to carry out a consultation with the public or conduct an impact assessment of the draft legislation." An independent watchdog, the European Ombudsman was established in 1995. It investigates maladministration within EU institutions. Anjinho assumed her position in February, replacing Emily O'Reilly who held the first female post. Anjinho has said that she has asked a number of questions to the Commission, including why there has not been a public consultative process. She has also requested more information about the companies and stakeholders who have been invited to the Commission for a meeting to discuss this issue. The complainants accuse the Commission of consulting with industry lobbyists at closed-door meetings prior to publishing its proposal. A spokesperson for the European Commission did not respond immediately to a comment request. After European industries complained about the burdensome EU regulations, the Commission proposed a change to the sustainability laws. This was in response to President Donald Trump's rollback of regulation and tariffs on imported goods. (Reporting and editing by Benoit van Overstraeten, Kate Abnett)
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Minister: Pakistan will offer concessions to US mining firms in tariff talks on investment
Pakistan will offer concessions to U.S. firms to invest in the country's mining sector, its Commerce Minister said. Islamabad is seeking to take advantage of Trump's desire to boost trade with South Asia. Washington announced tariffs on other countries last month that could impose a 29% tariff on Pakistani exports. This is due to a $3 Billion trade surplus. The tariffs were then suspended for 90-days to allow negotiations. Jam Kamal, Pakistan's Minister of Commerce, said that Islamabad would offer U.S. companies the opportunity to invest in mining in Pakistan's Balochistan Province through joint ventures and concessions such as lease grants. The Minister said this would be in addition of efforts to increase imports, especially cotton and edible oil, which is currently in short-supply in Pakistan. In the next few weeks, Pakistan will make its concessions to U.S. officials in talks on tariffs. Kamal didn't give any further details on the mines, or their bidding process. In an interview conducted on Thursday, he stated that "there is untapped potential" for U.S. firms in Pakistan. This includes mining machines and hydrocarbon ventures. The project director of Pakistan's Reko Diq gold and copper mining project in Balochistan said last month that the project is seeking up to $2 billion, including $500-$1 billion from the U.S. Export-Import Bank. Term sheets are expected to be issued by the beginning of the third quarter this year. Over its lifetime, the mine could generate free cash flows of $70 billion and operating cash flows of $90 billion. Donald Trump, the U.S. president, has stated that he is working on "big agreements" with India and Pakistan. This comes after Washington played a key role in brokering the ceasefire agreement between Pakistan and India in early this month. The fighting was the worst in decades between these nuclear-armed neighbors. Kamal stated that the previous U.S. Administration focused more on India. However, Pakistan is now recognized as a serious trading partner. Kamal, the Minister of Finance for Pakistan, said that Pakistan's upcoming federal budget will lower tariffs gradually. He stated that the United States have not identified any trade barriers or sectors of priority. The U.S. Embassy at Islamabad didn't immediately respond to an inquiry for comment.
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Official: US panel split over Nippon Steel bid but sees path forward
The White House said that a national security panel had divided opinions on its recommendation to Donald Trump regarding Nippon Steel’s bid to acquire U.S. Steel. However, most members of the panel believe that any security concerns posed by this deal can be addressed. According to an executive order Trump signed last month, the Committee on Foreign Investment in the U.S. on Tuesday submitted a report on the implications of the merger for national security. The document was submitted by Nippon Steel after it increased its investment pledge in U.S. Steel from $14 billion to $14 trillion in a desperate bid to get approval. The White House official stated in a press release that "we've received the reports and the President will examine the recommendations of each agencies to determine if further action is needed on this issue." The CFIUS agencies did not agree on their recommendations, but the majority believed that any risks could be mitigated through mitigation," said the person, who declined to be identified because the matter wasn't public. Tadashi Imai, president of Nippon Steel, told reporters in Tokyo that talks with the U.S. Government about the merger were in their final stages. He declined to give any details, but said the company was awaiting Trump's decisions. "Through the investment we make and the transfer of technology that is the most advanced, U.S. Steel can maintain its competitiveness on a medium-to-long term." I hope Trump approves this deal," said Imai. U.S. Steel has not responded to a comment request. The recommendation is in line with the executive order that was signed by Trump last week, and which instructed CFIUS to determine whether the measures proposed by companies would mitigate the national security threats previously identified by CFIUS. In the April directive, it was also requested that a statement be made describing each agency's position as a CFIUS member as well as its reasons. Trump has 15 days from now to decide on the fate of this transaction. However, the timeline may slip. In January, after a CFIUS review of the previous deal, Joe Biden, then President of the United States blocked it on grounds related to national security. Companies sued claiming they had not received a fair review. The Biden White House rejected this view. This week, it was reported that Nippon Steel had said it would invest up to $4 billion dollars in a new mill if the merger were approved. (Reporting and additional reporting by Yuka Obaashi in Tokyo, editing by Leslie Adler David Gregorio, David Evans).
Copper alleviates on subdued Chinese demand and inventories jump
Copper eased on Monday, pressed by subdued demand in leading consumer China and a. significant upturn in shipments to warehouses authorized by the. London Metal Exchange (LME) while some assistance was offered by a. softer dollar.
Criteria copper on the LME was down 0.2% at $9,657. a metric load at 1609 GMT. It has actually dropped 13% given that hitting its. May 20 record high above $11,100 on signs of need weakness in. China and somewhere else.
Funds are trading base (metals) against the yo-yoing. dollar, one metals trader stated, including that a meaningful upturn. in copper prices would require indications of much stronger China. intake.
Copper stocks << CU-STX-SGH > in warehouses monitored by. the Shanghai Futures Exchange fell last week, however still stand at. 322,910 loads compared with about 30,000 tons in January.
Stocks of copper << MCUSTX-TOTAL > in LME-approved storage facilities,. meanwhile, have actually jumped more than 60% to 167,825 tons given that. mid-May, with the majority of the deliveries to Asian warehouses coming. from China.
Absence of concern about supplies on the LME market is behind. the record discount rate for cash copper against the three-month. contract << CMCU0-3 >, currently around $135 a heap.
Likewise fretting for commercial metals is growing. protectionism, such as the European Union's strategies to impose. tariffs on electric lorries made in China.
Provided the value of exports to China's economy, there. are growing concerns around trade barriers and the risk they. present to those exports in the future, Marex stated in a note.
In other places, nickel was up to $17,100 a heap, its lowest. since early April on LME stocks << MNISTX-TOTAL > that have more. than doubled to 90,906 lots since November.
Nevertheless, Macquarie's Jim Lennon now anticipates a smaller sized. surplus of 117,000 heaps this year for factors consisting of more powerful. demand from stainless steel mills.
Nickel was flat at $17,224 a load.
In other metals, aluminium slipped 0.4% to $2,505 a. heap, zinc gained 0.1% to $2,846, lead was down. 0.6% at $2,177 and tin advanced 0.2% to $32,740.
(source: Reuters)