Latest News
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Oil prices soar and stocks end in volatile trade
Oil prices soared on Thursday, and equity markets around the globe were volatile as traders weighed contradictory developments and remarks related to Iran war. As some major Wall Street indices and U.S. Bond prices retraced gains after news broke that Iran and Oman were drafting a protocol to monitor traffic through the Strait of Hormuz. The day after U.S. president Donald Trump announced that the U.S. will "hit Iran extremely hard" over the next few weeks, and "bring [them] back to the Stone Ages," the U.S. oil prices soared by nearly 8%. Wall Street's stocks finished mixed on the last trading day of the week before Good Friday. Gold prices dropped as the U.S. Dollar gained. Government bond yields increased on the expectation that an inflation spike would force central banks to increase interest rates or at least hold them. The dollar index (which measures the greenback versus a basket currencies, including the yen and the euro) rose by 0.44%. Felix-Antoine Vezina Pouirier, BCA Research, said that Tehran and Washington had exchanged a cacophony in the last 48 hours. Some of these statements suggested a rising likelihood of de-escalation. GeoMacro strategists provide a simple guideline for weighing headlines that are volatile: stick to the facts. The shipping through Hormuz increased in the last few days. Second, Iran has deliberately "shifted away from GCC targets (Gulf Cooperation Council), toward 'Israeli' targets." WALL STREET POINTS WERE LOWER The MSCI index of global stocks fell by 0.35%, to 993.18. Wall Street saw the Dow Jones Industrial Average fall 0.13%, to 46,504,67. The S&P 500 gained 0.11%, to 6,582.69, and the Nasdaq Composite rose 0.18%, to 21,879.18. In an address that was closely watched on Wednesday, Trump stated that U.S. attack on Iran will be intensified in the next two-three weeks. This was just one day after Trump said the U.S. will be "out Iran pretty soon." Both the pan-European STOXX 600 and Europe's FTSEurofirst 300 indexs lost 0.2%. The Kospi Index in South Korea fell 4.7%. Prashant Nnewnaha, senior rate strategist at TD Securities said: "The only question that matters is whether or not the Strait of Hormuz opens soon." Trump said earlier on Wednesday that the U.S. The U.S. Spot gold dropped 1.85% to $4.669.05 per ounce, and U.S. Gold Futures fell 2.8% at $4.679.70. India's central banks has banned the trading of non-deliverable futures to stop the rupee from falling to record lows. The currency rose 2% after the move, but analysts were unsure how long it would last. Brent?futures rose 7.78% to $109.03 per barrel. U.S. West Texas Intermediate ended up 11.41% at $111.54. Jon Withaar, Pictet Asset Management, said that the fact that "boots on the ground" were not ruled-out (during Trump’s TV address), and that the threats to strike infrastructure were repeated, would put the market 'on the defensive'. The yield on the benchmark U.S. 10-year note fell by 1.6 basis points to?4.305%. The yield on the two-year notes, which usually moves in line with expectations of interest rates for the Federal Reserve was flat at 3.803%. The yields on the benchmark Bunds in the Eurozone ended a three-day slide and traders increased their bets that interest rates will rise. The yield of the benchmark German 10-year increased by 0.1 basis points, to 2.996%.
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Israel's Leviathan Gas Field to resume operation after war shutdown: Energy Ministry
The 'Israeli energy minister' announced a resumption of?operations at the offshore israeli?Leviathan field after a one-month war shutdown. Since the U.S., Israel and Iran launched their attacks against Iran on February 28, the?field operated by Chevron has been closed. In a press release, a spokesperson for the energy ministry said that "after situation assessments and an?review? of all relevant factors?it has been decided at this stage?to return?the Leviathan platform?to operation. The supply of natural gas will continue to be supplied to the local market and will now be increased by adding another platform to the production systems. Leviathan, one of the largest gas fields in the Eastern Mediterranean with a recoverable gas estimated at 635?bcm, is a large gas field. Chevron, along with its partners, approved plans in January to 'vastly increase production' at the field. The resulting?project is expected to supply Egypt and other countries with natural gas worth more than $35 billion. The expansion is expected to 'boost gas supplies from Leviathan in the region and Europe by 9 billion cubic meters (bcm) per year, flowing at about?21bcm.
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Pakistan increases fuel prices by more than 50% amid escalating Mideast conflict
Pakistan raised consumer prices for petrol and diesel by more than 50% on Thursday, its second price hike in less than one month. This was due to the rising global oil prices, which were sparked by the conflict in the Middle East. Diesel prices will rise by more than 55%, to 520.35 Rupees ($1.88) a litre. Petrol prices are expected to increase by 55% or so to 458.40 Rupees a litre. The price increase was inevitable due to the international markets prices spiraling out of control following the US-Iran War, Pakistan's Petroleum Minister, Ali Pervaiz?Malik said at a press conference broadcast on state television. He also spoke with the country's Finance Minister. Last month, the South Asian country raised the prices of diesel and petrol for consumers by around?20%. They cited higher oil prices caused by the U.S./Israeli war against?Iran. This decision will likely lead to a rise in inflation, which will hit Pakistan's poor population. Pakistan imports most of its oil from Saudi Arabia and UAE via the Strait of Hormuz. In a separate news conference, the country's Finance Minister Muhammad Aurangzeb announced subsides aimed at providing relief to?small farmers and motorcyclists as well as intercity transportation goods and passengers. Malik stated that the government has given a subsidy worth 129 billion rupees over the past three weeks. However, it is no longer affordable because of the increase in international oil prices. He said that, "Since resources are limited and no end to the war is in sight," there was no way to continue with blanket subsidies. U.S. crude oil prices rose more than 11% on Thursday. Brent prices also soared in volatile trading, a day after Donald Trump announced that military operations will be intensified.
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Bloomberg News reports that SpaceX aims to raise more than $2 trillion in its IPO.
Bloomberg News reported that Elon Musk's SpaceX boosted?its IPO target valuation above $2 trillion. Citing people familiar with the issue, the report set the stage for the biggest stock market listing ever. Bloomberg News reported that SpaceX's advisers and SpaceX are circulating the figure?to potential investors for its initial public offering. They added that the details of the IPO may still change. The startup recently submitted confidential IPO paperwork to the U.S. Securities and Exchange Commission and plans to launch its market later this year. According to the report, Starbase, Texas, a firm headquartered in Texas, could raise up to $75?billion. This would surpass the 2019 IPO by Saudi Aramco which is the largest ever. A previous expectation of $1.75 trillion valuation already sparked debate about how much value was driven SpaceX's cash generating Starlink business, and how much premium could be added to its dominance of space launches and unproven ventures like Starship and space based AI. SpaceX didn't immediately respond to an inquiry for comment. The IPO 'comes a few months after Musk merged SpaceX and his artificial intelligence startup xAI in a deal valued at $1 trillion for the rocket company, and $250 billion for Grok, its chatbot developer. Rocket maker is lining up investors for its IPO well in advance. ?It had discussed?with Saudi Arabia’s Public Investment Fund taking an anchor stake in the IPO of about $5 billion, reported on Thursday.
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Cubans protest US sanctions by riding electric tricycles and bikes
Cuban activists rode electric tricycles and bikes along Havana’s Malecon boulevard on Thursday, accompanied by Cuban President Miguel Diaz-Canel. The demonstration was a defiance against U.S. attempts to starve Cuba of fuel. Participants in a government-organized car caravan rode by the U.S. embassy in Cuba's capital with their pedal and electric-powered vehicles, displaying banners and flags criticizing the sanctions imposed by the Trump administration. The rally was held a day after Cuba’s top diplomat in Washington invited the U.S. to help rebuild Cuba’s crippled economic system as part of ongoing negotiations that are yet to produce results. Participants at the rally stated that they "favored" talks with Cuba but demanded respect from the United States. Sheila Ibatao is a Havana student of law who participated in the event. She said: "I think that a genuine dialogue between two governments is possible. But international law and our nation's autonomy must both be respected." Diaz-Canel did not speak at the event. Cuban officials often hold large rallies in front of the U.S. embassy. This caravan was more discrete and smaller, and hampered by fuel shortages that have crippled mobility. This week, a Russian-flagged ship arrived in Cuba and unloaded?700,000. barrels of crude, promising relief in the coming months. The Trump administration has said that it allowed the Russian flagged tanker to dock at Cuba's Matanzas Port for humanitarian reasons. (Reporting and editing by Dave Sherwood, Will Dunham and Ayose Naranjo)
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California's final nuclear power plant to operate until at least 2030
The governor of California, the largest state in the United States, announced on Thursday that federal regulators had approved an operating license extension for the last nuclear power plant still standing in the state. Under'state law, it can run until at least '2030. PG&E Diablo Canyon Nuclear Power Plant, located on California's Central Coast, was originally scheduled to close in?2025. However the plant which contributes 10% of 'the state's overall electricity has remained operational despite 'rising demand and rising power bills' California Governor Gavin Newsom stated that the renewed federal licenses will allow Diablo Canyon to continue providing a 24/7 carbon-free power supply as California faces increasing electricity demand, hotter summers and continues investments in grid reliability. Nuclear?power plant owners in the U.S. are asking the Nuclear Regulatory Commission (NRC) to extend the life of their reactors. These reactors were mostly built in the '70s and ’80s. Electricity consumption is at record levels due to the proliferation of a?energy intensive data center and the electrification of _buildings and _transportation. Diablo Canyon is only allowed to operate until the end of this decade by California law. Reporting by Laila KEARNEY in New York, Editing by David Gregorio
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US agencies monitor drinking water for microplastics and pharmaceuticals
On Thursday, the U.S. Environmental Protection Agency (EPA) and the Department of Health and Human Services (HHS) announced that they would monitor the impact of microplastics and pharmaceuticals on water. This is the first step in assessing the health risks associated with these substances and forming new policies. The announcement was hailed as a victory for President Donald Trump’s "Make America Health Again" agenda by EPA Administrator Lee Zeldin, and Health Secretary Robert F. Kennedy, Jr., whose priorities included reducing childhood vaccinations and promoting healthy foods in the new dietary guidelines. The EPA has now included microplastics, pharmaceuticals, and other contaminants on its sixth Contaminant Candidates List. This means that they will be tested and monitored in accordance with the 'Safe Drinking Water Act, and they will receive funding for their research. "We cannot treat what we can't measure." Kennedy told a press event at the EPA's headquarters that we cannot regulate something we do not understand. Zeldin, the EPA, and MAHA activists have been criticized for not addressing their concerns. This includes microplastics and failing to apply more stringent pesticide rules. "For too long, Americans were ignored as they raised the alarm regarding plastics in drinking water. Zeldin stated at the press event that this will no longer be an issue. Supporters of RFK Jr. and MAHA helped elect Donald Trump as President in 2024. MOVE FOLLOWS PERIOD OF PETITION Seven U.S. Governors, including those from New Jersey and Michigan, as well as more than 175 environmental and public health groups filed a petition late last year asking the EPA to include microplastics on its list of contaminants that should be monitored. The list is updated five times a year. Microplastics, or microscopic plastic pieces, have been found everywhere. From inside the human body to drinking water and even in the depths of oceans. Several studies have linked microplastics to cancer or reproductive harm. Plastic industry groups dismissed these'studies' and claimed that the science is still not settled regarding the harms caused to microplastics. Judith Enck of Beyond Plastics, a former regional administrator at the EPA, called this "an important step." Kimberly 'Wise White', vice president for regulatory and scientific affairs of the American Chemistry Council (which represents?plastic manufacturers), said that the group supports scientifically-driven monitoring of water drinking for microplastics. Kennedy pledged that he would tackle plastic pollution, including its manufacture, when he ran for the Democratic nomination in 2024. Later, Kennedy endorsed Republican candidate Trump, whose government warned last year that countries should oppose any attempts to cap plastic production as part of a potential UN agreement to limit plastic pollution. Human waste and improper disposal of pharmaceuticals can cause them to enter the water system. The EPA also plans to release benchmarks on human health for 374 pharmaceuticals that will be monitored. Reporting by Valerie Volcovici, Washington; Additional reporting and editing by Leah Douglas
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Oil prices rise as stocks fall on Iran War Worries
Oil prices surged Thursday, and equity markets around the world fell after U.S. president Donald Trump's remarks dashed expectations of a "quick resolution" to the Iran War. Still, European'shares' trimmed their losses and U.S. bonds clawed back any gains on rekindled hopes of a reopening of Strait of Hormuz. Iran's foreign ministry announced that it was working on a protocol to monitor the traffic through the Strait of Hormuz, which is used by a fifth or global oil and LNG. Brent crude jumped more than 7% per barrel after Trump stated in a prime time address on Wednesday, that the United States will hit Iran "extremely" in the next few weeks and "bring [them] back to the Stone Ages." Stocks on Wall Street were lower at the end of the trading week due to the Good Friday holiday. Gold prices dropped as the U.S. Dollar gained. The yields on government bonds jumped as central banks raised interest rates or held them at the same level in anticipation of a spike in inflation. The dollar index (which measures the greenback versus a basket of currencies, including the yen, the euro and others) rose by 0.48%. Felix-Antoine VezinaPoirier, BCA Research, said: "During the past 48-hours, Tehran and Washington exchanged a cacophony, with some statements suggesting a rising likelihood of de-escalation." GeoMacro strategists provide a simple guideline for weighing headlines that are volatile: stick to the facts. Shipping through Hormuz increased over the past few days. Second, Iran has deliberately shifted its focus "away from GCC targets (Gulf Cooperation Council), toward Israeli ones." WALL STREET POINTS WERE LOWER The MSCI index of global stocks fell by 0.59%, to 990.80. Wall Street saw the Dow Jones Industrial Average fall 0.39% to 46383.81, S&P 500 decline 0.23% at 6,560.04 while the Nasdaq Composite fell 0.28% at 21,780.3. In an address that was closely watched on Wednesday, Trump stated that U.S. attack on Iran will be intensified in the next two-three weeks. This came just one day after Trump said the United States was "out of Iran fairly quickly." Both the pan-European STOXX 600?and Europe’s broad FTSEurofirst 300 indices lost 0.2%. The Kospi Index in South Korea fell 4.7%. Prashant Nnewnaha, senior rate strategist at TD Securities said: "The only thing really important is whether or not the Strait of Hormuz opens soon." Trump said earlier on Wednesday that the United States does not need the main oil gateway. Spot gold fell 2.15%, to $4,654.89 per ounce, and U.S. futures gold settled down at $4,679.70, a 2.8% decline. India's central bank banned the trading of non-deliverable futures to stop rupees from falling to record lows. The currency rose 2% after the move, but analysts were unsure how long this rebound would last. Brent futures rose 7.59% to $100.84 per barrel while U.S. West Texas Intermediate closed up 11.41% at $111.54. Jon Withaar, Pictet Asset Management, said that the fact that "boots on the ground" were not ruled-out (during Trump’s TV address), and that the threats to strike infrastructure were reiterated will put the markets back on "the defensive." The yield on benchmark U.S. 10 year notes dropped 1.4 basis points, to 4.307%. The yield on the two-year notes, which moves typically in line with expectations of interest rates for the Federal Reserve fell 0.9 basis point to 3.794%. The yields on the benchmark Bunds in the euro zone ended a three-day slide and traders increased their bets that interest rates will rise. The yield of the benchmark German 10-year increased by 0.7 basis points, to 3.002%.
Diamond-rich Botswana votes with President Masisi looking for 2nd term
Botswana will hold a. basic election on Wednesday with President Mokgweetsi Masisi. competing against three oppositions for a 2nd term in the. diamondrich southern African state.
The survey could be competitive, experts stated, although a. divided opposition gives the advantage to Masisi's Botswana. Democratic Party (BDP), which has actually ruled the country of 2.3. million individuals since its self-reliance from Britain in 1966.
Botswana has actually enjoyed stability and relative success. thanks to its diamond wealth and little population, which gets. free health care and education. It is the world's leading manufacturer by. worth of the gem.
But a slump in the diamond market has actually put a squeeze on. revenues in the last few years, and the nation has had a hard time to. diversify its economy. Challengers say the BDP has been in power. too long and accuse it of financial mismanagement and corruption,. which it denies.
Our diamonds have not been selling considering that April so yes, our. incomes are down however the economic principles still stay. intact, said Masisi at a presidential argument last week.
We are going to continue with the projects and policies we. have actually created that are focused on putting more money and. wealth into the hands of the residents of this country, he stated.
One success of his first term was negotiating a brand-new agreement. with diamond giant De Beers which will give Botswana a greater. share of its rough diamonds. He likewise raised a ban on elephant. hunting which he states benefits rural communities, and instated. an import ban on some produce items to assist farmers.
His main opposition is Duma Boko of the opposition union. Umbrella for Democratic Change (UDC).
The other candidates are Dumelang Saleshando of the Botswana. Congress Celebration and Mephato Reatile of the Botswana Patriotic. Front, backed by previous President Ian Khama who stopped the BDP. after a feud with Masisi over ditching the searching ban and. other issues.
Opponents have actually attacked Masisi's economic record, pointing out. increasing joblessness, which stands at around 28%.
It is not appropriate that a country such as ours which is. the fifth wealthiest per capita in Africa still has many individuals. living in poverty, stated Boko at the argument.
Botswana actually has the 4th greatest gross domestic. item (GDP) per capita of countries in sub-Saharan Africa,. according to World Bank figures.
Boko has promised to more than double the base pay and. boost social grants, stating he would get the cash by. reducing inefficient costs.
The BDP has actually faced decreasing appeal however preserves a large. majority in parliament, having actually won 38 of the 57 objected to seats. in 2019. The UDC won 15 seats. Citizens in Botswana elect. parliamentarians, who then choose the president.
Experts stated the opposition is paralyzed by an absence of. funding.
The playing field is not even, said Ringisai Chikohomero,. from the South Africa-based Institute for Security Research Studies.
After the last election the opposition claimed fraud and. challenged the outcomes at the High Court, which dismissed the. case.
(source: Reuters)