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VEB, a Russian copper mining company, will invest $13.4 billion in the country's Far East
The Russian government announced on Saturday that the state-owned development bank VEB would invest over 1.1 trillion Russian roubles (about $13.40 billion) in order to develop a mine of copper in Chukotka, in the extreme east of the nation. A government press release stated that the development of Baimskaya, which was discovered in 1972, will create 6,000 jobs, and generate tax revenues in excess of three trillion roubles. Chukotka, the easternmost federal subject in Russia, is a mountainous area. Around half of the region is above the Arctic Circle. Once operational, the deposit will increase Russia's gold production by 4% and copper production by 25%. "We continue to build not just a mining and processing plant, but a powerful and technologically-advanced industrial complex that will strengthen Russia's position in the global market and become a new point of growth in the Arctic," said Georgy Fotin, general director of the Baimskaya Management Company LLC. Vladimir Putin named the Arctic region as one of Russia’s most important economic interests. He has also increased commerce through the Northern Sea Route, as Moscow has shifted trade away from Europe and towards Asia due to Western sanctions. The government announced on Saturday that the development of the Baimskaya deposit would increase the annual cargo traffic along NSR by two million metric tonnes. $1 = 82.1000 Russian Roubles (Reporting and editing by Kirby Donovan; Lucy Papachristou)
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At least 17 people killed in Nigeria by suspected herders
Police said that at least 17 people died when suspected cattle-herders attacked Benue State in central Nigeria on Thursday. This was amid an increase of violent clashes between farmers, herders and others. Food supplies in north-central Nigeria have been disrupted by years of conflict. This is a major agricultural area. Two days earlier, 11 people had been killed in Otukpo in Benue. A week before that, gunmen killed over 50 people when they attacked villages in Plateau State. According to SBM Intelligence, since 2019, more than 500 people have died in the region as a result of the clashes. 2.2 million others were forced to flee their homes. Police said that a separate group of suspected cattle herders killed five farmers early Friday morning in the Ukum Local Government Area of Benue, near Gbagir. Police spokesperson Sewuese Aene stated that the attackers fired as police moved in to confront them. Police said that while officers were engaged in the attack at Ukum another 12 people died in an attack 70 km away in Logo local council. (Reporting and writing by Camillus Eboh, Ben Ezeamalu and Andrew Heavens; editing by Andrew Heavens).
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Toronto FC wins rare road game at Real Salt Lake
Toronto FC hasn't beaten Real Salt Lake in Utah for nearly 18 years. Real Salt Lake is 10-0-2 against Toronto FC at home since their first ever meeting. They will look to add to that record when they meet in Sandy, Utah on Saturday. Toronto defeated Real Salt Lake 2-1 on July 4, 2007, in a match held on the University of Utah's campus in Salt Lake City. RSL has dominated home matches since then with an unbeaten streak, which includes a win in the 2010 CONCACAF Champions League. Toronto's first-year coach Robin Fraser stated, "It is a difficult place to play." They have played well there in the past. Toronto's results there haven’t been great over the years because it’s a difficult place. Toronto FC hasn't had a good season so far (0-4-4, four points). Toronto was 0-4-1 in its first five games before it played three consecutive draws. The club was held scoreless at Minnesota United last week. Deandre Kerr, a Toronto player, will miss his third consecutive game due to an injury to his ankle. Federico Bernardeschi and Deandre Kerr are tied with two goals each for the team's lead. Fraser believes Kerr will be out for at least another month. Real Salt Lake (3-5-0, 9 points), has lost three of its last four matches. The result last week was a painful one. Nashville's Sam Surridge scored in the first minute after the second half's stoppage time the decisive goal that sent visiting Salt Lake down 2-1. Diego Luna, who scored three of the team's best goals, sees a team in progress that is yet to find its full stride. "We're playing well," Luna said. The team is improving, we are growing, and the chemistry is developing, but there are still little things to fix to bring it all together. RSL coach Pablo Mastroeni said: "We made some good progress in the past couple of weeks and played good stuff in our last game." We want to dial in some moments where we were a little naive. Salt Lake's Javain Brown has retired from the league after having surgery on Wednesday to repair an ACL tear and meniscus damage to his left knee. Brown injured his knee during a training session. Field Level Media
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Indonesian woman uses mangroves to fight rising tides
Pasijah is a 55-year old housewife from Indonesia's Central Java Province. She wakes every morning with the sound of waves. It's not as idyllic as it sounds. It is the last remaining house in this area of Rejosari Senik. This small village, located on Java's north coast, was once dry land and is now under water. Pasijah and her family are not planning to leave. She said in February that she had "every intention" to remain at the house and her feelings towards it remained. Pasijah, who has lived in her house for 35 years, is soaked by water when she steps out. The floor inside has been raised above the water level by using a power pole and bamboo arranged in haphazardly. Demak is 19 km away. The closest land is 2 km (1.24 miles). Only by boat can you get to the island. Indonesia is an archipelago made up of thousands of islands with a coastline of 81,000 km. This makes it vulnerable to erosion and rising sea levels. Kadarsah, an official with Indonesia's Meteorology, Climatology, and Geophysical Agency, said that sea levels along the coasts of the country rose by 4.25 millimetres per year on average between 1992 and 2024. However, the rate increased in recent years. He said that rising sea levels were a sign of climate change, and added that small islands had vanished. Kadarsah pointed out that increased pumping has also exacerbated the land subsidence along Java’s northern coast. Jakarta, Indonesia's largest city, is especially affected by the problem. It is home to 10 million people. Indonesian authorities are turning to mega-projects for a solution. One of these is a 700-kilometre sea wall along the northern coastline between Banten province and East Java. Pasijah, her family and friends have also turned to the natural world. Over the last two decades, she has planted around 15,000 mangroves trees per year. She paddles in a boat that is made of a blue barrel every day to plant saplings and tend to bushes. Pasijah explained that the flood waters came in waves and not at once. "I realized that I had to plant mangroves after the water began rising. They would spread and protect my house from the wind and waves. Her family and she survive by selling fish that her sons have caught in the market closest to them. They said they would stay until the tide was held back. Pasijah explained, "I don't care about my feelings about being isolated here anymore since I've decided to stay. We'll just take one obstacle at a time." (Reporting and writing by Ajeng dinar Ulfiana; Budi Purwanto and Johan Purnomo. Additional reporting and writing by Stanley Widianto. Editing and editing by Gibran peshimam and Kate Mayberry.
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Sources say that KKR is among the asset managers competing for Abu Dhabi district cooling business.
Three sources confirmed that KKR, I Squared Capital and other global asset managers are bidding to buy a district cooling company owned by Abu Dhabi’s Multiply Group. The business is part of a $1.5 billion empire run by one of UAE's most powerful sheikhs. As an environmentally-friendly and more cost-effective alternative to air conditioning, district cooling plants deliver chilled water through insulated pipes in order to cool buildings such as offices, factories, and residences. Three people familiar with the situation, who declined to be identified because the details were not public, said that Investcorp is one of the possible suitors. According to the sources, CVC, which is backed by Engie, and National Central Cooling Co (also known as Tabreed) are in a race for a deal worth up to $1 billion. The Abu Dhabi energy and utility firm TAQA also has its eye on the deal. It is nearing its second round, with potential buyers expected next month to submit binding bids. Multiply Capital, I Squared Capital and Tabreed did not respond to requests for comment. Last month, it was reported that Tabreed worked with Citi to develop a possible bid. PCH's interest shows how local investment opportunities are being sought by buyout groups in the Gulf, as governments implement ambitious programs to diversify economies away from oil. Previously, equity firms raised money in the Gulf to invest elsewhere. Last week, KKR was the latest asset manager who announced plans to create a team to pursue Gulf deals in the region. Multiply is owned by IHC. Its chairman, Sheikh Tahnoon Bin Zayed Al Nahyan is the UAE's National Security Advisor and brother of its president. He controls an expansive business empire, including two sovereign funds. S&P Global Market Intelligence reported in January that private equity funds raised $680 billion worldwide in 2024. This is a decrease of 30% from the $966 billion raised by 2023.
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Trump will expedite the permitting process for 10 mining projects in the US
The White House announced on Friday that it would expedite the permitting process for 10 mining projects in the United States, as part of President Donald Trump’s efforts to increase critical minerals production. These projects, which will supply copper, antimony, and other minerals, have been given FAST-41 status. This is a federal initiative that was launched in 2015 for streamlined approvals of critical infrastructure. The White House announced that it would add more projects. The first 10 are listed publicly on a U.S. Federal website, where the progress of their permits can be tracked. This is part of a Trump administration push for greater transparency. The White House issued a statement saying that "this transparency leads to greater responsibility, ensuring an efficient process." This move will boost a number of projects, including a proposed Idaho gold and antimony mine by Perpetua Resources; a proposed Arizona mine from Rio Tinto; a proposed Montana silver and copper mine by Hecla Mining; an expansion of Albemarle’s Nevada lithium project, a direct lithium extraction project in Arkansas from Standard Lithium and a metallurgical coking coal project in Alabama from Warrior Met Coal. Steel is made from metallurgical coal. Former President Joe Biden has accelerated the Hermosa zinc and manganese project of South32 in Arizona, making it the first mine that received the FAST 41 treatment. Trump ordered earlier this week a probe of potential new tariffs for all U.S. imports of critical minerals, a major escalate in his dispute against global trading partners and an effort to pressure the industry leader China. (Reporting and editing by Lisa Shumaker; Ernest Scheyder)
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Sources confirm that Petrobras has approved the tender for restarting fertilizer plants in Brazil’s northeast.
According to four sources with knowledge of the matter, the board of Brazilian state oil company Petrobras approved plans on Thursday to select a new partner to restart its fertilizer factories in northeastern Brazil. Sources who asked to remain anonymous because the decision had not been made public said that the move hinged on the resolution of ongoing disputes with the current leaseholder, Unigel. The chemical company Unigel demanded compensation from Petrobras, according to previous reports. This impasse marked a setback in President Luiz-Inacio Lula's plan to reduce Brazil's dependence on imported fertilizer. Brazil, a major agricultural powerhouse in the world, is one of the top importers of fertilizers. It purchases more than 80%. Petrobras has leased to Unigel the two nitrogen fertiliser plants located in Bahia State and Sergipe State in 2019. The agreement is for 10 years. Both facilities were shut down in 2023. Unigel cited unfeasible conditions of operation due to the high price of natural gas in Brazil. Sources claim that Unigel has not yet responded to Petrobras after the board's decision. Petrobras refused to comment upon being contacted by. Unigel didn't immediately respond to our request for comment. Both companies are involved in arbitration related to their lease agreement, which includes disagreements about the shutdown of the operations, Unigel’s investments and gas supply terms. Sources said that a formal tender could only be advanced if an agreement was reached. The arbitration must be completed before the process can proceed. We can't go forward without it," a company source stressed. Second source: If the dispute is fully resolved, Unigel could participate in the next bidding process for the plant to resume operation. (Reporting and writing by Rodrigo Viga Gaier in Rio de Janeiro, Marcela Ayres in London; Editing by Matthew Lewis).
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Sources diplomatically confirm that Rwanda will allow Southern Africa troops to pass through Congo to Tanzania.
Three diplomatic sources confirmed on Friday that Rwanda had agreed to allow troops sent by the Southern Africa group to fight rebels fighting in eastern Democratic Republic of Congo through its territory, to Tanzania. The 16 member Southern African Development Community announced in mid-March that it had terminated its mandate and was beginning a phased removal of the SAMIDRC force from Congo. Three diplomats who were aware of the ongoing discussions between Rwanda and SADC confirmed that Rwanda accepted the request to allow the troops to travel through the country on land. Two diplomats said that they were informed by the regional force that its weapons would be sealed, for security purposes, but that it will leave Rwandan soil with the troops. When asked to comment, neither the SADC nor the Congolese or Rwandan government spokespeople responded immediately. On Thursday, General Rudzani Maaphwanya of the South African National Defence Force said that a team of technical experts was working in Tanzania on the finer points of their troop removal. In December 2023, SAMIDRC was dispatched to help Kinshasa fight rebel groups in Congo’s war-ravaged eastern borders. Since January, M23 has taken control of east Congo's largest cities. This is an expansion of a long-running war that began with the Rwandan genocide of 1994 and the struggle to control Congo's rich mineral resources. Reporting by Sonia Rolley, Nairobi Newsroom and Paris; Writing by Hereward and George Obulutsa and Editing by Kirby Donovan
Trump's latest trade war salvo includes tariffs on steel and aluminum imports
On Monday, President Donald Trump raised the tariffs on imports of steel and aluminum to a flat rate of 25% "without any exceptions or exclusions". This was done to help struggling industries. However, it increased the risk that a multi-fronted trade war would occur.
Trump signed proclamations increasing the U.S. aluminum tariff rate to 25%, from 10%. He also eliminated country exceptions, quota agreements and hundreds of thousands product-specific exclusions. An official at the White House confirmed that these measures would go into effect on March 4th.
Tariffs will be raised to 25% for millions of tons imported steel and aluminum from Canada, Brazil Mexico, South Korea, and other countries, which had previously entered the U.S. without duty.
Trump told reporters that the move would simplify tariffs for metals, "so everyone can understand what it means." "It is 25%, without exemptions or exceptions." All countries are included, regardless of where they come from.
Trump said that he would "consider" Australia's request to be exempted from the steel tariffs.
These proclamations are extensions of Trump’s Section 232 Tariffs from 2018. They were made to protect domestic aluminum and steel producers on the basis of national security. An official at the White House said that the exemptions have weakened the effectiveness of the measures.
Trump will also impose a North American standard that requires steel imports be "melted, poured", and aluminum imports be "smelted, cast" in the region. This is to reduce U.S. metal imports from China and Russia.
A White House official confirmed that the order extends tariffs on downstream products using foreign-made steel. This includes fabricated structural steels, aluminum extrusions, and steel strands for pre-stressed cement.
Trump signed the order in the White House and announced that he would announce reciprocal tariffs for all countries who impose duties on U.S. products over the next two business days. He also said he had his eye on tariffs for cars, semiconductors and pharmaceuticals.
When asked about the threats of retaliation from other countries in response to his new tariffs Trump replied: "I'm not bothered."
Peter Navarro, Trump's adviser on trade and commerce, said that the new measures will help U.S. producers of steel and aluminum and strengthen America's economy and national security.
He told reporters that the steel and aluminium tariffs 2.0 would put an end foreign dumping and boost domestic production, as well as secure America's steel and Aluminum industries.
This isn't about just trade. It's to ensure that America will never have to depend on foreign countries for critical industries such as steel and aluminum."
In 2018, Trump began imposing tariffs on steel and aluminum under an anti-Cold War national security law. Later, he granted exemptions to several countries, including Canada and Australia. He also struck duty-free deals with Brazil, South Korea, and Argentina, based on their pre-tariff volume.
Joe Biden, the former president of the United States, who succeeded Trump, negotiated a similar duty-free tariff for Britain, Japan, and EU.
"We applaud President Obama for instituting the 25% tariffs on imports of steel and eliminating exclusions, carving outs, and quotas based on outdated data," said Philip Bell of the Steel Manufacturers Association.
Bell explained that these figures were based upon import levels from 2015-2017, which no longer reflect the current dynamics of the market.
Shares of U.S. and European steel and aluminum producers soared before the announcement, while those of European and Asian steelmakers declined. According to data from government and industry, the top three sources of U.S. imports of steel are Canada, Brazil, and Mexico. South Korea, and Vietnam follow.
In the first eleven months of 2024, Canada's extensive hydropower resources, which aid its metal production and manufacturing, accounted 79% of U.S. imports of primary aluminum.
U.S. Trade Partners warned that the new barriers will hurt U.S. Automakers, Shipbuilders and Other Industries.
Don Farrell, Australian Trade Minister, said that Australian steel and aluminium create thousands of American jobs and are vital to our common defense interests.
The U.S. Distillers warned the EU that steel tariffs may prompt them to increase duties on American whiskey.
Chris Swonger is the CEO of the Distilled Spirits Council of the United States. He said that a 50% tariff on America’s native spirit would have catastrophic consequences for the 3,000 distilleries in the United States.
The European Commission stated that it did not see any justification for these tariffs. President Ursula von der Leyen will meet U.S. vice president JD Vance on Tuesday in Paris during an AI Summit.
The South Korean Industry Ministry invited steelmakers to South Korea to discuss ways to minimize tariffs' impact.
RECIPROCAL TARIFFS
Trump has also promised to provide detailed information about his reciprocal tariff plan on Tuesday or on Wednesday. He has complained for years about the EU's tariff of 10% on auto imports. This is much higher than the 2.5% U.S. rate. The U.S., however, applies a tariff of 25% on pickup trucks. This is a major source of profit to Detroit automakers such as General Motors.
According to World Trade Organization statistics, the average U.S. tariff rate, weighted by trade, is 2.2%. This compares to 12.0% for India, 6.7% in Brazil, 5.1% in Vietnam, and 2.7% within the EU.
Indian officials claim that Indian Prime Minister Narendra Modi has been preparing tariff reductions ahead of his meeting with Trump on Wednesday. These could increase American exports. Trump called India "a very big abuser" of trade in the past, and his top economist Kevin Hassett referred to India as having "enormously" high tariffs during a CNBC interview.
Trump had threatened to impose 25% tariffs on all imports coming from America's largest trading partners Canada and Mexico. He said they needed to do more to stop the flow of migrants and drugs across the U.S. Border. Trump suspended the tariffs on March 1 after making some concessions in border security.
Data from the United States showed that last year, demand for aluminum far exceeded production in the country. This left it largely dependent on imports.
(source: Reuters)