Latest News
-
Chinese steel exports and iron ore are both hampered by higher imports
Iron ore prices fell more than 1% in the futures market on Thursday. This was due to escalating trade measures against Chinese steel, and an increase of iron ore imports by China, which is the top consumer. The May contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 1.05% lower, at 803 Yuan ($110.48). The benchmark March ore traded on the Singapore Exchange fell 1.4% to $104.4 per tonne. Hexun Futures, a broker, said that Australian shipments increased dramatically, while Brazil shipments also recovered. The output of molten steel decreased from month to month. The outlook for Chinese exports of steel, which is deteriorating as more countries impose duties on Chinese steel products, also impacted sentiment. Following the decision by U.S. president Donald Trump to impose 25% tariffs across all steel products earlier this month, Vietnam announced an anti-dumping levied on Chinese steel. South Korea has decided to provisionally impose tariffs of up to 38% on Chinese steel plates imported. In response to Trump's tariff threat, the EU is also considering a steel import ban. Mysteel, in a separate report, citing CISA statistics, reported that the daily crude steel production in mid-February by member mills in the China Iron and Steel Association reached a seven-month-high of 2,15 million tons. The benchmark steel prices on the Shanghai Futures Exchange were flat. Hot-rolled coil and rebar both fell by 0.03%, while stainless steel and wire rod gained 0.5%. Coking coal and coke, which are both steelmaking ingredients, also suffered modest losses. They fell by 0.41% each. $1 = 7.2682 Chinese Yuan (Reporting and editing by Sherry Jacobi-Phillips).
-
Indonesian prosecutors have arrested two more Pertamina executives
The Attorney General's Office in Indonesia arrested two executives from a Pertamina unit on suspicion of corruption relating to fuel quality. This arrest follows other arrests made earlier this week. Abdul Qohar told reporters that prosecutors arrested Maya Kusmaya - a marketing manager - and Edward Corne VP Trading at Pertamina Patra Niaga. Pertamina Patra Niaga, a unit responsible for retail sales and fuel imports. Pertamina, Pertamina PATRA Niaga and Pertamina did not answer questions regarding the arrests. On Tuesday, three other Pertamina executives were arrested. They are accused of colluding in order to justify the importation of crude oil and fuels rather than sourcing them locally as needed. Pertamina stated that it was willing to work with the authorities and had a positive experience in the legal proceedings. It also emphasized the presumption innocence. Abdul said that the two suspects who were arrested on Wednesday, are accused of having approved the importation 90-octane gas, also known as Pertalite at the same price as higher quality 92-octane fuel, Pertamax. He said that the high prices of imported refined products did not match the quality. Abdul added that both face charges for approving the decision to mix 88-octane gas, called Premium, with Pertamax. The fuel was then sold at a higher-octane price. Pertamina stated in a press release that the 92-octane fuel met the standards and specifications established by the Energy Ministry. Abdul stated that the executives used spot contracts instead of future contracts to order fuel. This caused Pertamina Patra Niaga's orders to be higher priced. Abdul estimated that the losses for the state were 193.7 trillion rupiah (11,8 billion dollars). $1 = 16,365 Rupiah (Reporting and editing by John Mair; Ananda Teresia)
-
London copper prices fall as the dollar rises on US tariff concerns
London copper prices fell on Thursday as a result of a stronger dollar and uncertainty surrounding President Donald Trump's proposed tariffs. After a 0.2% increase on Wednesday, the price of three-month copper at the London Metal Exchange dropped 0.5% to $9,416 per metric ton as of 0356 GMT. The U.S. Dollar strengthened above an 11-week low as Trump's vague promises to impose tariffs against Europe and delays in levies for Canada and Mexico created uncertainty. The dollar is stronger, and therefore the prices of commodities in U.S. dollars are higher for foreign buyers. Edward Meir, Marex's consultant, said that March is likely to be a period of tariffs, with a rise in steel, aluminum and other "reciprocal", general tariffs. We sense more turmoil as the U.S.'s tariff increases are almost certain to be matched by America’s trading partners. This will darken global growth prospects. Nickel was unchanged at $15,580. Lead fell 0.7% to $1.997. Tin dropped 1.45% to $30,935. The price of SHFE aluminium fell 0.05%, to 20,600 Chinese yuan ($2,834.15) per ton. SHFE copper was down 0.2%, to 77.030 yuan. SHFE zinc was down 0.1%, to 23,545 Yuan. Nickel was up 0.6%, to 124.920 Yuan. Lead was up 0.3%, to 17,195 Yuan. Tin was down 3.6%, to 254,140 Yuan. ($1 = 7.2685 Chinese Yuan) (Reporting and editing by Varun H. K. and Rashmi. Aich).
-
Myles Turner and Tyrese Hailiburton shoot Pacers past Raptors
Tyrese Haliborton and Myles Turner combined to hit 12 of 14 3-pointers and their 33 and 18 point efforts, respectively, helped Indiana Pacers escape a season sweep of the Toronto Raptors by a 111 - 91 rout in Indianapolis on Wednesday. Haliburton shot 12/15 from the field including 7/9 from beyond the arc. Turner made five of six shots and shot 6 out of 8 from behind the arc. The Pacers' Pascal Siakam scored 15 points, shooting 7 of 14 shots. He also grabbed 8 rebounds. Haliburton made his seventh 3-pointer, with 4:44 left in the game. The bucket sparked a 12-point run by Indiana, giving the club a 21 point advantage. Turner's fifth triple on the next possession, which was set up by Haliburton’s 11th assist of the game, contributed to the late-game barrage. Haliburton then followed with a slam dunk, and Turner reciprocated the favor by giving him an assist after Turner had grabbed his ninth rebound. He then added a second to complete a double-double. Siakam finished the run by laying up against his former teammates. Indiana was in the lead for almost the whole game, and the second half as well, but the late stretch enabled them to defeat a Toronto team who had been within striking distance throughout the match. For the first two and a half quarters of the game, both offenses were struggling to find a consistent offensive footing. However, Indiana came alive late in the third quarter. Five Pacers scored in the 14-2 run. Andrew Nembhard's layups at the end of the third quarter and the beginning of the fourth quarter were among them. The Pacers were able to hold off Toronto's rally with the help of the surge. Immanuel Quiley helped the Raptors cut their deficit down to eight points. He scored 18 points for the Raptors by shooting 4 of 6 from the field in fourth quarter. Toronto, however, could not get any closer as they shot only 42.5 percent, and 6 of 27 were from 3-point range. Indiana improved to 21-4 when it made 50 percent of its field goal attempts. RJ Barrett was held to only 16 points, shooting 5 of 15 on the night. Jonathan Mogbo scored 16 points from the bench, one point shy of his career high set in December against Oklahoma City. Field Level Media
-
Dollar falls on US trade policy concerns; Nvidia has little impact on stocks
Investors weighed the prospects for tariffs, the economy and President Trump's policies as they assessed the dollar's performance in the early Asian hours of Thursday. Asian stocks were mixed, with tech shares in the region receiving little boost from Nvidia, the AI darling and heavyweight U.S. chipset maker. As trade war fears kept the market sentiment fragile, bitcoin, the cryptocurrency, remained below $85,000. Gold as a safe-haven remained steady at about $40 below its previous record high. Trump lowered the prospects for levies against Canada and Mexico, two of his top trading partners, by announcing that they would go into effect on April 2. This would be a month-long delay. A White House official said that the March 2, 2012 deadline for levies was still in effect, "as of now", causing further confusion about U.S. Trade Policy. The yield on the two-year Treasury bill in the United States has risen to 4.09% after a drop to its lowest level since November 1, at 4.065%, the previous session. The 10-year yield increased to 4.2772%, from a low on Wednesday of 4.245%. This was a 2-1/2 month trough. Dollar and U.S. Yields have been under pressure over the past few weeks due to a combination of weak economic indicators combined with concerns about growth arising from Trump’s tariffs. In recent days, traders have increased their bets on Federal Reserve interest rates being cut. They now see two quarter-point cuts this year. The first is likely to happen in July, and the second as early as October. The markets will be looking for signs of a slowdown in the GDP and durable order data that are due Thursday, as well as the Fed's preferred measure of inflation, the Personal Consumption Expenditure rate (PCE). This is due Friday. "Markets have started to lose confidence in U.S. economic growth," Shoki Omori said, Mizuho Securities' chief global desk analyst. Omori stated that 10-year Treasury yields will not fall below 4% as long as inflation remains "sticky" and economists begin to adjust their predictions towards a weaker outcome. In the equities market, Japan's Nikkei index rose just 0.1%. Australia's benchmark index increased by 0.5%. South Korea's Kospi fell 0.7%. Hong Kong's Hang Seng rose by 0.9%. Tech shares led the way, while blue chips on mainland China gained 0.2%. Taiwan's shares rose 0.2%. U.S. Nasdaq Futures were unchanged after a 0.3% increase in the regular session over night, and S&P500 futures also remained stable following the cash index ending the day flat. Nvidia's shares fell 1.5% during extended trading after a 3.7% gain in regular trading Wednesday. The chipmaker released a positive growth forecast after the closing bell. Investors are used to the company's big wins. Analyst Jun Rong Yeap of IG said that Nvidia's earnings were much more stable than expected. Yeap stated that the lack of major surprises could have contributed to the relative calmness. "Sellers might find fault with the slight decline in gross margin, but... note that it stems from newer products for data centres - ultimately beneficial to long-term growth." Bitcoin remained at $84,742 after a drop of more than 11% so far in this week. Gold was little altered at $2,912 an ounce. Crude oil has risen from the two-month lows that it reached following an unexpected buildup in U.S. stockpiles of fuel. Brent crude rose 0.26%, to $72.72 per barrel. U.S. West Texas Intermediate Crude Oil Futures rose 0.23% to $68,78.
-
Seven & i: founding family unable of securing funding for $58 billion purchase
Seven & I Holdings, a Japanese company, said that the Ito family's founders could not secure financing for a management buyout of $58 billion. It would instead consider a competing offer from Alimentation Couche-Tard in Canada. 7&i said that it was not able to take action on any proposal made by Mr. Junro Ito or Ito-Kogyo at this point. "7&i is committed to exploring every opportunity to unlock value for its shareholders. We continue to evaluate a range of strategic options, including Alimentation Couche-Tard's proposal." Itochu announced in a press release that it no longer considered participating in the Seven & I founder family's proposed buyout. The failure of this management buyout increases the likelihood that Couche-Tard will pull off a massive acquisition of 7-Eleven, one of Japan's most popular and well-known retailers. Seven & i shares fell 12% while Itochu's rose more than 6% on Thursday morning in Tokyo after the retailer confirmed a Yomiuri report that they were abandoning the management buyout. The $47 billion bid by Circle K convenience store owner Couche-Tard for Seven & I in recent years is one of many examples of international interest in Japanese assets. A return to deflation, and a deepening of corporate governance reforms, have attracted more investors into a market that was once considered untouchable by foreigners. A spokesperson from the Canadian retailer stated on Wednesday that Couche-Tard remained dedicated to achieving a transaction that was mutually beneficial for both parties. Seven & i’s founding family began talks after receiving a takeover offer from Couche-Tard in the past year. If successful, it would have been the biggest management buyout ever in history. Couche-Tard initially offered $38.5 billion but increased it to $47.4 billion when Seven & I refused the bid. (Reporting and editing by Leslie Adler, Jamie Freed and Leslie Adler; Additional reporting and editing by Mariko Katsuyama and Kantaro Sugiyama)
-
CRH, a building materials manufacturer, forecasts continued profit growth in 2024 after a 12% increase in 2024
CRH projected core profit growth between 6% and 12% by 2025, after the largest building material producer in Europe and the United States posted 12% growth in 2024 due to strong non-residential and infrastructure activity. The Irish-based U.S. listed firm stated that it does not expect any slowdown in these two segments in North America where it earns about 75% its profit. Similar trends are evident in Europe, as well as some signs of residential improvement. CRH has benefited from an increase in capital expenditure in the U.S. that is still affecting projects. Jim Mintern, the new CEO of CRH, said he expects this to continue under Trump's administration. "The new Secretary for Transport, Secretary (Sean Duffy), has come out and said he wants big infrastructure built and he also wants to remove some bureaucracy. Mintern said: "We're happy to see this." Mintern, who took over the role of Chief Financial Officer at the end last year, stated that CRH did not assume any impact of potential tariffs when it came to its 2025 forecast, as its heavy products rarely cross border. He said that the rise of global protectionist policies in trade could provide a boost to "reshoring", or the relocation of manufacturing facilities like data centres, pharmaceutical factories and chip factories. This trend has been a boon to CRH as well, who are currently working with Intel, Samsung Electronics and Micron Technology. CRH anticipates a full-year adjusted EBITDA of $7.7 to $7.3 billion by 2025, up from the $6.9 billion it achieved in 2024. CRH's record earnings for the last quarter fell within the range that was previously predicted in November, which ranged from $6.87 to $6.97 Billion. The industrial giant's full-year revenue rose by 2%, to $35.6 billion. Its EBITDA margin increased 180 basis points, to 19.5%. This is the 11th consecutive year that the EBITDA has increased. (Reporting and editing by Lisa Shumaker, Jamie Freed and Padraic Halpin)
-
Musk announces more cuts during cabinet meeting
Elon Musk, the downsizing czar at Trump's inaugural cabinet meeting, vowed to continue to cut spending. A new memo from the administration instructed agencies to submit by March 13, plans for a "significant" reduction in staffing. The federal workforce was already feeling the effects of Musk's wave of layoffs, and cuts to programs. The memo did not specify the number of layoffs desired. The memo was signed by White House Budget Director Russell Vought, and Office of Personnel Management Acting Head Charles Ezell. It represents a major step in Trump and Musk’s campaign to reduce the size of U.S. Government. So far, layoffs have primarily targeted probationary workers. These workers have less experience in their current positions and have fewer protections. Next, the vastly larger pool of experienced civil servants would be targeted. Trump announced at the cabinet meeting that Lee Zeldin will be the administrator of the Environmental Protection Agency. Cut to 65% More than 15,000 of his employees. A source in the Interior Department told U.S. Fish and Wildlife Service and Bureau of Indian Affairs are preparing for staff reductions of 10% to 40%. Since Trump's election, 100,000 civilian federal employees have been terminated or bought out. Musk was invited to a cabinet meeting by Trump, who gave him a remarkable sign of support. He asked Musk to talk about his Department of Government Efficiency which oversees the overhaul. The Tesla and SpaceX CEO, wearing a "Make America Great Again", black baseball cap, and a "tech support" T-shirt in front of cabinet secretaries, expressed his confidence that he could cut the $6.7 trillion annual budget by $1 trillion. This extremely ambitious goal would probably mean significant disruptions to government programs. Musk stated that "the country would go de facto bankruptcy" without such deep cuts in spending. Trump also signed an executive directive on Wednesday directing agencies and DOGE to review all "unnecessary contracts" and terminate them. He also instructed the General Services Administration (which manages government real estate) to develop a plan to dispose of any unwanted property. Trump and Musk are yet to slow down the pace of spending. According to an analysis, the government has spent 13% extra during Trump's first full month in office compared to the same period last year. This is largely because of higher interest payments and the rising costs for health and retirement incurred by a growing population. Trump reiterated that he would not cut popular retirement and health benefits, which account for almost half the budget. Trump said, "We won't touch it." Trump wants Congress to extend his 2017 tax cuts. These are the most important legislative achievements of his first term and will expire by the end of the year. According to the nonpartisan Committee for a Responsible Federal Budget, the 2017 tax cuts increased the debt of the country by $2.5 trillion -- it is now at $36 trillion. The report estimated that the extension of tax cuts would cost over $5 trillion in a decade. Republicans are considering cuts in food and healthcare aid to the poor as a way to pay for tax cuts. Specifics have yet to be revealed. TRUMP SAID SOME WORKERS WERE 'ON THE BUBBLE' Musk warned that if the demand was not met, the federal employees would be terminated. Some agencies instructed employees to ignore the order, causing confusion for days about whether Musk or Trump would be able to make good on their threat. Musk, the richest man in the world, said that his email was a way to check if government salaries were actually going to workers. He said without supplying any evidence that "we think there are some people on the payroll of the government who are dead". Trump said that workers who didn't respond to Musk’s email could lose their jobs. He used a slang expression to describe a situation with an uncertain outcome. Trump and Musk’s unprecedented government overhaul also froze foreign aid, disrupted scientific research and construction projects. According to a source briefed about the issue, the GSA (also known as the landlord of the government) plans to cancel 1,100 office leases by the end the year. The person stated that the terminations would target "soft-term" leases which no longer have cancellation penalties and are easily terminable. The GSA oversees approximately 2,800 "soft-term" leases and thousands of "firm-term", leases which cannot be terminated without cause. (Additional reporting from Nathan Layne; editing by Ross Colvin and Deepa Babington)
Panama delays Cobre Panama copper mine decision pending social security reform
After a meeting, a Cobre Panama supplier said that the Panamanian President Jose Mulino would only make a decision about the future of the mine once he had resolved the issue of social security in the country.
Abel Oliveros is among a group that met Mulino in this week's meeting to discuss a possible resolution to the public protests which led to the closing of the mine.
The president's office did not respond immediately to a comment request.
The government has ordered the closure of the Cobre Panama copper mine owned by Canadian miner First Quantum. This mine was once the largest and the newest in the world. It closed after protests over environmental issues and a ruling from a court.
Even though the company has filed an arbitration seeking damages in excess of $30 billion, the government is yet to make a decision on the future of this mine. First Quantum said that arbitration was its last option, and they would rather resolve the dispute by finding a solution and reopening the mine.
Before a decision is made on the mine, the government must approve the preservation plan and safety management plan which would allow First Quantum the export of 120,000 tons copper concentrate stuck in the mine.
Copper prices could be affected by the release of this copper.
Mulino, who took over in 2024 said that his first priority would be to pass a reform of social security and he'd make a decision about the mine during the first quarter in 2025.
In the Panamanian Assembly, three rounds of discussion are required to reform. However, only one has been held.
Oliver said that Oliver wanted to leave the Social Security Fund. After he did, he would bring up the topic of the mine. Oliver said that "there is no way to know how they will do things."
A senior executive from Cobre Panama said on Tuesday that the company is willing to share royalties with the Panamanian government.
Next week, Panama will hold a carnival where the majority of official work is suspended. Reporting by Elida Mehro and Divyarajagopal from Panama City. Editing by Lincoln Feast.
(source: Reuters)